Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 02, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 66,842,531 | ||
Entity Public Float | $ 1,550 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 139,557 | $ 92,508 |
Short-term investments | 51,277 | 51,789 |
Total cash and cash equivalents | 190,834 | 144,297 |
Securities available for sale, at fair value | 1,037,812 | 1,040,386 |
Investment securities held to maturity (fair value of $485,039 and $489,287 at December 31, 2017 and December 31, 2016, respectively) | 477,652 | 488,183 |
Federal Home Loan Bank Stock | 81,184 | 75,726 |
Loans | 7,325,718 | 7,003,486 |
Less allowance for loan losses | 60,195 | 61,883 |
Net loans | 7,265,523 | 6,941,603 |
Foreclosed assets, net | 6,864 | 7,991 |
Banking premises and equipment, net | 63,185 | 84,092 |
Accrued interest receivable | 29,646 | 27,082 |
Intangible assets | 420,290 | 422,937 |
Bank-owned life insurance | 189,525 | 188,527 |
Other assets | 82,759 | 79,641 |
Total assets | 9,845,274 | 9,500,465 |
Deposits: | ||
Demand deposits | 4,996,345 | 4,803,426 |
Savings deposits | 1,083,012 | 1,099,020 |
Certificates of deposit of $100,000 or more | 316,074 | 290,295 |
Other time deposits | 318,735 | 360,888 |
Total deposits | 6,714,166 | 6,553,629 |
Mortgage escrow deposits | 25,933 | 24,452 |
Borrowed funds | 1,742,514 | 1,612,745 |
Other liabilities | 64,000 | 57,858 |
Total liabilities | 8,546,613 | 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 66,535,017 shares outstanding at December 31, 2017, and 83,209,293 shares issued and 66,082,283 shares outstanding at December 31, 2016, respectively | 832 | 832 |
Additional paid-in capital | 1,012,908 | 1,005,777 |
Retained earnings | 586,132 | 550,768 |
Accumulated other comprehensive loss | (7,465) | (3,397) |
Treasury stock | (259,907) | (264,221) |
Unallocated common stock held by the Employee Stock Ownership Plan | (33,839) | (37,978) |
Common stock acquired by the Directors’ Deferred Fee Plan | (5,175) | (5,846) |
Deferred compensation—Directors’ Deferred Fee Plan | 5,175 | 5,846 |
Total stockholders’ equity | 1,298,661 | 1,251,781 |
Total liabilities and stockholders’ equity | $ 9,845,274 | $ 9,500,465 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 485,039 | $ 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) | 66,535,017 | 66,082,283 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income: | |||
Real estate secured loans | $ 189,896 | $ 180,868 | $ 176,714 |
Commercial loans | 72,907 | 63,022 | 55,347 |
Consumer loans | 20,301 | 21,829 | 22,770 |
Securities available for sale and Federal Home Loan Bank stock | 26,445 | 22,890 | 23,398 |
Investment securities held to maturity | 13,027 | 13,208 | 13,494 |
Deposits, federal funds sold and other short-term investments | 1,270 | 498 | 58 |
Total interest income | 323,846 | 302,315 | 291,781 |
Interest expense: | |||
Deposits | 19,441 | 16,947 | 14,521 |
Borrowed funds | 26,203 | 26,801 | 27,380 |
Total interest expense | 45,644 | 43,748 | 41,901 |
Net interest income | 278,202 | 258,567 | 249,880 |
Provision for loan losses | 5,600 | 5,400 | 4,350 |
Net interest income after provision for loan losses | 272,602 | 253,167 | 245,530 |
Non-interest income: | |||
Fees | 27,218 | 26,047 | 26,282 |
Wealth management income | 17,604 | 17,556 | 16,838 |
Bank-owned life insurance | 6,693 | 5,470 | 5,345 |
Net gain on securities transactions | 57 | 64 | 654 |
Other income | 4,125 | 6,256 | 6,103 |
Total non-interest income | 55,697 | 55,393 | 55,222 |
Non-interest expense: | |||
Compensation and employee benefits | 109,353 | 106,141 | 99,689 |
Net occupancy expense | 25,290 | 24,853 | 26,032 |
Data processing expense | 13,922 | 13,228 | 12,698 |
FDIC Insurance | 3,887 | 4,887 | 5,036 |
Advertising and promotion expense | 3,904 | 3,685 | 4,226 |
Amortization of intangibles | 2,670 | 3,391 | 4,066 |
Other operating expenses | 28,796 | 27,593 | 28,842 |
Total non-interest expenses | 187,822 | 183,778 | 180,589 |
Income before income tax expense | 140,477 | 124,782 | 120,163 |
Income tax expense | 46,528 | 36,980 | 36,441 |
Net income | $ 93,949 | $ 87,802 | $ 83,722 |
Basic earnings per share (in dollars per share) | $ 1.46 | $ 1.38 | $ 1.33 |
Average basic shares outstanding | 64,384,851 | 63,643,622 | 62,945,669 |
Diluted earnings per share (in dollars per share) | $ 1.45 | $ 1.38 | $ 1.33 |
Average diluted shares outstanding | 64,579,222 | 63,851,986 | 63,114,718 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 93,949 | $ 87,802 | $ 83,722 |
Unrealized gains and losses on securities available for sale: | |||
Net unrealized losses arising during the period | (2,163) | (4,431) | (3,401) |
Reclassification adjustment for gains included in net income | 0 | (30) | (391) |
Total | (2,163) | (4,461) | (3,792) |
Unrealized gains (losses) on derivatives | 379 | 242 | (73) |
Amortization related to post-retirement obligations | (889) | 3,368 | 1,290 |
Total other comprehensive loss | (2,673) | (851) | (2,575) |
Total comprehensive income | $ 91,276 | $ 86,951 | $ 81,147 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] | Unallocated ESOP Shares [Member] | Common Stock Acquired By DDFP [Member] | Deferred Compensation DDFP [Member] |
Balance at the beginning of the period at Dec. 31, 2014 | $ 1,144,099 | $ 832 | $ 995,053 | $ 465,276 | $ 29 | $ (271,779) | $ (45,312) | $ (7,113) | $ 7,113 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 83,722 | 83,722 | |||||||
Other comprehensive loss, net of tax | (2,575) | (2,575) | |||||||
Cash dividends paid | (41,285) | (41,285) | |||||||
Distributions from DDFP | 85 | 85 | 596 | (596) | |||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,988) | (1,988) | |||||||
Shares issued dividend reinvestment plan | 1,447 | 143 | 1,304 | ||||||
Option exercises | 3,166 | (283) | 3,449 | ||||||
Allocation of ESOP shares | 4,049 | 467 | 3,582 | ||||||
Allocation of SAP shares | 5,073 | 5,073 | |||||||
Allocation of stock options | 272 | 272 | |||||||
Balance at the end of the period 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 | 87,802 | 87,802 | |||||||
Other comprehensive loss, net of tax | (851) | (851) | |||||||
Reclassification due to the adoption of ASU No. 2018-02 | 0 | ||||||||
Cash dividends paid | (45,369) | (45,369) | |||||||
Effect of adopting Accounting Standards Update (ASU) No. 2016-09 | 0 | (622) | 622 | ||||||
Distributions from DDFP | 131 | 131 | 671 | (671) | |||||
Purchases of treasury stock | (1,557) | (1,557) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,225) | (1,225) | |||||||
Shares issued dividend reinvestment plan | 1,652 | 356 | 1,296 | ||||||
Option exercises | 6,198 | (81) | 6,279 | ||||||
Allocation of ESOP shares | 4,951 | 1,199 | 3,752 | ||||||
Allocation of SAP shares | 3,812 | 3,812 | |||||||
Allocation of stock options | 172 | 172 | |||||||
Balance at the end of the period 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 | 93,949 | 93,949 | |||||||
Other comprehensive loss, net of tax | (2,673) | (2,673) | |||||||
Reclassification due to the adoption of ASU No. 2018-02 | 0 | 1,395 | (1,395) | ||||||
Cash dividends paid | (59,980) | (59,980) | |||||||
Distributions from DDFP | 232 | 232 | 671 | (671) | |||||
Purchases of treasury stock | (443) | (443) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (778) | (778) | |||||||
Shares issued dividend reinvestment plan | 2,114 | 712 | 1,402 | ||||||
Option exercises | 2,954 | (1,179) | 4,133 | ||||||
Allocation of ESOP shares | 6,339 | 2,200 | 4,139 | ||||||
Allocation of SAP shares | 4,963 | 4,963 | |||||||
Allocation of stock options | 203 | 203 | |||||||
Balance at the end of the period at Dec. 31, 2017 | $ 1,298,661 | $ 832 | $ 1,012,908 | $ 586,132 | $ (7,465) | $ (259,907) | $ (33,839) | $ (5,175) | $ 5,175 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 93,949 | $ 87,802 | $ 83,722 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of intangibles | 11,623 | 12,760 | 13,714 |
Provision for loan losses | 5,600 | 5,400 | 4,350 |
Deferred tax expense | 40,634 | 3,160 | 326 |
Income on Bank-owned life insurance | (6,693) | (5,470) | (5,345) |
Net amortization of premiums and discounts on securities | 9,948 | 10,831 | 10,613 |
Accretion of net deferred loan fees | (4,655) | (3,408) | (4,624) |
Amortization of premiums on purchased loans, net | 1,021 | 1,311 | 1,100 |
Net increase in loans originated for sale | (24,938) | (34,976) | (11,918) |
Proceeds from sales of loans originated for sale | 26,387 | 37,008 | 12,799 |
Proceeds from sales and paydowns of foreclosed assets | 5,423 | 6,109 | 4,443 |
ESOP expense | 4,600 | 3,706 | 2,997 |
Allocation of stock award shares | 4,963 | 3,812 | 4,625 |
Allocation of stock options | 203 | 172 | 272 |
Net gain on sale of loans | (1,449) | (2,032) | (881) |
Net gain on securities transactions | (57) | (64) | (654) |
Net gain on sale of premises and equipment | (20) | (14) | (4) |
Net gain on sale of foreclosed assets | (819) | (585) | (592) |
Increase in accrued interest receivable | (2,564) | (1,316) | (538) |
(Increase) decrease in other assets | (52,078) | 5,873 | (4,912) |
Increase (decrease) in other liabilities | 6,142 | (2,770) | 5,373 |
Net cash provided by operating activities | 117,220 | 127,309 | 114,866 |
Cash flows from investing activities: | |||
Proceeds from maturities, calls and paydowns of investment securities held to maturity | 55,720 | 62,975 | 37,271 |
Purchases of investment securities held to maturity | (47,894) | (80,349) | (44,254) |
Proceeds from sales of securities | 0 | 3,401 | 14,005 |
Proceeds from maturities, calls and paydowns of securities available for sale | 220,138 | 211,440 | 212,095 |
Purchases of securities available for sale | (228,363) | (306,151) | (129,720) |
Proceeds from redemption of Federal Home Loan Bank stock | 130,125 | 56,505 | 87,510 |
Purchases of Federal Home Loan Bank stock | (135,583) | (54,050) | (95,902) |
Net cash and cash equivalents paid in acquisition | 0 | 0 | (25,855) |
Death benefit proceeds from bank-owned life insurance | 4,428 | 0 | 776 |
Purchases of loans | 0 | (28,590) | (95,283) |
Net increase in loans | (322,443) | (440,999) | (363,436) |
Proceeds from sales of premises and equipment | 20,766 | 14 | 19 |
Purchases of premises and equipment | (3,231) | (4,995) | (5,909) |
Net cash used in investing activities | (306,337) | (580,799) | (408,683) |
Cash flows from financing activities: | |||
Net increase in deposits | 160,537 | 629,642 | 131,464 |
Increase in mortgage escrow deposits | 1,481 | 1,107 | 1,696 |
Purchase of treasury stock | (443) | (1,557) | 0 |
Purchase of employee restricted shares to fund statutory tax withholding | (778) | (1,225) | (1,988) |
Cash dividends paid to stockholders | (59,980) | (45,369) | (41,285) |
Shares issued to dividend reinvestment plan | 2,114 | 1,652 | 1,447 |
Stock options exercised | 2,954 | 6,198 | 3,166 |
Proceeds from long-term borrowings | 347,000 | 355,000 | 694,937 |
Payments on long-term borrowings | (539,745) | (485,202) | (549,935) |
Net increase in short-term borrowings | 322,514 | 35,315 | 52,779 |
Net cash provided by financing activities | 235,654 | 495,561 | 292,281 |
Net increase (decrease) in cash and cash equivalents | 46,537 | 42,071 | (1,536) |
Cash and cash equivalents at beginning of period | 144,297 | 102,226 | 103,762 |
Cash and cash equivalents at end of period | 190,834 | 144,297 | 102,226 |
Cash paid during the period for: | |||
Interest on deposits and borrowings | 46,391 | 44,004 | 41,663 |
Income taxes | 40,566 | 33,886 | 40,620 |
Non cash investing activities: | |||
Transfer of loans receivable to foreclosed assets | 3,845 | 3,631 | 10,074 |
Non-cash assets acquired: | |||
Goodwill and other intangible assets, net | 0 | 0 | 25,323 |
Other assets | 0 | 0 | 1,270 |
Total non-cash assets acquired | 0 | 0 | 26,593 |
Liabilities assumed: | |||
Other Liabilities | 0 | 0 | 400 |
Total liabilities assumed | 0 | 0 | 400 |
Common stock issued for acquisitions | $ 0 | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of Provident Financial Services, Inc. (the “Company”), Provident Bank (the “Bank”) and their wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. Business The Company, through the Bank, provides a full range of banking services to individual and business customers through branch offices in New Jersey and eastern Pennsylvania. The Bank is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes periodic examinations by those regulatory authorities. Basis of Financial Statement Presentation The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). In preparing the consolidated financial statements, management is required to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosures about contingent assets and liabilities as of the dates of the consolidated statements of financial condition, and revenues and expenses for the periods then ended. Such estimates are used in connection with the determination of the allowance for loan losses, evaluation of goodwill for impairment, evaluation of other-than-temporary impairment on securities, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. Illiquid credit markets, volatile securities markets, and declines in the housing market and the economy generally have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, Federal funds sold and commercial paper with original maturity dates less than 90 days. Securities Securities include investment securities held to maturity and securities available for sale. The available for sale securities portfolio is carried at estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in Stockholders’ Equity. Estimated fair values are based on market quotations or matrix pricing. Securities which the Company has the positive intent and ability to hold to maturity are classified as held to maturity and carried at amortized cost. Management conducts a periodic review and evaluation of the securities portfolio to determine if any declines in the fair values of securities are other-than-temporary. In this evaluation, if such a decline were deemed other-than-temporary, management would measure the total credit-related component of the unrealized loss, and recognize that portion of the loss as a charge to current period earnings. The remaining portion of the unrealized loss would be recognized as an adjustment to accumulated other comprehensive income. The fair value of the securities portfolio is significantly affected by changes in interest rates. In general, as interest rates rise, the fair value of fixed-rate securities decreases and as interest rates fall, the fair value of fixed-rate securities increases. The Company determines if it has the intent to sell these securities or if it is more likely than not that the Company would be required to sell the securities before the anticipated recovery. If either exists, the entire decline in value is considered other-than-temporary and would be recognized as an expense in the current period. Premiums and discounts on securities are amortized and accreted to income using a method that approximates the interest method over the remaining period to contractual maturity, adjusted for anticipated prepayments. Dividend and interest income are recognized when earned. Realized gains and losses are recognized when securities are sold or called based on the specific identification method. Fair Value of Financial Instruments GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Federal Home Loan Bank of New York Stock The Bank, as a member of the Federal Home Loan Bank of New York (“FHLBNY”), is required to hold shares of capital stock of the FHLBNY at cost based on a specified formula. The Bank carries this investment at cost, which approximates fair value. Loans Loans receivable are carried at unpaid principal balances plus unamortized premiums, purchase accounting mark-to-market adjustments, certain deferred direct loan origination costs and deferred loan origination fees and discounts, less the allowance for loan losses. The Bank defers loan origination fees and certain direct loan origination costs and accretes such amounts as an adjustment to the yield over the expected lives of the related loans using the interest method. Premiums and discounts on loans purchased are amortized or accreted as an adjustment of yield over the contractual lives of the related loans, adjusted for prepayments when applicable, using methodologies which approximate the interest method. Loans are generally placed on non-accrual status when they are past due 90 days or more as to contractual obligations or when other circumstances indicate that collection is questionable. When a loan is placed on non-accrual status, any interest accrued but not received is reversed against interest income. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. A non-accrual loan is restored to accrual status when principal and interest payments become less than 90 days past due and its future collectability is reasonably assured. An impaired loan is defined as a loan for which it is probable, based on current information, that the lender will not collect all amounts due under the contractual terms of the loan agreement. Impaired loans are individually assessed to determine that each loan’s carrying value is not in excess of the fair value of the related collateral or the present value of the expected future cash flows. Residential mortgage and consumer loans are deemed smaller balance homogeneous loans which are evaluated collectively for impairment and are therefore excluded from the population of impaired loans. Purchased Credit-Impaired (“PCI”) loans, are loans acquired at a discount primarily due to deteriorated credit quality. PCI loans are recorded at fair value at the date of acquisition, with no allowance for loan losses. The difference between the undiscounted cash flows expected at acquisition and the fair value of the PCI loans at acquisition represents the accretable yield and is recognized as interest income over the life of the loans. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition represent the non-accretable discount and are not recognized as a yield adjustment or a valuation allowance. Reclassifications of the non-accretable to accretable yield may occur subsequent to the loan acquisition dates due to an increase in expected cash flows of the loans and results in an increase in interest income on a prospective basis. Allowance for Loan Losses Losses on loans are charged to the allowance for loan losses. Additions to this allowance are made by recoveries of loans previously charged off and by a provision charged to expense. The determination of the balance of the allowance for loan losses is based on an analysis of the loan portfolio, economic conditions, historical loan loss experience and other factors that warrant recognition in providing for an adequate allowance. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the Bank’s market area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the Bank to recognize additions to the allowance or additional write-downs based on their judgments about information available to them at the time of their examination. Foreclosed Assets Assets acquired through foreclosure or deed in lieu of foreclosure are carried at the lower of the outstanding loan balance at the time of foreclosure or fair value, less estimated costs to sell. Fair value is generally based on recent appraisals. When an asset is acquired, the excess of the loan balance over fair value, less estimated costs to sell, is charged to the allowance for loan losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. Banking Premises and Equipment Land is carried at cost. Banking premises, furniture, fixtures and equipment are carried at cost, less accumulated depreciation, computed using the straight-line method based on their estimated useful lives (generally 25 to 40 years for buildings, and 3 to 5 years for furniture and equipment). Leasehold improvements, carried at cost, net of accumulated depreciation, are amortized over the terms of the leases or the estimated useful lives of the assets, whichever are shorter, using the straight-line method. Maintenance and repairs are charged to expense as incurred. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in tax expense in the period that includes the enactment date. Deferred tax assets and liabilities are reported as a component of other assets on the consolidated statements of financial condition. The determination of whether deferred tax assets will be realizable is predicated on estimates of future taxable income. Such estimates are subject to management’s judgment. A valuation reserve is established when management is unable to conclude that it is more likely than not that it will realize deferred tax assets based on the nature and timing of these items. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes. Trust Assets Trust assets consisting of securities and other property (other than cash on deposit held by the Bank in fiduciary or agency capacities for customers of the Bank’s wholly owned subsidiary, Beacon Trust Company) are not included in the accompanying consolidated statements of financial condition because such properties are not assets of the Bank. Intangible Assets Intangible assets of the Bank consist of goodwill, core deposit premiums, customer relationship premium and mortgage servicing rights. Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment each year at September 30th. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of September 30, 2017. Based upon its qualitative assessment of goodwill, the Company concluded that goodwill was not impaired and no further quantitative analysis was warranted. Core deposit premiums represent the intangible value of depositor relationships assumed in purchase acquisitions and are amortized on an accelerated basis over 8.8 years. Customer relationship premiums represent the intangible value of customer relationships assumed in the purchase acquisition of Beacon and MDE, and are amortized on an accelerated basis over 12.0 years and 10.4 years, respectively. Mortgage servicing rights are recorded when purchased or when originated mortgage loans are sold, with servicing rights retained. Mortgage servicing rights are amortized on an accelerated method based upon the estimated lives of the related loans, adjusted for prepayments. Mortgage servicing rights are carried at the lower of amortized cost or fair value. Bank-owned Life Insurance Bank-owned life insurance is accounted for using the cash surrender value method and is recorded at its realizable value. Employee Benefit Plans The Bank maintains a pension plan which covers full-time employees hired prior to April 1, 2003, the date on which the pension plan was frozen. The Bank’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit postretirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status at the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The Bank has a 401(k) plan covering substantially all employees of the Bank. The Bank may match a percentage of the first 6% contributed by participants. The Bank’s matching contribution, if any, is determined by the Board of Directors in its sole discretion. The Bank has an Employee Stock Ownership Plan (“ESOP”). The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions and dividends paid on unallocated ESOP shares over a period of up to 30 years. The Company’s common stock not allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the average price of the Company’s stock during each quarter and the amount of shares allocated during the quarter. The Bank has an Equity Plan designed to provide competitive compensation for demonstrated performance and to align the interests of participants directly to increases in shareholder value. The Equity Plan provides for performance-vesting grants as well as time-vesting grants. Time-vesting stock awards, stock options and performance vesting stock awards that are based on a performance condition, such as return on average assets are valued on the closing stock price on the date of grant. Performance vesting stock awards and options that are based on a market condition, such as Total Shareholder Return, would be valued using a generally accepted statistical technique to simulate future stock prices for Provident and the components of the Peer Group which Provident would be measured against. Expense related to time vesting stock awards and stock options is based on the fair value of the common stock on the date of the grant and on the fair value of the stock options on the date of the grant, respectively, and is recognized ratably over the vesting period of the awards. Performance vesting stock awards and stock options are either dependent upon a market condition or a performance condition. A market condition performance metric is tied to a stock price, either on an absolute basis, or a relative basis against peers, while a performance-condition is based on internal operations, such as earnings per share. The expense related to a market condition performance-vesting stock award or stock option requires an initial Monte Carlo simulation to determine grant date fair value, which will be recognized as a compensation expense regardless of actual payout, assuming that the executive is still employed at the end of the requisite service period. If pre-vesting termination (forfeiture) occurs, then any expense recognized to date can be reversed. The grant date fair value is recognized ratably over the performance period. The expense related to a performance condition stock award or stock option is based on the fair value of the award on the date of grant, adjusted periodically based upon the number of awards or options expected to be earned, recognized over the performance period. In connection with the First Sentinel acquisition in July 2004, the Company assumed the First Savings Bank Directors’ Deferred Fee Plan (the “DDFP”). The DDFP was frozen prior to the acquisition. The Company recorded a deferred compensation equity instrument and corresponding contra-equity account for the value of the shares held by the DDFP at the July 14, 2004 acquisition date. These accounts will be liquidated as shares are distributed from the DDFP in accordance with the plan document. At December 31, 2017 , there were 296,049 shares held by the DDFP. The Bank maintains a non-qualified plan that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the 401(k) Plan’s and the ESOP’s benefit formulas under tax law limits for tax-qualified plans. Post-retirement Benefits Other Than Pensions The Bank provides post-retirement health care and life insurance plans to certain of its employees. The life insurance coverage is noncontributory to the participant. Participants contribute to the cost of medical coverage based on the employee’s length of service with the Bank. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. On December 31, 2002, the Bank eliminated postretirement healthcare benefits for employees with less than 10 years of service. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. Derivatives The Company records all derivatives on the Consolidated Statements 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. These 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 the fair value of these derivatives are recognized directly in earnings. The Company also uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges, and which satisfy hedge accounting requirements, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. These derivatives were used to hedge the variable cash outflows associated with Federal Home Loan Bank borrowings. The effective portion of changes in the fair value of these derivatives are recorded in accumulated other comprehensive income, and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of these derivatives are recognized directly in earnings. The fair value of the Company's derivatives are determined using discounted cash flow analyses using observable market-based inputs. Comprehensive Income Comprehensive income is divided into net income and other comprehensive income (loss). Other comprehensive income (loss) includes items previously recorded directly to equity, such as unrealized gains and losses on securities available for sale, unrealized gains and losses on derivatives and amortization related to post-retirement obligations. Comprehensive income is presented in a separate Consolidated Statement of Comprehensive Income. Segment Reporting The Company’s operations are solely in the financial services industry and include providing traditional banking and other financial services to its customers. The Company operates primarily in the geographical regions of northern and central New Jersey and eastern Pennsylvania. Management makes operating decisions and assesses performance based on an ongoing review of the Bank’s consolidated financial results. Therefore, the Company has a single operating segment for financial reporting purposes. Earnings Per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or resulted in the issuance of common stock. These potentially dilutive shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. Shares issued and shares reacquired during the period are weighted for the portion of the period that they were outstanding. Impact of Recent Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" to address a narrow-scope financial reporting issue that arose as a consequence of the change in the tax law. On December 22, 2017, the U.S. federal government enacted a tax bill, H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (Tax Cuts and Jobs Act of 2017). The ASU permits a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate of 35 percent and the newly enacted 21 percent corporate income tax rate. ASU 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years with early adoption permitted, including adoption in any interim period, for (i) public business entities for reporting periods for which financial statements have not yet been issued and (ii) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The changes are required to be applied retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act of 2017 is recognized. The Company early adopted ASU 2018-02, which resulted in the reclassification from accumulated other comprehensive income to retained earnings totaling $1.4 million , reflected in the Consolidated Statements of Changes in Stockholders' Equity. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for public business entities for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting”. This update provides guidance about changes to terms or conditions of a share-based payment award which would require modification accounting. In particular, an entity is required to account for the effects of a modification if the fair value, vesting condition or the equity/liability classification of the modified award is not the same immediately before and after a change to the terms and conditions of the award. ASU 2017-09 is effective on a prospective basis for fiscal years beginning after December 15, 2017, with early adoption permitted. The Company's adoption of this guidance is not anticipated to have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 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 December 15, 2018, including interim periods 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 this 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 Post-retirement 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 post-retirement 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 2017-07 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company's adoption of this guidance will not have a material impact on the Company’s consolidated financial statements, or disclosures. In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment.” The main objective of this ASU is to simplify the accounting for goodwill impairment by requiring that 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 does not expect ASU 2017-04 to have a significant impact 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 co |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity On January 15, 2003, the Bank completed its plan of conversion, and the Bank became a wholly owned subsidiary of the Company. The Company sold 59.6 million shares of common stock (par value $0.01 per share) at $10.00 per share. The Company received net proceeds in the amount of $567.2 million . In connection with the Bank’s commitment to its community, the plan of conversion provided for the establishment of a charitable foundation. Provident donated $4.8 million in cash and 1.92 million of authorized but unissued shares of common stock to the foundation, which amounted to $24.0 million in aggregate. The Company recognized an expense, net of income tax benefit, equal to the cash and fair value of the stock during 2003. Conversion costs were deferred and deducted from the proceeds of the shares sold in the offering. Upon completion of the plan of conversion, a “liquidation account” was established in an amount equal to the total equity of the Bank as of the latest practicable date prior to the conversion. The liquidation account was established to provide a limited priority claim to the assets of the Bank to “eligible account holders” and “supplemental eligible account holders” as defined in the Plan, who continue to maintain deposits in the Bank after the conversion. In the unlikely event of a complete liquidation of the Bank, and only in such event, each eligible account holder and supplemental eligible account holder would receive a liquidation distribution, prior to any payment to the holder of the Bank’s common stock. This distribution would be based upon each eligible account holder’s and supplemental eligible account holder’s proportionate share of the then total remaining qualifying deposits. At December 31, 2017 , the liquidation account, which is an off-balance sheet memorandum account, amounted to $11.5 million . |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Due from Banks | Restrictions on Cash and Due from Banks Included in cash on hand and due from banks at December 31, 2017 and 2016 was $39.5 million and $36.7 million , respectively, representing reserves required by banking regulations. |
Investment Securities Held to M
Investment Securities Held to Maturity | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Held to Maturity | Investment Securities Held to Maturity Investment securities held to maturity at December 31, 2017 and 2016 are summarized as follows (in thousands): 2017 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 4,308 — (87 ) 4,221 Mortgage-backed securities 382 14 — 396 State and municipal obligations 462,942 9,280 (1,738 ) 470,484 Corporate obligations 10,020 1 (83 ) 9,938 $ 477,652 9,295 (1,908 ) 485,039 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 carrying and fair values may fluctuate during the investment period. Investment securities held to maturity having a carrying value of $409.7 million and $384.8 million at December 31, 2017 and 2016 , respectively, were pledged to secure other borrowings, securities sold under repurchase agreements and government deposits. The amortized cost and fair value of investment securities held to maturity at December 31, 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. 2017 Amortized cost Fair value Due in one year or less $ 7,123 7,147 Due after one year through five years 67,352 67,915 Due after five years through ten years 260,937 265,279 Due after ten years 141,858 144,302 $ 477,270 484,643 Mortgage-backed securities totaling $382,000 at amortized cost and $396,000 at fair value are excluded from the table above as their expected lives are expected to be shorter than the contractual maturity date due to principal prepayments. During 2017 , the Company recognized gains of $60,000 and losses of $3,000 related to calls on securities in the held to maturity portfolio, with total proceeds from the calls totaling $32.9 million . There were no sales of securities from the held to maturity portfolio for the year ended December 31, 2017 . For the 2016 period, the Company recognized gains of $15,000 and losses of $1,000 related to calls on securities in the held to maturity portfolio, with total proceeds from the calls totaling $45.9 million . There were no sales of securities from the held to maturity portfolio for the year ended December 31, 2016 . For the 2015 period, the Company recognized gains of $8,000 and no losses related to calls on certain securities in the held to maturity portfolio, with total proceeds from the calls totaling $27.0 million. There were no sales of securities from the held to maturity portfolio for the year ended December 31, 2015 . The following table represents the Company’s disclosure on investment securities held to maturity with temporary impairment (in thousands): December 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 $ 3,821 (87 ) — — 3,821 (87 ) State and municipal obligations 37,317 (295 ) 49,488 (1,443 ) 86,805 (1,738 ) Corporate obligations 9,662 (83 ) — 9,662 (83 ) $ 50,800 (465 ) 49,488 (1,443 ) 100,288 (1,908 ) 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 $ 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 ) The Company estimates the loss projections for each non-agency mortgage-backed security by stressing the individual loans collateralizing the security and applying a range of expected default rates, loss severities, and prepayment speeds in conjunction with the underlying credit enhancement for each security. Based on specific assumptions about collateral and vintage, a range of possible cash flows was identified to determine whether other-than-temporary impairment existed during the year ended December 31, 2017 . Based on its detailed review of the securities available for sale portfolio, the Company believes that as of December 31, 2017 , securities with unrealized loss positions shown above do not represent impairments that are other-than-temporary. The Company does not have the intent to sell securities in a temporary loss position at December 31, 2017, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery. The number of securities in an unrealized loss position as of December 31, 2017 totaled 184 , compared with 332 at December 31, 2016 . All temporarily impaired investment securities were investment grade at December 31, 2017 . |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | Securities Available for Sale Securities available for sale at December 31, 2017 and 2016 are summarized as follows (in thousands): 2017 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 19,014 — (9 ) 19,005 Mortgage-backed securities 993,548 4,914 (10,095 ) 988,367 State and municipal obligations 3,259 129 — 3,388 Corporate obligations 26,047 359 (12 ) 26,394 Equity securities 417 241 — 658 $ 1,042,285 5,643 (10,116 ) 1,037,812 2016 Amortized cost Gross unrealized gains Gross unrealized losses Fair value U.S. 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 Securities available for sale having a carrying value of $939.4 million and $720.4 million at December 31, 2017 and 2016 , respectively, are pledged to secure other borrowings and securities sold under repurchase agreements. The amortized cost and fair value of securities available for sale at December 31, 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. 2017 Amortized cost Fair value Due in one year or less $ 20,406 20,390 Due after one year through five years 3,009 3,048 Due after five years through ten years 24,905 25,349 $ 48,320 48,787 Mortgage-backed securities totaling $993.5 million at amortized cost and $988.4 million at fair value are excluded from the table above as their expected lives are expected to be shorter than the contractual maturity date due to principal prepayments. Also excluded from the table above are equity securities of $ 417,000 at amortized cost and $ 658,000 at fair value. During 2017 , there were no sales or calls of securities from the available for sale portfolio. For the 2016 period, proceeds from the sale of securities available for sale were $3.4 million resulting in gross gains of $95,000 and gross losses of $45,000 ; there were no calls of securities from the available for sale portfolio for the year ended December 31, 2016. For the years ended December 31, 2017 and 2016 , the Company did not incur an other-than-temporary impairment charge on securities available for sale. The following table represents the Company’s disclosure on securities available for sale with temporary impairment (in thousands): December 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 $ 12,006 (8 ) 6,999 (1 ) 19,005 (9 ) Mortgage-backed securities 420,746 (3,936 ) 235,056 (6,159 ) 655,802 (10,095 ) Corporate obligations — — 989 (12 ) 989 (12 ) $ 432,752 (3,944 ) 243,044 (6,172 ) 675,796 (10,116 ) 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 Company estimates the loss projections for each non-agency mortgage-backed security by stressing the individual loans collateralizing the security and applying a range of expected default rates, loss severities, and prepayment speeds in conjunction with the underlying credit enhancement for each security. Based on specific assumptions about collateral and vintage, a range of possible cash flows was identified to determine whether other-than-temporary impairment existed during the year ended December 31, 2017 . Based on its detailed review of the securities available for sale portfolio, the Company believes that as of December 31, 2017 , securities with unrealized loss positions shown above do not represent impairments that are other-than-temporary. The Company does not have the intent to sell securities in a temporary loss position at December 31, 2017, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery. The number of securities in an unrealized loss position as of December 31, 2017 totaled 122 , compared with 87 at December 31, 2016 . There were two private label mortgage-backed securities in an unrealized loss position at December 31, 2017 , with an amortized cost of $99,000 and unrealized losses totaling $2,000 . Both private label mortgage-backed securities were investment grade at December 31, 2017 . |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses Loans receivable at December 31, 2017 and 2016 are summarized as follows (in thousands): 2017 2016 Mortgage loans: Residential $ 1,142,347 1,211,672 Commercial 2,171,056 1,978,569 Multi-family 1,403,885 1,402,054 Construction 392,580 264,814 Total mortgage loans 5,109,868 4,857,109 Commercial loans 1,745,138 1,630,444 Consumer loans 473,957 516,755 Total gross loans 7,328,963 7,004,308 Purchased credit-impaired ("PCI") loans 969 1,272 Premiums on purchased loans 4,029 4,968 Unearned discounts (36 ) (39 ) Net deferred fees (8,207 ) (7,023 ) Total loans $ 7,325,718 7,003,486 Premiums and discounts on purchased loans are amortized over the lives of the loans as an adjustment to yield. Required reductions due to loan prepayments are charged against interest income. For the years ended December 31, 2017 , 2016 and 2015 , $1.0 million , $1.3 million and $1.1 million decreased interest income, respectively, as a result of prepayments and normal amortization. The following table summarizes the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands): At December 31, 2017 30-59 Days 60-89 Days Non-accrual 90 days or more past due and accruing Total Past Due Current Total Loans Receivable Mortgage loans: Residential $ 7,809 4,325 8,105 — 20,239 1,122,108 1,142,347 Commercial 1,486 — 7,090 — 8,576 2,162,480 2,171,056 Multi-family — — — — — 1,403,885 1,403,885 Construction — — — — — 392,580 392,580 Total mortgage loans 9,295 4,325 15,195 — 28,815 5,081,053 5,109,868 Commercial loans 551 406 17,243 — 18,200 1,726,938 1,745,138 Consumer loans 2,465 487 2,491 — 5,443 468,514 473,957 Total gross loans $ 12,311 5,218 34,929 — 52,458 7,276,505 7,328,963 At December 31, 2016 30-59 Days 60-89 Days Non-accrual 90 days or more past due and Total Past Due 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 amount of these nonaccrual loans was $34.9 million and $42.4 million at December 31, 2017 and 2016 , respectively. There were no loans ninety days or greater past due and still accruing interest at December 31, 2017 and 2016 . If the non-accrual loans had performed in accordance with their original terms, interest income would have increased by $1.9 million , $2.2 million and $1.2 million , for the years ended December 31, 2017 , 2016 and 2015 , respectively. The amount of cash basis interest income that was recognized on impaired loans during the years ended December 31, 2017 , 2016 and 2015 was $1.8 million , $1.5 million and $1.9 million respectively. 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, that the Bank will not collect all amounts due under the contractual terms of the loan agreement. Impaired loans also include all loans modified as troubled debt restructurings (“TDRs”). A loan is deemed to be a TDR when a loan modification resulting in a concession is made by the Bank in an effort to mitigate potential loss arising from a borrower’s financial difficulty. Smaller balance homogeneous loans including residential mortgages and other consumer loans are evaluated collectively for impairment and are excluded from the definition of impaired loans, unless modified as TDRs. The Company separately calculates the reserve for loan loss on impaired loans. The Company may recognize impairment of a loan based upon: (1) the present value of expected cash flows discounted at the effective interest rate; or (2) if a loan is collateral dependent, the fair value of collateral; or (3) the market price of the loan. Additionally, if impaired loans have risk characteristics in common, those loans may be aggregated and historical statistics may be used as a means of measuring those impaired loans. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analysis of collateral dependent impaired loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral dependent impaired loan and updated annually, or more frequently if required. A specific allocation of the allowance for loan losses is established for each impaired loan with a carrying balance greater than the collateral’s fair value, less estimated costs to sell. Charge-offs are generally taken for the amount of the specific allocation when operations associated with the respective property cease and it is determined that collection of amounts due will be derived primarily from the disposition of the collateral. At each fiscal quarter end, if a loan is designated as a collateral dependent impaired loan and the third party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value. The Company believes there have been no significant time lapses as a result of this process. At December 31, 2017 , there were 149 impaired loans totaling $52.0 million , of which 141 loans totaling $41.7 million were TDRs. Included in this total were 125 TDRs related to 121 borrowers totaling $31.7 million that were performing in accordance with their restructured terms and which continued to accrue interest at December 31, 2017 . At December 31, 2016 , there were 141 impaired loans totaling $52.0 million , of which 136 loans totaling $41.6 million were TDRs. Included in this total were 114 TDRs related 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 . Loans receivable summarized by portfolio segment and impairment method, excluding PCI loans are as follows (in thousands): At December 31, 2017 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 28,459 21,223 2,359 52,041 Collectively evaluated for impairment 5,081,409 1,723,915 471,598 7,276,922 Total gross loans $ 5,109,868 1,745,138 473,957 7,328,963 At 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, excluding PCI loans as follows (in thousands): At December 31, 2017 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total Individually evaluated for impairment $ 1,486 1,134 70 2,690 — 2,690 Collectively evaluated for impairment 26,566 28,680 2,259 57,505 — 57,505 Total $ 28,052 29,814 2,329 60,195 — 60,195 At December 31, 2016 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total Individually evaluated for impairment $ 1,986 268 80 2,334 — 2,334 Collectively evaluated for impairment 27,640 28,875 3,034 59,549 — 59,549 Total $ 29,626 29,143 3,114 61,883 — 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 years ended December 31, 2017 and 2016 and their balances immediately prior to the modification date and post-modification as of December 31, 2017 and 2016 . Year Ended December 31, 2017 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Mortgage loans: Residential 5 $ 2,468 2,260 Total mortgage loans 5 $ 2,468 2,260 Commercial loans 1 874 874 Consumer loans 2 262 257 Total restructured loans 8 $ 3,604 3,391 Year Ended December 31, 2016 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Commercial loans 1 $ 1,300 1,300 Total restructured loans 1 $ 1,300 1,300 All TDRs are impaired loans, which are individually evaluated for impairment, as previously discussed. Estimated collateral values of collateral dependent impaired loans modified during the years ended December 31, 2017 and 2016 exceeded the carrying amounts of such loans. During the year ended December 31, 2017 , there were $5.1 million of charge-offs recorded on collateral dependent impaired loans. There were no charge-offs recorded on collateral dependent impaired loans for the same period last year. The allowance for loan losses associated with the TDRs presented in the preceding tables totaled $166,000 and $187,000 at December 31, 2017 and 2016 , respectively and were included in the allowance for loan losses for loans individually evaluated for impairment. The TDRs presented in the preceding tables had a weighted average modified interest rate of approximately 4.18% and 5.25% , compared to a yield of 4.19% and 4.25% prior to modification for the years ended December 31, 2017 and 2016 , respectively. There were no loans modified as TDRs within the previous 12 months from both December 31, 2017 and 2016 , which had a payment default (90 days or more past due) during the years ended December 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. PCI loans are loans acquired at a discount primarily due to deteriorated credit quality. These loans are accounted for at fair value, based upon the present value of expected future cash flows, with no related allowance for loan losses. At December 31, 2017 , PCI loans totaled $1.0 million , compared to $1.3 million at December 31, 2016 . The $303,000 decrease from December 31, 2016 was largely due to the full repayment and greater than projected cash flows on certain PCI loans. The following table summarizes the changes in the accretable yield for PCI loans for the years ended December 31, 2017 and 2016 (in thousands): Year ended December 31, 2017 2016 Beginning balance $ 200 676 Acquisition — — Accretion (320 ) (1,417 ) Reclassification from non-accretable difference 221 941 Ending balance $ 101 200 The activity in the allowance for loan losses for the years ended December 31, 2017 , 2016 and 2015 is as follows (in thousands): Years Ended December 31, 2017 2016 2015 Balance at beginning of period $ 61,883 61,424 61,734 Provision charged to operations 5,600 5,400 4,350 Recoveries of loans previously charged off 1,653 2,009 4,168 Loans charged off (8,941 ) (6,950 ) (8,828 ) Balance at end of period $ 60,195 61,883 61,424 The activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2017 and 2016 are as follows (in thousands): For the Year Ended December 31, 2017 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total Balance at beginning of period $ 29,626 29,143 3,114 61,883 — 61,883 Provision charged to operations (1,139 ) 7,058 (319 ) 5,600 — 5,600 Recoveries of loans previously charged off 66 800 787 1,653 — 1,653 Loans charged off (501 ) (7,187 ) (1,253 ) (8,941 ) — (8,941 ) Balance at end of period $ 28,052 29,814 2,329 60,195 — 60,195 For the Year Ended December 31, 2016 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total Balance at beginning of period $ 32,094 25,829 3,501 61,424 — 61,424 Provision charged to operations (2,028 ) 7,606 (178 ) 5,400 — 5,400 Recoveries of loans previously charged off 628 570 811 2,009 — 2,009 Loans charged off (1,068 ) (4,862 ) (1,020 ) (6,950 ) — (6,950 ) Balance at end of period $ 29,626 29,143 3,114 61,883 — 61,883 Impaired loans receivable by class, excluding PCI loans are summarized as follows (in thousands): At December 31, 2017 At 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 $ 13,239 10,477 — 10,552 479 $ 10,691 7,881 — 8,027 484 Commercial 5,037 4,908 — 5,022 12 1,556 1,556 — 1,586 40 Multi-family — — — — — — — — — — Construction — — — — — 2,553 2,517 — 2,514 — Total 18,276 15,385 — 15,574 491 14,800 11,954 — 12,127 524 Commercial loans 19,196 14,984 — 15,428 395 21,830 18,874 — 13,818 259 Consumer loans 1,582 1,041 — 1,150 69 1,493 981 — 1,026 59 Total loans $ 39,054 31,410 — 32,152 955 $ 38,123 31,809 — 26,971 842 Loans with an allow-ance recorded Mortgage loans: Residential $ 13,052 12,010 1,351 12,150 475 $ 14,169 13,520 1,716 13,705 519 Commercial 1,064 1,064 135 1,076 54 4,138 4,077 270 4,111 55 Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 14,116 13,074 1,486 13,226 529 18,307 17,597 1,986 17,816 574 Commercial loans 7,097 6,239 1,134 7,318 208 1,381 1,381 268 5,956 4 Consumer loans 1,329 1,318 70 1,349 64 1,242 1,232 80 1,259 66 Total loans $ 22,542 20,631 2,690 21,893 801 $ 20,930 20,210 2,334 25,031 644 Total Mortgage loans: Residential $ 26,291 22,487 1,351 22,702 954 $ 24,860 21,401 1,716 21,732 1,003 Commercial 6,101 5,972 135 6,098 66 5,694 5,633 270 5,697 95 Multi-family — — — — — — — — — — Construction — — — — — 2,553 2,517 — 2,514 — Total 32,392 28,459 1,486 28,800 1,020 33,107 29,551 1,986 29,943 1,098 Commercial loans 26,293 21,223 1,134 22,746 603 23,211 20,255 268 19,774 263 Consumer loans 2,911 2,359 70 2,499 133 2,735 2,213 80 2,285 125 Total loans $ 61,596 52,041 2,690 54,045 1,756 $ 59,053 52,019 2,334 52,002 1,486 At December 31, 2017 , impaired loans consisted of 149 residential, commercial and commercial mortgage loans totaling $52.0 million , of which 24 loans totaling $20.3 million were included in nonaccrual loans. At December 31, 2016 , impaired loans consisted of 141 residential, commercial and commercial mortgage loans totaling $52.0 million , of which 27 loans totaling $22.1 million were included in nonaccrual loans. Specific allocations of the allowance for loan losses attributable to impaired loans totaled $2.7 million and $2.3 million at December 31, 2017 and 2016 , respectively. At December 31, 2017 and 2016 , impaired loans for which there was no related allowance for loan losses totaled $31.4 million and $31.8 million , respectively. The average balances of impaired loans during the years ended December 31, 2017 and 2016 were $54.0 million and $52.0 million , respectively. In the normal course of conducting its business, the Bank extends credit to meet the financing needs of its customers through commitments. Commitments and contingent liabilities, such as commitments to extend credit (including loan commitments of $1.71 billion and $1.55 billion , at December 31, 2017 and 2016 , respectively, and undisbursed home equity and personal credit lines of $270.9 million and $279.8 million , at December 31, 2017 and 2016 , respectively) exist, which are not reflected in the accompanying consolidated financial statements. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. The Bank uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance sheet loans. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the borrower. The Bank grants residential real estate loans on single- and multi-family dwellings to borrowers primarily in New Jersey. Its borrowers’ abilities to repay their obligations are dependent upon various factors, including the borrowers’ income and net worth, cash flows generated by the underlying collateral, value of the underlying collateral, and priority of the Bank’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the Bank’s control; the Bank is therefore subject to risk of loss. The Bank believes that its lending policies and procedures adequately minimize the potential exposure to such risks and that adequate provisions for loan losses are provided for all known and inherent risks. Collateral and/or guarantees are required for virtually all loans. The Company utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4, with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Department. The risk ratings are also confirmed through periodic loan review examinations, which are currently performed by an independent third-party. Reports by the independent third-party are presented directly to the Audit Committee of the Board of Directors. Loans receivable by credit quality risk rating indicator, excluding PCI loans are as follows (in thousands): At December 31, 2017 Residential Commercial mortgages Multi- family Construction Total mortgages Commercial loans Consumer loans Total loans Special mention $ 4,325 19,172 15 — 23,512 20,738 486 44,736 Substandard 8,105 25,069 — — 33,174 29,734 2,491 65,399 Doubtful — — — — — 428 — 428 Loss — — — — — — — — Total classified and criticized 12,430 44,241 15 — 56,686 50,900 2,977 110,563 Acceptable/watch 1,129,917 2,126,815 1,403,870 392,580 5,053,182 1,694,238 470,980 7,218,400 Total outstanding loans $ 1,142,347 2,171,056 1,403,885 392,580 5,109,868 1,745,138 473,957 7,328,963 At December 31, 2016 Residential Commercial mortgages Multi- family Construction Total mortgages Commercial loans Consumer loans 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 Acceptable/watch 1,193,088 1,930,229 1,400,938 262,297 4,786,552 1,568,349 512,573 6,867,474 Total outstanding loans $ 1,211,672 1,978,569 1,402,054 264,814 4,857,109 1,630,444 516,755 7,004,308 |
Banking Premises and Equipment
Banking Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Banking Premises and Equipment | Banking Premises and Equipment A summary of banking premises and equipment at December 31, 2017 and 2016 is as follows (in thousands): 2017 2016 Land $ 12,440 17,594 Banking premises 58,523 81,067 Furniture, fixtures and equipment 45,184 43,860 Leasehold improvements 35,240 35,455 Construction in progress 1,036 1,103 152,423 179,079 Less accumulated depreciation and amortization 89,238 94,987 Total banking premises and equipment $ 63,185 84,092 On December 13, 2017, the Company, completed the sale and leaseback of 12 of its New Jersey banking offices, which had a net book value of $14.5 million . Net proceeds from the sale totaled $20.7 million . The net gain on sale of $6.2 million will be recognized over the 10 year term of the leases as a reduction of rent expense. Depreciation expense for the years ended December 31, 2017 , 2016 and 2015 amounted to $9.0 million , $9.4 million and $9.6 million , respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets at December 31, 2017 and 2016 are summarized as follows (in thousands): 2017 2016 Goodwill $ 411,600 411,600 Core deposit premiums 3,470 4,546 Customer relationship and other intangibles 4,483 5,957 Mortgage servicing rights 737 834 Total intangible assets $ 420,290 422,937 Amortization expense of intangible assets for the years ended December 31, 2017 , 2016 and 2015 is as follows (in thousands): 2017 2016 2015 Core deposit premiums $ 1,076 1,300 1,757 Customer relationship and other intangibles 1,474 1,909 2,136 Mortgage servicing rights 120 182 173 Total amortization expense of intangible assets $ 2,670 3,391 4,066 Scheduled amortization of core deposit and customer relationship intangibles for each of the next five years is as follows (in thousands): Year ended December 31, Scheduled Amortization 2018 $ 2,004 2019 1,709 2020 1,415 2021 1,120 2022 825 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits at December 31, 2017 and 2016 are summarized as follows (in thousands): 2017 Weighted average interest rate 2016 Weighted average interest rate Savings deposits $ 1,083,012 0.17 % $ 1,099,020 0.17 % Money market accounts 1,532,024 0.36 1,582,750 0.31 NOW accounts 2,011,334 0.46 1,871,298 0.33 Non-interest bearing deposits 1,452,987 — 1,349,378 — Certificates of deposit 634,809 0.94 651,183 0.72 Total deposits $ 6,714,166 $ 6,553,629 Scheduled maturities of certificates of deposit accounts at December 31, 2017 and 2016 are as follows (in thousands): 2017 2016 Within one year $ 424,448 439,035 One to three years 150,280 134,941 Three to five years 56,529 75,751 Five years and thereafter 3,552 1,456 $ 634,809 651,183 Interest expense on deposits for the years ended December 31, 2017 , 2016 and 2015 is summarized as follows (in thousands): Years ended December 31, 2017 2016 2015 Savings deposits $ 2,092 1,709 1,039 NOW and money market accounts 12,205 10,106 8,046 Certificates of deposits 5,144 5,132 5,436 $ 19,441 16,947 14,521 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Borrowed funds at December 31, 2017 and 2016 are summarized as follows (in thousands): 2017 2016 Securities sold under repurchase agreements $ 143,179 156,665 FHLB line of credit 472,000 161,000 FHLB advances 1,127,335 1,295,080 Total borrowed funds $ 1,742,514 1,612,745 At December 31, 2017 , FHLB advances were at fixed rates and mature between January 2018 and April 2022 , and at December 31, 2016 , FHLB advances were at fixed rates and mature between January 2017 and April 2022. These advances are secured by loans receivable and investment securities under a blanket collateral agreement. Scheduled maturities of FHLB advances at December 31, 2017 are as follows (in thousands): 2017 Due in one year or less $ 389,375 Due after one year through two years 436,551 Due after two years through three years 249,169 Due after three years through four years 42,240 Due after four years through five years 10,000 Thereafter — Total FHLB advances $ 1,127,335 Scheduled maturities of securities sold under repurchase agreements at December 31, 2017 are as follows (in thousands): 2017 Due in one year or less $ 108,179 Due after one year through two years 35,000 Due after two years through three years — Thereafter — Total securities sold under repurchase agreements $ 143,179 The following tables set forth certain information as to borrowed funds for the years ended December 31, 2017 and 2016 (in thousands): Maximum balance Average balance Weighted average interest rate 2017: Securities sold under repurchase agreements $ 210,702 164,982 1.26 % FHLB line of credit 472,000 179,003 1.17 FHLB advances 1,288,448 1,237,979 1.78 2016: Securities sold under repurchase agreements $ 283,233 224,421 1.42 % FHLB line of credit 173,000 37,608 0.61 FHLB advances 1,343,095 1,315,278 1.76 Securities sold under repurchase agreements include wholesale borrowing arrangements, as well as arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses securities available for sale to pledge as collateral for the repurchase agreements. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Pension and Post-retirement Benefits The Bank has a noncontributory defined benefit pension plan covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003. The pension plan was frozen on April 1, 2003. All participants in the pension plan are 100% vested. The pension plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial. Based on the measurement date of December 31, 2017 , no contributions will be made to the pension plan in 2018 . 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. The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands): Pension Post-retirement 2017 2016 2015 2017 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 29,533 28,274 28,921 20,805 25,694 28,333 Service cost — — — 105 150 168 Interest cost 1,227 1,247 1,137 871 1,138 1,122 Actuarial loss — 70 78 — — 122 Benefits paid (1,590 ) (1,247 ) (1,179 ) (560 ) (682 ) (644 ) Change in actuarial assumptions 2,800 1,189 (683 ) 1,536 (5,495 ) (3,407 ) Benefit obligation at end of year $ 31,970 29,533 28,274 22,757 20,805 25,694 Change in plan assets: Fair value of plan assets at beginning of year $ 43,153 41,448 42,744 — — — Actual return on plan assets 5,307 2,952 (117 ) — — — Employer contributions — — — 560 682 644 Benefits paid (1,590 ) (1,247 ) (1,179 ) (560 ) (682 ) (644 ) Fair value of plan assets at end of year $ 46,870 43,153 41,448 — — — Funded status at end of year $ 14,900 13,620 13,174 (22,757 ) (20,805 ) (25,694 ) For the years ended December 31, 2017 and 2016 , the Company, in the measurement of its pension plan and post-retirement obligations updated its mortality assumptions to the RP 2014 mortality table with the fully generational projection scale MP 2017 and MP 2016 issued by The Society of Actuaries ("SOA") in October 2017 and 2016, respectively. The prepaid pension benefits of $14.9 million and the unfunded post-retirement healthcare and life insurance benefits of $22.8 million at December 31, 2017 are included in other assets and other liabilities, respectively, in the consolidated statement of financial condition. The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2017 and 2016 are summarized in the following table (in thousands): Pension Post-retirement 2017 2016 2017 2016 Unrecognized prior service cost $ — — — — Unrecognized net actuarial loss (gain) 11,091 11,968 (4,781 ) (6,993 ) Total accumulated other comprehensive loss (gain) $ 11,091 11,968 (4,781 ) (6,993 ) Net periodic benefit (increase) cost for the years ending December 31, 2017 , 2016 and 2015 , included the following components (in thousands): Pension Post-retirement 2017 2016 2015 2017 2016 2015 Service cost $ — — — 105 150 168 Interest cost 1,227 1,247 1,137 871 1,138 1,122 Return on plan assets (2,550 ) (2,449 ) (2,530 ) — — — Amortization of: Net gain (loss) 920 943 774 (677 ) — 1 Unrecognized prior service cost — — — — — (1 ) Net periodic benefit (increase) cost $ (403 ) (259 ) (619 ) 299 1,288 1,290 The weighted average actuarial assumptions used in the plan determinations at December 31, 2017 , 2016 and 2015 were as follows: Pension Post-retirement 2017 2016 2015 2017 2016 2015 Discount rate 3.50 % 4.25 % 4.50 % 3.50 % 4.25 % 4.50 % Rate of compensation increase — — — — — — Expected return on plan assets 6.00 6.00 6.00 — — — Medical and life insurance benefits cost rate of increase — — — 6.00 6.00 6.00 The Company provides its actuary with certain rate assumptions used in measuring the benefit obligation. The most significant of these is the discount rate used to calculate the period-end present value of the benefit obligations, and the expense to be included in the following year’s financial statements. A lower discount rate will result in a higher benefit obligation and expense, while a higher discount rate will result in a lower benefit obligation and expense. The discount rate assumption was determined based on a cash flow-yield curve model specific to the Company’s pension and post-retirement plans. The Company compares this rate to certain market indices, such as long-term treasury bonds, or the Citigroup pension liability indices, for reasonableness. A discount rate of 3.50% was selected for the December 31, 2017 measurement date. Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits at December 31, 2017 (in thousands): 1% increase 1% decrease Effect on total service cost and interest cost $ 170 140 Effect on post-retirement benefits obligation $ 4,000 3,170 Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands): Pension Post-retirement 2018 $ 1,443 $ 645 2019 1,496 684 2020 1,538 705 2021 1,593 771 2022 1,635 828 The weighted-average asset allocation of pension plan assets at December 31, 2017 and 2016 were as follows: Asset Category 2017 2016 Domestic equities 38 % 37 % Foreign equities 11 % 11 % Fixed income 49 % 50 % Real estate 2 % 2 % Cash 0 % 0 % Total 100 % 100 % The Company’s expected return on pension plan assets assumption is based on historical investment return experience and evaluation of input from the Plan's Investment Consultant and the Company's Benefits Committee which manages the pension plan’s assets. The expected return on pension plan assets is also impacted by the target allocation of assets, which is based on the Company’s goal of earning the highest rate of return while maintaining risk at acceptable levels. Management strives to have pension plan assets sufficiently diversified so that adverse or unexpected results from one security class will not have a significant detrimental impact on the entire portfolio. The target allocation of assets and acceptable ranges around the targets are as follows: Asset Category Target Allowable Range Domestic equities 37 % 30-41% Foreign equities 11 % 5-13% Fixed income 50 % 40-65% Real estate 2 % 0-4% Cash 0 % 0 % Total 100 % The Company anticipates that the long-term asset allocation on average will approximate the targeted allocation. Actual asset allocations are the result of investment decisions by a third-party investment manager. The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits at December 31, 2017 and 2016 , respectively. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair value measurements at December 31, 2017 (in thousands) Total (Level 1) (Level 2) (Level 3) Group annuity contracts $ 120 — 120 — Mutual funds: Fixed income 13,725 13,725 — — International equity 5,110 5,110 — — Large U.S. equity 1,431 1,431 — — Small/Mid U.S. equity 950 950 — — Total mutual funds 21,216 21,216 — — Pooled separate accounts 25,534 — 25,534 — Total investments $ 46,870 21,216 25,654 — Fair value measurements at December 31, 2016 (in thousands) Total (Level 1) (Level 2) (Level 3) Group annuity contracts $ 127 — 127 — Mutual funds: Fixed income 12,740 12,740 — — International equity 4,659 4,659 — — Large U.S. equity 1,296 1,296 — — Small/Mid U.S. equity 840 840 — — Total mutual funds 19,535 19,535 — — Pooled separate accounts 23,491 — 23,491 — Total investments $ 43,153 19,535 23,618 — 401(k) Plan The Bank has a 401(k) plan covering substantially all employees of the Bank. For 2017 , 2016 and 2015 , the Bank matched 25% of the first 6% contributed by the participants. The contribution percentage is determined by the Board of Directors in its sole discretion. The Bank’s aggregate contributions to the 401(k) Plan for 2017 , 2016 and 2015 were $890,000 , $850,000 and $770,000 , respectively. Supplemental Executive Retirement Plan The Bank maintains a non-qualified supplemental retirement plan for certain senior officers of the Bank. This plan was frozen as of April 1, 2003. The Supplemental Executive Retirement Plan, which is unfunded, provides benefits in excess of the benefits permitted to be paid by the pension plan under provisions of the tax law. Amounts expensed under this supplemental retirement plan amounted to $91,000 , $96,000 and $93,000 for the years 2017 , 2016 and 2015 , respectively. At December 31, 2017 and 2016 , $2.0 million and $2.1 million , respectively, were recorded in other liabilities on the consolidated statements of financial condition for this supplemental retirement plan. Decreases of $120,000 , $30,000 , and $82,000 , net of tax, were recorded in other comprehensive income (loss) for 2017 , 2016 and 2015 , respectively, in connection with this supplemental retirement plan. Retirement Plan for the Board of Directors of Provident Bank The Bank maintains a Retirement Plan for the Board of Directors of the Bank, a non-qualified plan that provides cash payments for up to 10 years to eligible retired board members based on age and length of service requirements. The maximum payment under this plan to a board member, who terminates service on or after the age of 72 with at least ten years of service on the board, is forty quarterly payments of $1,250 . The Bank may suspend payments under this plan if it does not meet Federal Deposit Insurance Corporation or New Jersey Department of Banking and Insurance minimum capital requirements. The Bank may terminate this plan at any time although such termination may not reduce or eliminate any benefit previously accrued to a board member without his or her consent. The plan was amended in December 2005 to terminate benefits under this plan for any directors who had less than ten years of service on the board of directors of the Bank as of December 31, 2006. The plan further provides that, in the event of a change in control (as defined in the plan), the undistributed balance of a director’s accrued benefit will be distributed to him or her within 60 days of the change in control. The Bank paid $13,000 , $17,500 , and $20,000 to former board members under this plan for each of the years ended December 31, 2017 , 2016 and 2015 , respectively. At December 31, 2017 and 2016 , $142,000 and $148,000 , respectively, were recorded in other liabilities on the consolidated statements of financial condition for this retirement plan. A decrease of $1,000 , a decrease of $3,000 , and an increase of $1,800 , net of tax, were recorded in other comprehensive income (loss) for 2017 , 2016 and 2015 , respectively, in connection with this plan. Employee Stock Ownership Plan The ESOP is a tax-qualified plan designed to invest primarily in the Company’s common stock that provides employees with the opportunity to receive a funded retirement benefit from the Bank, based primarily on the value of the Company’s common stock. The ESOP purchased 4,769,464 shares of the Company’s common stock at an average price of $17.09 per share with the proceeds of a loan from the Company to the ESOP. The outstanding loan principal at December 31, 2017 , was $41.4 million . Shares of the Company’s common stock pledged as collateral for the loan are released from the pledge for allocation to participants as loan payments are made. For the years ending December 31, 2017 and 2016 , 242,254 shares and 219,623 shares from the ESOP were released, respectively. Unallocated ESOP shares held in suspense totaled 1,980,536 at December 31, 2017 , and had a fair value of $53.4 million . ESOP compensation expense for the years ended December 31, 2017 , 2016 and 2015 was $4.6 million , $3.7 million and $3.0 million , respectively. Non-Qualified Supplemental Defined Contribution Plan (“the Supplemental Employee Stock Ownership Plan”) Effective January 1, 2004, the Bank established a deferred compensation plan for executive management and key employees of the Bank, known as Provident Bank Non-Qualified Supplemental Employee Stock Ownership Plan (the “Supplemental ESOP”). The Supplemental ESOP was amended and restated as the Non-Qualified Supplemental Defined Contribution Plan (the “Supplemental DC Plan”), effective January 1, 2010. The Supplemental DC Plan is a non-qualified plan that provides additional benefits to certain executives whose benefits under the 401(k) Plan and ESOP are limited by tax law limitations applicable to tax-qualified plans. The Supplemental DC Plan requires a contribution by the Bank for each participant who also participates in the 401(k) Plan and ESOP equal to the amount that would have been contributed under the terms of the 401(k) Plan and ESOP but for the tax law limitations, less the amount actually contributed under the 401(k) Plan and ESOP. The Supplemental DC Plan provides for a phantom stock allocation for qualified contributions that may not be accrued in the qualified ESOP and for matching contributions that may not be accrued in the qualified 401(k) Plan due to tax law limitations. Under the Supplemental 401(k) provision, the estimated expense for the year ending December 31, 2017 , 2016 and 2015 was $17,500 , $14,500 and $11,500 , respectively, and included the matching contributions plus interest credited at an annual rate equal to the ten-year bond-equivalent yield on U.S. Treasury securities. Under the Supplemental ESOP provision, the estimated expense for the year ending December 31, 2017 , 2016 and 2015 was $105,000 , $93,000 and $54,000 , respectively. The phantom equity is treated as equity awards (expensed at the time of allocation) and not liability awards which would require periodic adjustment to market, as participants do not have an option to take their distribution in cash. The Amended and Restated Long-Term Incentive Plan Upon stockholders’ approval of the Amended and Restated Long-Term Incentive Plan on April 4, 2014, shares available for stock awards and stock options under the 2008 Long-Term Equity Incentive Plan were reserved for issuance under the new Amended and Restated Long-Term Incentive Plan. No additional grants of stock awards and stock options will be made under the 2008 Long-Term Equity Incentive Plan. The new plan authorized the issuance of up to 3,686,510 shares of Company common stock with no more than 2,100,000 shares permitted to be issued as stock awards. Shares previously awarded under the 2008 plans that are subsequently forfeited or expire may also be issued under the new plan. Stock Awards As a general rule, restricted stock grants are held in escrow for the benefit of the award recipient until vested. Awards outstanding generally vest in three annual installments, commencing one year from the date of the award. Additionally, certain awards are three -year performance vesting awards, which may or may not vest depending upon the attainment of certain corporate financial targets. Expense attributable to stock awards amounted to $5.0 million , $3.8 million and $4.6 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below: Restricted Stock Awards 2017 2016 2015 Outstanding at beginning of year 547,698 591,746 846,462 Granted 288,519 351,836 339,936 Forfeited (62,677 ) (178,632 ) (240,191 ) Vested (112,757 ) (217,252 ) (354,461 ) Outstanding at the end of year 660,783 547,698 591,746 As of December 31, 2017 , unrecognized compensation cost relating to unvested restricted stock totaled $5.7 million . This amount will be recognized over a remaining weighted average period of 1.9 years. Stock Options Each stock option granted entitles the holder to purchase one share of the Company’s common stock at an exercise price not less than the fair value of a share of the Company’s common stock at the date of grant. Options generally vest over a five -year period from the date of grant and expire no later than 10 years following the grant date. Additionally, certain options are three -year performance vesting options, which may or may not vest depending upon the attainment of certain corporate financial targets. A summary of the status of the granted but unexercised stock options as of December 31, and changes during the year is presented below: 2017 2016 2015 Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Outstanding at beginning of year 703,669 $ 14.70 1,084,686 $ 15.32 1,284,321 $ 15.32 Granted 42,857 26.31 76,327 18.70 65,972 16.38 Exercised (238,370 ) 12.22 (368,838 ) 16.92 (201,320 ) 15.72 Forfeited — — (82,006 ) 16.42 (62,287 ) 14.93 Expired (500 ) 17.94 (6,500 ) 18.55 (2,000 ) 17.94 Outstanding at the end of year 507,656 $ 16.84 703,669 $ 14.70 1,084,686 $ 15.32 The total fair value of options vesting during 2017 , 2016 and 2015 was $168,000 , $247,000 and $274,000 , respectively. Compensation expense of approximately $138,000 , $70,582 and $10,000 is projected for 2018 , 2019 and 2020 , respectively, on stock options outstanding at December 31, 2017 . The following table summarizes information about stock options outstanding at December 31, 2017 : Options Outstanding Options Exercisable Range of exercise prices Number of options outstanding Average remaining contractual life Weighted average exercise price Number of options exercisable Weighted average exercise price $10.34-15.23 241,740 3.4 years $ 14.00 234,738 $ 13.84 $16.38-26.31 265,916 7.4 years $ 19.13 136,183 $ 17.45 The stock options outstanding and stock options exercisable at December 31, 2017 have an aggregate intrinsic value of $5,249,000 and $4,380,000 , respectively. The expense related to stock options is based on the fair value of the options at the date of the grant and is recognized ratably over the vesting period of the options. Compensation expense related to the Company’s stock option plan totaled $203,000 , $172,000 and $272,000 for 2017 , 2016 and 2015 , respectively. The estimated fair values were determined on the dates of grant using the Black-Scholes Option pricing model. The fair value of the Company’ stock option awards are expensed on a straight-line basis over the vesting period of the stock option. The risk-free rate is based on the implied yield on a U.S. Treasury bond with a term approximating the expected term of the option. The expected volatility computation is based on historical volatility over a period approximating the expected term of the option. The dividend yield is based on the annual dividend payment per share, divided by the grant date stock price. The expected option term is a function of the option life and the vesting period. The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: For the year ended December 31, 2017 2016 2015 Expected dividend yield 2.89 % 3.64 % 3.49 % Expected volatility 20.34 % 20.71 % 21.29 % Risk-free interest rate 2.05 % 1.21 % 1.58 % Expected option life 8 years 8 years 8 years The weighted average fair value of options granted during 2017 , 2016 and 2015 was $4.20 , $2.26 and $2.52 per option, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Tax Cuts and Jobs Act ("Tax Act") was signed into law on December 22, 2017. Included as part of the law, was a permanent reduction in the federal corporate income tax rate from 35% to 21% effective January 1, 2018. Based upon the change in the tax rate, the Company revalued its net deferred tax asset at December 31, 2017. As a result of the enactment of the Tax Act, the Company recognized an additional tax expense of $3.9 million for the year ended December 31, 2017. The current and deferred amounts of income tax expense (benefit) for the years ended December 31, 2017 , 2016 and 2015 are as follows (in thousands): Years ended December 31, 2017 2016 2015 Current: Federal $ 4,163 32,506 33,778 State 1,731 1,314 2,337 Total current 5,894 33,820 36,115 Deferred: Federal 39,003 2,606 (525 ) State 1,631 554 851 Total deferred 40,634 3,160 326 $ 46,528 36,980 36,441 The Company recorded deferred tax (benefit) of ($1.4) million , ($3.0) million and ($2.5) million during 2017 , 2016 and 2015 , respectively, related to the unrealized (loss) gain on securities available for sale, which is reported in accumulated other comprehensive income (loss), net of tax. Additionally, the Company recorded a deferred tax (benefit) expense of ($586,000) , $2.3 million and $866,000 in 2017 , 2016 and 2015 , respectively, related to the amortization of post-retirement benefit obligations, which is reported in accumulated other comprehensive income, net of tax. A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate is as follows (in thousands): Years ended December 31, 2017 2016 2015 Tax expense at statutory rate of 35% $ 49,167 43,674 42,057 Increase (decrease) in taxes resulting from: State tax, net of federal income tax benefit 2,185 1,215 2,072 Tax-exempt interest income (5,097 ) (5,286 ) (5,520 ) Bank-owned life insurance (2,343 ) (1,915 ) (1,871 ) Enactment of Tax Act 3,912 — — Other, net (1,296 ) (708 ) (297 ) $ 46,528 36,980 36,441 The net deferred tax asset is included in other assets in the consolidated statements of financial condition. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2017 and 2016 are as follows (in thousands): 2017 2016 Deferred tax assets: Allowance for loan losses $ 14,884 23,852 Post-retirement benefit 7,265 11,150 Deferred compensation 1,382 2,447 Purchase accounting adjustments 1,242 1,979 Depreciation 2,284 4,025 SERP 651 966 ESOP 2,000 3,203 Stock-based compensation 4,066 5,259 Non-accrual interest 839 3,738 Unrealized loss on securities 1,180 350 State NOL 18 81 Federal NOL 270 742 Pension liability adjustments 1,495 2,051 Other 2,561 1,817 Total gross deferred tax assets 40,137 61,660 Deferred tax liabilities: Deferred REIT dividend 22,264 — Pension expense 6,857 10,255 Deferred loan costs 4,043 5,477 Investment securities, principally due to accretion of discounts 79 167 Intangibles 775 548 Originated mortgage servicing rights 184 313 Total gross deferred tax liabilities 34,202 16,760 Net deferred tax asset $ 5,935 44,900 Retained earnings at December 31, 2017 includes approximately $51.8 million for which no provision for income tax has been made. This amount represents an allocation of income to bad debt deductions for tax purposes only. Events that would result in taxation of these reserves include the failure to qualify as a bank for tax purposes, distributions in complete or partial liquidation, stock redemptions and excess distributions to stockholders. At December 31, 2017 , the Company had an unrecognized tax liability of $13.7 million with respect to this reserve. As a result of the Beacon Trust acquisition in 2011, the Company acquired federal net operating loss carryforwards. There are approximately $1.3 million of NOL carryforwards available to offset future taxable income as of December 31, 2017 . If not utilized, these carryforwards will expire in 2031. Also, the Company's New Jersey NOL carryforwards are approximately $240,000 which are scheduled to expire in 2031. The federal NOLs are subject to a combined annual Code Section 382 limitation in the amount of approximately $840,000 . Management has determined that it is more likely than not that it will realize the net deferred tax asset based upon the nature and timing of the items listed above. In order to fully realize the net deferred tax asset, the Company will need to generate future taxable income. Management has projected that the Company will generate sufficient taxable income to utilize the net deferred tax asset; however, there can be no assurance that such levels of taxable income will be generated. The Company’s policy is to report interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The Company did not have any liabilities for uncertain tax positions or any known unrecognized tax benefits at December 31, 2017 and 2016 . The Company and its subsidiaries file a consolidated U.S. Federal income tax return, separate New Jersey State income tax returns, and a combined New York State income tax return on apportioned and allocated income. The Company, through its bank subsidiary, files a Pennsylvania Mutual Thrift Institution Tax return. The Company's Federal and New York State income tax returns are open for examination from 2015, the New Jersey State income tax returns are open for examination from 2014, and the Pennsylvania Mutual Thrift Institutions return is open from 2015. During the fourth quarter of 2017, the Internal Revenue Service completed its examination of the Company's 2014 federal tax return. The completion of the examination did not have an impact on the Company's effective income tax rate. The Company's 2016 and 2015 New York State returns are currently under audit. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Lease Commitments | Lease Commitments The approximate future minimum rental commitments, exclusive of taxes and other related charges, for all significant non-cancellable operating leases at December 31, 2017 , are summarized as follows (in thousands): Year ending December 31, 2018 $ 8,032 2019 7,511 2020 6,980 2021 4,854 2022 3,378 Thereafter 14,578 $ 45,333 Rental expense was $8.8 million , $8.7 million and $8.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Commitments, Contingencies and
Commitments, Contingencies and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Concentrations of Credit Risk | Commitments, Contingencies and Concentrations of Credit Risk In the normal course of business, various commitments and contingent liabilities are outstanding which are not reflected in the accompanying consolidated financial statements. In the opinion of management, the consolidated financial position of the Company will not be materially affected by the outcome of such commitments or contingent liabilities. The Company is involved in various legal actions and claims arising in the normal course of its business. In the opinion of management, these legal actions and claims are not expected to have a material adverse impact on the Company’s financial condition and results of operations. A substantial portion of the Bank’s loans are secured by real estate located in New Jersey. Accordingly, the collectability of a substantial portion of the Bank’s loan portfolio and the recovery of a substantial portion of the carrying amount of other real estate owned are susceptible to changes in local real estate market conditions. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements | Regulatory Capital Requirements FDIC regulations require banks to maintain minimum levels of regulatory capital. Under the regulations in effect at December 31, 2017 , the Bank is required to maintain: (1) a Tier 1 capital to total assets leverage ratio of 4.0% ; (2) a common equity Tier 1 capital to risk-based assets ratio of 4.5% ; (3) a Tier 1 capital to risk-based assets ratio of 6.0% ; and (4) a total capital to risk-based assets ratio of 8.0% . In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted asset above the amount necessary to meet its minimum risk-based capital requirements. The capital conservation buffer requirement was effective on January 1, 2016 at 0.625% of risk-weighted assets and will increase each year until fully implemented at 2.5% on January 1, 2019. The capital conservation buffer during the calendar year 2017 was 1.25% and increased to 1.875% on January 1, 2018. Under its prompt corrective action regulations, the FDIC is required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution. Such actions could have a direct material effect on an institution’s financial statements. The regulations establish a framework for the classification of savings institutions into five categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. Generally, an institution is considered well capitalized if it has: a leverage (Tier 1) capital ratio of at least 5.00% ; a common equity Tier 1 risk-based capital ratio of 6.50% ; a Tier 1 risk-based capital ratio of at least 8.00% ; and a total risk-based capital ratio of at least 10.00% . The foregoing capital ratios are based in part on specific quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by the FDIC about capital components, risk weightings and other factors. As of December 31, 2017 and 2016 , the Bank exceeded all minimum capital adequacy requirements to which it is subject. Further, the most recent FDIC notification categorized the Bank as a well-capitalized institution under the prompt corrective action regulations. There have been no conditions or events since that notification that management believes have changed the Bank’s capital classification. The Company is regulated as a bank holding company, and as such, is subject to examination, regulation and periodic reporting under the Bank Holding Company Act, as administered by the Federal Reserve Board (“FRB”). The FRB has adopted capital adequacy guidelines for bank holding companies on a consolidated basis substantially similar to those of the FDIC for the Bank. As of December 31, 2017 and 2016 , the Company was “well capitalized” under FRB guidelines. Regulations of the FRB provide that a bank holding company must serve as a source of strength to any of its subsidiary banks and must not conduct its activities in an unsafe or unsound manner. Under the prompt corrective action provisions discussed above, a bank holding company parent of an undercapitalized subsidiary bank would be directed to guarantee, within limitations, the capital restoration plan that is required of such an undercapitalized bank. If the undercapitalized bank fails to file an acceptable capital restoration plan or fails to implement an accepted plan, the FRB may prohibit the bank holding company parent of the undercapitalized bank from paying any dividend or making any other form of capital distribution without the prior approval of the FRB. The following table shows the Company’s actual capital amounts and ratios as of December 31, 2017 and 2016 , compared to the FRB minimum capital adequacy requirements and the FRB requirements for classification as a well-capitalized institution (dollars in thousands). Actual capital FRB minimum capital FRB minimum capital adequacy requirements with capital conservation buffer To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017 Tier 1 leverage capital $ 887,924 9.65 % $ 367,999 4.00 % $ 367,999 4.00 % $ 459,999 5.00 % Common equity Tier 1 risk-based capital 887,924 11.87 336,736 4.50 % 430,260 5.75 486,381 6.50 Tier 1 risk-based capital 887,924 11.87 448,981 6.00 % 542,502 7.25 598,623 8.00 Total risk-based capital 948,119 12.67 598,642 8.00 % 692,157 9.25 748,278 10.00 Actual capital FRB minimum capital adequacy requirements FRB minimum capital To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Tier 1 leverage capital $ 835,282 9.25 % $ 361,183 4.00 % $ 361,183 4.00 % $ 451,479 5.00 % Common equity Tier 1 risk-based capital 835,282 11.64 323,048 4.50 367,916 5.13 % 466,625 6.50 Tier 1 risk-based capital 835,282 11.64 430,731 6.00 475,599 6.63 % 574,308 8.00 Total risk-based capital 897,165 12.50 574,308 8.00 619,176 8.63 % 717,885 10.00 The following table shows the Bank’s actual capital amounts and ratios as of December 31, 2017 and 2016 , compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution (dollars in thousands). Actual capital FDIC minimum capital FDIC minimum capital adequacy requirements with Capital Conservation buffer To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017 Tier 1 leverage capital $ 834,084 9.07 % $ 367,986 4.00 % $ 367,986 4.00 % $ 459,983 5.00 % Common equity Tier 1 risk-based capital 834,084 11.15 336,721 4.50 % 430,254 5.75 486,374 6.50 Tier 1 risk-based capital 834,084 11.15 448,961 6.00 % 542,494 7.25 598,615 8.00 Total risk-based capital 894,430 11.95 598,615 8.00 % 692,148 9.25 748,268 10.00 Actual capital FDIC minimum capital adequacy requirements FRB minimum capital To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Tier 1 leverage capital $ 760,708 8.42 % $ 361,172 4.00 % $ 361,172 4.00 % $ 451,465 5.00 % Common equity Tier 1 risk-based capital 760,708 10.60 323,040 4.50 367,907 5.13 % 466,613 6.50 Tier 1 risk-based capital 760,708 10.60 430,720 6.00 475,587 6.63 % 574,293 8.00 Total risk-based capital 822,743 11.46 574,293 8.00 619,160 8.63 % 717,867 10.00 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 Measured at Fair Value on a Recurring Basis The valuation techniques described below were used to measure fair value of financial instruments in the table below on a recurring basis as of December 31, 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 a quarterly analysis of 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 an 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 statements 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 Company has interest rate derivatives resulting from a service provided to certain qualified 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 December 31, 2017 and 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 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 during the years ended December 31, 2017 and 2016 . The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair value as of December 31, 2017 and 2016 , by level within the fair value hierarchy (in thousands). Fair Value Measurements at Reporting Date Using: December 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: Agency obligations $ 19,005 19,005 — — Mortgage-backed securities 988,367 — 988,367 — State and municipal obligations 3,388 — 3,388 — Corporate obligations 26,394 — 26,394 — Equities 658 658 — — Total securities available for sale $ 1,037,812 19,663 1,018,149 — Derivative assets 7,219 — 7,219 $ 1,045,031 19,663 1,025,368 — Derivative liabilities $ 6,315 — 6,315 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 6,971 — — 6,971 Foreclosed assets 6,864 — — 6,864 $ 13,835 — — 13,835 Fair Value Measurements at Reporting Date Using: 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: U.S. 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 — Equities 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 years ended December 31, 2017 and 2016 . 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 analysis of the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. FHLBNY Stock The carrying value of FHLBNY stock was its cost. The fair value of FHLBNY stock is based on redemption at par value. The Company classifies the estimated fair value as Level 1 within the fair value hierarchy. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company’s current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 1. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowed Funds The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. The following tables present the Company’s financial instruments at their carrying and fair values as of December 31, 2017 and December 31, 2016 . Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at December 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 $ 190,834 190,834 190,834 — — Securities available for sale: Agency obligations 19,005 19,005 19,005 — — Mortgage-backed securities 988,367 988,367 — 988,367 — State and municipal obligations 3,388 3,388 — 3,388 — Corporate obligations 26,394 26,394 — 26,394 — Equity securities 658 658 658 — — Total securities available for sale $ 1,037,812 1,037,812 19,663 1,018,149 — Investment securities held to maturity: Agency obligations $ 4,308 4,221 4,221 — — Mortgage-backed securities 382 396 — 396 — State and municipal obligations 462,942 470,484 — 470,484 — Corporate obligations 10,020 9,938 — 9,938 — Total securities held to maturity $ 477,652 485,039 4,221 480,818 — FHLBNY stock 81,184 81,184 81,184 — — Loans, net of allowance for loan losses 7,265,523 7,217,705 — — 7,217,705 Derivative assets 7,219 7,219 — 7,219 — Financial liabilities: Deposits other than certificates of deposits $ 6,079,357 6,079,357 6,079,357 — — Certificates of deposit 634,809 632,744 — 632,744 — Total deposits $ 6,714,166 6,712,101 6,079,357 632,744 — Borrowings 1,742,514 1,739,102 — 1,739,102 — Derivative liabilities 6,315 6,315 — 6,315 — 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: U.S. 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 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following tables are a summary of certain quarterly financial data for the years ended December 31, 2017 and 2016 . 2017 Quarters Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Interest income $ 77,913 80,443 81,894 83,596 Interest expense 10,878 11,388 11,682 11,696 Net interest income 67,035 69,055 70,212 71,900 Provision for loan losses 1,500 1,700 500 1,900 Net interest income after provision for loan losses 65,535 67,355 69,712 70,000 Non-interest income 12,465 14,819 15,112 13,301 Non-interest expense 46,124 47,340 46,280 48,078 Income before income tax expense 31,876 34,834 38,544 35,223 Income tax expense 8,368 10,451 11,969 15,740 Net income $ 23,508 24,383 26,575 19,483 Basic earnings per share $ 0.37 0.38 0.41 0.30 Diluted earnings per share $ 0.37 0.38 0.41 0.30 2016 Quarters Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Interest income $ 73,974 74,805 76,045 77,491 Interest expense 10,905 10,895 11,074 10,874 Net interest income 63,069 63,910 64,971 66,617 Provision for loan losses 1,500 1,700 1,000 1,200 Net interest income after provision for loan losses 61,569 62,210 63,971 65,417 Non-interest income 13,018 13,824 14,066 14,485 Non-interest expense 44,878 45,897 45,850 47,153 Income before income tax expense 29,709 30,137 32,187 32,749 Income tax expense 8,736 8,781 9,281 10,182 Net income $ 20,973 21,356 22,906 22,567 Basic earnings per share $ 0.33 0.34 0.36 0.35 Diluted earnings per share $ 0.33 0.34 0.36 0.35 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following is a reconciliation of the outstanding shares used in the basic and diluted earnings per share calculations. (Dollars in thousands, except per share data) For the Year Ended December 31, 2017 2016 2015 Net income $ 93,949 87,802 83,722 Basic weighted average common shares outstanding 64,384,851 63,643,622 62,945,669 Plus: Dilutive shares 194,371 208,364 169,049 Diluted weighted average common shares outstanding 64,579,222 63,851,986 63,114,718 Earnings per share: Basic $ 1.46 1.38 1.33 Diluted $ 1.45 1.38 1.33 Anti-dilutive stock options and awards totaling 369,772 shares, 432,895 shares and 469,018 shares at December 31, 2017 , 2016 and 2015 , respectively, were excluded from the earnings per share calculations. |
Parent-only Financial Informati
Parent-only Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent-only Financial Information | Parent-only Financial Information The condensed financial statements of Provident Financial Services, Inc. (parent company only) are presented below: Condensed Statements of Financial Condition (Dollars in Thousands) December 31, 2017 December 31, 2016 Assets Cash and due from banks $ 16,921 31,851 Securities available for sale, at fair value 658 549 Investment in subsidiary 1,244,670 1,177,110 Due from subsidiary—SAP (4,419 ) (3,004 ) ESOP loan 41,419 45,971 Other assets (37 ) (31 ) Total assets $ 1,299,212 1,252,446 Liabilities and Stockholders’ Equity Other liabilities 551 665 Total stockholders’ equity 1,298,661 1,251,781 Total liabilities and stockholders’ equity $ 1,299,212 1,252,446 Condensed Statements of Operations (Dollars in Thousands) For the Years Ended December 31, 2017 2016 2015 Dividends from subsidiary $ 59,980 45,369 41,285 Interest income 1,839 1,995 2,153 Investment gain 17 15 12 Total income 61,836 47,379 43,450 Non-interest expense 1,021 902 812 Total expense 1,021 902 812 Income before income tax expense 60,815 46,477 42,638 Income tax expense 312 414 505 Income before undistributed net income of subsidiary 60,503 46,063 42,133 Earnings in excess of dividends (equity in undistributed net income) of subsidiary 33,446 41,739 41,589 Net income $ 93,949 87,802 83,722 Condensed Statements of Cash Flows (Dollars in Thousands) For the Years Ended December 31, 2017 2016 2015 Cash flows from operating activities: Net income $ 93,949 87,802 83,722 Adjustments to reconcile net income to net cash provided by operating activities Earnings in excess of dividends (equity in undistributed net income) of subsidiary (33,446 ) (41,739 ) (41,589 ) ESOP allocation 4,600 3,706 2,997 SAP allocation 4,963 3,812 4,625 Stock option allocation 203 172 272 Decrease in due from subsidiary—SAP 1,415 465 5,333 Increase in other assets (34,919 ) (8,177 ) (8,406 ) Decrease in other liabilities (114 ) (70 ) (55 ) Net cash provided by operating activities 36,651 45,971 46,899 Cash flows from investing activities: Net decrease in ESOP loan 4,552 3,901 3,566 Net cash provided by investing activities 4,552 3,901 3,566 Cash flows from financing activities: Purchases of treasury stock (443 ) (1,557 ) — Purchase of employee restricted shares to fund statutory tax withholding (778 ) (1,225 ) (1,988 ) Cash dividends paid (59,980 ) (45,369 ) (41,285 ) Shares issued dividend reinvestment plan 2,114 1,652 1,447 Stock options exercised 2,954 6,198 3,166 Net cash used in financing activities (56,133 ) (40,301 ) (38,660 ) Net (decrease) increase in cash and cash equivalents (14,930 ) 9,571 11,805 Cash and cash equivalents at beginning of period 31,851 22,280 10,475 Cash and cash equivalents at end of period $ 16,921 31,851 22,280 |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Other Comprehensive (Loss) Income | Other Comprehensive (Loss) Income The following table presents the components of other comprehensive (loss) income both gross and net of tax, for the years ended December 31, 2017 , 2016 and 2015 (in thousands): For the Years Ended December 31, 2017 2016 2015 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Components of Other Comprehensive (Loss)Income: Unrealized gains and losses on securities available for sale: Net (losses) gains arising during the period $ (3,612 ) 1,449 (2,163 ) (7,405 ) 2,974 (4,431 ) (5,683 ) 2,282 (3,401 ) Reclassification adjustment for gains included in net income — — — (50 ) 20 (30 ) (654 ) 263 (391 ) Total (3,612 ) 1,449 (2,163 ) (7,455 ) 2,994 (4,461 ) (6,337 ) 2,545 (3,792 ) Unrealized gains (losses) on derivatives (cash flow hedges) 633 (254 ) 379 404 (162 ) 242 (122 ) 49 (73 ) Amortization related to post retirement obligations (1,475 ) 586 (889 ) 5,628 (2,260 ) 3,368 2,156 (866 ) 1,290 Total other comprehensive (loss) income $ (4,454 ) 1,781 (2,673 ) (1,423 ) 572 (851 ) (4,303 ) 1,728 (2,575 ) The Company, in accordance with ASU No. 2018-02, has elected to reclassify the income tax effects of the Tax Act from accumulated other comprehensive (loss) income to retained earning for the year ended December 31, 2017 The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of tax, for the years ended December 31, 2017 and 2016 , including the reclassification of income tax effects due to the adoption of ASU No. 2018-02 for the year ended December 31, 2017 (in thousands): Changes in Accumulated Other Comprehensive (Loss) Income by Component, net of tax For the Years Ended December 31, 2017 2016 Unrealized Sale Post-Retirement Unrealized gains (losses) on Derivatives (cash flow hedges) Accumulated Unrealized Sale Post-Retirement Unrealized gains (losses) on Derivatives (cash flow hedges) Accumulated Balance at the beginning of the period $ (510 ) (3,056 ) 169 (3,397 ) 3,951 (6,424 ) (73 ) (2,546 ) Current period change in other comprehensive income (loss) (2,163 ) (889 ) 379 (2,673 ) (4,461 ) 3,368 242 (851 ) Reclassification of tax effects due to the adoption of ASU No. 2018-02 (619 ) (901 ) 125 (1,395 ) — — — — Balance at the end of the period $ (3,292 ) (4,846 ) 673 (7,465 ) (510 ) (3,056 ) 169 (3,397 ) The following table summarizes the reclassifications out of accumulated other comprehensive (loss) income for the years ended December 31, 2017 , 2016 and 2015 (in thousands): Reclassifications Out of Accumulated Other Comprehensive Amount reclassified from AOCI for the years ended December 31, Affected line item in the Consolidated 2017 2016 2015 Details of AOCI: Securities available for sale: Realized net gains on the sale of securities available for sale $ — 50 654 Net gain on securities transactions — (20 ) (263 ) Income tax expense — 30 391 Net of tax Post-retirement obligations: Amortization of actuarial losses 243 943 774 Compensation and employee benefits (1) (64 ) (379 ) (311 ) Income tax expense 179 564 463 Net of tax Total reclassifications $ 179 594 854 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 11. Benefit Plans |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 12 Months Ended |
Dec. 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 qualified 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 qualified 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 commercial real estate financed by the Company. The collateral exceeds the maximum potential amount of future payments under the credit derivative. 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. For the years ended December 31, 2017 and December 31, 2016 , the Company had 50 and 36 interest rate swaps with an aggregate notional amount of $734.3 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 (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2017 and 2016 , such derivatives were used to hedge the variable cash outflows associated with Federal Home Loan Bank borrowings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company implemented this program during the quarter ended September 30, 2015. During the years ended December 31, 2017 , 2016 and 2015, the Company’s 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 $127,492 will be reclassified as a decrease to interest expense. As of December 31, 2017 , the Company had two outstanding interest rate derivatives with a notional amount of $60.0 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 as of December 31, 2017 and 2016 (in thousands): As of December 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 instruments: Interest rate products Other assets $ 6,303 Other liabilities $ 6,315 Credit contracts Other assets 1 — Total derivatives not designated as hedging instruments $ 6,304 $ 6,315 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 915 Other liabilities $ — Total derivatives designated as hedging instruments $ 915 $ — As of 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 instruments: Interest rate products Other assets $ 7,156 Other liabilities $ 6,750 Credit contracts Other assets 3 — Total derivatives not designated as hedging instruments $ 7,159 $ 6,750 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 282 Other liabilities $ — Total derivatives designated as hedging instruments $ 282 $ — The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2017 , 2016 and 2015 (in thousands). Gain (loss) recognized in Income on derivatives For the Year Ended December 31, Consolidated Statements of Income 2017 2016 2015 Derivatives not designated as a hedging instruments: Interest rate products Other income $ (422 ) $ 186 $ 238 Credit contracts Other income 2 120 (1 ) Total derivatives not designated as hedging instruments $ (420 ) $ 306 $ 237 Derivatives designated as a hedging instruments: Interest rate products Interest expense (205 ) (394 ) (122 ) Total derivatives designated as a hedging instruments $ (205 ) $ (394 ) $ (122 ) 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/adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. As of December 31, 2017 , the termination value of derivatives in a net liability position, which includes accrued interest, was $352,000 . The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $250,000 against its obligations under these agreements. If the Company had breached any of these provisions at December 31, 2017 , it could have been required to settle its obligations under the agreements at the termination value. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Provident Financial Services, Inc. (the “Company”), Provident Bank (the “Bank”) and their wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. |
Business | Business The Company, through the Bank, provides a full range of banking services to individual and business customers through branch offices in New Jersey and eastern Pennsylvania. The Bank is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes periodic examinations by those regulatory authorities. |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). In preparing the consolidated financial statements, management is required to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosures about contingent assets and liabilities as of the dates of the consolidated statements of financial condition, and revenues and expenses for the periods then ended. Such estimates are used in connection with the determination of the allowance for loan losses, evaluation of goodwill for impairment, evaluation of other-than-temporary impairment on securities, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. Illiquid credit markets, volatile securities markets, and declines in the housing market and the economy generally have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, Federal funds sold and commercial paper with original maturity dates less than 90 days. |
Securities | Securities Securities include investment securities held to maturity and securities available for sale. The available for sale securities portfolio is carried at estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in Stockholders’ Equity. Estimated fair values are based on market quotations or matrix pricing. Securities which the Company has the positive intent and ability to hold to maturity are classified as held to maturity and carried at amortized cost. Management conducts a periodic review and evaluation of the securities portfolio to determine if any declines in the fair values of securities are other-than-temporary. In this evaluation, if such a decline were deemed other-than-temporary, management would measure the total credit-related component of the unrealized loss, and recognize that portion of the loss as a charge to current period earnings. The remaining portion of the unrealized loss would be recognized as an adjustment to accumulated other comprehensive income. The fair value of the securities portfolio is significantly affected by changes in interest rates. In general, as interest rates rise, the fair value of fixed-rate securities decreases and as interest rates fall, the fair value of fixed-rate securities increases. The Company determines if it has the intent to sell these securities or if it is more likely than not that the Company would be required to sell the securities before the anticipated recovery. If either exists, the entire decline in value is considered other-than-temporary and would be recognized as an expense in the current period. Premiums and discounts on securities are amortized and accreted to income using a method that approximates the interest method over the remaining period to contractual maturity, adjusted for anticipated prepayments. Dividend and interest income are recognized when earned. Realized gains and losses are recognized when securities are sold or called based on the specific identification method. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. |
Federal Home Loan Bank of New York Stock | Federal Home Loan Bank of New York Stock The Bank, as a member of the Federal Home Loan Bank of New York (“FHLBNY”), is required to hold shares of capital stock of the FHLBNY at cost based on a specified formula. The Bank carries this investment at cost, which approximates fair value. |
Loans | Loans Loans receivable are carried at unpaid principal balances plus unamortized premiums, purchase accounting mark-to-market adjustments, certain deferred direct loan origination costs and deferred loan origination fees and discounts, less the allowance for loan losses. The Bank defers loan origination fees and certain direct loan origination costs and accretes such amounts as an adjustment to the yield over the expected lives of the related loans using the interest method. Premiums and discounts on loans purchased are amortized or accreted as an adjustment of yield over the contractual lives of the related loans, adjusted for prepayments when applicable, using methodologies which approximate the interest method. Loans are generally placed on non-accrual status when they are past due 90 days or more as to contractual obligations or when other circumstances indicate that collection is questionable. When a loan is placed on non-accrual status, any interest accrued but not received is reversed against interest income. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. A non-accrual loan is restored to accrual status when principal and interest payments become less than 90 days past due and its future collectability is reasonably assured. An impaired loan is defined as a loan for which it is probable, based on current information, that the lender will not collect all amounts due under the contractual terms of the loan agreement. Impaired loans are individually assessed to determine that each loan’s carrying value is not in excess of the fair value of the related collateral or the present value of the expected future cash flows. Residential mortgage and consumer loans are deemed smaller balance homogeneous loans which are evaluated collectively for impairment and are therefore excluded from the population of impaired loans. Purchased Credit-Impaired (“PCI”) loans, are loans acquired at a discount primarily due to deteriorated credit quality. PCI loans are recorded at fair value at the date of acquisition, with no allowance for loan losses. The difference between the undiscounted cash flows expected at acquisition and the fair value of the PCI loans at acquisition represents the accretable yield and is recognized as interest income over the life of the loans. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition represent the non-accretable discount and are not recognized as a yield adjustment or a valuation allowance. Reclassifications of the non-accretable to accretable yield may occur subsequent to the loan acquisition dates due to an increase in expected cash flows of the loans and results in an increase in interest income on a prospective basis. |
Allowance for Loan Losses | Allowance for Loan Losses Losses on loans are charged to the allowance for loan losses. Additions to this allowance are made by recoveries of loans previously charged off and by a provision charged to expense. The determination of the balance of the allowance for loan losses is based on an analysis of the loan portfolio, economic conditions, historical loan loss experience and other factors that warrant recognition in providing for an adequate allowance. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the Bank’s market area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the Bank to recognize additions to the allowance or additional write-downs based on their judgments about information available to them at the time of their examination. |
Foreclosed Assets | Foreclosed Assets Assets acquired through foreclosure or deed in lieu of foreclosure are carried at the lower of the outstanding loan balance at the time of foreclosure or fair value, less estimated costs to sell. Fair value is generally based on recent appraisals. When an asset is acquired, the excess of the loan balance over fair value, less estimated costs to sell, is charged to the allowance for loan losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. |
Banking Premises and Equipment | Banking Premises and Equipment Land is carried at cost. Banking premises, furniture, fixtures and equipment are carried at cost, less accumulated depreciation, computed using the straight-line method based on their estimated useful lives (generally 25 to 40 years for buildings, and 3 to 5 years for furniture and equipment). Leasehold improvements, carried at cost, net of accumulated depreciation, are amortized over the terms of the leases or the estimated useful lives of the assets, whichever are shorter, using the straight-line method. Maintenance and repairs are charged to expense as incurred. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in tax expense in the period that includes the enactment date. Deferred tax assets and liabilities are reported as a component of other assets on the consolidated statements of financial condition. The determination of whether deferred tax assets will be realizable is predicated on estimates of future taxable income. Such estimates are subject to management’s judgment. A valuation reserve is established when management is unable to conclude that it is more likely than not that it will realize deferred tax assets based on the nature and timing of these items. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes. |
Trust Assets | Trust Assets Trust assets consisting of securities and other property (other than cash on deposit held by the Bank in fiduciary or agency capacities for customers of the Bank’s wholly owned subsidiary, Beacon Trust Company) are not included in the accompanying consolidated statements of financial condition because such properties are not assets of the Bank. |
Intangible Assets | Intangible Assets Intangible assets of the Bank consist of goodwill, core deposit premiums, customer relationship premium and mortgage servicing rights. Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment each year at September 30th. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of September 30, 2017. Based upon its qualitative assessment of goodwill, the Company concluded that goodwill was not impaired and no further quantitative analysis was warranted. Core deposit premiums represent the intangible value of depositor relationships assumed in purchase acquisitions and are amortized on an accelerated basis over 8.8 years. Customer relationship premiums represent the intangible value of customer relationships assumed in the purchase acquisition of Beacon and MDE, and are amortized on an accelerated basis over 12.0 years and 10.4 years, respectively. Mortgage servicing rights are recorded when purchased or when originated mortgage loans are sold, with servicing rights retained. Mortgage servicing rights are amortized on an accelerated method based upon the estimated lives of the related loans, adjusted for prepayments. Mortgage servicing rights are carried at the lower of amortized cost or fair value. |
Bank-owned Life Insurance | Bank-owned Life Insurance Bank-owned life insurance is accounted for using the cash surrender value method and is recorded at its realizable value. |
Employee Benefit Plans | Employee Benefit Plans The Bank maintains a pension plan which covers full-time employees hired prior to April 1, 2003, the date on which the pension plan was frozen. The Bank’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit postretirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status at the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The Bank has a 401(k) plan covering substantially all employees of the Bank. The Bank may match a percentage of the first 6% contributed by participants. The Bank’s matching contribution, if any, is determined by the Board of Directors in its sole discretion. The Bank has an Employee Stock Ownership Plan (“ESOP”). The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions and dividends paid on unallocated ESOP shares over a period of up to 30 years. The Company’s common stock not allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the average price of the Company’s stock during each quarter and the amount of shares allocated during the quarter. The Bank has an Equity Plan designed to provide competitive compensation for demonstrated performance and to align the interests of participants directly to increases in shareholder value. The Equity Plan provides for performance-vesting grants as well as time-vesting grants. Time-vesting stock awards, stock options and performance vesting stock awards that are based on a performance condition, such as return on average assets are valued on the closing stock price on the date of grant. Performance vesting stock awards and options that are based on a market condition, such as Total Shareholder Return, would be valued using a generally accepted statistical technique to simulate future stock prices for Provident and the components of the Peer Group which Provident would be measured against. Expense related to time vesting stock awards and stock options is based on the fair value of the common stock on the date of the grant and on the fair value of the stock options on the date of the grant, respectively, and is recognized ratably over the vesting period of the awards. Performance vesting stock awards and stock options are either dependent upon a market condition or a performance condition. A market condition performance metric is tied to a stock price, either on an absolute basis, or a relative basis against peers, while a performance-condition is based on internal operations, such as earnings per share. The expense related to a market condition performance-vesting stock award or stock option requires an initial Monte Carlo simulation to determine grant date fair value, which will be recognized as a compensation expense regardless of actual payout, assuming that the executive is still employed at the end of the requisite service period. If pre-vesting termination (forfeiture) occurs, then any expense recognized to date can be reversed. The grant date fair value is recognized ratably over the performance period. The expense related to a performance condition stock award or stock option is based on the fair value of the award on the date of grant, adjusted periodically based upon the number of awards or options expected to be earned, recognized over the performance period. |
Postretirement Benefits Other Than Pensions | Post-retirement Benefits Other Than Pensions The Bank provides post-retirement health care and life insurance plans to certain of its employees. The life insurance coverage is noncontributory to the participant. Participants contribute to the cost of medical coverage based on the employee’s length of service with the Bank. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. On December 31, 2002, the Bank eliminated postretirement healthcare benefits for employees with less than 10 years of service. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. |
Derivatives | Derivatives The Company records all derivatives on the Consolidated Statements 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. These 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 the fair value of these derivatives are recognized directly in earnings. The Company also uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges, and which satisfy hedge accounting requirements, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. These derivatives were used to hedge the variable cash outflows associated with Federal Home Loan Bank borrowings. The effective portion of changes in the fair value of these derivatives are recorded in accumulated other comprehensive income, and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of these derivatives are recognized directly in earnings. The fair value of the Company's derivatives are determined using discounted cash flow analyses using observable market-based inputs. |
Comprehensive Income | Comprehensive Income Comprehensive income is divided into net income and other comprehensive income (loss). Other comprehensive income (loss) includes items previously recorded directly to equity, such as unrealized gains and losses on securities available for sale, unrealized gains and losses on derivatives and amortization related to post-retirement obligations. Comprehensive income is presented in a separate Consolidated Statement of Comprehensive Income. |
Segment Reporting | Segment Reporting The Company’s operations are solely in the financial services industry and include providing traditional banking and other financial services to its customers. The Company operates primarily in the geographical regions of northern and central New Jersey and eastern Pennsylvania. Management makes operating decisions and assesses performance based on an ongoing review of the Bank’s consolidated financial results. Therefore, the Company has a single operating segment for financial reporting purposes. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or resulted in the issuance of common stock. These potentially dilutive shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. Shares issued and shares reacquired during the period are weighted for the portion of the period that they were outstanding. |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" to address a narrow-scope financial reporting issue that arose as a consequence of the change in the tax law. On December 22, 2017, the U.S. federal government enacted a tax bill, H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (Tax Cuts and Jobs Act of 2017). The ASU permits a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate of 35 percent and the newly enacted 21 percent corporate income tax rate. ASU 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years with early adoption permitted, including adoption in any interim period, for (i) public business entities for reporting periods for which financial statements have not yet been issued and (ii) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The changes are required to be applied retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act of 2017 is recognized. The Company early adopted ASU 2018-02, which resulted in the reclassification from accumulated other comprehensive income to retained earnings totaling $1.4 million , reflected in the Consolidated Statements of Changes in Stockholders' Equity. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for public business entities for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting”. This update provides guidance about changes to terms or conditions of a share-based payment award which would require modification accounting. In particular, an entity is required to account for the effects of a modification if the fair value, vesting condition or the equity/liability classification of the modified award is not the same immediately before and after a change to the terms and conditions of the award. ASU 2017-09 is effective on a prospective basis for fiscal years beginning after December 15, 2017, with early adoption permitted. The Company's adoption of this guidance is not anticipated to have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 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 December 15, 2018, including interim periods 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 this 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 Post-retirement 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 post-retirement 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 2017-07 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company's adoption of this guidance will not have a material impact on the Company’s consolidated financial statements, or disclosures. In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment.” The main objective of this ASU is to simplify the accounting for goodwill impairment by requiring that 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 does not expect ASU 2017-04 to have a significant impact 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 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's adoption of this guidance is not anticipated to have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 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 evaluating the potential impact of ASU 2016-13 on the consolidated financial statements. In that regard, the Company has formed a cross-functional working group, under the direction of the Chief Credit Officer, Chief Financial Officer and Chief Risk Officer. The working group is comprised of individuals from various functional areas including credit, risk management, finance and information technology, among others. The Company is currently developing an implementation plan to include assessment of processes, portfolio segmentation, model development, system requirements and the identification of data and resource needs, among other things. Also, the Company is currently evaluating third-party vendor solutions to assist us in the application of the ASU 2016-13. The adoption of the ASU 2016-13 may result in an increase in the allowance for loan losses as a result of changing from an "incurred loss" model, which encompasses allowances for current known and inherent losses within the portfolio, to an "expected loss" model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 will necessitate establishing an allowance for expected credit losses on debt securities. The Company is currently unable to reasonably estimate the impact of adopting ASU 2016-13, it is expected that the impact of adoption will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. In February 2016, the FASB issued ASU 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 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's adoption of this guidance is not anticipated to have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." 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 formed a working group to guide implementation efforts including the identification of revenue within the scope of the guidance, as well as the evaluation of revenue contracts and the respective performance obligations within those contracts. The Company has completed its evaluation of this guidance and concluded that there are no material changes related to the timing or amount of revenue recognition. The Company will disaggregate significant categories of revenue within the scope of the guidance and provide the required disclosures starting in the first quarter of 2018. The Company will adopt this guidance in the first quarter of 2018. |
Investment Securities Held to30
Investment Securities Held to Maturity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Held to Maturity | Investment securities held to maturity at December 31, 2017 and 2016 are summarized as follows (in thousands): 2017 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 4,308 — (87 ) 4,221 Mortgage-backed securities 382 14 — 396 State and municipal obligations 462,942 9,280 (1,738 ) 470,484 Corporate obligations 10,020 1 (83 ) 9,938 $ 477,652 9,295 (1,908 ) 485,039 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 |
Securities Held to Maturity by Contractual Maturity | The amortized cost and fair value of investment securities held to maturity at December 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. 2017 Amortized cost Fair value Due in one year or less $ 7,123 7,147 Due after one year through five years 67,352 67,915 Due after five years through ten years 260,937 265,279 Due after ten years 141,858 144,302 $ 477,270 484,643 |
Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment | The following table represents the Company’s disclosure on investment securities held to maturity with temporary impairment (in thousands): December 31, 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 $ 3,821 (87 ) — — 3,821 (87 ) State and municipal obligations 37,317 (295 ) 49,488 (1,443 ) 86,805 (1,738 ) Corporate obligations 9,662 (83 ) — 9,662 (83 ) $ 50,800 (465 ) 49,488 (1,443 ) 100,288 (1,908 ) 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 $ 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 ) |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | Securities available for sale at December 31, 2017 and 2016 are summarized as follows (in thousands): 2017 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 19,014 — (9 ) 19,005 Mortgage-backed securities 993,548 4,914 (10,095 ) 988,367 State and municipal obligations 3,259 129 — 3,388 Corporate obligations 26,047 359 (12 ) 26,394 Equity securities 417 241 — 658 $ 1,042,285 5,643 (10,116 ) 1,037,812 2016 Amortized cost Gross unrealized gains Gross unrealized losses Fair value U.S. 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 |
Securities Available for Sale by Contractual Maturity | The amortized cost and fair value of securities available for sale at December 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. 2017 Amortized cost Fair value Due in one year or less $ 20,406 20,390 Due after one year through five years 3,009 3,048 Due after five years through ten years 24,905 25,349 $ 48,320 48,787 |
Disclosure on Securities Available for Sale with Temporary Impairment | The following table represents the Company’s disclosure on securities available for sale with temporary impairment (in thousands): December 31, 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 $ 12,006 (8 ) 6,999 (1 ) 19,005 (9 ) Mortgage-backed securities 420,746 (3,936 ) 235,056 (6,159 ) 655,802 (10,095 ) Corporate obligations — — 989 (12 ) 989 (12 ) $ 432,752 (3,944 ) 243,044 (6,172 ) 675,796 (10,116 ) 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 ) |
Loans Receivable and Allowanc32
Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Summarized Loans Receivable | Loans receivable at December 31, 2017 and 2016 are summarized as follows (in thousands): 2017 2016 Mortgage loans: Residential $ 1,142,347 1,211,672 Commercial 2,171,056 1,978,569 Multi-family 1,403,885 1,402,054 Construction 392,580 264,814 Total mortgage loans 5,109,868 4,857,109 Commercial loans 1,745,138 1,630,444 Consumer loans 473,957 516,755 Total gross loans 7,328,963 7,004,308 Purchased credit-impaired ("PCI") loans 969 1,272 Premiums on purchased loans 4,029 4,968 Unearned discounts (36 ) (39 ) Net deferred fees (8,207 ) (7,023 ) Total loans $ 7,325,718 7,003,486 |
Summary of Aging Loans Receivable by Portfolio Segment and Class | The following table summarizes the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands): At December 31, 2017 30-59 Days 60-89 Days Non-accrual 90 days or more past due and accruing Total Past Due Current Total Loans Receivable Mortgage loans: Residential $ 7,809 4,325 8,105 — 20,239 1,122,108 1,142,347 Commercial 1,486 — 7,090 — 8,576 2,162,480 2,171,056 Multi-family — — — — — 1,403,885 1,403,885 Construction — — — — — 392,580 392,580 Total mortgage loans 9,295 4,325 15,195 — 28,815 5,081,053 5,109,868 Commercial loans 551 406 17,243 — 18,200 1,726,938 1,745,138 Consumer loans 2,465 487 2,491 — 5,443 468,514 473,957 Total gross loans $ 12,311 5,218 34,929 — 52,458 7,276,505 7,328,963 At December 31, 2016 30-59 Days 60-89 Days Non-accrual 90 days or more past due and Total Past Due 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 | Loans receivable summarized by portfolio segment and impairment method, excluding PCI loans are as follows (in thousands): At December 31, 2017 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 28,459 21,223 2,359 52,041 Collectively evaluated for impairment 5,081,409 1,723,915 471,598 7,276,922 Total gross loans $ 5,109,868 1,745,138 473,957 7,328,963 At 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, excluding PCI loans as follows (in thousands): At December 31, 2017 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total Individually evaluated for impairment $ 1,486 1,134 70 2,690 — 2,690 Collectively evaluated for impairment 26,566 28,680 2,259 57,505 — 57,505 Total $ 28,052 29,814 2,329 60,195 — 60,195 At December 31, 2016 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total Individually evaluated for impairment $ 1,986 268 80 2,334 — 2,334 Collectively evaluated for impairment 27,640 28,875 3,034 59,549 — 59,549 Total $ 29,626 29,143 3,114 61,883 — 61,883 |
Schedule of Troubled Debt Restructuring | The following tables present the number of loans modified as TDRs during the years ended December 31, 2017 and 2016 and their balances immediately prior to the modification date and post-modification as of December 31, 2017 and 2016 . Year Ended December 31, 2017 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Mortgage loans: Residential 5 $ 2,468 2,260 Total mortgage loans 5 $ 2,468 2,260 Commercial loans 1 874 874 Consumer loans 2 262 257 Total restructured loans 8 $ 3,604 3,391 Year Ended December 31, 2016 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Commercial loans 1 $ 1,300 1,300 Total restructured loans 1 $ 1,300 1,300 |
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 for the years ended December 31, 2017 and 2016 (in thousands): Year ended December 31, 2017 2016 Beginning balance $ 200 676 Acquisition — — Accretion (320 ) (1,417 ) Reclassification from non-accretable difference 221 941 Ending balance $ 101 200 |
Allowance for Loan Losses | The activity in the allowance for loan losses for the years ended December 31, 2017 , 2016 and 2015 is as follows (in thousands): Years Ended December 31, 2017 2016 2015 Balance at beginning of period $ 61,883 61,424 61,734 Provision charged to operations 5,600 5,400 4,350 Recoveries of loans previously charged off 1,653 2,009 4,168 Loans charged off (8,941 ) (6,950 ) (8,828 ) Balance at end of period $ 60,195 61,883 61,424 |
Schedule of Allowance for Loan Losses by Portfolio Segment | The activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2017 and 2016 are as follows (in thousands): For the Year Ended December 31, 2017 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total Balance at beginning of period $ 29,626 29,143 3,114 61,883 — 61,883 Provision charged to operations (1,139 ) 7,058 (319 ) 5,600 — 5,600 Recoveries of loans previously charged off 66 800 787 1,653 — 1,653 Loans charged off (501 ) (7,187 ) (1,253 ) (8,941 ) — (8,941 ) Balance at end of period $ 28,052 29,814 2,329 60,195 — 60,195 For the Year Ended December 31, 2016 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total Balance at beginning of period $ 32,094 25,829 3,501 61,424 — 61,424 Provision charged to operations (2,028 ) 7,606 (178 ) 5,400 — 5,400 Recoveries of loans previously charged off 628 570 811 2,009 — 2,009 Loans charged off (1,068 ) (4,862 ) (1,020 ) (6,950 ) — (6,950 ) Balance at end of period $ 29,626 29,143 3,114 61,883 — 61,883 |
Summary of Impaired Loans Receivable by Class | Impaired loans receivable by class, excluding PCI loans are summarized as follows (in thousands): At December 31, 2017 At 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 $ 13,239 10,477 — 10,552 479 $ 10,691 7,881 — 8,027 484 Commercial 5,037 4,908 — 5,022 12 1,556 1,556 — 1,586 40 Multi-family — — — — — — — — — — Construction — — — — — 2,553 2,517 — 2,514 — Total 18,276 15,385 — 15,574 491 14,800 11,954 — 12,127 524 Commercial loans 19,196 14,984 — 15,428 395 21,830 18,874 — 13,818 259 Consumer loans 1,582 1,041 — 1,150 69 1,493 981 — 1,026 59 Total loans $ 39,054 31,410 — 32,152 955 $ 38,123 31,809 — 26,971 842 Loans with an allow-ance recorded Mortgage loans: Residential $ 13,052 12,010 1,351 12,150 475 $ 14,169 13,520 1,716 13,705 519 Commercial 1,064 1,064 135 1,076 54 4,138 4,077 270 4,111 55 Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 14,116 13,074 1,486 13,226 529 18,307 17,597 1,986 17,816 574 Commercial loans 7,097 6,239 1,134 7,318 208 1,381 1,381 268 5,956 4 Consumer loans 1,329 1,318 70 1,349 64 1,242 1,232 80 1,259 66 Total loans $ 22,542 20,631 2,690 21,893 801 $ 20,930 20,210 2,334 25,031 644 Total Mortgage loans: Residential $ 26,291 22,487 1,351 22,702 954 $ 24,860 21,401 1,716 21,732 1,003 Commercial 6,101 5,972 135 6,098 66 5,694 5,633 270 5,697 95 Multi-family — — — — — — — — — — Construction — — — — — 2,553 2,517 — 2,514 — Total 32,392 28,459 1,486 28,800 1,020 33,107 29,551 1,986 29,943 1,098 Commercial loans 26,293 21,223 1,134 22,746 603 23,211 20,255 268 19,774 263 Consumer loans 2,911 2,359 70 2,499 133 2,735 2,213 80 2,285 125 Total loans $ 61,596 52,041 2,690 54,045 1,756 $ 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 December 31, 2017 Residential Commercial mortgages Multi- family Construction Total mortgages Commercial loans Consumer loans Total loans Special mention $ 4,325 19,172 15 — 23,512 20,738 486 44,736 Substandard 8,105 25,069 — — 33,174 29,734 2,491 65,399 Doubtful — — — — — 428 — 428 Loss — — — — — — — — Total classified and criticized 12,430 44,241 15 — 56,686 50,900 2,977 110,563 Acceptable/watch 1,129,917 2,126,815 1,403,870 392,580 5,053,182 1,694,238 470,980 7,218,400 Total outstanding loans $ 1,142,347 2,171,056 1,403,885 392,580 5,109,868 1,745,138 473,957 7,328,963 At December 31, 2016 Residential Commercial mortgages Multi- family Construction Total mortgages Commercial loans Consumer loans 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 Acceptable/watch 1,193,088 1,930,229 1,400,938 262,297 4,786,552 1,568,349 512,573 6,867,474 Total outstanding loans $ 1,211,672 1,978,569 1,402,054 264,814 4,857,109 1,630,444 516,755 7,004,308 |
Banking Premises and Equipment
Banking Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Banking Premises and Equipment | A summary of banking premises and equipment at December 31, 2017 and 2016 is as follows (in thousands): 2017 2016 Land $ 12,440 17,594 Banking premises 58,523 81,067 Furniture, fixtures and equipment 45,184 43,860 Leasehold improvements 35,240 35,455 Construction in progress 1,036 1,103 152,423 179,079 Less accumulated depreciation and amortization 89,238 94,987 Total banking premises and equipment $ 63,185 84,092 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets at December 31, 2017 and 2016 are summarized as follows (in thousands): 2017 2016 Goodwill $ 411,600 411,600 Core deposit premiums 3,470 4,546 Customer relationship and other intangibles 4,483 5,957 Mortgage servicing rights 737 834 Total intangible assets $ 420,290 422,937 |
Amortization Expense of Intangible Assets | Amortization expense of intangible assets for the years ended December 31, 2017 , 2016 and 2015 is as follows (in thousands): 2017 2016 2015 Core deposit premiums $ 1,076 1,300 1,757 Customer relationship and other intangibles 1,474 1,909 2,136 Mortgage servicing rights 120 182 173 Total amortization expense of intangible assets $ 2,670 3,391 4,066 |
Scheduled Amortization of Core Deposit Intangibles | Scheduled amortization of core deposit and customer relationship intangibles for each of the next five years is as follows (in thousands): Year ended December 31, Scheduled Amortization 2018 $ 2,004 2019 1,709 2020 1,415 2021 1,120 2022 825 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits | Deposits at December 31, 2017 and 2016 are summarized as follows (in thousands): 2017 Weighted average interest rate 2016 Weighted average interest rate Savings deposits $ 1,083,012 0.17 % $ 1,099,020 0.17 % Money market accounts 1,532,024 0.36 1,582,750 0.31 NOW accounts 2,011,334 0.46 1,871,298 0.33 Non-interest bearing deposits 1,452,987 — 1,349,378 — Certificates of deposit 634,809 0.94 651,183 0.72 Total deposits $ 6,714,166 $ 6,553,629 |
Scheduled Maturities of Certificates of Deposit | Scheduled maturities of certificates of deposit accounts at December 31, 2017 and 2016 are as follows (in thousands): 2017 2016 Within one year $ 424,448 439,035 One to three years 150,280 134,941 Three to five years 56,529 75,751 Five years and thereafter 3,552 1,456 $ 634,809 651,183 |
Interest Expense on Deposits | Interest expense on deposits for the years ended December 31, 2017 , 2016 and 2015 is summarized as follows (in thousands): Years ended December 31, 2017 2016 2015 Savings deposits $ 2,092 1,709 1,039 NOW and money market accounts 12,205 10,106 8,046 Certificates of deposits 5,144 5,132 5,436 $ 19,441 16,947 14,521 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds | Borrowed funds at December 31, 2017 and 2016 are summarized as follows (in thousands): 2017 2016 Securities sold under repurchase agreements $ 143,179 156,665 FHLB line of credit 472,000 161,000 FHLB advances 1,127,335 1,295,080 Total borrowed funds $ 1,742,514 1,612,745 |
Scheduled Maturities of FHLB Advances | Scheduled maturities of FHLB advances at December 31, 2017 are as follows (in thousands): 2017 Due in one year or less $ 389,375 Due after one year through two years 436,551 Due after two years through three years 249,169 Due after three years through four years 42,240 Due after four years through five years 10,000 Thereafter — Total FHLB advances $ 1,127,335 |
Scheduled Maturities of Securities Sold Under Repurchase Agreements | Scheduled maturities of securities sold under repurchase agreements at December 31, 2017 are as follows (in thousands): 2017 Due in one year or less $ 108,179 Due after one year through two years 35,000 Due after two years through three years — Thereafter — Total securities sold under repurchase agreements $ 143,179 |
Debt Disclosure by Year | The following tables set forth certain information as to borrowed funds for the years ended December 31, 2017 and 2016 (in thousands): Maximum balance Average balance Weighted average interest rate 2017: Securities sold under repurchase agreements $ 210,702 164,982 1.26 % FHLB line of credit 472,000 179,003 1.17 FHLB advances 1,288,448 1,237,979 1.78 2016: Securities sold under repurchase agreements $ 283,233 224,421 1.42 % FHLB line of credit 173,000 37,608 0.61 FHLB advances 1,343,095 1,315,278 1.76 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Pension Plan and Post-Retirement Healthcare and Life Insurance Plans | The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands): Pension Post-retirement 2017 2016 2015 2017 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 29,533 28,274 28,921 20,805 25,694 28,333 Service cost — — — 105 150 168 Interest cost 1,227 1,247 1,137 871 1,138 1,122 Actuarial loss — 70 78 — — 122 Benefits paid (1,590 ) (1,247 ) (1,179 ) (560 ) (682 ) (644 ) Change in actuarial assumptions 2,800 1,189 (683 ) 1,536 (5,495 ) (3,407 ) Benefit obligation at end of year $ 31,970 29,533 28,274 22,757 20,805 25,694 Change in plan assets: Fair value of plan assets at beginning of year $ 43,153 41,448 42,744 — — — Actual return on plan assets 5,307 2,952 (117 ) — — — Employer contributions — — — 560 682 644 Benefits paid (1,590 ) (1,247 ) (1,179 ) (560 ) (682 ) (644 ) Fair value of plan assets at end of year $ 46,870 43,153 41,448 — — — Funded status at end of year $ 14,900 13,620 13,174 (22,757 ) (20,805 ) (25,694 ) |
Components of Accumulated Other Comprehensive Loss (Gain) | The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2017 and 2016 are summarized in the following table (in thousands): Pension Post-retirement 2017 2016 2017 2016 Unrecognized prior service cost $ — — — — Unrecognized net actuarial loss (gain) 11,091 11,968 (4,781 ) (6,993 ) Total accumulated other comprehensive loss (gain) $ 11,091 11,968 (4,781 ) (6,993 ) The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of tax, for the years ended December 31, 2017 and 2016 , including the reclassification of income tax effects due to the adoption of ASU No. 2018-02 for the year ended December 31, 2017 (in thousands): Changes in Accumulated Other Comprehensive (Loss) Income by Component, net of tax For the Years Ended December 31, 2017 2016 Unrealized Sale Post-Retirement Unrealized gains (losses) on Derivatives (cash flow hedges) Accumulated Unrealized Sale Post-Retirement Unrealized gains (losses) on Derivatives (cash flow hedges) Accumulated Balance at the beginning of the period $ (510 ) (3,056 ) 169 (3,397 ) 3,951 (6,424 ) (73 ) (2,546 ) Current period change in other comprehensive income (loss) (2,163 ) (889 ) 379 (2,673 ) (4,461 ) 3,368 242 (851 ) Reclassification of tax effects due to the adoption of ASU No. 2018-02 (619 ) (901 ) 125 (1,395 ) — — — — Balance at the end of the period $ (3,292 ) (4,846 ) 673 (7,465 ) (510 ) (3,056 ) 169 (3,397 ) |
Net Periodic Benefit Cost (Increase) | Net periodic benefit (increase) cost for the years ending December 31, 2017 , 2016 and 2015 , included the following components (in thousands): Pension Post-retirement 2017 2016 2015 2017 2016 2015 Service cost $ — — — 105 150 168 Interest cost 1,227 1,247 1,137 871 1,138 1,122 Return on plan assets (2,550 ) (2,449 ) (2,530 ) — — — Amortization of: Net gain (loss) 920 943 774 (677 ) — 1 Unrecognized prior service cost — — — — — (1 ) Net periodic benefit (increase) cost $ (403 ) (259 ) (619 ) 299 1,288 1,290 |
Weighted Average Actuarial Assumptions Used | The weighted average actuarial assumptions used in the plan determinations at December 31, 2017 , 2016 and 2015 were as follows: Pension Post-retirement 2017 2016 2015 2017 2016 2015 Discount rate 3.50 % 4.25 % 4.50 % 3.50 % 4.25 % 4.50 % Rate of compensation increase — — — — — — Expected return on plan assets 6.00 6.00 6.00 — — — Medical and life insurance benefits cost rate of increase — — — 6.00 6.00 6.00 |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate | A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits at December 31, 2017 (in thousands): 1% increase 1% decrease Effect on total service cost and interest cost $ 170 140 Effect on post-retirement benefits obligation $ 4,000 3,170 |
Estimated Future Benefit Payments | Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands): Pension Post-retirement 2018 $ 1,443 $ 645 2019 1,496 684 2020 1,538 705 2021 1,593 771 2022 1,635 828 |
Weighted-Average Asset Allocation of Pension Plan Assets | The weighted-average asset allocation of pension plan assets at December 31, 2017 and 2016 were as follows: Asset Category 2017 2016 Domestic equities 38 % 37 % Foreign equities 11 % 11 % Fixed income 49 % 50 % Real estate 2 % 2 % Cash 0 % 0 % Total 100 % 100 % |
Target Allocation of Assets and Acceptable Ranges | The target allocation of assets and acceptable ranges around the targets are as follows: Asset Category Target Allowable Range Domestic equities 37 % 30-41% Foreign equities 11 % 5-13% Fixed income 50 % 40-65% Real estate 2 % 0-4% Cash 0 % 0 % Total 100 % |
Assets Measured at Fair Value on Recurring Basis | The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits at December 31, 2017 and 2016 , respectively. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair value measurements at December 31, 2017 (in thousands) Total (Level 1) (Level 2) (Level 3) Group annuity contracts $ 120 — 120 — Mutual funds: Fixed income 13,725 13,725 — — International equity 5,110 5,110 — — Large U.S. equity 1,431 1,431 — — Small/Mid U.S. equity 950 950 — — Total mutual funds 21,216 21,216 — — Pooled separate accounts 25,534 — 25,534 — Total investments $ 46,870 21,216 25,654 — Fair value measurements at December 31, 2016 (in thousands) Total (Level 1) (Level 2) (Level 3) Group annuity contracts $ 127 — 127 — Mutual funds: Fixed income 12,740 12,740 — — International equity 4,659 4,659 — — Large U.S. equity 1,296 1,296 — — Small/Mid U.S. equity 840 840 — — Total mutual funds 19,535 19,535 — — Pooled separate accounts 23,491 — 23,491 — Total investments $ 43,153 19,535 23,618 — |
Status of Unvested Stock Awards | A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below: Restricted Stock Awards 2017 2016 2015 Outstanding at beginning of year 547,698 591,746 846,462 Granted 288,519 351,836 339,936 Forfeited (62,677 ) (178,632 ) (240,191 ) Vested (112,757 ) (217,252 ) (354,461 ) Outstanding at the end of year 660,783 547,698 591,746 |
Status of Unexercised Stock Options | A summary of the status of the granted but unexercised stock options as of December 31, and changes during the year is presented below: 2017 2016 2015 Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Outstanding at beginning of year 703,669 $ 14.70 1,084,686 $ 15.32 1,284,321 $ 15.32 Granted 42,857 26.31 76,327 18.70 65,972 16.38 Exercised (238,370 ) 12.22 (368,838 ) 16.92 (201,320 ) 15.72 Forfeited — — (82,006 ) 16.42 (62,287 ) 14.93 Expired (500 ) 17.94 (6,500 ) 18.55 (2,000 ) 17.94 Outstanding at the end of year 507,656 $ 16.84 703,669 $ 14.70 1,084,686 $ 15.32 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2017 : Options Outstanding Options Exercisable Range of exercise prices Number of options outstanding Average remaining contractual life Weighted average exercise price Number of options exercisable Weighted average exercise price $10.34-15.23 241,740 3.4 years $ 14.00 234,738 $ 13.84 $16.38-26.31 265,916 7.4 years $ 19.13 136,183 $ 17.45 |
Weighted Average Assumptions of Fair Value Option Grants | The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: For the year ended December 31, 2017 2016 2015 Expected dividend yield 2.89 % 3.64 % 3.49 % Expected volatility 20.34 % 20.71 % 21.29 % Risk-free interest rate 2.05 % 1.21 % 1.58 % Expected option life 8 years 8 years 8 years |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Current and Deferred Amounts of Income Tax Expense (Benefit) | The current and deferred amounts of income tax expense (benefit) for the years ended December 31, 2017 , 2016 and 2015 are as follows (in thousands): Years ended December 31, 2017 2016 2015 Current: Federal $ 4,163 32,506 33,778 State 1,731 1,314 2,337 Total current 5,894 33,820 36,115 Deferred: Federal 39,003 2,606 (525 ) State 1,631 554 851 Total deferred 40,634 3,160 326 $ 46,528 36,980 36,441 |
Reconciliation between Amount Reported and Amount Computed for Income Tax Expense and Income Tax Rate | A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate is as follows (in thousands): Years ended December 31, 2017 2016 2015 Tax expense at statutory rate of 35% $ 49,167 43,674 42,057 Increase (decrease) in taxes resulting from: State tax, net of federal income tax benefit 2,185 1,215 2,072 Tax-exempt interest income (5,097 ) (5,286 ) (5,520 ) Bank-owned life insurance (2,343 ) (1,915 ) (1,871 ) Enactment of Tax Act 3,912 — — Other, net (1,296 ) (708 ) (297 ) $ 46,528 36,980 36,441 |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2017 and 2016 are as follows (in thousands): 2017 2016 Deferred tax assets: Allowance for loan losses $ 14,884 23,852 Post-retirement benefit 7,265 11,150 Deferred compensation 1,382 2,447 Purchase accounting adjustments 1,242 1,979 Depreciation 2,284 4,025 SERP 651 966 ESOP 2,000 3,203 Stock-based compensation 4,066 5,259 Non-accrual interest 839 3,738 Unrealized loss on securities 1,180 350 State NOL 18 81 Federal NOL 270 742 Pension liability adjustments 1,495 2,051 Other 2,561 1,817 Total gross deferred tax assets 40,137 61,660 Deferred tax liabilities: Deferred REIT dividend 22,264 — Pension expense 6,857 10,255 Deferred loan costs 4,043 5,477 Investment securities, principally due to accretion of discounts 79 167 Intangibles 775 548 Originated mortgage servicing rights 184 313 Total gross deferred tax liabilities 34,202 16,760 Net deferred tax asset $ 5,935 44,900 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Future Minimum Rental Commitments | The approximate future minimum rental commitments, exclusive of taxes and other related charges, for all significant non-cancellable operating leases at December 31, 2017 , are summarized as follows (in thousands): Year ending December 31, 2018 $ 8,032 2019 7,511 2020 6,980 2021 4,854 2022 3,378 Thereafter 14,578 $ 45,333 |
Regulatory Capital Requiremen40
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Actual Capital Amounts and Ratios | The following table shows the Company’s actual capital amounts and ratios as of December 31, 2017 and 2016 , compared to the FRB minimum capital adequacy requirements and the FRB requirements for classification as a well-capitalized institution (dollars in thousands). Actual capital FRB minimum capital FRB minimum capital adequacy requirements with capital conservation buffer To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017 Tier 1 leverage capital $ 887,924 9.65 % $ 367,999 4.00 % $ 367,999 4.00 % $ 459,999 5.00 % Common equity Tier 1 risk-based capital 887,924 11.87 336,736 4.50 % 430,260 5.75 486,381 6.50 Tier 1 risk-based capital 887,924 11.87 448,981 6.00 % 542,502 7.25 598,623 8.00 Total risk-based capital 948,119 12.67 598,642 8.00 % 692,157 9.25 748,278 10.00 Actual capital FRB minimum capital adequacy requirements FRB minimum capital To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Tier 1 leverage capital $ 835,282 9.25 % $ 361,183 4.00 % $ 361,183 4.00 % $ 451,479 5.00 % Common equity Tier 1 risk-based capital 835,282 11.64 323,048 4.50 367,916 5.13 % 466,625 6.50 Tier 1 risk-based capital 835,282 11.64 430,731 6.00 475,599 6.63 % 574,308 8.00 Total risk-based capital 897,165 12.50 574,308 8.00 619,176 8.63 % 717,885 10.00 |
FDIC Minimum Capital Adequacy Requirements | The following table shows the Bank’s actual capital amounts and ratios as of December 31, 2017 and 2016 , compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution (dollars in thousands). Actual capital FDIC minimum capital FDIC minimum capital adequacy requirements with Capital Conservation buffer To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017 Tier 1 leverage capital $ 834,084 9.07 % $ 367,986 4.00 % $ 367,986 4.00 % $ 459,983 5.00 % Common equity Tier 1 risk-based capital 834,084 11.15 336,721 4.50 % 430,254 5.75 486,374 6.50 Tier 1 risk-based capital 834,084 11.15 448,961 6.00 % 542,494 7.25 598,615 8.00 Total risk-based capital 894,430 11.95 598,615 8.00 % 692,148 9.25 748,268 10.00 Actual capital FDIC minimum capital adequacy requirements FRB minimum capital To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Tier 1 leverage capital $ 760,708 8.42 % $ 361,172 4.00 % $ 361,172 4.00 % $ 451,465 5.00 % Common equity Tier 1 risk-based capital 760,708 10.60 323,040 4.50 367,907 5.13 % 466,613 6.50 Tier 1 risk-based capital 760,708 10.60 430,720 6.00 475,587 6.63 % 574,293 8.00 Total risk-based capital 822,743 11.46 574,293 8.00 619,160 8.63 % 717,867 10.00 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 value as of December 31, 2017 and 2016 , by level within the fair value hierarchy (in thousands). Fair Value Measurements at Reporting Date Using: December 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: Agency obligations $ 19,005 19,005 — — Mortgage-backed securities 988,367 — 988,367 — State and municipal obligations 3,388 — 3,388 — Corporate obligations 26,394 — 26,394 — Equities 658 658 — — Total securities available for sale $ 1,037,812 19,663 1,018,149 — Derivative assets 7,219 — 7,219 $ 1,045,031 19,663 1,025,368 — Derivative liabilities $ 6,315 — 6,315 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 6,971 — — 6,971 Foreclosed assets 6,864 — — 6,864 $ 13,835 — — 13,835 Fair Value Measurements at Reporting Date Using: 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: U.S. 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 — Equities 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 December 31, 2017 and December 31, 2016 . Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at December 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 $ 190,834 190,834 190,834 — — Securities available for sale: Agency obligations 19,005 19,005 19,005 — — Mortgage-backed securities 988,367 988,367 — 988,367 — State and municipal obligations 3,388 3,388 — 3,388 — Corporate obligations 26,394 26,394 — 26,394 — Equity securities 658 658 658 — — Total securities available for sale $ 1,037,812 1,037,812 19,663 1,018,149 — Investment securities held to maturity: Agency obligations $ 4,308 4,221 4,221 — — Mortgage-backed securities 382 396 — 396 — State and municipal obligations 462,942 470,484 — 470,484 — Corporate obligations 10,020 9,938 — 9,938 — Total securities held to maturity $ 477,652 485,039 4,221 480,818 — FHLBNY stock 81,184 81,184 81,184 — — Loans, net of allowance for loan losses 7,265,523 7,217,705 — — 7,217,705 Derivative assets 7,219 7,219 — 7,219 — Financial liabilities: Deposits other than certificates of deposits $ 6,079,357 6,079,357 6,079,357 — — Certificates of deposit 634,809 632,744 — 632,744 — Total deposits $ 6,714,166 6,712,101 6,079,357 632,744 — Borrowings 1,742,514 1,739,102 — 1,739,102 — Derivative liabilities 6,315 6,315 — 6,315 — 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: U.S. 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 |
Selected Quarterly Financial 42
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | The following tables are a summary of certain quarterly financial data for the years ended December 31, 2017 and 2016 . 2017 Quarters Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Interest income $ 77,913 80,443 81,894 83,596 Interest expense 10,878 11,388 11,682 11,696 Net interest income 67,035 69,055 70,212 71,900 Provision for loan losses 1,500 1,700 500 1,900 Net interest income after provision for loan losses 65,535 67,355 69,712 70,000 Non-interest income 12,465 14,819 15,112 13,301 Non-interest expense 46,124 47,340 46,280 48,078 Income before income tax expense 31,876 34,834 38,544 35,223 Income tax expense 8,368 10,451 11,969 15,740 Net income $ 23,508 24,383 26,575 19,483 Basic earnings per share $ 0.37 0.38 0.41 0.30 Diluted earnings per share $ 0.37 0.38 0.41 0.30 2016 Quarters Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Interest income $ 73,974 74,805 76,045 77,491 Interest expense 10,905 10,895 11,074 10,874 Net interest income 63,069 63,910 64,971 66,617 Provision for loan losses 1,500 1,700 1,000 1,200 Net interest income after provision for loan losses 61,569 62,210 63,971 65,417 Non-interest income 13,018 13,824 14,066 14,485 Non-interest expense 44,878 45,897 45,850 47,153 Income before income tax expense 29,709 30,137 32,187 32,749 Income tax expense 8,736 8,781 9,281 10,182 Net income $ 20,973 21,356 22,906 22,567 Basic earnings per share $ 0.33 0.34 0.36 0.35 Diluted earnings per share $ 0.33 0.34 0.36 0.35 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings (Loss) Per Share | The following is a reconciliation of the outstanding shares used in the basic and diluted earnings per share calculations. (Dollars in thousands, except per share data) For the Year Ended December 31, 2017 2016 2015 Net income $ 93,949 87,802 83,722 Basic weighted average common shares outstanding 64,384,851 63,643,622 62,945,669 Plus: Dilutive shares 194,371 208,364 169,049 Diluted weighted average common shares outstanding 64,579,222 63,851,986 63,114,718 Earnings per share: Basic $ 1.46 1.38 1.33 Diluted $ 1.45 1.38 1.33 |
Parent-only Financial Informa44
Parent-only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Statements of Financial Condition | The condensed financial statements of Provident Financial Services, Inc. (parent company only) are presented below: Condensed Statements of Financial Condition (Dollars in Thousands) December 31, 2017 December 31, 2016 Assets Cash and due from banks $ 16,921 31,851 Securities available for sale, at fair value 658 549 Investment in subsidiary 1,244,670 1,177,110 Due from subsidiary—SAP (4,419 ) (3,004 ) ESOP loan 41,419 45,971 Other assets (37 ) (31 ) Total assets $ 1,299,212 1,252,446 Liabilities and Stockholders’ Equity Other liabilities 551 665 Total stockholders’ equity 1,298,661 1,251,781 Total liabilities and stockholders’ equity $ 1,299,212 1,252,446 |
Condensed Statements of Operations | Condensed Statements of Operations (Dollars in Thousands) For the Years Ended December 31, 2017 2016 2015 Dividends from subsidiary $ 59,980 45,369 41,285 Interest income 1,839 1,995 2,153 Investment gain 17 15 12 Total income 61,836 47,379 43,450 Non-interest expense 1,021 902 812 Total expense 1,021 902 812 Income before income tax expense 60,815 46,477 42,638 Income tax expense 312 414 505 Income before undistributed net income of subsidiary 60,503 46,063 42,133 Earnings in excess of dividends (equity in undistributed net income) of subsidiary 33,446 41,739 41,589 Net income $ 93,949 87,802 83,722 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows (Dollars in Thousands) For the Years Ended December 31, 2017 2016 2015 Cash flows from operating activities: Net income $ 93,949 87,802 83,722 Adjustments to reconcile net income to net cash provided by operating activities Earnings in excess of dividends (equity in undistributed net income) of subsidiary (33,446 ) (41,739 ) (41,589 ) ESOP allocation 4,600 3,706 2,997 SAP allocation 4,963 3,812 4,625 Stock option allocation 203 172 272 Decrease in due from subsidiary—SAP 1,415 465 5,333 Increase in other assets (34,919 ) (8,177 ) (8,406 ) Decrease in other liabilities (114 ) (70 ) (55 ) Net cash provided by operating activities 36,651 45,971 46,899 Cash flows from investing activities: Net decrease in ESOP loan 4,552 3,901 3,566 Net cash provided by investing activities 4,552 3,901 3,566 Cash flows from financing activities: Purchases of treasury stock (443 ) (1,557 ) — Purchase of employee restricted shares to fund statutory tax withholding (778 ) (1,225 ) (1,988 ) Cash dividends paid (59,980 ) (45,369 ) (41,285 ) Shares issued dividend reinvestment plan 2,114 1,652 1,447 Stock options exercised 2,954 6,198 3,166 Net cash used in financing activities (56,133 ) (40,301 ) (38,660 ) Net (decrease) increase in cash and cash equivalents (14,930 ) 9,571 11,805 Cash and cash equivalents at beginning of period 31,851 22,280 10,475 Cash and cash equivalents at end of period $ 16,921 31,851 22,280 |
Other Comprehensive (Loss) In45
Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Components of Other Comprehensive (Loss) Income | The following table presents the components of other comprehensive (loss) income both gross and net of tax, for the years ended December 31, 2017 , 2016 and 2015 (in thousands): For the Years Ended December 31, 2017 2016 2015 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Components of Other Comprehensive (Loss)Income: Unrealized gains and losses on securities available for sale: Net (losses) gains arising during the period $ (3,612 ) 1,449 (2,163 ) (7,405 ) 2,974 (4,431 ) (5,683 ) 2,282 (3,401 ) Reclassification adjustment for gains included in net income — — — (50 ) 20 (30 ) (654 ) 263 (391 ) Total (3,612 ) 1,449 (2,163 ) (7,455 ) 2,994 (4,461 ) (6,337 ) 2,545 (3,792 ) Unrealized gains (losses) on derivatives (cash flow hedges) 633 (254 ) 379 404 (162 ) 242 (122 ) 49 (73 ) Amortization related to post retirement obligations (1,475 ) 586 (889 ) 5,628 (2,260 ) 3,368 2,156 (866 ) 1,290 Total other comprehensive (loss) income $ (4,454 ) 1,781 (2,673 ) (1,423 ) 572 (851 ) (4,303 ) 1,728 (2,575 ) |
Changes in Accumulated Other Comprehensive Income by Component, net of tax | The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2017 and 2016 are summarized in the following table (in thousands): Pension Post-retirement 2017 2016 2017 2016 Unrecognized prior service cost $ — — — — Unrecognized net actuarial loss (gain) 11,091 11,968 (4,781 ) (6,993 ) Total accumulated other comprehensive loss (gain) $ 11,091 11,968 (4,781 ) (6,993 ) The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of tax, for the years ended December 31, 2017 and 2016 , including the reclassification of income tax effects due to the adoption of ASU No. 2018-02 for the year ended December 31, 2017 (in thousands): Changes in Accumulated Other Comprehensive (Loss) Income by Component, net of tax For the Years Ended December 31, 2017 2016 Unrealized Sale Post-Retirement Unrealized gains (losses) on Derivatives (cash flow hedges) Accumulated Unrealized Sale Post-Retirement Unrealized gains (losses) on Derivatives (cash flow hedges) Accumulated Balance at the beginning of the period $ (510 ) (3,056 ) 169 (3,397 ) 3,951 (6,424 ) (73 ) (2,546 ) Current period change in other comprehensive income (loss) (2,163 ) (889 ) 379 (2,673 ) (4,461 ) 3,368 242 (851 ) Reclassification of tax effects due to the adoption of ASU No. 2018-02 (619 ) (901 ) 125 (1,395 ) — — — — Balance at the end of the period $ (3,292 ) (4,846 ) 673 (7,465 ) (510 ) (3,056 ) 169 (3,397 ) |
Reclassification Out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications out of accumulated other comprehensive (loss) income for the years ended December 31, 2017 , 2016 and 2015 (in thousands): Reclassifications Out of Accumulated Other Comprehensive Amount reclassified from AOCI for the years ended December 31, Affected line item in the Consolidated 2017 2016 2015 Details of AOCI: Securities available for sale: Realized net gains on the sale of securities available for sale $ — 50 654 Net gain on securities transactions — (20 ) (263 ) Income tax expense — 30 391 Net of tax Post-retirement obligations: Amortization of actuarial losses 243 943 774 Compensation and employee benefits (1) (64 ) (379 ) (311 ) Income tax expense 179 564 463 Net of tax Total reclassifications $ 179 594 854 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 11. Benefit Plans |
Derivative and Hedging Activi46
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of December 31, 2017 and 2016 (in thousands): As of December 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 instruments: Interest rate products Other assets $ 6,303 Other liabilities $ 6,315 Credit contracts Other assets 1 — Total derivatives not designated as hedging instruments $ 6,304 $ 6,315 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 915 Other liabilities $ — Total derivatives designated as hedging instruments $ 915 $ — As of 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 instruments: Interest rate products Other assets $ 7,156 Other liabilities $ 6,750 Credit contracts Other assets 3 — Total derivatives not designated as hedging instruments $ 7,159 $ 6,750 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 282 Other liabilities $ — Total derivatives designated as hedging instruments $ 282 $ — |
Derivative Instruments, Gain (Loss) | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2017 , 2016 and 2015 (in thousands). Gain (loss) recognized in Income on derivatives For the Year Ended December 31, Consolidated Statements of Income 2017 2016 2015 Derivatives not designated as a hedging instruments: Interest rate products Other income $ (422 ) $ 186 $ 238 Credit contracts Other income 2 120 (1 ) Total derivatives not designated as hedging instruments $ (420 ) $ 306 $ 237 Derivatives designated as a hedging instruments: Interest rate products Interest expense (205 ) (394 ) (122 ) Total derivatives designated as a hedging instruments $ (205 ) $ (394 ) $ (122 ) |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2002 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Cash and cash equivalents maturity period, days | 90 days | |
Percentage of participants matched contribution | 6.00% | |
Dividends paid on unallocated ESOP shares over period (in years) | 30 years | |
Shares held by the DDFP (in shares) | 296,049 | |
Service period of employee subjected to elimination of postretirement healthcare benefits (in years) | 10 years | |
Reclassification due to the adoption of ASU No. 2018-02 | $ 0 | |
Depositor Relationships [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Amortized accelerated basis period (in years) | 8 years 9 months 18 days | |
Building [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life, (in years) | 25 years | |
Building [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life, (in years) | 40 years | |
Furniture And Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life, (in years) | 3 years | |
Furniture And Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life, (in years) | 5 years | |
Beacon Trust [Member] | Customer Relationships [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Amortized accelerated basis period (in years) | 12 years | |
The MDE Group [Member] | Customer Relationships [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Amortized accelerated basis period (in years) | 10 years 4 months 24 days | |
Accounting Standards Update 2018-02 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Reclassification due to the adoption of ASU No. 2018-02 | $ 1,400 |
Stockholders Equity (Detail)
Stockholders Equity (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 15, 2003 | Dec. 31, 2017 | Dec. 31, 2016 |
Equity [Abstract] | |||
Common stock, shares issued (in shares) | 59,600,000 | 83,209,293 | 83,209,293 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, per share (in dollars per share) | $ 10 | ||
Proceeds from issuance of common stock | $ 567.2 | ||
Cash donated | $ 4.8 | ||
Number of shares donated | 1,920,000 | ||
Value of shares donated | $ 24 | ||
Liquidation account balance | $ 11.5 |
Restrictions on Cash and Due 49
Restrictions on Cash and Due from Banks (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Cash and due from banks | $ 139,557 | $ 92,508 |
Cash Reserves Required by Banking Regulations [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Cash and due from banks | $ 39,500 | $ 36,700 |
Investment Securities Held to50
Investment Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 477,652 | $ 488,183 |
Gross unrealized gains | 9,295 | 6,675 |
Gross unrealized losses | (1,908) | (5,571) |
Fair value | 485,039 | 489,287 |
Agency Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 4,308 | 4,306 |
Gross unrealized gains | 0 | 2 |
Gross unrealized losses | (87) | (83) |
Fair value | 4,221 | 4,225 |
Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 382 | 893 |
Gross unrealized gains | 14 | 31 |
Gross unrealized losses | 0 | 0 |
Fair value | 396 | 924 |
State and municipal obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 462,942 | 473,653 |
Gross unrealized gains | 9,280 | 6,635 |
Gross unrealized losses | (1,738) | (5,436) |
Fair value | 470,484 | 474,852 |
Corporate Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 10,020 | 9,331 |
Gross unrealized gains | 1 | 7 |
Gross unrealized losses | (83) | (52) |
Fair value | $ 9,938 | $ 9,286 |
Investment Securities Held to51
Investment Securities Held to Maturity - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)security | Dec. 31, 2016USD ($)security | Dec. 31, 2015USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to maturity securities at carrying value | $ 409,700,000 | $ 384,800,000 | |
Investment securities held to maturity | 477,652,000 | 488,183,000 | |
Fair value | 485,039,000 | 489,287,000 | |
Proceeds from the calls | $ 55,720,000 | $ 62,975,000 | $ 37,271,000 |
Number of securities in an unrealized loss position | security | 184 | 332 | |
Held-to-maturity Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Recognized gain on calls of securities held to maturity portfolio | $ 60,000 | $ 15,000 | 8,000 |
Recognized loss on calls of securities held to maturity portfolio | 3,000 | 1,000 | 0 |
Proceeds from the calls | 32,900,000 | 45,900,000 | $ 27,000,000 |
Mortgage-backed securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Investment securities held to maturity | 382,000 | 893,000 | |
Fair value | $ 396,000 | $ 924,000 |
Investment Securities Held to52
Investment Securities Held to Maturity - Securities Held to Maturity by Contractual Maturity (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, amortized cost | $ 7,123 |
Due after one year through five years, amortized cost | 67,352 |
Due after five years through ten years, amortized cost | 260,937 |
Due after ten years, amortized cost | 141,858 |
Amortized cost | 477,270 |
Due in one year or less, fair value | 7,147 |
Due after one year through five years, fair value | 67,915 |
Due after five years through ten years, fair value | 265,279 |
Due after ten years, fair value | 144,302 |
Fair value | $ 484,643 |
Investment Securities Held to53
Investment Securities Held to Maturity - Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | $ 50,800 | $ 180,374 |
12 months or longer, Fair value | 49,488 | 6,617 |
Total, fair value | 100,288 | 186,991 |
Less than 12 months, gross unrealized losses | (465) | (5,267) |
12 months or longer, gross unrealized losses | (1,443) | (304) |
Total, gross unrealized losses | (1,908) | (5,571) |
Agency Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 3,821 | 3,525 |
12 months or longer, Fair value | 0 | 0 |
Total, fair value | 3,821 | 3,525 |
Less than 12 months, gross unrealized losses | (87) | (83) |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, gross unrealized losses | (87) | (83) |
State and municipal obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 37,317 | 172,152 |
12 months or longer, Fair value | 49,488 | 6,617 |
Total, fair value | 86,805 | 178,769 |
Less than 12 months, gross unrealized losses | (295) | (5,132) |
12 months or longer, gross unrealized losses | (1,443) | (304) |
Total, gross unrealized losses | (1,738) | (5,436) |
Corporate Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 9,662 | 4,697 |
12 months or longer, Fair value | 0 | 0 |
Total, fair value | 9,662 | 4,697 |
Less than 12 months, gross unrealized losses | (83) | (52) |
12 months or longer, gross unrealized losses | ||
Total, gross unrealized losses | $ (83) | $ (52) |
Securities Available for Sale -
Securities Available for Sale - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)security | Dec. 31, 2016USD ($)security | Dec. 31, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale at carrying value | $ 939,400,000 | $ 720,400,000 | |
Amortized cost | 1,042,285,000 | 1,041,247,000 | |
Securities available for sale, at fair value | 1,037,812,000 | 1,040,386,000 | |
Proceeds from the sale of securities available for sale | $ 0 | 3,401,000 | $ 14,005,000 |
Gross gains from sale of available for sale securities | 95,000 | ||
Gross losses from sale of available for sale securities | $ 45,000 | ||
Number of securities in an unrealized loss position | security | 122 | 87 | |
Available-for-sale Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | $ 48,320,000 | ||
Securities available for sale, at fair value | 48,787,000 | ||
Proceeds from the sale of securities available for sale | 0 | $ 3,400,000 | |
Mortgage-backed securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 993,548,000 | 952,992,000 | |
Securities available for sale, at fair value | 988,367,000 | 951,861,000 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 417,000 | 397,000 | |
Securities available for sale, at fair value | 658,000 | $ 549,000 | |
Private Label Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | $ 99,000 | ||
Number of securities in an unrealized loss position | security | 2 | ||
Unrealized losses | $ 2,000 |
Securities Available for Sale55
Securities Available for Sale - Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 1,042,285 | $ 1,041,247 |
Gross unrealized gains | 5,643 | 7,558 |
Gross unrealized losses | (10,116) | (8,419) |
Securities available for sale, at fair value | 1,037,812 | 1,040,386 |
US Treasury obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 7,995 | |
Gross unrealized gains | 13 | |
Gross unrealized losses | 0 | |
Securities available for sale, at fair value | 8,008 | |
Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 19,014 | 57,123 |
Gross unrealized gains | 0 | 90 |
Gross unrealized losses | (9) | (25) |
Securities available for sale, at fair value | 19,005 | 57,188 |
Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 993,548 | 952,992 |
Gross unrealized gains | 4,914 | 7,249 |
Gross unrealized losses | (10,095) | (8,380) |
Securities available for sale, at fair value | 988,367 | 951,861 |
State and municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 3,259 | 3,727 |
Gross unrealized gains | 129 | 19 |
Gross unrealized losses | 0 | (3) |
Securities available for sale, at fair value | 3,388 | 3,743 |
Corporate obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 26,047 | 19,013 |
Gross unrealized gains | 359 | 35 |
Gross unrealized losses | (12) | (11) |
Securities available for sale, at fair value | 26,394 | 19,037 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 417 | 397 |
Gross unrealized gains | 241 | 152 |
Gross unrealized losses | 0 | 0 |
Securities available for sale, at fair value | $ 658 | $ 549 |
Securities Available for Sale56
Securities Available for Sale - Securities Available for Sale by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 1,042,285 | $ 1,041,247 |
Securities available for sale, at fair value | 1,037,812 | $ 1,040,386 |
Available-for-sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, amortized cost | 20,406 | |
Due after one year through five years, amortized cost | 3,009 | |
Due after five years through ten years, amortized cost | 24,905 | |
Amortized cost | 48,320 | |
Due in one year or less, fair value | 20,390 | |
Due after one year through five years, fair value | 3,048 | |
Due after five years through ten years, fair value | 25,349 | |
Securities available for sale, at fair value | $ 48,787 |
Securities Available for Sale57
Securities Available for Sale - Disclosure on Securities Available for Sale with Temporary Impairment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | $ 432,752 | $ 568,290 |
12 months or longer, fair value | 243,044 | 1,055 |
Total, fair value | 675,796 | 569,345 |
Less than 12 months, gross unrealized losses | (3,944) | (8,405) |
12 months or longer, gross unrealized losses | (6,172) | (14) |
Total, gross unrealized losses | (10,116) | (8,419) |
Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 12,006 | 14,000 |
12 months or longer, fair value | 6,999 | 0 |
Total, fair value | 19,005 | 14,000 |
Less than 12 months, gross unrealized losses | (8) | (25) |
12 months or longer, gross unrealized losses | (1) | 0 |
Total, gross unrealized losses | (9) | (25) |
Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 420,746 | 553,629 |
12 months or longer, fair value | 235,056 | 65 |
Total, fair value | 655,802 | 553,694 |
Less than 12 months, gross unrealized losses | (3,936) | (8,377) |
12 months or longer, gross unrealized losses | (6,159) | (3) |
Total, gross unrealized losses | (10,095) | (8,380) |
State and municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 661 | |
12 months or longer, fair value | 0 | |
Total, fair value | 661 | |
Less than 12 months, gross unrealized losses | (3) | |
12 months or longer, gross unrealized losses | 0 | |
Total, gross unrealized losses | (3) | |
Corporate obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 0 | 0 |
12 months or longer, fair value | 989 | 990 |
Total, fair value | 989 | 990 |
Less than 12 months, gross unrealized losses | 0 | |
12 months or longer, gross unrealized losses | (12) | (11) |
Total, gross unrealized losses | $ (12) | $ (11) |
Loans Receivable and Allowanc58
Loans Receivable and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)SecurityLoanContractborrower | Dec. 31, 2016USD ($)SecurityLoanContractborrower | Dec. 31, 2015USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amortization of interest income | $ 1,000 | $ 1,300 | $ 1,100 |
Principal amount of nonaccrual loans | $ 34,900 | $ 42,400 | |
Number of loans 90 days past due and still accruing | Contract | 0 | 0 | |
Increase in interest income | $ 1,900 | $ 2,200 | 1,200 |
Amount of cash basis interest income recognized on impaired loans | 1,756 | $ 1,486 | 1,900 |
Impaired loan defined floor limit (greater than) | $ 1,000 | ||
Impaired loans number | SecurityLoan | 149 | 141 | |
Impaired loans | $ 52,041 | $ 52,019 | |
Number of troubled debt restructurings | SecurityLoan | 136 | ||
Number of borrowers | borrower | 121 | 110 | |
Loans and leases receivable, impaired, nonperforming, accrual of interest | $ 41,600 | ||
Charge-offs | $ 8,941 | 6,950 | $ 8,828 |
Allowances for loan losses | $ 2,690 | $ 2,334 | |
Weighted average modified interest rate | 4.18% | 5.25% | |
Yield percentage rate | 4.19% | 4.25% | |
Loans modified as TDRs | SecurityLoan | 0 | ||
Loans declined | $ 303 | ||
Average balances of impaired loans | 54,000 | $ 52,000 | |
Loan commitments | 1,710,000 | 1,551,200 | |
Undisbursed home equity and personal credit lines | $ 270,900 | $ 279,800 | |
Impaired Loans Troubled Debt Restructurings [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans number | SecurityLoan | 141 | ||
Impaired loans | $ 41,700 | ||
Number of troubled debt restructurings | SecurityLoan | 125 | 114 | |
Loans and leases receivable, impaired, nonperforming, accrual of interest | $ 31,700 | $ 29,900 | |
Charge-offs | 5,100 | 0 | |
Allowances for loan losses | 166 | 187 | |
No Allowance For Loan Losses Required [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired financing receivable with no related allowance | $ 31,400 | $ 31,800 | |
Residential Commercial And Commercial Mortgage Loan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans number | SecurityLoan | 149 | 141 | |
Impaired loans | $ 52,000 | $ 52,000 | |
Residential Commercial And Commercial Mortgage Loan [Member] | Non Accrual [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans number | SecurityLoan | 24 | 27 | |
Impaired loans | $ 20,300 | $ 22,100 | |
Team Capital [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certain loans acquired in transfer not accounted for as debt securities | $ 1,000 | $ 1,300 |
Loans Receivable and Allowanc59
Loans Receivable and Allowance for Loan Losses - Schedule of Summarized Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | $ 7,328,963 | $ 7,004,308 |
Purchased credit-impaired (PCI) loans | 969 | 1,272 |
Premiums on purchased loans | 4,029 | 4,968 |
Unearned discounts | (36) | (39) |
Net deferred fees | (8,207) | (7,023) |
Total loans | 7,325,718 | 7,003,486 |
Mortgage Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 5,109,868 | 4,857,109 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,745,138 | 1,630,444 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 473,957 | 516,755 |
Residential Real Estate [Member] | Mortgage Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,142,347 | 1,211,672 |
Commercial Real Estate [Member] | Mortgage Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 2,171,056 | 1,978,569 |
Multifamily [Member] | Mortgage Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,403,885 | 1,402,054 |
Construction Loans [Member] | Mortgage Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | $ 392,580 | $ 264,814 |
Loans Receivable and Allowanc60
Loans Receivable and Allowance for Loan Losses - Summary of Aging Loans Receivable by Portfolio Segment and Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 34,929 | $ 42,401 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 52,458 | 60,708 |
Current | 7,276,505 | 6,943,600 |
Total gross loans | 7,328,963 | 7,004,308 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 12,311 | 10,108 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 5,218 | 8,199 |
Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 15,195 | 22,584 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 28,815 | 35,118 |
Current | 5,081,053 | 4,821,991 |
Total gross loans | 5,109,868 | 4,857,109 |
Mortgage Portfolio Segment [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 8,105 | 12,021 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 20,239 | 24,475 |
Current | 1,122,108 | 1,187,197 |
Total gross loans | 1,142,347 | 1,211,672 |
Mortgage Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 7,090 | 7,493 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 8,576 | 7,573 |
Current | 2,162,480 | 1,970,996 |
Total gross loans | 2,171,056 | 1,978,569 |
Mortgage Portfolio Segment [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 0 | 553 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 0 | 553 |
Current | 1,403,885 | 1,401,501 |
Total gross loans | 1,403,885 | 1,402,054 |
Mortgage Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 0 | 2,517 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 0 | 2,517 |
Current | 392,580 | 262,297 |
Total gross loans | 392,580 | 264,814 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 9,295 | 5,891 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 7,809 | 5,891 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 1,486 | 0 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 0 | 0 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 0 | 0 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 4,325 | 6,643 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 4,325 | 6,563 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 0 | 80 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 0 | 0 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 17,243 | 16,787 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 18,200 | 18,800 |
Current | 1,726,938 | 1,611,644 |
Total gross loans | 1,745,138 | 1,630,444 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 551 | 1,656 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 406 | 357 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,491 | 3,030 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 5,443 | 6,790 |
Current | 468,514 | 509,965 |
Total gross loans | 473,957 | 516,755 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 2,465 | 2,561 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | $ 487 | $ 1,199 |
Loans Receivable and Allowanc61
Loans Receivable and Allowance for Loan Losses - Summary of Loans Receivable by Portfolio Segment and Impairment Method (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 52,041 | $ 52,019 |
Collectively evaluated for impairment | 7,276,922 | 6,952,289 |
Total gross loans | 7,328,963 | 7,004,308 |
Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 28,459 | 29,551 |
Collectively evaluated for impairment | 5,081,409 | 4,827,558 |
Total gross loans | 5,109,868 | 4,857,109 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 21,223 | 20,255 |
Collectively evaluated for impairment | 1,723,915 | 1,610,189 |
Total gross loans | 1,745,138 | 1,630,444 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 2,359 | 2,213 |
Collectively evaluated for impairment | 471,598 | 514,542 |
Total gross loans | $ 473,957 | $ 516,755 |
Loans Receivable and Allowanc62
Loans Receivable and Allowance for Loan Losses - Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | $ 2,690 | $ 2,334 | ||
Collectively evaluated for impairment | 57,505 | 59,549 | ||
Total | 60,195 | 61,883 | $ 61,424 | $ 61,734 |
Mortgage Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 1,486 | 1,986 | ||
Collectively evaluated for impairment | 26,566 | 27,640 | ||
Total | 28,052 | 29,626 | 32,094 | |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 1,134 | 268 | ||
Collectively evaluated for impairment | 28,680 | 28,875 | ||
Total | 29,814 | 29,143 | 25,829 | |
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 70 | 80 | ||
Collectively evaluated for impairment | 2,259 | 3,034 | ||
Total | 2,329 | 3,114 | 3,501 | |
Total Portfolio Segments [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 2,690 | 2,334 | ||
Collectively evaluated for impairment | 57,505 | 59,549 | ||
Total | 60,195 | 61,883 | 61,424 | |
Unallocated Financing Receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | ||
Total | $ 0 | $ 0 | $ 0 |
Loans Receivable and Allowanc63
Loans Receivable and Allowance for Loan Losses - Schedule of Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)SecurityLoan | Dec. 31, 2016USD ($)SecurityLoan | |
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 8 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 3,604 | $ 1,300 |
Post-Modification Outstanding Recorded Investment | $ 3,391 | $ 1,300 |
Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 5 | |
Pre-Modification Outstanding Recorded Investment | $ 2,468 | |
Post-Modification Outstanding Recorded Investment | $ 2,260 | |
Mortgage Portfolio Segment [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 5 | |
Pre-Modification Outstanding Recorded Investment | $ 2,468 | |
Post-Modification Outstanding Recorded Investment | $ 2,260 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 874 | $ 1,300 |
Post-Modification Outstanding Recorded Investment | $ 874 | $ 1,300 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 262 | |
Post-Modification Outstanding Recorded Investment | $ 257 |
Loans Receivable and Allowanc64
Loans Receivable and Allowance for Loan Losses - Change in Accretable Yield (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning balance | $ 200 | $ 676 |
Acquisition | 0 | 0 |
Accretion | (320) | (1,417) |
Reclassification from non-accretable difference | 221 | 941 |
Ending balance | $ 101 | $ 200 |
Loans Receivable and Allowanc65
Loans Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | $ 61,883 | $ 61,424 | $ 61,883 | $ 61,424 | $ 61,734 | ||||||
Provision charged to operations | $ 1,900 | $ 500 | $ 1,700 | 1,500 | $ 1,200 | $ 1,000 | $ 1,700 | 1,500 | 5,600 | 5,400 | 4,350 |
Recoveries of loans previously charged off | 1,653 | 2,009 | 4,168 | ||||||||
Loans charged off | (8,941) | (6,950) | (8,828) | ||||||||
Balance at end of period | 60,195 | 61,883 | 60,195 | 61,883 | 61,424 | ||||||
Mortgage Portfolio Segment [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | 29,626 | 32,094 | 29,626 | 32,094 | |||||||
Provision charged to operations | (1,139) | (2,028) | |||||||||
Recoveries of loans previously charged off | 66 | 628 | |||||||||
Loans charged off | (501) | (1,068) | |||||||||
Balance at end of period | 28,052 | 29,626 | 28,052 | 29,626 | 32,094 | ||||||
Commercial Portfolio Segment [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | 29,143 | 25,829 | 29,143 | 25,829 | |||||||
Provision charged to operations | 7,058 | 7,606 | |||||||||
Recoveries of loans previously charged off | 800 | 570 | |||||||||
Loans charged off | (7,187) | (4,862) | |||||||||
Balance at end of period | 29,814 | 29,143 | 29,814 | 29,143 | 25,829 | ||||||
Consumer Portfolio Segment [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | 3,114 | 3,501 | 3,114 | 3,501 | |||||||
Provision charged to operations | (319) | (178) | |||||||||
Recoveries of loans previously charged off | 787 | 811 | |||||||||
Loans charged off | (1,253) | (1,020) | |||||||||
Balance at end of period | 2,329 | 3,114 | 2,329 | 3,114 | 3,501 | ||||||
Total Portfolio Segments [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | 61,883 | 61,424 | 61,883 | 61,424 | |||||||
Provision charged to operations | 5,600 | 5,400 | |||||||||
Recoveries of loans previously charged off | 1,653 | 2,009 | |||||||||
Loans charged off | (8,941) | (6,950) | |||||||||
Balance at end of period | 60,195 | 61,883 | 60,195 | 61,883 | 61,424 | ||||||
Unallocated Financing Receivables [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | $ 0 | $ 0 | 0 | 0 | |||||||
Provision charged to operations | 0 | 0 | |||||||||
Recoveries of loans previously charged off | 0 | 0 | |||||||||
Loans charged off | 0 | 0 | |||||||||
Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Loans Receivable and Allowanc66
Loans Receivable and Allowance for Loan Losses - Summary of Impaired Loans Receivable by Class (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | $ 39,054 | $ 38,123 | |
Loans with no related allowance, Recorded Investment | 31,410 | 31,809 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 32,152 | 26,971 | |
Loans with no related allowance, Interest Income Recognized | 955 | 842 | |
Loans with an allowance recorded, Unpaid Principal Balance | 22,542 | 20,930 | |
Loans with an allowance recorded, Recorded Investment | 20,631 | 20,210 | |
Loans with an allowance recorded, Related Allowance | 2,690 | 2,334 | |
Loans with an allowance recorded, Average Recorded Investment | 21,893 | 25,031 | |
Loans with an allowance recorded, Interest Income Recognized | 801 | 644 | |
Total, Unpaid Principal Balance | 61,596 | 59,053 | |
Total, Recorded Investment | 52,041 | 52,019 | |
Total, Related Allowance | 2,690 | 2,334 | |
Total, Average Recorded Investment | 54,045 | 52,002 | |
Total, Interest Income Recognized | 1,756 | 1,486 | $ 1,900 |
Mortgage Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 18,276 | 14,800 | |
Loans with no related allowance, Recorded Investment | 15,385 | 11,954 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 15,574 | 12,127 | |
Loans with no related allowance, Interest Income Recognized | 491 | 524 | |
Loans with an allowance recorded, Unpaid Principal Balance | 14,116 | 18,307 | |
Loans with an allowance recorded, Recorded Investment | 13,074 | 17,597 | |
Loans with an allowance recorded, Related Allowance | 1,486 | 1,986 | |
Loans with an allowance recorded, Average Recorded Investment | 13,226 | 17,816 | |
Loans with an allowance recorded, Interest Income Recognized | 529 | 574 | |
Total, Unpaid Principal Balance | 32,392 | 33,107 | |
Total, Recorded Investment | 28,459 | 29,551 | |
Total, Related Allowance | 1,486 | 1,986 | |
Total, Average Recorded Investment | 28,800 | 29,943 | |
Total, Interest Income Recognized | 1,020 | 1,098 | |
Mortgage Portfolio Segment [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 13,239 | 10,691 | |
Loans with no related allowance, Recorded Investment | 10,477 | 7,881 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 10,552 | 8,027 | |
Loans with no related allowance, Interest Income Recognized | 479 | 484 | |
Loans with an allowance recorded, Unpaid Principal Balance | 13,052 | 14,169 | |
Loans with an allowance recorded, Recorded Investment | 12,010 | 13,520 | |
Loans with an allowance recorded, Related Allowance | 1,351 | 1,716 | |
Loans with an allowance recorded, Average Recorded Investment | 12,150 | 13,705 | |
Loans with an allowance recorded, Interest Income Recognized | 475 | 519 | |
Total, Unpaid Principal Balance | 26,291 | 24,860 | |
Total, Recorded Investment | 22,487 | 21,401 | |
Total, Related Allowance | 1,351 | 1,716 | |
Total, Average Recorded Investment | 22,702 | 21,732 | |
Total, Interest Income Recognized | 954 | 1,003 | |
Mortgage Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 5,037 | 1,556 | |
Loans with no related allowance, Recorded Investment | 4,908 | 1,556 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 5,022 | 1,586 | |
Loans with no related allowance, Interest Income Recognized | 12 | 40 | |
Loans with an allowance recorded, Unpaid Principal Balance | 1,064 | 4,138 | |
Loans with an allowance recorded, Recorded Investment | 1,064 | 4,077 | |
Loans with an allowance recorded, Related Allowance | 135 | 270 | |
Loans with an allowance recorded, Average Recorded Investment | 1,076 | 4,111 | |
Loans with an allowance recorded, Interest Income Recognized | 54 | 55 | |
Total, Unpaid Principal Balance | 6,101 | 5,694 | |
Total, Recorded Investment | 5,972 | 5,633 | |
Total, Related Allowance | 135 | 270 | |
Total, Average Recorded Investment | 6,098 | 5,697 | |
Total, Interest Income Recognized | 66 | 95 | |
Mortgage Portfolio Segment [Member] | Multifamily [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 0 | 0 | |
Loans with no related allowance, Recorded Investment | 0 | 0 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 0 | 0 | |
Loans with no related allowance, Interest Income Recognized | 0 | 0 | |
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 | |
Loans with an allowance recorded, Recorded Investment | 0 | 0 | |
Loans with an allowance recorded, Related Allowance | 0 | 0 | |
Loans with an allowance recorded, Average Recorded Investment | 0 | 0 | |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 | |
Total, Unpaid Principal Balance | 0 | 0 | |
Total, Recorded Investment | 0 | 0 | |
Total, Related Allowance | 0 | 0 | |
Total, Average Recorded Investment | 0 | 0 | |
Total, Interest Income Recognized | 0 | 0 | |
Mortgage Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 0 | 2,553 | |
Loans with no related allowance, Recorded Investment | 0 | 2,517 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 0 | 2,514 | |
Loans with no related allowance, Interest Income Recognized | 0 | 0 | |
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 | |
Loans with an allowance recorded, Recorded Investment | 0 | 0 | |
Loans with an allowance recorded, Related Allowance | 0 | 0 | |
Loans with an allowance recorded, Average Recorded Investment | 0 | 0 | |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 | |
Total, Unpaid Principal Balance | 0 | 2,553 | |
Total, Recorded Investment | 0 | 2,517 | |
Total, Related Allowance | 0 | 0 | |
Total, Average Recorded Investment | 0 | 2,514 | |
Total, Interest Income Recognized | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 19,196 | 21,830 | |
Loans with no related allowance, Recorded Investment | 14,984 | 18,874 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 15,428 | 13,818 | |
Loans with no related allowance, Interest Income Recognized | 395 | 259 | |
Loans with an allowance recorded, Unpaid Principal Balance | 7,097 | 1,381 | |
Loans with an allowance recorded, Recorded Investment | 6,239 | 1,381 | |
Loans with an allowance recorded, Related Allowance | 1,134 | 268 | |
Loans with an allowance recorded, Average Recorded Investment | 7,318 | 5,956 | |
Loans with an allowance recorded, Interest Income Recognized | 208 | 4 | |
Total, Unpaid Principal Balance | 26,293 | 23,211 | |
Total, Recorded Investment | 21,223 | 20,255 | |
Total, Related Allowance | 1,134 | 268 | |
Total, Average Recorded Investment | 22,746 | 19,774 | |
Total, Interest Income Recognized | 603 | 263 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 1,582 | 1,493 | |
Loans with no related allowance, Recorded Investment | 1,041 | 981 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 1,150 | 1,026 | |
Loans with no related allowance, Interest Income Recognized | 69 | 59 | |
Loans with an allowance recorded, Unpaid Principal Balance | 1,329 | 1,242 | |
Loans with an allowance recorded, Recorded Investment | 1,318 | 1,232 | |
Loans with an allowance recorded, Related Allowance | 70 | 80 | |
Loans with an allowance recorded, Average Recorded Investment | 1,349 | 1,259 | |
Loans with an allowance recorded, Interest Income Recognized | 64 | 66 | |
Total, Unpaid Principal Balance | 2,911 | 2,735 | |
Total, Recorded Investment | 2,359 | 2,213 | |
Total, Related Allowance | 70 | 80 | |
Total, Average Recorded Investment | 2,499 | 2,285 | |
Total, Interest Income Recognized | $ 133 | $ 125 |
Loans Receivable and Allowanc67
Loans Receivable and Allowance for Loan Losses - Summary of Loans Receivable by Credit Quality Risk Rating Indicator (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 7,328,963 | $ 7,004,308 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 44,736 | 48,537 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 65,399 | 88,297 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 428 | 0 |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 110,563 | 136,834 |
Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,218,400 | 6,867,474 |
Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 5,109,868 | 4,857,109 |
Total loans | 5,109,868 | 4,857,109 |
Mortgage Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 23,512 | 32,455 |
Mortgage Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 33,174 | 38,102 |
Mortgage Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 56,686 | 70,557 |
Mortgage Portfolio Segment [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 5,053,182 | 4,786,552 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,745,138 | 1,630,444 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 20,738 | 14,840 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 29,734 | 47,255 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 428 | 0 |
Commercial Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 50,900 | 62,095 |
Commercial Portfolio Segment [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,694,238 | 1,568,349 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 473,957 | 516,755 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 486 | 1,242 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,491 | 2,940 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,977 | 4,182 |
Consumer Portfolio Segment [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 470,980 | 512,573 |
Residential Real Estate [Member] | Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,142,347 | 1,211,672 |
Total loans | 1,142,347 | 1,211,672 |
Residential Real Estate [Member] | Mortgage Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 4,325 | 6,563 |
Residential Real Estate [Member] | Mortgage Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 8,105 | 12,021 |
Residential Real Estate [Member] | Mortgage Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Residential Real Estate [Member] | Mortgage Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Residential Real Estate [Member] | Mortgage Portfolio Segment [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 12,430 | 18,584 |
Residential Real Estate [Member] | Mortgage Portfolio Segment [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,129,917 | 1,193,088 |
Commercial Real Estate [Member] | Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 2,171,056 | 1,978,569 |
Total loans | 2,171,056 | 1,978,569 |
Commercial Real Estate [Member] | Mortgage Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 19,172 | 25,329 |
Commercial Real Estate [Member] | Mortgage Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 25,069 | 23,011 |
Commercial Real Estate [Member] | Mortgage Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | |
Commercial Real Estate [Member] | Mortgage Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Commercial Real Estate [Member] | Mortgage Portfolio Segment [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 44,241 | 48,340 |
Commercial Real Estate [Member] | Mortgage Portfolio Segment [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 2,126,815 | 1,930,229 |
Multifamily [Member] | Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,403,885 | 1,402,054 |
Total loans | 1,403,885 | 1,402,054 |
Multifamily [Member] | Mortgage Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 15 | 563 |
Multifamily [Member] | Mortgage Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 553 |
Multifamily [Member] | Mortgage Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Multifamily [Member] | Mortgage Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Multifamily [Member] | Mortgage Portfolio Segment [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 15 | 1,116 |
Multifamily [Member] | Mortgage Portfolio Segment [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,403,870 | 1,400,938 |
Construction Loans [Member] | Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 392,580 | 264,814 |
Total loans | 392,580 | 264,814 |
Construction Loans [Member] | Mortgage Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Construction Loans [Member] | Mortgage Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 2,517 |
Construction Loans [Member] | Mortgage Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Construction Loans [Member] | Mortgage Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Construction Loans [Member] | Mortgage Portfolio Segment [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 2,517 |
Construction Loans [Member] | Mortgage Portfolio Segment [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | $ 392,580 | $ 262,297 |
Banking Premises and Equipmen68
Banking Premises and Equipment (Detail) $ in Thousands | Dec. 13, 2017USD ($)office | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Property, Plant and Equipment [Abstract] | ||||
Land | $ 12,440 | $ 17,594 | ||
Banking premises | 58,523 | 81,067 | ||
Furniture, fixtures and equipment | 45,184 | 43,860 | ||
Leasehold improvements | 35,240 | 35,455 | ||
Construction in progress | 1,036 | 1,103 | ||
Banking premises and equipment, gross | 152,423 | 179,079 | ||
Less accumulated depreciation and amortization | 89,238 | 94,987 | ||
Banking premises and equipment, net | 63,185 | 84,092 | ||
Sale Leaseback Transaction [Line Items] | ||||
Depreciation expense | $ 9,000 | $ 9,400 | $ 9,600 | |
New Jersey Banking Offices [Member] | ||||
Sale Leaseback Transaction [Line Items] | ||||
Number of offices | office | 12 | |||
Net book value | $ 14,500 | |||
Net proceeds | 20,700 | |||
Deferred gain | $ 6,200 | |||
Lease term | 10 years |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 411,600 | $ 411,600 |
Core deposit premiums | 3,470 | 4,546 |
Customer relationship and other intangibles | 4,483 | 5,957 |
Mortgage servicing rights | 737 | 834 |
Total intangible assets | $ 420,290 | $ 422,937 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Core deposit premiums | $ 1,076 | $ 1,300 | $ 1,757 |
Customer relationship and other intangibles | 1,474 | 1,909 | 2,136 |
Mortgage servicing rights | 120 | 182 | 173 |
Total amortization expense of intangible assets | $ 2,670 | $ 3,391 | $ 4,066 |
Intangible Assets - Scheduled o
Intangible Assets - Scheduled of Future Amortization (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 2,004 |
2,019 | 1,709 |
2,020 | 1,415 |
2,021 | 1,120 |
2,022 | $ 825 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Savings deposits | $ 1,083,012 | $ 1,099,020 |
Money market accounts | 1,532,024 | 1,582,750 |
NOW accounts | 2,011,334 | 1,871,298 |
Non-interest bearing deposits | 1,452,987 | 1,349,378 |
Certificates of deposit | 634,809 | 651,183 |
Total deposits | $ 6,714,166 | $ 6,553,629 |
Weighted average interest rate, savings deposits | 0.17% | 0.17% |
Weighted average interest rate, money market accounts | 0.36% | 0.31% |
Weighted average interest rate, NOW accounts | 0.46% | 0.33% |
Weighted average interest rate, non-interest bearing deposits | 0.00% | 0.00% |
Weighted average interest rate, certificates of deposit | 0.94% | 0.72% |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Within one year | $ 424,448 | $ 439,035 |
One to three years | 150,280 | 134,941 |
Three to five years | 56,529 | 75,751 |
Five years and thereafter | 3,552 | 1,456 |
Certificates of deposit | $ 634,809 | $ 651,183 |
Deposits - Interest Expense on
Deposits - Interest Expense on Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |||
Savings deposits | $ 2,092 | $ 1,709 | $ 1,039 |
NOW and money market accounts | 12,205 | 10,106 | 8,046 |
Certificates of deposits | 5,144 | 5,132 | 5,436 |
Total interest expense on deposits | $ 19,441 | $ 16,947 | $ 14,521 |
Borrowed Funds - Schedule of Bo
Borrowed Funds - Schedule of Borrowed Funds (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements | $ 143,179 | $ 156,665 |
FHLB line of credit | 472,000 | 161,000 |
FHLB advances | 1,127,335 | 1,295,080 |
Borrowed funds | $ 1,742,514 | $ 1,612,745 |
Borrowed Funds - Scheduled FHLB
Borrowed Funds - Scheduled FHLB Advances (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Due in one year or less | $ 389,375 | |
Due after one year through two years | 436,551 | |
Due after two years through three years | 249,169 | |
Due after three years through four years | 42,240 | |
Due after four years through five years | 10,000 | |
Thereafter | 0 | |
Total FHLB advances | $ 1,127,335 | $ 1,295,080 |
Borrowed Funds - Scheduled Secu
Borrowed Funds - Scheduled Securities Sold Under Repurchase Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total securities sold under repurchase agreements | $ 143,179 | $ 156,665 |
Securities Sold Under Repurchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Due in one year or less | 108,179 | |
Due after one year through two years | 35,000 | |
Due after two years through three years | 0 | |
Thereafter | 0 | |
Total securities sold under repurchase agreements | $ 143,179 |
Borrowed Funds - Debt Disclosur
Borrowed Funds - Debt Disclosure by Year (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements, maximum balance | $ 210,702,000 | $ 283,233,000 |
FHLB line of credit, maximum balance | 472,000,000 | 173,000,000 |
FHLB advances, maximum balance | 1,288,448,000 | 1,343,095,000 |
Securities sold under repurchase agreements, average balance | 164,982,000 | 224,421,000 |
FHLB line of credit, average balance | 179,003,000 | 37,608,000 |
FHLB advances, average balance | $ 1,237,979,000 | $ 1,315,278,000 |
Securities sold under repurchase agreements, weighted average interest rate | 1.26% | 1.42% |
FHLB line of credit, weighted average interest rate | 1.17% | 0.61% |
FHLB advances, weighted average interest rate | 1.78% | 1.76% |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) | Dec. 31, 2016USD ($) | Dec. 31, 2006 | Dec. 31, 2002 | Dec. 31, 2017USD ($)retirement_payment$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan age attained for coverage | 21 years | |||||
Service period for employees of coverage age, years | 1 year | |||||
Vesting percentage of participants in pension plan | 100.00% | |||||
Expected future employer contributions next year | $ 0 | |||||
Requisite service period for deferred compensation arrangement | 10 years | 10 years | 10 years | |||
Discount rate | 3.50% | |||||
Percentage of matching contribution | 25.00% | 25.00% | ||||
Percentage of contribution made by the participants in benefit plans | 6.00% | 6.00% | ||||
Retirement plan for the board of directors to get maximum payments minimum age | 72 years | |||||
Number of quarterly payments made to Board of Directors from Retirement Plan | retirement_payment | 40 | |||||
Benefit plans compensation expense | $ 1,250 | |||||
Period in which undistributed balance of accrued benefit will be distributed | 60 days | |||||
Shares purchased under ESOP | shares | 4,769,464 | |||||
Average price per share purchased under ESOP (in dollars per share) | $ / shares | $ 17.09 | |||||
Outstanding loan principal | $ 41,400,000 | |||||
Number of shares released under ESOP | shares | 242,254 | 219,623 | ||||
Unallocated ESOP shares held in suspense | shares | 1,980,536 | |||||
Fair market value of ESOP shares | $ 53,400,000 | |||||
ESOP compensation expenses | 4,600,000 | $ 3,700,000 | $ 3,000,000 | |||
Estimated expense under the supplemental ESOP provision | $ 105,000 | 93,000 | 54,000 | |||
Number of shares authorized for issuance under stock award plan | shares | 3,686,510 | |||||
Limited number of shares authorized for issuance | shares | 2,100,000 | |||||
Unrecognized compensation cost relating go unvested restricted stock | $ 5,700,000 | |||||
Weighted average period in which unrecognized compensation cost recognized years | 1 year 11 months 6 days | |||||
Fair value of options vesting | $ 168,000 | $ 247,000 | $ 274,000 | |||
Projected share based compensation expense, 2018 | 138,000 | |||||
Projected share based compensation expense, 2019 | 70,582 | |||||
Projected share based compensation expense, 2020 | 10,000 | |||||
Aggregate intrinsic value of stock options outstanding | 5,249,000 | |||||
Aggregate intrinsic value of stock options exercisable | $ 4,380,000 | |||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 4.20 | $ 2.26 | $ 2.52 | |||
Retirement Plan for the Board of Directors [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Increase (decrease) in other comprehensive income from retirement plans | $ (1,000) | $ (3,000) | $ 1,800 | |||
Restricted Stock [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Share based payment award vesting period in years | 3 years | |||||
Outstanding Stock Awards [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Share based payment award compensation expense | $ 5,000,000 | 3,800,000 | 4,600,000 | |||
Stock Options [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Share based payment award vesting period in years | 5 years | |||||
Share based payment award compensation expense | $ 203,000 | 172,000 | 272,000 | |||
Share based payment award expiration period in years | 10 years | |||||
Performance Shares [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Share based payment award vesting period in years | 3 years | |||||
401(k) Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of matching contribution | 25.00% | |||||
Percentage of contribution made by the participants in benefit plans | 6.00% | |||||
Contribution to the Plan | $ 890,000 | 850,000 | 770,000 | |||
Estimated expense of supplemental ESOP provision | $ 14,500 | 17,500 | 14,500 | 11,500 | ||
Supplemental Executive Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Aggregate contributions to the benefit plan | 91,000 | 96,000 | 93,000 | |||
Increase (decrease) in other comprehensive income from retirement plans | (120,000) | (30,000) | (82,000) | |||
Other Liabilities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Retirement plan liabilities | 2,100,000 | 2,000,000 | 2,100,000 | |||
Other Liabilities [Member] | Retirement Plan for the Board of Directors [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Retirement plan liabilities | 148,000 | 142,000 | 148,000 | |||
Board of Directors [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Benefit plans compensation expense | 13,000 | 17,500 | 20,000 | |||
Pension [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Actuarial gain (loss) during the period | 0 | (70,000) | (78,000) | |||
Defined benefit plan, funded (unfunded) status of plan | $ 13,620,000 | $ 14,900,000 | $ 13,620,000 | $ 13,174,000 | ||
Discount rate | 4.25% | 3.50% | 4.25% | 4.50% | ||
Contribution to the Plan | $ 0 | $ 0 | $ 0 | |||
Post-retirement [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Actuarial gain (loss) during the period | 0 | 0 | (122,000) | |||
Defined benefit plan, funded (unfunded) status of plan | $ (20,805,000) | $ (22,757,000) | $ (20,805,000) | $ (25,694,000) | ||
Discount rate | 4.25% | 3.50% | 4.25% | 4.50% | ||
Contribution to the Plan | $ 560,000 | $ 682,000 | $ 644,000 | |||
Share-based Compensation Award, Tranche Two [Member] | Outstanding Stock Awards [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Share based payment award vesting period in years | 3 years |
Benefit Plans - Benefit Obligat
Benefit Plans - Benefit Obligation and Plan Asset Rollforward (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 29,533 | $ 28,274 | $ 28,921 |
Service cost | 0 | 0 | 0 |
Interest cost | 1,227 | 1,247 | 1,137 |
Actuarial loss | 0 | 70 | 78 |
Benefits paid | (1,590) | (1,247) | (1,179) |
Change in actuarial assumptions | 2,800 | 1,189 | (683) |
Benefit obligation at end of year | 31,970 | 29,533 | 28,274 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 43,153 | 41,448 | 42,744 |
Actual return on plan assets | 5,307 | 2,952 | (117) |
Employer contributions | 0 | 0 | 0 |
Benefits paid | (1,590) | (1,247) | (1,179) |
Fair value of plan assets at end of year | 46,870 | 43,153 | 41,448 |
Funded status at end of year | 14,900 | 13,620 | 13,174 |
Post-retirement [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 20,805 | 25,694 | 28,333 |
Service cost | 105 | 150 | 168 |
Interest cost | 871 | 1,138 | 1,122 |
Actuarial loss | 0 | 0 | 122 |
Benefits paid | (560) | (682) | (644) |
Change in actuarial assumptions | 1,536 | (5,495) | (3,407) |
Benefit obligation at end of year | 22,757 | 20,805 | 25,694 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | 0 |
Actual return on plan assets | 0 | 0 | 0 |
Employer contributions | 560 | 682 | 644 |
Benefits paid | (560) | (682) | (644) |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | $ (22,757) | $ (20,805) | $ (25,694) |
Benefit Plans - Components of A
Benefit Plans - Components of Accumulated Other Comprehensive Loss (Gain) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Pension [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service cost | $ 0 | $ 0 |
Unrecognized net actuarial loss (gain) | 11,091 | 11,968 |
Total accumulated other comprehensive loss (gain) | 11,091 | 11,968 |
Post-retirement [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service cost | 0 | 0 |
Unrecognized net actuarial loss (gain) | (4,781) | (6,993) |
Total accumulated other comprehensive loss (gain) | $ (4,781) | $ (6,993) |
Benefit Plans - Net Periodic Be
Benefit Plans - Net Periodic Benefit Cost (Increase) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 1,227 | 1,247 | 1,137 |
Return on plan assets | (2,550) | (2,449) | (2,530) |
Amortization of net gain (loss) | 920 | 943 | 774 |
Amortization of unrecognized prior service cost | 0 | 0 | 0 |
Net periodic benefit cost (increase) | (403) | (259) | (619) |
Post-retirement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 105 | 150 | 168 |
Interest cost | 871 | 1,138 | 1,122 |
Return on plan assets | 0 | 0 | 0 |
Amortization of net gain (loss) | (677) | 0 | 1 |
Amortization of unrecognized prior service cost | 0 | 0 | (1) |
Net periodic benefit cost (increase) | $ 299 | $ 1,288 | $ 1,290 |
Benefit Plans - Actuarial Assum
Benefit Plans - Actuarial Assumptions Used (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.50% | ||
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.50% | 4.25% | 4.50% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Expected return on plan assets | 6.00% | 6.00% | 6.00% |
Medical and life insurance benefits cost rate of increase | 0.00% | 0.00% | 0.00% |
Post-retirement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.50% | 4.25% | 4.50% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Medical and life insurance benefits cost rate of increase | 6.00% | 6.00% | 6.00% |
Benefit Plans - Effect of One-P
Benefit Plans - Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate (Detail) - Post-retirement [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total service cost and interest cost, 1% increase | $ 170 |
Effect on post-retirement benefits obligation, 1% increase | 4,000 |
Effect on total service cost and interest cost, 1% decrease | 140 |
Effect on post-retirement benefits obligation, 1% decrease | $ 3,170 |
Benefit Plans - Estimated Futur
Benefit Plans - Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 1,443 |
2,019 | 1,496 |
2,020 | 1,538 |
2,021 | 1,593 |
2,022 | 1,635 |
Post-retirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 645 |
2,019 | 684 |
2,020 | 705 |
2,021 | 771 |
2,022 | $ 828 |
Benefit Plans - Weighted-Averag
Benefit Plans - Weighted-Average Asset Allocation of Pension Plan Assets (Detail) - Pension [Member] | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 100.00% | 100.00% |
Domestic equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 38.00% | 37.00% |
Foreign equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 11.00% | 11.00% |
Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 49.00% | 50.00% |
Real estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 2.00% | 2.00% |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 0.00% | 0.00% |
Benefit Plans - Target Allocati
Benefit Plans - Target Allocation of Assets and Acceptable Ranges (Detail) - Pension [Member] | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 100.00% |
Domestic equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 37.00% |
Foreign equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 11.00% |
Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 50.00% |
Real estate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 2.00% |
Cash [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 0.00% |
Minimum [Member] | Domestic equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 30.00% |
Minimum [Member] | Foreign equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 5.00% |
Minimum [Member] | Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 40.00% |
Minimum [Member] | Real estate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 0.00% |
Minimum [Member] | Cash [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 0.00% |
Maximum [Member] | Domestic equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 41.00% |
Maximum [Member] | Foreign equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 13.00% |
Maximum [Member] | Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 65.00% |
Maximum [Member] | Real estate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 4.00% |
Maximum [Member] | Cash [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 0.00% |
Benefit Plans - Assets Measured
Benefit Plans - Assets Measured at Fair Value on Recurring Basis (Detail) - Pension [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | $ 46,870 | $ 43,153 | $ 41,448 | $ 42,744 |
Group Annuity Contracts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 120 | 127 | ||
Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 21,216 | 19,535 | ||
Pooled Separate Accounts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 23,491 | |||
Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 21,216 | 19,535 | ||
Level 1 [Member] | Group Annuity Contracts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Level 1 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 21,216 | 19,535 | ||
Level 1 [Member] | Pooled Separate Accounts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | |||
Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 25,654 | 23,618 | ||
Level 2 [Member] | Group Annuity Contracts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 120 | 127 | ||
Level 2 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Level 2 [Member] | Pooled Separate Accounts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 23,491 | |||
Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Level 3 [Member] | Group Annuity Contracts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Level 3 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Level 3 [Member] | Pooled Separate Accounts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | |||
Fixed Income [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 13,725 | 12,740 | ||
Fixed Income [Member] | Pooled Separate Accounts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 25,534 | |||
Fixed Income [Member] | Level 1 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 13,725 | 12,740 | ||
Fixed Income [Member] | Level 1 [Member] | Pooled Separate Accounts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | |||
Fixed Income [Member] | Level 2 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Fixed Income [Member] | Level 2 [Member] | Pooled Separate Accounts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 25,534 | |||
Fixed Income [Member] | Level 3 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Fixed Income [Member] | Level 3 [Member] | Pooled Separate Accounts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | |||
International Equity [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 5,110 | 4,659 | ||
International Equity [Member] | Level 1 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 5,110 | 4,659 | ||
International Equity [Member] | Level 2 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
International Equity [Member] | Level 3 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Large U S Equity [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 1,431 | 1,296 | ||
Large U S Equity [Member] | Level 1 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 1,431 | 1,296 | ||
Large U S Equity [Member] | Level 2 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Large U S Equity [Member] | Level 3 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Small Mid U S Equity [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 950 | 840 | ||
Small Mid U S Equity [Member] | Level 1 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 950 | 840 | ||
Small Mid U S Equity [Member] | Level 2 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Small Mid U S Equity [Member] | Level 3 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | $ 0 | $ 0 |
Benefit Plans - Status of Unves
Benefit Plans - Status of Unvested Stock Awards (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Restricted stock awards, outstanding at beginning of year | 547,698 | 591,746 | 846,462 |
Granted | 288,519 | 351,836 | 339,936 |
Forfeited | (62,677) | (178,632) | (240,191) |
Vested | (112,757) | (217,252) | (354,461) |
Restricted stock awards, outstanding at the end of year | 660,783 | 547,698 | 591,746 |
Benefit Plans - Status of Unexe
Benefit Plans - Status of Unexercised Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of stock options, outstanding at beginning of year (in shares) | 703,669 | 1,084,686 | 1,284,321 |
Number of stock options, granted (in shares) | 42,857 | 76,327 | 65,972 |
Number of stock options, exercised (in shares) | (238,370) | (368,838) | (201,320) |
Number of stock options, forfeited (in shares) | 0 | (82,006) | (62,287) |
Number of stock options, expired (in shares) | (500) | (6,500) | (2,000) |
Number of stock options, outstanding at the end of year (in shares) | 507,656 | 703,669 | 1,084,686 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted average exercise price, outstanding at beginning of year (in dollars per share) | $ 14.70 | $ 15.32 | $ 15.32 |
Weighted average exercise price, granted (in dollars per share) | 26.31 | 18.70 | 16.38 |
Weighted average exercise price, exercised (in dollars per share) | 12.22 | 16.92 | 15.72 |
Weighted average exercise price, forfeited (in dollars per share) | 0 | 16.42 | 14.93 |
Weighted average exercise price, expired (in dollars per share) | 17.94 | 18.55 | 17.94 |
Weighted average exercise price, outstanding at the end of year (in dollars per share) | $ 16.84 | $ 14.70 | $ 15.32 |
Benefit Plans - Stock Options O
Benefit Plans - Stock Options Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
$ 10.34-15.23 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, minimum (in dollars per share) | $ 10.34 |
Range of exercise prices, maximum (in dollars per share) | $ 15.23 |
Number of options outstanding (in shares) | shares | 241,740 |
Average remaining contractual life | 3 years 4 months 18 days |
Options Outstanding, weighted average exercise price (in dollars per share) | $ 14 |
Number of options exercisable (in shares) | shares | 234,738 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 13.84 |
$ 16.38-26.31 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, minimum (in dollars per share) | 16.38 |
Range of exercise prices, maximum (in dollars per share) | $ 26.31 |
Number of options outstanding (in shares) | shares | 265,916 |
Average remaining contractual life | 7 years 4 months 18 days |
Options Outstanding, weighted average exercise price (in dollars per share) | $ 19.13 |
Number of options exercisable (in shares) | shares | 136,183 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 17.45 |
Benefit Plans - Weighted Averag
Benefit Plans - Weighted Average Assumptions of Fair Value Option Grants (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Expected dividend yield | 2.89% | 3.64% | 3.49% |
Expected volatility | 20.34% | 20.71% | 21.29% |
Risk-free interest rate | 2.05% | 1.21% | 1.58% |
Expected option life | 8 years | 8 years | 8 years |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||||||||||
Federal | $ 4,163 | $ 32,506 | $ 33,778 | ||||||||
State | 1,731 | 1,314 | 2,337 | ||||||||
Total current | 5,894 | 33,820 | 36,115 | ||||||||
Deferred: | |||||||||||
Federal | 39,003 | 2,606 | (525) | ||||||||
State | 1,631 | 554 | 851 | ||||||||
Total deferred | 40,634 | 3,160 | 326 | ||||||||
Income tax expense (benefit) | $ 15,740 | $ 11,969 | $ 10,451 | $ 8,368 | $ 10,182 | $ 9,281 | $ 8,781 | $ 8,736 | $ 46,528 | $ 36,980 | $ 36,441 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||
Tax expense as result of the Tax Act | $ 3,900 | ||
Accumulated other comprehensive income, deferred tax (benefit) expense | (1,400) | $ (3,000) | $ (2,500) |
Accumulated other comprehensive income, a deferred tax expense (benefit) | (586) | 2,300 | $ 866 |
Retained earnings amount for which no provision for income tax has been made | 51,800 | ||
Unrecognized tax liability | 13,700 | ||
State [Member] | New Jersey [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Unused capital loss carryforwards | 240 | ||
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards, limitations on use | $ 840 | ||
Beacon Trust [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Unused capital loss carryforwards | $ 1,300 |
Income Taxes - Reconciliation F
Income Taxes - Reconciliation From Statutory Rate to Effective Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Tax expense at statutory rate of 35% | $ 49,167 | $ 43,674 | $ 42,057 | ||||||||
Increase (decrease) in taxes resulting from: | |||||||||||
State tax, net of federal income tax benefit | 2,185 | 1,215 | 2,072 | ||||||||
Tax-exempt interest income | (5,097) | (5,286) | (5,520) | ||||||||
Bank-owned life insurance | (2,343) | (1,915) | (1,871) | ||||||||
Enactment of Tax Act | 3,912 | 0 | 0 | ||||||||
Other, net | (1,296) | (708) | (297) | ||||||||
Income tax expense (benefit) | $ 15,740 | $ 11,969 | $ 10,451 | $ 8,368 | $ 10,182 | $ 9,281 | $ 8,781 | $ 8,736 | $ 46,528 | $ 36,980 | $ 36,441 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Allowance for loan losses | $ 14,884 | $ 23,852 |
Post-retirement benefit | 7,265 | 11,150 |
Deferred compensation | 1,382 | 2,447 |
Purchase accounting adjustments | 1,242 | 1,979 |
Depreciation | 2,284 | 4,025 |
SERP | 651 | 966 |
ESOP | 2,000 | 3,203 |
Stock-based compensation | 4,066 | 5,259 |
Non-accrual interest | 839 | 3,738 |
Unrealized loss on securities | 1,180 | 350 |
State NOL | 18 | 81 |
Federal NOL | 270 | 742 |
Pension liability adjustments | 1,495 | 2,051 |
Other | 2,561 | 1,817 |
Total gross deferred tax assets | 40,137 | 61,660 |
Deferred tax liabilities: | ||
Deferred REIT dividend | 22,264 | 0 |
Pension expense | 6,857 | 10,255 |
Deferred loan costs | 4,043 | 5,477 |
Investment securities, principally due to accretion of discounts | 79 | 167 |
Intangibles | 775 | 548 |
Originated mortgage servicing rights | 184 | 313 |
Total gross deferred tax liabilities | 34,202 | 16,760 |
Net deferred tax asset | $ 5,935 | $ 44,900 |
Lease Commitments (Detail)
Lease Commitments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
2,018 | $ 8,032 | ||
2,019 | 7,511 | ||
2,020 | 6,980 | ||
2,021 | 4,854 | ||
2,022 | 3,378 | ||
Thereafter | 14,578 | ||
Total future minimum rental commitments | 45,333 | ||
Rental expense | $ 8,800 | $ 8,700 | $ 8,900 |
Regulatory Capital Requiremen98
Regulatory Capital Requirements - Additional Information (Detail) | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Capital conservation buffer, percentage of common equity Tier 1 capital to risk-weighted assets | 2.50% | ||||
Minimum [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Capital conservation buffer, percentage of common equity Tier 1 capital to risk-weighted assets | 0.625% | 1.25% | |||
Maximum [Member] | Scenario, Forecast [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Capital conservation buffer, percentage of common equity Tier 1 capital to risk-weighted assets | 2.50% | ||||
FDIC [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier 1 leverage capital, minimum capital adequacy requirements, Ratio | 4.00% | 4.00% | |||
Common equity Tier 1 capital to risk-based assets ratio | 4.50% | 4.50% | |||
Tier 1 risk-based capital, minimum capital adequacy requirements, Ratio | 6.00% | 6.00% | |||
Total risk-based capital, minimum capital adequacy requirements, Ratio | 8.00% | 8.00% | |||
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Ratio | 5.00% | 5.00% | |||
Common equity Tier 1 risk-based capital ratio | 6.50% | 6.50% | |||
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 8.00% | 8.00% | |||
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Ratio | 10.00% | 10.00% | |||
Subsequent Event [Member] | Minimum [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Capital conservation buffer, percentage of common equity Tier 1 capital to risk-weighted assets | 1.875% |
Regulatory Capital Requiremen99
Regulatory Capital Requirements - Actual Capital Amounts and Ratios and FDIC Minimum Capital Adequacy Requirements (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
FRB [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage capital, Actual Amount | $ 887,924 | $ 835,282 |
Tier 1 leverage capital, Actual Ratio | 9.65% | 9.25% |
Tier 1 leverage capital, minimum capital adequacy requirements, Amount | $ 367,999 | $ 361,183 |
Tier 1 leverage capital, minimum capital adequacy requirements, Ratio | 4.00% | 4.00% |
Tier 1 leverage capital, minimum capital adequacy requirements with capital conservation buffer, Amount | $ 367,999 | $ 361,183 |
Tier 1 leverage capital, minimum capital adequacy requirements with capital conservation buffer, Ratio | 4.00% | 4.00% |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 459,999 | $ 451,479 |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Ratio | 5.00% | 5.00% |
Common equity Tier 1 risk-based capital, Actual Amount | $ 887,924 | $ 835,282 |
Common equity Tier 1 risk-based capital, Actual Ratio | 11.87% | 11.64% |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement, Amount | $ 336,736 | $ 323,048 |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement, Ratio | 4.50% | 4.50% |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement with capital conversation buffer, Amount | $ 430,260 | $ 367,916 |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement with capital conversation buffer, Ratio | 5.75% | 5.125% |
Common equity Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 486,381 | $ 466,625 |
Common equity Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 6.50% | 6.50% |
Tier 1 risk-based capital, Actual Amount | $ 887,924 | $ 835,282 |
Tier 1 risk-based capital, Actual Ratio | 11.87% | 11.64% |
Tier 1 risk-based capital, minimum capital adequacy requirements, Amount | $ 448,981 | $ 430,731 |
Tier 1 risk-based capital, minimum capital adequacy requirements, Ratio | 6.00% | 6.00% |
Tier 1 risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Amount | $ 542,502 | $ 475,599 |
Tier 1 risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Ratio | 7.25% | 6.625% |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 598,623 | $ 574,308 |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 8.00% | 8.00% |
Total risk-based capital, Actual Amount | $ 948,119 | $ 897,165 |
Total risk-based capital, Actual Ratio | 12.67% | 12.50% |
Total risk-based capital, minimum capital adequacy requirements, Amount | $ 598,642 | $ 574,308 |
Total risk-based capital, minimum capital adequacy requirements, Ratio | 8.00% | 8.00% |
Total risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Amount | $ 692,157 | $ 619,176 |
Total risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Ratio | 9.25% | 8.625% |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Amount | $ 748,278 | $ 717,885 |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Ratio | 10.00% | 10.00% |
FDIC [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage capital, Actual Amount | $ 834,084 | $ 760,708 |
Tier 1 leverage capital, Actual Ratio | 9.07% | 8.42% |
Tier 1 leverage capital, minimum capital adequacy requirements, Amount | $ 367,986 | $ 361,172 |
Tier 1 leverage capital, minimum capital adequacy requirements, Ratio | 4.00% | 4.00% |
Tier 1 leverage capital, minimum capital adequacy requirements with capital conservation buffer, Amount | $ 367,986 | $ 361,172 |
Tier 1 leverage capital, minimum capital adequacy requirements with capital conservation buffer, Ratio | 4.00% | 4.00% |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 459,983 | $ 451,465 |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Ratio | 5.00% | 5.00% |
Common equity Tier 1 risk-based capital, Actual Amount | $ 834,084 | $ 760,708 |
Common equity Tier 1 risk-based capital, Actual Ratio | 11.15% | 10.60% |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement, Amount | $ 336,721 | $ 323,040 |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement, Ratio | 4.50% | 4.50% |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement with capital conversation buffer, Amount | $ 430,254 | $ 367,907 |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement with capital conversation buffer, Ratio | 5.75% | 5.125% |
Common equity Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 486,374 | $ 466,613 |
Common equity Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 6.50% | 6.50% |
Tier 1 risk-based capital, Actual Amount | $ 834,084 | $ 760,708 |
Tier 1 risk-based capital, Actual Ratio | 11.15% | 10.60% |
Tier 1 risk-based capital, minimum capital adequacy requirements, Amount | $ 448,961 | $ 430,720 |
Tier 1 risk-based capital, minimum capital adequacy requirements, Ratio | 6.00% | 6.00% |
Tier 1 risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Amount | $ 542,494 | $ 475,587 |
Tier 1 risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Ratio | 7.25% | 6.625% |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 598,615 | $ 574,293 |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 8.00% | 8.00% |
Total risk-based capital, Actual Amount | $ 894,430 | $ 822,743 |
Total risk-based capital, Actual Ratio | 11.95% | 11.46% |
Total risk-based capital, minimum capital adequacy requirements, Amount | $ 598,615 | $ 574,293 |
Total risk-based capital, minimum capital adequacy requirements, Ratio | 8.00% | 8.00% |
Total risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Amount | $ 692,148 | $ 619,160 |
Total risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Ratio | 9.25% | 8.625% |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Amount | $ 748,268 | $ 717,867 |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Ratio | 10.00% | 10.00% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated costs | 5.00% |
Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated costs | 10.00% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities at Fair Values (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 1,037,812 | $ 1,040,386 |
Foreclosed assets | 6,864 | 7,991 |
Measured on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,037,812 | 1,040,386 |
Derivative assets | 7,219 | 7,441 |
Assets, fair value disclosure | 1,045,031 | 1,047,827 |
Derivative liabilities | 6,315 | 6,750 |
Measured on a recurring basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 19,663 | 65,745 |
Derivative assets | 0 | 0 |
Assets, fair value disclosure | 19,663 | 65,745 |
Derivative liabilities | 0 | 0 |
Measured on a recurring basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,018,149 | 974,641 |
Derivative assets | 7,219 | 7,441 |
Assets, fair value disclosure | 1,025,368 | 982,082 |
Derivative liabilities | 6,315 | 6,750 |
Measured on a recurring basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Derivative assets | 0 | |
Assets, fair value disclosure | 0 | 0 |
Derivative liabilities | 0 | 0 |
Measured on a non-recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans measured for impairment based on the fair value of the underlying collateral | 6,971 | 11,001 |
Foreclosed assets | 6,864 | 7,991 |
Fair value assets, nonrecurring | 13,835 | 18,992 |
Measured on a non-recurring basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Fair value assets, nonrecurring | 0 | 0 |
Measured on a non-recurring basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Fair value assets, nonrecurring | 0 | 0 |
Measured on a non-recurring basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans measured for impairment based on the fair value of the underlying collateral | 6,971 | 11,001 |
Foreclosed assets | 6,864 | 7,991 |
Fair value assets, nonrecurring | 13,835 | 18,992 |
US Treasury obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 8,008 | |
US Treasury obligations [Member] | Measured on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 8,008 | |
US Treasury obligations [Member] | Measured on a recurring basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 8,008 | |
US Treasury obligations [Member] | Measured on a recurring basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | |
US Treasury obligations [Member] | Measured on a recurring basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | |
Agency obligations [Member] | Measured on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 19,005 | 57,188 |
Agency obligations [Member] | Measured on a recurring basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 19,005 | 57,188 |
Agency obligations [Member] | Measured on a recurring basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Agency obligations [Member] | Measured on a recurring basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 988,367 | 951,861 |
Mortgage-backed securities [Member] | Measured on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 988,367 | 951,861 |
Mortgage-backed securities [Member] | Measured on a recurring basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Mortgage-backed securities [Member] | Measured on a recurring basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 988,367 | 951,861 |
Mortgage-backed securities [Member] | Measured on a recurring basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
State and municipal obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,388 | 3,743 |
State and municipal obligations [Member] | Measured on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,388 | 3,743 |
State and municipal obligations [Member] | Measured on a recurring basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
State and municipal obligations [Member] | Measured on a recurring basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,388 | 3,743 |
State and municipal obligations [Member] | Measured on a recurring basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 26,394 | 19,037 |
Corporate obligations [Member] | Measured on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 26,394 | 19,037 |
Corporate obligations [Member] | Measured on a recurring basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Corporate obligations [Member] | Measured on a recurring basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 26,394 | 19,037 |
Corporate obligations [Member] | Measured on a recurring basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Equities [Member] | Measured on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 658 | 549 |
Equities [Member] | Measured on a recurring basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 658 | 549 |
Equities [Member] | Measured on a recurring basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Equities [Member] | Measured on a recurring basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Instruments, Carrying and Fair Values (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 190,834 | $ 144,297 | $ 102,226 | $ 103,762 |
Securities available for sale | 1,037,812 | 1,040,386 | ||
Investment securities held to maturity | 477,652 | 488,183 | ||
FHLBNY stock | 81,184 | 75,726 | ||
Loans, net of allowance for loan losses | 7,265,523 | 6,941,603 | ||
Certificates of deposit | 634,809 | 651,183 | ||
Total deposits | 6,714,166 | 6,553,629 | ||
Borrowings | 1,742,514 | 1,612,745 | ||
US Treasury obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 8,008 | |||
Mortgage-backed securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 988,367 | 951,861 | ||
State and municipal obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 3,388 | 3,743 | ||
Corporate obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 26,394 | 19,037 | ||
Carrying Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 190,834 | 144,297 | ||
Securities available for sale | 1,037,812 | 1,040,386 | ||
Investment securities held to maturity | 477,652 | 488,183 | ||
FHLBNY stock | 81,184 | 75,726 | ||
Loans, net of allowance for loan losses | 7,265,523 | 6,941,603 | ||
Derivative assets | 7,219 | 7,441 | ||
Deposits other than certificates of deposits | 6,079,357 | 5,902,446 | ||
Certificates of deposit | 634,809 | 651,183 | ||
Total deposits | 6,714,166 | 6,553,629 | ||
Borrowings | 1,742,514 | 1,612,745 | ||
Derivative liabilities | 6,315 | 6,750 | ||
Carrying Value [Member] | US Treasury obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 8,008 | |||
Carrying Value [Member] | Agency obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 19,005 | 57,188 | ||
Investment securities held to maturity | 4,308 | 4,306 | ||
Carrying Value [Member] | Mortgage-backed securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 988,367 | 951,861 | ||
Investment securities held to maturity | 382 | 893 | ||
Carrying Value [Member] | State and municipal obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 3,388 | 3,743 | ||
Investment securities held to maturity | 462,942 | 473,653 | ||
Carrying Value [Member] | Corporate obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 26,394 | 19,037 | ||
Investment securities held to maturity | 10,020 | 9,331 | ||
Carrying Value [Member] | Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 658 | 549 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 190,834 | 144,297 | ||
Securities available for sale | 1,037,812 | 1,040,386 | ||
Investment securities held to maturity | 485,039 | 489,287 | ||
FHLBNY stock | 81,184 | 75,726 | ||
Loans, net of allowance for loan losses | 7,217,705 | 6,924,440 | ||
Derivative assets | 7,219 | 7,441 | ||
Deposits other than certificates of deposits | 6,079,357 | 5,902,446 | ||
Certificates of deposit | 632,744 | 653,772 | ||
Total deposits | 6,712,101 | 6,556,218 | ||
Borrowings | 1,739,102 | 1,617,023 | ||
Derivative liabilities | 6,315 | 6,750 | ||
Fair Value [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 190,834 | 144,297 | ||
Securities available for sale | 19,663 | 65,745 | ||
Investment securities held to maturity | 4,221 | 4,225 | ||
FHLBNY stock | 81,184 | 75,726 | ||
Loans, net of allowance for loan losses | 0 | 0 | ||
Derivative assets | 0 | |||
Deposits other than certificates of deposits | 6,079,357 | 5,902,446 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 6,079,357 | 5,902,446 | ||
Borrowings | 0 | 0 | ||
Derivative liabilities | 0 | |||
Fair Value [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 1,018,149 | 974,641 | ||
Investment securities held to maturity | 480,818 | 485,062 | ||
FHLBNY stock | 0 | 0 | ||
Loans, net of allowance for loan losses | 0 | 0 | ||
Derivative assets | 7,219 | 7,441 | ||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 632,744 | 653,772 | ||
Total deposits | 632,744 | 653,772 | ||
Borrowings | 1,739,102 | 1,617,023 | ||
Derivative liabilities | 6,315 | 6,750 | ||
Fair Value [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
FHLBNY stock | 0 | 0 | ||
Loans, net of allowance for loan losses | 7,217,705 | 6,924,440 | ||
Derivative assets | 0 | |||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Derivative liabilities | 0 | |||
Fair Value [Member] | US Treasury obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 8,008 | |||
Fair Value [Member] | US Treasury obligations [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 8,008 | |||
Fair Value [Member] | US Treasury obligations [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | |||
Fair Value [Member] | US Treasury obligations [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | |||
Fair Value [Member] | Agency obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 19,005 | 57,188 | ||
Investment securities held to maturity | 4,221 | 4,225 | ||
Fair Value [Member] | Agency obligations [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 19,005 | 57,188 | ||
Investment securities held to maturity | 4,221 | 4,225 | ||
Fair Value [Member] | Agency obligations [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | Agency obligations [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | Mortgage-backed securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 988,367 | 951,861 | ||
Investment securities held to maturity | 396 | 924 | ||
Fair Value [Member] | Mortgage-backed securities [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | Mortgage-backed securities [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 988,367 | 951,861 | ||
Investment securities held to maturity | 396 | 924 | ||
Fair Value [Member] | Mortgage-backed securities [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | State and municipal obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 3,388 | 3,743 | ||
Investment securities held to maturity | 470,484 | 474,852 | ||
Fair Value [Member] | State and municipal obligations [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | State and municipal obligations [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 3,388 | 3,743 | ||
Investment securities held to maturity | 470,484 | 474,852 | ||
Fair Value [Member] | State and municipal obligations [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | Corporate obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 26,394 | 19,037 | ||
Investment securities held to maturity | 9,938 | 9,286 | ||
Fair Value [Member] | Corporate obligations [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | Corporate obligations [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 26,394 | 19,037 | ||
Investment securities held to maturity | 9,938 | 9,286 | ||
Fair Value [Member] | Corporate obligations [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 658 | 549 | ||
Fair Value [Member] | Equity Securities [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 658 | 549 | ||
Fair Value [Member] | Equity Securities [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value [Member] | Equity Securities [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | $ 0 | $ 0 |
Selected Quarterly Financial103
Selected Quarterly Financial Data (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 83,596 | $ 81,894 | $ 80,443 | $ 77,913 | $ 77,491 | $ 76,045 | $ 74,805 | $ 73,974 | $ 323,846 | $ 302,315 | $ 291,781 |
Interest expense | 11,696 | 11,682 | 11,388 | 10,878 | 10,874 | 11,074 | 10,895 | 10,905 | 45,644 | 43,748 | 41,901 |
Net interest income | 71,900 | 70,212 | 69,055 | 67,035 | 66,617 | 64,971 | 63,910 | 63,069 | 278,202 | 258,567 | 249,880 |
Provision for loan losses | 1,900 | 500 | 1,700 | 1,500 | 1,200 | 1,000 | 1,700 | 1,500 | 5,600 | 5,400 | 4,350 |
Net interest income after provision for loan losses | 70,000 | 69,712 | 67,355 | 65,535 | 65,417 | 63,971 | 62,210 | 61,569 | 272,602 | 253,167 | 245,530 |
Non-interest income | 13,301 | 15,112 | 14,819 | 12,465 | 14,485 | 14,066 | 13,824 | 13,018 | 55,697 | 55,393 | 55,222 |
Non-interest expense | 48,078 | 46,280 | 47,340 | 46,124 | 47,153 | 45,850 | 45,897 | 44,878 | 187,822 | 183,778 | 180,589 |
Income before income tax expense | 35,223 | 38,544 | 34,834 | 31,876 | 32,749 | 32,187 | 30,137 | 29,709 | 140,477 | 124,782 | 120,163 |
Income tax expense | 15,740 | 11,969 | 10,451 | 8,368 | 10,182 | 9,281 | 8,781 | 8,736 | 46,528 | 36,980 | 36,441 |
Net income | $ 19,483 | $ 26,575 | $ 24,383 | $ 23,508 | $ 22,567 | $ 22,906 | $ 21,356 | $ 20,973 | $ 93,949 | $ 87,802 | $ 83,722 |
Basic earnings per share (in dollars per share) | $ 0.30 | $ 0.41 | $ 0.38 | $ 0.37 | $ 0.35 | $ 0.36 | $ 0.34 | $ 0.33 | $ 1.46 | $ 1.38 | $ 1.33 |
Diluted earnings per share (in dollars per share) | $ 0.30 | $ 0.41 | $ 0.38 | $ 0.37 | $ 0.35 | $ 0.36 | $ 0.34 | $ 0.33 | $ 1.45 | $ 1.38 | $ 1.33 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 19,483 | $ 26,575 | $ 24,383 | $ 23,508 | $ 22,567 | $ 22,906 | $ 21,356 | $ 20,973 | $ 93,949 | $ 87,802 | $ 83,722 |
Basic weighted average common shares outstanding | 64,384,851 | 63,643,622 | 62,945,669 | ||||||||
Dilutive shares | 194,371 | 208,364 | 169,049 | ||||||||
Diluted weighted average common shares outstanding | 64,579,222 | 63,851,986 | 63,114,718 | ||||||||
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ 0.30 | $ 0.41 | $ 0.38 | $ 0.37 | $ 0.35 | $ 0.36 | $ 0.34 | $ 0.33 | $ 1.46 | $ 1.38 | $ 1.33 |
Diluted (in dollars per share) | $ 0.30 | $ 0.41 | $ 0.38 | $ 0.37 | $ 0.35 | $ 0.36 | $ 0.34 | $ 0.33 | $ 1.45 | $ 1.38 | $ 1.33 |
Anti-dilutive stock options and awards excluded from computation of earnings per share (in shares) | 369,772 | 432,895 | 469,018 |
Parent-only Financial Inform105
Parent-only Financial Information - Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and due from banks | $ 139,557 | $ 92,508 | ||
Securities available for sale, at fair value | 1,037,812 | 1,040,386 | ||
Other assets | 82,759 | 79,641 | ||
Total assets | 9,845,274 | 9,500,465 | ||
Liabilities and Stockholders’ Equity | ||||
Other liabilities | 8,546,613 | 8,248,684 | ||
Total stockholders’ equity | 1,298,661 | 1,251,781 | $ 1,196,065 | $ 1,144,099 |
Total liabilities and stockholders’ equity | 9,845,274 | 9,500,465 | ||
Provident Financial Services, Inc. [Member] | ||||
Assets | ||||
Cash and due from banks | 16,921 | 31,851 | ||
Securities available for sale, at fair value | 658 | 549 | ||
Investment in subsidiary | 1,244,670 | 1,177,110 | ||
Due from subsidiary—SAP | (4,419) | (3,004) | ||
ESOP loan | 41,419 | 45,971 | ||
Other assets | (37) | (31) | ||
Total assets | 1,299,212 | 1,252,446 | ||
Liabilities and Stockholders’ Equity | ||||
Other liabilities | 551 | 665 | ||
Total stockholders’ equity | 1,298,661 | 1,251,781 | ||
Total liabilities and stockholders’ equity | $ 1,299,212 | $ 1,252,446 |
Parent-only Financial Inform106
Parent-only Financial Information - Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total interest income | $ 83,596 | $ 81,894 | $ 80,443 | $ 77,913 | $ 77,491 | $ 76,045 | $ 74,805 | $ 73,974 | $ 323,846 | $ 302,315 | $ 291,781 |
Non-interest expense | 48,078 | 46,280 | 47,340 | 46,124 | 47,153 | 45,850 | 45,897 | 44,878 | 187,822 | 183,778 | 180,589 |
Income tax expense | 15,740 | 11,969 | 10,451 | 8,368 | 10,182 | 9,281 | 8,781 | 8,736 | 46,528 | 36,980 | 36,441 |
Net income | $ 19,483 | $ 26,575 | $ 24,383 | $ 23,508 | $ 22,567 | $ 22,906 | $ 21,356 | $ 20,973 | 93,949 | 87,802 | 83,722 |
Provident Financial Services, Inc. [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiary | 59,980 | 45,369 | 41,285 | ||||||||
Interest income | 1,839 | 1,995 | 2,153 | ||||||||
Investment gain | 17 | 15 | 12 | ||||||||
Total interest income | 61,836 | 47,379 | 43,450 | ||||||||
Non-interest expense | 1,021 | 902 | 812 | ||||||||
Total expense | 1,021 | 902 | 812 | ||||||||
Income before income tax expense | 60,815 | 46,477 | 42,638 | ||||||||
Income tax expense | 312 | 414 | 505 | ||||||||
Income before undistributed net income of subsidiary | 60,503 | 46,063 | 42,133 | ||||||||
Earnings in excess of dividends (equity in undistributed net income) of subsidiary | 33,446 | 41,739 | 41,589 | ||||||||
Net income | $ 93,949 | $ 87,802 | $ 83,722 |
Parent-only Financial Inform107
Parent-only Financial Information - Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 19,483 | $ 26,575 | $ 24,383 | $ 23,508 | $ 22,567 | $ 22,906 | $ 21,356 | $ 20,973 | $ 93,949 | $ 87,802 | $ 83,722 |
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
ESOP expense | 4,600 | 3,706 | 2,997 | ||||||||
SAP allocation | 4,963 | 3,812 | 4,625 | ||||||||
Stock option allocation | 203 | 172 | 272 | ||||||||
Increase in other assets | (52,078) | 5,873 | (4,912) | ||||||||
Decrease in other liabilities | 6,142 | (2,770) | 5,373 | ||||||||
Net cash provided by operating activities | 117,220 | 127,309 | 114,866 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash used in investing activities | (306,337) | (580,799) | (408,683) | ||||||||
Cash flows from financing activities: | |||||||||||
Purchases of treasury stock | (443) | (1,557) | 0 | ||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (778) | (1,225) | (1,988) | ||||||||
Cash dividends paid | (59,980) | (45,369) | (41,285) | ||||||||
Shares issued dividend reinvestment plan | 2,114 | 1,652 | 1,447 | ||||||||
Stock options exercised | 2,954 | 6,198 | 3,166 | ||||||||
Net cash provided by financing activities | 235,654 | 495,561 | 292,281 | ||||||||
Net increase (decrease) in cash and cash equivalents | 46,537 | 42,071 | (1,536) | ||||||||
Cash and cash equivalents at beginning of period | 144,297 | 102,226 | 144,297 | 102,226 | 103,762 | ||||||
Cash and cash equivalents at end of period | 190,834 | 144,297 | 190,834 | 144,297 | 102,226 | ||||||
Provident Financial Services, Inc. [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 93,949 | 87,802 | 83,722 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Earnings in excess of dividends (equity in undistributed net income) of subsidiary | (33,446) | (41,739) | (41,589) | ||||||||
ESOP expense | 4,600 | 3,706 | 2,997 | ||||||||
SAP allocation | 4,963 | 3,812 | 4,625 | ||||||||
Stock option allocation | 203 | 172 | 272 | ||||||||
Decrease in due from subsidiary—SAP | 1,415 | 465 | 5,333 | ||||||||
Increase in other assets | (34,919) | (8,177) | (8,406) | ||||||||
Decrease in other liabilities | (114) | (70) | (55) | ||||||||
Net cash provided by operating activities | 36,651 | 45,971 | 46,899 | ||||||||
Cash flows from investing activities: | |||||||||||
Net decrease in ESOP loan | 4,552 | 3,901 | 3,566 | ||||||||
Net cash used in investing activities | 4,552 | 3,901 | 3,566 | ||||||||
Cash flows from financing activities: | |||||||||||
Purchases of treasury stock | (443) | (1,557) | 0 | ||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (778) | (1,225) | (1,988) | ||||||||
Cash dividends paid | (59,980) | (45,369) | (41,285) | ||||||||
Shares issued dividend reinvestment plan | 2,114 | 1,652 | 1,447 | ||||||||
Stock options exercised | 2,954 | 6,198 | 3,166 | ||||||||
Net cash provided by financing activities | (56,133) | (40,301) | (38,660) | ||||||||
Net increase (decrease) in cash and cash equivalents | (14,930) | 9,571 | 11,805 | ||||||||
Cash and cash equivalents at beginning of period | $ 31,851 | $ 22,280 | 31,851 | 22,280 | 10,475 | ||||||
Cash and cash equivalents at end of period | $ 16,921 | $ 31,851 | $ 16,921 | $ 31,851 | $ 22,280 |
Other Comprehensive (Loss) I108
Other Comprehensive (Loss) Income - Schedule of Components of OCI (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrealized gains and losses on securities available for sale: | |||
Net (losses) gains arising during the period | $ (3,612) | $ (7,405) | $ (5,683) |
Reclassification adjustment for gains included in net income | 0 | (50) | (654) |
Total | (3,612) | (7,455) | (6,337) |
Unrealized gains (losses) on derivatives (cash flow hedges) | 633 | 404 | (122) |
Amortization related to post retirement obligations | (1,475) | 5,628 | 2,156 |
Total other comprehensive (loss) income | (4,454) | (1,423) | (4,303) |
Unrealized gains and losses on securities available for sale: | |||
Net (losses) gains arising during the period | 1,449 | 2,974 | 2,282 |
Reclassification adjustment for gains included in net income | 0 | 20 | 263 |
Total | 1,449 | 2,994 | 2,545 |
Unrealized gains (losses) on derivatives (cash flow hedges) | (254) | (162) | 49 |
Amortization related to post retirement obligations | 586 | (2,260) | (866) |
Total other comprehensive (loss) income | 1,781 | 572 | 1,728 |
Unrealized gains and losses on securities available for sale: | |||
Net (losses) gains arising during the period | (2,163) | (4,431) | (3,401) |
Reclassification adjustment for gains included in net income | 0 | (30) | (391) |
Total | (2,163) | (4,461) | (3,792) |
Unrealized gains (losses) on derivatives (cash flow hedges) | 379 | 242 | (73) |
Amortization related to post retirement obligations | (889) | 3,368 | 1,290 |
Total other comprehensive loss | $ (2,673) | $ (851) | $ (2,575) |
Other Comprehensive (Loss) I109
Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | $ 1,251,781 | $ 1,196,065 | $ 1,144,099 |
Current period change in other comprehensive income (loss) | (2,673) | (851) | (2,575) |
Reclassification due to the adoption of ASU No. 2018-02 | 0 | ||
Balance at the end of the period | 1,298,661 | 1,251,781 | 1,196,065 |
Unrealized Gains on Securities Available for Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | (510) | 3,951 | |
Current period change in other comprehensive income (loss) | (2,163) | (4,461) | |
Reclassification due to the adoption of ASU No. 2018-02 | (619) | 0 | |
Balance at the end of the period | (3,292) | (510) | 3,951 |
Post-Retirement Obligations [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | (3,056) | (6,424) | |
Current period change in other comprehensive income (loss) | (889) | 3,368 | |
Reclassification due to the adoption of ASU No. 2018-02 | (901) | 0 | |
Balance at the end of the period | (4,846) | (3,056) | (6,424) |
Unrealized gains (losses) on Derivatives (cash flow hedges) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | 169 | (73) | |
Current period change in other comprehensive income (loss) | 379 | 242 | |
Reclassification due to the adoption of ASU No. 2018-02 | 125 | 0 | |
Balance at the end of the period | 673 | 169 | (73) |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | (3,397) | (2,546) | 29 |
Current period change in other comprehensive income (loss) | (2,673) | (851) | |
Reclassification due to the adoption of ASU No. 2018-02 | (1,395) | 0 | |
Balance at the end of the period | $ (7,465) | $ (3,397) | $ (2,546) |
Other Comprehensive (Loss) I110
Other Comprehensive (Loss) Income - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Net gain on securities transactions | $ 57 | $ 64 | $ 654 | ||||||||
Income tax expense (benefit) | $ (15,740) | $ (11,969) | $ (10,451) | $ (8,368) | $ (10,182) | $ (9,281) | $ (8,781) | $ (8,736) | (46,528) | (36,980) | (36,441) |
Net of tax | $ 19,483 | $ 26,575 | $ 24,383 | $ 23,508 | $ 22,567 | $ 22,906 | $ 21,356 | $ 20,973 | 93,949 | 87,802 | 83,722 |
Total Reclassifications | 179 | 594 | 854 | ||||||||
Total | (2,163) | (4,461) | (3,792) | ||||||||
Securities available for sale [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Net gain on securities transactions | 0 | 50 | 654 | ||||||||
Income tax expense (benefit) | 0 | (20) | (263) | ||||||||
Net of tax | 0 | 30 | 391 | ||||||||
Post-retirement obligations - Amortization of actuarial losses [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Compensation and employee benefits | 243 | 943 | 774 | ||||||||
Income tax expense | (64) | (379) | (311) | ||||||||
Total Reclassifications | $ 179 | $ 564 | $ 463 |
Derivative and Hedging Activ111
Derivative and Hedging Activities - Fair Value of Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 6,304 | $ 7,159 |
Liability Derivatives | 6,315 | 6,750 |
Derivatives Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 6,303 | 7,156 |
Derivatives Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Credit Risk Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1 | 3 |
Derivatives Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest Rate Products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 6,315 | 6,750 |
Derivatives Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Credit Risk Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 915 | 282 |
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 915 | 282 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest Rate Products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | $ 0 |
Derivative and Hedging Activ112
Derivative and Hedging Activities - Gains and Losses on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | $ (420) | $ 306 | $ 237 |
Derivatives Not Designated as Hedging Instrument [Member] | Interest Rate Products [Member] | Other Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | (422) | 186 | 238 |
Derivatives Not Designated as Hedging Instrument [Member] | Credit Risk Contract [Member] | Other Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | 2 | 120 | (1) |
Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | (205) | (394) | (122) |
Designated as Hedging Instrument [Member] | Interest Rate Products [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | $ (205) | $ (394) | $ (122) |
Derivative and Hedging Activ113
Derivative and Hedging Activities - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)instrument | Dec. 31, 2016USD ($)instrument | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |||
Gain (loss) on cash flow hedge ineffectiveness | $ 0 | $ 0 | $ 0 |
Amounts reclassified from AOCI to Income | 127,492 | ||
Derivatives Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities | 352,000 | ||
Collateral against obligations | $ 250,000 | ||
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Number of derivative liability instruments held | instrument | 2 | ||
Aggregate notional amount for derivative liability | $ 60,000,000 | ||
Interest Rate Products [Member] | Derivatives Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Number of derivative instruments held | instrument | 50 | 36 | |
Derivative, notional amount | $ 734,300,000 | $ 582,200,000 |