Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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 | 66,679,228 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 106,251 | $ 92,508 |
Short-term investments | 51,843 | 51,789 |
Total cash and cash equivalents | 158,094 | 144,297 |
Securities available for sale, at fair value | 1,048,119 | 1,040,386 |
Investment securities held to maturity (fair value of $492,863 at March 31, 2017 (unaudited) and $489,287 at December 31, 2016) | 489,114 | 488,183 |
Federal Home Loan Bank stock | 76,636 | 75,726 |
Loans | 6,998,069 | 7,003,486 |
Less allowance for loan losses | 62,155 | 61,883 |
Net loans | 6,935,914 | 6,941,603 |
Foreclosed assets, net | 7,684 | 7,991 |
Banking premises and equipment, net | 82,119 | 84,092 |
Accrued interest receivable | 26,669 | 27,082 |
Intangible assets | 422,189 | 422,937 |
Bank-owned life insurance | 189,513 | 188,527 |
Other assets | 73,612 | 79,641 |
Total assets | 9,509,663 | 9,500,465 |
Deposits: | ||
Demand deposits | 4,735,169 | 4,803,426 |
Savings deposits | 1,115,328 | 1,099,020 |
Certificates of deposit of $100,000 or more | 326,912 | 290,295 |
Other time deposits | 352,461 | 360,888 |
Total deposits | 6,529,870 | 6,553,629 |
Mortgage escrow deposits | 26,291 | 24,452 |
Borrowed funds | 1,640,559 | 1,612,745 |
Other liabilities | 45,851 | 57,858 |
Total liabilities | 8,242,571 | 8,248,684 |
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 66,354,391 shares outstanding at March 31, 2017 (unaudited) and 66,082,283 outstanding at December 31, 2016 | 832 | 832 |
Additional paid-in capital | 1,005,962 | 1,005,777 |
Retained earnings | 561,647 | 550,768 |
Accumulated other comprehensive loss | (2,539) | (3,397) |
Treasury stock | (261,537) | (264,221) |
Unallocated common stock held by the Employee Stock Ownership Plan | (37,273) | (37,978) |
Common stock acquired by the Directors’ Deferred Fee Plan | (5,679) | (5,846) |
Deferred compensation – Directors’ Deferred Fee Plan | 5,679 | 5,846 |
Total stockholders’ equity | 1,267,092 | 1,251,781 |
Total liabilities and stockholders’ equity | $ 9,509,663 | $ 9,500,465 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 492,863 | $ 489,287 |
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) | 66,354,391 | 66,082,283 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income: | ||
Real estate secured loans | $ 46,011 | $ 44,233 |
Commercial loans | 16,820 | 14,952 |
Consumer loans | 5,014 | 5,636 |
Securities available for sale and Federal Home Loan Bank Stock | 6,563 | 5,780 |
Investment securities held to maturity | 3,248 | 3,331 |
Deposits, Federal funds sold and other short-term investments | 257 | 42 |
Total interest income | 77,913 | 73,974 |
Interest expense: | ||
Deposits | 4,452 | 3,821 |
Borrowed funds | 6,426 | 7,084 |
Total interest expense | 10,878 | 10,905 |
Net interest income | 67,035 | 63,069 |
Provision for loan losses | 1,500 | 1,500 |
Net interest income after provision for loan losses | 65,535 | 61,569 |
Non-interest income: | ||
Fees | 6,005 | 6,461 |
Wealth management income | 4,213 | 4,311 |
Bank-owned life insurance | 1,389 | 1,332 |
Net gain on securities transactions | 0 | 96 |
Other income | 858 | 818 |
Total non-interest income | 12,465 | 13,018 |
Non-interest expense: | ||
Compensation and employee benefits | 26,848 | 26,030 |
Net occupancy expense | 6,955 | 6,434 |
Data processing expense | 3,457 | 3,245 |
FDIC insurance | 1,099 | 1,322 |
Amortization of intangibles | 752 | 1,005 |
Advertising and promotion expense | 857 | 879 |
Other operating expenses | 6,156 | 5,963 |
Total non-interest expense | 46,124 | 44,878 |
Income before income tax expense | 31,876 | 29,709 |
Income tax expense | 8,368 | 8,736 |
Net income | $ 23,508 | $ 20,973 |
Basic earnings per share (usd per share) | $ 0.37 | $ 0.33 |
Weighted average basic shares outstanding (in shares) | 64,167,376 | 63,351,093 |
Diluted earnings per share (usd per share) | $ 0.37 | $ 0.33 |
Weighted average diluted shares outstanding (in shares) | 64,369,605 | 63,519,755 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 23,508 | $ 20,973 |
Unrealized gains and losses on securities available for sale: | ||
Net unrealized gains arising during the period | 771 | 7,094 |
Reclassification adjustment for gains included in net income | 0 | (57) |
Total | 771 | 7,037 |
Unrealized gains (losses) on derivatives | 55 | (421) |
Amortization related to post-retirement obligations | 32 | 99 |
Total other comprehensive income | 858 | 6,715 |
Total comprehensive income | $ 24,366 | $ 27,688 |
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, 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 loss, 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 | (1,556) | (1,556) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,141) | (1,141) | |||||||
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 |
Beginning balance at Dec. 31, 2016 | 1,251,781 | 832 | 1,005,777 | 550,768 | (3,397) | (264,221) | (37,978) | (5,846) | 5,846 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 23,508 | 23,508 | |||||||
Other comprehensive loss, net of tax | 858 | 858 | |||||||
Cash dividends declared | (12,629) | (12,629) | |||||||
Distributions from DDFP | 57 | 57 | 167 | (167) | |||||
Purchases of treasury stock | (443) | (443) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (703) | (703) | |||||||
Shares issued dividend reinvestment plan | 475 | 168 | 307 | ||||||
Stock option exercises | 2,508 | (1,015) | 3,523 | ||||||
Allocation of ESOP shares | 1,095 | 390 | 705 | ||||||
Allocation of SAP shares | 541 | 541 | |||||||
Allocation of stock options | 44 | 44 | |||||||
Ending Balance at Mar. 31, 2017 | $ 1,267,092 | $ 832 | $ 1,005,962 | $ 561,647 | $ (2,539) | $ (261,537) | $ (37,273) | $ (5,679) | $ 5,679 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 23,508 | $ 20,973 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of intangibles | 3,024 | 3,323 |
Provision for loan losses | 1,500 | 1,500 |
Deferred tax expense | 2,632 | 456 |
Increase in cash surrender value of Bank-owned life insurance | (1,389) | (1,332) |
Net amortization of premiums and discounts on securities | 2,450 | 2,401 |
Accretion of net deferred loan fees | (1,146) | (687) |
Amortization of premiums on purchased loans, net | 219 | 198 |
Net increase in loans originated for sale | (990) | (2,598) |
Proceeds from sales of loans originated for sale | 89 | 2,921 |
Proceeds from sales of foreclosed assets | 2,167 | 1,063 |
ESOP expense | 1,095 | 746 |
Allocation of stock award shares | 541 | 723 |
Allocation of stock options | 44 | 46 |
Excess tax benefits related to stock-based compensation | 1,195 | 0 |
Net gain on sale of loans | (89) | (323) |
Net gain on securities transactions | 0 | (96) |
Net gain on sale of premises and equipment | 0 | (4) |
Net gain on sale of foreclosed assets | (288) | (26) |
Decrease in accrued interest receivable | 413 | 367 |
Decrease (increase) in other assets | 1,425 | (2,659) |
(Decrease) increase in other liabilities | (12,007) | 785 |
Net cash provided by operating activities | 24,393 | 27,777 |
Cash flows from investing activities: | ||
Proceeds from maturities, calls and paydowns of investment securities held to maturity | 15,668 | 11,805 |
Purchases of investment securities held to maturity | (17,297) | (11,259) |
Proceeds from sales of securities | 0 | 2,106 |
Proceeds from maturities, calls and paydowns of securities available for sale | 48,819 | 40,818 |
Purchases of securities available for sale | (57,015) | (52,513) |
Proceeds from redemption of Federal Home Loan Bank stock | 32,311 | 22,534 |
Purchases of Federal Home Loan Bank stock | (33,221) | (16,488) |
Purchases of loans | 0 | (28,590) |
Net decrease (increase) in loans | 5,626 | (72,894) |
Proceeds from sales of premises and equipment | 0 | 4 |
Purchases of premises and equipment | (589) | (1,758) |
Net cash used in investing activities | (5,698) | (106,235) |
Cash flows from financing activities: | ||
Net (decrease) increase in deposits | (23,759) | 230,875 |
Increase in mortgage escrow deposits | 1,839 | 2,291 |
Cash dividends paid to stockholders | (12,629) | (11,321) |
Shares issued through the dividend reinvestment plan | 475 | 365 |
Purchases of treasury stock | (443) | (1,556) |
Purchase of employee restricted shares to fund statutory tax withholding | (703) | (1,141) |
Stock options exercised | 2,508 | 2,321 |
Proceeds from long-term borrowings | 70,420 | 167,858 |
Payments on long-term borrowings | (91,009) | (206,068) |
Net increase (decrease) in short-term borrowings | 48,403 | (99,281) |
Net cash (used in) provided by financing activities | (4,898) | 84,343 |
Net increase in cash and cash equivalents | 13,797 | 5,885 |
Cash and cash equivalents at beginning of period | 144,297 | 102,226 |
Cash and cash equivalents at end of period | 158,094 | 108,111 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 10,944 | 10,856 |
Income taxes | 105 | 3,125 |
Non-cash investing activities: | ||
Transfer of loans receivable to foreclosed assets | $ 1,708 | $ 1,520 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
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, 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 consolidated statements of financial condition and the consolidated statements of income 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, 2017 are not necessarily indicative of the results of operations that may be expected for all of 2017 . 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, 2016 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, 2017 and 2016 (dollars in thousands, except per share amounts): Three months ended March 31, 2017 2016 Net Income Weighted Average Common Shares Outstanding Per Share Amount Net Income Weighted Average Common Shares Outstanding Per Share Amount Net income $ 23,508 $ 20,973 Basic earnings per share: Income available to common stockholders $ 23,508 64,167,376 $ 0.37 $ 20,973 63,351,093 $ 0.33 Dilutive shares 202,229 168,662 Diluted earnings per share: Income available to common stockholders $ 23,508 64,369,605 $ 0.37 $ 20,973 63,519,755 $ 0.33 Anti-dilutive stock options and awards at March 31, 2017 and 2016 , totaling 427,040 shares and 633,989 shares, respectively, were excluded from the earnings per share calculations. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities At March 31, 2017 , the Company had $1.05 billion and $489.1 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, 2017 totaled 360 , compared with 419 at December 31, 2016 . All securities with unrealized losses at March 31, 2017 were analyzed for other-than-temporary impairment. Based upon this analysis, the Company believes that as of March 31, 2017 , 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, 2017 and December 31, 2016 (in thousands): March 31, 2017 Amortized Gross Gross Fair US Treasury obligations $ 7,992 4 — 7,996 Agency obligations 49,088 47 (27 ) 49,108 Mortgage-backed securities 967,483 6,930 (7,095 ) 967,318 State and municipal obligations 3,717 74 — 3,791 Corporate obligations 19,013 346 (11 ) 19,348 Equity securities 397 161 — 558 $ 1,047,690 7,562 (7,133 ) 1,048,119 December 31, 2016 Amortized Gross Gross Fair US Treasury obligations $ 7,995 13 — 8,008 Agency obligations 57,123 90 (25 ) 57,188 Mortgage-backed securities 952,992 7,249 (8,380 ) 951,861 State and municipal obligations 3,727 19 (3 ) 3,743 Corporate obligations 19,013 35 (11 ) 19,037 Equity securities 397 152 — 549 $ 1,041,247 7,558 (8,419 ) 1,040,386 The amortized cost and fair value of securities available for sale at March 31, 2017 , 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, 2017 Amortized cost Fair value Due in one year or less $ 51,483 51,466 Due after one year through five years 9,452 9,516 Due after five years through ten years 18,875 19,261 Due after ten years — — $ 79,810 80,243 Mortgage-backed securities totaling $967.5 million at amortized cost and $967.3 million at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. Also excluded from the table above are equity securities of $397,000 at amortized cost and $558,000 at fair value. No securities were sold from the securities available for sale portfolio for the three months ended March 31, 2017 . For the same period last year, proceeds from sales on securities available for sale totaled $2.1 million resulting in gross gains of $95,000 and no gross losses. Also, there were no calls on securities available for sale for the three months ended March 31, 2017 and March 31, 2016 . The following tables represent the Company’s disclosure regarding securities available for sale with temporary impairment at March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 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 $ 23,046 (27 ) — — 23,046 (27 ) Mortgage-backed securities $ 547,912 (7,092 ) 65 (3 ) 547,977 (7,095 ) Corporate obligations — — 990 (11 ) 990 (11 ) $ 570,958 (7,119 ) 1,055 (14 ) 572,013 (7,133 ) December 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 14,000 (25 ) — — 14,000 (25 ) Mortgage-backed securities 553,629 (8,377 ) 65 (3 ) 553,694 (8,380 ) State and municipal obligations 661 (3 ) — — 661 (3 ) Corporate obligations — — 990 (11 ) 990 (11 ) $ 568,290 (8,405 ) 1,055 (14 ) 569,345 (8,419 ) 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, 2017 , 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, 2017 totaled 90 , compared with 87 at December 31, 2016 . At March 31, 2017 , there were two private label mortgage-backed securities in an unrealized loss position, with an amortized cost of $74,000 and an unrealized loss of $3,000 . These private label mortgage-backed securities were investment grade at March 31, 2017 . 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 OTTI existed during the three months ended March 31, 2017 and 2016 . The Company concluded that no OTTI of the securities available for sale portfolio existed for the three months ended March 31, 2017 and 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, 2017 and December 31, 2016 (in thousands): March 31, 2017 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 4,656 — (84 ) 4,572 Mortgage-backed securities 680 25 — 705 State and municipal obligations 474,677 7,871 (4,031 ) 478,517 Corporate obligations 9,101 9 (41 ) 9,069 $ 489,114 7,905 (4,156 ) 492,863 December 31, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 4,306 2 (83 ) 4,225 Mortgage-backed securities 893 31 — 924 State and municipal obligations 473,653 6,635 (5,436 ) 474,852 Corporate obligations 9,331 7 (52 ) 9,286 $ 488,183 6,675 (5,571 ) 489,287 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, 2017 and 2016 . For the three months ended March 31, 2017 , proceeds from calls on certain securities in the held to maturity portfolio totaled $12.8 million , with no gross gains and no gross losses recognized. For the three months ended March 31, 2016 , proceeds from calls of certain securities in the held to maturity portfolio totaled $516,000 , with gross gains totaling $1,000 and no gross losses recognized. The amortized cost and fair value of investment securities in the held to maturity portfolio at March 31, 2017 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, 2017 Amortized cost Fair value Due in one year or less $ 22,570 22,609 Due after one year through five years 56,055 56,920 Due after five years through ten years 250,371 254,015 Due after ten years 159,438 158,614 $ 488,434 492,158 Mortgage-backed securities totaling $680,000 at amortized cost and $705,000 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, 2017 and December 31, 2016 (in thousands): March 31, 2017 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Agency obligations $ 3,823 (84 ) — — 3,823 (84 ) State and municipal obligations 133,078 (3,740 ) 6,995 (291 ) 140,073 (4,031 ) Corporate obligations 5,712 (41 ) — — 5,712 (41 ) $ 142,613 (3,865 ) 6,995 (291 ) 149,608 (4,156 ) December 31, 2016 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 3,525 (83 ) — — 3,525 (83 ) State and municipal obligations 172,152 (5,132 ) 6,617 (304 ) 178,769 (5,436 ) Corporate obligations 4,697 (52 ) — 4,697 (52 ) $ 180,374 (5,267 ) 6,617 (304 ) 186,991 (5,571 ) Based upon the review of the held to maturity securities portfolio, the Company believes that as of March 31, 2017 , securities with unrealized loss positions shown above do not represent impairments that are other-than-temporary. The review of the portfolio for OTTI 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, 2017 totaled 270 , compared with 332 at December 31, 2016 . The decrease in the number of securities in an unrealized loss position at March 31, 2017 , was due to a slight decrease in market interest rates from December 31, 2016 and a tightening of spreads in the municipal bond sector. All temporarily impaired investment securities were investment grade at March 31, 2017 . |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses Loans receivable at March 31, 2017 and December 31, 2016 are summarized as follows (in thousands): March 31, 2017 December 31, 2016 Mortgage loans: Residential $ 1,198,009 1,211,672 Commercial 1,966,075 1,978,569 Multi-family 1,399,013 1,402,054 Construction 273,366 264,814 Total mortgage loans 4,836,463 4,857,109 Commercial loans 1,660,290 1,630,444 Consumer loans 502,363 516,755 Total gross loans 6,999,116 7,004,308 Purchased credit-impaired ("PCI") loans 1,280 1,272 Premiums on purchased loans 4,771 4,968 Unearned discounts (38 ) (39 ) Net deferred fees (7,060 ) (7,023 ) Total loans $ 6,998,069 7,003,486 The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands): March 31, 2017 30-59 Days 60-89 Days Non-accrual Recorded Total Past Due Current Total Loans Receivable Mortgage loans: Residential $ 7,175 4,310 10,025 — 21,510 1,176,499 1,198,009 Commercial 2,272 945 7,408 — 10,625 1,955,450 1,966,075 Multi-family — — 79 — 79 1,398,934 1,399,013 Construction — — 2,517 — 2,517 270,849 273,366 Total mortgage loans 9,447 5,255 20,029 — 34,731 4,801,732 4,836,463 Commercial loans 709 810 17,572 — 19,091 1,641,199 1,660,290 Consumer loans 3,052 993 2,892 — 6,937 495,426 502,363 Total gross loans $ 13,208 7,058 40,493 — 60,759 6,938,357 6,999,116 December 31, 2016 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Mortgage loans: Residential $ 5,891 6,563 12,021 — 24,475 1,187,197 1,211,672 Commercial — 80 7,493 — 7,573 1,970,996 1,978,569 Multi-family — — 553 — 553 1,401,501 1,402,054 Construction — — 2,517 — 2,517 262,297 264,814 Total mortgage loans 5,891 6,643 22,584 — 35,118 4,821,991 4,857,109 Commercial loans 1,656 357 16,787 — 18,800 1,611,644 1,630,444 Consumer loans 2,561 1,199 3,030 — 6,790 509,965 516,755 Total gross loans $ 10,108 8,199 42,401 — 60,708 6,943,600 7,004,308 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 $40.5 million and $42.4 million at March 31, 2017 and December 31, 2016 , respectively. Included in non-accrual loans were $5.2 million and $7.3 million of loans which were less than 90 days past due at March 31, 2017 and December 31, 2016 , respectively. There were no loans 90 days or greater past due and still accruing interest at March 31, 2017 or December 31, 2016 . 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 in the recognition of changes in collateral values as a result of this process. At March 31, 2017 , there were 150 impaired loans totaling $53.5 million . Included in this total were 120 TDRs related to 116 borrowers totaling $30.9 million that were performing in accordance with their restructured terms and which continued to accrue interest at March 31, 2017 . At December 31, 2016 , there were 141 impaired loans totaling $52.0 million . Included in this total were 114 TDRs to 110 borrowers totaling $29.9 million that were performing in accordance with their restructured terms and which continued to accrue interest at December 31, 2016 . The following table summarizes loans receivable by portfolio segment and impairment method, excluding PCI loans (in thousands): March 31, 2017 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 30,250 20,823 2,408 53,481 Collectively evaluated for impairment 4,806,213 1,639,467 499,955 6,945,635 Total gross loans $ 4,836,463 1,660,290 502,363 6,999,116 December 31, 2016 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 29,551 20,255 2,213 52,019 Collectively evaluated for impairment 4,827,558 1,610,189 514,542 6,952,289 Total gross loans $ 4,857,109 1,630,444 516,755 7,004,308 The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands): March 31, 2017 Mortgage loans Commercial loans Consumer loans Total Individually evaluated for impairment $ 1,880 1,050 102 3,032 Collectively evaluated for impairment 27,438 28,736 2,949 59,123 Total gross loans $ 29,318 29,786 3,051 62,155 December 31, 2016 Mortgage loans Commercial loans Consumer loans Total Individually evaluated for impairment $ 1,986 268 80 2,334 Collectively evaluated for impairment 27,640 28,875 3,034 59,549 Total gross loans $ 29,626 29,143 3,114 61,883 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, 2017 and 2016 , along with their balances immediately prior to the modification date and post-modification as of March 31, 2017 and 2016 . There were no loans modified as TDRs during the three months ended March 31, 2016 . For the three months ended March 31, 2017 March 31, 2016 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Mortgage loans: Residential 3 $ 1,002 $ 988 — $ — $ — Total mortgage loans 3 1,002 988 — — — Commercial loans 1 $ 292 $ 284 — $ — $ — Consumer loans 2 240 234 — — — Total restructured loans 6 $ 1,534 $ 1,506 — $ — $ — 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, 2017 and 2016 exceeded the carrying amounts of such loans. As a result, there were no charge-offs recorded on collateral dependent impaired loans for the three months ended March 31, 2017 and 2016 , which are included in the preceding tables. The allowance for loan losses associated with the TDRs presented in the preceding tables for the three months ended March 31, 2017 totaled $158,000 and was included in the allowance for loan losses for loans individually evaluated for impairment. For the three months ended March 31, 2017 , the TDRs presented in the preceding tables had a weighted average modified interest rate of approximately 3.30% compared to a rate of 3.61% prior to modification, respectively. The following table presents loans modified as TDRs within the previous 12 months from March 31, 2017 and 2016 , and for which there was a payment default (90 days or more past due) at the quarter ended March 31, 2017 and 2016 . TDRs that subsequently default are considered collateral dependent impaired loans and are evaluated for impairment based on the estimated fair value of the underlying collateral less expected selling costs. March 31, 2017 March 31, 2016 Troubled Debt Restructurings Subsequently Defaulted Number of Loans Outstanding Recorded Investment Number of Loans Outstanding Recorded Investment ($ in thousands) Mortgage loans: Construction — $ — 1 $ 2,517 Total mortgage loans — — 1 2,517 Commercial loans 1 284 4 $ 6,809 Total restructured loans 1 $ 284 5 $ 9,326 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 then present value of expected future cash flows, with no related allowance for loan losses. PCI loans totaled $1.3 million at March 31, 2017 and December 31, 2016 . The following table summarizes the changes in the accretable yield for PCI loans during the three months ended March 31, 2017 and 2016 (in thousands): Three months ended March 31, 2017 2016 Beginning balance $ 200 $ 676 Accretion (49 ) (421 ) Reclassification from non-accretable discount 21 248 Ending balance $ 172 $ 503 The activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2017 and 2016 was as follows (in thousands): Three months ended March 31, Mortgage loans Commercial loans Consumer loans Total 2017 Balance at beginning of period $ 29,626 29,143 3,114 61,883 Provision charged to operations (130 ) 1,616 14 1,500 Recoveries of loans previously charged-off 53 458 176 687 Loans charged-off (231 ) (1,431 ) (253 ) (1,915 ) Balance at end of period $ 29,318 29,786 3,051 62,155 2016 Balance at beginning of period $ 32,094 25,829 3,501 61,424 Provision charged to operations (1,193 ) 2,958 (265 ) 1,500 Recoveries of loans previously charged-off 172 91 316 579 Loans charged-off (224 ) (623 ) (465 ) (1,312 ) Balance at end of period $ 30,849 28,255 3,087 62,191 The following table presents loans individually evaluated for impairment by class and loan category, excluding PCI loans (in thousands): March 31, 2017 December 31, 2016 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 $ 10,700 8,229 — 8,270 113 10,691 7,881 — 8,027 484 Commercial 4,600 4,472 — 4,606 — 1,556 1,556 — 1,586 40 Construction 2,553 2,517 — 2,517 — 2,553 2,517 — 2,514 — Total 17,853 15,218 — 15,393 113 14,800 11,954 — 12,127 524 Commercial loans 18,191 13,861 — 16,130 76 21,830 18,874 — 13,818 259 Consumer loans 1,474 959 — 971 12 1,493 981 — 1,026 59 Total impaired loans $ 37,518 30,038 — 32,494 201 38,123 31,809 — 26,971 842 Loans with an allowance recorded Mortgage loans: Residential $ 15,021 13,950 1,728 14,008 130 14,169 13,520 1,716 13,705 519 Commercial 1,082 1,082 152 1,085 13 4,138 4,077 270 4,111 55 Construction — — — — — — — — — — Total 16,103 15,032 1,880 15,093 143 18,307 17,597 1,986 17,816 574 Commercial loans 7,032 6,962 1,050 7,002 28 1,381 1,381 268 5,956 4 Consumer loans 1,460 1,449 102 1,459 19 1,242 1,232 80 1,259 66 Total impaired loans $ 24,595 23,443 3,032 23,554 190 20,930 20,210 2,334 25,031 644 Total impaired loans Mortgage loans: Residential $ 25,721 22,179 1,728 22,278 243 24,860 21,401 1,716 21,732 1,003 Commercial 5,682 5,554 152 5,691 13 5,694 5,633 270 5,697 95 Construction 2,553 2,517 — 2,517 — 2,553 2,517 — 2,514 — Total 33,956 30,250 1,880 30,486 256 33,107 29,551 1,986 29,943 1,098 Commercial loans 25,223 20,823 1,050 23,132 104 23,211 20,255 268 19,774 263 Consumer loans 2,934 2,408 102 2,430 31 2,735 2,213 80 2,285 125 Total impaired loans $ 62,113 53,481 3,032 56,048 391 59,053 52,019 2,334 52,002 1,486 Specific allocations of the allowance for loan losses attributable to impaired loans totaled $3.0 million at March 31, 2017 and $2.3 million at December 31, 2016 . At March 31, 2017 and December 31, 2016 , impaired loans for which there was no related allowance for loan losses totaled $30.0 million and $31.8 million , respectively. The average balance of impaired loans for the three months ended March 31, 2017 was $56.0 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, 2017 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total loans Special mention $ 4,310 24,492 557 — 29,359 30,538 993 60,890 Substandard 10,025 25,276 604 2,517 38,422 40,612 2,892 81,926 Doubtful — — — — — — — — Loss — — — — — — — — Total classified and criticized 14,335 49,768 1,161 2,517 67,781 71,150 3,885 142,816 Pass/Watch 1,183,674 1,916,307 1,397,852 270,849 4,768,682 1,589,140 498,478 6,856,300 Total $ 1,198,009 1,966,075 1,399,013 273,366 4,836,463 1,660,290 502,363 6,999,116 At December 31, 2016 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total loans Special mention $ 6,563 25,329 563 — 32,455 14,840 1,242 48,537 Substandard 12,021 23,011 553 2,517 38,102 47,255 2,940 88,297 Doubtful — — — — — — — — Loss — — — — — — — — Total classified and criticized 18,584 48,340 1,116 2,517 70,557 62,095 4,182 136,834 Pass/Watch 1,193,088 1,930,229 1,400,938 262,297 4,786,552 1,568,349 512,573 6,867,474 Total $ 1,211,672 1,978,569 1,402,054 264,814 4,857,109 1,630,444 516,755 7,004,308 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits at March 31, 2017 and December 31, 2016 are summarized as follows (in thousands): March 31, 2017 December 31, 2016 Savings $ 1,115,328 1,099,020 Money market 1,537,905 1,582,750 NOW 1,850,577 1,871,298 Non-interest bearing 1,346,687 1,349,378 Certificates of deposit 679,373 651,183 Total deposits $ 6,529,870 6,553,629 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and 2016 includes the following components (in thousands): Three months ended March 31, Pension benefits Other post- retirement benefits 2017 2016 2017 2016 Service cost $ — — 26 38 Interest cost 307 312 218 284 Expected return on plan assets (638 ) (612 ) — — Amortization of prior service cost — — — — Amortization of the net loss (gain) 230 236 (169 ) — Net periodic benefit (increase) cost $ (101 ) (64 ) 75 322 In its consolidated financial statements for the year ended December 31, 2016 , the Company previously disclosed that it does not expect to contribute to the pension plan in 2017 . As of March 31, 2017 , 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, 2017 were calculated using the actual January 1, 2017 pension and other post-retirement benefits valuations. |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities,” this ASU shortens the amortization period for premiums on callable debt securities by requiring that premiums be amortized to the first (or earliest) call date instead of as an adjustment to the yield over the contractual life. This change more closely aligns the accounting with the economics of a callable debt security and the amortization period with expectations that already are included in market pricing on callable debt securities. This ASU does not change the accounting for discounts on callable debt securities, which will continue to be amortized to the maturity date. This guidance includes only instruments that are held at a premium and have explicit call features. It does not include instruments that contain prepayment features, such as mortgage backed securities; nor does it include call options that are contingent upon future events or in which the timing or amount to be paid is not fixed. The effective date for this ASU is fiscal years beginning after Dec. 15, 2018, including interim period within the reporting period, with early adoption permitted. Transition is on a modified retrospective basis with an adjustment to retained earnings as of the beginning of the period of adoption. If early adopted in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost", which requires that companies disaggregate the service cost component from other components of net benefit cost. This update calls for companies that offer postretirement benefits to present the service cost, which is the amount an employer has to set aside each quarter or fiscal year to cover the benefits, in the same line item with other current employee compensation costs. Other components of net benefit cost will be presented in the income statement separately from the service cost component and outside the subtotal of income from operations, if one is presented. ASU No. 2017-07 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment.” The main objective of this ASU is to simplify the accounting for goodwill impairment by requiring impairment charges be based upon the first step in the current two-step impairment test under Accounting Standards Codification (ASC) 350. Currently, if the fair value of a reporting unit is lower than its carrying amount (Step 1), an entity calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount (Step 2). The implied fair value of goodwill is calculated by deducting the fair value of all assets and liabilities of the reporting unit from the reporting unit’s fair value as determined in Step 1. To determine the implied fair value of goodwill, entities estimate the fair value of any unrecognized intangible assets and any corporate-level assets or liabilities that were included in the determination of the carrying amount and fair value of the reporting unit in Step 1. Under ASU 2017-04, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. This standard eliminates the requirement to calculate a goodwill impairment charge using Step 2. ASU 2017-04 does not change the guidance on completing Step 1 of the goodwill impairment test. Under ASU 2017-04, an entity will still be able to perform the current optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. The standard will be applied prospectively and is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" , a new standard which addresses diversity in practice related to eight specific cash flow issues: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies), distributions received from equity method investees, beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Entities will apply the standard’s provisions using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments.” The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments by a reporting entity at each reporting date. The amendments in this ASU require financial assets measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses would represent a valuation account that would be deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The income statement would reflect the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. The measurement of expected credit losses would be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity will be required to use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. The amendments in ASU 2016-13 are effective for fiscal years, including interim periods, beginning after December 15, 2019. Early adoption of this ASU is permitted for fiscal years beginning after December 15, 2018. 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, except equity method investments, 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 is currently evaluating the impact that the guidance will have on the Company's consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." The objective of this amendment is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS. This update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are in the scope of other standards. The ASU is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2017, and early adoption is permitted. Subsequently, the FASB issued the following standards related to ASU 2014-09: ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations” ; ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” ; ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting” ; and ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” . These amendments are intended to improve and clarify the implementation guidance of ASU 2014-09 and have the same effective date as the original standard. The Company's revenue is comprised of net interest income on interest earning assets and liabilities and non-interest income. The scope of guidance explicitly excludes net interest income as well as other revenues associated with financial assets and liabilities, including loans, leases, securities and derivatives. Accordingly, the majority of the Company's revenues will not be affected. The Company is currently evaluating the impact that the guidance will have on the Company's consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and December 31, 2016 . 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 to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. The Company also may hold equity securities and debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Derivatives The Company records all derivatives on the statement of financial condition 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. 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 FHLBNY 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, 2017 and December 31, 2016 . 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 between 5% and 10% . 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, which range between 5% and 10% . 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, 2017 and December 31, 2016 . The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of March 31, 2017 and December 31, 2016 , by level within the fair value hierarchy: Fair Value Measurements at Reporting Date Using: (In thousands) March 31, 2017 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 $ 7,996 7,996 — — Agency obligations 49,108 49,108 — — Mortgage-backed securities 967,318 — 967,318 — State and municipal obligations 3,791 — 3,791 — Corporate obligations 19,348 — 19,348 — Equity securities 558 558 — — Total securities available for sale 1,048,119 57,662 990,457 — Derivative assets 7,429 — 7,429 — $ 1,055,548 57,662 997,886 — Derivative liabilities $ 6,872 — 6,872 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 13,082 — — 13,082 Foreclosed assets 7,684 — — 7,684 $ 20,766 — — 20,766 Fair Value Measurements at Reporting Date Using: (In thousands) December 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 $ 8,008 8,008 — — Agency obligations 57,188 57,188 — — Mortgage-backed securities 951,861 — 951,861 — State and municipal obligations 3,743 — 3,743 — Corporate obligations 19,037 — 19,037 — Equity securities 549 549 — — Total securities available for sale $ 1,040,386 65,745 974,641 — Derivative assets 7,441 — 7,441 — $ 1,047,827 65,745 982,082 — Derivative liabilities $ 6,750 — 6,750 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 11,001 — — 11,001 Foreclosed assets 7,991 — — 7,991 $ 18,992 — — 18,992 There were no transfers between Level 1, Level 2 and Level 3 during the three months ended March 31, 2017 . Other Fair Value Disclosures The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. The following is a description of valuation methodologies used for those assets and liabilities. Cash and Cash Equivalents For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value. Investment Securities Held to Maturity For investment securities held to maturity, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark or comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. Federal Home Loan Bank of New York ("FHLBNY") Stock The carrying value of FHLBNY stock was its cost. The fair value of FHLBNY stock is based on redemption at par value. The Company classifies the estimated fair value as Level 1 within the fair value hierarchy. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company’s current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. 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, 2017 and December 31, 2016 . Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at March 31, 2017 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 $ 158,094 158,094 158,094 — — Securities available for sale: US Treasury obligations 7,996 7,996 7,996 — — Agency obligations 49,108 49,108 49,108 — — Mortgage-backed securities 967,318 967,318 — 967,318 — State and municipal obligations 3,791 3,791 — 3,791 — Corporate obligations 19,348 19,348 — 19,348 — Equity securities 558 558 558 — — Total securities available for sale $ 1,048,119 1,048,119 57,662 990,457 — Investment securities held to maturity: Agency obligations 4,656 4,572 4,572 — — Mortgage-backed securities 680 705 — 705 — State and municipal obligations 474,677 478,517 — 478,517 — Corporate obligations 9,101 9,069 — 9,069 — Total securities held to maturity $ 489,114 492,863 4,572 488,291 — FHLBNY stock 76,636 76,636 76,636 — — Loans, net of allowance for loan losses 6,935,914 6,915,009 — — 6,915,009 Derivative assets 7,429 7,429 — 7,429 — Financial liabilities: Deposits other than certificates of deposits $ 5,850,497 5,850,497 5,850,497 — — Certificates of deposit 679,373 681,891 — 681,891 — Total deposits $ 6,529,870 6,532,388 5,850,497 681,891 — Borrowings 1,640,559 1,643,088 — 1,643,088 — Derivative liabilities 6,872 6,872 — 6,872 — Fair Value Measurements at December 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 $ 144,297 144,297 144,297 — — Securities available for sale: US Treasury obligations 8,008 8,008 8,008 — — Agency obligations 57,188 57,188 57,188 — — Mortgage-backed securities 951,861 951,861 — 951,861 — State and municipal obligations 3,743 3,743 — 3,743 — Corporate obligations 19,037 19,037 — 19,037 — Equity securities 549 549 549 — — Total securities available for sale $ 1,040,386 1,040,386 65,745 974,641 — Investment securities held to maturity: Agency obligations $ 4,306 4,225 4,225 — — Mortgage-backed securities 893 924 — 924 — State and municipal obligations 473,653 474,852 — 474,852 — Corporate obligations 9,331 9,286 — 9,286 — Total securities held to maturity $ 488,183 489,287 4,225 485,062 — FHLBNY stock 75,726 75,726 75,726 — — Loans, net of allowance for loan losses 6,941,603 6,924,440 — — 6,924,440 Derivative assets 7,441 7,441 — 7,441 — Financial liabilities: Deposits other than certificates of deposits $ 5,902,446 5,902,446 5,902,446 — — Certificates of deposit 651,183 653,772 — 653,772 — Total deposits $ 6,553,629 6,556,218 5,902,446 653,772 — Borrowings 1,612,745 1,617,023 — 1,617,023 — Derivative liabilities 6,750 6,750 — 6,750 — |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income The following table presents the components of other comprehensive income both gross and net of tax, for the three months ended March 31, 2017 and 2016 (in thousands): Three months ended March 31, 2017 2016 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 $ 1,287 (516 ) 771 11,856 (4,762 ) 7,094 Reclassification adjustment for gains included in net income — — — (96 ) 39 (57 ) Total 1,287 (516 ) 771 11,760 (4,723 ) 7,037 Unrealized gains (losses) on derivatives (cash flow hedges) 92 (37 ) 55 (704 ) 283 (421 ) Amortization related to post-retirement obligations 53 (21 ) 32 165 (66 ) 99 Total other comprehensive income $ 1,432 (574 ) 858 11,221 (4,506 ) 6,715 The following tables present the changes in the components of accumulated other comprehensive (loss) income, net of tax, for the three months ended March 31, 2017 and 2016 (in thousands): Changes in Accumulated Other Comprehensive (Loss) Income by Component, net of tax for the three months ended March 31, 2017 2016 Unrealized Sale Post Retirement Unrealized gains on Derivatives (cash flow hedges) Accumulated Unrealized for Sale Post Retirement Unrealized (losses) on Derivatives (cash flow hedges) Accumulated Balance at $ (510 ) (3,056 ) 169 (3,397 ) 3,951 (6,424 ) (73 ) (2,546 ) Current period other comprehensive income 771 32 55 858 7,037 99 (421 ) 6,715 Balance at March 31, $ 261 (3,024 ) 224 (2,539 ) 10,988 (6,325 ) (494 ) 4,169 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, 2017 and 2016 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended March 31, Affected line item in the Consolidated 2017 2016 Details of AOCI: Securities available for sale: Realized net losses on the sale of securities available for sale $ — 96 Net gain on securities transactions — (39 ) Income tax expense — 57 Net of tax Post-retirement obligations: Amortization of actuarial losses 61 236 Compensation and employee benefits (1) (24 ) (95 ) Income tax expense 37 141 Net of tax Total reclassifications $ 37 198 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 5. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2017 | |
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 loan related transactions 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 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 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, 2017 and December 31, 2016 , the Company had 40 and 36 interest rate swaps with an aggregate notional amount of $629.1 million and $582.2 million , respectively, related to this program. The Company has credit derivatives resulting from participations in interest rate swaps provided to external lenders as part of loan participation arrangements; therefore, they are not used to manage interest rate risk in the Company's assets or liabilities. Cash Flow Hedges of Interest Rate Risk. The Company’s objective in using interest rate derivatives is 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, 2017 , 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 is recognized directly in earnings. During the three months ended March 31, 2017 and 2016 , the Company did not record any hedge ineffectiveness. Amounts reported in accumulated other comprehensive income (loss) 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 $81,000 will be reclassified as an increase to interest expense. As of March 31, 2017 , 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, 2017 and December 31, 2016 (in thousands): At March 31, 2017 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 7,053 Other liabilities $ 6,872 Credit contracts Other assets 2 Other liabilities — Total derivatives not designated as a hedging instrument $ 7,055 $ 6,872 Derivatives designated as a a hedging instrument: Interest rate products Other assets $ 374 Other liabilities $ — Total derivatives designated as a hedging instrument $ 374 $ — At December 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 instrument: Interest rate products Other assets $ 7,156 Other liabilities $ 6,750 Credit contracts Other assets 3 Other liabilities — Total derivatives not designated as a hedging instrument $ 7,159 $ 6,750 Derivatives designated as a a hedging instrument: Interest rate products Other assets $ 282 Other liabilities $ — Total derivatives designated as a hedging instrument $ 282 $ — 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, 2017 and 2016 (in thousands). Gain (loss) recognized in Income on derivatives for the three months ended Consolidated Statements of Income March 31, 2017 March 31, 2016 Derivatives not designated as a hedging instrument: Interest rate products Other income $ (226 ) $ (540 ) Credit contracts Other income 1 104 Total $ (225 ) $ (436 ) Derivatives designated as a hedging instrument: Interest rate products Interest expense $ (57 ) $ (145 ) Total $ (57 ) $ (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. In addition, the Company 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, 2017 , the termination value of derivatives in a net liability position, which includes accrued interest, was $746,000 . The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $1.3 million against its obligations under these agreements. If the Company had breached any of these provisions at March 31, 2017 , it could have been required to settle its obligations under the agreements at the termination value. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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, 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 consolidated statements of financial condition and the consolidated statements of income 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, 2017 are not necessarily indicative of the results of operations that may be expected for all of 2017 . 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, 2016 Annual Report to Stockholders on Form 10-K. |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities,” this ASU shortens the amortization period for premiums on callable debt securities by requiring that premiums be amortized to the first (or earliest) call date instead of as an adjustment to the yield over the contractual life. This change more closely aligns the accounting with the economics of a callable debt security and the amortization period with expectations that already are included in market pricing on callable debt securities. This ASU does not change the accounting for discounts on callable debt securities, which will continue to be amortized to the maturity date. This guidance includes only instruments that are held at a premium and have explicit call features. It does not include instruments that contain prepayment features, such as mortgage backed securities; nor does it include call options that are contingent upon future events or in which the timing or amount to be paid is not fixed. The effective date for this ASU is fiscal years beginning after Dec. 15, 2018, including interim period within the reporting period, with early adoption permitted. Transition is on a modified retrospective basis with an adjustment to retained earnings as of the beginning of the period of adoption. If early adopted in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost", which requires that companies disaggregate the service cost component from other components of net benefit cost. This update calls for companies that offer postretirement benefits to present the service cost, which is the amount an employer has to set aside each quarter or fiscal year to cover the benefits, in the same line item with other current employee compensation costs. Other components of net benefit cost will be presented in the income statement separately from the service cost component and outside the subtotal of income from operations, if one is presented. ASU No. 2017-07 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment.” The main objective of this ASU is to simplify the accounting for goodwill impairment by requiring impairment charges be based upon the first step in the current two-step impairment test under Accounting Standards Codification (ASC) 350. Currently, if the fair value of a reporting unit is lower than its carrying amount (Step 1), an entity calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount (Step 2). The implied fair value of goodwill is calculated by deducting the fair value of all assets and liabilities of the reporting unit from the reporting unit’s fair value as determined in Step 1. To determine the implied fair value of goodwill, entities estimate the fair value of any unrecognized intangible assets and any corporate-level assets or liabilities that were included in the determination of the carrying amount and fair value of the reporting unit in Step 1. Under ASU 2017-04, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. This standard eliminates the requirement to calculate a goodwill impairment charge using Step 2. ASU 2017-04 does not change the guidance on completing Step 1 of the goodwill impairment test. Under ASU 2017-04, an entity will still be able to perform the current optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. The standard will be applied prospectively and is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" , a new standard which addresses diversity in practice related to eight specific cash flow issues: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies), distributions received from equity method investees, beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Entities will apply the standard’s provisions using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments.” The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments by a reporting entity at each reporting date. The amendments in this ASU require financial assets measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses would represent a valuation account that would be deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The income statement would reflect the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. The measurement of expected credit losses would be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity will be required to use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. The amendments in ASU 2016-13 are effective for fiscal years, including interim periods, beginning after December 15, 2019. Early adoption of this ASU is permitted for fiscal years beginning after December 15, 2018. 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, except equity method investments, 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 is currently evaluating the impact that the guidance will have on the Company's consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." The objective of this amendment is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS. This update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are in the scope of other standards. The ASU is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2017, and early adoption is permitted. Subsequently, the FASB issued the following standards related to ASU 2014-09: ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations” ; ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” ; ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting” ; and ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” . These amendments are intended to improve and clarify the implementation guidance of ASU 2014-09 and have the same effective date as the original standard. The Company's revenue is comprised of net interest income on interest earning assets and liabilities and non-interest income. The scope of guidance explicitly excludes net interest income as well as other revenues associated with financial assets and liabilities, including loans, leases, securities and derivatives. Accordingly, the majority of the Company's revenues will not be affected. The Company is currently evaluating the impact that the guidance will have on the Company's consolidated financial statements. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and 2016 (dollars in thousands, except per share amounts): Three months ended March 31, 2017 2016 Net Income Weighted Average Common Shares Outstanding Per Share Amount Net Income Weighted Average Common Shares Outstanding Per Share Amount Net income $ 23,508 $ 20,973 Basic earnings per share: Income available to common stockholders $ 23,508 64,167,376 $ 0.37 $ 20,973 63,351,093 $ 0.33 Dilutive shares 202,229 168,662 Diluted earnings per share: Income available to common stockholders $ 23,508 64,369,605 $ 0.37 $ 20,973 63,519,755 $ 0.33 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
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, 2017 and December 31, 2016 (in thousands): March 31, 2017 Amortized Gross Gross Fair US Treasury obligations $ 7,992 4 — 7,996 Agency obligations 49,088 47 (27 ) 49,108 Mortgage-backed securities 967,483 6,930 (7,095 ) 967,318 State and municipal obligations 3,717 74 — 3,791 Corporate obligations 19,013 346 (11 ) 19,348 Equity securities 397 161 — 558 $ 1,047,690 7,562 (7,133 ) 1,048,119 December 31, 2016 Amortized Gross Gross Fair US Treasury obligations $ 7,995 13 — 8,008 Agency obligations 57,123 90 (25 ) 57,188 Mortgage-backed securities 952,992 7,249 (8,380 ) 951,861 State and municipal obligations 3,727 19 (3 ) 3,743 Corporate obligations 19,013 35 (11 ) 19,037 Equity securities 397 152 — 549 $ 1,041,247 7,558 (8,419 ) 1,040,386 |
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, 2017 and December 31, 2016 (in thousands): March 31, 2017 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 4,656 — (84 ) 4,572 Mortgage-backed securities 680 25 — 705 State and municipal obligations 474,677 7,871 (4,031 ) 478,517 Corporate obligations 9,101 9 (41 ) 9,069 $ 489,114 7,905 (4,156 ) 492,863 December 31, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 4,306 2 (83 ) 4,225 Mortgage-backed securities 893 31 — 924 State and municipal obligations 473,653 6,635 (5,436 ) 474,852 Corporate obligations 9,331 7 (52 ) 9,286 $ 488,183 6,675 (5,571 ) 489,287 |
Available-for-sale Securities [Member] | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of securities available for sale at March 31, 2017 , 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, 2017 Amortized cost Fair value Due in one year or less $ 51,483 51,466 Due after one year through five years 9,452 9,516 Due after five years through ten years 18,875 19,261 Due after ten years — — $ 79,810 80,243 |
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, 2017 and December 31, 2016 (in thousands): March 31, 2017 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 $ 23,046 (27 ) — — 23,046 (27 ) Mortgage-backed securities $ 547,912 (7,092 ) 65 (3 ) 547,977 (7,095 ) Corporate obligations — — 990 (11 ) 990 (11 ) $ 570,958 (7,119 ) 1,055 (14 ) 572,013 (7,133 ) December 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 14,000 (25 ) — — 14,000 (25 ) Mortgage-backed securities 553,629 (8,377 ) 65 (3 ) 553,694 (8,380 ) State and municipal obligations 661 (3 ) — — 661 (3 ) Corporate obligations — — 990 (11 ) 990 (11 ) $ 568,290 (8,405 ) 1,055 (14 ) 569,345 (8,419 ) |
Held-to-maturity Securities [Member] | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of investment securities in the held to maturity portfolio at March 31, 2017 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, 2017 Amortized cost Fair value Due in one year or less $ 22,570 22,609 Due after one year through five years 56,055 56,920 Due after five years through ten years 250,371 254,015 Due after ten years 159,438 158,614 $ 488,434 492,158 |
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, 2017 and December 31, 2016 (in thousands): March 31, 2017 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Agency obligations $ 3,823 (84 ) — — 3,823 (84 ) State and municipal obligations 133,078 (3,740 ) 6,995 (291 ) 140,073 (4,031 ) Corporate obligations 5,712 (41 ) — — 5,712 (41 ) $ 142,613 (3,865 ) 6,995 (291 ) 149,608 (4,156 ) December 31, 2016 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 3,525 (83 ) — — 3,525 (83 ) State and municipal obligations 172,152 (5,132 ) 6,617 (304 ) 178,769 (5,436 ) Corporate obligations 4,697 (52 ) — 4,697 (52 ) $ 180,374 (5,267 ) 6,617 (304 ) 186,991 (5,571 ) |
Loans Receivable and Allowanc20
Loans Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Summarized Loans Receivable | Loans receivable at March 31, 2017 and December 31, 2016 are summarized as follows (in thousands): March 31, 2017 December 31, 2016 Mortgage loans: Residential $ 1,198,009 1,211,672 Commercial 1,966,075 1,978,569 Multi-family 1,399,013 1,402,054 Construction 273,366 264,814 Total mortgage loans 4,836,463 4,857,109 Commercial loans 1,660,290 1,630,444 Consumer loans 502,363 516,755 Total gross loans 6,999,116 7,004,308 Purchased credit-impaired ("PCI") loans 1,280 1,272 Premiums on purchased loans 4,771 4,968 Unearned discounts (38 ) (39 ) Net deferred fees (7,060 ) (7,023 ) Total loans $ 6,998,069 7,003,486 |
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, 2017 30-59 Days 60-89 Days Non-accrual Recorded Total Past Due Current Total Loans Receivable Mortgage loans: Residential $ 7,175 4,310 10,025 — 21,510 1,176,499 1,198,009 Commercial 2,272 945 7,408 — 10,625 1,955,450 1,966,075 Multi-family — — 79 — 79 1,398,934 1,399,013 Construction — — 2,517 — 2,517 270,849 273,366 Total mortgage loans 9,447 5,255 20,029 — 34,731 4,801,732 4,836,463 Commercial loans 709 810 17,572 — 19,091 1,641,199 1,660,290 Consumer loans 3,052 993 2,892 — 6,937 495,426 502,363 Total gross loans $ 13,208 7,058 40,493 — 60,759 6,938,357 6,999,116 December 31, 2016 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Mortgage loans: Residential $ 5,891 6,563 12,021 — 24,475 1,187,197 1,211,672 Commercial — 80 7,493 — 7,573 1,970,996 1,978,569 Multi-family — — 553 — 553 1,401,501 1,402,054 Construction — — 2,517 — 2,517 262,297 264,814 Total mortgage loans 5,891 6,643 22,584 — 35,118 4,821,991 4,857,109 Commercial loans 1,656 357 16,787 — 18,800 1,611,644 1,630,444 Consumer loans 2,561 1,199 3,030 — 6,790 509,965 516,755 Total gross loans $ 10,108 8,199 42,401 — 60,708 6,943,600 7,004,308 |
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, 2017 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 30,250 20,823 2,408 53,481 Collectively evaluated for impairment 4,806,213 1,639,467 499,955 6,945,635 Total gross loans $ 4,836,463 1,660,290 502,363 6,999,116 December 31, 2016 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 29,551 20,255 2,213 52,019 Collectively evaluated for impairment 4,827,558 1,610,189 514,542 6,952,289 Total gross loans $ 4,857,109 1,630,444 516,755 7,004,308 |
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, 2017 Mortgage loans Commercial loans Consumer loans Total Individually evaluated for impairment $ 1,880 1,050 102 3,032 Collectively evaluated for impairment 27,438 28,736 2,949 59,123 Total gross loans $ 29,318 29,786 3,051 62,155 December 31, 2016 Mortgage loans Commercial loans Consumer loans Total Individually evaluated for impairment $ 1,986 268 80 2,334 Collectively evaluated for impairment 27,640 28,875 3,034 59,549 Total gross loans $ 29,626 29,143 3,114 61,883 |
Schedule of Troubled Debt Restructuring | The following tables present the number of loans modified as TDRs during the three months ended March 31, 2017 and 2016 , along with their balances immediately prior to the modification date and post-modification as of March 31, 2017 and 2016 . There were no loans modified as TDRs during the three months ended March 31, 2016 . For the three months ended March 31, 2017 March 31, 2016 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Mortgage loans: Residential 3 $ 1,002 $ 988 — $ — $ — Total mortgage loans 3 1,002 988 — — — Commercial loans 1 $ 292 $ 284 — $ — $ — Consumer loans 2 240 234 — — — Total restructured loans 6 $ 1,534 $ 1,506 — $ — $ — |
Schedule Of Troubled Debt Restructurings Subsequently Defaulted | The following table presents loans modified as TDRs within the previous 12 months from March 31, 2017 and 2016 , and for which there was a payment default (90 days or more past due) at the quarter ended March 31, 2017 and 2016 . 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. March 31, 2017 March 31, 2016 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 1 284 4 $ 6,809 Total restructured loans 1 $ 284 5 $ 9,326 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The following table summarizes the changes in the accretable yield for PCI loans during the three months ended March 31, 2017 and 2016 (in thousands): Three months ended March 31, 2017 2016 Beginning balance $ 200 $ 676 Accretion (49 ) (421 ) Reclassification from non-accretable discount 21 248 Ending balance $ 172 $ 503 |
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, 2017 and 2016 was as follows (in thousands): Three months ended March 31, Mortgage loans Commercial loans Consumer loans Total 2017 Balance at beginning of period $ 29,626 29,143 3,114 61,883 Provision charged to operations (130 ) 1,616 14 1,500 Recoveries of loans previously charged-off 53 458 176 687 Loans charged-off (231 ) (1,431 ) (253 ) (1,915 ) Balance at end of period $ 29,318 29,786 3,051 62,155 2016 Balance at beginning of period $ 32,094 25,829 3,501 61,424 Provision charged to operations (1,193 ) 2,958 (265 ) 1,500 Recoveries of loans previously charged-off 172 91 316 579 Loans charged-off (224 ) (623 ) (465 ) (1,312 ) Balance at end of period $ 30,849 28,255 3,087 62,191 |
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, 2017 December 31, 2016 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 $ 10,700 8,229 — 8,270 113 10,691 7,881 — 8,027 484 Commercial 4,600 4,472 — 4,606 — 1,556 1,556 — 1,586 40 Construction 2,553 2,517 — 2,517 — 2,553 2,517 — 2,514 — Total 17,853 15,218 — 15,393 113 14,800 11,954 — 12,127 524 Commercial loans 18,191 13,861 — 16,130 76 21,830 18,874 — 13,818 259 Consumer loans 1,474 959 — 971 12 1,493 981 — 1,026 59 Total impaired loans $ 37,518 30,038 — 32,494 201 38,123 31,809 — 26,971 842 Loans with an allowance recorded Mortgage loans: Residential $ 15,021 13,950 1,728 14,008 130 14,169 13,520 1,716 13,705 519 Commercial 1,082 1,082 152 1,085 13 4,138 4,077 270 4,111 55 Construction — — — — — — — — — — Total 16,103 15,032 1,880 15,093 143 18,307 17,597 1,986 17,816 574 Commercial loans 7,032 6,962 1,050 7,002 28 1,381 1,381 268 5,956 4 Consumer loans 1,460 1,449 102 1,459 19 1,242 1,232 80 1,259 66 Total impaired loans $ 24,595 23,443 3,032 23,554 190 20,930 20,210 2,334 25,031 644 Total impaired loans Mortgage loans: Residential $ 25,721 22,179 1,728 22,278 243 24,860 21,401 1,716 21,732 1,003 Commercial 5,682 5,554 152 5,691 13 5,694 5,633 270 5,697 95 Construction 2,553 2,517 — 2,517 — 2,553 2,517 — 2,514 — Total 33,956 30,250 1,880 30,486 256 33,107 29,551 1,986 29,943 1,098 Commercial loans 25,223 20,823 1,050 23,132 104 23,211 20,255 268 19,774 263 Consumer loans 2,934 2,408 102 2,430 31 2,735 2,213 80 2,285 125 Total impaired loans $ 62,113 53,481 3,032 56,048 391 59,053 52,019 2,334 52,002 1,486 |
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, 2017 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total loans Special mention $ 4,310 24,492 557 — 29,359 30,538 993 60,890 Substandard 10,025 25,276 604 2,517 38,422 40,612 2,892 81,926 Doubtful — — — — — — — — Loss — — — — — — — — Total classified and criticized 14,335 49,768 1,161 2,517 67,781 71,150 3,885 142,816 Pass/Watch 1,183,674 1,916,307 1,397,852 270,849 4,768,682 1,589,140 498,478 6,856,300 Total $ 1,198,009 1,966,075 1,399,013 273,366 4,836,463 1,660,290 502,363 6,999,116 At December 31, 2016 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total loans Special mention $ 6,563 25,329 563 — 32,455 14,840 1,242 48,537 Substandard 12,021 23,011 553 2,517 38,102 47,255 2,940 88,297 Doubtful — — — — — — — — Loss — — — — — — — — Total classified and criticized 18,584 48,340 1,116 2,517 70,557 62,095 4,182 136,834 Pass/Watch 1,193,088 1,930,229 1,400,938 262,297 4,786,552 1,568,349 512,573 6,867,474 Total $ 1,211,672 1,978,569 1,402,054 264,814 4,857,109 1,630,444 516,755 7,004,308 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits | Deposits at March 31, 2017 and December 31, 2016 are summarized as follows (in thousands): March 31, 2017 December 31, 2016 Savings $ 1,115,328 1,099,020 Money market 1,537,905 1,582,750 NOW 1,850,577 1,871,298 Non-interest bearing 1,346,687 1,349,378 Certificates of deposit 679,373 651,183 Total deposits $ 6,529,870 6,553,629 |
Components of Net Periodic Be22
Components of Net Periodic Benefit Cost (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and 2016 includes the following components (in thousands): Three months ended March 31, Pension benefits Other post- retirement benefits 2017 2016 2017 2016 Service cost $ — — 26 38 Interest cost 307 312 218 284 Expected return on plan assets (638 ) (612 ) — — Amortization of prior service cost — — — — Amortization of the net loss (gain) 230 236 (169 ) — Net periodic benefit (increase) cost $ (101 ) (64 ) 75 322 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and December 31, 2016 , by level within the fair value hierarchy: Fair Value Measurements at Reporting Date Using: (In thousands) March 31, 2017 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 $ 7,996 7,996 — — Agency obligations 49,108 49,108 — — Mortgage-backed securities 967,318 — 967,318 — State and municipal obligations 3,791 — 3,791 — Corporate obligations 19,348 — 19,348 — Equity securities 558 558 — — Total securities available for sale 1,048,119 57,662 990,457 — Derivative assets 7,429 — 7,429 — $ 1,055,548 57,662 997,886 — Derivative liabilities $ 6,872 — 6,872 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 13,082 — — 13,082 Foreclosed assets 7,684 — — 7,684 $ 20,766 — — 20,766 Fair Value Measurements at Reporting Date Using: (In thousands) December 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 $ 8,008 8,008 — — Agency obligations 57,188 57,188 — — Mortgage-backed securities 951,861 — 951,861 — State and municipal obligations 3,743 — 3,743 — Corporate obligations 19,037 — 19,037 — Equity securities 549 549 — — Total securities available for sale $ 1,040,386 65,745 974,641 — Derivative assets 7,441 — 7,441 — $ 1,047,827 65,745 982,082 — Derivative liabilities $ 6,750 — 6,750 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 11,001 — — 11,001 Foreclosed assets 7,991 — — 7,991 $ 18,992 — — 18,992 |
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, 2017 and December 31, 2016 . Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at March 31, 2017 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 $ 158,094 158,094 158,094 — — Securities available for sale: US Treasury obligations 7,996 7,996 7,996 — — Agency obligations 49,108 49,108 49,108 — — Mortgage-backed securities 967,318 967,318 — 967,318 — State and municipal obligations 3,791 3,791 — 3,791 — Corporate obligations 19,348 19,348 — 19,348 — Equity securities 558 558 558 — — Total securities available for sale $ 1,048,119 1,048,119 57,662 990,457 — Investment securities held to maturity: Agency obligations 4,656 4,572 4,572 — — Mortgage-backed securities 680 705 — 705 — State and municipal obligations 474,677 478,517 — 478,517 — Corporate obligations 9,101 9,069 — 9,069 — Total securities held to maturity $ 489,114 492,863 4,572 488,291 — FHLBNY stock 76,636 76,636 76,636 — — Loans, net of allowance for loan losses 6,935,914 6,915,009 — — 6,915,009 Derivative assets 7,429 7,429 — 7,429 — Financial liabilities: Deposits other than certificates of deposits $ 5,850,497 5,850,497 5,850,497 — — Certificates of deposit 679,373 681,891 — 681,891 — Total deposits $ 6,529,870 6,532,388 5,850,497 681,891 — Borrowings 1,640,559 1,643,088 — 1,643,088 — Derivative liabilities 6,872 6,872 — 6,872 — Fair Value Measurements at December 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 $ 144,297 144,297 144,297 — — Securities available for sale: US Treasury obligations 8,008 8,008 8,008 — — Agency obligations 57,188 57,188 57,188 — — Mortgage-backed securities 951,861 951,861 — 951,861 — State and municipal obligations 3,743 3,743 — 3,743 — Corporate obligations 19,037 19,037 — 19,037 — Equity securities 549 549 549 — — Total securities available for sale $ 1,040,386 1,040,386 65,745 974,641 — Investment securities held to maturity: Agency obligations $ 4,306 4,225 4,225 — — Mortgage-backed securities 893 924 — 924 — State and municipal obligations 473,653 474,852 — 474,852 — Corporate obligations 9,331 9,286 — 9,286 — Total securities held to maturity $ 488,183 489,287 4,225 485,062 — FHLBNY stock 75,726 75,726 75,726 — — Loans, net of allowance for loan losses 6,941,603 6,924,440 — — 6,924,440 Derivative assets 7,441 7,441 — 7,441 — Financial liabilities: Deposits other than certificates of deposits $ 5,902,446 5,902,446 5,902,446 — — Certificates of deposit 651,183 653,772 — 653,772 — Total deposits $ 6,553,629 6,556,218 5,902,446 653,772 — Borrowings 1,612,745 1,617,023 — 1,617,023 — Derivative liabilities 6,750 6,750 — 6,750 — |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive income both gross and net of tax, for the three months ended March 31, 2017 and 2016 (in thousands): Three months ended March 31, 2017 2016 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 $ 1,287 (516 ) 771 11,856 (4,762 ) 7,094 Reclassification adjustment for gains included in net income — — — (96 ) 39 (57 ) Total 1,287 (516 ) 771 11,760 (4,723 ) 7,037 Unrealized gains (losses) on derivatives (cash flow hedges) 92 (37 ) 55 (704 ) 283 (421 ) Amortization related to post-retirement obligations 53 (21 ) 32 165 (66 ) 99 Total other comprehensive income $ 1,432 (574 ) 858 11,221 (4,506 ) 6,715 |
Components of Accumulated Other Comprehensive Income, Net of Tax | The following tables present the changes in the components of accumulated other comprehensive (loss) income, net of tax, for the three months ended March 31, 2017 and 2016 (in thousands): Changes in Accumulated Other Comprehensive (Loss) Income by Component, net of tax for the three months ended March 31, 2017 2016 Unrealized Sale Post Retirement Unrealized gains on Derivatives (cash flow hedges) Accumulated Unrealized for Sale Post Retirement Unrealized (losses) on Derivatives (cash flow hedges) Accumulated Balance at $ (510 ) (3,056 ) 169 (3,397 ) 3,951 (6,424 ) (73 ) (2,546 ) Current period other comprehensive income 771 32 55 858 7,037 99 (421 ) 6,715 Balance at March 31, $ 261 (3,024 ) 224 (2,539 ) 10,988 (6,325 ) (494 ) 4,169 |
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, 2017 and 2016 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended March 31, Affected line item in the Consolidated 2017 2016 Details of AOCI: Securities available for sale: Realized net losses on the sale of securities available for sale $ — 96 Net gain on securities transactions — (39 ) Income tax expense — 57 Net of tax Post-retirement obligations: Amortization of actuarial losses 61 236 Compensation and employee benefits (1) (24 ) (95 ) Income tax expense 37 141 Net of tax Total reclassifications $ 37 198 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 5. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activ25
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and December 31, 2016 (in thousands): At March 31, 2017 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 7,053 Other liabilities $ 6,872 Credit contracts Other assets 2 Other liabilities — Total derivatives not designated as a hedging instrument $ 7,055 $ 6,872 Derivatives designated as a a hedging instrument: Interest rate products Other assets $ 374 Other liabilities $ — Total derivatives designated as a hedging instrument $ 374 $ — At December 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 instrument: Interest rate products Other assets $ 7,156 Other liabilities $ 6,750 Credit contracts Other assets 3 Other liabilities — Total derivatives not designated as a hedging instrument $ 7,159 $ 6,750 Derivatives designated as a a hedging instrument: Interest rate products Other assets $ 282 Other liabilities $ — Total derivatives designated as a hedging instrument $ 282 $ — |
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, 2017 and 2016 (in thousands). Gain (loss) recognized in Income on derivatives for the three months ended Consolidated Statements of Income March 31, 2017 March 31, 2016 Derivatives not designated as a hedging instrument: Interest rate products Other income $ (226 ) $ (540 ) Credit contracts Other income 1 104 Total $ (225 ) $ (436 ) Derivatives designated as a hedging instrument: Interest rate products Interest expense $ (57 ) $ (145 ) Total $ (57 ) $ (145 ) |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Narrative) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accounting Policies [Abstract] | ||
Anti-dilutive stock options and awards excluded from computation of earnings per share | 427,040 | 633,989 |
Summary of Significant Accoun27
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, 2017 | Mar. 31, 2016 | |
Accounting Policies [Abstract] | ||
Net income | $ 23,508 | $ 20,973 |
Income available to common stockholders, basic | 23,508 | 20,973 |
Income available to common stockholders, diluted | $ 23,508 | $ 20,973 |
Weighted average common shares outstanding, basic (in shares) | 64,167,376 | 63,351,093 |
Dilutive shares (in shares) | 202,229 | 168,662 |
Weighted average common shares outstanding, diluted (in shares) | 64,369,605 | 63,519,755 |
Income available to common stockholders, per share amount, basic (usd per share) | $ 0.37 | $ 0.33 |
Income available to common stockholders, per share amount, diluted (usd per share) | $ 0.37 | $ 0.33 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) | 3 Months Ended | ||
Mar. 31, 2017USD ($)positionsecurity | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)positionsecurity | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities available for sale, at fair value | $ 1,048,119,000 | $ 1,040,386,000 | |
Investment securities held to maturity | $ 489,114,000 | $ 488,183,000 | |
Total number of all held to maturity and available for sale securities in an unrealized loss position | security | 360 | 419 | |
Amortized cost | $ 1,047,690,000 | $ 1,041,247,000 | |
Proceeds from the sale of securities available for sale | 0 | $ 2,100,000 | |
Gross gains | 95,000 | ||
Gross losses | 0 | ||
Proceeds from calls on securities available for sale | $ 0 | 0 | |
Number of securities in an unrealized loss position | position | 90 | 87 | |
Other-than-temporary impairment charges, net | $ 0 | 0 | |
Proceeds from calls of held to maturity securities | 12,800,000 | 516,000 | |
Recognized gain on calls of securities, held-to-maturity portfolio | 0 | 1,000 | |
Recognized loss on calls of securities held-to-maturity portfolio | 0 | $ 0 | |
Held-to-maturity securities, fair value | $ 492,863,000 | $ 489,287,000 | |
Number of securities in an unrealized loss position | position | 270 | 332 | |
Private Label Mortgage-Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Number of securities in an unrealized loss position | position | 2 | ||
Mortgage-Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities available for sale, at fair value | $ 967,318,000 | $ 951,861,000 | |
Investment securities held to maturity | 680,000 | 893,000 | |
Amortized cost | 967,483,000 | 952,992,000 | |
Held-to-maturity securities, amortized cost | 680,000 | ||
Held-to-maturity securities, fair value | 705,000 | 924,000 | |
Equity Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities available for sale, at fair value | 558,000 | 549,000 | |
Amortized cost | 397,000 | $ 397,000 | |
Private Label Mortgage Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 74,000 | ||
Unrealized losses | $ 3,000 |
Investment Securities (Securiti
Investment Securities (Securities Available for Sale) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 1,047,690 | $ 1,041,247 |
Gross unrealized gains | 7,562 | 7,558 |
Gross unrealized losses | (7,133) | (8,419) |
Fair value | 1,048,119 | 1,040,386 |
US Treasury Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 7,992 | 7,995 |
Gross unrealized gains | 4 | 13 |
Gross unrealized losses | 0 | 0 |
Fair value | 7,996 | 8,008 |
Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 49,088 | 57,123 |
Gross unrealized gains | 47 | 90 |
Gross unrealized losses | (27) | (25) |
Fair value | 49,108 | 57,188 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 967,483 | 952,992 |
Gross unrealized gains | 6,930 | 7,249 |
Gross unrealized losses | (7,095) | (8,380) |
Fair value | 967,318 | 951,861 |
State And Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 3,717 | 3,727 |
Gross unrealized gains | 74 | 19 |
Gross unrealized losses | 0 | (3) |
Fair value | 3,791 | 3,743 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 19,013 | 19,013 |
Gross unrealized gains | 346 | 35 |
Gross unrealized losses | (11) | (11) |
Fair value | 19,348 | 19,037 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 397 | 397 |
Gross unrealized gains | 161 | 152 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 558 | $ 549 |
Investment Securities (Investme
Investment Securities (Investment Securities Available for Sale by Contractual Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 1,047,690 | $ 1,041,247 |
Securities available for sale, at fair value | 1,048,119 | $ 1,040,386 |
Available-for-sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, amortized cost | 51,483 | |
Due after one year through five years, amortized cost | 9,452 | |
Due after five years through ten years, amortized cost | 18,875 | |
Due after ten years, amortized cost | 0 | |
Amortized cost | 79,810 | |
Due in one year or less, fair value | 51,466 | |
Due after one year through five years, fair value | 9,516 | |
Due after five years through ten years, fair value | 19,261 | |
Due after ten years , fair value | 0 | |
Securities available for sale, at fair value | $ 80,243 |
Investment Securities (Disclosu
Investment Securities (Disclosure Regarding Length of Time on Securities Available for Sale with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | $ 570,958 | $ 568,290 |
Less than 12 months, gross unrealized losses | (7,119) | (8,405) |
12 months or longer, fair value | 1,055 | 1,055 |
12 months or longer, gross unrealized losses | (14) | (14) |
Total, fair value | 572,013 | 569,345 |
Total, gross unrealized losses | (7,133) | (8,419) |
Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 23,046 | 14,000 |
Less than 12 months, gross unrealized losses | (27) | (25) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 23,046 | 14,000 |
Total, gross unrealized losses | (27) | (25) |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 547,912 | 553,629 |
Less than 12 months, gross unrealized losses | (7,092) | (8,377) |
12 months or longer, fair value | 65 | 65 |
12 months or longer, gross unrealized losses | (3) | (3) |
Total, fair value | 547,977 | 553,694 |
Total, gross unrealized losses | (7,095) | (8,380) |
State And Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 661 | |
Less than 12 months, gross unrealized losses | (3) | |
12 months or longer, fair value | 0 | |
12 months or longer, gross unrealized losses | 0 | |
Total, fair value | 661 | |
Total, gross unrealized losses | 0 | (3) |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, gross unrealized losses | 0 | 0 |
12 months or longer, fair value | 990 | 990 |
12 months or longer, gross unrealized losses | (11) | (11) |
Total, fair value | 990 | 990 |
Total, gross unrealized losses | $ (11) | $ (11) |
Investment Securities (Invest32
Investment Securities (Investment Securities Held to Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 489,114 | $ 488,183 |
Gross unrealized gains | 7,905 | 6,675 |
Gross unrealized losses | (4,156) | (5,571) |
Fair value | 492,863 | 489,287 |
Agency Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 4,656 | 4,306 |
Gross unrealized gains | 0 | 2 |
Gross unrealized losses | (84) | (83) |
Fair value | 4,572 | 4,225 |
Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 680 | 893 |
Gross unrealized gains | 25 | 31 |
Gross unrealized losses | 0 | 0 |
Fair value | 705 | 924 |
State And Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 474,677 | 473,653 |
Gross unrealized gains | 7,871 | 6,635 |
Gross unrealized losses | (4,031) | (5,436) |
Fair value | 478,517 | 474,852 |
Corporate Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,101 | 9,331 |
Gross unrealized gains | 9 | 7 |
Gross unrealized losses | (41) | (52) |
Fair value | $ 9,069 | $ 9,286 |
Investment Securities (Securi33
Investment Securities (Securities Held to Maturity by Contractual Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 489,114 | $ 488,183 |
Fair value | 492,863 | $ 489,287 |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less, amortized cost | 22,570 | |
Due after one year through five years, amortized cost | 56,055 | |
Due after five years through ten years, amortized cost | 250,371 | |
Due after ten years, amortized cost | 159,438 | |
Amortized cost | 488,434 | |
Due in one year or less, fair value | 22,609 | |
Due after one year through five years, fair value | 56,920 | |
Due after five years through ten years, fair value | 254,015 | |
Due after ten years, fair value | 158,614 | |
Fair value | $ 492,158 |
Investment Securities (Disclo34
Investment Securities (Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | $ 142,613 | $ 180,374 |
Less than 12 months, gross unrealized losses | (3,865) | (5,267) |
12 months or longer, fair value | 6,995 | 6,617 |
12 months or longer, gross unrealized losses | (291) | (304) |
Total, fair value | 149,608 | 186,991 |
Total, gross unrealized losses | (4,156) | (5,571) |
Agency Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 3,823 | 3,525 |
Less than 12 months, gross unrealized losses | (84) | (83) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 3,823 | 3,525 |
Total, gross unrealized losses | (84) | (83) |
State And Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 133,078 | 172,152 |
Less than 12 months, gross unrealized losses | (3,740) | (5,132) |
12 months or longer, fair value | 6,995 | 6,617 |
12 months or longer, gross unrealized losses | (291) | (304) |
Total, fair value | 140,073 | 178,769 |
Total, gross unrealized losses | (4,031) | (5,436) |
Corporate Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 5,712 | 4,697 |
Less than 12 months, gross unrealized losses | (41) | (52) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | |
Total, fair value | 5,712 | 4,697 |
Total, gross unrealized losses | $ (41) | $ (52) |
Loans Receivable and Allowanc35
Loans Receivable and Allowance for Loan Losses (Schedule of Summarized Loans Receivable) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | $ 4,836,463 | $ 4,857,109 |
Total gross loans | 6,999,116 | 7,004,308 |
Purchased credit-impaired (PCI) loans | 1,280 | 1,272 |
Premiums on purchased loans | 4,771 | 4,968 |
Unearned discounts | (38) | (39) |
Net deferred fees | (7,060) | (7,023) |
Loans receivable | 6,998,069 | 7,003,486 |
Residential [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | 1,198,009 | 1,211,672 |
Commercial [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | 1,966,075 | 1,978,569 |
Multi-Family [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | 1,399,013 | 1,402,054 |
Construction [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | 273,366 | 264,814 |
Commercial Loans [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,660,290 | 1,630,444 |
Consumer Loans [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 502,363 | $ 516,755 |
Loans Receivable and Allowanc36
Loans Receivable and Allowance for Loan Losses (Summary of Aging Loans Receivable by Portfolio Segment and Class) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 40,493 | $ 42,401 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 60,759 | 60,708 |
Current | 6,938,357 | 6,943,600 |
Total gross loans | 6,999,116 | 7,004,308 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 17,572 | 16,787 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 19,091 | 18,800 |
Current | 1,641,199 | 1,611,644 |
Total gross loans | 1,660,290 | 1,630,444 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,892 | 3,030 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 6,937 | 6,790 |
Current | 495,426 | 509,965 |
Total gross loans | 502,363 | 516,755 |
Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 20,029 | 22,584 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 34,731 | 35,118 |
Current | 4,801,732 | 4,821,991 |
Total gross loans | 4,836,463 | 4,857,109 |
Mortgage Loans [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 10,025 | 12,021 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 21,510 | 24,475 |
Current | 1,176,499 | 1,187,197 |
Total gross loans | 1,198,009 | 1,211,672 |
Mortgage Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 7,408 | 7,493 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 10,625 | 7,573 |
Current | 1,955,450 | 1,970,996 |
Total gross loans | 1,966,075 | 1,978,569 |
Mortgage Loans [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 79 | 553 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 79 | 553 |
Current | 1,398,934 | 1,401,501 |
Total gross loans | 1,399,013 | 1,402,054 |
Mortgage Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,517 | 2,517 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 2,517 | 2,517 |
Current | 270,849 | 262,297 |
Total gross loans | 273,366 | 264,814 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 13,208 | 10,108 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 709 | 1,656 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 3,052 | 2,561 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 9,447 | 5,891 |
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 | 7,175 | 5,891 |
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 | 2,272 | 0 |
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 | 0 | 0 |
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 | 7,058 | 8,199 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 810 | 357 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 993 | 1,199 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 5,255 | 6,643 |
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 | 4,310 | 6,563 |
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 | 945 | 80 |
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 | 0 | 0 |
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 Allowanc37
Loans Receivable and Allowance for Loan Losses (Narrative) (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017USD ($)borrowerSecurityLoanContracttroubled_debt_restructuring | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)borrowerSecurityLoanContracttroubled_debt_restructuring | May 30, 2014USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Principal amount of nonaccrual loans | $ 40,500,000 | $ 42,400,000 | ||
Loans less than 90 days past due | $ 5,200,000 | $ 7,300,000 | ||
Number of loans 90 days past due and still accruing | Contract | 0 | 0 | ||
Recorded Investment greater than 90 days accruing | $ 0 | $ 0 | ||
Impaired loan defined floor limit (greater than) | $ 1,000,000 | |||
Impaired loans number | SecurityLoan | 150 | 141 | ||
Impaired loans | $ 53,481,000 | $ 52,019,000 | ||
Number of troubled debt restructurings | troubled_debt_restructuring | 120 | 114 | ||
Loans and leases receivable, impaired, nonperforming, accrual of interest | $ 30,900,000 | $ 29,900,000 | ||
Number of borrowers | borrower | 116 | 110 | ||
Charge off, impaired loan | $ 0 | $ 0 | ||
Weighted average modified interest rate | 3.30% | |||
Weighted average prior modification rate | 3.61% | |||
Interest income | $ 77,913,000 | $ 73,974,000 | ||
Average balance of impaired loans | 56,048,000 | $ 52,002,000 | ||
Team Capital Bank [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of acquired loans | $ 5,200,000 | |||
Balance of PCI loans | 1,300,000 | 1,300,000 | ||
Impaired Loans Troubled Debt Restructurings [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Allowances for loan losses | 158,000 | |||
With Related Allowance For Loan Losses [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Allowances for loan losses | 3,032,000 | 2,334,000 | ||
Loans With No Related Allowance [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 30,038,000 | |||
Allowances for loan losses | 0 | 0 | ||
Impaired financing receivable with no related allowance | 30,000,000 | 31,800,000 | ||
Average balance of impaired loans | $ 32,494,000 | 26,971,000 | ||
Loans With No Related Allowance [Member] | No Allowance For Loan Losses Required [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | $ 31,809,000 |
Loans Receivable and Allowanc38
Loans Receivable and Allowance for Loan Losses (Summary of Loans Receivable by Portfolio Segment and Impairment Method) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 53,481 | $ 52,019 |
Collectively evaluated for impairment | 6,945,635 | 6,952,289 |
Total gross loans | 6,999,116 | 7,004,308 |
Mortgage Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 30,250 | 29,551 |
Collectively evaluated for impairment | 4,806,213 | 4,827,558 |
Total gross loans | 4,836,463 | 4,857,109 |
Commercial Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 20,823 | 20,255 |
Collectively evaluated for impairment | 1,639,467 | 1,610,189 |
Total gross loans | 1,660,290 | 1,630,444 |
Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 2,408 | 2,213 |
Collectively evaluated for impairment | 499,955 | 514,542 |
Total gross loans | $ 502,363 | $ 516,755 |
Loans Receivable and Allowanc39
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, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | $ 3,032 | $ 2,334 | ||
Collectively evaluated for impairment | 59,123 | 59,549 | ||
Total | 62,155 | 61,883 | $ 62,191 | $ 61,424 |
Mortgage Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 1,880 | 1,986 | ||
Collectively evaluated for impairment | 27,438 | 27,640 | ||
Total | 29,318 | 29,626 | 30,849 | 32,094 |
Commercial Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 1,050 | 268 | ||
Collectively evaluated for impairment | 28,736 | 28,875 | ||
Total | 29,786 | 29,143 | 28,255 | 25,829 |
Consumer Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 102 | 80 | ||
Collectively evaluated for impairment | 2,949 | 3,034 | ||
Total | $ 3,051 | $ 3,114 | $ 3,087 | $ 3,501 |
Loans Receivable and Allowanc40
Loans Receivable and Allowance for Loan Losses (Schedule of Troubled Debt Restructurings) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)SecurityLoan | Mar. 31, 2016USD ($)SecurityLoan | |
Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 3 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 1,002 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 988 | $ 0 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 3 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 1,002 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 988 | $ 0 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 292 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 284 | $ 0 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 2 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 240 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 234 | $ 0 |
Restructured Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 6 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 1,534 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 1,506 | $ 0 |
Loans Receivable and Allowanc41
Loans Receivable and Allowance for Loan Losses (Number of TDR's and Recorded Investment) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)SecurityLoan | Mar. 31, 2016USD ($)SecurityLoan | |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 1 |
Outstanding Recorded Investment | $ | $ 0 | $ 2,517 |
Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 1 |
Outstanding Recorded Investment | $ | $ 0 | $ 2,517 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 4 |
Outstanding Recorded Investment | $ | $ 284 | $ 6,809 |
Restructured Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 5 |
Outstanding Recorded Investment | $ | $ 284 | $ 9,326 |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses (Change in Accretable Yield) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning balance | $ 200 | $ 676 |
Accretion | (49) | (421) |
Reclassification from non-accretable discount | 21 | 248 |
Ending balance | $ 172 | $ 503 |
Loans Receivable and Allowanc43
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, 2017 | Mar. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | $ 61,883 | $ 61,424 |
Provision charged to operations | 1,500 | 1,500 |
Recoveries of loans previously charged-off | 687 | 579 |
Loans charged-off | (1,915) | (1,312) |
Balance at end of period | 62,155 | 62,191 |
Mortgage Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 29,626 | 32,094 |
Provision charged to operations | (130) | (1,193) |
Recoveries of loans previously charged-off | 53 | 172 |
Loans charged-off | (231) | (224) |
Balance at end of period | 29,318 | 30,849 |
Commercial Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 29,143 | 25,829 |
Provision charged to operations | 1,616 | 2,958 |
Recoveries of loans previously charged-off | 458 | 91 |
Loans charged-off | (1,431) | (623) |
Balance at end of period | 29,786 | 28,255 |
Consumer Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 3,114 | 3,501 |
Provision charged to operations | 14 | (265) |
Recoveries of loans previously charged-off | 176 | 316 |
Loans charged-off | (253) | (465) |
Balance at end of period | $ 3,051 | $ 3,087 |
Loans Receivable and Allowanc44
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, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 62,113 | $ 59,053 |
Recorded Investment | 53,481 | 52,019 |
Average Recorded Investment | 56,048 | 52,002 |
Interest Income Recognized | 391 | 1,486 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 25,721 | 24,860 |
Recorded Investment | 22,179 | 21,401 |
Related Allowance | 1,728 | 1,716 |
Average Recorded Investment | 22,278 | 21,732 |
Interest Income Recognized | 243 | 1,003 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 5,682 | 5,694 |
Recorded Investment | 5,554 | 5,633 |
Related Allowance | 152 | 270 |
Average Recorded Investment | 5,691 | 5,697 |
Interest Income Recognized | 13 | 95 |
Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,553 | 2,553 |
Recorded Investment | 2,517 | 2,517 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 2,517 | 2,514 |
Interest Income Recognized | 0 | 0 |
Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 33,956 | 33,107 |
Recorded Investment | 30,250 | 29,551 |
Related Allowance | 1,880 | 1,986 |
Average Recorded Investment | 30,486 | 29,943 |
Interest Income Recognized | 256 | 1,098 |
Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 25,223 | 23,211 |
Recorded Investment | 20,823 | 20,255 |
Related Allowance | 1,050 | 268 |
Average Recorded Investment | 23,132 | 19,774 |
Interest Income Recognized | 104 | 263 |
Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,934 | 2,735 |
Recorded Investment | 2,408 | 2,213 |
Related Allowance | 102 | 80 |
Average Recorded Investment | 2,430 | 2,285 |
Interest Income Recognized | 31 | 125 |
Loans With No Related Allowance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 37,518 | 38,123 |
Recorded Investment | 30,038 | |
Related Allowance | 0 | 0 |
Average Recorded Investment | 32,494 | 26,971 |
Interest Income Recognized | 201 | 842 |
Loans With No Related Allowance [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 10,700 | 10,691 |
Recorded Investment | 8,229 | 7,881 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 8,270 | 8,027 |
Interest Income Recognized | 113 | 484 |
Loans With No Related Allowance [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 4,600 | 1,556 |
Recorded Investment | 4,472 | 1,556 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 4,606 | 1,586 |
Interest Income Recognized | 0 | 40 |
Loans With No Related Allowance [Member] | Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,553 | 2,553 |
Recorded Investment | 2,517 | 2,517 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 2,517 | 2,514 |
Interest Income Recognized | 0 | 0 |
Loans With No Related Allowance [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 17,853 | 14,800 |
Recorded Investment | 15,218 | 11,954 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 15,393 | 12,127 |
Interest Income Recognized | 113 | 524 |
Loans With No Related Allowance [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 18,191 | 21,830 |
Recorded Investment | 13,861 | 18,874 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 16,130 | 13,818 |
Interest Income Recognized | 76 | 259 |
Loans With No Related Allowance [Member] | Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,474 | 1,493 |
Recorded Investment | 959 | 981 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 971 | 1,026 |
Interest Income Recognized | 12 | 59 |
Loans With Allowance Recorded [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 24,595 | 20,930 |
Recorded Investment | 23,443 | 20,210 |
Related Allowance | 3,032 | 2,334 |
Average Recorded Investment | 23,554 | 25,031 |
Interest Income Recognized | 190 | 644 |
Loans With Allowance Recorded [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 15,021 | 14,169 |
Recorded Investment | 13,950 | 13,520 |
Related Allowance | 1,728 | 1,716 |
Average Recorded Investment | 14,008 | 13,705 |
Interest Income Recognized | 130 | 519 |
Loans With Allowance Recorded [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,082 | 4,138 |
Recorded Investment | 1,082 | 4,077 |
Related Allowance | 152 | 270 |
Average Recorded Investment | 1,085 | 4,111 |
Interest Income Recognized | 13 | 55 |
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 | 16,103 | 18,307 |
Recorded Investment | 15,032 | 17,597 |
Related Allowance | 1,880 | 1,986 |
Average Recorded Investment | 15,093 | 17,816 |
Interest Income Recognized | 143 | 574 |
Loans With Allowance Recorded [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 7,032 | 1,381 |
Recorded Investment | 6,962 | 1,381 |
Related Allowance | 1,050 | 268 |
Average Recorded Investment | 7,002 | 5,956 |
Interest Income Recognized | 28 | 4 |
Loans With Allowance Recorded [Member] | Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,460 | 1,242 |
Recorded Investment | 1,449 | 1,232 |
Related Allowance | 102 | 80 |
Average Recorded Investment | 1,459 | 1,259 |
Interest Income Recognized | $ 19 | $ 66 |
Loans Receivable and Allowanc45
Loans Receivable and Allowance for Loan Losses (Summary of Loans Receivable by Credit Quality Risk Rating Indicator) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | $ 4,836,463 | $ 4,857,109 |
Total gross loans | 6,999,116 | 7,004,308 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,198,009 | 1,211,672 |
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,966,075 | 1,978,569 |
Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,399,013 | 1,402,054 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 273,366 | 264,814 |
Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 4,836,463 | 4,857,109 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,660,290 | 1,630,444 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 502,363 | 516,755 |
Total classified and criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 142,816 | 136,834 |
Total classified and criticized [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 14,335 | 18,584 |
Total classified and criticized [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 49,768 | 48,340 |
Total classified and criticized [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,161 | 1,116 |
Total classified and criticized [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 2,517 | 2,517 |
Total classified and criticized [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 67,781 | 70,557 |
Total classified and criticized [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 71,150 | 62,095 |
Total classified and criticized [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 3,885 | 4,182 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 60,890 | 48,537 |
Special Mention [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 4,310 | 6,563 |
Special Mention [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 24,492 | 25,329 |
Special Mention [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 557 | 563 |
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 | 29,359 | 32,455 |
Special Mention [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 30,538 | 14,840 |
Special Mention [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 993 | 1,242 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 81,926 | 88,297 |
Substandard [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 10,025 | 12,021 |
Substandard [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 25,276 | 23,011 |
Substandard [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 604 | 553 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 2,517 | 2,517 |
Substandard [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 38,422 | 38,102 |
Substandard [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 40,612 | 47,255 |
Substandard [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2,892 | 2,940 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
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 gross loans | 0 | 0 |
Doubtful [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross 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 gross loans | 0 | 0 |
Loss [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Pass/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 6,856,300 | 6,867,474 |
Pass/Watch [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,183,674 | 1,193,088 |
Pass/Watch [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,916,307 | 1,930,229 |
Pass/Watch [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,397,852 | 1,400,938 |
Pass/Watch [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 270,849 | 262,297 |
Pass/Watch [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 4,768,682 | 4,786,552 |
Pass/Watch [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,589,140 | 1,568,349 |
Pass/Watch [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 498,478 | $ 512,573 |
Deposits (Schedule of Deposits)
Deposits (Schedule of Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Savings | $ 1,115,328 | $ 1,099,020 |
Money market | 1,537,905 | 1,582,750 |
NOW | 1,850,577 | 1,871,298 |
Non-interest bearing | 1,346,687 | 1,349,378 |
Certificates of deposit | 679,373 | 651,183 |
Total deposits | $ 6,529,870 | $ 6,553,629 |
Components of Net Periodic Be47
Components of Net Periodic Benefit Cost (Narrative) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | 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 Be48
Components of Net Periodic Benefit Cost (Net Periodic Benefit Cost (Increase)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pension benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 307 | 312 |
Expected return on plan assets | (638) | (612) |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss (gain) | 230 | 236 |
Net periodic benefit (increase) cost | (101) | (64) |
Other post-retirement benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | 26 | 38 |
Interest cost | 218 | 284 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss (gain) | (169) | 0 |
Net periodic benefit (increase) cost | $ 75 | $ 322 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
Minimum [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated costs | 5.00% |
Maximum [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated costs | 10.00% |
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, 2017 | Dec. 31, 2016 |
Securities available for sale: | ||
Securities available for sale, at fair value | $ 1,048,119 | $ 1,040,386 |
Derivative liabilities | 746 | |
Measured on a non-recurring basis: | ||
Foreclosed assets | 7,684 | 7,991 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 57,662 | 65,745 |
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 | 990,457 | 974,641 |
Derivative assets | 7,429 | 7,441 |
Derivative liabilities | 6,872 | 6,750 |
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 | 7,996 | 8,008 |
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 | 7,996 | 8,008 |
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 | 49,108 | 57,188 |
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 | 967,318 | 951,861 |
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 | 967,318 | 951,861 |
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 | 3,791 | 3,743 |
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 | 3,791 | 3,743 |
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 | 19,348 | 19,037 |
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 | 0 |
Corporate Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 19,348 | 19,037 |
Corporate Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Equity Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 558 | 549 |
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 | 558 | 549 |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 1,048,119 | 1,040,386 |
Derivative assets | 7,429 | 7,441 |
Total assets at fair value | 1,055,548 | 1,047,827 |
Derivative liabilities | 6,872 | 6,750 |
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 | 57,662 | 65,745 |
Derivative assets | 0 | 0 |
Total assets at fair value | 57,662 | 65,745 |
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 | 990,457 | 974,641 |
Derivative assets | 7,429 | 7,441 |
Total assets at fair value | 997,886 | 982,082 |
Derivative liabilities | 6,872 | 6,750 |
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 | 7,996 | 8,008 |
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 | 7,996 | 8,008 |
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 | 49,108 | 57,188 |
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 | 49,108 | 57,188 |
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 | 967,318 | 951,861 |
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 | 967,318 | 951,861 |
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 | 3,791 | 3,743 |
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 | 3,791 | 3,743 |
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 | 19,348 | 19,037 |
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 | 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 | 19,348 | 19,037 |
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 | 0 |
Measured on a Recurring Basis [Member] | Equity Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 558 | 549 |
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 | 558 | 549 |
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 | 13,082 | 11,001 |
Foreclosed assets | 7,684 | 7,991 |
Fair value, Measured on a non-recurring basis | 20,766 | 18,992 |
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 | 13,082 | 11,001 |
Foreclosed assets | 7,684 | 7,991 |
Fair value, Measured on a non-recurring basis | $ 20,766 | $ 18,992 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Financial Instruments at Carrying and Fair Values) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||||
Cash and cash equivalents | $ 158,094 | $ 144,297 | $ 108,111 | $ 102,226 |
Securities available for sale, at fair value | 1,048,119 | 1,040,386 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 489,114 | 488,183 | ||
FHLBNY stock | 76,636 | 75,726 | ||
Loans, net of allowance for loan losses | 6,935,914 | 6,941,603 | ||
Financial liabilities: | ||||
Certificates of deposit | 679,373 | 651,183 | ||
Total deposits | 6,529,870 | 6,553,629 | ||
Borrowings | 1,640,559 | 1,612,745 | ||
Derivative liabilities | 746 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 158,094 | 144,297 | ||
Securities available for sale, at fair value | 57,662 | 65,745 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 4,572 | 4,225 | ||
FHLBNY stock | 76,636 | 75,726 | ||
Loans, net of allowance for loan losses | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 5,850,497 | 5,902,446 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 5,850,497 | 5,902,446 | ||
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 | 990,457 | 974,641 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 488,291 | 485,062 | ||
FHLBNY stock | 0 | 0 | ||
Loans, net of allowance for loan losses | 0 | 0 | ||
Derivative assets | 7,429 | 7,441 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 681,891 | 653,772 | ||
Total deposits | 681,891 | 653,772 | ||
Borrowings | 1,643,088 | 1,617,023 | ||
Derivative liabilities | 6,872 | 6,750 | ||
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 | 6,915,009 | 6,924,440 | ||
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 | 158,094 | 144,297 | ||
Securities available for sale, at fair value | 1,048,119 | 1,040,386 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 489,114 | 488,183 | ||
FHLBNY stock | 76,636 | 75,726 | ||
Loans, net of allowance for loan losses | 6,935,914 | 6,941,603 | ||
Derivative assets | 7,429 | 7,441 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 5,850,497 | 5,902,446 | ||
Certificates of deposit | 679,373 | 651,183 | ||
Total deposits | 6,529,870 | 6,553,629 | ||
Borrowings | 1,640,559 | 1,612,745 | ||
Derivative liabilities | 6,872 | 6,750 | ||
Fair Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 158,094 | 144,297 | ||
Securities available for sale, at fair value | 1,048,119 | 1,040,386 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 492,863 | 489,287 | ||
FHLBNY stock | 76,636 | 75,726 | ||
Loans, net of allowance for loan losses | 6,915,009 | 6,924,440 | ||
Derivative assets | 7,429 | 7,441 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 5,850,497 | 5,902,446 | ||
Certificates of deposit | 681,891 | 653,772 | ||
Total deposits | 6,532,388 | 6,556,218 | ||
Borrowings | 1,643,088 | 1,617,023 | ||
Derivative liabilities | 6,872 | 6,750 | ||
US Treasury Obligations [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 7,996 | 8,008 | ||
US Treasury Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 7,996 | 8,008 | ||
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 | 7,996 | 8,008 | ||
US Treasury Obligations [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 7,996 | 8,008 | ||
Agency Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 49,108 | 57,188 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 4,572 | 4,225 | ||
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 | 49,108 | 57,188 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 4,656 | 4,306 | ||
Agency Obligations [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 49,108 | 57,188 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 4,572 | 4,225 | ||
Mortgage-Backed Securities [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 967,318 | 951,861 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 680 | 893 | ||
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 | 967,318 | 951,861 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 705 | 924 | ||
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 | 967,318 | 951,861 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 680 | 893 | ||
Mortgage-Backed Securities [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 967,318 | 951,861 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 705 | 924 | ||
State And Municipal Obligations [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 3,791 | 3,743 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 474,677 | 473,653 | ||
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 | 3,791 | 3,743 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 478,517 | 474,852 | ||
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 | 3,791 | 3,743 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 474,677 | 473,653 | ||
State And Municipal Obligations [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 3,791 | 3,743 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 478,517 | 474,852 | ||
Corporate Obligations [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 19,348 | 19,037 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 9,101 | 9,331 | ||
Corporate 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 | ||
Corporate Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 19,348 | 19,037 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 9,069 | 9,286 | ||
Corporate 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 | ||
Corporate Obligations [Member] | Carrying Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 19,348 | 19,037 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 9,101 | 9,331 | ||
Corporate Obligations [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 19,348 | 19,037 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 9,069 | 9,286 | ||
Equity Securities [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 558 | 549 | ||
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 558 | 549 | ||
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 | 558 | 549 | ||
Equity Securities [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | $ 558 | $ 549 |
Other Comprehensive Income (Com
Other Comprehensive Income (Components of Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Unrealized gains and losses on securities available for sale: | ||
Net gains arising during the period | $ 1,287 | $ 11,856 |
Reclassification adjustment for gains included in net income | 0 | (96) |
Total | 1,287 | 11,760 |
Unrealized gains (losses) on derivatives (cash flow hedges) | 92 | (704) |
Amortization related to post-retirement obligations | 53 | 165 |
Total other comprehensive income | 1,432 | 11,221 |
Unrealized gains and losses on securities available for sale: | ||
Net gains arising during the period | (516) | (4,762) |
Reclassification adjustment for gains included in net income | 0 | 39 |
Total | (516) | (4,723) |
Unrealized gains (losses) on derivatives (cash flow hedges) | (37) | 283 |
Amortization related to post-retirement obligations | (21) | (66) |
Total other comprehensive income | (574) | (4,506) |
Unrealized gains and losses on securities available for sale: | ||
Net gains arising during the period | 771 | 7,094 |
Reclassification adjustment for gains included in net income | 0 | (57) |
Total | 771 | 7,037 |
Unrealized gains (losses) on derivatives (cash flow hedges) | 55 | (421) |
Amortization related to post-retirement obligations | 32 | 99 |
Total other comprehensive income | $ 858 | $ 6,715 |
Other Comprehensive Income (C53
Other Comprehensive Income (Components of Accumulated Other Comprehensive Income, Net of Tax) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,251,781 | $ 1,196,065 |
Current period other comprehensive income | 858 | 6,715 |
Ending Balance | 1,267,092 | 1,214,122 |
Unrealized gains on securities available for sale [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (510) | 3,951 |
Current period other comprehensive income | 771 | 7,037 |
Ending Balance | 261 | 10,988 |
Post-retirement obligations [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (3,056) | (6,424) |
Current period other comprehensive income | 32 | 99 |
Ending Balance | (3,024) | (6,325) |
Unrealized losses on derivatives (cash flow hedges) [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 169 | (73) |
Current period other comprehensive income | 55 | (421) |
Ending Balance | 224 | (494) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (3,397) | (2,546) |
Current period other comprehensive income | 858 | 6,715 |
Ending Balance | $ (2,539) | $ 4,169 |
Other Comprehensive Income (Rec
Other Comprehensive Income (Reclassifications Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net gain on securities transactions | $ 0 | $ 96 |
Income tax expense | (8,368) | (8,736) |
Net of tax | 23,508 | 20,973 |
Reclassification adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net of tax | 37 | 198 |
Reclassification adjustment [Member] | Unrealized gains on securities available for sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net gain on securities transactions | 0 | 96 |
Income tax expense | 0 | (39) |
Net of tax | 0 | 57 |
Reclassification adjustment [Member] | Post-retirement obligations [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Compensation and employee benefits (1) | 61 | 236 |
Income tax expense | (24) | (95) |
Net of tax | $ 37 | $ 141 |
Derivatives and Hedging Activ55
Derivatives and Hedging Activities (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)instrument | Dec. 31, 2016USD ($)instrument | |
Derivative [Line Items] | ||
Derivative instruments in accumulated other comprehensive income reclassified to interest expense | $ 81 | |
Derivative liabilities | 746 | |
Collateral against obligations | $ 1,300 | |
Derivatives Not Designated as a Hedging Instruments [Member] | Interest rate products [Member] | ||
Derivative [Line Items] | ||
Number of derivative instruments held (in instrument) | instrument | 40 | 36 |
Derivative notional amount | $ 629,100 | $ 582,200 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Number of outstanding derivatives | instrument | 1 | |
Derivative liability, notional amount | $ 40,000 |
Derivatives and Hedging Activ56
Derivatives and Hedging Activities (Fair Value of Derivatives) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Derivatives Not Designated as a Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 7,055 | $ 7,159 |
Liability Derivatives | 6,872 | 6,750 |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Assets [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 7,053 | 7,156 |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Assets [Member] | Credit contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2 | 3 |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Liabilities [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 6,872 | 6,750 |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Liabilities [Member] | Credit contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 374 | 282 |
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 374 | 282 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | $ 0 |
Derivatives and Hedging Activ57
Derivatives and Hedging Activities (Gains and Losses on Derivatives) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 | $ (225) | $ (436) |
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 | (226) | (540) |
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 | 1 | 104 |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives for the three months ended | (57) | (145) |
Designated as Hedging Instrument [Member] | Interest expense [Member] | Interest rate products [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives for the three months ended | $ (57) | $ (145) |