Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PFS | |
Entity Registrant Name | PROVIDENT FINANCIAL SERVICES INC | |
Entity Central Index Key | 0001178970 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 66,749,719 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 141,658 | $ 86,195 |
Short-term investments | 56,196 | 56,466 |
Total cash and cash equivalents | 197,854 | 142,661 |
Available for sale debt securities, at fair value | 1,083,601 | 1,063,079 |
Held to maturity debt securities (fair value of $479,827 at March 31, 2019 (unaudited) and $479,740 at December 31, 2018) | 472,039 | 479,425 |
Equity securities, at fair value | 724 | 635 |
Federal Home Loan Bank stock | 68,634 | 68,813 |
Loans | 7,223,844 | 7,250,588 |
Less allowance for loan losses | 55,353 | 55,562 |
Net loans | 7,168,491 | 7,195,026 |
Foreclosed assets, net | 1,264 | 1,565 |
Banking premises and equipment, net | 56,733 | 58,124 |
Accrued interest receivable | 31,180 | 31,475 |
Intangible assets | 417,688 | 418,178 |
Bank-owned life insurance | 192,894 | 193,085 |
Other assets | 111,512 | 73,703 |
Total assets | 9,802,614 | 9,725,769 |
Deposits: | ||
Demand deposits | 5,046,950 | 5,027,708 |
Savings deposits | 1,051,904 | 1,051,922 |
Certificates of deposit of $100,000 or more | 478,043 | 414,848 |
Other time deposits | 326,559 | 335,644 |
Total deposits | 6,903,456 | 6,830,122 |
Mortgage escrow deposits | 27,363 | 25,568 |
Borrowed funds | 1,398,490 | 1,442,282 |
Other liabilities | 99,489 | 68,817 |
Total liabilities | 8,428,798 | 8,366,789 |
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 66,502,750 shares outstanding at March 31, 2019 and 66,325,458 outstanding at December 31, 2018 | 832 | 832 |
Additional paid-in capital | 1,023,671 | 1,021,533 |
Retained earnings | 657,375 | 651,099 |
Accumulated other comprehensive loss | (5,084) | (12,336) |
Treasury stock | (274,005) | (272,470) |
Unallocated common stock held by the Employee Stock Ownership Plan | (28,973) | (29,678) |
Common stock acquired by the Directors’ Deferred Fee Plan | (4,337) | (4,504) |
Deferred compensation – Directors’ Deferred Fee Plan | 4,337 | 4,504 |
Total stockholders’ equity | 1,373,816 | 1,358,980 |
Total liabilities and stockholders’ equity | $ 9,802,614 | $ 9,725,769 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 479,827 | $ 479,740 |
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) | 66,502,750 | 66,325,458 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income: | ||
Real estate secured loans | $ 55,006 | $ 51,510 |
Commercial loans | 20,510 | 19,126 |
Consumer loans | 4,783 | 4,905 |
Available for sale debt securities, equity securities and Federal Home Loan Bank Stock | 8,409 | 7,251 |
Held to maturity debt securities | 3,162 | 3,144 |
Deposits, Federal funds sold and other short-term investments | 541 | 395 |
Total interest income | 92,411 | 86,331 |
Interest expense: | ||
Deposits | 10,494 | 6,235 |
Borrowed funds | 6,910 | 6,819 |
Total interest expense | 17,404 | 13,054 |
Net interest income | 75,007 | 73,277 |
Provision for loan losses | 200 | 5,400 |
Net interest income after provision for loan losses | 74,807 | 67,877 |
Non-interest income: | ||
Fees | 6,097 | 6,639 |
Wealth management income | 4,079 | 4,400 |
Bank-owned life insurance | 1,696 | 1,264 |
Net gain on securities transactions | 0 | 1 |
Other income | 316 | 1,003 |
Total non-interest income | 12,188 | 13,307 |
Non-interest expense: | ||
Compensation and employee benefits | 28,369 | 27,869 |
Net occupancy expense | 6,857 | 6,745 |
Data processing expense | 3,969 | 3,606 |
FDIC insurance | 739 | 1,053 |
Amortization of intangibles | 490 | 570 |
Advertising and promotion expense | 883 | 967 |
Other operating expenses | 7,109 | 6,100 |
Total non-interest expense | 48,416 | 46,910 |
Income before income tax expense | 38,579 | 34,274 |
Income tax expense | 7,689 | 6,361 |
Net income | $ 30,890 | $ 27,913 |
Basic earnings per share (usd per share) | $ 0.48 | $ 0.43 |
Weighted average basic shares outstanding (in shares) | 64,766,619 | 64,768,977 |
Diluted earnings per share (usd per share) | $ 0.48 | $ 0.43 |
Weighted average diluted shares outstanding (in shares) | 64,912,738 | 64,949,442 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 30,890 | $ 27,913 |
Unrealized gains and losses on available for sale debt securities: | ||
Net unrealized gains (losses) arising during the period | 7,578 | (9,639) |
Reclassification adjustment for gains included in net income | 0 | 0 |
Total | 7,578 | (9,639) |
Unrealized (losses) gains on derivatives | (314) | 530 |
Amortization related to post-retirement obligations | (12) | 62 |
Total other comprehensive income (loss) | 7,252 | (9,047) |
Total comprehensive income | $ 38,142 | $ 18,866 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] | Unallocated ESOP Shares [Member] | Common Stock Acquired By Directors Deferred Fee Plan [Member] | Deferred Compensation DDFP [Member] |
Beginning balance at Dec. 31, 2017 | $ 1,298,661 | $ 832 | $ 1,012,908 | $ 586,132 | $ (7,465) | $ (259,907) | $ (33,839) | $ (5,175) | $ 5,175 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 27,913 | 27,913 | |||||||
Other comprehensive income (loss), net of tax | (9,047) | (9,047) | |||||||
Cash dividends paid | (13,638) | (13,638) | |||||||
Effect of adopting Accounting Standards Update | 0 | 184 | (184) | ||||||
Distributions from DDFP | 40 | 40 | 167 | (167) | |||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,792) | (1,792) | |||||||
Shares issued dividend reinvestment plan | 419 | 135 | 284 | ||||||
Stock option exercises | 175 | (65) | 240 | ||||||
Allocation of ESOP shares | 1,085 | 380 | 705 | ||||||
Allocation of SAP shares | 1,025 | 1,025 | |||||||
Allocation of stock options | 45 | 45 | |||||||
Ending Balance at Mar. 31, 2018 | 1,304,886 | 832 | 1,014,468 | 600,591 | (16,696) | (261,175) | (33,134) | (5,008) | 5,008 |
Beginning balance at Dec. 31, 2018 | 1,358,980 | 832 | 1,021,533 | 651,099 | (12,336) | (272,470) | (29,678) | (4,504) | 4,504 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 30,890 | 30,890 | |||||||
Other comprehensive income (loss), net of tax | 7,252 | 7,252 | |||||||
Cash dividends paid | (28,964) | (28,964) | |||||||
Effect of adopting Accounting Standards Update | 4,350 | 4,350 | 0 | ||||||
Distributions from DDFP | 42 | 42 | 167 | (167) | |||||
Purchases of treasury stock | (180) | (180) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,914) | (1,914) | |||||||
Shares issued dividend reinvestment plan | 840 | 307 | 533 | ||||||
Stock option exercises | 15 | (11) | 26 | ||||||
Allocation of ESOP shares | 1,075 | 370 | 705 | ||||||
Allocation of SAP shares | 1,388 | 1,388 | |||||||
Allocation of stock options | 42 | 42 | |||||||
Ending Balance at Mar. 31, 2019 | $ 1,373,816 | $ 832 | $ 1,023,671 | $ 657,375 | $ (5,084) | $ (274,005) | $ (28,973) | $ (4,337) | $ 4,337 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 30,890 | $ 27,913 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of intangibles | 2,454 | 2,598 |
Provision for loan losses | 200 | 5,400 |
Deferred tax expense | 3,184 | 2,015 |
Amortization of operating lease right-of-use assets | 1,542 | 0 |
Net decrease in operating lease liabilities | (1,598) | 0 |
Income on Bank-owned life insurance | (1,696) | (1,264) |
Net amortization of premiums and discounts on securities | 1,756 | 2,279 |
Accretion of net deferred loan fees | (1,220) | (1,286) |
Amortization of premiums on purchased loans, net | 160 | 200 |
Net increase in loans originated for sale | (3,942) | (4,117) |
Proceeds from sales of loans originated for sale | 4,215 | 4,528 |
Proceeds from sales and paydowns of foreclosed assets | 585 | 466 |
ESOP expense | 1,075 | 1,085 |
Allocation of stock award shares | 1,388 | 1,025 |
Allocation of stock options | 42 | 45 |
Net gain on sale of loans | (273) | (411) |
Net gain on securities transactions | 0 | (1) |
Net gain on sale of foreclosed assets | (57) | (181) |
Decrease (increase) in accrued interest receivable | 295 | (924) |
Decrease in other assets | 6,148 | 1,146 |
Decrease in other liabilities | (13,780) | (8,309) |
Net cash provided by operating activities | 31,368 | 32,207 |
Cash flows from investing activities: | ||
Proceeds from maturities, calls and paydowns of held to maturity debt securities | 11,432 | 21,934 |
Purchases of held to maturity debt securities | (5,780) | (11,881) |
Proceeds from maturities, calls and paydowns of available for sale debt securities | 40,258 | 55,279 |
Purchases of available for sale debt securities | (50,384) | (72,154) |
Proceeds from redemption of Federal Home Loan Bank stock | 31,536 | 39,929 |
Purchases of Federal Home Loan Bank stock | (31,357) | (33,342) |
Net decrease in loans | 27,579 | 34,994 |
Purchases of premises and equipment | (593) | (502) |
Net cash provided by investing activities | 22,691 | 34,257 |
Cash flows from financing activities: | ||
Net increase in deposits | 73,334 | 42,417 |
Increase in mortgage escrow deposits | 1,795 | 1,061 |
Cash dividends paid to stockholders | (28,964) | (13,638) |
Shares issued dividend reinvestment plan | 840 | 419 |
Purchase of treasury stock | (180) | 0 |
Purchase of employee restricted shares to fund statutory tax withholding | (1,914) | (1,792) |
Stock options exercised | 15 | 175 |
Proceeds from long-term borrowings | 85,000 | 265,000 |
Payments on long-term borrowings | (213,360) | (135,810) |
Net increase (decrease) in short-term borrowings | 84,568 | (281,616) |
Net cash provided by (used in) financing activities | 1,134 | (123,784) |
Net increase (decrease) in cash and cash equivalents | 55,193 | (57,320) |
Cash and cash equivalents at beginning of period | 142,661 | 190,834 |
Cash and cash equivalents at end of period | 197,854 | 133,514 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 17,377 | 12,972 |
Income taxes | 100 | 3,619 |
Non cash investing activities: | ||
Initial recognition of operating lease right-of-use assets | 44,946 | 0 |
Initial recognition of operating lease liabilities | 46,050 | 0 |
Transfer of loans receivable to foreclosed assets | $ 227 | $ 673 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies A. Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for loan losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results of operations that may be expected for all of 2019. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the December 31, 2018 Annual Report to Stockholders on Form 10-K. B. Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2019 and 2018 (dollars in thousands, except per share amounts): Three months ended March 31, 2019 2018 Net Weighted Per Net Weighted Per Net income $ 30,890 $ 27,913 Basic earnings per share: Income available to common stockholders $ 30,890 64,766,619 $ 0.48 $ 27,913 64,768,977 $ 0.43 Dilutive shares 146,119 180,465 Diluted earnings per share: Income available to common stockholders $ 30,890 64,912,738 $ 0.48 $ 27,913 64,949,442 $ 0.43 Antidilutive stock options and awards at March 31, 2019 and 2018, totaling 688,655 shares and 484,613 shares, respectively, were excluded from the earnings per share calculations. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment SecuritiesAt March 31, 2019, the Company had $1.08 billion and $472.0 million in available for sale debt securities and held to maturity debt securities, respectively. Many factors, including lack of liquidity in the secondary market for certain securities, variations in pricing information, regulatory actions, changes in the business environment or any changes in the competitive marketplace could have an adverse effect on the Company’s investment portfolio which could result in other-than-temporary impairment ("OTTI") in future periods. The total number of available for sale and held to maturity debt securities in an unrealized loss position as of March 31, 2019, totaled 260, compared with 509 at December 31, 2018. All securities with unrealized losses at March 31, 2019 were analyzed for OTTI. Based upon this analysis, the Company believes that, as of March 31, 2019, such securities with unrealized losses do not represent impairments that are other-than-temporary. Available for Sale Debt Securities The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Amortized Gross Gross Fair Mortgage-backed securities $ 1,057,405 5,205 (8,128) 1,054,482 State and municipal obligations 3,944 144 — 4,088 Corporate obligations 25,037 92 (98) 25,031 $ 1,086,386 5,441 (8,226) 1,083,601 December 31, 2018 Amortized Gross Gross Fair Mortgage-backed securities $ 1,048,415 2,704 (16,150) 1,034,969 State and municipal obligations 2,828 84 — 2,912 Corporate obligations 25,039 268 (109) 25,198 $ 1,076,282 3,056 (16,259) 1,063,079 The amortized cost and fair value of available for sale debt securities at March 31, 2019, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. March 31, 2019 Amortized Fair Due in one year or less $ — — Due after one year through five years 3,005 3,027 Due after five years through ten years 25,976 26,092 Due after ten years — — $ 28,981 29,119 Mortgage-backed securities totaling $1.06 billion at amortized cost and $1.05 billion at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. For the three months ended March 31, 2019 and 2018, no securities were sold or called from the available for sale debt securities portfolio. The following tables present the fair values and gross unrealized losses for available for sale debt securities with temporary impairment at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Mortgage-backed securities $ 5,066 (1) 591,692 (8,127) 596,758 (8,128) Corporate obligations — — 4,902 (98) 4,902 (98) $ 5,066 (1) 596,594 (8,225) 601,660 (8,226) December 31, 2018 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross Fair value Gross Fair Gross Mortgage-backed securities $ 218,175 (2,173) 545,880 (13,977) 764,055 (16,150) Corporate obligations 7,897 (109) — — 7,897 (109) $ 226,072 (2,282) 545,880 (13,977) 771,952 (16,259) The number of available for sale debt securities in an unrealized loss position at March 31, 2019 totaled 130, compared with 175 at December 31, 2018. The decrease in the number of securities in an unrealized loss position at March 31, 2019 was due to lower current market interest rates compared to rates at December 31, 2018. All temporarily impaired securities were investment grade at March 31, 2019. At March 31, 2019, there was one private label mortgage-backed security in an unrealized loss position, with an amortized cost of $24,000 and an unrealized loss of $2,000. This private label mortgage-backed security was investment grade at March 31, 2019. Based on its detailed review of the available for sale debt securities portfolio, the Company believes that as of March 31, 2019, 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 March 31, 2019, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery. Held to Maturity Debt Securities The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Amortized Gross Gross Fair Agency obligations $ 4,620 6 (56) 4,570 Mortgage-backed securities 170 3 — 173 State and municipal obligations 456,554 8,850 (957) 464,447 Corporate obligations 10,695 14 (72) 10,637 $ 472,039 8,873 (1,085) 479,827 December 31, 2018 Amortized Gross Gross Fair Agency obligations $ 4,989 1 (94) 4,896 Mortgage-backed securities 187 3 — 190 State and municipal obligations 463,801 4,329 (3,767) 464,363 Corporate obligations 10,448 1 (158) 10,291 $ 479,425 4,334 (4,019) 479,740 The Company generally purchases securities for long-term investment purposes, and differences between amortized cost and fair values may fluctuate during the investment period. There were no sales of securities from the held to maturity debt securities portfolio for the three months ended March 31, 2019 and 2018. For the three months ended March 31, 2019, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $9.3 million with no gross gains and no gross losses. For the three months ended March 31, 2018, proceeds from calls of securities in the held to maturity debt securities portfolio totaled $20.3 million with gross gains of $1,000 and no gross loss recognized. The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at March 31, 2019 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. March 31, 2019 Amortized Fair Due in one year or less $ 10,605 10,620 Due after one year through five years 89,791 90,661 Due after five years through ten years 263,184 267,797 Due after ten years 108,289 110,576 $ 471,869 479,654 Mortgage-backed securities totaling $170,000 at amortized cost and $173,000 at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. The following tables present the fair value and gross unrealized losses for held to maturity debt securities with temporary impairment at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 3,652 (56) — — 3,652 (56) State and municipal obligations 4,357 (31) 54,654 (926) 59,011 (957) Corporate obligations 8,131 (72) — — 8,131 (72) $ 16,140 (159) 54,654 (926) 70,794 (1,085) December 31, 2018 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ — — 4,525 (94) 4,525 (94) State and municipal obligations 96,412 (918) 81,663 (2,849) 178,075 (3,767) Corporate obligations — — 9,004 (158) 9,004 (158) $ 96,412 (918) 95,192 (3,101) 191,604 (4,019) Based on its detailed review of the held to maturity debt securities portfolio, the Company believes that as of March 31, 2019, 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 March 31, 2019, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery. The number of held to maturity debt securities in an unrealized loss position at March 31, 2019 totaled 130, compared with 334 at December 31, 2018. The decrease in the number of securities in an unrealized loss position at March 31, 2019, was due to lower current market interest rates compared to rates at December 31, 2018. All temporarily impaired investment securities were investment grade at March 31, 2019. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses Loans receivable at March 31, 2019 and December 31, 2018 are summarized as follows (in thousands): March 31, 2019 December 31, 2018 Mortgage loans: Residential $ 1,087,184 1,099,464 Commercial 2,288,342 2,299,313 Multi-family 1,357,038 1,339,677 Construction 374,900 388,999 Total mortgage loans 5,107,464 5,127,453 Commercial loans 1,698,146 1,695,021 Consumer loans 421,370 431,428 Total gross loans 7,226,980 7,253,902 Purchased credit-impaired ("PCI") loans 877 899 Premiums on purchased loans 3,106 3,243 Unearned discounts (33) (33) Net deferred fees (7,086) (7,423) Total loans $ 7,223,844 7,250,588 The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands): March 31, 2019 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Mortgage loans: Residential $ 6,132 3,541 6,809 — 16,482 1,070,702 1,087,184 Commercial 1,293 325 1,516 — 3,134 2,285,208 2,288,342 Multi-family — — — — — 1,357,038 1,357,038 Construction — — — — — 374,900 374,900 Total mortgage loans 7,425 3,866 8,325 — 19,616 5,087,848 5,107,464 Commercial loans 20,350 9 14,785 — 35,144 1,663,002 1,698,146 Consumer loans 1,458 88 1,687 — 3,233 418,137 421,370 Total gross loans $ 29,233 3,963 24,797 — 57,993 7,168,987 7,226,980 December 31, 2018 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Mortgage loans: Residential $ 4,188 5,557 5,853 — 15,598 1,083,866 1,099,464 Commercial — — 3,180 — 3,180 2,296,133 2,299,313 Multi-family — — — — — 1,339,677 1,339,677 Construction — — — — — 388,999 388,999 Total mortgage loans 4,188 5,557 9,033 — 18,778 5,108,675 5,127,453 Commercial loans 425 13,565 15,391 — 29,381 1,665,640 1,695,021 Consumer loans 1,238 610 1,266 — 3,114 428,314 431,428 Total gross loans $ 5,851 19,732 25,690 — 51,273 7,202,629 7,253,902 Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The principal amounts of these non-accrual loans were $24.8 million and $25.7 million at March 31, 2019 and December 31, 2018, respectively. Included in non-accrual loans were $10.6 million and $11.1 million of loans which were less than 90 days past due at March 31, 2019 and December 31, 2018, respectively. There were no loans 90 days or greater past due and still accruing interest at March 31, 2019 or December 31, 2018. The Company defines an impaired loan as a non-homogeneous loan greater than $1.0 million for which it is probable, based on current information, all amounts due under the contractual terms of the loan agreement will not be collected. Impaired loans also include all loans modified as troubled debt restructurings (“TDRs”). A loan is deemed to be a TDR when a loan modification resulting in a concession is made in an effort to mitigate potential loss arising from a borrower’s financial difficulty. Smaller balance homogeneous loans, including residential mortgages and other consumer loans, are evaluated collectively for impairment and are excluded from the definition of impaired loans, unless modified as TDRs. The Company separately calculates the reserve for loan losses on impaired loans. The Company may recognize impairment of a loan based upon: (1) the present value of expected cash flows discounted at the effective interest rate; (2) if a loan is collateral dependent, the fair value of collateral; or (3) the fair value of the loan. Additionally, if impaired loans have risk characteristics in common, those loans may be aggregated and historical statistics may be used as a means of measuring those impaired loans. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its 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 is generally updated annually or more frequently, if required. A specific allocation of the allowance for loan losses is established for each collateral dependent impaired loan with a carrying balance greater than the collateral’s fair value, less estimated costs to sell. Charge-offs are generally taken for the amount of the specific allocation when operations associated with the respective property cease and it is determined that collection of amounts due will be derived primarily from the disposition of the collateral. At each quarter end, if a loan is designated as a collateral dependent impaired loan and the third-party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value. The Company believes there have been no significant time lapses in the recognition of changes in collateral values as a result of this process. At March 31, 2019, there were 155 impaired loans totaling $63.4 million. Included in this total were 133 TDRs related to 127 borrowers totaling $50.3 million that were performing in accordance with their restructured terms and which continued to accrue interest at March 31, 2019. At December 31, 2018, there were 152 impaired loans totaling $50.7 million. Included in this total were 129 TDRs to 124 borrowers totaling $35.6 million that were performing in accordance with their restructured terms and which continued to accrue interest at December 31, 2018. The following table summarizes loans receivable by portfolio segment and impairment method, excluding PCI loans (in thousands): March 31, 2019 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 36,651 24,544 2,213 63,408 Collectively evaluated for impairment 5,070,813 1,673,602 419,157 7,163,572 Total gross loans $ 5,107,464 1,698,146 421,370 7,226,980 December 31, 2018 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 24,680 23,747 2,257 50,684 Collectively evaluated for impairment 5,102,773 1,671,274 429,171 7,203,218 Total gross loans $ 5,127,453 1,695,021 431,428 7,253,902 The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands): March 31, 2019 Mortgage Commercial loans Consumer loans Total Individually evaluated for impairment $ 897 806 46 1,749 Collectively evaluated for impairment 26,029 25,545 2,030 53,604 Total gross loans $ 26,926 26,351 2,076 55,353 December 31, 2018 Mortgage Commercial loans Consumer Total Individually evaluated for impairment $ 1,026 92 47 1,165 Collectively evaluated for impairment 26,652 25,601 2,144 54,397 Total gross loans $ 27,678 25,693 2,191 55,562 Loan modifications to borrowers experiencing financial difficulties that are considered TDRs primarily involve lowering the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. These modifications generally do not result in the forgiveness of principal or accrued interest. In addition, the Company attempts to obtain additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The following tables present the number of loans modified as TDRs during the three months ended March 31, 2019 and 2018, along with their balances immediately prior to the modification date and post-modification as of March 31, 2019 and 2018. For the three months ended March 31, 2019 March 31, 2018 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification ($ in thousands) Mortgage loans: Commercial 1 $ 14,010 $ 14,010 — — — Total mortgage loans 1 14,010 14,010 — — — Commercial loans 4 2,013 2,013 5 8,127 $ 6,626 Total restructured loans 5 $ 16,023 $ 16,023 5 8,127 $ 6,626 All TDRs are impaired loans, which are individually evaluated for impairment, as previously discussed. During the three months ended March 31, 2019, there were no charge-offs recorded on collateral dependent impaired loans. For the three months ended March 31, 2019, the allowance for loan losses associated with the TDRs presented in the preceding tables totaled $164,000, and was included in the allowance for loan losses for loans individually evaluated for impairment. For the three months ended March 31, 2019, the TDRs presented in the preceding tables had a weighted average modified interest rate of approximately 3.96%, compared to a weighted average rate of 3.96% prior to modification, respectively. The following table presents loans modified as TDRs within the previous 12 months from March 31, 2019 and 2018, and for which there was a payment default (90 days or more past due) at the quarter ended March 31, 2019 and 2018. March 31, 2019 March 31, 2018 Troubled Debt Restructurings Subsequently Defaulted Number of Loans Outstanding Recorded Investment Number of Loans Outstanding Recorded ($ in thousands) Commercial loans 3 $ 540 3 $ 428 Total restructured loans 3 $ 540 3 $ 428 There were three loans to one borrower which had a payment default (90 days or more past due) for loans modified as TDRs within the 12 month period ending March 31, 2019 . There were also three payment defaults (90 days or more past due) for loans modified as TDRs within the 12 month period ending March 31, 2018. 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. PCI loans totaled $877,000 at March 31, 2019 and $899,000 at December 31, 2018. The decrease from December 31, 2018 was largely due to the full repayment and greater than projected cash flows on certain PCI loans. The activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2019 and 2018 was as follows (in thousands): Three months ended March 31, Mortgage loans Commercial loans Consumer loans Total 2019 Balance at beginning of period $ 27,678 25,693 2,191 55,562 Provision (credited) charged to operations (982) 1,282 (100) 200 Recoveries of loans previously charged-off 230 52 130 412 Loans charged-off — (676) (145) (821) Balance at end of period $ 26,926 26,351 2,076 55,353 2018 Balance at beginning of period $ 28,052 29,814 2,329 60,195 Provision (credited) charged to operations (22) 5,390 32 5,400 Recoveries of loans previously charged-off 88 127 180 395 Loans charged-off (117) (3,005) (347) (3,469) Balance at end of period $ 28,001 32,326 2,194 62,521 The following table presents loans individually evaluated for impairment by class and loan category, excluding PCI loans (in thousands): March 31, 2019 December 31, 2018 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 $ 16,094 13,010 — 13,055 170 15,013 12,005 — 12,141 594 Commercial 14,010 14,010 — 14,010 — 1,550 1,546 — 1,546 — Total 30,104 27,020 — 27,065 170 16,563 13,551 — 13,687 594 Commercial loans 12,690 9,054 — 9,330 115 21,746 16,254 — 17,083 328 Consumer loans 1,840 1,281 — 1,297 20 1,871 1,313 — 1,386 90 Total impaired loans $ 44,634 37,355 — 37,692 305 40,180 31,118 — 32,156 1,012 Loans with an allowance recorded Mortgage loans: Residential $ 9,018 8,598 828 8,621 89 10,573 10,090 954 10,186 425 Commercial 1,033 1,033 69 1,037 13 1,039 1,039 72 1,052 53 Total 10,051 9,631 897 9,658 102 11,612 11,129 1,026 11,238 478 Commercial loans 17,539 15,490 806 16,550 255 7,493 7,493 92 9,512 435 Consumer loans 943 932 46 938 13 954 944 47 962 40 Total impaired loans $ 28,533 26,053 1,749 27,146 370 20,059 19,566 1,165 21,712 953 Total impaired loans Mortgage loans: Residential $ 25,112 21,608 828 21,676 259 25,586 22,095 954 22,327 1,019 Commercial 15,043 15,043 69 15,047 13 2,589 2,585 72 2,598 53 Total 40,155 36,651 897 36,723 272 28,175 24,680 1,026 24,925 1,072 Commercial loans 30,229 24,544 806 25,880 370 29,239 23,747 92 26,595 763 Consumer loans 2,783 2,213 46 2,235 33 2,825 2,257 47 2,348 130 Total impaired loans $ 73,167 63,408 1,749 64,838 675 60,239 50,684 1,165 53,868 1,965 Specific allocations of the allowance for loan losses attributable to impaired loans totaled $1.7 million at March 31, 2019 and $1.2 million at December 31, 2018. At March 31, 2019 and December 31, 2018, impaired loans for which there was no related allowance for loan losses totaled $37.4 million and $31.1 million, respectively. The average balance of impaired loans for the three months ended March 31, 2019 and December 31, 2018 was $64.8 million and $53.9 million, respectively. 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 March 31, 2019 Residential Commercialmortgage Multi-family Construction Total Commercial Consumer Total loans Special mention $ 3,059 25,518 — — 28,577 54,481 88 83,146 Substandard 8,651 15,571 — 6,181 30,403 68,136 2,078 100,617 Doubtful — — — — — 202 — 202 Loss — — — — — — — — Total classified and criticized 11,710 41,089 — 6,181 58,980 122,819 2,166 183,965 Pass/Watch 1,075,474 2,247,253 1,357,038 368,719 5,048,484 1,575,327 419,204 7,043,015 Total $ 1,087,184 2,288,342 1,357,038 374,900 5,107,464 1,698,146 421,370 7,226,980 At December 31, 2018 Residential Commercialmortgage Multi-family Construction Total Commercial Consumer Total loans Special mention $ 5,071 14,496 228 — 19,795 67,396 610 87,801 Substandard 7,878 13,292 — 6,181 27,351 45,180 1,711 74,242 Doubtful — — — — — 923 — 923 Loss — — — — — — — — Total classified and criticized 12,949 27,788 228 6,181 47,146 113,499 2,321 162,966 Pass/Watch 1,086,515 2,271,525 1,339,449 382,818 5,080,307 1,581,522 429,107 7,090,936 Total $ 1,099,464 2,299,313 1,339,677 388,999 5,127,453 1,695,021 431,428 7,253,902 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits at March 31, 2019 and December 31, 2018 are summarized as follows (in thousands): March 31, 2019 December 31, 2018 Savings $ 1,051,904 1,051,922 Money market 1,592,468 1,496,310 NOW 2,019,822 2,049,645 Non-interest bearing 1,434,660 1,481,753 Certificates of deposit 804,602 750,492 Total deposits $ 6,903,456 6,830,122 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost The Bank has a noncontributory defined benefit pension plan covering its full-time employees who had attained age 21 with at least one 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 ten Net periodic (increase) benefit cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2019 and 2018 includes the following components (in thousands): Three months ended March 31, Pension benefits Other post-retirement benefits 2019 2018 2019 2018 Service cost $ — — 20 29 Interest cost 300 274 210 197 Expected return on plan assets (641) (693) — — Amortization of prior service cost — — — — Amortization of the net loss (gain) 254 199 (207) (99) Net periodic (increase) benefit cost $ (87) (220) 23 127 In its consolidated financial statements for the year ended December 31, 2018, the Company previously disclosed that it does not expect to contribute to the pension plan in 2019. As of March 31, 2019, no contributions have been made to the pension plan. The net periodic (increase) benefit cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2019 was calculated using the actual January 1, 2019 pension and other post-retirement benefits valuations. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Adopted in 2019 In October 2018, the Financial Accounting Standards Board ("FASB") issued ASU No. 2018-16, “Derivatives and Hedging (Topic 815) – Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” This ASU permits the use of the OIS rate based upon SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. The amendments in ASU 2018-16 are required to be adopted concurrently with ASU 2017-12, " Derivatives and Hedging: Targeted Improvements to Accounting for Hedging," which 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 2018-16 should be adopted on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. The Company adopted this guidance effective January 1, 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. 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. 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 adopted this guidance effective January 1, 2019. The adoption of this guidance did not 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 only includes 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. This ASU is effective for 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 adopted this guidance effective January 1, 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. 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. In July 2018, the FASB issued ASU No. 2018-11, “Leases - Targeted Improvements” to provide entities with relief from the costs of implementing certain aspects of ASU No. 2016-02. Specifically, under the amendments in ASU 2018-11: (1) entities may elect not to recast the comparative periods presented when transitioning to the new leasing standard, and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. The amendments have the same effective date as ASU 2016-02. In the first quarter of 2018, the Company formed a working group to guide the implementation efforts, including the identification and review of all lease agreements within the scope of the guidance. The working group has identified the inventory of leases and actively accumulated the requisite lease data necessary to apply the guidance. Also, the working group purchased and implemented a software platform to properly record and track all leases, monitor right-of-use assets and lease liabilities and support all accounting and disclosure requirements of the guidance. The Company adopted both ASU No. 2016-02 and ASU No. 2018-11 effective January 1, 2019 and elected to apply the guidance as of the beginning of the period of adoption (January 1, 2019) and not restate comparative periods. The Company also elected certain optional practical expedients, which allow the Company to forego a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases. The adoption of the new standard resulted in the Company recording a right-of-use and an additional lease liability on its consolidated statement of financial condition of $44.9 million and $46.1 million, respectively, based on the present value of the expected remaining lease payments at January 1, 2019. It also resulted in additional footnote disclosures (see Note 11 - "Leases"). Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. The Company does not expect the adoption of this guidance to have a significant 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 continues to evaluate the potential impact of ASU 2016-13 on the consolidated financial statements. In that regard, the Company formed, in the first quarter of 2017, 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 developed a detailed implementation plan to include an assessment of processes, portfolio segmentation, model development, model validation, system requirements, the identification of data and resource needs and the development of a governance and control structure, among other things. The Company selected a system |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, the Company utilizes various valuation techniques to estimate fair value. Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. However, in many instances fair value estimates may not be substantiated by comparison to independent markets and may not be realized in an immediate sale of the financial instrument. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of fair value hierarchy are as follows: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The valuation techniques are based upon the unpaid principal balance only, and exclude any accrued interest or dividends at the measurement date. Interest income and expense and dividend income are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium. Assets and Liabilities Measured at Fair Value on a Recurring Basis The valuation techniques described below were used to measure fair value of financial instruments in the table below on a recurring basis as of March 31, 2019 and December 31, 2018. Available for Sale Debt Securities, at Fair Value For available for sale debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in an adjustment in the prices obtained from the pricing service. Equity Securities, at Fair Value The Company holds equity securities 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 interest rate derivatives not used to manage interest rate risk 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. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. These derivatives were used to hedge the variable cash outflows associated with Federal Home Loan Bank borrowings. The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. Assets Measured at Fair Value on a Non-Recurring Basis The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis as of March 31, 2019 and December 31, 2018. Collateral Dependent Impaired Loans For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell between 5% and 10%. The Company classifies these loans as Level 3 within the fair value hierarchy. Foreclosed Assets Assets acquired through foreclosure or deed in lieu of foreclosure are carried at fair value, less estimated selling costs, which range between 5% and 10%. Fair value is generally based on independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case basis, to comparable assets based on the appraisers’ market knowledge and experience, and are classified as Level 3. When an asset is acquired, the excess of the loan balance over fair value less estimated selling costs is charged to the allowance for loan losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. There were no changes to the valuation techniques for fair value measurements as of March 31, 2019 and December 31, 2018. The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of March 31, 2019 and December 31, 2018, by level within the fair value hierarchy: Fair Value Measurements at Reporting Date Using: (In thousands) March 31, 2019 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: Available for sale debt securities: Mortgage-backed securities $ 1,054,482 — 1,054,482 — State and municipal obligations 4,088 — 4,088 — Corporate obligations 25,031 — 25,031 — Total available for sale debt securities $ 1,083,601 — 1,083,601 — Equity securities 724 724 — — Derivative assets 17,718 — 17,718 — $ 1,102,043 724 1,101,319 — Derivative liabilities $ 17,959 — 17,959 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 9,868 — — 9,868 Foreclosed assets 1,264 — — 1,264 $ 11,132 — — 11,132 Fair Value Measurements at Reporting Date Using: (In thousands) December 31, 2018 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: Available for sale debt securities: Mortgage-backed securities $ 1,034,969 — 1,034,969 — State and municipal obligations 2,912 — 2,912 — Corporate obligations 25,198 — 25,198 — Total available for sale debt securities $ 1,063,079 — 1,063,079 — Equity Securities 635 635 — — Derivative assets 15,634 — 15,634 — $ 1,079,348 635 1,078,713 — Derivative liabilities $ 14,766 — 14,766 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 4,285 — — 4,285 Foreclosed assets 1,565 — — 1,565 $ 5,850 — — 5,850 There were no transfers between Level 1, Level 2 and Level 3 during the three months ended March 31, 2019. 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. Included in cash and cash equivalents at March 31, 2019 and December 31, 2018 was $36.4 million and $35.0 million, respectively, representing reserves required by banking regulations. Held to Maturity Debt Securities For held to maturity debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark or comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. Federal Home Loan Bank of New York ("FHLBNY") Stock The carrying value of FHLBNY stock is 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 (i.e. exit pricing). The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 1. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowed Funds The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. The following tables present the Company’s financial instruments at their carrying and fair values as of March 31, 2019 and December 31, 2018. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at March 31, 2019 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 $ 141,658 141,658 141,658 — — Available for sale debt securities: Mortgage-backed securities 1,054,482 1,054,482 — 1,054,482 — State and municipal obligations 4,088 4,088 — 4,088 — Corporate obligations 25,031 25,031 — 25,031 — Total available for sale debt securities $ 1,083,601 1,083,601 — 1,083,601 — Held to maturity debt securities: Agency obligations 4,620 4,570 4,570 — — Mortgage-backed securities 170 173 — 173 — State and municipal obligations 456,554 464,447 — 464,447 — Corporate obligations 10,695 10,637 — 10,637 — Total held to maturity debt securities $ 472,039 479,827 4,570 475,257 — FHLBNY stock 68,634 68,634 68,634 — — Equity Securities 724 724 724 — — Loans, net of allowance for loan losses 7,168,491 7,122,478 — — 7,122,478 Derivative assets 17,718 17,718 — 17,718 — Financial liabilities: Deposits other than certificates of deposits $ 6,098,854 6,098,854 6,098,854 — — Certificates of deposit 804,602 801,845 — 801,845 — Total deposits $ 6,903,456 6,900,699 6,098,854 801,845 — Borrowings 1,398,490 1,393,046 — 1,393,046 — Derivative liabilities 17,959 17,959 — 17,959 — Fair Value Measurements at December 31, 2018 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 $ 142,661 142,661 142,661 — — Available for sale debt securities: Agency obligations — — — — — Mortgage-backed securities 1,034,969 1,034,969 — 1,034,969 — State and municipal obligations 2,912 2,912 — 2,912 — Corporate obligations 25,198 25,198 — 25,198 — Total available for sale debt securities $ 1,063,079 1,063,079 — 1,063,079 — Held to maturity debt securities: Agency obligations $ 4,989 4,896 4,896 — — Mortgage-backed securities 187 190 — 190 — State and municipal obligations 463,801 464,363 — 464,363 — Corporate obligations 10,448 10,291 — 10,291 — Total held to maturity debt securities $ 479,425 479,740 4,896 474,844 — FHLBNY stock 68,813 68,813 68,813 — — Equity Securities 635 635 635 — — Loans, net of allowance for loan losses 7,195,026 7,104,380 — — 7,104,380 Derivative assets 15,634 15,634 — 15,634 — Financial liabilities: Deposits other than certificates of deposits $ 6,079,630 6,079,630 6,079,630 — — Certificates of deposit 750,492 746,753 — 746,753 — Total deposits $ 6,830,122 6,826,383 6,079,630 746,753 — Borrowings 1,442,282 1,431,001 — 1,431,001 — Derivative liabilities 14,766 14,766 — 14,766 — |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following table presents the components of other comprehensive income (loss), both gross and net of tax, for the three months ended March 31, 2019 and 2018 (in thousands): Three months ended March 31, 2019 2018 Before Tax After Before Tax After Components of Other Comprehensive Income (Loss): Unrealized gains and losses on available for sale debt securities: Net unrealized gains (losses) arising during the period $ 10,417 (2,839) 7,578 (13,093) 3,454 (9,639) Reclassification adjustment for gains included in net income — — — — — — Total 10,417 (2,839) 7,578 (13,093) 3,454 (9,639) Unrealized (losses) gains on Derivatives (cash flow hedges) (432) 118 (314) 720 (190) 530 Amortization related to post-retirement obligations (16) 4 (12) 84 (22) 62 Total other comprehensive income (loss) $ 9,969 (2,717) 7,252 (12,289) 3,242 (9,047) The following tables present the changes in the components of accumulated other comprehensive (loss) income, net of tax, for three months ended March 31, 2019 and 2018 (in thousands): Changes in Accumulated Other Comprehensive (Loss) Income Component, net of tax 2019 2018 Unrealized Post- Retirement Unrealized gains (losses) on Derivatives (cash flow hedges) Accumulated Unrealized Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Balance at $ (9,605) (3,625) 894 (12,336) (3,292) (4,846) 673 (7,465) Current period other comprehensive income (loss) 7,578 (12) (314) 7,252 (9,639) 62 530 (9,047) Reclassification of tax effects due to the adoption of ASU No. 2016-01 $ — — — — $ (184) — — (184) Balance at March 31, $ (2,027) (3,637) 580 (5,084) (13,115) (4,784) 1,203 (16,696) The following table summarizes the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of income for three months ended March 31, 2019 and 2018 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended March 31, Affected line item in the Consolidated 2019 2018 Details of AOCI: Post-retirement obligations: Amortization of actuarial losses $ 47 100 Compensation and employee benefits (1) (13) (26) Income tax expense Total reclassifications $ 34 74 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 5. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
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. As the Company has not elected to apply hedge accounting and these interest rate swaps do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. At March 31, 2019 and December 31, 2018, the Company had 66 and 62 interest rate swaps with qualified commercial borrowers, respectively, with aggregate notional amounts of $1.02 billion and $1.01 billion, respectively. The Company periodically enters into risk participation agreements ("RPAs") with the Company functioning as either the lead institution, or as a participant when another Company is the lead institution on a commercial loan. These RPA's are entered into to manage the credit exposure on interest rate contracts associated with these loan participation agreements. Under the RPA's, the Company will either receive or make a payment if a borrower defaults on the related interest rate contract. At March 31, 2019 and December 31, 2018, the Company had twelve and seven credit contracts, respectively, with aggregate notional amounts of $87.6 million and $66.8 million, respectively, from participations in interest rate swaps as part of these loan participation arrangements. At March 31, 2019 and December 31, 2018, the fair value of these credit contracts were $301,000 and $251,000, respectively. 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. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2019 and 2018, such derivatives were used to hedge the variable cash outflows associated with Federal Home Loan Bank borrowings. 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 borrowings. During the next twelve months, the Company estimates that $520,000 will be reclassified as a decrease to interest expense. As of March 31, 2019, the Company had two outstanding interest rate derivatives with an aggregate notional amount of $60.0 million that was designated as a cash flow hedge of interest rate risk. The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at March 31, 2019 and December 31, 2018 (in thousands): At March 31, 2019 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 16,619 Other liabilities 17,959 Credit contracts Other assets 301 Other liabilities — Total derivatives not designated as a hedging instrument $ 16,920 17,959 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 798 Other liabilities — Total derivatives designated as a hedging instrument $ 798 — At December 31, 2018 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 14,154 Other liabilities 14,766 Credit contracts Other assets 251 Other liabilities — Total derivatives not designated as a hedging instrument $ 14,405 14,766 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 1,229 Other liabilities — Total derivatives designated as a hedging instrument $ 1,229 — The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three months ended March 31, 2019 and 2018 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income March 31, 2019 March 31, 2018 Derivatives not designated as a hedging instrument: Interest rate products Other income $ (673) 302 Credit contracts Other income (4) — Total derivatives not designated as a hedging instrument $ (677) 302 Derivatives designated as a hedging instrument: Interest rate products Interest expense $ 162 6 Total derivatives designated as a hedging instrument $ 162 6 The Company has agreements with certain of its dealer counterparties that contain a provision that if the Company defaults on any of its indebtedness, including a 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 dealer 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. At March 31, 2019, the Company had four dealer counterparties. The Company had a net liability position with respect to three of the counterparties. The termination value for this net liability position, which includes accrued interest, was $11.8 million at March 31, 2019. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $13.4 million against its obligations under these agreements. If the Company had breached any of these provisions at March 31, 2019, it could have been required to settle its obligations under the agreements at the termination value. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company generates revenue from several business channels. The guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) does not apply to revenue associated with financial instruments, including interest income on loans and investments, which comprise the majority of the Company's revenue. For the three months ended March 31, 2019 and 2018, the out-of-scope revenue related to financial instruments was 88% and 87% of the Company's total revenue, respectively. Revenue-generating activities that are within the scope of Topic 606, are components of non-interest income. These revenue streams can generally be classified into wealth management revenue and banking service charges and other fees. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2019 and 2018 (in thousands): Three months ended March 31, 2019 2018 Non-interest income In-scope of Topic 606: Wealth management fees $ 4,079 4,400 Banking service charges and other fees: Service charges on deposit accounts 3,191 3,315 Debit card and ATM fees 1,307 1,402 Total banking service charges and other fees 4,498 4,717 Total in-scope non-interest income 8,577 9,117 Total out-of-scope non-interest income 3,611 4,190 Total non-interest income $ 12,188 13,307 Wealth management fee income represents fees earned from customers as consideration for asset management, investment advisory and trust services. The Company’s performance obligation is generally satisfied monthly and the resulting fees are recognized monthly. The fee is based upon the average market value of the assets under management for the month and the applicable fee rate. The monthly accrual of wealth management fees is recorded in other assets on the Company's Consolidated Statements of Financial Condition. Fees are received from the customer either on a quarterly or monthly basis. The Company does not earn performance-based incentives. To a lesser extent, optional services such as tax return preparation and estate settlement are also available to existing customers. The Company’s performance obligation for these transaction-based services are generally satisfied, and related revenue recognized, at either a point in time when the service is completed, or in the case of estate settlement, over a relatively short period of time, as each service component is completed. Service charges on deposit accounts include overdraft service fees, account analysis fees and other deposit related fees. These fees are generally transaction-based, or time-based services. The Company's performance obligation for these services are generally satisfied, and revenue recognized, at the time the transaction is completed, or the service rendered. Fees for these services are generally received from the customer either at the time of transaction, or monthly. Debit card and ATM fees are generally transaction-based. Debit card revenue is primarily comprised of interchange fees earned when a customer's Company card is processed through a card payment network. ATM fees are largely generated when a Company cardholder uses a non -Company ATM, or a non-Company cardholder uses a Company ATM. The Company's performance obligation for these services is satisfied when the service is rendered. Payment is generally received at time of transaction or monthly. Out-of-scope non-interest income primarily consists of Bank-owned life insurance and net fees on loan level interest rate swaps, along with gains and losses on the sale of loans and foreclosed real estate, loan prepayment fees and loan servicing fees. None of these revenue streams are subject to the requirements of Topic 606. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases On January 1, 2019, the Company adopted ASU 2016-02, "Leases" (Topic 842) and all subsequent ASU's that modified Topic 842. For the Company, Topic 842 primarily affected the accounting treatment for operating lease agreements in which the Company is the lessee. The Company elected the modified retrospective transition option effective with the period of adoption, elected not to recast comparative periods presented when transitioning to the new leasing standard and adjustments, if required, are made at the beginning of the period through a cumulative-effect adjustment to opening retained earnings. The Company also elected practical expedients, which allowed the Company to forego a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases. The adoption of the new standard resulted in the Company recording a right-of-use asset and an additional lease liability of $44.9 million and $46.1 million, respectively, based on the present value of the expected remaining lease payments at January 1, 2019. Also, on January 1, 2019, the Company had $5.9 million of net deferred gains associated with several sale and leaseback transactions executed prior to the adoption of ASU 2016-02. In accordance with the guidance, these net deferred gains were adjusted, net of tax, as a cumulative-effect adjustment to opening retained earnings. All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate property for branches and administrative offices with terms extending through 2040. The following table represents the consolidated statements of condition classification of the Company’s right-of use-assets and lease liabilities at March 31, 2019 (in thousands): Classification March 31, 2019 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 43,404 Lease Liabilities: Operating lease liabilities Other liabilities $ 44,452 The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Generally, the Company considers the first renewal option to be reasonably certain and includes it the calculation of the right-of use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied. At March 31, 2019, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 9.9 years and 3.5%, respectively. The following table represents lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands): (in-thousands) Three months ended March 31, 2019 Lease Costs Operating lease cost $ 2,050 Variable lease cost 760 Total Lease Cost $ 2,810 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,044 Operating lease - operating cash flows - reduction of lease liability 1,598 During the three months ended March 31, 2019, the Company did not enter into any new lease obligations. Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2019 were as follows: (in-thousands) Operating Leases Twelve Months Ended: March 31, 2020 $ 7,875 March 31, 2021 7,302 March 31, 2022 5,055 March 31, 2023 4,738 Thereafter 28,440 Total Future Minimum Lease Payments $ 53,410 Amounts Representing Interest 8,958 Present Value of Net Future Minimum Lease Payments $ 44,452 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn April 1, 2019, Beacon Trust Company ("Beacon"), completed its acquisition of certain assets and liabilities of Tirschwell & Loewy, Inc., a New York City-based independent registered investment adviser. Beacon is a wholly owned subsidiary of Provident Bank which, in turn, is wholly owned by the Company. The Company is in the process of determining the acquisition date fair value of the total consideration transferred, including contingent consideration, goodwill and other identified intangible assets. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for loan losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results of operations that may be expected for all of 2019. |
Impact of Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Adopted in 2019 In October 2018, the Financial Accounting Standards Board ("FASB") issued ASU No. 2018-16, “Derivatives and Hedging (Topic 815) – Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” This ASU permits the use of the OIS rate based upon SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. The amendments in ASU 2018-16 are required to be adopted concurrently with ASU 2017-12, " Derivatives and Hedging: Targeted Improvements to Accounting for Hedging," which 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 2018-16 should be adopted on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. The Company adopted this guidance effective January 1, 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. 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. 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 adopted this guidance effective January 1, 2019. The adoption of this guidance did not 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 only includes 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. This ASU is effective for 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 adopted this guidance effective January 1, 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. 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. In July 2018, the FASB issued ASU No. 2018-11, “Leases - Targeted Improvements” to provide entities with relief from the costs of implementing certain aspects of ASU No. 2016-02. Specifically, under the amendments in ASU 2018-11: (1) entities may elect not to recast the comparative periods presented when transitioning to the new leasing standard, and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. The amendments have the same effective date as ASU 2016-02. In the first quarter of 2018, the Company formed a working group to guide the implementation efforts, including the identification and review of all lease agreements within the scope of the guidance. The working group has identified the inventory of leases and actively accumulated the requisite lease data necessary to apply the guidance. Also, the working group purchased and implemented a software platform to properly record and track all leases, monitor right-of-use assets and lease liabilities and support all accounting and disclosure requirements of the guidance. The Company adopted both ASU No. 2016-02 and ASU No. 2018-11 effective January 1, 2019 and elected to apply the guidance as of the beginning of the period of adoption (January 1, 2019) and not restate comparative periods. The Company also elected certain optional practical expedients, which allow the Company to forego a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases. The adoption of the new standard resulted in the Company recording a right-of-use and an additional lease liability on its consolidated statement of financial condition of $44.9 million and $46.1 million, respectively, based on the present value of the expected remaining lease payments at January 1, 2019. It also resulted in additional footnote disclosures (see Note 11 - "Leases"). Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. The Company does not expect the adoption of this guidance to have a significant 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 continues to evaluate the potential impact of ASU 2016-13 on the consolidated financial statements. In that regard, the Company formed, in the first quarter of 2017, 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 developed a detailed implementation plan to include an assessment of processes, portfolio segmentation, model development, model validation, system requirements, the identification of data and resource needs and the development of a governance and control structure, among other things. The Company selected a system |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Calculations | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2019 and 2018 (dollars in thousands, except per share amounts): Three months ended March 31, 2019 2018 Net Weighted Per Net Weighted Per Net income $ 30,890 $ 27,913 Basic earnings per share: Income available to common stockholders $ 30,890 64,766,619 $ 0.48 $ 27,913 64,768,977 $ 0.43 Dilutive shares 146,119 180,465 Diluted earnings per share: Income available to common stockholders $ 30,890 64,912,738 $ 0.48 $ 27,913 64,949,442 $ 0.43 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Securities Available for Sale | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Amortized Gross Gross Fair Mortgage-backed securities $ 1,057,405 5,205 (8,128) 1,054,482 State and municipal obligations 3,944 144 — 4,088 Corporate obligations 25,037 92 (98) 25,031 $ 1,086,386 5,441 (8,226) 1,083,601 December 31, 2018 Amortized Gross Gross Fair Mortgage-backed securities $ 1,048,415 2,704 (16,150) 1,034,969 State and municipal obligations 2,828 84 — 2,912 Corporate obligations 25,039 268 (109) 25,198 $ 1,076,282 3,056 (16,259) 1,063,079 |
Available for sale securities with temporary impairment | The following tables present the fair values and gross unrealized losses for available for sale debt securities with temporary impairment at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Mortgage-backed securities $ 5,066 (1) 591,692 (8,127) 596,758 (8,128) Corporate obligations — — 4,902 (98) 4,902 (98) $ 5,066 (1) 596,594 (8,225) 601,660 (8,226) December 31, 2018 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross Fair value Gross Fair Gross Mortgage-backed securities $ 218,175 (2,173) 545,880 (13,977) 764,055 (16,150) Corporate obligations 7,897 (109) — — 7,897 (109) $ 226,072 (2,282) 545,880 (13,977) 771,952 (16,259) |
Investment Securities Held to Maturity | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Amortized Gross Gross Fair Agency obligations $ 4,620 6 (56) 4,570 Mortgage-backed securities 170 3 — 173 State and municipal obligations 456,554 8,850 (957) 464,447 Corporate obligations 10,695 14 (72) 10,637 $ 472,039 8,873 (1,085) 479,827 December 31, 2018 Amortized Gross Gross Fair Agency obligations $ 4,989 1 (94) 4,896 Mortgage-backed securities 187 3 — 190 State and municipal obligations 463,801 4,329 (3,767) 464,363 Corporate obligations 10,448 1 (158) 10,291 $ 479,425 4,334 (4,019) 479,740 |
Schedule of Unrealized Loss on Investments | The following tables present the fair value and gross unrealized losses for held to maturity debt securities with temporary impairment at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 3,652 (56) — — 3,652 (56) State and municipal obligations 4,357 (31) 54,654 (926) 59,011 (957) Corporate obligations 8,131 (72) — — 8,131 (72) $ 16,140 (159) 54,654 (926) 70,794 (1,085) December 31, 2018 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ — — 4,525 (94) 4,525 (94) State and municipal obligations 96,412 (918) 81,663 (2,849) 178,075 (3,767) Corporate obligations — — 9,004 (158) 9,004 (158) $ 96,412 (918) 95,192 (3,101) 191,604 (4,019) |
Available-for-sale Securities [Member] | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of available for sale debt securities at March 31, 2019, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. March 31, 2019 Amortized Fair Due in one year or less $ — — Due after one year through five years 3,005 3,027 Due after five years through ten years 25,976 26,092 Due after ten years — — $ 28,981 29,119 |
Held-to-maturity Securities [Member] | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at March 31, 2019 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. March 31, 2019 Amortized Fair Due in one year or less $ 10,605 10,620 Due after one year through five years 89,791 90,661 Due after five years through ten years 263,184 267,797 Due after ten years 108,289 110,576 $ 471,869 479,654 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Summarized Loans Receivable | Loans receivable at March 31, 2019 and December 31, 2018 are summarized as follows (in thousands): March 31, 2019 December 31, 2018 Mortgage loans: Residential $ 1,087,184 1,099,464 Commercial 2,288,342 2,299,313 Multi-family 1,357,038 1,339,677 Construction 374,900 388,999 Total mortgage loans 5,107,464 5,127,453 Commercial loans 1,698,146 1,695,021 Consumer loans 421,370 431,428 Total gross loans 7,226,980 7,253,902 Purchased credit-impaired ("PCI") loans 877 899 Premiums on purchased loans 3,106 3,243 Unearned discounts (33) (33) Net deferred fees (7,086) (7,423) Total loans $ 7,223,844 7,250,588 |
Summary of Aging Loans Receivable by Portfolio Segment and Class | The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands): March 31, 2019 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Mortgage loans: Residential $ 6,132 3,541 6,809 — 16,482 1,070,702 1,087,184 Commercial 1,293 325 1,516 — 3,134 2,285,208 2,288,342 Multi-family — — — — — 1,357,038 1,357,038 Construction — — — — — 374,900 374,900 Total mortgage loans 7,425 3,866 8,325 — 19,616 5,087,848 5,107,464 Commercial loans 20,350 9 14,785 — 35,144 1,663,002 1,698,146 Consumer loans 1,458 88 1,687 — 3,233 418,137 421,370 Total gross loans $ 29,233 3,963 24,797 — 57,993 7,168,987 7,226,980 December 31, 2018 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Mortgage loans: Residential $ 4,188 5,557 5,853 — 15,598 1,083,866 1,099,464 Commercial — — 3,180 — 3,180 2,296,133 2,299,313 Multi-family — — — — — 1,339,677 1,339,677 Construction — — — — — 388,999 388,999 Total mortgage loans 4,188 5,557 9,033 — 18,778 5,108,675 5,127,453 Commercial loans 425 13,565 15,391 — 29,381 1,665,640 1,695,021 Consumer loans 1,238 610 1,266 — 3,114 428,314 431,428 Total gross loans $ 5,851 19,732 25,690 — 51,273 7,202,629 7,253,902 |
Summary of Loans Receivable by Portfolio Segment and Impairment Method | The following table summarizes loans receivable by portfolio segment and impairment method, excluding PCI loans (in thousands): March 31, 2019 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 36,651 24,544 2,213 63,408 Collectively evaluated for impairment 5,070,813 1,673,602 419,157 7,163,572 Total gross loans $ 5,107,464 1,698,146 421,370 7,226,980 December 31, 2018 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 24,680 23,747 2,257 50,684 Collectively evaluated for impairment 5,102,773 1,671,274 429,171 7,203,218 Total gross loans $ 5,127,453 1,695,021 431,428 7,253,902 |
Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification | The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands): March 31, 2019 Mortgage Commercial loans Consumer loans Total Individually evaluated for impairment $ 897 806 46 1,749 Collectively evaluated for impairment 26,029 25,545 2,030 53,604 Total gross loans $ 26,926 26,351 2,076 55,353 December 31, 2018 Mortgage Commercial loans Consumer Total Individually evaluated for impairment $ 1,026 92 47 1,165 Collectively evaluated for impairment 26,652 25,601 2,144 54,397 Total gross loans $ 27,678 25,693 2,191 55,562 |
Schedule of Troubled Debt Restructuring | The following tables present the number of loans modified as TDRs during the three months ended March 31, 2019 and 2018, along with their balances immediately prior to the modification date and post-modification as of March 31, 2019 and 2018. For the three months ended March 31, 2019 March 31, 2018 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification ($ in thousands) Mortgage loans: Commercial 1 $ 14,010 $ 14,010 — — — Total mortgage loans 1 14,010 14,010 — — — Commercial loans 4 2,013 2,013 5 8,127 $ 6,626 Total restructured loans 5 $ 16,023 $ 16,023 5 8,127 $ 6,626 |
Schedule of Troubled Debt Restructurings Subsequently Defaulted | The following table presents loans modified as TDRs within the previous 12 months from March 31, 2019 and 2018, and for which there was a payment default (90 days or more past due) at the quarter ended March 31, 2019 and 2018. March 31, 2019 March 31, 2018 Troubled Debt Restructurings Subsequently Defaulted Number of Loans Outstanding Recorded Investment Number of Loans Outstanding Recorded ($ in thousands) Commercial loans 3 $ 540 3 $ 428 Total restructured loans 3 $ 540 3 $ 428 |
Schedule of Allowance for Loan Losses by Portfolio Segment | The activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2019 and 2018 was as follows (in thousands): Three months ended March 31, Mortgage loans Commercial loans Consumer loans Total 2019 Balance at beginning of period $ 27,678 25,693 2,191 55,562 Provision (credited) charged to operations (982) 1,282 (100) 200 Recoveries of loans previously charged-off 230 52 130 412 Loans charged-off — (676) (145) (821) Balance at end of period $ 26,926 26,351 2,076 55,353 2018 Balance at beginning of period $ 28,052 29,814 2,329 60,195 Provision (credited) charged to operations (22) 5,390 32 5,400 Recoveries of loans previously charged-off 88 127 180 395 Loans charged-off (117) (3,005) (347) (3,469) Balance at end of period $ 28,001 32,326 2,194 62,521 |
Summary of Impaired Loans Receivable by Class | The following table presents loans individually evaluated for impairment by class and loan category, excluding PCI loans (in thousands): March 31, 2019 December 31, 2018 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 $ 16,094 13,010 — 13,055 170 15,013 12,005 — 12,141 594 Commercial 14,010 14,010 — 14,010 — 1,550 1,546 — 1,546 — Total 30,104 27,020 — 27,065 170 16,563 13,551 — 13,687 594 Commercial loans 12,690 9,054 — 9,330 115 21,746 16,254 — 17,083 328 Consumer loans 1,840 1,281 — 1,297 20 1,871 1,313 — 1,386 90 Total impaired loans $ 44,634 37,355 — 37,692 305 40,180 31,118 — 32,156 1,012 Loans with an allowance recorded Mortgage loans: Residential $ 9,018 8,598 828 8,621 89 10,573 10,090 954 10,186 425 Commercial 1,033 1,033 69 1,037 13 1,039 1,039 72 1,052 53 Total 10,051 9,631 897 9,658 102 11,612 11,129 1,026 11,238 478 Commercial loans 17,539 15,490 806 16,550 255 7,493 7,493 92 9,512 435 Consumer loans 943 932 46 938 13 954 944 47 962 40 Total impaired loans $ 28,533 26,053 1,749 27,146 370 20,059 19,566 1,165 21,712 953 Total impaired loans Mortgage loans: Residential $ 25,112 21,608 828 21,676 259 25,586 22,095 954 22,327 1,019 Commercial 15,043 15,043 69 15,047 13 2,589 2,585 72 2,598 53 Total 40,155 36,651 897 36,723 272 28,175 24,680 1,026 24,925 1,072 Commercial loans 30,229 24,544 806 25,880 370 29,239 23,747 92 26,595 763 Consumer loans 2,783 2,213 46 2,235 33 2,825 2,257 47 2,348 130 Total impaired loans $ 73,167 63,408 1,749 64,838 675 60,239 50,684 1,165 53,868 1,965 |
Summary of Loans Receivable by Credit Quality Risk Rating Indicator | Loans receivable by credit quality risk rating indicator, excluding PCI loans, are as follows (in thousands): At March 31, 2019 Residential Commercialmortgage Multi-family Construction Total Commercial Consumer Total loans Special mention $ 3,059 25,518 — — 28,577 54,481 88 83,146 Substandard 8,651 15,571 — 6,181 30,403 68,136 2,078 100,617 Doubtful — — — — — 202 — 202 Loss — — — — — — — — Total classified and criticized 11,710 41,089 — 6,181 58,980 122,819 2,166 183,965 Pass/Watch 1,075,474 2,247,253 1,357,038 368,719 5,048,484 1,575,327 419,204 7,043,015 Total $ 1,087,184 2,288,342 1,357,038 374,900 5,107,464 1,698,146 421,370 7,226,980 At December 31, 2018 Residential Commercialmortgage Multi-family Construction Total Commercial Consumer Total loans Special mention $ 5,071 14,496 228 — 19,795 67,396 610 87,801 Substandard 7,878 13,292 — 6,181 27,351 45,180 1,711 74,242 Doubtful — — — — — 923 — 923 Loss — — — — — — — — Total classified and criticized 12,949 27,788 228 6,181 47,146 113,499 2,321 162,966 Pass/Watch 1,086,515 2,271,525 1,339,449 382,818 5,080,307 1,581,522 429,107 7,090,936 Total $ 1,099,464 2,299,313 1,339,677 388,999 5,127,453 1,695,021 431,428 7,253,902 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits | Deposits at March 31, 2019 and December 31, 2018 are summarized as follows (in thousands): March 31, 2019 December 31, 2018 Savings $ 1,051,904 1,051,922 Money market 1,592,468 1,496,310 NOW 2,019,822 2,049,645 Non-interest bearing 1,434,660 1,481,753 Certificates of deposit 804,602 750,492 Total deposits $ 6,903,456 6,830,122 |
Components of Net Periodic Be_2
Components of Net Periodic Benefit Cost (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost (Increase) | Net periodic (increase) benefit cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2019 and 2018 includes the following components (in thousands): Three months ended March 31, Pension benefits Other post-retirement benefits 2019 2018 2019 2018 Service cost $ — — 20 29 Interest cost 300 274 210 197 Expected return on plan assets (641) (693) — — Amortization of prior service cost — — — — Amortization of the net loss (gain) 254 199 (207) (99) Net periodic (increase) benefit cost $ (87) (220) 23 127 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values | The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of March 31, 2019 and December 31, 2018, by level within the fair value hierarchy: Fair Value Measurements at Reporting Date Using: (In thousands) March 31, 2019 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: Available for sale debt securities: Mortgage-backed securities $ 1,054,482 — 1,054,482 — State and municipal obligations 4,088 — 4,088 — Corporate obligations 25,031 — 25,031 — Total available for sale debt securities $ 1,083,601 — 1,083,601 — Equity securities 724 724 — — Derivative assets 17,718 — 17,718 — $ 1,102,043 724 1,101,319 — Derivative liabilities $ 17,959 — 17,959 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 9,868 — — 9,868 Foreclosed assets 1,264 — — 1,264 $ 11,132 — — 11,132 Fair Value Measurements at Reporting Date Using: (In thousands) December 31, 2018 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: Available for sale debt securities: Mortgage-backed securities $ 1,034,969 — 1,034,969 — State and municipal obligations 2,912 — 2,912 — Corporate obligations 25,198 — 25,198 — Total available for sale debt securities $ 1,063,079 — 1,063,079 — Equity Securities 635 635 — — Derivative assets 15,634 — 15,634 — $ 1,079,348 635 1,078,713 — Derivative liabilities $ 14,766 — 14,766 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 4,285 — — 4,285 Foreclosed assets 1,565 — — 1,565 $ 5,850 — — 5,850 |
Schedule of Financial Instruments at Carrying and Fair Values | The following tables present the Company’s financial instruments at their carrying and fair values as of March 31, 2019 and December 31, 2018. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at March 31, 2019 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 $ 141,658 141,658 141,658 — — Available for sale debt securities: Mortgage-backed securities 1,054,482 1,054,482 — 1,054,482 — State and municipal obligations 4,088 4,088 — 4,088 — Corporate obligations 25,031 25,031 — 25,031 — Total available for sale debt securities $ 1,083,601 1,083,601 — 1,083,601 — Held to maturity debt securities: Agency obligations 4,620 4,570 4,570 — — Mortgage-backed securities 170 173 — 173 — State and municipal obligations 456,554 464,447 — 464,447 — Corporate obligations 10,695 10,637 — 10,637 — Total held to maturity debt securities $ 472,039 479,827 4,570 475,257 — FHLBNY stock 68,634 68,634 68,634 — — Equity Securities 724 724 724 — — Loans, net of allowance for loan losses 7,168,491 7,122,478 — — 7,122,478 Derivative assets 17,718 17,718 — 17,718 — Financial liabilities: Deposits other than certificates of deposits $ 6,098,854 6,098,854 6,098,854 — — Certificates of deposit 804,602 801,845 — 801,845 — Total deposits $ 6,903,456 6,900,699 6,098,854 801,845 — Borrowings 1,398,490 1,393,046 — 1,393,046 — Derivative liabilities 17,959 17,959 — 17,959 — Fair Value Measurements at December 31, 2018 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 $ 142,661 142,661 142,661 — — Available for sale debt securities: Agency obligations — — — — — Mortgage-backed securities 1,034,969 1,034,969 — 1,034,969 — State and municipal obligations 2,912 2,912 — 2,912 — Corporate obligations 25,198 25,198 — 25,198 — Total available for sale debt securities $ 1,063,079 1,063,079 — 1,063,079 — Held to maturity debt securities: Agency obligations $ 4,989 4,896 4,896 — — Mortgage-backed securities 187 190 — 190 — State and municipal obligations 463,801 464,363 — 464,363 — Corporate obligations 10,448 10,291 — 10,291 — Total held to maturity debt securities $ 479,425 479,740 4,896 474,844 — FHLBNY stock 68,813 68,813 68,813 — — Equity Securities 635 635 635 — — Loans, net of allowance for loan losses 7,195,026 7,104,380 — — 7,104,380 Derivative assets 15,634 15,634 — 15,634 — Financial liabilities: Deposits other than certificates of deposits $ 6,079,630 6,079,630 6,079,630 — — Certificates of deposit 750,492 746,753 — 746,753 — Total deposits $ 6,830,122 6,826,383 6,079,630 746,753 — Borrowings 1,442,282 1,431,001 — 1,431,001 — Derivative liabilities 14,766 14,766 — 14,766 — |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive income (loss), both gross and net of tax, for the three months ended March 31, 2019 and 2018 (in thousands): Three months ended March 31, 2019 2018 Before Tax After Before Tax After Components of Other Comprehensive Income (Loss): Unrealized gains and losses on available for sale debt securities: Net unrealized gains (losses) arising during the period $ 10,417 (2,839) 7,578 (13,093) 3,454 (9,639) Reclassification adjustment for gains included in net income — — — — — — Total 10,417 (2,839) 7,578 (13,093) 3,454 (9,639) Unrealized (losses) gains on Derivatives (cash flow hedges) (432) 118 (314) 720 (190) 530 Amortization related to post-retirement obligations (16) 4 (12) 84 (22) 62 Total other comprehensive income (loss) $ 9,969 (2,717) 7,252 (12,289) 3,242 (9,047) |
Components of Accumulated Other Comprehensive Income, Net of Tax | The following tables present the changes in the components of accumulated other comprehensive (loss) income, net of tax, for three months ended March 31, 2019 and 2018 (in thousands): Changes in Accumulated Other Comprehensive (Loss) Income Component, net of tax 2019 2018 Unrealized Post- Retirement Unrealized gains (losses) on Derivatives (cash flow hedges) Accumulated Unrealized Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Balance at $ (9,605) (3,625) 894 (12,336) (3,292) (4,846) 673 (7,465) Current period other comprehensive income (loss) 7,578 (12) (314) 7,252 (9,639) 62 530 (9,047) Reclassification of tax effects due to the adoption of ASU No. 2016-01 $ — — — — $ (184) — — (184) Balance at March 31, $ (2,027) (3,637) 580 (5,084) (13,115) (4,784) 1,203 (16,696) |
Summary of Reclassifications Out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of income for three months ended March 31, 2019 and 2018 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended March 31, Affected line item in the Consolidated 2019 2018 Details of AOCI: Post-retirement obligations: Amortization of actuarial losses $ 47 100 Compensation and employee benefits (1) (13) (26) Income tax expense Total reclassifications $ 34 74 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 5. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Financial Instruments | The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at March 31, 2019 and December 31, 2018 (in thousands): At March 31, 2019 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 16,619 Other liabilities 17,959 Credit contracts Other assets 301 Other liabilities — Total derivatives not designated as a hedging instrument $ 16,920 17,959 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 798 Other liabilities — Total derivatives designated as a hedging instrument $ 798 — At December 31, 2018 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 14,154 Other liabilities 14,766 Credit contracts Other assets 251 Other liabilities — Total derivatives not designated as a hedging instrument $ 14,405 14,766 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 1,229 Other liabilities — Total derivatives designated as a hedging instrument $ 1,229 — |
Effect of the derivative financial instruments on the Income Statement | The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three months ended March 31, 2019 and 2018 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income March 31, 2019 March 31, 2018 Derivatives not designated as a hedging instrument: Interest rate products Other income $ (673) 302 Credit contracts Other income (4) — Total derivatives not designated as a hedging instrument $ (677) 302 Derivatives designated as a hedging instrument: Interest rate products Interest expense $ 162 6 Total derivatives designated as a hedging instrument $ 162 6 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Non-interest Income | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2019 and 2018 (in thousands): Three months ended March 31, 2019 2018 Non-interest income In-scope of Topic 606: Wealth management fees $ 4,079 4,400 Banking service charges and other fees: Service charges on deposit accounts 3,191 3,315 Debit card and ATM fees 1,307 1,402 Total banking service charges and other fees 4,498 4,717 Total in-scope non-interest income 8,577 9,117 Total out-of-scope non-interest income 3,611 4,190 Total non-interest income $ 12,188 13,307 |
(Tables)
(Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities | The following table represents the consolidated statements of condition classification of the Company’s right-of use-assets and lease liabilities at March 31, 2019 (in thousands): Classification March 31, 2019 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 43,404 Lease Liabilities: Operating lease liabilities Other liabilities $ 44,452 |
Schedule of Lease Costs and Other Information | The following table represents lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands): (in-thousands) Three months ended March 31, 2019 Lease Costs Operating lease cost $ 2,050 Variable lease cost 760 Total Lease Cost $ 2,810 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,044 Operating lease - operating cash flows - reduction of lease liability 1,598 |
Schedule of Future Minimum Payments | Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2019 were as follows: (in-thousands) Operating Leases Twelve Months Ended: March 31, 2020 $ 7,875 March 31, 2021 7,302 March 31, 2022 5,055 March 31, 2023 4,738 Thereafter 28,440 Total Future Minimum Lease Payments $ 53,410 Amounts Representing Interest 8,958 Present Value of Net Future Minimum Lease Payments $ 44,452 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | ||
Anti-dilutive stock options and awards excluded from computation of earnings per share (in shares) | 688,655 | 484,613 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Earnings Per Share) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | ||
Net income | $ 30,890 | $ 27,913 |
Basic earnings per share: | ||
Income available to common stockholders, basic | $ 30,890 | $ 27,913 |
Weighted average common shares outstanding, basic (in shares) | 64,766,619 | 64,768,977 |
Income available to common stockholders, per share amount, basic (usd per share) | $ 0.48 | $ 0.43 |
Diluted earnings per share: | ||
Income available to common stockholders, diluted | $ 30,890 | $ 27,913 |
Dilutive shares (in shares) | 146,119 | 180,465 |
Weighted average common shares outstanding, diluted (in shares) | 64,912,738 | 64,949,442 |
Income available to common stockholders, per share amount, diluted (usd per share) | $ 0.48 | $ 0.43 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) | 3 Months Ended | ||
Mar. 31, 2019USD ($)securityposition | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)securityposition | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Available for sale debt securities, at fair value | $ 1,083,601,000 | $ 1,063,079,000 | |
Securities held to maturity, at fair value | $ 472,039,000 | $ 479,425,000 | |
Total number of all held to maturity and available for sale securities in an unrealized loss position | security | 260 | 509 | |
Securities available for sale, amortized cost | $ 1,086,386,000 | $ 1,076,282,000 | |
Securities available for sale, number of securities in an unrealized loss position | position | 130 | 175 | |
Held to maturity securities, proceeds from calls | $ 9,300,000 | $ 20,300,000 | |
Held to maturity securities, recognized gain on calls | 0 | 1,000 | |
Held to maturity securities, recognized loss on calls | 0 | $ 0 | |
Investment securities held to maturity, fair value | $ 479,827,000 | $ 479,740,000 | |
Number of securities in an unrealized loss position | security | 130 | 334 | |
Private Label Mortgage-Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities available for sale, amortized cost | $ 24,000 | ||
Securities available for sale, number of securities in an unrealized loss position | position | 1 | ||
Unrealized losses | $ 2,000 | ||
Mortgage-Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Available for sale debt securities, at fair value | 1,054,482,000 | $ 1,034,969,000 | |
Securities held to maturity, at fair value | 170,000 | 187,000 | |
Securities available for sale, amortized cost | 1,057,405,000 | 1,048,415,000 | |
Held-to-maturity securities, amortized cost | 170,000 | ||
Investment securities held to maturity, fair value | $ 173,000 | $ 190,000 |
Investment Securities (Securiti
Investment Securities (Securities Available for Sale) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 1,086,386 | $ 1,076,282 |
Gross unrealized gains | 5,441 | 3,056 |
Gross unrealized losses | (8,226) | (16,259) |
Fair value | 1,083,601 | 1,063,079 |
Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 1,057,405 | 1,048,415 |
Gross unrealized gains | 5,205 | 2,704 |
Gross unrealized losses | (8,128) | (16,150) |
Fair value | 1,054,482 | 1,034,969 |
State And Municipal Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 3,944 | 2,828 |
Gross unrealized gains | 144 | 84 |
Gross unrealized losses | 0 | 0 |
Fair value | 4,088 | 2,912 |
Corporate Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 25,037 | 25,039 |
Gross unrealized gains | 92 | 268 |
Gross unrealized losses | (98) | (109) |
Fair value | $ 25,031 | $ 25,198 |
Investment Securities (Availabl
Investment Securities (Available for Sale by Contractual Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 1,086,386 | $ 1,076,282 |
Fair value | 1,083,601 | $ 1,063,079 |
Available-for-sale Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less, amortized cost | 0 | |
Due after one year through five years, amortized cost | 3,005 | |
Due after five years through ten years, amortized cost | 25,976 | |
Due after ten years, amortized cost | 0 | |
Amortized cost | 28,981 | |
Due in one year or less, fair value | 0 | |
Due after one year through five years, fair value | 3,027 | |
Due after five years through ten years, fair value | 26,092 | |
Due after ten years, fair value | 0 | |
Fair value | $ 29,119 |
Investment Securities (Disclosu
Investment Securities (Disclosure Regarding Length of Time on Securities Available for Sale with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 5,066 | $ 226,072 |
Less than 12 months, gross unrealized losses | (1) | (2,282) |
12 months or longer, fair value | 596,594 | 545,880 |
12 months or longer, gross unrealized losses | (8,225) | (13,977) |
Total, fair value | 601,660 | 771,952 |
Total, gross unrealized losses | (8,226) | (16,259) |
Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 5,066 | 218,175 |
Less than 12 months, gross unrealized losses | (1) | (2,173) |
12 months or longer, fair value | 591,692 | 545,880 |
12 months or longer, gross unrealized losses | (8,127) | (13,977) |
Total, fair value | 596,758 | 764,055 |
Total, gross unrealized losses | (8,128) | (16,150) |
Corporate Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 0 | 7,897 |
Less than 12 months, gross unrealized losses | 0 | (109) |
12 months or longer, fair value | 4,902 | 0 |
12 months or longer, gross unrealized losses | (98) | 0 |
Total, fair value | 4,902 | 7,897 |
Total, gross unrealized losses | $ (98) | $ (109) |
Investment Securities (Held to
Investment Securities (Held to Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 472,039 | $ 479,425 |
Gross unrealized gains | 8,873 | 4,334 |
Gross unrealized losses | (1,085) | (4,019) |
Fair value | 479,827 | 479,740 |
Agency Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 4,620 | 4,989 |
Gross unrealized gains | 6 | 1 |
Gross unrealized losses | (56) | (94) |
Fair value | 4,570 | 4,896 |
Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 170 | 187 |
Gross unrealized gains | 3 | 3 |
Gross unrealized losses | 0 | 0 |
Fair value | 173 | 190 |
State And Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 456,554 | 463,801 |
Gross unrealized gains | 8,850 | 4,329 |
Gross unrealized losses | (957) | (3,767) |
Fair value | 464,447 | 464,363 |
Corporate Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 10,695 | 10,448 |
Gross unrealized gains | 14 | 1 |
Gross unrealized losses | (72) | (158) |
Fair value | $ 10,637 | $ 10,291 |
Investment Securities (Securi_2
Investment Securities (Securities Held to Maturity by Contractual Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 472,039 | $ 479,425 |
Fair value | 479,827 | $ 479,740 |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less, amortized cost | 10,605 | |
Due after one year through five years, amortized cost | 89,791 | |
Due after five years through ten years, amortized cost | 263,184 | |
Due after ten years, amortized cost | 108,289 | |
Amortized cost | 471,869 | |
Due in one year or less, fair value | 10,620 | |
Due after one year through five years, fair value | 90,661 | |
Due after five years through ten years, fair value | 267,797 | |
Due after ten years, fair value | 110,576 | |
Fair value | $ 479,654 |
Investment Securities (Disclo_2
Investment Securities (Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | $ 16,140 | $ 96,412 |
Less than 12 months, gross unrealized losses | (159) | (918) |
12 months or longer, fair value | 54,654 | 95,192 |
12 months or longer, gross unrealized losses | (926) | (3,101) |
Total, fair value | 70,794 | 191,604 |
Total, gross unrealized losses | (1,085) | (4,019) |
Agency Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 3,652 | 0 |
Less than 12 months, gross unrealized losses | (56) | 0 |
12 months or longer, fair value | 0 | 4,525 |
12 months or longer, gross unrealized losses | 0 | (94) |
Total, fair value | 3,652 | 4,525 |
Total, gross unrealized losses | (56) | (94) |
State And Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 4,357 | 96,412 |
Less than 12 months, gross unrealized losses | (31) | (918) |
12 months or longer, fair value | 54,654 | 81,663 |
12 months or longer, gross unrealized losses | (926) | (2,849) |
Total, fair value | 59,011 | 178,075 |
Total, gross unrealized losses | (957) | (3,767) |
Corporate Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 8,131 | 0 |
Less than 12 months, gross unrealized losses | (72) | 0 |
12 months or longer, fair value | 0 | 9,004 |
12 months or longer, gross unrealized losses | 0 | (158) |
Total, fair value | 8,131 | 9,004 |
Total, gross unrealized losses | $ (72) | $ (158) |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Loan Losses (Narrative) (Detail) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($)borrowerSecurityLoantroubled_debt_restructuring | Mar. 31, 2018SecurityLoan | Mar. 31, 2019USD ($)SecurityLoan | Dec. 31, 2018USD ($)borrowerSecurityLoantroubled_debt_restructuring | Mar. 31, 2018SecurityLoan | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Principal amount of nonaccrual loans | $ 24,800,000 | $ 24,800,000 | $ 25,700,000 | ||
Loans less than 90 days past due | $ 10,600,000 | $ 10,600,000 | $ 11,100,000 | ||
Number of loans 90 days past due and still accruing | SecurityLoan | 0 | 0 | 0 | ||
Impaired loan defined floor limit (greater than) | $ 1,000,000 | $ 1,000,000 | |||
Impaired loans number | SecurityLoan | 155 | 152 | |||
Impaired loans | $ 63,408,000 | 63,408,000 | $ 50,684,000 | ||
Number of troubled debt restructurings | troubled_debt_restructuring | 133 | 129 | |||
Number of borrowers | borrower | 127 | 124 | |||
Loans and leases receivable, impaired, nonperforming, accrual of interest | $ 50,300,000 | $ 50,300,000 | $ 35,600,000 | ||
Charge off, impaired loan | $ 0 | ||||
Weighted average modified interest rate | 3.96% | ||||
Weighted average prior modification rate | 3.96% | ||||
Number of payment defaults for loans modified as TDRs | SecurityLoan | 3 | 3 | 3 | 3 | |
Allowances for loan losses | $ 1,749,000 | $ 1,749,000 | 1,165,000 | ||
Impaired financing receivable with no related allowance | 37,400,000 | 37,400,000 | 31,100,000 | ||
Average balance of impaired loans | 64,838,000 | 53,868,000 | |||
Team Capital Bank [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Balance of PCI loans | 877,000 | $ 877,000 | $ 899,000 | ||
Impaired Loans Troubled Debt Restructurings [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Allowances for loan losses | $ 164,000 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Loan Losses (Schedule of Summarized Loans Receivable) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 7,226,980 | $ 7,253,902 |
Purchased credit-impaired ("PCI") loans | 877 | 899 |
Premiums on purchased loans | 3,106 | 3,243 |
Unearned discounts | (33) | (33) |
Net deferred fees | (7,086) | (7,423) |
Total loans | 7,223,844 | 7,250,588 |
Mortgage Portfolio Segment [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 5,107,464 | 5,127,453 |
Mortgage Portfolio Segment [Member] | Residential [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,087,184 | 1,099,464 |
Mortgage Portfolio Segment [Member] | Commercial [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 2,288,342 | 2,299,313 |
Mortgage Portfolio Segment [Member] | Multi-Family [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,357,038 | 1,339,677 |
Mortgage Portfolio Segment [Member] | Construction [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 374,900 | 388,999 |
Commercial Loans [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,698,146 | 1,695,021 |
Consumer Loans [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 421,370 | $ 431,428 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Loan Losses (Summary of Aging Loans Receivable by Portfolio Segment and Class) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 24,797 | $ 25,690 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 57,993 | 51,273 |
Current | 7,168,987 | 7,202,629 |
Total gross loans | 7,226,980 | 7,253,902 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 29,233 | 5,851 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 3,963 | 19,732 |
Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 8,325 | 9,033 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 19,616 | 18,778 |
Current | 5,087,848 | 5,108,675 |
Total gross loans | 5,107,464 | 5,127,453 |
Mortgage Portfolio Segment [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 6,809 | 5,853 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 16,482 | 15,598 |
Current | 1,070,702 | 1,083,866 |
Total gross loans | 1,087,184 | 1,099,464 |
Mortgage Portfolio Segment [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,516 | 3,180 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 3,134 | 3,180 |
Current | 2,285,208 | 2,296,133 |
Total gross loans | 2,288,342 | 2,299,313 |
Mortgage Portfolio Segment [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 0 | 0 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 1,357,038 | 1,339,677 |
Total gross loans | 1,357,038 | 1,339,677 |
Mortgage Portfolio Segment [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 0 | 0 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 374,900 | 388,999 |
Total gross loans | 374,900 | 388,999 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 7,425 | 4,188 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 6,132 | 4,188 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 1,293 | 0 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 0 | 0 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment 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] | ||
Recorded investment past due | 3,866 | 5,557 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 3,541 | 5,557 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 325 | 0 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 0 | 0 |
Mortgage Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 0 | 0 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 14,785 | 15,391 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 35,144 | 29,381 |
Current | 1,663,002 | 1,665,640 |
Total gross loans | 1,698,146 | 1,695,021 |
Commercial Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 20,350 | 425 |
Commercial Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 9 | 13,565 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,687 | 1,266 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 3,233 | 3,114 |
Current | 418,137 | 428,314 |
Total gross loans | 421,370 | 431,428 |
Consumer Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 1,458 | 1,238 |
Consumer Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | $ 88 | $ 610 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Loan Losses (Summary of Loans Receivable by Portfolio Segment and Impairment Method) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 63,408 | $ 50,684 |
Collectively evaluated for impairment | 7,163,572 | 7,203,218 |
Total gross loans | 7,226,980 | 7,253,902 |
Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 36,651 | 24,680 |
Collectively evaluated for impairment | 5,070,813 | 5,102,773 |
Total gross loans | 5,107,464 | 5,127,453 |
Commercial Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 24,544 | 23,747 |
Collectively evaluated for impairment | 1,673,602 | 1,671,274 |
Total gross loans | 1,698,146 | 1,695,021 |
Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 2,213 | 2,257 |
Collectively evaluated for impairment | 419,157 | 429,171 |
Total gross loans | $ 421,370 | $ 431,428 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Loan Losses (Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | $ 1,749 | $ 1,165 | ||
Collectively evaluated for impairment | 53,604 | 54,397 | ||
Total | 55,353 | 55,562 | $ 62,521 | $ 60,195 |
Mortgage Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 897 | 1,026 | ||
Collectively evaluated for impairment | 26,029 | 26,652 | ||
Total | 26,926 | 27,678 | 28,001 | 28,052 |
Commercial Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 806 | 92 | ||
Collectively evaluated for impairment | 25,545 | 25,601 | ||
Total | 26,351 | 25,693 | 32,326 | 29,814 |
Consumer Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 46 | 47 | ||
Collectively evaluated for impairment | 2,030 | 2,144 | ||
Total | $ 2,076 | $ 2,191 | $ 2,194 | $ 2,329 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Loan Losses (Schedule of Troubled Debt Restructurings) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)SecurityLoansecurity | Mar. 31, 2018USD ($)SecurityLoansecurity | |
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 5 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 16,023 | $ 8,127 |
Post-Modification Outstanding Recorded Investment | $ 16,023 | $ 6,626 |
Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 14,010 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 14,010 | $ 0 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | security | 4 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 2,013 | $ 8,127 |
Post-Modification Outstanding Recorded Investment | $ 2,013 | $ 6,626 |
Commercial [Member] | Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 14,010 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 14,010 | $ 0 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Loan Losses (Schedule of Trouble Debt Restructuring Subsequently Defaulted) (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019USD ($)SecurityLoan | Mar. 31, 2018USD ($)SecurityLoan | Mar. 31, 2019SecurityLoan | Mar. 31, 2018SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | SecurityLoan | 3 | 3 | 3 | 3 |
Outstanding Recorded Investment | $ | $ 540 | $ 428 | ||
Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | SecurityLoan | 3 | 3 | ||
Outstanding Recorded Investment | $ | $ 540 | $ 428 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Loan Losses (Schedule of Allowance for Loan Losses by Portfolio Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | $ 55,562 | $ 60,195 |
Provision (credited) charged to operations | 200 | 5,400 |
Recoveries of loans previously charged-off | 412 | 395 |
Loans charged-off | (821) | (3,469) |
Balance at end of period | 55,353 | 62,521 |
Mortgage Portfolio Segment [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 27,678 | 28,052 |
Provision (credited) charged to operations | (982) | (22) |
Recoveries of loans previously charged-off | 230 | 88 |
Loans charged-off | 0 | (117) |
Balance at end of period | 26,926 | 28,001 |
Commercial Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 25,693 | 29,814 |
Provision (credited) charged to operations | 1,282 | 5,390 |
Recoveries of loans previously charged-off | 52 | 127 |
Loans charged-off | (676) | (3,005) |
Balance at end of period | 26,351 | 32,326 |
Consumer Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 2,191 | 2,329 |
Provision (credited) charged to operations | (100) | 32 |
Recoveries of loans previously charged-off | 130 | 180 |
Loans charged-off | (145) | (347) |
Balance at end of period | $ 2,076 | $ 2,194 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Loan Losses (Summary of Impaired Loans Receivable by Class) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | $ 44,634 | $ 40,180 |
Loans with no related allowance, Recorded Investment | 37,355 | 31,118 |
Loans with no related allowance, Average Recorded Investment | 37,692 | 32,156 |
Loans with no related allowance, Interest Income Recognized | 305 | 1,012 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 28,533 | 20,059 |
Loans with an allowance recorded, Recorded Investment | 26,053 | 19,566 |
Loans with an allowance recorded, Average Recorded Investment | 27,146 | 21,712 |
Loans with an allowance recorded, Interest Income Recognized | 370 | 953 |
Total impaired loans | ||
Unpaid Principal Balance | 73,167 | 60,239 |
Recorded Investment | 63,408 | 50,684 |
Related Allowance | 1,749 | 1,165 |
Average Recorded Investment | 64,838 | 53,868 |
Interest Income Recognized | 675 | 1,965 |
Mortgage Portfolio Segment [Member] | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 30,104 | 16,563 |
Loans with no related allowance, Recorded Investment | 27,020 | 13,551 |
Loans with no related allowance, Average Recorded Investment | 27,065 | 13,687 |
Loans with no related allowance, Interest Income Recognized | 170 | 594 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 10,051 | 11,612 |
Loans with an allowance recorded, Recorded Investment | 9,631 | 11,129 |
Loans with an allowance recorded, Average Recorded Investment | 9,658 | 11,238 |
Loans with an allowance recorded, Interest Income Recognized | 102 | 478 |
Total impaired loans | ||
Unpaid Principal Balance | 40,155 | 28,175 |
Recorded Investment | 36,651 | 24,680 |
Related Allowance | 897 | 1,026 |
Average Recorded Investment | 36,723 | 24,925 |
Interest Income Recognized | 272 | 1,072 |
Mortgage Portfolio Segment [Member] | Residential [Member] | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 16,094 | 15,013 |
Loans with no related allowance, Recorded Investment | 13,010 | 12,005 |
Loans with no related allowance, Average Recorded Investment | 13,055 | 12,141 |
Loans with no related allowance, Interest Income Recognized | 170 | 594 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 9,018 | 10,573 |
Loans with an allowance recorded, Recorded Investment | 8,598 | 10,090 |
Loans with an allowance recorded, Average Recorded Investment | 8,621 | 10,186 |
Loans with an allowance recorded, Interest Income Recognized | 89 | 425 |
Total impaired loans | ||
Unpaid Principal Balance | 25,112 | 25,586 |
Recorded Investment | 21,608 | 22,095 |
Related Allowance | 828 | 954 |
Average Recorded Investment | 21,676 | 22,327 |
Interest Income Recognized | 259 | 1,019 |
Mortgage Portfolio Segment [Member] | Commercial [Member] | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 14,010 | 1,550 |
Loans with no related allowance, Recorded Investment | 14,010 | 1,546 |
Loans with no related allowance, Average Recorded Investment | 14,010 | 1,546 |
Loans with no related allowance, Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 1,033 | 1,039 |
Loans with an allowance recorded, Recorded Investment | 1,033 | 1,039 |
Loans with an allowance recorded, Average Recorded Investment | 1,037 | 1,052 |
Loans with an allowance recorded, Interest Income Recognized | 13 | 53 |
Total impaired loans | ||
Unpaid Principal Balance | 15,043 | 2,589 |
Recorded Investment | 15,043 | 2,585 |
Related Allowance | 69 | 72 |
Average Recorded Investment | 15,047 | 2,598 |
Interest Income Recognized | 13 | 53 |
Commercial Loans [Member] | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 12,690 | 21,746 |
Loans with no related allowance, Recorded Investment | 9,054 | 16,254 |
Loans with no related allowance, Average Recorded Investment | 9,330 | 17,083 |
Loans with no related allowance, Interest Income Recognized | 115 | 328 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 17,539 | 7,493 |
Loans with an allowance recorded, Recorded Investment | 15,490 | 7,493 |
Loans with an allowance recorded, Average Recorded Investment | 16,550 | 9,512 |
Loans with an allowance recorded, Interest Income Recognized | 255 | 435 |
Total impaired loans | ||
Unpaid Principal Balance | 30,229 | 29,239 |
Recorded Investment | 24,544 | 23,747 |
Related Allowance | 806 | 92 |
Average Recorded Investment | 25,880 | 26,595 |
Interest Income Recognized | 370 | 763 |
Consumer Loans [Member] | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 1,840 | 1,871 |
Loans with no related allowance, Recorded Investment | 1,281 | 1,313 |
Loans with no related allowance, Average Recorded Investment | 1,297 | 1,386 |
Loans with no related allowance, Interest Income Recognized | 20 | 90 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 943 | 954 |
Loans with an allowance recorded, Recorded Investment | 932 | 944 |
Loans with an allowance recorded, Average Recorded Investment | 938 | 962 |
Loans with an allowance recorded, Interest Income Recognized | 13 | 40 |
Total impaired loans | ||
Unpaid Principal Balance | 2,783 | 2,825 |
Recorded Investment | 2,213 | 2,257 |
Related Allowance | 46 | 47 |
Average Recorded Investment | 2,235 | 2,348 |
Interest Income Recognized | $ 33 | $ 130 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Loan Losses (Summary of Loans Receivable by Credit Quality Risk Rating Indicator) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 7,226,980 | $ 7,253,902 |
Total classified and criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 183,965 | 162,966 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 83,146 | 87,801 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 100,617 | 74,242 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 202 | 923 |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Pass/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 7,043,015 | 7,090,936 |
Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 5,107,464 | 5,127,453 |
Mortgage Portfolio Segment [Member] | Total classified and criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 58,980 | 47,146 |
Mortgage Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 28,577 | 19,795 |
Mortgage Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 30,403 | 27,351 |
Mortgage Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Pass/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 5,048,484 | 5,080,307 |
Mortgage Portfolio Segment [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,087,184 | 1,099,464 |
Mortgage Portfolio Segment [Member] | Residential [Member] | Total classified and criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 11,710 | 12,949 |
Mortgage Portfolio Segment [Member] | Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 3,059 | 5,071 |
Mortgage Portfolio Segment [Member] | Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 8,651 | 7,878 |
Mortgage Portfolio Segment [Member] | Residential [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Residential [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Residential [Member] | Pass/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,075,474 | 1,086,515 |
Mortgage Portfolio Segment [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2,288,342 | 2,299,313 |
Mortgage Portfolio Segment [Member] | Commercial [Member] | Total classified and criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 41,089 | 27,788 |
Mortgage Portfolio Segment [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 25,518 | 14,496 |
Mortgage Portfolio Segment [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 15,571 | 13,292 |
Mortgage Portfolio Segment [Member] | Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Commercial [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Commercial [Member] | Pass/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2,247,253 | 2,271,525 |
Mortgage Portfolio Segment [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,357,038 | 1,339,677 |
Mortgage Portfolio Segment [Member] | Multi-Family [Member] | Total classified and criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 228 |
Mortgage Portfolio Segment [Member] | Multi-Family [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 228 |
Mortgage Portfolio Segment [Member] | Multi-Family [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Multi-Family [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Multi-Family [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Multi-Family [Member] | Pass/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,357,038 | 1,339,449 |
Mortgage Portfolio Segment [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 374,900 | 388,999 |
Mortgage Portfolio Segment [Member] | Construction [Member] | Total classified and criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 6,181 | 6,181 |
Mortgage Portfolio Segment [Member] | Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 6,181 | 6,181 |
Mortgage Portfolio Segment [Member] | Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Construction [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment [Member] | Construction [Member] | Pass/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 368,719 | 382,818 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,698,146 | 1,695,021 |
Commercial Loans [Member] | Total classified and criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 122,819 | 113,499 |
Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 54,481 | 67,396 |
Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 68,136 | 45,180 |
Commercial Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 202 | 923 |
Commercial Loans [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Commercial Loans [Member] | Pass/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,575,327 | 1,581,522 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 421,370 | 431,428 |
Consumer Loans [Member] | Total classified and criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2,166 | 2,321 |
Consumer Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 88 | 610 |
Consumer Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2,078 | 1,711 |
Consumer Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Consumer Loans [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 0 |
Consumer Loans [Member] | Pass/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 419,204 | $ 429,107 |
Deposits (Detail)
Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Savings | $ 1,051,904 | $ 1,051,922 |
Money market | 1,592,468 | 1,496,310 |
NOW | 2,019,822 | 2,049,645 |
Non-interest bearing | 1,434,660 | 1,481,753 |
Certificates of deposit | 804,602 | 750,492 |
Total deposits | $ 6,903,456 | $ 6,830,122 |
Components of Net Periodic Be_3
Components of Net Periodic Benefit Cost (Narrative) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2006 | Dec. 31, 2002 | |
Retirement Benefits [Abstract] | |||
Service period for employees of coverage age, years (at least) | 1 year | ||
Defined benefit plan, percentage vested | 100.00% | ||
Retiree benefits eliminated if less than service period, years (less than) | 10 years | 10 years | |
Defined benefit plan, contributions by employer | $ 0 |
Components of Net Periodic Be_4
Components of Net Periodic Benefit Cost (Benefit Cost (Increase)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 300 | 274 |
Expected return on plan assets | (641) | (693) |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss (gain) | 254 | 199 |
Net periodic (increase) benefit cost | (87) | (220) |
Other post-retirement benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | 20 | 29 |
Interest cost | 210 | 197 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss (gain) | (207) | (99) |
Net periodic (increase) benefit cost | $ 23 | $ 127 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Operating lease right-of-use assets | $ 43,404 | |
Operating lease liabilities | $ 44,452 | |
Accounting Standards Update 2016-02 [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Operating lease right-of-use assets | $ 44,900 | |
Operating lease liabilities | $ 46,100 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) $ in Millions | Mar. 31, 2019USD ($)security | Dec. 31, 2018USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted Cash | $ | $ 36.4 | $ 35 |
Valuation, Market Approach [Member] | Measurement Input, Cost to Sell [Member] | Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | 0.05 | |
Foreclosed assets, measurement input | 0.05 | |
Valuation, Market Approach [Member] | Measurement Input, Cost to Sell [Member] | Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | 0.10 | |
Foreclosed assets, measurement input | 0.10 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | $ 1,083,601 | $ 1,063,079 |
Equity securities | 724 | 635 |
Derivative liabilities | 11,800 | |
Measured on a non-recurring basis: | ||
Foreclosed assets | 1,264 | 1,565 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Equity securities | 724 | 635 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,083,601 | 1,063,079 |
Equity securities | 0 | 0 |
Derivative assets | 17,718 | 15,634 |
Derivative liabilities | 17,959 | 14,766 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,054,482 | 1,034,969 |
Mortgage-Backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Mortgage-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,054,482 | 1,034,969 |
Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
State And Municipal Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 4,088 | 2,912 |
State And Municipal Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
State And Municipal Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 4,088 | 2,912 |
State And Municipal Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Corporate Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 25,031 | 25,198 |
Corporate Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Corporate Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 25,031 | 25,198 |
Corporate Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,083,601 | 1,063,079 |
Equity securities | 724 | 635 |
Derivative assets | 17,718 | 15,634 |
Total assets at fair value | 1,102,043 | 1,079,348 |
Derivative liabilities | 17,959 | 14,766 |
Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Equity securities | 724 | 635 |
Derivative assets | 0 | 0 |
Total assets at fair value | 724 | 635 |
Derivative liabilities | 0 | 0 |
Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,083,601 | 1,063,079 |
Equity securities | 0 | 0 |
Derivative assets | 17,718 | 15,634 |
Total assets at fair value | 1,101,319 | 1,078,713 |
Derivative liabilities | 17,959 | 14,766 |
Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Derivative liabilities | 0 | 0 |
Measured on a Recurring Basis [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,054,482 | 1,034,969 |
Measured on a Recurring Basis [Member] | Mortgage-Backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | Mortgage-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,054,482 | 1,034,969 |
Measured on a Recurring Basis [Member] | Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | State And Municipal Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 4,088 | 2,912 |
Measured on a Recurring Basis [Member] | State And Municipal Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | State And Municipal Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 4,088 | 2,912 |
Measured on a Recurring Basis [Member] | State And Municipal Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | Corporate Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 25,031 | 25,198 |
Measured on a Recurring Basis [Member] | Corporate Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | Corporate Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 25,031 | 25,198 |
Measured on a Recurring Basis [Member] | Corporate Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 11,132 | 5,850 |
Measured on a non-recurring basis: | ||
Loans measured for impairment based on the fair value of the underlying collateral | 9,868 | 4,285 |
Foreclosed assets | 1,264 | 1,565 |
Measured on a Non-Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 0 | 0 |
Measured on a non-recurring basis: | ||
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Measured on a Non-Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 0 | 0 |
Measured on a non-recurring basis: | ||
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Measured on a Non-Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 11,132 | 5,850 |
Measured on a non-recurring basis: | ||
Loans measured for impairment based on the fair value of the underlying collateral | 9,868 | 4,285 |
Foreclosed assets | $ 1,264 | $ 1,565 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Cash and cash equivalents | $ 197,854 | $ 142,661 |
Available for sale debt securities, at fair value | 1,083,601 | 1,063,079 |
Investment securities held to maturity, fair value | 479,827 | 479,740 |
FHLBNY stock | 68,634 | 68,813 |
Equity securities, at fair value | 724 | 635 |
Loans, net of allowance for loan losses | 7,168,491 | 7,195,026 |
Financial liabilities: | ||
Certificates of deposit | 804,602 | 750,492 |
Total deposits | 6,903,456 | 6,830,122 |
Borrowings | 1,398,490 | 1,442,282 |
Derivative liabilities | 11,800 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 141,658 | 142,661 |
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 4,570 | 4,896 |
FHLBNY stock | 68,634 | 68,813 |
Equity securities, at fair value | 724 | 635 |
Loans, net of allowance for loan losses | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 6,098,854 | 6,079,630 |
Certificates of deposit | 0 | 0 |
Total deposits | 6,098,854 | 6,079,630 |
Borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Available for sale debt securities, at fair value | 1,083,601 | 1,063,079 |
Investment securities held to maturity, fair value | 475,257 | 474,844 |
FHLBNY stock | 0 | 0 |
Equity securities, at fair value | 0 | 0 |
Loans, net of allowance for loan losses | 0 | 0 |
Derivative assets | 17,718 | 15,634 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 0 | 0 |
Certificates of deposit | 801,845 | 746,753 |
Total deposits | 801,845 | 746,753 |
Borrowings | 1,393,046 | 1,431,001 |
Derivative liabilities | 17,959 | 14,766 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
FHLBNY stock | 0 | 0 |
Equity securities, at fair value | 0 | 0 |
Loans, net of allowance for loan losses | 7,122,478 | 7,104,380 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 0 | 0 |
Certificates of deposit | 0 | 0 |
Total deposits | 0 | 0 |
Borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Carrying Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 141,658 | 142,661 |
Available for sale debt securities, at fair value | 1,083,601 | 1,063,079 |
Investment securities held to maturity, fair value | 472,039 | 479,425 |
FHLBNY stock | 68,634 | 68,813 |
Equity securities, at fair value | 724 | 635 |
Loans, net of allowance for loan losses | 7,168,491 | 7,195,026 |
Derivative assets | 17,718 | 15,634 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 6,098,854 | 6,079,630 |
Certificates of deposit | 804,602 | 750,492 |
Total deposits | 6,903,456 | 6,830,122 |
Borrowings | 1,398,490 | 1,442,282 |
Derivative liabilities | 17,959 | 14,766 |
Fair Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 141,658 | 142,661 |
Available for sale debt securities, at fair value | 1,083,601 | 1,063,079 |
Investment securities held to maturity, fair value | 479,827 | 479,740 |
FHLBNY stock | 68,634 | 68,813 |
Equity securities, at fair value | 724 | 635 |
Loans, net of allowance for loan losses | 7,122,478 | 7,104,380 |
Derivative assets | 17,718 | 15,634 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 6,098,854 | 6,079,630 |
Certificates of deposit | 801,845 | 746,753 |
Total deposits | 6,900,699 | 6,826,383 |
Borrowings | 1,393,046 | 1,431,001 |
Derivative liabilities | 17,959 | 14,766 |
Agency Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | |
Investment securities held to maturity, fair value | 4,570 | 4,896 |
Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | |
Investment securities held to maturity, fair value | 0 | 0 |
Agency Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | |
Investment securities held to maturity, fair value | 0 | 0 |
Agency Obligations [Member] | Carrying Value [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | |
Investment securities held to maturity, fair value | 4,620 | 4,989 |
Agency Obligations [Member] | Fair Value [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | |
Investment securities held to maturity, fair value | 4,570 | 4,896 |
Mortgage-Backed Securities [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 1,054,482 | 1,034,969 |
Investment securities held to maturity, fair value | 173 | 190 |
Mortgage-Backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Mortgage-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 1,054,482 | 1,034,969 |
Investment securities held to maturity, fair value | 173 | 190 |
Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Mortgage-Backed Securities [Member] | Carrying Value [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 1,054,482 | 1,034,969 |
Investment securities held to maturity, fair value | 170 | 187 |
Mortgage-Backed Securities [Member] | Fair Value [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 1,054,482 | 1,034,969 |
Investment securities held to maturity, fair value | 173 | 190 |
State And Municipal Obligations [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 4,088 | 2,912 |
Investment securities held to maturity, fair value | 464,447 | 464,363 |
State And Municipal Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
State And Municipal Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 4,088 | 2,912 |
Investment securities held to maturity, fair value | 464,447 | 464,363 |
State And Municipal Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
State And Municipal Obligations [Member] | Carrying Value [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 4,088 | 2,912 |
Investment securities held to maturity, fair value | 456,554 | 463,801 |
State And Municipal Obligations [Member] | Fair Value [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 4,088 | 2,912 |
Investment securities held to maturity, fair value | 464,447 | 464,363 |
Corporate Obligations [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 25,031 | 25,198 |
Investment securities held to maturity, fair value | 10,637 | 10,291 |
Corporate Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Corporate Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 25,031 | 25,198 |
Investment securities held to maturity, fair value | 10,637 | 10,291 |
Corporate Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Corporate Obligations [Member] | Carrying Value [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 25,031 | 25,198 |
Investment securities held to maturity, fair value | 10,695 | 10,448 |
Corporate Obligations [Member] | Fair Value [Member] | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 25,031 | 25,198 |
Investment securities held to maturity, fair value | $ 10,637 | $ 10,291 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Components of OCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Unrealized gains and losses on available for sale debt securities: | ||
Net unrealized gains (losses) arising during the period | $ 10,417 | $ (13,093) |
Reclassification adjustment for gains included in net income | 0 | 0 |
Total | 10,417 | (13,093) |
Unrealized (losses) gains on Derivatives (cash flow hedges) | (432) | 720 |
Amortization related to post-retirement obligations | (16) | 84 |
Total other comprehensive income (loss) | 9,969 | (12,289) |
Unrealized gains and losses on available for sale debt securities: | ||
Net unrealized gains (losses) arising during the period | (2,839) | 3,454 |
Reclassification adjustment for gains included in net income | 0 | 0 |
Total | (2,839) | 3,454 |
Unrealized (losses) gains on Derivatives (cash flow hedges) | 118 | (190) |
Amortization related to post-retirement obligations | 4 | (22) |
Total other comprehensive income (loss) | (2,717) | 3,242 |
Unrealized gains and losses on available for sale debt securities: | ||
Net unrealized gains (losses) arising during the period | 7,578 | (9,639) |
Reclassification adjustment for gains included in net income | 0 | 0 |
Total | 7,578 | (9,639) |
Unrealized (losses) gains on Derivatives (cash flow hedges) | (314) | 530 |
Amortization related to post-retirement obligations | (12) | 62 |
Total other comprehensive income (loss) | $ 7,252 | $ (9,047) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Components of AOCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,358,980 | $ 1,298,661 |
Current period other comprehensive income (loss) | 7,252 | (9,047) |
Reclassification of unrealized gains on equity securities due to the adoption of ASU No. 2016-01 | 4,350 | 0 |
Ending Balance | 1,373,816 | 1,304,886 |
Unrealized gains (losses) on available for sale debt securities [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (9,605) | (3,292) |
Current period other comprehensive income (loss) | 7,578 | (9,639) |
Reclassification of unrealized gains on equity securities due to the adoption of ASU No. 2016-01 | 0 | (184) |
Ending Balance | (2,027) | (13,115) |
Post-retirement obligations [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (3,625) | (4,846) |
Current period other comprehensive income (loss) | (12) | 62 |
Reclassification of unrealized gains on equity securities due to the adoption of ASU No. 2016-01 | 0 | 0 |
Ending Balance | (3,637) | (4,784) |
Unrealized gains (losses) on derivatives (cash flow hedges) [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 894 | 673 |
Current period other comprehensive income (loss) | (314) | 530 |
Reclassification of unrealized gains on equity securities due to the adoption of ASU No. 2016-01 | 0 | 0 |
Ending Balance | 580 | 1,203 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (12,336) | (7,465) |
Current period other comprehensive income (loss) | 7,252 | (9,047) |
Reclassification of unrealized gains on equity securities due to the adoption of ASU No. 2016-01 | 0 | (184) |
Ending Balance | $ (5,084) | $ (16,696) |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) (Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Compensation and employee benefits | $ 28,369 | $ 27,869 |
Income tax expense | (7,689) | (6,361) |
Net income | 30,890 | 27,913 |
Reclassification adjustment [Member] | Post-retirement obligations [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Compensation and employee benefits | 47 | 100 |
Income tax expense | (13) | (26) |
Net income | $ 34 | $ 74 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)instrumentcounterparty | Dec. 31, 2018USD ($)instrument | |
Derivative [Line Items] | ||
Derivative instruments in accumulated other comprehensive income reclassified to interest expense | $ 520 | |
Derivative liability, notional amount | $ 60,000 | |
Number of counterparties | counterparty | 4 | |
Counterparty in liability position | counterparty | 3 | |
Derivative liabilities | $ 11,800 | |
Collateral against obligations | 13,400 | |
Derivatives Not Designated as a Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Credit derivatives, fair value | $ 301 | $ 251 |
Derivatives Not Designated as a Hedging Instruments [Member] | Interest rate products [Member] | ||
Derivative [Line Items] | ||
Number of derivative instruments held (in instrument) | instrument | 66 | 62 |
Derivative notional amount | $ 1,020,000 | $ 1,010,000 |
Derivatives Not Designated as a Hedging Instruments [Member] | Credit contracts [Member] | ||
Derivative [Line Items] | ||
Number of derivative instruments held (in instrument) | instrument | 12 | 7 |
Derivative notional amount | $ 87,600 | $ 66,800 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Number of outstanding derivatives | instrument | 2 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivatives Not Designated as a Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 16,920 | $ 14,405 |
Liability Derivatives | 17,959 | 14,766 |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Assets [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 16,619 | 14,154 |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Assets [Member] | Credit contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 301 | 251 |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Liabilities [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 17,959 | 14,766 |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Liabilities [Member] | Credit contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 798 | 1,229 |
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 798 | 1,229 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | $ 0 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivatives Not Designated as a Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives for the three months ended | $ (677) | $ 302 |
Derivatives Not Designated as a Hedging Instruments [Member] | Interest rate products [Member] | Other income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives for the three months ended | (673) | 302 |
Derivatives Not Designated as a Hedging Instruments [Member] | Credit contracts [Member] | Other income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives for the three months ended | (4) | 0 |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives for the three months ended | 162 | 6 |
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 for the three months ended | $ 162 | $ 6 |
Revenue Recognition (Summary of
Revenue Recognition (Summary of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Percentage of total revenue excluded from adoption of 606 | 88.00% | 87.00% |
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 8,577 | $ 9,117 |
Total out-of-scope non-interest income | 3,611 | 4,190 |
Total non-interest income | 12,188 | 13,307 |
Wealth Management Fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 4,079 | 4,400 |
Banking service charges and other fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 4,498 | 4,717 |
Service charges on deposit accounts [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 3,191 | 3,315 |
Debit card and ATM fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 1,307 | $ 1,402 |
(Details)
(Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 43,404 | ||
Operating lease liabilities | $ 44,452 | ||
Sale leaseback transaction, deferred gain | $ 5,900 | ||
Weighted average remaining lease term | 9 years 10 months 24 days | ||
Weighted average discount rate | 3.50% | ||
Due in 2019 | 8,000 | ||
Due to 2020 | 7,600 | ||
Due in 2021 | 5,400 | ||
Due in 2022 | 3,800 | ||
Due in 2023 | 3,400 | ||
Due after 2023 | $ 10,700 | ||
Accounting Standards Update 2016-02 [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 44,900 | ||
Operating lease liabilities | $ 46,100 |
Lease Assets and Liabilities (D
Lease Assets and Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 43,404 |
Operating lease liabilities | $ 44,452 |
Lease Costs and Other Informati
Lease Costs and Other Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 2,050 |
Variable lease cost | 760 |
Total Lease Cost | 2,810 |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | 2,044 |
Operating lease - operating cash flows - reduction of lease liability | $ 1,598 |
Future Minimum Payments (Detail
Future Minimum Payments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
March 31, 2020 | $ 7,875 |
March 31, 2021 | 7,302 |
March 31, 2022 | 5,055 |
March 31, 2023 | 4,738 |
Thereafter | 28,440 |
Total Future Minimum Lease Payments | 53,410 |
Amounts Representing Interest | 8,958 |
Present Value of Net Future Minimum Lease Payments | $ 44,452 |