Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 03, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-31566 | ||
Entity Registrant Name | PROVIDENT FINANCIAL SERVICES, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 42-1547151 | ||
Entity Address, Address Line One | 239 Washington Street | ||
Entity Address, City or Town | Jersey City | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07302 | ||
City Area Code | 732 | ||
Local Phone Number | 590-9200 | ||
Title of 12(b) Security | Common | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 65,964,970 | ||
Documents Incorporated by Reference | Proxy Statement for the 2020 Annual Meeting of Stockholders of the Registrant (Part III). | ||
Entity Public Float | $ 1,500 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PFS | ||
Entity Central Index Key | 0001178970 | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 131,555 | $ 86,195 |
Short-term investments | 55,193 | 56,466 |
Total cash and cash equivalents | 186,748 | 142,661 |
Available for sale debt securities, at fair value | 976,919 | 1,063,079 |
Held to maturity debt securities (fair value of $467,966 and $479,740 at December 31, 2019 and December 31, 2018, respectively). | 453,629 | 479,425 |
Equity securities, at fair value | 825 | 635 |
Federal Home Loan Bank Stock | 57,298 | 68,813 |
Loans | 7,332,885 | 7,250,588 |
Less allowance for loan losses | 55,525 | 55,562 |
Net loans | 7,277,360 | 7,195,026 |
Foreclosed assets, net | 2,715 | 1,565 |
Banking premises and equipment, net | 55,210 | 58,124 |
Accrued interest receivable | 29,031 | 31,475 |
Intangible assets | 437,019 | 418,178 |
Bank-owned life insurance | 195,533 | 193,085 |
Other assets | 136,291 | 73,703 |
Total assets | 9,808,578 | 9,725,769 |
Deposits: | ||
Demand deposits | 5,384,868 | 5,027,708 |
Savings deposits | 983,714 | 1,051,922 |
Certificates of deposit of $100,000 or more | 438,551 | 414,848 |
Other time deposits | 295,476 | 335,644 |
Total deposits | 7,102,609 | 6,830,122 |
Mortgage escrow deposits | 26,804 | 25,568 |
Borrowed funds | 1,125,146 | 1,442,282 |
Other liabilities | 140,179 | 68,817 |
Total liabilities | 8,394,738 | 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 65,787,900 shares outstanding at December 31, 2019, and 83,209,293 shares issued and 66,325,458 shares outstanding at December 31, 2018, respectively. | 832 | 832 |
Additional paid-in capital | 1,007,303 | 1,021,533 |
Retained earnings | 695,273 | 651,099 |
Accumulated other comprehensive income (loss) | 3,821 | (12,336) |
Treasury stock | (268,504) | (272,470) |
Unallocated common stock held by the Employee Stock Ownership Plan | (24,885) | (29,678) |
Common stock acquired by the Directors’ Deferred Fee Plan | (3,833) | (4,504) |
Deferred compensation—Directors’ Deferred Fee Plan | 3,833 | 4,504 |
Total stockholders’ equity | 1,413,840 | 1,358,980 |
Total liabilities and stockholders’ equity | $ 9,808,578 | $ 9,725,769 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 467,966 | $ 479,740 |
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 50,000,000 | |
Preferred stock, shares issued (in shares) | 0 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 83,209,293 | 83,209,293 |
Common stock, shares outstanding (in shares) | 65,787,900 | 66,325,458 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income: | |||
Real estate secured loans | $ 223,361 | $ 215,231 | $ 189,896 |
Commercial loans | 82,540 | 79,371 | 72,907 |
Consumer loans | 18,579 | 19,906 | 20,301 |
Available for sale debt securities and Federal Home Loan Bank Stock | 31,842 | 30,981 | 26,445 |
Held to maturity debt securities | 12,424 | 12,606 | 13,027 |
Deposits, federal funds sold and other short-term investments | 2,724 | 1,734 | 1,270 |
Total interest income | 371,470 | 359,829 | 323,846 |
Interest expense: | |||
Deposits | 45,494 | 30,693 | 19,441 |
Borrowed funds | 28,003 | 28,460 | 26,203 |
Total interest expense | 73,497 | 59,153 | 45,644 |
Net interest income | 297,973 | 300,676 | 278,202 |
Provision for loan losses | 13,100 | 23,700 | 5,600 |
Net interest income after provision for loan losses | 284,873 | 276,976 | 272,602 |
Non-interest income: | |||
Fees | 28,321 | 28,084 | 27,218 |
Wealth management income | 22,503 | 17,957 | 17,604 |
Bank-owned life insurance | 6,297 | 5,514 | 6,693 |
Net gain on securities transactions | 72 | 2,221 | 57 |
Other income | 6,601 | 4,900 | 4,125 |
Total non-interest income | 63,794 | 58,676 | 55,697 |
Non-interest expense: | |||
Compensation and employee benefits | 116,849 | 111,496 | 109,353 |
Net occupancy expense | 25,895 | 25,056 | 25,290 |
Data processing expense | 16,836 | 14,664 | 13,922 |
FDIC Insurance | 1,316 | 3,482 | 3,887 |
Advertising and promotion expense | 4,115 | 3,836 | 3,904 |
Amortization of intangibles | 2,740 | 2,127 | 2,670 |
Other operating expenses | 33,828 | 31,074 | 28,796 |
Total non-interest expenses | 201,579 | 191,735 | 187,822 |
Income before income tax expense | 147,088 | 143,917 | 140,477 |
Income tax expense | 34,455 | 25,530 | 46,528 |
Net income | $ 112,633 | $ 118,387 | $ 93,949 |
Basic earnings per share (in dollars per share) | $ 1.74 | $ 1.82 | $ 1.46 |
Average basic shares outstanding (in shares) | 64,604,224 | 64,942,886 | 64,384,851 |
Diluted earnings per share (in dollars per share) | $ 1.74 | $ 1.82 | $ 1.45 |
Average diluted shares outstanding (in shares) | 64,734,591 | 65,103,097 | 64,579,222 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 112,633 | $ 118,387 | $ 93,949 |
Unrealized gains and losses on available for sale debt securities: | |||
Net unrealized gains (losses) arising during the period | 18,351 | (6,129) | (2,163) |
Reclassification adjustment for gains (losses) included in net income | 0 | 0 | 0 |
Total | 18,351 | (6,129) | (2,163) |
Unrealized (losses) gains on derivatives (cash flow hedges) | (579) | 221 | 379 |
Amortization related to post-retirement obligations | (1,615) | 1,221 | (889) |
Total other comprehensive income (loss) | 16,157 | (4,687) | (2,673) |
Total comprehensive income | $ 128,790 | $ 113,700 | $ 91,276 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Unallocated ESOP Shares | Common Stock Acquired By DDFP | Deferred Compensation DDFP |
Balance at the beginning of the period at Dec. 31, 2016 | $ 1,251,781 | $ 832 | $ 1,005,777 | $ 550,768 | $ (3,397) | $ (264,221) | $ (37,978) | $ (5,846) | $ 5,846 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 93,949 | 93,949 | |||||||
Current period change in other comprehensive income (loss) | (2,673) | (2,673) | |||||||
Cash dividends paid | (59,980) | (59,980) | |||||||
Distributions from DDFP | 232 | 232 | 671 | (671) | |||||
Purchases of treasury stock | (443) | (443) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (778) | (778) | |||||||
Shares issued dividend reinvestment plan | 2,114 | 712 | 1,402 | ||||||
Option exercises | 2,954 | (1,179) | 4,133 | ||||||
Allocation of ESOP shares | 6,339 | 2,200 | 4,139 | ||||||
Allocation of Stock Award Plan ("SAP") shares | 4,963 | 4,963 | |||||||
Allocation of stock options | 203 | 203 | |||||||
Balance at the end of the period at Dec. 31, 2017 | 1,298,661 | 832 | 1,012,908 | 586,132 | (7,465) | (259,907) | (33,839) | (5,175) | 5,175 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 118,387 | 118,387 | |||||||
Current period change in other comprehensive income (loss) | (4,687) | (4,687) | |||||||
Cash dividends paid | (53,604) | (53,604) | |||||||
Effect of adopting ASU No. 2016-02 | (184) | ||||||||
Distributions from DDFP | 156 | 156 | 671 | (671) | |||||
Purchases of treasury stock | (13,172) | (13,172) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,896) | (1,896) | |||||||
Shares issued dividend reinvestment plan | 1,709 | 577 | 1,132 | ||||||
Option exercises | 1,007 | (366) | 1,373 | ||||||
Allocation of ESOP shares | 6,183 | 2,022 | 4,161 | ||||||
Allocation of Stock Award Plan ("SAP") shares | 6,046 | 6,046 | |||||||
Allocation of stock options | 190 | 190 | |||||||
Balance at the end of the period 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 | 112,633 | 112,633 | |||||||
Current period change in other comprehensive income (loss) | 16,157 | 16,157 | |||||||
Cash dividends paid | (72,809) | (72,809) | |||||||
Effect of adopting ASU No. 2016-02 | 0 | ||||||||
Distributions from DDFP | 164 | 164 | 671 | (671) | |||||
Purchases of treasury stock | (19,867) | (19,867) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,985) | (1,985) | |||||||
Shares issued dividend reinvestment plan | 2,230 | 671 | 1,559 | ||||||
Reclass of stock award shares | 0 | (24,024) | 24,024 | ||||||
Option exercises | 139 | (96) | 235 | ||||||
Allocation of ESOP shares | 6,996 | 2,203 | 4,793 | ||||||
Allocation of Stock Award Plan ("SAP") shares | 6,671 | 6,671 | |||||||
Allocation of stock options | 181 | 181 | |||||||
Balance at the end of the period at Dec. 31, 2019 | $ 1,413,840 | $ 832 | $ 1,007,303 | $ 695,273 | $ 3,821 | $ (268,504) | $ (24,885) | $ (3,833) | $ 3,833 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Financial Position [Abstract] | |||
Cash dividends paid (in dollars per share) | $ 1.12 | $ 0.82 | $ 0.93 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 112,633 | $ 118,387 | $ 93,949 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of intangibles | 10,395 | 10,101 | 11,623 |
Provision for loan losses | 13,100 | 23,700 | 5,600 |
Deferred tax expense (benefit) | 1,674 | (18,541) | 40,634 |
Amortization of operating lease right-of-use assets | 8,433 | ||
Income on Bank-owned life insurance | (6,297) | (5,514) | (6,693) |
Net amortization of premiums and discounts on securities | 7,789 | 8,540 | 9,948 |
Accretion of net deferred loan fees | (5,643) | (5,773) | (4,655) |
Amortization of premiums on purchased loans, net | 845 | 894 | 1,021 |
Net increase in loans originated for sale | (16,212) | (36,043) | (24,938) |
Proceeds from sales of loans originated for sale | 17,202 | 37,386 | 26,387 |
Proceeds from sales and paydowns of foreclosed assets | 1,354 | 7,963 | 5,423 |
ESOP expense | 4,533 | 4,516 | 4,600 |
Allocation of stock award shares | 6,671 | 6,046 | 4,963 |
Allocation of stock options | 181 | 190 | 203 |
Net gain on sale of loans | (990) | (1,343) | (1,449) |
Net gain on securities transactions | (72) | (2,221) | (57) |
Net gain on sale of premises and equipment | 0 | (25) | (20) |
Net gain on sale of foreclosed assets | (190) | (798) | (819) |
Decrease (increase) in accrued interest receivable | 2,444 | (1,829) | (2,564) |
(Increase) decrease in other assets | (46,237) | 5,266 | (52,078) |
Increase in other liabilities | 25,312 | 4,817 | 6,142 |
Net cash provided by operating activities | 136,925 | 155,719 | 117,220 |
Cash flows from investing activities: | |||
Proceeds from maturities, calls and paydowns of held to maturity debt securities | 42,696 | 39,534 | 55,720 |
Purchases of held to maturity debt securities | (20,303) | (43,887) | (47,894) |
Proceeds from sales of available for sale debt securities | 0 | 2,212 | 0 |
Proceeds from maturities, calls and paydowns of available for sale debt securities | 223,806 | 196,690 | 220,138 |
Purchases of available for sale debt securities | (117,022) | (237,076) | (228,363) |
Proceeds from redemption of Federal Home Loan Bank stock | 172,293 | 145,191 | 130,125 |
Purchases of Federal Home Loan Bank stock | (160,778) | (132,820) | (135,583) |
BOLI claim benefits received | 1,891 | 1,954 | 4,428 |
Net cash paid in acquisition | (15,022) | 0 | 0 |
Purchases of loans | 0 | (1,344) | 0 |
Net (increase) decrease in loans | (79,812) | 79,388 | (322,443) |
Proceeds from sales of premises and equipment | 0 | 25 | 20,766 |
Purchases of premises and equipment | (4,882) | (3,162) | (3,231) |
Net cash provided by (used in) investing activities | 42,867 | 46,705 | (306,337) |
Cash flows from financing activities: | |||
Net increase in deposits | 272,487 | 115,956 | 160,537 |
Increase (decrease) in mortgage escrow deposits | 1,236 | (365) | 1,481 |
Purchase of treasury stock | (19,867) | (13,172) | (443) |
Purchase of employee restricted shares to fund statutory tax withholding | (1,985) | (1,896) | (778) |
Cash dividends paid to stockholders | (72,809) | (53,604) | (59,980) |
Shares issued to dividend reinvestment plan | 2,230 | 1,709 | 2,114 |
Stock options exercised | 139 | 1,007 | 2,954 |
Proceeds from long-term borrowings | 1,243,000 | 695,000 | 347,000 |
Payments on long-term borrowings | (1,549,551) | (804,375) | (539,745) |
Net (decrease) increase in short-term borrowings | (10,585) | (190,857) | 322,514 |
Net cash (used in) provided by financing activities | (135,705) | (250,597) | 235,654 |
Net increase (decrease) in cash and cash equivalents | 44,087 | (48,173) | 46,537 |
Cash and cash equivalents at beginning of period | 142,661 | 190,834 | 144,297 |
Cash and cash equivalents at end of period | 186,748 | 142,661 | 190,834 |
Cash paid during the period for: | |||
Interest on deposits and borrowings | 73,664 | 58,959 | 46,391 |
Income taxes | 34,494 | 15,259 | 40,566 |
Non cash investing activities: | |||
Initial recognition of operating lease right-of-use assets | 44,946 | ||
Initial recognition of operating lease liabilities | 46,050 | ||
Transfer of loans receivable to foreclosed assets | 2,314 | 1,965 | 3,845 |
Non-Cash Assets Acquired [Abstract] | |||
Goodwill and other intangible assets, net | 21,562 | 0 | 0 |
Other assets | 71 | 0 | 0 |
Total non-cash assets acquired | $ 21,633 | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of Provident Financial Services, Inc. (the “Company”), Provident Bank (the “Bank”) and their wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. Business The Company, through the Bank, provides a full range of banking services to individual and business customers through branch offices in New Jersey and eastern Pennsylvania. The Bank is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes periodic examinations by those regulatory authorities. Basis of Financial Statement Presentation The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). In preparing the consolidated financial statements, management is required to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosures about contingent assets and liabilities as of the dates of the consolidated statements of financial condition, and revenues and expenses for the periods then ended. Such estimates are used in connection with the determination of the allowance for loan losses, evaluation of goodwill for impairment, evaluation of other-than-temporary impairment on securities, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. Illiquid credit markets, volatile securities markets, and declines in the housing market and the economy generally have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, Federal funds sold and commercial paper with original maturity dates less than 90 days. Securities Securities include held to maturity debt securities and available for sale debt securities. The available for sale debt securities portfolio is carried at estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in Stockholders’ Equity. Estimated fair values are based on market quotations or matrix pricing. Securities which the Company has the positive intent and ability to hold to maturity are classified as held to maturity debt securities and carried at amortized cost. Management conducts a periodic review and evaluation of the securities portfolio to determine if any declines in the fair values of securities are other-than-temporary. In this evaluation, if such a decline were deemed other-than-temporary, management would measure the total credit-related component of the unrealized loss, and recognize that portion of the loss as a charge to current period earnings. The remaining portion of the unrealized loss would be recognized as an adjustment to accumulated other comprehensive income (loss). The fair value of the securities portfolio is significantly affected by changes in interest rates. In general, as interest rates rise, the fair value of fixed-rate securities decreases and as interest rates fall, the fair value of fixed-rate securities increases. The Company determines if it has the intent to sell these securities or if it is more likely than not that the Company would be required to sell the securities before the anticipated recovery. If either exists, the entire decline in value is considered other-than-temporary and would be recognized as an expense in the current period. Premiums on securities are amortized to income using a method that approximates the interest method over the remaining period to the earliest call date or contractual maturity, adjusted for anticipated prepayments. Discounts on securities are accreted to income over the remaining period to the contractual maturity, adjusted for anticipated prepayments.. Dividend and interest income are recognized when earned. Realized gains and losses are recognized when securities are sold or called based on the specific identification method. Fair Value of Financial Instruments GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Federal Home Loan Bank of New York Stock The Bank, as a member of the Federal Home Loan Bank of New York (“FHLBNY”), is required to hold shares of capital stock of the FHLBNY at cost based on a specified formula. The Bank carries this investment at cost, which approximates fair value. Loans Loans receivable are carried at unpaid principal balances plus unamortized premiums, purchase accounting mark-to-market adjustments, certain deferred direct loan origination costs and deferred loan origination fees and discounts, less the allowance for loan losses. The Bank defers loan origination fees and certain direct loan origination costs and accretes or amortizes such amounts as an adjustment to the yield over the expected lives of the related loans using the interest method. Premiums and discounts on loans purchased are amortized or accreted as an adjustment of yield over the contractual lives of the related loans, adjusted for prepayments when applicable, using methodologies which approximate the interest method. Loans are generally placed on non-accrual status when they are past due 90 days or more as to contractual obligations or when other circumstances indicate that collection is questionable. When a loan is placed on non-accrual status, any interest accrued but not received is reversed against interest income. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. A non-accrual loan is restored to accrual status when principal and interest payments become less than 90 days past due and its future collectability is reasonably assured. An impaired loan is defined as a loan for which it is probable, based on current information, that the Bank will not collect all amounts due under the contractual terms of the loan agreement. Impaired loans are individually assessed to determine that each loan’s carrying value is not in excess of the fair value of the related collateral or the present value of the expected future cash flows. Residential mortgage and consumer loans are deemed smaller balance homogeneous loans which are evaluated collectively for impairment and are therefore excluded from the population of impaired loans. Purchased Credit-Impaired (“PCI”) loans, are loans acquired at a discount primarily due to deteriorated credit quality. PCI loans are recorded at fair value at the date of acquisition, with no allowance for loan losses. The difference between the undiscounted cash flows expected at acquisition and the fair value of the PCI loans at acquisition represents the accretable yield and is recognized as interest income over the life of the loans. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition represent the non-accretable discount and are not recognized as a yield adjustment or a valuation allowance. Reclassifications of the non-accretable to accretable yield may occur subsequent to the loan acquisition dates due to an increase in expected cash flows of the loans and results in an increase in interest income on a prospective basis. Allowance for Loan Losses Losses on loans are charged to the allowance for loan losses. Additions to this allowance are made by recoveries of loans previously charged off and by a provision charged to expense. The determination of the balance of the allowance for loan losses is based on an analysis of the loan portfolio, economic conditions, historical loan loss experience and other factors that warrant recognition in providing for an adequate allowance. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the Bank’s market area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the Bank to recognize additions to the allowance or additional write-downs based on their judgments about information available to them at the time of their examination. Foreclosed Assets Assets acquired through foreclosure or deed in lieu of foreclosure are carried at the lower of the outstanding loan balance at the time of foreclosure or fair value, less estimated costs to sell. Fair value is generally based on recent appraisals. When an asset is acquired, the excess of the loan balance over fair value, less estimated costs to sell, is charged to the allowance for loan losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. Banking Premises and Equipment Land is carried at cost. Banking premises, furniture, fixtures and equipment are carried at cost, less accumulated depreciation, computed using the straight-line method based on their estimated useful lives. Leasehold improvements, carried at cost, net of accumulated depreciation, are amortized over the terms of the leases or the estimated useful lives of the assets, whichever are shorter, using the straight-line method. Maintenance and repairs are charged to expense as incurred. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in tax expense in the period that includes the enactment date. Deferred tax assets and liabilities are reported as a component of other assets on the Consolidated Statements of Financial Condition. The determination of whether deferred tax assets will be realizable is predicated on estimates of future taxable income. Such estimates are subject to management’s judgment. A valuation reserve is established when management is unable to conclude that it is more likely than not that it will realize deferred tax assets based on the nature and timing of these items. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes. Trust Assets Trust assets consisting of securities and other property (other than cash on deposit held by the Bank in fiduciary or agency capacities for customers of the Bank’s wholly owned subsidiary, Beacon) are not included in the accompanying consolidated statements of financial condition because such properties are not assets of the Bank. Intangible Assets Intangible assets of the Bank consist of goodwill, core deposit premiums, customer relationship premium and mortgage servicing rights. Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment each year at September 30th. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of September 30, 2019. Based upon its qualitative assessment of goodwill, the Company concluded that goodwill was not impaired and no further quantitative analysis was warranted. Core deposit premiums represent the intangible value of depositor relationships assumed in purchase acquisitions and are amortized on an accelerated basis over 8.8 years. Customer relationship premiums represent the intangible value of customer relationships assumed in the purchase acquisitions of Beacon Trust Company ("Beacon"), The MDE Group, Inc. ("MDE") and Tirschwell & Loewy, Inc. ("T&L"), and are amortized on an accelerated basis over 12.0 years, 10.4 years and 10.0 years, respectively. Mortgage servicing rights are recorded when purchased or when originated mortgage loans are sold, with servicing rights retained. Mortgage servicing rights are amortized on an accelerated method based upon the estimated lives of the related loans, adjusted for prepayments. Mortgage servicing rights are carried at the lower of amortized cost or fair value. Bank-owned Life Insurance Bank-owned life insurance is accounted for using the cash surrender value method and is recorded at its realizable value. Employee Benefit Plans The Bank maintains a pension plan which covers full-time employees hired prior to April 1, 2003, the date on which the pension plan was frozen. The Bank’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit postretirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status at the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The Bank has a 401(k) plan covering substantially all employees of the Bank. The Bank may match a percentage of the first 6% contributed by participants. The Bank’s matching contribution, if any, is determined by the Board of Directors in its sole discretion. The Bank has an Employee Stock Ownership Plan (“ESOP”). The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions and dividends paid on unallocated ESOP shares over a period of up to 30 years. The Company’s common stock not allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the average price of the Company’s stock during each quarter and the amount of shares allocated during the quarter. The Bank has an Equity Plan designed to provide competitive compensation for demonstrated performance and to align the interests of participants directly to increases in shareholder value. The Equity Plan provides for performance-vesting grants as well as time-vesting grants. Time-vesting stock awards, stock options and performance vesting stock awards that are based on a performance condition, such as return on average assets are valued on the closing stock price on the date of grant. Performance vesting stock awards and options that are based on a market condition, such as Total Shareholder Return, would be valued using a generally accepted statistical technique to simulate future stock prices for Provident and the components of the Peer Group which Provident would be measured against. Expense related to time vesting stock awards and stock options is based on the fair value of the common stock on the date of the grant and on the fair value of the stock options on the date of the grant, respectively, and is recognized ratably over the vesting period of the awards. Performance vesting stock awards and stock options are either dependent upon a market condition or a performance condition. A market condition performance metric is tied to a stock price, either on an absolute basis, or a relative basis against peers, while a performance-condition is based on internal operations, such as earnings per share. The expense related to a market condition performance-vesting stock award or stock option requires an initial Monte Carlo simulation to determine grant date fair value, which will be recognized as a compensation expense regardless of actual payout, assuming that the executive is still employed at the end of the requisite service period. If pre-vesting termination (forfeiture) occurs, then any expense recognized to date can be reversed. The grant date fair value is recognized ratably over the performance period. The expense related to a performance condition stock award or stock option is based on the fair value of the award on the date of grant, adjusted periodically based upon the number of awards or options expected to be earned, recognized over the performance period. In connection with the First Sentinel acquisition in July 2004, the Company assumed the First Savings Bank Directors’ Deferred Fee Plan (the “DDFP”). The DDFP was frozen prior to the acquisition. The Company recorded a deferred compensation equity instrument and corresponding contra-equity account for the value of the shares held by the DDFP at the July 14, 2004 acquisition date. These accounts will be liquidated as shares are distributed from the DDFP in accordance with the plan document. At December 31, 2019, there were 219,281 shares held by the DDFP. The Bank maintains a non-qualified plan that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the 401(k) Plan’s and the ESOP’s benefit formulas under tax law limits for tax-qualified plans. Post-retirement Benefits Other Than Pensions The Bank provides post-retirement health care and life insurance plans to certain of its employees. The life insurance coverage is noncontributory to the participant. Participants contribute to the cost of medical coverage based on the employee’s length of service with the Bank. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. On December 31, 2002, the Bank eliminated postretirement healthcare benefits for employees with less than 10 years of service. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. Derivatives The Company records all derivatives on the 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 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. Changes in the fair value of derivatives designated and that qualify as cash flow hedges of interest rate risk 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. Comprehensive Income Comprehensive income is divided into net income and other comprehensive income (loss). Other comprehensive income (loss) includes items previously recorded directly to equity, such as unrealized gains and losses on available for sale debt securities, unrealized gains and losses on derivatives and amortization related to post-retirement obligations. Comprehensive income is presented in a separate Consolidated Statement of Comprehensive Income. Segment Reporting The Company’s operations are solely in the financial services industry and include providing traditional banking and other financial services to its customers. The Company operates primarily in the geographical regions of northern and central New Jersey and eastern Pennsylvania. Management makes operating decisions and assesses performance based on an ongoing review of the Bank’s consolidated financial results. Therefore, the Company has a single operating segment for financial reporting purposes. Earnings Per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or resulted in the issuance of common stock. These potentially dilutive shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. Shares issued and shares reacquired during the period are weighted for the portion of the period that they were outstanding. Impact of Recent Accounting Pronouncements 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 was 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 had no 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 was 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 had no 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 was effective for fiscal years beginning after December 15, 2018, including interim periods within the reporting period, with early adoption permitted. The Company adopted this guidance effective January 1, 2019. The adoption of this guidance had no 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 |
Stockholders' Equity and Acquis
Stockholders' Equity and Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Stockholders' Equity and Acquisitions | Stockholders’ Equity and Acquisitions On January 15, 2003, the Bank completed its plan of conversion, and the Bank became a wholly owned subsidiary of the Company. The Company sold 59.6 million shares of common stock (par value $0.01 per share) at $10.00 per share. The Company received net proceeds in the amount of $567.2 million. In connection with the Bank’s commitment to its community, the plan of conversion provided for the establishment of a charitable foundation. Provident donated $4.8 million in cash and 1.92 million of authorized but unissued shares of common stock to the foundation, which amounted to $24.0 million in aggregate. The Company recognized an expense, net of income tax benefit, equal to the cash and fair value of the stock during 2003. Conversion costs were deferred and deducted from the proceeds of the shares sold in the offering. Upon completion of the plan of conversion, a “liquidation account” was established in an amount equal to the total equity of the Bank as of the latest practicable date prior to the conversion. The liquidation account was established to provide a limited priority claim to the assets of the Bank to “eligible account holders” and “supplemental eligible account holders” as defined in the Plan, who continue to maintain deposits in the Bank after the conversion. In the unlikely event of a complete liquidation of the Bank, and only in such event, each eligible account holder and supplemental eligible account holder would receive a liquidation distribution, prior to any payment to the holder of the Bank’s common stock. This distribution would be based upon each eligible account holder’s and supplemental eligible account holder’s proportionate share of the then total remaining qualifying deposits. At December 31, 2019, the liquidation account, which is an off-balance sheet memorandum account, amounted to $9.6 million. Acquisitions On April 1, 2019, Beacon completed its acquisition of certain assets of T&L, 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. This acquisition expanded the Company’s wealth management business by $822.4 million of assets under management at the time of acquisition. The acquisition was accounted for under the acquisition method of accounting. The Company recorded goodwill of $8.2 million, a customer relationship intangible of $12.6 million and $800,000 of other identifiable intangibles related to the acquisition. In addition, the Company recorded a contingent consideration liability at its fair value of $6.6 million The contingent consideration arrangement requires the Company to pay additional cash consideration to T&L's former stakeholders over a three Based upon recent favorable performance and improved projections for the remaining measurement period, an increase to the fair value of the contingent liability was warranted. At December 31, 2019, the contingent liability was $9.4 million, with maximum potential future payments totaling $11.0 million. The calculation of goodwill is subject to change for up to one year after the closing date of the transaction as additional information relative to closing date estimates and uncertainties becomes available. As the Company finalizes its analysis of these assets, there may be adjustments to the recorded carrying values. |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Due from Banks | Restrictions on Cash and Due from BanksIncluded in cash on hand and due from banks at December 31, 2019 and 2018 was $36.0 million and $35.0 million, respectively, representing reserves required by banking regulations. |
Held to Maturity Debt Securitie
Held to Maturity Debt Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Held to Maturity Debt Securities | Held to Maturity Debt Securities Held to maturity debt securities at December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 6,599 11 (9) 6,601 Mortgage-backed securities 118 4 — 122 State and municipal obligations 437,074 14,394 (115) 451,353 Corporate obligations 9,838 58 (6) 9,890 $ 453,629 14,467 (130) 467,966 2018 Amortized cost Gross unrealized gains Gross unrealized losses Fair value 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 carrying and fair values may fluctuate during the investment period. Held to maturity debt securities having a carrying value of $428.0 million and $453.1 million at December 31, 2019 and 2018, respectively, were pledged to secure municipal deposits. The amortized cost and fair value of held to maturity debt securities at December 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. 2019 Amortized cost Fair value Due in one year or less $ 9,589 9,605 Due after one year through five years 105,715 107,873 Due after five years through ten years 249,399 257,856 Due after ten years 88,808 92,510 $ 453,511 467,844 Mortgage-backed securities totaling $118,000 at amortized cost and $122,000 at fair value are excluded from the table above as their expected lives are anticipated to be shorter than the contractual maturity date due to principal prepayments. During 2019, the Company recognized gains of $72,000 and no losses related to calls on securities in the held to maturity debt securities portfolio, with total proceeds from the calls totaling $33.9 million. There were no sales of securities from the held to maturity debt securities portfolio for the year ended December 31, 2019. For 2018, the Company recognized gains of $10,000 and losses of $1,000 related to calls on securities in the held to maturity debt securities portfolio, with total proceeds from the calls totaling $32.0 million. There were no sales of securities from the held to maturity debt securities portfolio for the year ended December 31, 2018. For the 2017 period, the Company recognized gains of $60,000 and $3,000 losses related to calls on certain securities in the held to maturity debt securities portfolio, with total proceeds from the calls totaling $32.9 million. There were no sales of securities from the held to maturity debt securities portfolio for the year ended December 31, 2017. The following tables represent the Company’s disclosure on held to maturity debt securities with temporary impairment (in thousands): December 31, 2019 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Agency obligations $ 3,601 (9) — — 3,601 (9) State and municipal obligations 7,675 (42) 2,093 (73) 9,768 (115) Corporate obligations 3,254 (6) — — 3,254 (6) $ 14,530 (57) 2,093 (73) 16,623 (130) December 31, 2018 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Agency obligations $ — — 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) The Company estimates the loss projections for each non-agency mortgage-backed security by stressing the individual loans collateralizing the security and applying a range of expected default rates, loss severities, and prepayment speeds in conjunction with the underlying credit enhancement for each security. Based on specific assumptions about collateral and vintage, a range of possible cash flows was identified to determine whether other-than-temporary impairment existed during the year ended December 31, 2019. Based on its detailed review of the held to maturity debt securities portfolio, the Company believes that as of December 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 December 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 securities in an unrealized loss position as of December 31, 2019 totaled 35, compared with 334 at December 31, 2018. The decrease in the number of securities in an unrealized loss position at December 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 December 31, 2019. |
Available for Sale Debt Securit
Available for Sale Debt Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Available for Sale Debt Securities | Available for Sale Debt Securities Available for sale debt securities at December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Mortgage-backed securities $ 936,196 12,367 (1,133) 947,430 State and municipal obligations 3,907 172 — 4,079 Corporate obligations 25,032 393 (15) 25,410 $ 965,135 12,932 (1,148) 976,919 2018 Amortized cost Gross unrealized gains Gross unrealized losses Fair value 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 debt securities having a carrying value of $536.4 million and $524.2 million at December 31, 2019 and 2018, respectively, are pledged to secure securities sold under repurchase agreements and municipal deposits. The amortized cost and fair value of available for sale debt securities at December 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. 2019 Amortized cost Fair value Due after one year through five years $ 3,003 3,074 Due after five years through ten years 25,936 26,415 $ 28,939 29,489 Mortgage-backed securities totaling $936.2 million at amortized cost and $947.4 million at fair value are excluded from the table above as their expected lives are anticipated to be shorter than the contractual maturity date due to principal prepayments. For 2019, there were no sales or calls of securities from the available for sale debt securities. During 2018, the Company sold 15,046 VISA Class B common shares at a gross gain of approximately $2.2 million. For 2017, there were no sales or calls of securities from the available for sale debt securities portfolio. For the years ended December 31, 2019, 2018 and 2017, the Company did not incur an other-than-temporary impairment charge on available for sale debt securities. The following tables represent the Company’s disclosure on available for sale debt securities with temporary impairment (in thousands): December 31, 2019 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Mortgage-backed securities $ 136,270 (629) 46,819 (504) 183,089 (1,133) Corporate obligations 2,013 (15) — — 2,013 (15) $ 138,283 (644) 46,819 (504) 185,102 (1,148) December 31, 2018 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses 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 Company estimates the loss projections for each non-agency mortgage-backed security by stressing the individual loans collateralizing the security and applying a range of expected default rates, loss severities, and prepayment speeds in |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses Loans receivable at December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 2018 Mortgage loans: Residential $ 1,077,689 1,099,464 Commercial 2,578,393 2,299,313 Multi-family 1,225,551 1,339,677 Construction 429,812 388,999 Total mortgage loans 5,311,445 5,127,453 Commercial loans 1,634,759 1,695,021 Consumer loans 391,360 431,428 Total gross loans 7,337,564 7,253,902 Purchased credit-impaired ("PCI") loans 746 899 Premiums on purchased loans 2,474 3,243 Unearned discounts (26) (33) Net deferred fees (7,873) (7,423) Total loans $ 7,332,885 7,250,588 Premiums and discounts on purchased loans are amortized over the lives of the loans as an adjustment to yield. Required reductions due to loan prepayments are charged against interest income. For the years ended December 31, 2019, 2018 and 2017, $845,000, $894,000 and $1.0 million decreased interest income, respectively, as a result of prepayments and normal amortization. The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands): At December 31, 2019 30-59 Days 60-89 Days Non-accrual 90 days or more past due and accruing Total Past Due Current Total Loans Receivable Mortgage loans: Residential $ 5,905 2,579 8,543 — 17,027 1,060,662 1,077,689 Commercial — — 5,270 — 5,270 2,573,123 2,578,393 Multi-family — — — — — 1,225,551 1,225,551 Construction — — — — — 429,812 429,812 Total mortgage loans 5,905 2,579 13,813 — 22,297 5,289,148 5,311,445 Commercial loans 2,383 95 25,160 — 27,638 1,607,121 1,634,759 Consumer loans 1,276 337 1,221 — 2,834 388,526 391,360 Total gross loans $ 9,564 3,011 40,194 — 52,769 7,284,795 7,337,564 At December 31, 2018 30-59 Days 60-89 Days Non-accrual 90 days or more past due and Total Past Due Current Total Loans Receivable Mortgage loans: Residential $ 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 13565 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 amount of these nonaccrual loans was $40.2 million and $25.7 million at December 31, 2019 and 2018, respectively. There were no loans ninety days or greater past due and still accruing interest at December 31, 2019 and 2018. If the non-accrual loans had performed in accordance with their original terms, interest income would have increased by $1.7 million, $1.4 million and $1.9 million, for the years ended December 31, 2019, 2018 and 2017, respectively. The amount of cash basis interest income that was recognized on impaired loans during the years ended December 31, 2019, 2018 and 2017 was $2.1 million, $2.0 million and $1.8 million respectively. The Company defines an impaired loan as a non-homogeneous loan greater than $1.0 million for which it is probable, based on current information, that the Bank will not collect all amounts due under the contractual terms of the loan agreement. Impaired loans also include all loans modified as troubled debt restructurings (“TDRs”). A loan is deemed to be a TDR when a loan modification resulting in a concession is made by the Bank in an effort to mitigate potential loss arising from a borrower’s financial difficulty. Smaller balance homogeneous loans including residential mortgages and other consumer loans are evaluated collectively for impairment and are excluded from the definition of impaired loans, unless modified as TDRs. The Company separately calculates the reserve for loan loss on impaired loans. The Company may recognize impairment of a loan based upon: (1) the present value of expected cash flows discounted at the effective interest rate; or (2) if a loan is collateral dependent, the fair value of collateral; or (3) the market price of the loan. Additionally, if impaired loans have risk characteristics in common, those loans may be aggregated and historical statistics may be used as a means of measuring those impaired loans. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analysis of collateral dependent impaired loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral dependent impaired loan and updated annually, or more frequently if required. A specific allocation of the allowance for loan losses is established for each impaired loan with a carrying balance greater than the collateral’s fair value, less estimated costs to sell. Charge-offs are generally taken for the amount of the specific allocation when operations associated with the respective property cease and it is determined that collection of amounts due will be derived primarily from the disposition of the collateral. At each fiscal quarter end, if a loan is designated as a collateral dependent impaired loan and the third-party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value. The Company believes there have been no significant time lapses as a result of this process. At December 31, 2019, there were 158 impaired loans totaling $70.6 million, of which 147 loans totaling $48.3 million were TDRs. Included in this total were 133 TDRs related to 128 borrowers totaling $42.7 million that were performing in accordance with their restructured terms and which continued to accrue interest at December 31, 2019. At December 31, 2018, there were 152 impaired loans totaling $50.7 million, of which 148 loans totaling $46.8 million were TDRs. Included in this total were 129 TDRs related 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. Loans receivable summarized by portfolio segment and impairment method, excluding PCI loans are as follows (in thousands): At December 31, 2019 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 39,910 28,357 2,374 70,641 Collectively evaluated for impairment 5,271,535 1,606,402 388,986 7,266,923 Total gross loans $ 5,311,445 1,634,759 391,360 7,337,564 At December 31, 2018 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments 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, excluding PCI loans as follows (in thousands): At December 31, 2019 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 1,580 3,462 25 5,067 Collectively evaluated for impairment 23,931 24,801 1,726 50,458 Total allowance for loan losses $ 25,511 28,263 1,751 55,525 At December 31, 2018 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 1,026 92 47 1,165 Collectively evaluated for impairment 26,652 25,601 2,144 54,397 Total allowance for loan losses $ 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 years ended December 31, 2019 and 2018 and their balances immediately prior to the modification date and post-modification as of December 31, 2019 and 2018. Year Ended December 31, 2019 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Mortgage loans: Residential 3 $ 1,617 1,584 Commercial 1 14,010 14,010 Total mortgage loans 4 15,627 15,594 Commercial loans 6 1,996 1,888 Consumer loans 4 421 402 Total restructured loans 14 $ 18,044 17,884 Year Ended December 31, 2018 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Mortgage loans: Residential 6 $ 981 945 Total mortgage loans 6 981 945 Commercial loans 8 9,192 7,888 Consumer loans 1 336 332 Total restructured loans 15 $ 10,509 9,165 All TDRs are impaired loans, which are individually evaluated for impairment, as previously discussed. Estimated collateral values of collateral dependent impaired loans modified during the years ended December 31, 2019 and 2018 exceeded the carrying amounts of such loans. During the year ended December 31, 2019, there were $11.6 million of charge-offs recorded on collateral dependent impaired loans. There were $8.3 million of charge-offs recorded on collateral dependent impaired loans for the year ended December 31, 2018. The allowance for loan losses associated with the TDRs presented in the preceding tables totaled $177,130 and $119,000 at December 31, 2019 and 2018, respectively, and were included in the allowance for loan losses for loans individually evaluated for impairment. The TDRs presented in the preceding tables had a weighted average modified interest rate of approximately 3.83% and 5.41%, compared to a yield of 3.82% and 5.46% prior to modification for the years ended December 31, 2019 and 2018, respectively. The following table presents loans modified as TDRs within the previous 12 months from December 31, 2019 and 2018, and for which there was a payment default (90 days or more past due) at the quarter ended December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Troubled Debt Restructurings Subsequently Defaulted Number of Loans Outstanding Number of Loans Outstanding Recorded Investment ($ in thousands) ($ in thousands) Mortgage loans: Residential 1 $ 578 — $ — Total mortgage loans 1 578 — — Commercial Loans — — 3 1,344 Total restructured loans 1 $ 578 3 $ 1,344 There was one loan 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 December 31, 2019. There were three payment defaults (90 days or more past due) for loans modified as TDRs within the 12 month period ending December 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. At December 31, 2019, PCI loans totaled $746,000, compared to $899,000 at December 31, 2018. The $153,000 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 for the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands): Years Ended December 31, 2019 2018 2017 Balance at beginning of period $ 55,562 60,195 61,883 Provision charged to operations 13,100 23,700 5,600 Recoveries of loans previously charged off 1,895 1,685 1,653 Loans charged off (15,032) (30,018) (8,941) Balance at end of period $ 55,525 55,562 60,195 The activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2019 and 2018 are as follows (in thousands): For the Year Ended December 31, 2019 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Balance at beginning of period $ 27,678 25,693 2,191 55,562 Provision charged to operations (2,323) 15,928 (505) 13,100 Recoveries of loans previously charged off 422 665 808 1,895 Loans charged off (266) (14,023) (743) (15,032) Balance at end of period $ 25,511 28,263 1,751 55,525 For the Year Ended December 31, 2018 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Balance at beginning of period $ 28,052 29,814 2,329 60,195 Provision charged to operations (586) 24,437 (151) 23,700 Recoveries of loans previously charged off 489 428 768 1,685 Loans charged off (277) (28,986) (755) (30,018) Balance at end of period $ 27,678 25,693 2,191 55,562 Impaired loans receivable by class, excluding PCI loans are summarized as follows (in thousands): At December 31, 2019 At 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 $ 13,478 10,739 — 10,910 533 $ 15,013 12,005 — 12,141 594 Commercial — — — — — 1,550 1,546 — 1,546 — Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 13,478 10,739 — 10,910 533 16,563 13,551 — 13,687 594 Commercial loans 3,927 3,696 — 4,015 17 21,746 16,254 — 17,083 328 Consumer loans 2,086 1,517 — 1,491 86 1,871 1,313 — 1,386 90 Total loans $ 19,491 15,952 — 16,416 636 $ 40,180 31,118 — 32,156 1,012 Loans with an allowance recorded Mortgage loans: Residential $ 10,860 10,326 829 10,454 428 $ 10,573 10,090 954 10,186 425 Commercial 18,845 18,845 751 18,862 569 1,039 1,039 72 1,052 53 Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 29,705 29,171 1,580 29,316 997 11,612 11,129 1,026 11,238 478 Commercial loans 27,762 24,661 3,462 27,527 444 7,493 7,493 92 9,512 435 Consumer loans 868 857 25 878 46 954 944 47 962 40 Total loans $ 58,335 54,689 5,067 57,721 1487 $ 20,059 19,566 1,165 21,712 953 Total Mortgage loans: Residential $ 24,338 21,065 829 21,364 961 $ 25,586 22,095 954 22,327 1,019 Commercial 18,845 18,845 751 18,862 569 2,589 2,585 72 2,598 53 Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 43,183 39,910 1,580 40,226 1,530 28,175 24,680 1,026 24,925 1,072 Commercial loans 31,689 28,357 3,462 31,542 461 29,239 23,747 92 26,595 763 Consumer loans 2,954 2,374 25 2,369 132 2,825 2,257 47 2,348 130 Total loans $ 77,826 70,641 5,067 74,137 2,123 $ 60,239 50,684 1,165 53,868 1,965 At December 31, 2019, impaired loans consisted of 158 residential, commercial and commercial mortgage loans totaling $70.6 million, of which 25 loans totaling $27.9 million were included in nonaccrual loans. At December 31, 2018, impaired loans consisted of 152 residential, commercial and commercial mortgage loans totaling $50.7 million, of which 23 loans totaling $15.1 million were included in nonaccrual loans. Specific allocations of the allowance for loan losses attributable to impaired loans totaled $5.1 million and $1.2 million at December 31, 2019 and 2018, respectively. At December 31, 2019 and 2018, impaired loans for which there was no related allowance for loan losses totaled $16.0 million and $31.1 million, respectively. The average balances of impaired loans during the years ended December 31, 2019 and 2018 were $74.1 million and $53.9 million, respectively. In the normal course of conducting its business, the Bank extends credit to meet the financing needs of its customers through commitments. Commitments and contingent liabilities, such as commitments to extend credit (including loan commitments of $1.26 billion, at both December 31, 2019 and 2018, respectively, and undisbursed home equity and personal credit lines of $212.4 million and $233.9 million, at December 31, 2019 and 2018, respectively, are not reflected in the accompanying consolidated financial statements. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. The Bank uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance sheet loans. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the borrower. The Bank grants residential real estate loans on single- and multi-family dwellings to borrowers primarily in New Jersey. Its borrowers’ abilities to repay their obligations are dependent upon various factors, including the borrowers’ income and net worth, cash flows generated by the underlying collateral, value of the underlying collateral, and priority of the Bank’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the Bank’s control; the Bank is therefore subject to risk of loss. The Bank believes that its lending policies and procedures adequately minimize the potential exposure to such risks and that adequate provisions for loan losses are provided for all known and inherent risks. Collateral and/or guarantees are required for virtually all loans. Management utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4, with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Department. The risk ratings are also confirmed through periodic loan review examinations which are currently performed by an independent third-party. Reports by the independent third-party are presented directly to the Audit Committee of the Board of Directors. Loans receivable by credit quality risk rating indicator, excluding PCI loans are as follows (in thousands): At December 31, 2019 Residential Commercial mortgages Multi- family Construction Total mortgages Commercial loans Consumer loans Total loans Special mention $ 2,402 46,758 — — 49,160 79,248 286 128,694 Substandard 10,204 13,458 — 6,181 29,843 57,015 1,668 88,526 Doubtful — — — — — 836 — 836 Loss — — — — — — — — Total classified and criticized 12,606 60,216 — 6,181 79,003 137,099 1,954 218,056 Acceptable/watch 1,065,083 2,518,177 1,225,551 423,631 5,232,442 1,497,660 389,406 7,119,508 Total outstanding loans $ 1,077,689 2,578,393 1,225,551 429,812 5,311,445 1,634,759 391,360 7,337,564 At December 31, 2018 Residential Commercial mortgages Multi- family Construction Total mortgages Commercial loans Consumer loans 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 Acceptable/watch 1,086,515 2,271,525 1,339,449 382,818 5,080,307 1,581,522 429,107 7,090,936 Total outstanding loans $ 1,099,464 2,299,313 1,339,677 388,999 5,127,453 1,695,021 431,428 7,253,902 |
Banking Premises and Equipment
Banking Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Banking Premises and Equipment | Banking Premises and Equipment A summary of banking premises and equipment at December 31, 2019 and 2018 is as follows (in thousands): 2019 2018 Land $ 12,440 12,440 Banking premises 59,708 58,351 Furniture, fixtures and equipment 45,660 44,602 Leasehold improvements 35,749 35,106 Construction in progress 3,270 1,563 156,827 152,062 Less accumulated depreciation and amortization 101,617 93,938 Total banking premises and equipment $ 55,210 58,124 Depreciation expense for the years ended December 31, 2019, 2018 and 2017 amounted to $7.7 million, $8.0 million and $9.0 million, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets at December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 2018 Goodwill $ 420,562 411,600 Core deposit premiums 1,753 2,539 Customer relationship and other intangibles 14,142 3,410 Mortgage servicing rights 562 629 Total intangible assets $ 437,019 418,178 Amortization expense of intangible assets for the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands): 2019 2018 2017 Core deposit premiums $ 786 931 1,076 Customer relationship and other intangibles 1,869 1,073 1,474 Mortgage servicing rights 85 123 120 Total amortization expense of intangible assets $ 2,740 2,127 2,670 Scheduled amortization of core deposit premiums and customer relationship and other intangibles for each of the next five years is as follows (in thousands): Year ended December 31, Scheduled Amortization 2020 $ 2,675 2021 2,380 2022 2,085 2023 1,793 2024 1,517 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits at December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 Weighted average interest rate 2018 Weighted average interest rate Savings deposits $ 983,714 0.14 % $ 1,051,922 0.16 % Money market accounts 1,738,202 0.79 1,496,310 0.63 NOW accounts 2,092,413 0.79 2,049,645 0.73 Non-interest bearing deposits 1,554,253 — 1,481,753 — Certificates of deposit 734,027 1.72 750,492 1.58 Total deposits $ 7,102,609 $ 6,830,122 Scheduled maturities of certificates of deposit accounts at December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Within one year $ 606,870 584,478 One to three years 81,987 119,655 Three to five years 44,243 45,518 Five years and thereafter 927 841 $ 734,027 750,492 Interest expense on deposits for the years ended December 31, 2019, 2018 and 2017 is summarized as follows (in thousands): Years ended December 31, 2019 2018 2017 Savings deposits $ 1,681 1,923 2,092 NOW and money market accounts 29,542 20,450 12,205 Certificates of deposits 14,271 8,320 5,144 $ 45,494 30,693 19,441 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Borrowed funds at December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 2018 Securities sold under repurchase agreements $ 60,737 121,322 FHLB line of credit 298,000 283,000 FHLB advances 766,409 1,037,960 Total borrowed funds $ 1,125,146 1,442,282 At December 31, 2019, FHLB advances were at fixed rates and mature between January 2020 and May 2022, and at December 31, 2018, FHLB advances were at fixed rates and mature between January 2019 and April 2022. These advances are secured by loans receivable under a blanket collateral agreement. Scheduled maturities of FHLB advances at December 31, 2019 are as follows (in thousands): 2019 Due in one year or less $ 489,169 Due after one year through two years 146,240 Due after two years through three years 131,000 Due after three years through four years — Thereafter — Total FHLB advances $ 766,409 Scheduled maturities of securities sold under repurchase agreements at December 31, 2019 are as follows (in thousands): 2019 Due in one year or less $ 60,737 Thereafter — Total securities sold under repurchase agreements $ 60,737 The following tables set forth certain information as to borrowed funds for the years ended December 31, 2019 and 2018 (in thousands): Maximum balance Average balance Weighted average interest rate 2019 Securities sold under repurchase agreements $ 96,914 71,234 0.49 % FHLB line of credit 451,000 325,481 2.40 FHLB advances 1,190,006 939,916 2.11 2018 Securities sold under repurchase agreements $ 153,715 139,729 1.04 % FHLB line of credit 487,000 259,189 2.09 FHLB advances 1,256,525 1,136,988 1.90 Securities sold under repurchase agreements include arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses available for sale debt securities to pledge as collateral for the repurchase agreements. Interest expense on borrowings for the years ended December 31, 2019, 2018 and 2017 amounted to $28.0 million, $28.5 million and $26.2 million, respectively. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Pension and Post-retirement Benefits The Bank has a noncontributory defined benefit pension plan covering its full-time employees who had attained age 21 with at least one 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 The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands): Pension Post-retirement 2019 2018 2017 2019 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 28,878 31,970 29,533 20,028 22,757 20,805 Service cost — — — 80 115 105 Interest cost 1,198 1,094 1,227 837 786 871 Actuarial loss 63 — — — 18 — Benefits paid (1,493) (1,401) (1,590) (600) (590) (560) Change in actuarial assumptions 4,412 (2,785) 2,800 2,978 (3,058) 1,536 Benefit obligation at end of year $ 33,058 28,878 31,970 23,323 20,028 22,757 Change in plan assets: Fair value of plan assets at beginning of year $ 43,449 46,870 43,153 — — — Actual return on plan assets 7,976 (2,020) 5,307 — — — Employer contributions — — — 600 590 560 Benefits paid (1,493) (1,401) (1,590) (600) (590) (560) Fair value of plan assets at end of year 49,932 43,449 46,870 — — — Funded status at end of year $ 16,874 14,571 14,900 (23,323) (20,028) (22,757) For the years ended December 31, 2019 and 2018, the Company, in the measurement of its pension plan and post-retirement obligations updated its mortality assumptions to the RP 2014 mortality table with the fully generational projection scale MP 2019 and MP 2018 issued by The Society of Actuaries ("SOA") in October 2019 and 2018, respectively. The prepaid pension benefits of $16.9 million and the unfunded post-retirement healthcare and life insurance benefits of $23.3 million at December 31, 2019 are included in other assets and other liabilities, respectively, in the Consolidated Statements of Financial Condition. The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2019 and 2018 are summarized in the following table (in thousands): Pension Post-retirement 2019 2018 2019 2018 Unrecognized prior service cost $ — — — — Unrecognized net actuarial loss (gain) 10,346 12,300 (3,621) (7,425) Total accumulated other comprehensive loss (gain) $ 10,346 12,300 (3,621) (7,425) Net periodic benefit (increase) cost for the years ending December 31, 2019, 2018 and 2017, included the following components (in thousands): Pension Post-retirement 2019 2018 2017 2019 2018 2017 Service cost $ — — — 80 115 105 Interest cost 1,198 1,094 1,227 837 786 871 Return on plan assets (2,562) (2,769) (2,550) — — — Amortization of: Net loss (gain) 1,015 795 920 (825) (396) (677) Unrecognized prior service cost — — — — — — Net periodic benefit (increase) cost $ (349) (880) (403) 92 505 299 The weighted average actuarial assumptions used in the plan determinations at December 31, 2019, 2018 and 2017 were as follows: Pension Post-retirement 2019 2018 2017 2019 2018 2017 Discount rate 3.10 % 4.25 % 3.50 % 3.10 % 4.25 % 3.50 % Rate of compensation increase — — — — — — Expected return on plan assets 6.00 6.00 6.00 — — — Medical and life insurance benefits cost rate of increase — — — 6.00 6.00 6.00 The Company provides its actuary with certain rate assumptions used in measuring the benefit obligation. The most significant of these is the discount rate used to calculate the period-end present value of the benefit obligations, and the expense to be included in the following year’s financial statements. A lower discount rate will result in a higher benefit obligation and expense, while a higher discount rate will result in a lower benefit obligation and expense. The discount rate assumption was determined based on a cash flow-yield curve model specific to the Company’s pension and post-retirement plans. The Company compares this rate to certain market indices, such as long-term treasury bonds, or the Citigroup pension liability indices, for reasonableness. A discount rate of 3.10% was selected for the December 31, 2019 measurement date. Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits at December 31, 2019 (in thousands): 1% increase 1% decrease Effect on total service cost and interest cost $ 140 110 Effect on post-retirement benefits obligation $ 3,900 3,100 Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands): Pension Post-retirement 2020 $ 1,615 749 2021 1,670 804 2022 1,695 817 2023 1,743 864 2024 1,805 877 The weighted-average asset allocation of pension plan assets at December 31, 2019 and 2018 were as follows: Asset Category 2019 2018 Domestic equities 37 % 34 % Foreign equities 11 % 11 % Fixed income 50 % 53 % Real estate 2 % 2 % Cash — % — % Total 100 % 100 % The Company’s expected return on pension plan assets assumption is based on historical investment return experience and evaluation of input from the Plan's Investment Consultant and the Company's Benefits Committee which manages the pension plan’s assets. The expected return on pension plan assets is also impacted by the target allocation of assets, which is based on the Company’s goal of earning the highest rate of return while maintaining risk at acceptable levels. Management strives to have pension plan assets sufficiently diversified so that adverse or unexpected results from one security class will not have a significant detrimental impact on the entire portfolio. The target allocation of assets and acceptable ranges around the targets are as follows: Asset Category Target Allowable Range Domestic equities 37 % 30-41% Foreign equities 11 % 5-13% Fixed income 50 % 40-65% Real estate 2 % 0-4% Cash 0 % 0% Total 100 % The Company anticipates that the long-term asset allocation on average will approximate the targeted allocation. Actual asset allocations are the result of investment decisions by a third-party investment manager. The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits at December 31, 2019 and 2018, respectively. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair value measurements at December 31, 2019 (in thousands) Total (Level 1) (Level 2) (Level 3) Group annuity contracts $ 81 — 81 — Mutual funds: Fixed income 16,609 16,609 — — International equity 5,535 5,535 — — Large U.S. equity 1,496 1,496 — — Small/Mid U.S. equity 996 996 — — Total mutual funds 24,636 24,636 — — Pooled separate accounts 25,215 — 25,215 — Total Plan assets $ 49,932 24,636 25,296 — Fair value measurements at December 31, 2018 (in thousands) Total (Level 1) (Level 2) (Level 3) Group annuity contracts $ 100 — 100 — Mutual funds: Fixed income 15,252 15,252 — — International equity 4,649 4,649 — — Large U.S. equity 1,224 1,224 — — Small/Mid U.S. equity 772 772 — — Total mutual funds 21,897 21,897 — — Pooled separate accounts 21,452 — 21,452 — Total Plan assets $ 43,449 21,897 21,552 — 401(k) Plan The Bank has a 401(k) plan covering substantially all employees of the Bank. For 2019, 2018 and 2017, the Bank matched 25% of the first 6% contributed by the participants. The contribution percentage is determined by the Board of Directors in its sole discretion. The Bank’s aggregate contributions to the 401(k) Plan for 2019, 2018 and 2017 were $981,000, $973,000 and $890,000, respectively. Supplemental Executive Retirement Plan The Bank maintains a non-qualified supplemental retirement plan for certain senior officers of the Bank. This unfunded plan, which was frozen as of April 1, 2003 provides benefits in excess of the benefits permitted to be paid by the pension plan under provisions of the tax law. Amounts expensed under this supplemental retirement plan amounted to $85,000, $82,000 and $91,000 for the years 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, $1.9 million and $2.0 million, respectively, were recorded in other liabilities on the Consolidated Statements of Financial Condition for this supplemental retirement plan. In connection with this supplemental retirement plan, an increase of $187,000, a decrease of $119,000, and a decrease of $120,000, net of tax, were recorded in other comprehensive income (loss) for 2019, 2018 and 2017, respectively. Retirement Plan for the Board of Directors of Provident Bank The Bank maintains a Retirement Plan for the Board of Directors of the Bank, a non-qualified plan that provides cash payments for up to 10 years to eligible retired board members based on age and length of service requirements. The maximum payment under this plan to a board member, who terminates service on or after the age of 72 with at least ten ten The plan further provides that, in the event of a change in control (as defined in the plan), the undistributed balance of a director’s accrued benefit will be distributed to him or her within 60 days of the change in control. The Bank paid $15,000, $10,000, and $12,500 to former board members under this plan for each of the years ended December 31, 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, $130,000 and $139,000, respectively, were recorded in other liabilities on the Consolidated Statements of Financial Condition for this retirement plan. An increase of $730, an increase of $3,000, and a decrease of $1,000, net of tax, were recorded in other comprehensive income (loss) for 2019, 2018 and 2017, respectively, in connection with this plan. Employee Stock Ownership Plan The ESOP is a tax-qualified plan designed to invest primarily in the Company’s common stock that provides employees with the opportunity to receive a funded retirement benefit from the Bank, based primarily on the value of the Company’s common stock. The ESOP purchased 4,769,464 shares of the Company’s common stock at an average price of $17.09 per share with the proceeds of a loan from the Company to the ESOP. The outstanding loan principal at December 31, 2019, was $31.1 million. Shares of the Company’s common stock pledged as collateral for the loan are released from the pledge for allocation to participants as loan payments are made. For the years ending December 31, 2019 and 2018, 280,522 shares and 243,527 shares from the ESOP were released, respectively. Unallocated ESOP shares held in suspense totaled 1,456,487 at December 31, 2019, and had a fair value of $35.9 million. ESOP compensation expense for the years ended December 31, 2019, 2018 and 2017 was $4.5 million, $4.5 million and $4.6 million, respectively. Non-Qualified Supplemental Defined Contribution Plan (“the Supplemental Employee Stock Ownership Plan”) Effective January 1, 2004, the Bank established a deferred compensation plan for executive management and key employees of the Bank, known as Provident Bank Non-Qualified Supplemental Employee Stock Ownership Plan (the “Supplemental ESOP”). The Supplemental ESOP was amended and restated as the Non-Qualified Supplemental Defined Contribution Plan (the “Supplemental DC Plan”), effective January 1, 2010. The Supplemental DC Plan is a non-qualified plan that provides additional benefits to certain executives whose benefits under the 401(k) Plan and ESOP are limited by tax law limitations applicable to tax-qualified plans. The Supplemental DC Plan requires a contribution by the Bank for each participant who also participates in the 401(k) Plan and ESOP equal to the amount that would have been contributed under the terms of the 401(k) Plan and ESOP but for the tax law limitations, less the amount actually contributed under the 401(k) Plan and ESOP. The Supplemental DC Plan provides for a phantom stock allocation for qualified contributions that may not be accrued in the qualified ESOP and for matching contributions that may not be accrued in the qualified 401(k) Plan due to tax law limitations. Under the Supplemental 401(k) provision, the estimated expense for the years ending December 31, 2019, 2018 and 2017 was $22,000, $18,000 and $17,500, respectively, and included the matching contributions plus interest credited at an annual rate equal to the ten-year bond-equivalent yield on U.S. Treasury securities. Under the Supplemental ESOP provision, the estimated expense for the years ending December 31, 2019, 2018 and 2017 was $140,000, $121,000 and $105,000, respectively. The phantom equity is treated as equity awards (expensed at the time of allocation) and not liability awards which would require periodic adjustment to market, as participants do not have an option to take their distribution in cash. 2019 Long-Term Equity Incentive Plan Upon stockholders’ approval of the 2019 Long-Term Equity Incentive Plan on April 25, 2019, shares available for stock awards and stock options under the Amended and Restated Long-Term Incentive Plan were reserved for issuance under the new 2019 Long-Term Equity Incentive Plan. No additional grants of stock awards and stock options will be made under the Amended and Restated Long-Term Incentive Plan. The new plan authorized the issuance of up to 1,350,000 shares of Company common stock to be issued as stock awards. Shares previously awarded under prior equity incentive plans that are subsequently forfeited or expire may also be issued under this new plan. Stock Awards As a general rule, restricted stock grants are held in escrow for the benefit of the award recipient until vested. Awards outstanding generally vest in three three A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below: Restricted Stock Awards 2019 2018 2017 Outstanding at beginning of year 651,099 660,783 547,698 Granted 291,034 296,411 288,519 Forfeited (46,914) (56,296) (62,677) Vested (226,393) (249,799) (112,757) Outstanding at the end of year 668,826 651,099 660,783 As of December 31, 2019, unrecognized compensation cost relating to unvested restricted stock totaled $6.4 million. This amount will be recognized over a remaining weighted average period of 1.7 years. Stock Options Each stock option granted entitles the holder to purchase one share of the Company’s common stock at an exercise price not less than the fair value of a share of the Company’s common stock at the date of grant. Options generally vest over a five three A summary of the status of the granted but unexercised stock options as of December 31, 2019, 2018 and 2017, and changes during the year is presented below: 2019 2018 2017 Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Outstanding at beginning of year 470,979 $ 18.36 507,656 $ 16.84 703,669 $ 14.70 Granted 41,685 27.25 43,124 25.58 42,857 26.31 Exercised (13,463) 10.35 (79,801) 12.61 (238,370) 12.22 Forfeited — — — — — — Expired — — — — (500) 17.94 Outstanding at the end of year 499,201 $ 19.32 470,979 $ 18.36 507,656 $ 16.84 The total fair value of options vesting during 2019, 2018 and 2017 was $193,000, $189,000 and $168,000, respectively. Compensation expense of approximately $135,000, $74,000 and $11,000 is projected for 2020, 2021 and 2022, respectively, on stock options outstanding at December 31, 2019. The following table summarizes information about stock options outstanding at December 31, 2019: Options Outstanding Options Exercisable Range of exercise prices Number of options outstanding Average remaining contractual life Weighted average exercise price Number of options exercisable Weighted average exercise price $14.50-15.23 148,474 2.2 $ 14.88 148,474 $ 14.88 $16.38-27.25 350,726 6.2 $ 20.89 204,905 $ 18.28 The stock options outstanding and stock options exercisable at December 31, 2019 have an aggregate intrinsic value of $3.0 million and $2.8 million, respectively. The expense related to stock options is based on the fair value of the options at the date of the grant and is recognized ratably over the vesting period of the options. Compensation expense related to the Company’s stock option plan totaled $181,000, $190,000 and $203,000 for 2019, 2018 and 2017, respectively. The estimated fair values were determined on the dates of grant using the Black-Scholes Option pricing model. The fair value of the Company’ stock option awards are expensed on a straight-line basis over the vesting period of the stock option. The risk-free rate is based on the implied yield on a U.S. Treasury bond with a term approximating the expected term of the option. The expected volatility computation is based on historical volatility over a period approximating the expected term of the option. The dividend yield is based on the annual dividend payment per share, divided by the grant date stock price. The expected option term is a function of the option life and the vesting period. The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: For the year ended December 31, 2019 2018 2017 Expected dividend yield 3.38 % 3.13 % 2.89 % Expected volatility 22.01 % 20.65 % 20.34 % Risk-free interest rate 2.53 % 2.65 % 2.05 % Expected option life 8 years 8 years 8 years The weighted average fair value of options granted during 2019, 2018 and 2017 was $4.57, $4.29 and $4.20 per option, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Tax Cuts and Jobs Act ("Tax Act") was signed into law on December 22, 2017. Included as part of the law, was a permanent reduction in the federal corporate income tax rate from 35% to 21% effective January 1, 2018. Based upon the change in the tax rate, the Company revalued its net deferred tax asset at December 31, 2017. As a result of the enactment of the Tax Act, the Company recognized an additional tax expense of $3.9 million for the year ended December 31, 2017. The current and deferred amounts of income tax expense (benefit) for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Years ended December 31, 2019 2018 2017 Current: Federal $ 22,427 41,578 4,163 State 10,354 2,493 1,731 Total current 32,781 44,071 5,894 Deferred: Federal 1,650 (17,302) 39,003 State 24 (1,239) 1,631 Total deferred 1,674 (18,541) 40,634 $ 34,455 25,530 46,528 The Company recorded a deferred tax expense (benefit) of $6.6 million, ($2.4) million and ($1.4) million during 2019, 2018 and 2017, respectively, related to the unrealized gains (losses) on available for sale debt securities, which is reported in accumulated other comprehensive income (loss), net of tax. Additionally, the Company recorded a deferred tax (benefit) expense of ($463,000), $379,000 and ($315,000) in 2019, 2018 and 2017, respectively, related to the amortization of post-retirement benefit obligations, which is reported in accumulated other comprehensive income (loss), net of tax. A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate is as follows (in thousands): Years ended December 31, 2019 2018 2017 Tax expense at statutory rates (1) $ 30,889 30,223 49,167 Increase (decrease) in taxes resulting from: State tax, net of federal income tax benefit 8,197 1,002 2,185 Tax-exempt interest income (3,082) (2,839) (5,097) Bank-owned life insurance (1,322) (1,158) (2,343) Enactment of Tax Act — — 3,912 Other, net (227) (1,698) (1,296) $ 34,455 25,530 46,528 (1) The statutory tax rate for both 2019 and 2018 was 21%. For 2017, the statutory tax rate was 35%. The net deferred tax asset is included in other assets in the Consolidated Statements of Financial Condition. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Deferred tax assets: Allowance for loan losses $ 14,313 13,968 Post-retirement benefit 6,946 7,481 Deferred compensation 1,175 1,371 Purchase accounting adjustments 1,629 1,562 Depreciation 750 215 SERP 688 694 ESOP 1,606 1,929 Stock-based compensation 4,747 4,464 Non-accrual interest 417 867 Unrealized loss on available for sale debt securities — 3,599 Federal Net Operating Loss ("NOL") 321 363 Pension liability adjustments 1,821 1,358 Other 1,223 2,164 Total gross deferred tax assets 35,636 40,035 Deferred tax liabilities: Pension expense 7,017 7,322 Deferred loan costs 5,064 4,872 Investment securities, principally due to accretion of discounts 70 93 Intangibles 1,393 1,159 Originated mortgage servicing rights 140 165 Unrealized gain on available for sale debt securities 3,038 — Net unrealized gain on hedging activities 114 — Total gross deferred tax liabilities 16,836 13,611 Net deferred tax asset $ 18,800 26,424 Retained earnings at December 31, 2019 includes approximately $51.8 million for which no provision for income tax has been made. This amount represents an allocation of income to bad debt deductions for tax purposes only. Events that would result in taxation of these reserves include the failure to qualify as a bank for tax purposes, distributions in complete or partial liquidation, stock redemptions and excess distributions to stockholders. At December 31, 2019, the Company had an unrecognized tax liability of $13.4 million with respect to this reserve. As a result of the Beacon acquisition in 2011, the Company acquired federal net operating loss carryforwards. There are approximately $1.5 million of NOL carryforwards available to offset future taxable income as of December 31, 2019. If not utilized, these carryforwards will expire in 2031. Pursuant to the Tax Act, NOLs created after December 31, 2017 may be carried forward indefinitely and utilization is subject to 80% of taxable income. The federal NOLs are subject to a combined annual Code Section 382 limitation in the amount of approximately $197,000. Management has determined that it is more likely than not that it will realize the net deferred tax asset based upon the nature and timing of the items listed above. In order to fully realize the net deferred tax asset, the Company will need to generate future taxable income. Management has projected that the Company will generate sufficient taxable income to utilize the net deferred tax asset; however, there can be no assurance that such levels of taxable income will be generated. The Company’s policy is to report interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The Company did not have any liabilities for uncertain tax positions or any known unrecognized tax benefits at December 31, 2019 and 2018. |
Commitments, Contingencies and
Commitments, Contingencies and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Concentrations of Credit Risk | Commitments, Contingencies and Concentrations of Credit Risk In the normal course of business, various commitments and contingent liabilities are outstanding which are not reflected in the accompanying consolidated financial statements. In the opinion of management, the consolidated financial position of the Company will not be materially affected by the outcome of such commitments or contingent liabilities. The Company is involved in various legal actions and claims arising in the normal course of its business. In the opinion of management, these legal actions and claims are not expected to have a material adverse impact on the Company’s financial condition or results of operations. A substantial portion of the Bank’s loans are secured by real estate located in New Jersey. Accordingly, the collectability of a substantial portion of the Bank’s loan portfolio and the recovery of a substantial portion of the carrying amount of other real estate owned are susceptible to changes in local real estate market conditions and general business environment. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements | Regulatory Capital Requirements FDIC regulations require banks to maintain minimum levels of regulatory capital. Under the regulations in effect at December 31, 2019, the Bank is required to maintain: (1) a Tier 1 capital to total assets leverage ratio of 4.0%; (2) a common equity Tier 1 capital to risk-based assets ratio of 4.5%; (3) a Tier 1 capital to risk-based assets ratio of 6.0%; and (4) a total capital to risk-based assets ratio of 8.0%. In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted asset above the amount necessary to meet its minimum risk-based capital requirements. Under its prompt corrective action regulations, the FDIC is required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution. Such actions could have a direct material effect on an institution’s financial statements. The regulations establish a framework for the classification of savings institutions into five categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. Generally, an institution is considered well capitalized if it has: a leverage (Tier 1) capital ratio of at least 5.00%; a common equity Tier 1 risk-based capital ratio of 6.50%; a Tier 1 risk-based capital ratio of at least 8.00%; and a total risk-based capital ratio of at least 10.00%. The foregoing capital ratios are based in part on specific quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by the FDIC about capital components, risk weightings and other factors. As of December 31, 2019 and 2018, the Bank exceeded all minimum capital adequacy requirements to which it is subject. Further, the most recent FDIC notification categorized the Bank as a well-capitalized institution under the prompt corrective action regulations. There have been no conditions or events since that notification that management believes have changed the Bank’s capital classification. The Company is regulated as a bank holding company, and as such, is subject to examination, regulation and periodic reporting under the Bank Holding Company Act, as administered by the Federal Reserve Board (“FRB”). The FRB has adopted capital adequacy guidelines for bank holding companies on a consolidated basis substantially similar to those of the FDIC for the Bank. As of December 31, 2019 and 2018, the Company was “well capitalized” under FRB guidelines. Regulations of the FRB provide that a bank holding company must serve as a source of strength to any of its subsidiary banks and must not conduct its activities in an unsafe or unsound manner. Under the prompt corrective action provisions discussed above, a bank holding company parent of an undercapitalized subsidiary bank would be directed to guarantee, within limitations, the capital restoration plan that is required of such an undercapitalized bank. If the undercapitalized bank fails to file an acceptable capital restoration plan or fails to implement an accepted plan, the FRB may prohibit the bank holding company parent of the undercapitalized bank from paying any dividend or making any other form of capital distribution without the prior approval of the FRB. The following table shows the Company’s actual capital amounts and ratios as of December 31, 2019 and 2018, compared to the FRB minimum capital adequacy requirements and the FRB requirements for classification as a well-capitalized institution (dollars in thousands). Actual capital FRB minimum capital FRB minimum capital adequacy requirements with capital conservation buffer To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019 Tier 1 leverage capital $ 973,214 10.34 % $ 376,484 4.00 % $ 376,484 4.00 % $ 470,605 5.00 % Common equity Tier 1 risk-based capital 973,214 12.74 343,756 4.50 534,732 7.00 496,537 6.50 Tier 1 risk-based capital 973,214 12.74 458,342 6.00 649,317 8.50 611,122 8.00 Total risk-based capital 1,028,879 13.47 611,122 8.00 802,098 10.50 763,903 10.00 Actual capital FRB minimum capital adequacy requirements FRB minimum capital To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 Tier 1 leverage capital $ 953,768 10.24 % $ 372,458 4.00 % $ 372,458 4.00 % $ 465,573 5.00 % Common equity Tier 1 risk-based capital 953,768 12.54 342,277 4.50 484,893 6.38 494,400 6.50 Tier 1 risk-based capital 953,768 12.54 456,370 6.00 598,985 7.88 608,493 8.00 Total risk-based capital 1,009,475 13.27 608,493 8.00 751,108 9.88 760,616 10.00 The following table shows the Bank’s actual capital amounts and ratios as of December 31, 2019 and 2018, compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution (dollars in thousands). Actual capital FDIC minimum capital FDIC minimum capital adequacy requirements with capital conservation buffer To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019 Tier 1 leverage capital $ 923,471 9.81 % $ 376,449 4.00 % $ 376,449 4.00 % $ 470,562 5.00 % Common equity Tier 1 risk-based capital 923,471 12.09 343,716 4.50 534,670 7.00 496,479 6.50 Tier 1 risk-based capital 923,471 12.09 458,288 6.00 649,242 8.50 611,051 8.00 Total risk-based capital 979,136 12.82 611,051 8.00 802,004 10.50 763,814 10.00 Actual capital FDIC minimum capital adequacy requirements FRB minimum capital To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 Tier 1 leverage capital $ 917,659 9.86 % $ 372,443 4.00 % $ 372,443 4.00 % $ 465,553 5.00 % Common equity Tier 1 risk-based capital 917,659 12.06 342,279 4.50 484,895 6.38 494,403 6.50 Tier 1 risk-based capital 917,659 12.06 456,372 6.00 598,988 7.88 608,496 8.00 Total risk-based capital 973,366 12.80 608,496 8.00 751,113 9.88 760,620 10.00 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 Measured at Fair Value on a Recurring Basis The valuation techniques described below were used to measure fair value of financial instruments in the table below on a recurring basis as of December 31, 2019 and December 31, 2018. Available for Sale Debt Securities 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 not historically 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 derivatives are recognized directly in earnings. The Company also uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges, and which satisfy hedge accounting requirements, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. These derivatives were used to hedge the variable cash outflows associated with FHLBNY borrowings. The effective portion of changes in the fair value of these derivatives are recorded in accumulated other comprehensive income, and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The fair value of the Company's derivatives are determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. Assets Measured at Fair Value on a Non-Recurring Basis The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis as of December 31, 2019 and 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 costs, which range between 5% and 10%. Fair value is generally based on independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case basis, to comparable assets based on the appraisers’ market knowledge and experience, and are classified as Level 3. When an asset is acquired, the excess of the loan balance over fair value less estimated selling costs is charged to the allowance for loan losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. There were no changes to the valuation techniques for fair value measurements during the years ended December 31, 2019 and 2018. The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair value as of December 31, 2019 and 2018, by level within the fair value hierarchy (in thousands). Fair Value Measurements at Reporting Date Using: December 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 $ 947,430 — 947,430 — State and municipal obligations 4,079 — 4,079 — Corporate obligations 25,410 — 25,410 — Total available for sale debt securities $ 976,919 — 976,919 — Equity Securities 825 825 — — Derivative assets 39,305 — 39,305 $ 1,017,049 825 1,016,224 — Derivative liabilities $ 39,356 — 39,356 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 20,403 — — 20,403 Foreclosed assets 2,715 — — 2,715 $ 23,118 — — 23,118 Fair Value Measurements at Reporting Date Using: 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 $ 4,285 — — 4,285 There were no transfers between Level 1, Level 2 and Level 3 during the years ended December 31, 2019 and 2018. 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. 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 analysis of the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. FHLBNY Stock The carrying value of FHLBNY stock was its cost. The fair value of FHLBNY stock is based on redemption at par value. The Company classifies the estimated fair value as Level 1 within the fair value hierarchy. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company’s current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 1. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowed Funds The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. The following tables present the Company’s financial instruments at their carrying and fair values as of December 31, 2019 and December 31, 2018. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at December 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 $ 186,748 186,748 186,748 — — Available for sale debt securities: Mortgage-backed securities 947,430 947,430 — 947,430 — State and municipal obligations 4,079 4,079 — 4,079 — Corporate obligations 25,410 25,410 — 25,410 — Total available for sale debt securities $ 976,919 976,919 — 976,919 — Held to maturity debt securities: Agency obligations $ 6,599 6,601 6,601 — — Mortgage-backed securities 118 122 — 122 — State and municipal obligations 437,074 451,353 — 451,353 — Corporate obligations 9,838 9,890 — 9,890 — Total held to maturity debt securities $ 453,629 467,966 6,601 461,365 — FHLBNY stock 57,298 57,298 57,298 — — Equity Securities 825 825 825 — — Loans, net of allowance for loan losses 7,277,360 7,296,744 — — 7,296,744 Derivative assets 39,305 39,305 — 39,305 — Financial liabilities: Deposits other than certificates of deposits $ 6,368,582 6,368,582 6,368,582 — — Certificates of deposit 734,027 734,047 — 734,047 — Total deposits $ 7,102,609 7,102,629 6,368,582 734,047 — Borrowings 1,125,146 1,127,569 — 1,127,569 — Derivative liabilities 39,356 39,356 — 39,356 — 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 — |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following tables are a summary of certain quarterly financial data for the years ended December 31, 2019 and 2018. 2019 Quarters Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Interest income $ 92,411 95,648 93,026 90,385 Interest expense 17,404 19,093 19,498 17,502 Net interest income 75,007 76,555 73,528 72,883 Provision for loan losses 200 9,500 500 2,900 Net interest income after provision for loan losses 74,807 67,055 73,028 69,983 Non-interest income 12,188 15,834 18,047 17,725 Non-interest expense 48,416 49,694 49,738 53,731 Income before income tax expense 38,579 33,195 41,337 33,977 Income tax expense 7,689 8,802 9,938 8,026 Net income $ 30,890 24,393 31,399 25,951 Basic earnings per share $ 0.48 0.38 0.49 0.40 Diluted earnings per share 0.48 0.38 0.49 0.40 2018 Quarters Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Interest income $ 86,331 88,315 91,261 93,922 Interest expense 13,054 14,035 15,475 16,589 Net interest income 73,277 74,280 75,786 77,333 Provision for loan losses 5,400 15,500 1,000 1,800 Net interest income after provision for loan losses 67,877 58,780 74,786 75,533 Non-interest income 13,307 13,837 15,916 15,616 Non-interest expense 46,910 48,806 46,659 49,360 Income before income tax expense 34,274 23,811 44,043 41,789 Income tax expense 6,361 4,568 8,575 6,026 Net income $ 27,913 19,243 35,468 35,763 Basic earnings per share $ 0.43 0.30 0.55 0.55 Diluted earnings per share 0.43 0.30 0.54 0.55 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following is a reconciliation of the outstanding shares used in the basic and diluted earnings per share calculations. (Dollars in thousands, except per share data) For the Year Ended December 31, 2019 2018 2017 Net income $ 112,633 118,387 93,949 Basic weighted average common shares outstanding 64,604,224 64,942,886 64,384,851 Plus: Dilutive shares 130,367 160,211 194,371 Diluted weighted average common shares outstanding 64,734,591 65,103,097 64,579,222 Earnings per share: Basic $ 1.74 1.82 1.46 Diluted $ 1.74 1.82 1.45 Anti-dilutive stock options and awards totaling 646,457 shares, 443,748 shares and 369,772 shares at December 31, 2019, 2018 and 2017, respectively, were excluded from the earnings per share calculations. |
Parent-only Financial Informati
Parent-only Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent-only Financial Information | Parent-only Financial Information The condensed financial statements of Provident Financial Services, Inc. (parent company only) are presented below: Condensed Statements of Financial Condition (Dollars in Thousands) December 31, 2019 December 31, 2018 Assets Cash and due from banks $ 29,723 7,569 Available for sale debt securities, at fair value 825 635 Investment in subsidiary 1,364,097 1,322,871 ESOP loan 31,113 36,756 Other assets 37 92 Total assets $ 1,425,795 1,367,923 Liabilities and Stockholders’ Equity Due to subsidiary—SAP $ 11,741 7,996 Other liabilities 214 947 Total stockholders’ equity 1,413,840 1,358,980 Total liabilities and stockholders’ equity $ 1,425,795 1,367,923 Condensed Statements of Operations (Dollars in Thousands) For the Years Ended December 31, 2019 2018 2017 Dividends from subsidiary $ 72,809 53,604 59,980 Interest income 1,470 1,657 1,839 Investment gain 162 2,294 17 Total income 74,441 57,555 61,836 Non-interest expense 1,192 1,049 1,021 Total expense 1,192 1,049 1,021 Income before income tax expense 73,249 56,506 60,815 Income tax expense 127 692 312 Income before undistributed net income of subsidiary 73,122 55,814 60,503 Earnings in excess of dividends (equity in undistributed net income) of subsidiary 39,511 62,573 33,446 Net income $ 112,633 118,387 93,949 Condensed Statements of Cash Flows (Dollars in Thousands) For the Years Ended December 31, 2019 2018 2017 Cash flows from operating activities: Net income $ 112,633 118,387 93,949 Adjustments to reconcile net income to net cash provided by operating activities Earnings in excess of dividends (equity in undistributed net income) of subsidiary (39,511) (62,573) (33,446) ESOP allocation 4,533 4,516 4,600 SAP allocation 6,671 6,046 4,963 Stock option allocation 181 190 203 Increase in due to subsidiary—SAP 3,745 3,577 1,415 Decrease (increase) in other assets 21,285 (18,598) (34,919) (Decrease) increase in other liabilities (734) 396 (114) Net cash provided by operating activities 108,803 51,941 36,651 Cash flows from investing activities: Net decrease in ESOP loan 5,643 4,663 4,552 Net cash provided by investing activities 5,643 4,663 4,552 Cash flows from financing activities: Purchases of treasury stock (19,867) (13,172) (443) Purchase of employee restricted shares to fund statutory tax withholding (1,985) (1,896) (778) Cash dividends paid (72,809) (53,604) (59,980) Shares issued dividend reinvestment plan 2,230 1,709 2,114 Stock options exercised 139 1,007 2,954 Net cash used in financing activities (92,292) (65,956) (56,133) Net increase (decrease) in cash and cash equivalents 22,154 (9,352) (14,930) Cash and cash equivalents at beginning of period 7,569 16,921 31,851 Cash and cash equivalents at end of period $ 29,723 7,569 16,921 |
Other Comprehensive Loss
Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Other Comprehensive Loss | Other Comprehensive Loss The following table presents the components of other comprehensive loss both gross and net of tax, for the years ended December 31, 2019, 2018 and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Components of Other Comprehensive Loss: Unrealized losses on available for sale debt securities: Net gains (losses) arising during the period $ 24,987 (6,636) 18,351 (8,425) 2,296 (6,129) (3,612) 1,449 (2,163) Reclassification adjustment for gains included in net income — — — — — — — — — Total 24,987 (6,636) 18,351 (8,425) 2,296 (6,129) (3,612) 1,449 (2,163) Unrealized (losses) gains on derivatives (cash flow hedges) (780) 201 (579) 304 (83) 221 633 (254) 379 Amortization related to post-retirement obligations (2,176) 561 (1,615) 1,678 (457) 1,221 (1,475) 586 (889) Total other comprehensive loss $ 22,031 (5,874) 16,157 (6,443) 1,756 (4,687) (4,454) 1,781 (2,673) The following table presents the changes in the components of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2019 and 2018, including the reclassification of unrealized gains on equity securities due to the adoption of ASU No. 2016-01 for the year ended December 31, 2018 (in thousands): Changes in Accumulated Other Comprehensive Loss by Component, net of tax For the Years Ended December 31, 2019 2018 Unrealized Gains (Losses) on Available for Sale Debt Securities Post-Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Unrealized Losses on Available for Sale Debt Securities Post-Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Balance at the beginning of the period $ (9,605) (3,625) 894 (12,336) (3,292) (4,846) 673 (7,465) Current period change in other comprehensive income (loss) 18,351 (1,615) (579) 16,157 (6,129) 1,221 221 (4,687) Reclassification of unrealized gains on equity securities due to the adoption of ASU No. 2016-01 — — — — (184) — — (184) Balance at the end of the period $ 8,746 (5,240) 315 3,821 (9,605) (3,625) 894 (12,336) The following table summarizes the reclassifications out of accumulated other comprehensive (loss) income for the years ended December 31, 2019, 2018 and 2017 (in thousands): Reclassifications Out of Accumulated Other Comprehensive Amount reclassified from AOCI for the years ended December 31, Affected line item in the Consolidated 2019 2018 2017 Details of AOCI: Available for sale debt securities: Realized net gains on the sale of securities available for sale $ — — — Net gain on securities transactions — — — Income tax expense — — — Net of tax Post-retirement obligations: Amortization of actuarial losses 189 399 243 Compensation and employee benefits (1) (49) (109) (64) Income tax expense 140 290 179 Net of tax Total reclassifications $ 140 290 179 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 11. Benefit Plans |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 12 Months Ended |
Dec. 31, 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. The collateral exceeds the maximum potential amount of future payments under the credit derivative. 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 December 31, 2019 and 2018, the Company had 92 and 62 interest rate swaps with an aggregate notional amount of $1.61 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 December 31, 2019 and 2018, the Company had thirteen and seven credit derivatives, respectively, with aggregate notional amounts of $106.0 million and $66.8 million, respectively, from participations in interest rate swaps as part of these loan participation arrangements. At December 31, 2019 and December 31, 2018, the fair value of these credit derivatives were $47,323 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. Changes in the fair value of derivatives designated and that qualify as cash flow hedges of interest rate risk 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 years ended December 31, 2019, 2018 and 2017, 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 $193,000 will be reclassified as a decrease to interest expense. As of December 31, 2019, the Company had five outstanding interest rate derivatives with an aggregate notional amount of $130.0 million that was designated as a cash flow hedge of interest rate risk. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of December 31, 2019 and 2018 (in thousands): At December 31, 2019 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value Derivatives not designated as hedging instruments: Interest rate products Other assets $ 38,830 Other liabilities $ 39,356 Credit contracts Other assets 47 Other liabilities — Total derivatives not designated as hedging instruments $ 38,877 $ 39,356 Derivatives designated as hedging instruments: Interest rate products Other assets $ 428 Other liabilities $ — Total derivatives designated as hedging instruments $ 428 $ — 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 hedging instruments: Interest rate products Other assets $ 14,154 Other liabilities $ 14,766 Credit contracts Other assets 251 Other liabilities — Total derivatives not designated as hedging instruments $ 14,405 $ 14,766 Derivatives designated as hedging instruments: Interest rate products Other assets $ 1,229 Other liabilities $ — Total derivatives designated as hedging instruments $ 1,229 $ — The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017 (in thousands). Gain (loss) recognized in Income on derivatives For the Year Ended December 31, Consolidated Statements of Income 2019 2018 2017 Derivatives not designated as a hedging instruments: Interest rate products Other income $ (64) (414) (422) Credit contracts Other income (53) 63 2 Total derivatives not designated as hedging instruments $ (117) (351) (420) Derivatives designated as a hedging instruments: Interest rate products Interest expense $ 158 312 (205) Total derivatives designated as a hedging instruments $ 158 312 (205) 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 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 or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. As of December 31, 2019, the Company had four dealer counterparties. The Company had a net liability position with respect to all four of the counterparties. The termination value for this net liability position, which includes accrued interest, was $37.2 million at December 31, 2019. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $41.0 million against its obligations under these agreements. If the Company had breached any of these provisions at December 31, 2019, it could have been required to settle its obligations under the agreements at the termination value. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 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 years ended December 31, 2019, 2018 and 2017 the out-of-scope revenue related to financial instruments were 85%, 86% and 85% 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 years ended December 31, 2019, 2018 and 2017: December 31, (in-thousands) 2019 2018 2017 Non-interest income In-scope of Topic 606: Wealth management fees $ 22,503 17,957 17,604 Banking service charges and other fees: Service charges on deposit accounts 13,117 13,330 13,120 Debit card and ATM fees 5,734 5,997 5,757 Total banking service charges and other fees 18,851 19,327 18,877 Total in-scope non-interest income 41,354 37,284 36,481 Total out-of-scope non-interest income 22,440 21,392 19,216 Total non-interest income $ 63,794 58,676 55,697 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 generally based upon the average market value of the assets under management ("AUM") for the month and the applicable fee rate. For customers acquired in the recently completed T&L transaction, the fee is based upon AUM at the end of the preceding quarter 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 | 12 Months Ended |
Dec. 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 operating 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 financial condition classification of the Company’s right-of use-assets and lease liabilities at December 31, 2019 (in thousands): Classification December 31, 2019 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 41,754 Lease Liabilities: Operating lease liabilities Other liabilities $ 42,815 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 in 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 December 31, 2019, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 9.5 years and 3.47%, 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): Year ended December 31, 2019 Lease Costs Operating lease cost $ 8,433 Variable lease cost 2,765 Total Lease Cost $ 11,198 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 8,304 For the year ended December 31, 2019, the Company entered into one new lease obligation related to the T&L acquisition. The Company recorded a $1.9 million right-of-use asset for this lease obligation. Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2019 were as follows (in thousands): Operating Leases Years ended: 2020 $ 8,316 2021 6,064 2022 5,263 2023 4,752 2024 4,346 Thereafter 22,195 Total future minimum lease payments 50,936 Amounts representing interest 8,121 Present value of net future minimum lease payments $ 42,815 |
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 operating 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 financial condition classification of the Company’s right-of use-assets and lease liabilities at December 31, 2019 (in thousands): Classification December 31, 2019 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 41,754 Lease Liabilities: Operating lease liabilities Other liabilities $ 42,815 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 in 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 December 31, 2019, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 9.5 years and 3.47%, 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): Year ended December 31, 2019 Lease Costs Operating lease cost $ 8,433 Variable lease cost 2,765 Total Lease Cost $ 11,198 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 8,304 For the year ended December 31, 2019, the Company entered into one new lease obligation related to the T&L acquisition. The Company recorded a $1.9 million right-of-use asset for this lease obligation. Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2019 were as follows (in thousands): Operating Leases Years ended: 2020 $ 8,316 2021 6,064 2022 5,263 2023 4,752 2024 4,346 Thereafter 22,195 Total future minimum lease payments 50,936 Amounts representing interest 8,121 Present value of net future minimum lease payments $ 42,815 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of ConsolidationThe consolidated financial statements include the accounts of Provident Financial Services, Inc. (the “Company”), Provident Bank (the “Bank”) and their wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. |
Business | Business The Company, through the Bank, provides a full range of banking services to individual and business customers through branch offices in New Jersey and eastern Pennsylvania. The Bank is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes periodic examinations by those regulatory authorities. |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). In preparing the consolidated financial statements, management is required to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosures about contingent assets and liabilities as of the dates of the consolidated statements of financial condition, and revenues and expenses for the periods then ended. Such estimates are used in connection with the determination of the allowance for loan losses, evaluation of goodwill for impairment, evaluation of other-than-temporary impairment on securities, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. Illiquid credit markets, volatile securities markets, and declines in the housing market and the economy generally have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, Federal funds sold and commercial paper with original maturity dates less than 90 days. |
Securities | Securities Securities include held to maturity debt securities and available for sale debt securities. The available for sale debt securities portfolio is carried at estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in Stockholders’ Equity. Estimated fair values are based on market quotations or matrix pricing. Securities which the Company has the positive intent and ability to hold to maturity are classified as held to maturity debt securities and carried at amortized cost. Management conducts a periodic review and evaluation of the securities portfolio to determine if any declines in the fair values of securities are other-than-temporary. In this evaluation, if such a decline were deemed other-than-temporary, management would measure the total credit-related component of the unrealized loss, and recognize that portion of the loss as a charge to current period earnings. The remaining portion of the unrealized loss would be recognized as an adjustment to accumulated other comprehensive income (loss). The fair value of the securities portfolio is significantly affected by changes in interest rates. In general, as interest rates rise, the fair value of fixed-rate securities decreases and as interest rates fall, the fair value of fixed-rate securities increases. The Company determines if it has the intent to sell these securities or if it is more likely than not that the Company would be required to sell the securities before the anticipated recovery. If either exists, the entire decline in value is considered other-than-temporary and would be recognized as an expense in the current period. Premiums on securities are amortized to income using a method that approximates the interest method over the remaining period to the earliest call date or contractual maturity, adjusted for anticipated prepayments. Discounts on securities are |
Fair Value of Financial Instruments | Fair Value of Financial Instruments GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. |
Federal Home Loan Bank of New York Stock | Federal Home Loan Bank of New York Stock The Bank, as a member of the Federal Home Loan Bank of New York (“FHLBNY”), is required to hold shares of capital stock of the FHLBNY at cost based on a specified formula. The Bank carries this investment at cost, which approximates fair value. |
Loans | Loans Loans receivable are carried at unpaid principal balances plus unamortized premiums, purchase accounting mark-to-market adjustments, certain deferred direct loan origination costs and deferred loan origination fees and discounts, less the allowance for loan losses. The Bank defers loan origination fees and certain direct loan origination costs and accretes or amortizes such amounts as an adjustment to the yield over the expected lives of the related loans using the interest method. Premiums and discounts on loans purchased are amortized or accreted as an adjustment of yield over the contractual lives of the related loans, adjusted for prepayments when applicable, using methodologies which approximate the interest method. Loans are generally placed on non-accrual status when they are past due 90 days or more as to contractual obligations or when other circumstances indicate that collection is questionable. When a loan is placed on non-accrual status, any interest accrued but not received is reversed against interest income. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. A non-accrual loan is restored to accrual status when principal and interest payments become less than 90 days past due and its future collectability is reasonably assured. An impaired loan is defined as a loan for which it is probable, based on current information, that the Bank will not collect all amounts due under the contractual terms of the loan agreement. Impaired loans are individually assessed to determine that each loan’s carrying value is not in excess of the fair value of the related collateral or the present value of the expected future cash flows. Residential mortgage and consumer loans are deemed smaller balance homogeneous loans which are evaluated collectively for impairment and are therefore excluded from the population of impaired loans. Purchased Credit-Impaired (“PCI”) loans, are loans acquired at a discount primarily due to deteriorated credit quality. PCI loans are recorded at fair value at the date of acquisition, with no allowance for loan losses. The difference between the undiscounted cash flows expected at acquisition and the fair value of the PCI loans at acquisition represents the accretable yield and is recognized as interest income over the life of the loans. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition represent the non-accretable discount and are not recognized as a yield adjustment or a valuation allowance. Reclassifications of the non-accretable to accretable yield may occur subsequent to the loan acquisition dates due to an increase in expected cash flows of the loans and results in an increase in interest income on a prospective basis. |
Allowance for Loan Losses | Allowance for Loan Losses Losses on loans are charged to the allowance for loan losses. Additions to this allowance are made by recoveries of loans previously charged off and by a provision charged to expense. The determination of the balance of the allowance for loan losses is based on an analysis of the loan portfolio, economic conditions, historical loan loss experience and other factors that warrant recognition in providing for an adequate allowance. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the Bank’s market area. In addition, various regulatory |
Foreclosed Assets | Foreclosed Assets Assets acquired through foreclosure or deed in lieu of foreclosure are carried at the lower of the outstanding loan balance at the time of foreclosure or fair value, less estimated costs to sell. Fair value is generally based on recent appraisals. When an asset is acquired, the excess of the loan balance over fair value, less estimated costs to sell, is charged to the allowance for loan losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. |
Banking Premises and Equipment | Banking Premises and Equipment Land is carried at cost. Banking premises, furniture, fixtures and equipment are carried at cost, less accumulated depreciation, computed using the straight-line method based on their estimated useful lives. Leasehold improvements, carried at cost, net of accumulated depreciation, are amortized over the terms of the leases or the estimated useful lives of the assets, whichever are shorter, using the straight-line method. Maintenance and repairs are charged to expense as incurred. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in tax expense in the period that includes the enactment date. Deferred tax assets and liabilities are reported as a component of other assets on the Consolidated Statements of Financial Condition. The determination of whether deferred tax assets will be realizable is predicated on estimates of future taxable income. Such estimates are subject to management’s judgment. A valuation reserve is established when management is unable to conclude that it is more likely than not that it will realize deferred tax assets based on the nature and timing of these items. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes. |
Trust Assets | Trust Assets Trust assets consisting of securities and other property (other than cash on deposit held by the Bank in fiduciary or agency capacities for customers of the Bank’s wholly owned subsidiary, Beacon) are not included in the accompanying consolidated statements of financial condition because such properties are not assets of the Bank. |
Intangible Assets | Intangible Assets Intangible assets of the Bank consist of goodwill, core deposit premiums, customer relationship premium and mortgage servicing rights. Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment each year at September 30th. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of September 30, 2019. Based upon its qualitative assessment of goodwill, the Company concluded that goodwill was not impaired and no further quantitative analysis was warranted. Core deposit premiums represent the intangible value of depositor relationships assumed in purchase acquisitions and are amortized on an accelerated basis over 8.8 years. Customer relationship premiums represent the intangible value of customer relationships assumed in the purchase acquisitions of Beacon Trust Company ("Beacon"), The MDE Group, Inc. ("MDE") and Tirschwell & Loewy, Inc. ("T&L"), and are amortized on an accelerated basis over 12.0 years, 10.4 years and 10.0 years, |
Bank-owned Life Insurance | Bank-owned Life Insurance Bank-owned life insurance is accounted for using the cash surrender value method and is recorded at its realizable value. |
Employee Benefit Plans | Employee Benefit Plans The Bank maintains a pension plan which covers full-time employees hired prior to April 1, 2003, the date on which the pension plan was frozen. The Bank’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit postretirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status at the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The Bank has a 401(k) plan covering substantially all employees of the Bank. The Bank may match a percentage of the first 6% contributed by participants. The Bank’s matching contribution, if any, is determined by the Board of Directors in its sole discretion. The Bank has an Employee Stock Ownership Plan (“ESOP”). The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions and dividends paid on unallocated ESOP shares over a period of up to 30 years. The Company’s common stock not allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the average price of the Company’s stock during each quarter and the amount of shares allocated during the quarter. The Bank has an Equity Plan designed to provide competitive compensation for demonstrated performance and to align the interests of participants directly to increases in shareholder value. The Equity Plan provides for performance-vesting grants as well as time-vesting grants. Time-vesting stock awards, stock options and performance vesting stock awards that are based on a performance condition, such as return on average assets are valued on the closing stock price on the date of grant. Performance vesting stock awards and options that are based on a market condition, such as Total Shareholder Return, would be valued using a generally accepted statistical technique to simulate future stock prices for Provident and the components of the Peer Group which Provident would be measured against. Expense related to time vesting stock awards and stock options is based on the fair value of the common stock on the date of the grant and on the fair value of the stock options on the date of the grant, respectively, and is recognized ratably over the vesting period of the awards. Performance vesting stock awards and stock options are either dependent upon a market condition or a performance condition. A market condition performance metric is tied to a stock price, either on an absolute basis, or a relative basis against peers, while a performance-condition is based on internal operations, such as earnings per share. The expense related to a market condition performance-vesting stock award or stock option requires an initial Monte Carlo simulation to determine grant date fair value, which will be recognized as a compensation expense regardless of actual payout, assuming that the executive is still employed at the end of the requisite service period. If pre-vesting termination (forfeiture) occurs, then any expense recognized to date can be reversed. The grant date fair value is recognized ratably over the performance period. The expense related to a performance condition stock award or stock option is based on the fair value of the award on the date of grant, adjusted periodically based upon the number of awards or options expected to be earned, recognized over the performance period. In connection with the First Sentinel acquisition in July 2004, the Company assumed the First Savings Bank Directors’ Deferred Fee Plan (the “DDFP”). The DDFP was frozen prior to the acquisition. The Company recorded a deferred compensation equity instrument and corresponding contra-equity account for the value of the shares held by the DDFP at the July 14, 2004 acquisition date. These accounts will be liquidated as shares are distributed from the DDFP in accordance with the plan document. At December 31, 2019, there were 219,281 shares held by the DDFP. The Bank maintains a non-qualified plan that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the 401(k) Plan’s and the ESOP’s benefit formulas under tax law limits for tax-qualified plans. |
Post-retirement Benefits Other Than Pensions | Post-retirement Benefits Other Than Pensions The Bank provides post-retirement health care and life insurance plans to certain of its employees. The life insurance coverage is noncontributory to the participant. Participants contribute to the cost of medical coverage based on the employee’s length of service with the Bank. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. On December 31, 2002, the Bank eliminated postretirement healthcare benefits for employees with less than 10 years of service. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. |
Derivatives | Derivatives The Company records all derivatives on the 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 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. Changes in the fair value of derivatives designated and that qualify as cash flow hedges of interest rate risk 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. |
Comprehensive Income | Comprehensive Income Comprehensive income is divided into net income and other comprehensive income (loss). Other comprehensive income (loss) includes items previously recorded directly to equity, such as unrealized gains and losses on available for sale debt securities, unrealized gains and losses on derivatives and amortization related to post-retirement obligations. Comprehensive income is presented in a separate Consolidated Statement of Comprehensive Income. |
Segment Reporting | Segment Reporting The Company’s operations are solely in the financial services industry and include providing traditional banking and other financial services to its customers. The Company operates primarily in the geographical regions of northern and central New Jersey and eastern Pennsylvania. Management makes operating decisions and assesses performance based on an ongoing review of the Bank’s consolidated financial results. Therefore, the Company has a single operating segment for financial reporting purposes. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or resulted in the issuance of common stock. These potentially dilutive shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. Shares issued and shares reacquired during the period are weighted for the portion of the period that they were outstanding. |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements 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 was 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 had no 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 was 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 had no 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 was effective for fiscal years beginning after December 15, 2018, including interim periods within the reporting period, with early adoption permitted. The Company adopted this guidance effective January 1, 2019. The adoption of this guidance had no 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 |
Held to Maturity Debt Securit_2
Held to Maturity Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Held to Maturity | Held to maturity debt securities at December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 6,599 11 (9) 6,601 Mortgage-backed securities 118 4 — 122 State and municipal obligations 437,074 14,394 (115) 451,353 Corporate obligations 9,838 58 (6) 9,890 $ 453,629 14,467 (130) 467,966 2018 Amortized cost Gross unrealized gains Gross unrealized losses Fair value 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 |
Securities Held to Maturity by Contractual Maturity | The amortized cost and fair value of held to maturity debt securities at December 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. 2019 Amortized cost Fair value Due in one year or less $ 9,589 9,605 Due after one year through five years 105,715 107,873 Due after five years through ten years 249,399 257,856 Due after ten years 88,808 92,510 $ 453,511 467,844 |
Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment | The following tables represent the Company’s disclosure on held to maturity debt securities with temporary impairment (in thousands): December 31, 2019 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Agency obligations $ 3,601 (9) — — 3,601 (9) State and municipal obligations 7,675 (42) 2,093 (73) 9,768 (115) Corporate obligations 3,254 (6) — — 3,254 (6) $ 14,530 (57) 2,093 (73) 16,623 (130) December 31, 2018 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Agency obligations $ — — 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 Debt Secur_2
Available for Sale Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | Available for sale debt securities at December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Mortgage-backed securities $ 936,196 12,367 (1,133) 947,430 State and municipal obligations 3,907 172 — 4,079 Corporate obligations 25,032 393 (15) 25,410 $ 965,135 12,932 (1,148) 976,919 2018 Amortized cost Gross unrealized gains Gross unrealized losses Fair value 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 |
Securities Available for Sale by Contractual Maturity | The amortized cost and fair value of available for sale debt securities at December 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. 2019 Amortized cost Fair value Due after one year through five years $ 3,003 3,074 Due after five years through ten years 25,936 26,415 $ 28,939 29,489 |
Disclosure on Securities Available for Sale with Temporary Impairment | The following tables represent the Company’s disclosure on available for sale debt securities with temporary impairment (in thousands): December 31, 2019 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Mortgage-backed securities $ 136,270 (629) 46,819 (504) 183,089 (1,133) Corporate obligations 2,013 (15) — — 2,013 (15) $ 138,283 (644) 46,819 (504) 185,102 (1,148) December 31, 2018 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses 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) |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Summarized Loans Receivable | Loans receivable at December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 2018 Mortgage loans: Residential $ 1,077,689 1,099,464 Commercial 2,578,393 2,299,313 Multi-family 1,225,551 1,339,677 Construction 429,812 388,999 Total mortgage loans 5,311,445 5,127,453 Commercial loans 1,634,759 1,695,021 Consumer loans 391,360 431,428 Total gross loans 7,337,564 7,253,902 Purchased credit-impaired ("PCI") loans 746 899 Premiums on purchased loans 2,474 3,243 Unearned discounts (26) (33) Net deferred fees (7,873) (7,423) Total loans $ 7,332,885 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): At December 31, 2019 30-59 Days 60-89 Days Non-accrual 90 days or more past due and accruing Total Past Due Current Total Loans Receivable Mortgage loans: Residential $ 5,905 2,579 8,543 — 17,027 1,060,662 1,077,689 Commercial — — 5,270 — 5,270 2,573,123 2,578,393 Multi-family — — — — — 1,225,551 1,225,551 Construction — — — — — 429,812 429,812 Total mortgage loans 5,905 2,579 13,813 — 22,297 5,289,148 5,311,445 Commercial loans 2,383 95 25,160 — 27,638 1,607,121 1,634,759 Consumer loans 1,276 337 1,221 — 2,834 388,526 391,360 Total gross loans $ 9,564 3,011 40,194 — 52,769 7,284,795 7,337,564 At December 31, 2018 30-59 Days 60-89 Days Non-accrual 90 days or more past due and Total Past Due Current Total Loans Receivable Mortgage loans: Residential $ 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 13565 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 | Loans receivable summarized by portfolio segment and impairment method, excluding PCI loans are as follows (in thousands): At December 31, 2019 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 39,910 28,357 2,374 70,641 Collectively evaluated for impairment 5,271,535 1,606,402 388,986 7,266,923 Total gross loans $ 5,311,445 1,634,759 391,360 7,337,564 At December 31, 2018 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments 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, excluding PCI loans as follows (in thousands): At December 31, 2019 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 1,580 3,462 25 5,067 Collectively evaluated for impairment 23,931 24,801 1,726 50,458 Total allowance for loan losses $ 25,511 28,263 1,751 55,525 At December 31, 2018 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 1,026 92 47 1,165 Collectively evaluated for impairment 26,652 25,601 2,144 54,397 Total allowance for loan losses $ 27,678 25,693 2,191 55,562 The activity in the allowance for loan losses for the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands): Years Ended December 31, 2019 2018 2017 Balance at beginning of period $ 55,562 60,195 61,883 Provision charged to operations 13,100 23,700 5,600 Recoveries of loans previously charged off 1,895 1,685 1,653 Loans charged off (15,032) (30,018) (8,941) Balance at end of period $ 55,525 55,562 60,195 |
Schedule of Troubled Debt Restructuring | The following tables present the number of loans modified as TDRs during the years ended December 31, 2019 and 2018 and their balances immediately prior to the modification date and post-modification as of December 31, 2019 and 2018. Year Ended December 31, 2019 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Mortgage loans: Residential 3 $ 1,617 1,584 Commercial 1 14,010 14,010 Total mortgage loans 4 15,627 15,594 Commercial loans 6 1,996 1,888 Consumer loans 4 421 402 Total restructured loans 14 $ 18,044 17,884 Year Ended December 31, 2018 Troubled Debt Restructurings Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Mortgage loans: Residential 6 $ 981 945 Total mortgage loans 6 981 945 Commercial loans 8 9,192 7,888 Consumer loans 1 336 332 Total restructured loans 15 $ 10,509 9,165 |
Schedule Of Troubled Debt Restructuring Subsequently Defaulted | The following table presents loans modified as TDRs within the previous 12 months from December 31, 2019 and 2018, and for which there was a payment default (90 days or more past due) at the quarter ended December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Troubled Debt Restructurings Subsequently Defaulted Number of Loans Outstanding Number of Loans Outstanding Recorded Investment ($ in thousands) ($ in thousands) Mortgage loans: Residential 1 $ 578 — $ — Total mortgage loans 1 578 — — Commercial Loans — — 3 1,344 Total restructured loans 1 $ 578 3 $ 1,344 |
Schedule of Allowance for Loan Losses by Portfolio Segment | The activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2019 and 2018 are as follows (in thousands): For the Year Ended December 31, 2019 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Balance at beginning of period $ 27,678 25,693 2,191 55,562 Provision charged to operations (2,323) 15,928 (505) 13,100 Recoveries of loans previously charged off 422 665 808 1,895 Loans charged off (266) (14,023) (743) (15,032) Balance at end of period $ 25,511 28,263 1,751 55,525 For the Year Ended December 31, 2018 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Balance at beginning of period $ 28,052 29,814 2,329 60,195 Provision charged to operations (586) 24,437 (151) 23,700 Recoveries of loans previously charged off 489 428 768 1,685 Loans charged off (277) (28,986) (755) (30,018) Balance at end of period $ 27,678 25,693 2,191 55,562 |
Summary of Impaired Loans Receivable by Class | Impaired loans receivable by class, excluding PCI loans are summarized as follows (in thousands): At December 31, 2019 At 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 $ 13,478 10,739 — 10,910 533 $ 15,013 12,005 — 12,141 594 Commercial — — — — — 1,550 1,546 — 1,546 — Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 13,478 10,739 — 10,910 533 16,563 13,551 — 13,687 594 Commercial loans 3,927 3,696 — 4,015 17 21,746 16,254 — 17,083 328 Consumer loans 2,086 1,517 — 1,491 86 1,871 1,313 — 1,386 90 Total loans $ 19,491 15,952 — 16,416 636 $ 40,180 31,118 — 32,156 1,012 Loans with an allowance recorded Mortgage loans: Residential $ 10,860 10,326 829 10,454 428 $ 10,573 10,090 954 10,186 425 Commercial 18,845 18,845 751 18,862 569 1,039 1,039 72 1,052 53 Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 29,705 29,171 1,580 29,316 997 11,612 11,129 1,026 11,238 478 Commercial loans 27,762 24,661 3,462 27,527 444 7,493 7,493 92 9,512 435 Consumer loans 868 857 25 878 46 954 944 47 962 40 Total loans $ 58,335 54,689 5,067 57,721 1487 $ 20,059 19,566 1,165 21,712 953 Total Mortgage loans: Residential $ 24,338 21,065 829 21,364 961 $ 25,586 22,095 954 22,327 1,019 Commercial 18,845 18,845 751 18,862 569 2,589 2,585 72 2,598 53 Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 43,183 39,910 1,580 40,226 1,530 28,175 24,680 1,026 24,925 1,072 Commercial loans 31,689 28,357 3,462 31,542 461 29,239 23,747 92 26,595 763 Consumer loans 2,954 2,374 25 2,369 132 2,825 2,257 47 2,348 130 Total loans $ 77,826 70,641 5,067 74,137 2,123 $ 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 December 31, 2019 Residential Commercial mortgages Multi- family Construction Total mortgages Commercial loans Consumer loans Total loans Special mention $ 2,402 46,758 — — 49,160 79,248 286 128,694 Substandard 10,204 13,458 — 6,181 29,843 57,015 1,668 88,526 Doubtful — — — — — 836 — 836 Loss — — — — — — — — Total classified and criticized 12,606 60,216 — 6,181 79,003 137,099 1,954 218,056 Acceptable/watch 1,065,083 2,518,177 1,225,551 423,631 5,232,442 1,497,660 389,406 7,119,508 Total outstanding loans $ 1,077,689 2,578,393 1,225,551 429,812 5,311,445 1,634,759 391,360 7,337,564 At December 31, 2018 Residential Commercial mortgages Multi- family Construction Total mortgages Commercial loans Consumer loans 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 Acceptable/watch 1,086,515 2,271,525 1,339,449 382,818 5,080,307 1,581,522 429,107 7,090,936 Total outstanding loans $ 1,099,464 2,299,313 1,339,677 388,999 5,127,453 1,695,021 431,428 7,253,902 |
Banking Premises and Equipment
Banking Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Banking Premises and Equipment | A summary of banking premises and equipment at December 31, 2019 and 2018 is as follows (in thousands): 2019 2018 Land $ 12,440 12,440 Banking premises 59,708 58,351 Furniture, fixtures and equipment 45,660 44,602 Leasehold improvements 35,749 35,106 Construction in progress 3,270 1,563 156,827 152,062 Less accumulated depreciation and amortization 101,617 93,938 Total banking premises and equipment $ 55,210 58,124 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets at December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 2018 Goodwill $ 420,562 411,600 Core deposit premiums 1,753 2,539 Customer relationship and other intangibles 14,142 3,410 Mortgage servicing rights 562 629 Total intangible assets $ 437,019 418,178 |
Amortization Expense of Intangible Assets | Amortization expense of intangible assets for the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands): 2019 2018 2017 Core deposit premiums $ 786 931 1,076 Customer relationship and other intangibles 1,869 1,073 1,474 Mortgage servicing rights 85 123 120 Total amortization expense of intangible assets $ 2,740 2,127 2,670 |
Scheduled Amortization of Core Deposit Intangibles | Scheduled amortization of core deposit premiums and customer relationship and other intangibles for each of the next five years is as follows (in thousands): Year ended December 31, Scheduled Amortization 2020 $ 2,675 2021 2,380 2022 2,085 2023 1,793 2024 1,517 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits | Deposits at December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 Weighted average interest rate 2018 Weighted average interest rate Savings deposits $ 983,714 0.14 % $ 1,051,922 0.16 % Money market accounts 1,738,202 0.79 1,496,310 0.63 NOW accounts 2,092,413 0.79 2,049,645 0.73 Non-interest bearing deposits 1,554,253 — 1,481,753 — Certificates of deposit 734,027 1.72 750,492 1.58 Total deposits $ 7,102,609 $ 6,830,122 |
Scheduled Maturities of Certificates of Deposit | Scheduled maturities of certificates of deposit accounts at December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Within one year $ 606,870 584,478 One to three years 81,987 119,655 Three to five years 44,243 45,518 Five years and thereafter 927 841 $ 734,027 750,492 |
Interest Expense on Deposits | Interest expense on deposits for the years ended December 31, 2019, 2018 and 2017 is summarized as follows (in thousands): Years ended December 31, 2019 2018 2017 Savings deposits $ 1,681 1,923 2,092 NOW and money market accounts 29,542 20,450 12,205 Certificates of deposits 14,271 8,320 5,144 $ 45,494 30,693 19,441 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds | Borrowed funds at December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 2018 Securities sold under repurchase agreements $ 60,737 121,322 FHLB line of credit 298,000 283,000 FHLB advances 766,409 1,037,960 Total borrowed funds $ 1,125,146 1,442,282 |
Scheduled Maturities of FHLB Advances | Scheduled maturities of FHLB advances at December 31, 2019 are as follows (in thousands): 2019 Due in one year or less $ 489,169 Due after one year through two years 146,240 Due after two years through three years 131,000 Due after three years through four years — Thereafter — Total FHLB advances $ 766,409 |
Scheduled Maturities of Securities Sold Under Repurchase Agreements | Scheduled maturities of securities sold under repurchase agreements at December 31, 2019 are as follows (in thousands): 2019 Due in one year or less $ 60,737 Thereafter — Total securities sold under repurchase agreements $ 60,737 |
Debt Disclosure by Year | The following tables set forth certain information as to borrowed funds for the years ended December 31, 2019 and 2018 (in thousands): Maximum balance Average balance Weighted average interest rate 2019 Securities sold under repurchase agreements $ 96,914 71,234 0.49 % FHLB line of credit 451,000 325,481 2.40 FHLB advances 1,190,006 939,916 2.11 2018 Securities sold under repurchase agreements $ 153,715 139,729 1.04 % FHLB line of credit 487,000 259,189 2.09 FHLB advances 1,256,525 1,136,988 1.90 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension Plan and Post-Retirement Healthcare and Life Insurance Plans | The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands): Pension Post-retirement 2019 2018 2017 2019 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 28,878 31,970 29,533 20,028 22,757 20,805 Service cost — — — 80 115 105 Interest cost 1,198 1,094 1,227 837 786 871 Actuarial loss 63 — — — 18 — Benefits paid (1,493) (1,401) (1,590) (600) (590) (560) Change in actuarial assumptions 4,412 (2,785) 2,800 2,978 (3,058) 1,536 Benefit obligation at end of year $ 33,058 28,878 31,970 23,323 20,028 22,757 Change in plan assets: Fair value of plan assets at beginning of year $ 43,449 46,870 43,153 — — — Actual return on plan assets 7,976 (2,020) 5,307 — — — Employer contributions — — — 600 590 560 Benefits paid (1,493) (1,401) (1,590) (600) (590) (560) Fair value of plan assets at end of year 49,932 43,449 46,870 — — — Funded status at end of year $ 16,874 14,571 14,900 (23,323) (20,028) (22,757) |
Components of Accumulated Other Comprehensive Loss (Gain) related to Pension Plan and Other Post-retirement Benefits | The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2019 and 2018 are summarized in the following table (in thousands): Pension Post-retirement 2019 2018 2019 2018 Unrecognized prior service cost $ — — — — Unrecognized net actuarial loss (gain) 10,346 12,300 (3,621) (7,425) Total accumulated other comprehensive loss (gain) $ 10,346 12,300 (3,621) (7,425) |
Net Periodic Benefit Cost (Increase) | Net periodic benefit (increase) cost for the years ending December 31, 2019, 2018 and 2017, included the following components (in thousands): Pension Post-retirement 2019 2018 2017 2019 2018 2017 Service cost $ — — — 80 115 105 Interest cost 1,198 1,094 1,227 837 786 871 Return on plan assets (2,562) (2,769) (2,550) — — — Amortization of: Net loss (gain) 1,015 795 920 (825) (396) (677) Unrecognized prior service cost — — — — — — Net periodic benefit (increase) cost $ (349) (880) (403) 92 505 299 |
Weighted Average Actuarial Assumptions Used | The weighted average actuarial assumptions used in the plan determinations at December 31, 2019, 2018 and 2017 were as follows: Pension Post-retirement 2019 2018 2017 2019 2018 2017 Discount rate 3.10 % 4.25 % 3.50 % 3.10 % 4.25 % 3.50 % Rate of compensation increase — — — — — — Expected return on plan assets 6.00 6.00 6.00 — — — Medical and life insurance benefits cost rate of increase — — — 6.00 6.00 6.00 |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate | A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits at December 31, 2019 (in thousands): 1% increase 1% decrease Effect on total service cost and interest cost $ 140 110 Effect on post-retirement benefits obligation $ 3,900 3,100 |
Estimated Future Benefit Payments | Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands): Pension Post-retirement 2020 $ 1,615 749 2021 1,670 804 2022 1,695 817 2023 1,743 864 2024 1,805 877 |
Weighted-Average Asset Allocation of Pension Plan Assets | The weighted-average asset allocation of pension plan assets at December 31, 2019 and 2018 were as follows: Asset Category 2019 2018 Domestic equities 37 % 34 % Foreign equities 11 % 11 % Fixed income 50 % 53 % Real estate 2 % 2 % Cash — % — % Total 100 % 100 % |
Target Allocation of Assets and Acceptable Ranges | The target allocation of assets and acceptable ranges around the targets are as follows: Asset Category Target Allowable Range Domestic equities 37 % 30-41% Foreign equities 11 % 5-13% Fixed income 50 % 40-65% Real estate 2 % 0-4% Cash 0 % 0% Total 100 % |
Assets Measured at Fair Value on Recurring Basis | The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits at December 31, 2019 and 2018, respectively. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair value measurements at December 31, 2019 (in thousands) Total (Level 1) (Level 2) (Level 3) Group annuity contracts $ 81 — 81 — Mutual funds: Fixed income 16,609 16,609 — — International equity 5,535 5,535 — — Large U.S. equity 1,496 1,496 — — Small/Mid U.S. equity 996 996 — — Total mutual funds 24,636 24,636 — — Pooled separate accounts 25,215 — 25,215 — Total Plan assets $ 49,932 24,636 25,296 — Fair value measurements at December 31, 2018 (in thousands) Total (Level 1) (Level 2) (Level 3) Group annuity contracts $ 100 — 100 — Mutual funds: Fixed income 15,252 15,252 — — International equity 4,649 4,649 — — Large U.S. equity 1,224 1,224 — — Small/Mid U.S. equity 772 772 — — Total mutual funds 21,897 21,897 — — Pooled separate accounts 21,452 — 21,452 — Total Plan assets $ 43,449 21,897 21,552 — |
Status of Unvested Stock Awards | A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below: Restricted Stock Awards 2019 2018 2017 Outstanding at beginning of year 651,099 660,783 547,698 Granted 291,034 296,411 288,519 Forfeited (46,914) (56,296) (62,677) Vested (226,393) (249,799) (112,757) Outstanding at the end of year 668,826 651,099 660,783 |
Status of Unexercised Stock Options | A summary of the status of the granted but unexercised stock options as of December 31, 2019, 2018 and 2017, and changes during the year is presented below: 2019 2018 2017 Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Outstanding at beginning of year 470,979 $ 18.36 507,656 $ 16.84 703,669 $ 14.70 Granted 41,685 27.25 43,124 25.58 42,857 26.31 Exercised (13,463) 10.35 (79,801) 12.61 (238,370) 12.22 Forfeited — — — — — — Expired — — — — (500) 17.94 Outstanding at the end of year 499,201 $ 19.32 470,979 $ 18.36 507,656 $ 16.84 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2019: Options Outstanding Options Exercisable Range of exercise prices Number of options outstanding Average remaining contractual life Weighted average exercise price Number of options exercisable Weighted average exercise price $14.50-15.23 148,474 2.2 $ 14.88 148,474 $ 14.88 $16.38-27.25 350,726 6.2 $ 20.89 204,905 $ 18.28 |
Weighted Average Assumptions of Fair Value Option Grants | The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: For the year ended December 31, 2019 2018 2017 Expected dividend yield 3.38 % 3.13 % 2.89 % Expected volatility 22.01 % 20.65 % 20.34 % Risk-free interest rate 2.53 % 2.65 % 2.05 % Expected option life 8 years 8 years 8 years |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Current and Deferred Amounts of Income Tax Expense (Benefit) | The current and deferred amounts of income tax expense (benefit) for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Years ended December 31, 2019 2018 2017 Current: Federal $ 22,427 41,578 4,163 State 10,354 2,493 1,731 Total current 32,781 44,071 5,894 Deferred: Federal 1,650 (17,302) 39,003 State 24 (1,239) 1,631 Total deferred 1,674 (18,541) 40,634 $ 34,455 25,530 46,528 |
Reconciliation between Amount Reported and Amount Computed for Income Tax Expense and Income Tax Rate | A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate is as follows (in thousands): Years ended December 31, 2019 2018 2017 Tax expense at statutory rates (1) $ 30,889 30,223 49,167 Increase (decrease) in taxes resulting from: State tax, net of federal income tax benefit 8,197 1,002 2,185 Tax-exempt interest income (3,082) (2,839) (5,097) Bank-owned life insurance (1,322) (1,158) (2,343) Enactment of Tax Act — — 3,912 Other, net (227) (1,698) (1,296) $ 34,455 25,530 46,528 |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Deferred tax assets: Allowance for loan losses $ 14,313 13,968 Post-retirement benefit 6,946 7,481 Deferred compensation 1,175 1,371 Purchase accounting adjustments 1,629 1,562 Depreciation 750 215 SERP 688 694 ESOP 1,606 1,929 Stock-based compensation 4,747 4,464 Non-accrual interest 417 867 Unrealized loss on available for sale debt securities — 3,599 Federal Net Operating Loss ("NOL") 321 363 Pension liability adjustments 1,821 1,358 Other 1,223 2,164 Total gross deferred tax assets 35,636 40,035 Deferred tax liabilities: Pension expense 7,017 7,322 Deferred loan costs 5,064 4,872 Investment securities, principally due to accretion of discounts 70 93 Intangibles 1,393 1,159 Originated mortgage servicing rights 140 165 Unrealized gain on available for sale debt securities 3,038 — Net unrealized gain on hedging activities 114 — Total gross deferred tax liabilities 16,836 13,611 Net deferred tax asset $ 18,800 26,424 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Actual Capital Amounts and Ratios | The following table shows the Company’s actual capital amounts and ratios as of December 31, 2019 and 2018, compared to the FRB minimum capital adequacy requirements and the FRB requirements for classification as a well-capitalized institution (dollars in thousands). Actual capital FRB minimum capital FRB minimum capital adequacy requirements with capital conservation buffer To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019 Tier 1 leverage capital $ 973,214 10.34 % $ 376,484 4.00 % $ 376,484 4.00 % $ 470,605 5.00 % Common equity Tier 1 risk-based capital 973,214 12.74 343,756 4.50 534,732 7.00 496,537 6.50 Tier 1 risk-based capital 973,214 12.74 458,342 6.00 649,317 8.50 611,122 8.00 Total risk-based capital 1,028,879 13.47 611,122 8.00 802,098 10.50 763,903 10.00 Actual capital FRB minimum capital adequacy requirements FRB minimum capital To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 Tier 1 leverage capital $ 953,768 10.24 % $ 372,458 4.00 % $ 372,458 4.00 % $ 465,573 5.00 % Common equity Tier 1 risk-based capital 953,768 12.54 342,277 4.50 484,893 6.38 494,400 6.50 Tier 1 risk-based capital 953,768 12.54 456,370 6.00 598,985 7.88 608,493 8.00 Total risk-based capital 1,009,475 13.27 608,493 8.00 751,108 9.88 760,616 10.00 |
FDIC Minimum Capital Adequacy Requirements | The following table shows the Bank’s actual capital amounts and ratios as of December 31, 2019 and 2018, compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution (dollars in thousands). Actual capital FDIC minimum capital FDIC minimum capital adequacy requirements with capital conservation buffer To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019 Tier 1 leverage capital $ 923,471 9.81 % $ 376,449 4.00 % $ 376,449 4.00 % $ 470,562 5.00 % Common equity Tier 1 risk-based capital 923,471 12.09 343,716 4.50 534,670 7.00 496,479 6.50 Tier 1 risk-based capital 923,471 12.09 458,288 6.00 649,242 8.50 611,051 8.00 Total risk-based capital 979,136 12.82 611,051 8.00 802,004 10.50 763,814 10.00 Actual capital FDIC minimum capital adequacy requirements FRB minimum capital To be well-capitalized under prompt corrective action provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 Tier 1 leverage capital $ 917,659 9.86 % $ 372,443 4.00 % $ 372,443 4.00 % $ 465,553 5.00 % Common equity Tier 1 risk-based capital 917,659 12.06 342,279 4.50 484,895 6.38 494,403 6.50 Tier 1 risk-based capital 917,659 12.06 456,372 6.00 598,988 7.88 608,496 8.00 Total risk-based capital 973,366 12.80 608,496 8.00 751,113 9.88 760,620 10.00 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 value as of December 31, 2019 and 2018, by level within the fair value hierarchy (in thousands). Fair Value Measurements at Reporting Date Using: December 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 $ 947,430 — 947,430 — State and municipal obligations 4,079 — 4,079 — Corporate obligations 25,410 — 25,410 — Total available for sale debt securities $ 976,919 — 976,919 — Equity Securities 825 825 — — Derivative assets 39,305 — 39,305 $ 1,017,049 825 1,016,224 — Derivative liabilities $ 39,356 — 39,356 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 20,403 — — 20,403 Foreclosed assets 2,715 — — 2,715 $ 23,118 — — 23,118 Fair Value Measurements at Reporting Date Using: 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 $ 4,285 — — 4,285 |
Schedule of Financial Instruments at Carrying and Fair Values | The following tables present the Company’s financial instruments at their carrying and fair values as of December 31, 2019 and December 31, 2018. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at December 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 $ 186,748 186,748 186,748 — — Available for sale debt securities: Mortgage-backed securities 947,430 947,430 — 947,430 — State and municipal obligations 4,079 4,079 — 4,079 — Corporate obligations 25,410 25,410 — 25,410 — Total available for sale debt securities $ 976,919 976,919 — 976,919 — Held to maturity debt securities: Agency obligations $ 6,599 6,601 6,601 — — Mortgage-backed securities 118 122 — 122 — State and municipal obligations 437,074 451,353 — 451,353 — Corporate obligations 9,838 9,890 — 9,890 — Total held to maturity debt securities $ 453,629 467,966 6,601 461,365 — FHLBNY stock 57,298 57,298 57,298 — — Equity Securities 825 825 825 — — Loans, net of allowance for loan losses 7,277,360 7,296,744 — — 7,296,744 Derivative assets 39,305 39,305 — 39,305 — Financial liabilities: Deposits other than certificates of deposits $ 6,368,582 6,368,582 6,368,582 — — Certificates of deposit 734,027 734,047 — 734,047 — Total deposits $ 7,102,609 7,102,629 6,368,582 734,047 — Borrowings 1,125,146 1,127,569 — 1,127,569 — Derivative liabilities 39,356 39,356 — 39,356 — 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 — |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | The following tables are a summary of certain quarterly financial data for the years ended December 31, 2019 and 2018. 2019 Quarters Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Interest income $ 92,411 95,648 93,026 90,385 Interest expense 17,404 19,093 19,498 17,502 Net interest income 75,007 76,555 73,528 72,883 Provision for loan losses 200 9,500 500 2,900 Net interest income after provision for loan losses 74,807 67,055 73,028 69,983 Non-interest income 12,188 15,834 18,047 17,725 Non-interest expense 48,416 49,694 49,738 53,731 Income before income tax expense 38,579 33,195 41,337 33,977 Income tax expense 7,689 8,802 9,938 8,026 Net income $ 30,890 24,393 31,399 25,951 Basic earnings per share $ 0.48 0.38 0.49 0.40 Diluted earnings per share 0.48 0.38 0.49 0.40 2018 Quarters Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Interest income $ 86,331 88,315 91,261 93,922 Interest expense 13,054 14,035 15,475 16,589 Net interest income 73,277 74,280 75,786 77,333 Provision for loan losses 5,400 15,500 1,000 1,800 Net interest income after provision for loan losses 67,877 58,780 74,786 75,533 Non-interest income 13,307 13,837 15,916 15,616 Non-interest expense 46,910 48,806 46,659 49,360 Income before income tax expense 34,274 23,811 44,043 41,789 Income tax expense 6,361 4,568 8,575 6,026 Net income $ 27,913 19,243 35,468 35,763 Basic earnings per share $ 0.43 0.30 0.55 0.55 Diluted earnings per share 0.43 0.30 0.54 0.55 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings (Loss) Per Share | The following is a reconciliation of the outstanding shares used in the basic and diluted earnings per share calculations. (Dollars in thousands, except per share data) For the Year Ended December 31, 2019 2018 2017 Net income $ 112,633 118,387 93,949 Basic weighted average common shares outstanding 64,604,224 64,942,886 64,384,851 Plus: Dilutive shares 130,367 160,211 194,371 Diluted weighted average common shares outstanding 64,734,591 65,103,097 64,579,222 Earnings per share: Basic $ 1.74 1.82 1.46 Diluted $ 1.74 1.82 1.45 |
Parent-only Financial Informa_2
Parent-only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Statements of Financial Condition | The condensed financial statements of Provident Financial Services, Inc. (parent company only) are presented below: Condensed Statements of Financial Condition (Dollars in Thousands) December 31, 2019 December 31, 2018 Assets Cash and due from banks $ 29,723 7,569 Available for sale debt securities, at fair value 825 635 Investment in subsidiary 1,364,097 1,322,871 ESOP loan 31,113 36,756 Other assets 37 92 Total assets $ 1,425,795 1,367,923 Liabilities and Stockholders’ Equity Due to subsidiary—SAP $ 11,741 7,996 Other liabilities 214 947 Total stockholders’ equity 1,413,840 1,358,980 Total liabilities and stockholders’ equity $ 1,425,795 1,367,923 |
Condensed Statements of Operations | Condensed Statements of Operations (Dollars in Thousands) For the Years Ended December 31, 2019 2018 2017 Dividends from subsidiary $ 72,809 53,604 59,980 Interest income 1,470 1,657 1,839 Investment gain 162 2,294 17 Total income 74,441 57,555 61,836 Non-interest expense 1,192 1,049 1,021 Total expense 1,192 1,049 1,021 Income before income tax expense 73,249 56,506 60,815 Income tax expense 127 692 312 Income before undistributed net income of subsidiary 73,122 55,814 60,503 Earnings in excess of dividends (equity in undistributed net income) of subsidiary 39,511 62,573 33,446 Net income $ 112,633 118,387 93,949 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows (Dollars in Thousands) For the Years Ended December 31, 2019 2018 2017 Cash flows from operating activities: Net income $ 112,633 118,387 93,949 Adjustments to reconcile net income to net cash provided by operating activities Earnings in excess of dividends (equity in undistributed net income) of subsidiary (39,511) (62,573) (33,446) ESOP allocation 4,533 4,516 4,600 SAP allocation 6,671 6,046 4,963 Stock option allocation 181 190 203 Increase in due to subsidiary—SAP 3,745 3,577 1,415 Decrease (increase) in other assets 21,285 (18,598) (34,919) (Decrease) increase in other liabilities (734) 396 (114) Net cash provided by operating activities 108,803 51,941 36,651 Cash flows from investing activities: Net decrease in ESOP loan 5,643 4,663 4,552 Net cash provided by investing activities 5,643 4,663 4,552 Cash flows from financing activities: Purchases of treasury stock (19,867) (13,172) (443) Purchase of employee restricted shares to fund statutory tax withholding (1,985) (1,896) (778) Cash dividends paid (72,809) (53,604) (59,980) Shares issued dividend reinvestment plan 2,230 1,709 2,114 Stock options exercised 139 1,007 2,954 Net cash used in financing activities (92,292) (65,956) (56,133) Net increase (decrease) in cash and cash equivalents 22,154 (9,352) (14,930) Cash and cash equivalents at beginning of period 7,569 16,921 31,851 Cash and cash equivalents at end of period $ 29,723 7,569 16,921 |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Components of Other Comprehensive Loss | The following table presents the components of other comprehensive loss both gross and net of tax, for the years ended December 31, 2019, 2018 and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Components of Other Comprehensive Loss: Unrealized losses on available for sale debt securities: Net gains (losses) arising during the period $ 24,987 (6,636) 18,351 (8,425) 2,296 (6,129) (3,612) 1,449 (2,163) Reclassification adjustment for gains included in net income — — — — — — — — — Total 24,987 (6,636) 18,351 (8,425) 2,296 (6,129) (3,612) 1,449 (2,163) Unrealized (losses) gains on derivatives (cash flow hedges) (780) 201 (579) 304 (83) 221 633 (254) 379 Amortization related to post-retirement obligations (2,176) 561 (1,615) 1,678 (457) 1,221 (1,475) 586 (889) Total other comprehensive loss $ 22,031 (5,874) 16,157 (6,443) 1,756 (4,687) (4,454) 1,781 (2,673) |
Changes in Accumulated Other Comprehensive Income by Component, net of tax | The following table presents the changes in the components of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2019 and 2018, including the reclassification of unrealized gains on equity securities due to the adoption of ASU No. 2016-01 for the year ended December 31, 2018 (in thousands): Changes in Accumulated Other Comprehensive Loss by Component, net of tax For the Years Ended December 31, 2019 2018 Unrealized Gains (Losses) on Available for Sale Debt Securities Post-Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Unrealized Losses on Available for Sale Debt Securities Post-Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Balance at the beginning of the period $ (9,605) (3,625) 894 (12,336) (3,292) (4,846) 673 (7,465) Current period change in other comprehensive income (loss) 18,351 (1,615) (579) 16,157 (6,129) 1,221 221 (4,687) Reclassification of unrealized gains on equity securities due to the adoption of ASU No. 2016-01 — — — — (184) — — (184) Balance at the end of the period $ 8,746 (5,240) 315 3,821 (9,605) (3,625) 894 (12,336) |
Reclassification Out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications out of accumulated other comprehensive (loss) income for the years ended December 31, 2019, 2018 and 2017 (in thousands): Reclassifications Out of Accumulated Other Comprehensive Amount reclassified from AOCI for the years ended December 31, Affected line item in the Consolidated 2019 2018 2017 Details of AOCI: Available for sale debt securities: Realized net gains on the sale of securities available for sale $ — — — Net gain on securities transactions — — — Income tax expense — — — Net of tax Post-retirement obligations: Amortization of actuarial losses 189 399 243 Compensation and employee benefits (1) (49) (109) (64) Income tax expense 140 290 179 Net of tax Total reclassifications $ 140 290 179 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 11. Benefit Plans |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of December 31, 2019 and 2018 (in thousands): At December 31, 2019 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value Derivatives not designated as hedging instruments: Interest rate products Other assets $ 38,830 Other liabilities $ 39,356 Credit contracts Other assets 47 Other liabilities — Total derivatives not designated as hedging instruments $ 38,877 $ 39,356 Derivatives designated as hedging instruments: Interest rate products Other assets $ 428 Other liabilities $ — Total derivatives designated as hedging instruments $ 428 $ — 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 hedging instruments: Interest rate products Other assets $ 14,154 Other liabilities $ 14,766 Credit contracts Other assets 251 Other liabilities — Total derivatives not designated as hedging instruments $ 14,405 $ 14,766 Derivatives designated as hedging instruments: Interest rate products Other assets $ 1,229 Other liabilities $ — Total derivatives designated as hedging instruments $ 1,229 $ — |
Derivative Instruments, Gain (Loss) | The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017 (in thousands). Gain (loss) recognized in Income on derivatives For the Year Ended December 31, Consolidated Statements of Income 2019 2018 2017 Derivatives not designated as a hedging instruments: Interest rate products Other income $ (64) (414) (422) Credit contracts Other income (53) 63 2 Total derivatives not designated as hedging instruments $ (117) (351) (420) Derivatives designated as a hedging instruments: Interest rate products Interest expense $ 158 312 (205) Total derivatives designated as a hedging instruments $ 158 312 (205) 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 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 or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2019, 2018 and 2017: December 31, (in-thousands) 2019 2018 2017 Non-interest income In-scope of Topic 606: Wealth management fees $ 22,503 17,957 17,604 Banking service charges and other fees: Service charges on deposit accounts 13,117 13,330 13,120 Debit card and ATM fees 5,734 5,997 5,757 Total banking service charges and other fees 18,851 19,327 18,877 Total in-scope non-interest income 41,354 37,284 36,481 Total out-of-scope non-interest income 22,440 21,392 19,216 Total non-interest income $ 63,794 58,676 55,697 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information | The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at December 31, 2019 (in thousands): Classification December 31, 2019 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 41,754 Lease Liabilities: Operating lease liabilities Other liabilities $ 42,815 |
Schedule of Supplemental Cash Flow and Other Information Related to Leases | 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): Year ended December 31, 2019 Lease Costs Operating lease cost $ 8,433 Variable lease cost 2,765 Total Lease Cost $ 11,198 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 8,304 |
Schedule of Future Minimum Payments | Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2019 were as follows (in thousands): Operating Leases Years ended: 2020 $ 8,316 2021 6,064 2022 5,263 2023 4,752 2024 4,346 Thereafter 22,195 Total future minimum lease payments 50,936 Amounts representing interest 8,121 Present value of net future minimum lease payments $ 42,815 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2002 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 |
Property, Plant and Equipment [Line Items] | ||||
Cash and cash equivalents maturity period, days | 90 days | |||
Percentage of participants matched contribution | 6.00% | |||
Dividends paid on unallocated ESOP shares over period | 10 years | |||
Dividends paid on unallocated ESOP shares over period | 30 years | |||
Shares held by the DDFP | 219,281 | |||
Operating lease, right-of-use asset | $ 41,754 | $ 44,900 | ||
Present value of net future minimum lease payments | $ 42,815 | 46,100 | ||
ASU 2016-02 | ||||
Property, Plant and Equipment [Line Items] | ||||
Operating lease, right-of-use asset | 44,900 | |||
Present value of net future minimum lease payments | $ 46,100 | |||
Depositor Relationships | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortized accelerated basis period | 8 years 9 months 18 days | |||
Beacon Trust | Customer Relationships | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortized accelerated basis period | 12 years | |||
The MDE Group | Customer Relationships | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortized accelerated basis period | 10 years 4 months 24 days | |||
Tirschwell & Loewy, Inc. | Customer Relationships | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortized accelerated basis period | 10 years |
Stockholders' Equity and Acqu_2
Stockholders' Equity and Acquisitions (Detail) - USD ($) $ / shares in Units, $ in Millions | Apr. 01, 2019 | Jan. 15, 2003 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Common stock, shares issued (in shares) | 59,600,000 | 83,209,293 | 83,209,293 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Common stock, per share (in dollars per share) | $ 10 | |||
Proceeds from issuance of common stock | $ 567.2 | |||
Cash donated | $ 4.8 | |||
Number of shares donated | 1,920,000 | |||
Value of shares donated | $ 24 | |||
Liquidation account balance | $ 9.6 | |||
Assets under Management at time of acquisition | $ 822.4 | |||
Tirschwell & Loewy Acquisition | ||||
Business Acquisition [Line Items] | ||||
Goodwill recorded as result of acquisition | 8.2 | |||
Contingent consideration liability at fair value | $ 6.6 | |||
Additional cash consideration to former stakeholders | 3 years | |||
Contingent consideration limit | $ 11 | $ 9.4 | ||
Total cost of acquisition | 21.6 | |||
Cash consideration | 15 | |||
Tirschwell & Loewy Acquisition | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets acquired | 12.6 | |||
Tirschwell & Loewy Acquisition | Other Intangible Assets | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets acquired | $ 0.8 |
Restrictions on Cash and Due _2
Restrictions on Cash and Due from Banks (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Cash and due from banks | $ 131,555 | $ 86,195 |
Cash Reserves Required by Banking Regulations | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Cash and due from banks | $ 36,000 | $ 35,000 |
Held to Maturity Debt Securit_3
Held to Maturity Debt Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 453,629 | $ 479,425 |
Gross unrealized gains | 14,467 | 4,334 |
Gross unrealized losses | (130) | (4,019) |
Fair value | 467,966 | 479,740 |
Agency Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 6,599 | 4,989 |
Gross unrealized gains | 11 | 1 |
Gross unrealized losses | (9) | (94) |
Fair value | 6,601 | 4,896 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 118 | 187 |
Gross unrealized gains | 4 | 3 |
Gross unrealized losses | 0 | 0 |
Fair value | 122 | 190 |
State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 437,074 | 463,801 |
Gross unrealized gains | 14,394 | 4,329 |
Gross unrealized losses | (115) | (3,767) |
Fair value | 451,353 | 464,363 |
Corporate Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,838 | 10,448 |
Gross unrealized gains | 58 | 1 |
Gross unrealized losses | (6) | (158) |
Fair value | $ 9,890 | $ 10,291 |
Held to Maturity Debt Securit_4
Held to Maturity Debt Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)security | Dec. 31, 2018USD ($)security | Dec. 31, 2017USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to maturity securities at carrying value | $ 428,000,000 | $ 453,100,000 | |
Investment securities held to maturity | 453,629,000 | 479,425,000 | |
Fair value | 467,966,000 | 479,740,000 | |
Proceeds from the calls | $ 42,696,000 | $ 39,534,000 | $ 55,720,000 |
Number of securities in an unrealized loss position | security | 35 | 334 | |
Held-to-maturity Securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Recognized gain on calls of securities held to maturity portfolio | $ 72,000 | $ 10,000 | 60,000 |
Recognized loss on calls of securities held to maturity portfolio | 0 | 1,000 | 3,000 |
Proceeds from the calls | 33,900,000 | 32,000,000 | $ 32,900,000 |
Mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Investment securities held to maturity | 118,000 | 187,000 | |
Fair value | $ 122,000 | $ 190,000 |
Held to Maturity Debt Securit_5
Held to Maturity Debt Securities - Securities Held to Maturity by Contractual Maturity (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, amortized cost | $ 9,589 |
Due after one year through five years, amortized cost | 105,715 |
Due after five years through ten years, amortized cost | 249,399 |
Due after ten years, amortized cost | 88,808 |
Total Amortized cost | 453,511 |
Due in one year or less, fair value | 9,605 |
Due after one year through five years, fair value | 107,873 |
Due after five years through ten years, fair value | 257,856 |
Due after ten years, fair value | 92,510 |
Total Fair value | $ 467,844 |
Held to Maturity Debt Securit_6
Held to Maturity Debt Securities - Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | $ 14,530 | $ 96,412 |
Less than 12 months, gross unrealized losses | (57) | (918) |
12 months or longer, Fair value | 2,093 | 95,192 |
12 months or longer, gross unrealized losses | (73) | (3,101) |
Total, fair value | 16,623 | 191,604 |
Total, gross unrealized losses | (130) | (4,019) |
Agency Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 3,601 | 0 |
Less than 12 months, gross unrealized losses | (9) | 0 |
12 months or longer, Fair value | 0 | 4,525 |
12 months or longer, gross unrealized losses | 0 | (94) |
Total, fair value | 3,601 | 4,525 |
Total, gross unrealized losses | (9) | (94) |
State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 7,675 | 96,412 |
Less than 12 months, gross unrealized losses | (42) | (918) |
12 months or longer, Fair value | 2,093 | 81,663 |
12 months or longer, gross unrealized losses | (73) | (2,849) |
Total, fair value | 9,768 | 178,075 |
Total, gross unrealized losses | (115) | (3,767) |
Corporate Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 3,254 | 0 |
Less than 12 months, gross unrealized losses | (6) | 0 |
12 months or longer, Fair value | 0 | 9,004 |
12 months or longer, gross unrealized losses | 0 | (158) |
Total, fair value | 3,254 | 9,004 |
Total, gross unrealized losses | $ (6) | $ (158) |
Available for Sale Debt Secur_3
Available for Sale Debt Securities - Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, amortized cost | $ 965,135 | $ 1,076,282 |
Gross unrealized gains | 12,932 | 3,056 |
Gross unrealized losses | (1,148) | (16,259) |
Fair value | 976,919 | 1,063,079 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, amortized cost | 936,196 | 1,048,415 |
Gross unrealized gains | 12,367 | 2,704 |
Gross unrealized losses | (1,133) | (16,150) |
Fair value | 947,430 | 1,034,969 |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, amortized cost | 3,907 | 2,828 |
Gross unrealized gains | 172 | 84 |
Gross unrealized losses | 0 | 0 |
Fair value | 4,079 | 2,912 |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, amortized cost | 25,032 | 25,039 |
Gross unrealized gains | 393 | 268 |
Gross unrealized losses | (15) | (109) |
Fair value | $ 25,410 | $ 25,198 |
Available for Sale Debt Secur_4
Available for Sale Debt Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)security | Dec. 31, 2018USD ($)securityshares | Dec. 31, 2017USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Securities available for sale at carrying value | $ 536,400,000 | $ 524,200,000 | |
Amortized cost | 965,135,000 | 1,076,282,000 | |
Fair value | 976,919,000 | $ 1,063,079,000 | |
Available for sale securities sold (in shares) | shares | 15,046 | ||
Proceeds from sales of available for sale debt securities | $ 0 | $ 2,212,000 | $ 0 |
Number of securities in an unrealized loss position | security | 50 | 175 | |
Mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost | $ 936,196,000 | $ 1,048,415,000 | |
Fair value | 947,430,000 | 1,034,969,000 | |
Private Label Mortgage-Backed Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost | $ 17,000 | ||
Number of securities in an unrealized loss position | security | 1 | ||
Unrealized losses | $ 1,000 | ||
Available-for-sale Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost | 28,939,000 | ||
Fair value | $ 29,489,000 | ||
Proceeds from sales of available for sale debt securities | $ 2,200,000 | $ 0 |
Available for Sale Debt Secur_5
Available for Sale Debt Securities - Securities Available for Sale by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Securities available for sale, amortized cost | $ 965,135 | $ 1,076,282 |
Securities available for sale, at fair value | 976,919 | $ 1,063,079 |
Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due after one year through five years, amortized cost | 3,003 | |
Due after five years through ten years, amortized cost | 25,936 | |
Securities available for sale, amortized cost | 28,939 | |
Due after one year through five years, fair value | 3,074 | |
Due after five years through ten years, fair value | 26,415 | |
Securities available for sale, at fair value | $ 29,489 |
Available for Sale Debt Secur_6
Available for Sale Debt Securities - Disclosure on Securities Available for Sale with Temporary Impairment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 138,283 | $ 226,072 |
Less than 12 months, gross unrealized losses | (644) | (2,282) |
12 months or longer, fair value | 46,819 | 545,880 |
12 months or longer, gross unrealized losses | (504) | (13,977) |
Total, fair value | 185,102 | 771,952 |
Total, gross unrealized losses | (1,148) | (16,259) |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 136,270 | 218,175 |
Less than 12 months, gross unrealized losses | (629) | (2,173) |
12 months or longer, fair value | 46,819 | 545,880 |
12 months or longer, gross unrealized losses | (504) | (13,977) |
Total, fair value | 183,089 | 764,055 |
Total, gross unrealized losses | (1,133) | (16,150) |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 2,013 | 7,897 |
Less than 12 months, gross unrealized losses | (15) | (109) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 2,013 | 7,897 |
Total, gross unrealized losses | $ (15) | $ (109) |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Loan Losses - Schedule of Summarized Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | $ 7,337,564 | $ 7,253,902 |
Purchased credit-impaired ("PCI") loans | 746 | 899 |
Premiums on purchased loans | 2,474 | 3,243 |
Unearned discounts | (26) | (33) |
Net deferred fees | (7,873) | (7,423) |
Total loans | 7,332,885 | 7,250,588 |
Mortgage Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 5,311,445 | 5,127,453 |
Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,634,759 | 1,695,021 |
Consumer Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 391,360 | 431,428 |
Residential Real Estate | Mortgage Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,077,689 | 1,099,464 |
Commercial Real Estate | Mortgage Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 2,578,393 | 2,299,313 |
Multifamily | Mortgage Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,225,551 | 1,339,677 |
Construction Loans | Mortgage Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | $ 429,812 | $ 388,999 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Loan Losses - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)SecurityLoanborrowerContract | Dec. 31, 2018USD ($)SecurityLoanborrowerContract | Dec. 31, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amortization of interest income | $ 845,000 | $ 894,000 | $ 1,000,000 |
Principal amount of nonaccrual loans | $ 40,200,000 | $ 25,700,000 | |
Number of loans 90 days past due and still accruing | Contract | 0 | 0 | |
Increase in interest income | $ 1,700,000 | $ 1,400,000 | 1,900,000 |
Amount of cash basis interest income recognized on impaired loans | 2,123,000 | $ 1,965,000 | 1,800,000 |
Impaired loan defined floor limit (greater than) | $ 1,000,000 | ||
Impaired loans number | SecurityLoan | 158 | 152 | |
Impaired loans | $ 70,641,000 | $ 50,684,000 | |
Number of borrowers | borrower | 128 | 124 | |
Charge-offs | $ 15,032,000 | $ 30,018,000 | $ 8,941,000 |
Allowances for loan losses | $ 5,067,000 | $ 1,165,000 | |
Weighted average modified interest rate | 3.83% | 5.41% | |
Yield percentage rate | 3.82% | 5.46% | |
Number of Loans | SecurityLoan | 1 | 3 | |
Loans declined | $ 153,000 | ||
Average balances of impaired loans | 74,100,000 | $ 53,900,000 | |
Loan commitments | 1,260,000,000 | 1,260,000,000 | |
Undisbursed home equity and personal credit lines | 212,400,000 | 233,900,000 | |
Team Capital | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certain loans acquired in transfer not accounted for as debt securities | $ 746,000 | $ 899,000 | |
Impaired Loans Troubled Debt Restructurings | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans number | SecurityLoan | 147 | 148 | |
Impaired loans | $ 48,300,000 | $ 46,800,000 | |
Number of troubled debt restructurings | SecurityLoan | 133 | 129 | |
Loans and leases receivable, impaired, nonperforming, accrual of interest | $ 42,700,000 | $ 35,600,000 | |
Charge-offs | 11,600,000 | 8,300,000 | |
Allowances for loan losses | 177,130 | 119,000 | |
No Allowance For Loan Losses Required | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired financing receivable with no related allowance | $ 16,000,000 | $ 31,100,000 | |
Commercial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans number | SecurityLoan | 158 | 152 | |
Impaired loans | $ 70,600,000 | $ 50,700,000 | |
Commercial | Non Accrual | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans number | SecurityLoan | 25 | 23 | |
Impaired loans | $ 27,900,000 | $ 15,100,000 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 40,194 | $ 25,690 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 52,769 | 51,273 |
Current | 7,284,795 | 7,202,629 |
Total gross loans | 7,337,564 | 7,253,902 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 9,564 | 5,851 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 3,011 | 19,732 |
Mortgage Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 13,813 | 9,033 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 22,297 | 18,778 |
Current | 5,289,148 | 5,108,675 |
Total gross loans | 5,311,445 | 5,127,453 |
Mortgage Portfolio Segment | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 8,543 | 5,853 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 17,027 | 15,598 |
Current | 1,060,662 | 1,083,866 |
Total gross loans | 1,077,689 | 1,099,464 |
Mortgage Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 5,270 | 3,180 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 5,270 | 3,180 |
Current | 2,573,123 | 2,296,133 |
Total gross loans | 2,578,393 | 2,299,313 |
Mortgage Portfolio Segment | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 1,225,551 | 1,339,677 |
Total gross loans | 1,225,551 | 1,339,677 |
Mortgage Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 429,812 | 388,999 |
Total gross loans | 429,812 | 388,999 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 5,905 | 4,188 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 5,905 | 4,188 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 0 | 0 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 0 | 0 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 0 | 0 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 2,579 | 5,557 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 2,579 | 5,557 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 0 | 0 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 0 | 0 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 0 | 0 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 25,160 | 15,391 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 27,638 | 29,381 |
Current | 1,607,121 | 1,665,640 |
Total gross loans | 1,634,759 | 1,695,021 |
Commercial Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 2,383 | 425 |
Commercial Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 95 | 13,565 |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,221 | 1,266 |
90 days or more past due and accruing | 0 | 0 |
Total Past Due | 2,834 | 3,114 |
Current | 388,526 | 428,314 |
Total gross loans | 391,360 | 431,428 |
Consumer Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | 1,276 | 1,238 |
Consumer Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable past due | $ 337 | $ 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 70,641 | $ 50,684 |
Collectively evaluated for impairment | 7,266,923 | 7,203,218 |
Total gross loans | 7,337,564 | 7,253,902 |
Mortgage Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 39,910 | 24,680 |
Collectively evaluated for impairment | 5,271,535 | 5,102,773 |
Total gross loans | 5,311,445 | 5,127,453 |
Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 28,357 | 23,747 |
Collectively evaluated for impairment | 1,606,402 | 1,671,274 |
Total gross loans | 1,634,759 | 1,695,021 |
Consumer Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 2,374 | 2,257 |
Collectively evaluated for impairment | 388,986 | 429,171 |
Total gross loans | $ 391,360 | $ 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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | $ 5,067 | $ 1,165 | ||
Collectively evaluated for impairment | 50,458 | 54,397 | ||
Total | 55,525 | 55,562 | $ 60,195 | $ 61,883 |
Mortgage Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 1,580 | 1,026 | ||
Collectively evaluated for impairment | 23,931 | 26,652 | ||
Total | 25,511 | 27,678 | 28,052 | |
Commercial Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 3,462 | 92 | ||
Collectively evaluated for impairment | 24,801 | 25,601 | ||
Total | 28,263 | 25,693 | 29,814 | |
Consumer Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 25 | 47 | ||
Collectively evaluated for impairment | 1,726 | 2,144 | ||
Total | $ 1,751 | $ 2,191 | $ 2,329 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Loan Losses - Schedule of Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)SecurityLoan | Dec. 31, 2018USD ($)SecurityLoan | |
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 14 | 15 |
Pre-Modification Outstanding Recorded Investment | $ 18,044 | $ 10,509 |
Post-Modification Outstanding Recorded Investment | $ 17,884 | $ 9,165 |
Mortgage Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 4 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 15,627 | $ 981 |
Post-Modification Outstanding Recorded Investment | $ 15,594 | $ 945 |
Mortgage Portfolio Segment | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 3 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 1,617 | $ 981 |
Post-Modification Outstanding Recorded Investment | $ 1,584 | $ 945 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 6 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 1,996 | $ 9,192 |
Post-Modification Outstanding Recorded Investment | $ 1,888 | $ 7,888 |
Commercial Portfolio Segment | Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 14,010 | |
Post-Modification Outstanding Recorded Investment | $ 14,010 | |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 4 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 421 | $ 336 |
Post-Modification Outstanding Recorded Investment | $ 402 | $ 332 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Loan Losses - Schedule of Trouble Debt Restructuring Subsequently Defaulted (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)SecurityLoan | Dec. 31, 2018USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 3 |
Outstanding Recorded Investment | $ | $ 578 | $ 1,344 |
Mortgage Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 0 |
Outstanding Recorded Investment | $ | $ 578 | $ 0 |
Commercial Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 3 |
Outstanding Recorded Investment | $ | $ 0 | $ 1,344 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Loan Losses - Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | $ 55,562 | $ 60,195 | $ 55,562 | $ 60,195 | $ 61,883 | ||||||
Provision charged to operations | $ 2,900 | $ 500 | $ 9,500 | 200 | $ 1,800 | $ 1,000 | $ 15,500 | 5,400 | 13,100 | 23,700 | 5,600 |
Recoveries of loans previously charged off | 1,895 | 1,685 | 1,653 | ||||||||
Loans charged off | (15,032) | (30,018) | (8,941) | ||||||||
Balance at end of period | 55,525 | 55,562 | 55,525 | 55,562 | 60,195 | ||||||
Mortgage Portfolio Segment | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | 27,678 | 28,052 | 27,678 | 28,052 | |||||||
Provision charged to operations | (2,323) | (586) | |||||||||
Recoveries of loans previously charged off | 422 | 489 | |||||||||
Loans charged off | (266) | (277) | |||||||||
Balance at end of period | 25,511 | 27,678 | 25,511 | 27,678 | 28,052 | ||||||
Commercial Portfolio Segment | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | 25,693 | 29,814 | 25,693 | 29,814 | |||||||
Provision charged to operations | 15,928 | 24,437 | |||||||||
Recoveries of loans previously charged off | 665 | 428 | |||||||||
Loans charged off | (14,023) | (28,986) | |||||||||
Balance at end of period | 28,263 | 25,693 | 28,263 | 25,693 | 29,814 | ||||||
Consumer Portfolio Segment | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | $ 2,191 | $ 2,329 | 2,191 | 2,329 | |||||||
Provision charged to operations | (505) | (151) | |||||||||
Recoveries of loans previously charged off | 808 | 768 | |||||||||
Loans charged off | (743) | (755) | |||||||||
Balance at end of period | $ 1,751 | $ 2,191 | $ 1,751 | $ 2,191 | $ 2,329 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Loan Losses - Summary of Impaired Loans Receivable by Class (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | $ 19,491 | $ 40,180 | |
Loans with no related allowance, Recorded Investment | 15,952 | 31,118 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 16,416 | 32,156 | |
Loans with no related allowance, Interest Income Recognized | 636 | 1,012 | |
Loans with an allowance recorded, Unpaid Principal Balance | 58,335 | 20,059 | |
Loans with an allowance recorded, Recorded Investment | 54,689 | 19,566 | |
Loans with an allowance recorded, Related Allowance | 5,067 | 1,165 | |
Loans with an allowance recorded, Average Recorded Investment | 57,721 | 21,712 | |
Loans with an allowance recorded, Interest Income Recognized | 1,487 | 953 | |
Total, Unpaid Principal Balance | 77,826 | 60,239 | |
Total, Recorded Investment | 70,641 | 50,684 | |
Total, Related Allowance | 5,067 | 1,165 | |
Total, Average Recorded Investment | 74,137 | 53,868 | |
Total, Interest Income Recognized | 2,123 | 1,965 | $ 1,800 |
Mortgage Portfolio Segment | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 13,478 | 16,563 | |
Loans with no related allowance, Recorded Investment | 10,739 | 13,551 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 10,910 | 13,687 | |
Loans with no related allowance, Interest Income Recognized | 533 | 594 | |
Loans with an allowance recorded, Unpaid Principal Balance | 29,705 | 11,612 | |
Loans with an allowance recorded, Recorded Investment | 29,171 | 11,129 | |
Loans with an allowance recorded, Related Allowance | 1,580 | 1,026 | |
Loans with an allowance recorded, Average Recorded Investment | 29,316 | 11,238 | |
Loans with an allowance recorded, Interest Income Recognized | 997 | 478 | |
Total, Unpaid Principal Balance | 43,183 | 28,175 | |
Total, Recorded Investment | 39,910 | 24,680 | |
Total, Related Allowance | 1,580 | 1,026 | |
Total, Average Recorded Investment | 40,226 | 24,925 | |
Total, Interest Income Recognized | 1,530 | 1,072 | |
Mortgage Portfolio Segment | Residential Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 13,478 | 15,013 | |
Loans with no related allowance, Recorded Investment | 10,739 | 12,005 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 10,910 | 12,141 | |
Loans with no related allowance, Interest Income Recognized | 533 | 594 | |
Loans with an allowance recorded, Unpaid Principal Balance | 10,860 | 10,573 | |
Loans with an allowance recorded, Recorded Investment | 10,326 | 10,090 | |
Loans with an allowance recorded, Related Allowance | 829 | 954 | |
Loans with an allowance recorded, Average Recorded Investment | 10,454 | 10,186 | |
Loans with an allowance recorded, Interest Income Recognized | 428 | 425 | |
Total, Unpaid Principal Balance | 24,338 | 25,586 | |
Total, Recorded Investment | 21,065 | 22,095 | |
Total, Related Allowance | 829 | 954 | |
Total, Average Recorded Investment | 21,364 | 22,327 | |
Total, Interest Income Recognized | 961 | 1,019 | |
Mortgage Portfolio Segment | Commercial Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 0 | 1,550 | |
Loans with no related allowance, Recorded Investment | 0 | 1,546 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 0 | 1,546 | |
Loans with no related allowance, Interest Income Recognized | 0 | 0 | |
Loans with an allowance recorded, Unpaid Principal Balance | 18,845 | 1,039 | |
Loans with an allowance recorded, Recorded Investment | 18,845 | 1,039 | |
Loans with an allowance recorded, Related Allowance | 751 | 72 | |
Loans with an allowance recorded, Average Recorded Investment | 18,862 | 1,052 | |
Loans with an allowance recorded, Interest Income Recognized | 569 | 53 | |
Total, Unpaid Principal Balance | 18,845 | 2,589 | |
Total, Recorded Investment | 18,845 | 2,585 | |
Total, Related Allowance | 751 | 72 | |
Total, Average Recorded Investment | 18,862 | 2,598 | |
Total, Interest Income Recognized | 569 | 53 | |
Mortgage Portfolio Segment | Multifamily | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 0 | 0 | |
Loans with no related allowance, Recorded Investment | 0 | 0 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 0 | 0 | |
Loans with no related allowance, Interest Income Recognized | 0 | 0 | |
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 | |
Loans with an allowance recorded, Recorded Investment | 0 | 0 | |
Loans with an allowance recorded, Related Allowance | 0 | 0 | |
Loans with an allowance recorded, Average Recorded Investment | 0 | 0 | |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 | |
Total, Unpaid Principal Balance | 0 | 0 | |
Total, Recorded Investment | 0 | 0 | |
Total, Related Allowance | 0 | 0 | |
Total, Average Recorded Investment | 0 | 0 | |
Total, Interest Income Recognized | 0 | 0 | |
Mortgage Portfolio Segment | Construction Loans | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 0 | 0 | |
Loans with no related allowance, Recorded Investment | 0 | 0 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 0 | 0 | |
Loans with no related allowance, Interest Income Recognized | 0 | 0 | |
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 | |
Loans with an allowance recorded, Recorded Investment | 0 | 0 | |
Loans with an allowance recorded, Related Allowance | 0 | 0 | |
Loans with an allowance recorded, Average Recorded Investment | 0 | 0 | |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 | |
Total, Unpaid Principal Balance | 0 | 0 | |
Total, Recorded Investment | 0 | 0 | |
Total, Related Allowance | 0 | 0 | |
Total, Average Recorded Investment | 0 | 0 | |
Total, Interest Income Recognized | 0 | 0 | |
Commercial Portfolio Segment | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 3,927 | 21,746 | |
Loans with no related allowance, Recorded Investment | 3,696 | 16,254 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 4,015 | 17,083 | |
Loans with no related allowance, Interest Income Recognized | 17 | 328 | |
Loans with an allowance recorded, Unpaid Principal Balance | 27,762 | 7,493 | |
Loans with an allowance recorded, Recorded Investment | 24,661 | 7,493 | |
Loans with an allowance recorded, Related Allowance | 3,462 | 92 | |
Loans with an allowance recorded, Average Recorded Investment | 27,527 | 9,512 | |
Loans with an allowance recorded, Interest Income Recognized | 444 | 435 | |
Total, Unpaid Principal Balance | 31,689 | 29,239 | |
Total, Recorded Investment | 28,357 | 23,747 | |
Total, Related Allowance | 3,462 | 92 | |
Total, Average Recorded Investment | 31,542 | 26,595 | |
Total, Interest Income Recognized | 461 | 763 | |
Consumer Portfolio Segment | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with no related allowance, Unpaid Principal Balance | 2,086 | 1,871 | |
Loans with no related allowance, Recorded Investment | 1,517 | 1,313 | |
Loans with no related allowance, Related Allowance | 0 | 0 | |
Loans with no related allowance, Average Recorded Investment | 1,491 | 1,386 | |
Loans with no related allowance, Interest Income Recognized | 86 | 90 | |
Loans with an allowance recorded, Unpaid Principal Balance | 868 | 954 | |
Loans with an allowance recorded, Recorded Investment | 857 | 944 | |
Loans with an allowance recorded, Related Allowance | 25 | 47 | |
Loans with an allowance recorded, Average Recorded Investment | 878 | 962 | |
Loans with an allowance recorded, Interest Income Recognized | 46 | 40 | |
Total, Unpaid Principal Balance | 2,954 | 2,825 | |
Total, Recorded Investment | 2,374 | 2,257 | |
Total, Related Allowance | 25 | 47 | |
Total, Average Recorded Investment | 2,369 | 2,348 | |
Total, Interest Income Recognized | $ 132 | $ 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 7,337,564 | $ 7,253,902 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 128,694 | 87,801 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 88,526 | 74,242 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 836 | 923 |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Total Classified And Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 218,056 | 162,966 |
Acceptable/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,119,508 | 7,090,936 |
Mortgage Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 5,311,445 | 5,127,453 |
Total loans | 5,311,445 | 5,127,453 |
Mortgage Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 49,160 | 19,795 |
Mortgage Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 29,843 | 27,351 |
Mortgage Portfolio Segment | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Mortgage Portfolio Segment | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Mortgage Portfolio Segment | Total Classified And Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 79,003 | 47,146 |
Mortgage Portfolio Segment | Acceptable/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 5,232,442 | 5,080,307 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,634,759 | 1,695,021 |
Commercial Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 79,248 | 67,396 |
Commercial Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 57,015 | 45,180 |
Commercial Portfolio Segment | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 836 | 923 |
Commercial Portfolio Segment | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Portfolio Segment | Total Classified And Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 137,099 | 113,499 |
Commercial Portfolio Segment | Acceptable/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,497,660 | 1,581,522 |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 391,360 | 431,428 |
Consumer Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 286 | 610 |
Consumer Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,668 | 1,711 |
Consumer Portfolio Segment | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer Portfolio Segment | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer Portfolio Segment | Total Classified And Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,954 | 2,321 |
Consumer Portfolio Segment | Acceptable/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 389,406 | 429,107 |
Residential Real Estate | Mortgage Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,077,689 | 1,099,464 |
Total loans | 1,077,689 | 1,099,464 |
Residential Real Estate | Mortgage Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 2,402 | 5,071 |
Residential Real Estate | Mortgage Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 10,204 | 7,878 |
Residential Real Estate | Mortgage Portfolio Segment | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Residential Real Estate | Mortgage Portfolio Segment | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Residential Real Estate | Mortgage Portfolio Segment | Total Classified And Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 12,606 | 12,949 |
Residential Real Estate | Mortgage Portfolio Segment | Acceptable/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,065,083 | 1,086,515 |
Commercial Real Estate | Mortgage Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 2,578,393 | 2,299,313 |
Total loans | 2,578,393 | 2,299,313 |
Commercial Real Estate | Mortgage Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 46,758 | 14,496 |
Commercial Real Estate | Mortgage Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 13,458 | 13,292 |
Commercial Real Estate | Mortgage Portfolio Segment | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Commercial Real Estate | Mortgage Portfolio Segment | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Commercial Real Estate | Mortgage Portfolio Segment | Total Classified And Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 60,216 | 27,788 |
Commercial Real Estate | Mortgage Portfolio Segment | Acceptable/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 2,518,177 | 2,271,525 |
Multifamily | Mortgage Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,225,551 | 1,339,677 |
Total loans | 1,225,551 | 1,339,677 |
Multifamily | Mortgage Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 228 |
Multifamily | Mortgage Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Multifamily | Mortgage Portfolio Segment | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Multifamily | Mortgage Portfolio Segment | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Multifamily | Mortgage Portfolio Segment | Total Classified And Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 228 |
Multifamily | Mortgage Portfolio Segment | Acceptable/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,225,551 | 1,339,449 |
Construction Loans | Mortgage Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 429,812 | 388,999 |
Total loans | 429,812 | 388,999 |
Construction Loans | Mortgage Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Construction Loans | Mortgage Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 6,181 | 6,181 |
Construction Loans | Mortgage Portfolio Segment | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Construction Loans | Mortgage Portfolio Segment | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Construction Loans | Mortgage Portfolio Segment | Total Classified And Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 6,181 | 6,181 |
Construction Loans | Mortgage Portfolio Segment | Acceptable/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | $ 423,631 | $ 382,818 |
Banking Premises and Equipmen_2
Banking Premises and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Land | $ 12,440 | $ 12,440 | |
Banking premises | 59,708 | 58,351 | |
Furniture, fixtures and equipment | 45,660 | 44,602 | |
Leasehold improvements | 35,749 | 35,106 | |
Construction in progress | 3,270 | 1,563 | |
Banking premises and equipment, gross | 156,827 | 152,062 | |
Less accumulated depreciation and amortization | 101,617 | 93,938 | |
Banking premises and equipment, net | 55,210 | 58,124 | |
Depreciation expense | $ 7,700 | $ 8,000 | $ 9,000 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 420,562 | $ 411,600 |
Core deposit premiums | 1,753 | 2,539 |
Customer relationship and other intangibles | 14,142 | 3,410 |
Mortgage servicing rights | 562 | 629 |
Total intangible assets | $ 437,019 | $ 418,178 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Core deposit premiums | $ 786 | $ 931 | $ 1,076 |
Customer relationship and other intangibles | 1,869 | 1,073 | 1,474 |
Mortgage servicing rights | 85 | 123 | 120 |
Total amortization expense of intangible assets | $ 2,740 | $ 2,127 | $ 2,670 |
Intangible Assets - Scheduled o
Intangible Assets - Scheduled of Future Amortization (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 2,675 |
2021 | 2,380 |
2022 | 2,085 |
2023 | 1,793 |
2024 | $ 1,517 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Savings deposits | $ 983,714 | $ 1,051,922 |
Money market accounts | 1,738,202 | 1,496,310 |
NOW accounts | 2,092,413 | 2,049,645 |
Non-interest bearing deposits | 1,554,253 | 1,481,753 |
Certificates of deposit | 734,027 | 750,492 |
Total deposits | $ 7,102,609 | $ 6,830,122 |
Weighted average interest rate, savings deposits | 0.14% | 0.16% |
Weighted average interest rate, money market accounts | 0.79% | 0.63% |
Weighted average interest rate, NOW accounts | 0.79% | 0.73% |
Weighted average interest rate, non-interest bearing deposits | 0.00% | 0.00% |
Weighted average interest rate, certificates of deposit | 1.72% | 1.58% |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Within one year | $ 606,870 | $ 584,478 |
One to three years | 81,987 | 119,655 |
Three to five years | 44,243 | 45,518 |
Five years and thereafter | 927 | 841 |
Certificates of deposit | $ 734,027 | $ 750,492 |
Deposits - Interest Expense on
Deposits - Interest Expense on Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |||
Savings deposits | $ 1,681 | $ 1,923 | $ 2,092 |
NOW and money market accounts | 29,542 | 20,450 | 12,205 |
Certificates of deposits | 14,271 | 8,320 | 5,144 |
Total interest expense on deposits | $ 45,494 | $ 30,693 | $ 19,441 |
Borrowed Funds - Schedule of Bo
Borrowed Funds - Schedule of Borrowed Funds (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements | $ 60,737 | $ 121,322 |
FHLB line of credit | 298,000 | 283,000 |
FHLB advances | 766,409 | 1,037,960 |
Borrowed funds | $ 1,125,146 | $ 1,442,282 |
Borrowed Funds - Scheduled FHLB
Borrowed Funds - Scheduled FHLB Advances (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Due in one year or less | $ 489,169 | |
Due after one year through two years | 146,240 | |
Due after two years through three years | 131,000 | |
Due after three years through four years | 0 | |
Thereafter | 0 | |
Total FHLB advances | $ 766,409 | $ 1,037,960 |
Borrowed Funds - Scheduled Secu
Borrowed Funds - Scheduled Securities Sold Under Repurchase Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total securities sold under repurchase agreements | $ 60,737 | $ 121,322 |
Securities Sold Under Repurchase Agreements | ||
Debt Instrument [Line Items] | ||
Due in one year or less | 60,737 | |
Thereafter | 0 | |
Total securities sold under repurchase agreements | $ 60,737 |
Borrowed Funds - Debt Disclosur
Borrowed Funds - Debt Disclosure by Year (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements, maximum balance | $ 96,914,000 | $ 153,715,000 |
FHLB line of credit, maximum balance | 451,000,000 | 487,000,000 |
FHLB advances, maximum balance | 1,190,006,000 | 1,256,525,000 |
Securities sold under repurchase agreements, average balance | 71,234,000 | 139,729,000 |
FHLB line of credit, average balance | 325,481,000 | 259,189,000 |
FHLB advances, average balance | $ 939,916,000 | $ 1,136,988,000 |
Securities sold under repurchase agreements, weighted average interest rate | 0.49% | 1.04% |
FHLB line of credit, weighted average interest rate | 2.40% | 2.09% |
FHLB advances, weighted average interest rate | 2.11% | 1.90% |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Text Block [Abstract] | |||
Borrowed funds | $ 28,003 | $ 28,460 | $ 26,203 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) | Dec. 31, 2006 | Dec. 31, 2002 | Dec. 31, 2019USD ($)retirement_payment$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares |
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan age attained for coverage | 21 years | ||||
Service period for employees of coverage age, years | 1 year | ||||
Vesting percentage of participants in pension plan | 100.00% | ||||
Expected future employer contributions next year | $ 0 | ||||
Requisite service period for deferred compensation arrangement | 10 years | 10 years | 10 years | ||
Discount rate | 3.10% | ||||
Decrease (increase) in other comprehensive income from retirement plans | $ 730 | $ 3,000 | $ 1,000 | ||
Retirement plan for the board of directors to get maximum payments minimum age | 72 years | ||||
Number of quarterly payments made to Board of Directors from Retirement Plan | retirement_payment | 40 | ||||
Benefit plans compensation expense | $ 1,250 | ||||
Period in which undistributed balance of accrued benefit will be distributed | 60 days | ||||
Shares purchased under ESOP | shares | 4,769,464 | ||||
Average price per share purchased under ESOP (in dollars per share) | $ / shares | $ 17.09 | ||||
Outstanding loan principal | $ 31,100,000 | ||||
Number of shares released under ESOP | shares | 280,522 | 243,527 | |||
Unallocated ESOP shares held in suspense | shares | 1,456,487 | ||||
Fair market value of ESOP shares | $ 35,900,000 | ||||
ESOP compensation expenses | 4,500,000 | $ 4,500,000 | 4,600,000 | ||
Estimated expense under the supplemental ESOP provision | $ 140,000 | 121,000 | 105,000 | ||
Number of shares authorized for issuance under stock award plan | shares | 1,350,000 | ||||
Unrecognized compensation cost relating go unvested restricted stock | $ 6,400,000 | ||||
Weighted average period in which unrecognized compensation cost recognized years | 1 year 8 months 12 days | ||||
Fair value of options vesting | $ 193,000 | $ 189,000 | $ 168,000 | ||
Projected share based compensation expense, 2019 | 135,000 | ||||
Projected share based compensation expense, 2020 | 74,000 | ||||
Projected share based compensation expense, 2021 | 11,000 | ||||
Aggregate intrinsic value of stock options outstanding | 3,000,000 | ||||
Aggregate intrinsic value of stock options exercisable | $ 2,800,000 | ||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 4.57 | $ 4.29 | $ 4.20 | ||
Restricted Stock | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Share based payment award vesting period in years | 3 years | ||||
Outstanding Stock Awards | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Share based payment award compensation expense | $ 6,700,000 | $ 6,000,000 | $ 5,000,000 | ||
Outstanding Stock Awards | Share-based Compensation Award, Tranche Two | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Share based payment award vesting period in years | 3 years | ||||
Stock Options | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Share based payment award vesting period in years | 5 years | ||||
Share based payment award compensation expense | $ 181,000 | 190,000 | 203,000 | ||
Share based payment award expiration period in years | 10 years | ||||
Performance Shares | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Share based payment award vesting period in years | 3 years | ||||
Board of Directors | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit plans compensation expense | $ 15,000 | 10,000 | 12,500 | ||
Other Liabilities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Retirement plan liabilities | 1,900,000 | 2,000,000 | |||
Other Liabilities | Board of Directors | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Retirement plan liabilities | 130,000 | 139,000 | |||
Supplemental Executive Retirement Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Aggregate contributions to the benefit plan | 85,000 | 82,000 | 91,000 | ||
Decrease (increase) in other comprehensive income from retirement plans | $ (187,000) | $ 119,000 | $ 120,000 | ||
401(k) Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Percentage of matching contribution | 25.00% | 25.00% | 25.00% | ||
Percentage of contribution made by the participants in benefit plans | 6.00% | 6.00% | 6.00% | ||
Contribution to the Plan | $ 981,000 | $ 973,000 | $ 890,000 | ||
Estimated expense of supplemental ESOP provision | 22,000 | 18,000 | 17,500 | ||
Pension | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, funded (unfunded) status of plan | $ 16,874,000 | $ 14,571,000 | $ 14,900,000 | ||
Discount rate | 3.10% | 4.25% | 3.50% | ||
Contribution to the Plan | $ 0 | $ 0 | $ 0 | ||
Post-retirement | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, funded (unfunded) status of plan | $ (23,323,000) | $ (20,028,000) | $ (22,757,000) | ||
Discount rate | 3.10% | 4.25% | 3.50% | ||
Contribution to the Plan | $ 600,000 | $ 590,000 | $ 560,000 |
Benefit Plans - Benefit Obligat
Benefit Plans - Benefit Obligation and Plan Asset Rollforward (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 28,878 | $ 31,970 | $ 29,533 |
Service cost | 0 | 0 | 0 |
Interest cost | 1,198 | 1,094 | 1,227 |
Actuarial loss | 63 | 0 | 0 |
Benefits paid | (1,493) | (1,401) | (1,590) |
Change in actuarial assumptions | 4,412 | (2,785) | 2,800 |
Benefit obligation at end of year | 33,058 | 28,878 | 31,970 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 43,449 | 46,870 | 43,153 |
Actual return on plan assets | 7,976 | (2,020) | 5,307 |
Employer contributions | 0 | 0 | 0 |
Benefits paid | (1,493) | (1,401) | (1,590) |
Fair value of plan assets at end of year | 49,932 | 43,449 | 46,870 |
Funded status at end of year | 16,874 | 14,571 | 14,900 |
Post-retirement | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 20,028 | 22,757 | 20,805 |
Service cost | 80 | 115 | 105 |
Interest cost | 837 | 786 | 871 |
Actuarial loss | 0 | 18 | 0 |
Benefits paid | (600) | (590) | (560) |
Change in actuarial assumptions | 2,978 | (3,058) | 1,536 |
Benefit obligation at end of year | 23,323 | 20,028 | 22,757 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | 0 |
Actual return on plan assets | 0 | 0 | 0 |
Employer contributions | 600 | 590 | 560 |
Benefits paid | (600) | (590) | (560) |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | $ (23,323) | $ (20,028) | $ (22,757) |
Benefit Plans - Components of A
Benefit Plans - Components of Accumulated Other Comprehensive Loss (Gain) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service cost | $ 0 | $ 0 |
Unrecognized net actuarial loss (gain) | 10,346 | 12,300 |
Total accumulated other comprehensive loss (gain) | 10,346 | 12,300 |
Post-retirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service cost | 0 | 0 |
Unrecognized net actuarial loss (gain) | (3,621) | (7,425) |
Total accumulated other comprehensive loss (gain) | $ (3,621) | $ (7,425) |
Benefit Plans - Net Periodic Be
Benefit Plans - Net Periodic Benefit Cost (Increase) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 1,198 | 1,094 | 1,227 |
Return on plan assets | (2,562) | (2,769) | (2,550) |
Amortization of net loss (gain) | 1,015 | 795 | 920 |
Amortization of unrecognized prior service cost | 0 | 0 | 0 |
Net periodic benefit (increase) cost | (349) | (880) | (403) |
Post-retirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 80 | 115 | 105 |
Interest cost | 837 | 786 | 871 |
Return on plan assets | 0 | 0 | 0 |
Amortization of net loss (gain) | (825) | (396) | (677) |
Amortization of unrecognized prior service cost | 0 | 0 | 0 |
Net periodic benefit (increase) cost | $ 92 | $ 505 | $ 299 |
Benefit Plans - Actuarial Assum
Benefit Plans - Actuarial Assumptions Used (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.10% | ||
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.10% | 4.25% | 3.50% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Expected return on plan assets | 6.00% | 6.00% | 6.00% |
Medical and life insurance benefits cost rate of increase | 0.00% | 0.00% | 0.00% |
Post-retirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.10% | 4.25% | 3.50% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Medical and life insurance benefits cost rate of increase | 6.00% | 6.00% | 6.00% |
Benefit Plans - Effect of One-P
Benefit Plans - Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate (Detail) - Post-retirement $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total service cost and interest cost, 1% increase | $ 140 |
Effect on post-retirement benefits obligation, 1% increase | 3,900 |
Effect on total service cost and interest cost, 1% decrease | 110 |
Effect on post-retirement benefits obligation, 1% decrease | $ 3,100 |
Benefit Plans - Estimated Futur
Benefit Plans - Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 1,615 |
2021 | 1,670 |
2022 | 1,695 |
2023 | 1,743 |
2024 | 1,805 |
Post-retirement | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 749 |
2021 | 804 |
2022 | 817 |
2023 | 864 |
2024 | $ 877 |
Benefit Plans - Weighted-Averag
Benefit Plans - Weighted-Average Asset Allocation of Pension Plan Assets (Detail) - Pension | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 100.00% | 100.00% |
Domestic equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 37.00% | 34.00% |
Foreign equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 11.00% | 11.00% |
Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 50.00% | 53.00% |
Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 2.00% | 2.00% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 0.00% | 0.00% |
Benefit Plans - Target Allocati
Benefit Plans - Target Allocation of Assets and Acceptable Ranges (Detail) - Pension | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 100.00% |
Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 37.00% |
Domestic equities | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 30.00% |
Domestic equities | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 41.00% |
Foreign equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 11.00% |
Foreign equities | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 5.00% |
Foreign equities | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 13.00% |
Fixed income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 50.00% |
Fixed income | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 40.00% |
Fixed income | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 65.00% |
Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 2.00% |
Real estate | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 0.00% |
Real estate | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Allowable range of assets | 4.00% |
Cash | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 0.00% |
Allowable range of assets | 0.00% |
Benefit Plans - Assets Measured
Benefit Plans - Assets Measured at Fair Value on Recurring Basis (Detail) - Pension - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | $ 49,932 | $ 43,449 | $ 46,870 | $ 43,153 |
Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 24,636 | 21,897 | ||
Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 25,296 | 21,552 | ||
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Group annuity contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 81 | 100 | ||
Group annuity contracts | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Group annuity contracts | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 81 | 100 | ||
Group annuity contracts | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 24,636 | 21,897 | ||
Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 24,636 | 21,897 | ||
Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Fixed income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 16,609 | 15,252 | ||
Fixed income | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 16,609 | 15,252 | ||
Fixed income | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Fixed income | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
International equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 5,535 | 4,649 | ||
International equity | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 5,535 | 4,649 | ||
International equity | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
International equity | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Large US equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 1,496 | 1,224 | ||
Large US equity | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 1,496 | 1,224 | ||
Large US equity | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Large US equity | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Small/Mid U.S. equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 996 | 772 | ||
Small/Mid U.S. equity | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 996 | 772 | ||
Small/Mid U.S. equity | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Small/Mid U.S. equity | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Pooled Separate Accounts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 25,215 | 21,452 | ||
Pooled Separate Accounts | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Pooled Separate Accounts | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 25,215 | 21,452 | ||
Pooled Separate Accounts | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | $ 0 | $ 0 |
Benefit Plans - Status of Unves
Benefit Plans - Status of Unvested Stock Awards (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Restricted stock awards, outstanding at beginning of year (in shares) | 651,099 | 660,783 | 547,698 |
Granted (in shares) | 291,034 | 296,411 | 288,519 |
Forfeited (in shares) | (46,914) | (56,296) | (62,677) |
Vested (in shares) | (226,393) | (249,799) | (112,757) |
Restricted stock awards, outstanding at the end of year (in shares) | 668,826 | 651,099 | 660,783 |
Benefit Plans - Status of Unexe
Benefit Plans - Status of Unexercised Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of stock options, outstanding at beginning of year (in shares) | 470,979 | 507,656 | 703,669 |
Number of stock options, granted (in shares) | 41,685 | 43,124 | 42,857 |
Number of stock options, exercised (in shares) | (13,463) | (79,801) | (238,370) |
Number of stock options, forfeited (in shares) | 0 | 0 | 0 |
Number of stock options, expired (in shares) | 0 | 0 | (500) |
Number of stock options, outstanding at the end of year (in shares) | 499,201 | 470,979 | 507,656 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted average exercise price, outstanding at beginning of year (in dollars per share) | $ 18.36 | $ 16.84 | $ 14.70 |
Weighted average exercise price, granted (in dollars per share) | 27.25 | 25.58 | 26.31 |
Weighted average exercise price, exercised (in dollars per share) | 10.35 | 12.61 | 12.22 |
Weighted average exercise price, forfeited (in dollars per share) | 0 | 0 | 0 |
Weighted average exercise price, expired (in dollars per share) | 0 | 0 | 17.94 |
Weighted average exercise price, outstanding at the end of year (in dollars per share) | $ 19.32 | $ 18.36 | $ 16.84 |
Benefit Plans - Stock Options O
Benefit Plans - Stock Options Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
$ 10.34-15.23 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding (in shares) | shares | 148,474 |
Average remaining contractual life | 2 years 2 months 12 days |
Options Outstanding, weighted average exercise price (in dollars per share) | $ 14.88 |
Number of options exercisable (in shares) | shares | 148,474 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 14.88 |
$ 10.34-15.23 | Minimum | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options exercisable, weighted average exercise price (in dollars per share) | 14.50 |
$ 10.34-15.23 | Maximum | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 15.23 |
$ 16.38-26.31 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding (in shares) | shares | 350,726 |
Average remaining contractual life | 6 years 2 months 12 days |
Options Outstanding, weighted average exercise price (in dollars per share) | $ 20.89 |
Number of options exercisable (in shares) | shares | 204,905 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 18.28 |
$ 16.38-26.31 | Minimum | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options exercisable, weighted average exercise price (in dollars per share) | 16.38 |
$ 16.38-26.31 | Maximum | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 27.25 |
Benefit Plans - Weighted Averag
Benefit Plans - Weighted Average Assumptions of Fair Value Option Grants (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Expected dividend yield | 3.38% | 3.13% | 2.89% |
Expected volatility | 22.01% | 20.65% | 20.34% |
Risk-free interest rate | 2.53% | 2.65% | 2.05% |
Expected option life | 8 years | 8 years | 8 years |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
Tax expense as result of the Tax Act | $ 3,900 | ||
Accumulated other comprehensive income, deferred tax (benefit) expense | $ 6,600 | $ (2,400) | (1,400) |
Accumulated other comprehensive income, a deferred tax expense (benefit) | 463 | $ (379) | 315 |
Retained earnings amount for which no provision for income tax has been made | 51,800 | ||
Unrecognized tax liability | 13,400 | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards, limitations on use | $ 197 | ||
Beacon Trust | |||
Operating Loss Carryforwards [Line Items] | |||
Unused capital loss carryforwards | $ 1,500 |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||||||||||
Federal | $ 22,427 | $ 41,578 | $ 4,163 | ||||||||
State | 10,354 | 2,493 | 1,731 | ||||||||
Total current | 32,781 | 44,071 | 5,894 | ||||||||
Deferred: | |||||||||||
Federal | 1,650 | (17,302) | 39,003 | ||||||||
State | 24 | (1,239) | 1,631 | ||||||||
Total deferred | 1,674 | (18,541) | 40,634 | ||||||||
Income tax expense (benefit) | $ 8,026 | $ 9,938 | $ 8,802 | $ 7,689 | $ 6,026 | $ 8,575 | $ 4,568 | $ 6,361 | $ 34,455 | $ 25,530 | $ 46,528 |
Income Taxes - Reconciliation F
Income Taxes - Reconciliation From Statutory Rate to Effective Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Tax expense at statutory rates | $ 30,889 | $ 30,223 | $ 49,167 | ||||||||
Increase (decrease) in taxes resulting from: | |||||||||||
State tax, net of federal income tax benefit | 8,197 | 1,002 | 2,185 | ||||||||
Tax-exempt interest income | (3,082) | (2,839) | (5,097) | ||||||||
Bank-owned life insurance | (1,322) | (1,158) | (2,343) | ||||||||
Enactment of Tax Act | 0 | 0 | 3,912 | ||||||||
Other, net | (227) | (1,698) | (1,296) | ||||||||
Income tax expense (benefit) | $ 8,026 | $ 9,938 | $ 8,802 | $ 7,689 | $ 6,026 | $ 8,575 | $ 4,568 | $ 6,361 | $ 34,455 | $ 25,530 | $ 46,528 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for loan losses | $ 14,313 | $ 13,968 |
Post-retirement benefit | 6,946 | 7,481 |
Deferred compensation | 1,175 | 1,371 |
Purchase accounting adjustments | 1,629 | 1,562 |
Depreciation | 750 | 215 |
SERP | 688 | 694 |
ESOP | 1,606 | 1,929 |
Stock-based compensation | 4,747 | 4,464 |
Non-accrual interest | 417 | 867 |
Unrealized loss on available for sale debt securities | 0 | 3,599 |
Federal Net Operating Loss ("NOL") | 321 | 363 |
Pension liability adjustments | 1,821 | 1,358 |
Other | 1,223 | 2,164 |
Total gross deferred tax assets | 35,636 | 40,035 |
Deferred tax liabilities: | ||
Pension expense | 7,017 | 7,322 |
Deferred loan costs | 5,064 | 4,872 |
Investment securities, principally due to accretion of discounts | 70 | 93 |
Intangibles | 1,393 | 1,159 |
Originated mortgage servicing rights | 140 | 165 |
Unrealized gain on available for sale debt securities | 3,038 | 0 |
Net unrealized gain on hedging activities | 114 | 0 |
Total gross deferred tax liabilities | 16,836 | 13,611 |
Net deferred tax asset | $ 18,800 | $ 26,424 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer, percentage of common equity Tier 1 capital to risk-weighted assets | 2.50% | |
FDIC | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage capital, minimum capital adequacy requirements, Ratio | 4.00% | 4.00% |
Common equity Tier 1 capital to risk-based assets ratio | 4.50% | 4.50% |
Tier 1 risk-based capital, minimum capital adequacy requirements, Ratio | 6.00% | 6.00% |
Total risk-based capital, minimum capital adequacy requirements, Ratio | 8.00% | 8.00% |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Ratio | 5.00% | 5.00% |
Common equity Tier 1 risk-based capital ratio | 6.50% | 6.50% |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 8.00% | 8.00% |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Ratio | 10.00% | 10.00% |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements - Actual Capital Amounts and Ratios and FDIC Minimum Capital Adequacy Requirements (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
FRB | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage capital, Actual Amount | $ 973,214 | $ 953,768 |
Tier 1 leverage capital, Actual Ratio | 10.34% | 10.24% |
Tier 1 leverage capital, minimum capital adequacy requirements, Amount | $ 376,484 | $ 372,458 |
Tier 1 leverage capital, minimum capital adequacy requirements, Ratio | 4.00% | 4.00% |
Tier 1 leverage capital, minimum capital adequacy requirements with capital conservation buffer, Amount | $ 376,484 | $ 372,458 |
Tier 1 leverage capital, minimum capital adequacy requirements with capital conservation buffer, Ratio | 4.00% | 4.00% |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 470,605 | $ 465,573 |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Ratio | 5.00% | 5.00% |
Common equity Tier 1 risk-based capital, Actual Amount | $ 973,214 | $ 953,768 |
Common equity Tier 1 risk-based capital, Actual Ratio | 12.74% | 12.54% |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement, Amount | $ 343,756 | $ 342,277 |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement, Ratio | 4.50% | 4.50% |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement with capital conversation buffer, Amount | $ 534,732 | $ 484,893 |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement with capital conversation buffer, Ratio | 7.00% | 6.38% |
Common equity Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 496,537 | $ 494,400 |
Common equity Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 6.50% | 6.50% |
Tier 1 risk-based capital, Actual Amount | $ 973,214 | $ 953,768 |
Tier 1 risk-based capital, Actual Ratio | 12.74% | 12.54% |
Tier 1 risk-based capital, minimum capital adequacy requirements, Amount | $ 458,342 | $ 456,370 |
Tier 1 risk-based capital, minimum capital adequacy requirements, Ratio | 6.00% | 6.00% |
Tier 1 risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Amount | $ 649,317 | $ 598,985 |
Tier 1 risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Ratio | 8.50% | 7.88% |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 611,122 | $ 608,493 |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 8.00% | 8.00% |
Total risk-based capital, Actual Amount | $ 1,028,879 | $ 1,009,475 |
Total risk-based capital, Actual Ratio | 13.47% | 13.27% |
Total risk-based capital, minimum capital adequacy requirements, Amount | $ 611,122 | $ 608,493 |
Total risk-based capital, minimum capital adequacy requirements, Ratio | 8.00% | 8.00% |
Total risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Amount | $ 802,098 | $ 751,108 |
Total risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Ratio | 10.50% | 9.88% |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Amount | $ 763,903 | $ 760,616 |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Ratio | 10.00% | 10.00% |
FDIC | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage capital, Actual Amount | $ 923,471 | $ 917,659 |
Tier 1 leverage capital, Actual Ratio | 9.81% | 9.86% |
Tier 1 leverage capital, minimum capital adequacy requirements, Amount | $ 376,449 | $ 372,443 |
Tier 1 leverage capital, minimum capital adequacy requirements, Ratio | 4.00% | 4.00% |
Tier 1 leverage capital, minimum capital adequacy requirements with capital conservation buffer, Amount | $ 376,449 | $ 372,443 |
Tier 1 leverage capital, minimum capital adequacy requirements with capital conservation buffer, Ratio | 4.00% | 4.00% |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 470,562 | $ 465,553 |
Tier 1 leverage capital, To be well-capitalized under prompt corrective action provisions, Ratio | 5.00% | 5.00% |
Common equity Tier 1 risk-based capital, Actual Amount | $ 923,471 | $ 917,659 |
Common equity Tier 1 risk-based capital, Actual Ratio | 12.09% | 12.06% |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement, Amount | $ 343,716 | $ 342,279 |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement, Ratio | 4.50% | 4.50% |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement with capital conversation buffer, Amount | $ 534,670 | $ 484,895 |
Common equity Tier 1 risk-based capital, minimum capital adequacy requirement with capital conversation buffer, Ratio | 7.00% | 6.38% |
Common equity Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 496,479 | $ 494,403 |
Common equity Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 6.50% | 6.50% |
Tier 1 risk-based capital, Actual Amount | $ 923,471 | $ 917,659 |
Tier 1 risk-based capital, Actual Ratio | 12.09% | 12.06% |
Tier 1 risk-based capital, minimum capital adequacy requirements, Amount | $ 458,288 | $ 456,372 |
Tier 1 risk-based capital, minimum capital adequacy requirements, Ratio | 6.00% | 6.00% |
Tier 1 risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Amount | $ 649,242 | $ 598,988 |
Tier 1 risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Ratio | 8.50% | 7.88% |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Amount | $ 611,051 | $ 608,496 |
Tier 1 risk-based capital, To be well-capitalized under prompt corrective action provisions, Ratio | 8.00% | 8.00% |
Total risk-based capital, Actual Amount | $ 979,136 | $ 973,366 |
Total risk-based capital, Actual Ratio | 12.82% | 12.80% |
Total risk-based capital, minimum capital adequacy requirements, Amount | $ 611,051 | $ 608,496 |
Total risk-based capital, minimum capital adequacy requirements, Ratio | 8.00% | 8.00% |
Total risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Amount | $ 802,004 | $ 751,113 |
Total risk-based capital, minimum capital adequacy requirements with capital conversation buffer, Ratio | 10.50% | 9.88% |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Amount | $ 763,814 | $ 760,620 |
Total risk-based capital, to be well-capitalized under prompt corrective action provisions, Ratio | 10.00% | 10.00% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Estimated costs | 5.00% |
Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Estimated costs | 10.00% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities at Fair Values (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 976,919 | $ 1,063,079 |
Equity securities, at fair value | 825 | 635 |
Foreclosed assets | 2,715 | 1,565 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 825 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 0 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 0 | |
Measured on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 976,919 | 1,063,079 |
Equity securities, at fair value | 825 | 635 |
Derivative assets | 39,305 | 15,634 |
Assets, fair value disclosure | 1,017,049 | 1,079,348 |
Derivative liabilities | 39,356 | 14,766 |
Measured on a recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Equity securities, at fair value | 825 | 635 |
Derivative assets | 0 | 0 |
Assets, fair value disclosure | 825 | 635 |
Derivative liabilities | 0 | 0 |
Measured on a recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 976,919 | 1,063,079 |
Equity securities, at fair value | 0 | 0 |
Derivative assets | 39,305 | 15,634 |
Assets, fair value disclosure | 1,016,224 | 1,078,713 |
Derivative liabilities | 39,356 | 14,766 |
Measured on a recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Equity securities, at fair value | 0 | 0 |
Derivative assets | 0 | |
Assets, fair value disclosure | 0 | 0 |
Derivative liabilities | 0 | 0 |
Measured on a non-recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 23,118 | 4,285 |
Loans measured for impairment based on the fair value of the underlying collateral | 20,403 | 4,285 |
Foreclosed assets | 2,715 | 1,565 |
Measured on a non-recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
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 | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
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 | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 23,118 | 4,285 |
Loans measured for impairment based on the fair value of the underlying collateral | 20,403 | 4,285 |
Foreclosed assets | 2,715 | 1,565 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 947,430 | 1,034,969 |
Mortgage-backed securities | Measured on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 947,430 | 1,034,969 |
Mortgage-backed securities | Measured on a recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Mortgage-backed securities | Measured on a recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 947,430 | 1,034,969 |
Mortgage-backed securities | Measured on a recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
State and municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 4,079 | 2,912 |
State and municipal obligations | Measured on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 4,079 | 2,912 |
State and municipal obligations | Measured on a recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
State and municipal obligations | Measured on a recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 4,079 | 2,912 |
State and municipal obligations | Measured on a recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 25,410 | 25,198 |
Corporate obligations | Measured on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 25,410 | 25,198 |
Corporate obligations | Measured on a recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Corporate obligations | Measured on a recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 25,410 | 25,198 |
Corporate obligations | Measured on a recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Instruments, Carrying and Fair Values (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | $ 976,919 | $ 1,063,079 |
Investment securities held to maturity | 453,629 | 479,425 |
FHLBNY stock | 57,298 | 68,813 |
Equity securities, at fair value | 825 | 635 |
Loans, net of allowance for loan losses | 7,277,360 | 7,195,026 |
Certificates of deposit | 734,027 | 750,492 |
Total deposits | 7,102,609 | 6,830,122 |
Borrowings | 1,125,146 | 1,442,282 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLBNY stock | 68,813 | |
Equity securities, at fair value | 825 | |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLBNY stock | 0 | |
Equity securities, at fair value | 0 | |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLBNY stock | 0 | |
Equity securities, at fair value | 0 | |
Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 947,430 | 1,034,969 |
Investment securities held to maturity | 118 | 187 |
State and municipal obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 4,079 | 2,912 |
Investment securities held to maturity | 437,074 | 463,801 |
Corporate obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 25,410 | 25,198 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 186,748 | 142,661 |
Available for sale debt securities, at fair value | 976,919 | 1,063,079 |
Investment securities held to maturity | 453,629 | 479,425 |
FHLBNY stock | 57,298 | 68,813 |
Equity securities, at fair value | 825 | 635 |
Loans, net of allowance for loan losses | 7,277,360 | 7,195,026 |
Derivative assets | 39,305 | 15,634 |
Deposits other than certificates of deposits | 6,368,582 | 6,079,630 |
Certificates of deposit | 734,027 | 750,492 |
Total deposits | 7,102,609 | 6,830,122 |
Borrowings | 1,125,146 | 1,442,282 |
Derivative liabilities | 39,356 | 14,766 |
Carrying Value | Agency obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Investment securities held to maturity | 6,599 | 4,989 |
Carrying Value | Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 947,430 | 1,034,969 |
Investment securities held to maturity | 118 | 187 |
Carrying Value | State and municipal obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 4,079 | 2,912 |
Investment securities held to maturity | 437,074 | 463,801 |
Carrying Value | Corporate obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 25,410 | 25,198 |
Investment securities held to maturity | 9,838 | 10,448 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 186,748 | 142,661 |
Available for sale debt securities, at fair value | 976,919 | 1,063,079 |
Investment securities held to maturity | 467,966 | 479,740 |
FHLBNY stock | 57,298 | 68,813 |
Equity securities, at fair value | 825 | 635 |
Loans, net of allowance for loan losses | 7,296,744 | 7,104,380 |
Derivative assets | 39,305 | 15,634 |
Deposits other than certificates of deposits | 6,368,582 | 6,079,630 |
Certificates of deposit | 734,047 | 746,753 |
Total deposits | 7,102,629 | 6,826,383 |
Borrowings | 1,127,569 | 1,431,001 |
Derivative liabilities | 39,356 | 14,766 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 186,748 | 142,661 |
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity | 6,601 | 4,896 |
FHLBNY stock | 57,298 | |
Equity securities, at fair value | 635 | |
Loans, net of allowance for loan losses | 0 | 0 |
Derivative assets | 0 | 0 |
Deposits other than certificates of deposits | 6,368,582 | 6,079,630 |
Certificates of deposit | 0 | 0 |
Total deposits | 6,368,582 | 6,079,630 |
Borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 0 | 0 |
Available for sale debt securities, at fair value | 976,919 | 1,063,079 |
Investment securities held to maturity | 461,365 | 474,844 |
FHLBNY stock | 0 | |
Equity securities, at fair value | 0 | |
Loans, net of allowance for loan losses | 0 | 0 |
Derivative assets | 39,305 | 15,634 |
Deposits other than certificates of deposits | 0 | 0 |
Certificates of deposit | 734,047 | 746,753 |
Total deposits | 734,047 | 746,753 |
Borrowings | 1,127,569 | 1,431,001 |
Derivative liabilities | 39,356 | 14,766 |
Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 0 | 0 |
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
FHLBNY stock | 0 | |
Equity securities, at fair value | 0 | |
Loans, net of allowance for loan losses | 7,296,744 | 7,104,380 |
Derivative assets | 0 | 0 |
Deposits other than certificates of deposits | 0 | 0 |
Certificates of deposit | 0 | 0 |
Total deposits | 0 | 0 |
Borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value | Agency obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Investment securities held to maturity | 6,601 | 4,896 |
Fair Value | Agency obligations | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Investment securities held to maturity | 6,601 | 4,896 |
Fair Value | Agency obligations | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Investment securities held to maturity | 0 | 0 |
Fair Value | Agency obligations | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Investment securities held to maturity | 0 | 0 |
Fair Value | Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 947,430 | 1,034,969 |
Investment securities held to maturity | 122 | 190 |
Fair Value | Mortgage-backed securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Fair Value | Mortgage-backed securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 947,430 | 1,034,969 |
Investment securities held to maturity | 122 | 190 |
Fair Value | Mortgage-backed securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Fair Value | State and municipal obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 4,079 | 2,912 |
Investment securities held to maturity | 451,353 | 464,363 |
Fair Value | State and municipal obligations | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Fair Value | State and municipal obligations | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 4,079 | 2,912 |
Investment securities held to maturity | 451,353 | 464,363 |
Fair Value | State and municipal obligations | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Fair Value | Corporate obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 25,410 | 25,198 |
Investment securities held to maturity | 9,890 | 10,291 |
Fair Value | Corporate obligations | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Fair Value | Corporate obligations | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 25,410 | 25,198 |
Investment securities held to maturity | 9,890 | 10,291 |
Fair Value | Corporate obligations | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity | $ 0 | $ 0 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 90,385 | $ 93,026 | $ 95,648 | $ 92,411 | $ 93,922 | $ 91,261 | $ 88,315 | $ 86,331 | $ 371,470 | $ 359,829 | $ 323,846 |
Interest expense | 17,502 | 19,498 | 19,093 | 17,404 | 16,589 | 15,475 | 14,035 | 13,054 | 73,497 | 59,153 | 45,644 |
Net interest income | 72,883 | 73,528 | 76,555 | 75,007 | 77,333 | 75,786 | 74,280 | 73,277 | 297,973 | 300,676 | 278,202 |
Provision for loan losses | 2,900 | 500 | 9,500 | 200 | 1,800 | 1,000 | 15,500 | 5,400 | 13,100 | 23,700 | 5,600 |
Net interest income after provision for loan losses | 69,983 | 73,028 | 67,055 | 74,807 | 75,533 | 74,786 | 58,780 | 67,877 | 284,873 | 276,976 | 272,602 |
Non-interest income | 17,725 | 18,047 | 15,834 | 12,188 | 15,616 | 15,916 | 13,837 | 13,307 | 63,794 | 58,676 | 55,697 |
Non-interest expense | 53,731 | 49,738 | 49,694 | 48,416 | 49,360 | 46,659 | 48,806 | 46,910 | 201,579 | 191,735 | 187,822 |
Income before income tax expense | 33,977 | 41,337 | 33,195 | 38,579 | 41,789 | 44,043 | 23,811 | 34,274 | 147,088 | 143,917 | 140,477 |
Income tax expense | 8,026 | 9,938 | 8,802 | 7,689 | 6,026 | 8,575 | 4,568 | 6,361 | 34,455 | 25,530 | 46,528 |
Net income | $ 25,951 | $ 31,399 | $ 24,393 | $ 30,890 | $ 35,763 | $ 35,468 | $ 19,243 | $ 27,913 | $ 112,633 | $ 118,387 | $ 93,949 |
Basic earnings per share (in dollars per share) | $ 0.40 | $ 0.49 | $ 0.38 | $ 0.48 | $ 0.55 | $ 0.55 | $ 0.30 | $ 0.43 | $ 1.74 | $ 1.82 | $ 1.46 |
Diluted earnings per share (in dollars per share) | $ 0.40 | $ 0.49 | $ 0.38 | $ 0.48 | $ 0.55 | $ 0.54 | $ 0.30 | $ 0.43 | $ 1.74 | $ 1.82 | $ 1.45 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 25,951 | $ 31,399 | $ 24,393 | $ 30,890 | $ 35,763 | $ 35,468 | $ 19,243 | $ 27,913 | $ 112,633 | $ 118,387 | $ 93,949 |
Basic weighted average common shares outstanding (in shares) | 64,604,224 | 64,942,886 | 64,384,851 | ||||||||
Dilutive shares (in shares) | 130,367 | 160,211 | 194,371 | ||||||||
Diluted weighted average common shares outstanding (in shares) | 64,734,591 | 65,103,097 | 64,579,222 | ||||||||
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ 0.40 | $ 0.49 | $ 0.38 | $ 0.48 | $ 0.55 | $ 0.55 | $ 0.30 | $ 0.43 | $ 1.74 | $ 1.82 | $ 1.46 |
Diluted (in dollars per share) | $ 0.40 | $ 0.49 | $ 0.38 | $ 0.48 | $ 0.55 | $ 0.54 | $ 0.30 | $ 0.43 | $ 1.74 | $ 1.82 | $ 1.45 |
Anti-dilutive stock options and awards excluded from computation of earnings per share (in shares) | 646,457 | 443,748 | 369,772 |
Parent-only Financial Informa_3
Parent-only Financial Information - Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Cash and due from banks | $ 131,555 | $ 86,195 | ||
Available for sale debt securities, at fair value | 976,919 | 1,063,079 | ||
Other assets | 136,291 | 73,703 | ||
Total assets | 9,808,578 | 9,725,769 | ||
Liabilities and Stockholders’ Equity | ||||
Other liabilities | 140,179 | 68,817 | ||
Total stockholders’ equity | 1,413,840 | 1,358,980 | $ 1,298,661 | $ 1,251,781 |
Total liabilities and stockholders’ equity | 9,808,578 | 9,725,769 | ||
Provident Financial Services, Inc. | ||||
Assets | ||||
Cash and due from banks | 29,723 | 7,569 | ||
Available for sale debt securities, at fair value | 825 | 635 | ||
Investment in subsidiary | 1,364,097 | 1,322,871 | ||
ESOP loan | 31,113 | 36,756 | ||
Other assets | 37 | 92 | ||
Total assets | 1,425,795 | 1,367,923 | ||
Liabilities and Stockholders’ Equity | ||||
Due to subsidiary—SAP | 11,741 | 7,996 | ||
Other liabilities | 214 | 947 | ||
Total stockholders’ equity | 1,413,840 | 1,358,980 | ||
Total liabilities and stockholders’ equity | $ 1,425,795 | $ 1,367,923 |
Parent-only Financial Informa_4
Parent-only Financial Information - Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total interest income | $ 90,385 | $ 93,026 | $ 95,648 | $ 92,411 | $ 93,922 | $ 91,261 | $ 88,315 | $ 86,331 | $ 371,470 | $ 359,829 | $ 323,846 |
Non-interest expense | 53,731 | 49,738 | 49,694 | 48,416 | 49,360 | 46,659 | 48,806 | 46,910 | 201,579 | 191,735 | 187,822 |
Income tax expense | 8,026 | 9,938 | 8,802 | 7,689 | 6,026 | 8,575 | 4,568 | 6,361 | 34,455 | 25,530 | 46,528 |
Net income | $ 25,951 | $ 31,399 | $ 24,393 | $ 30,890 | $ 35,763 | $ 35,468 | $ 19,243 | $ 27,913 | 112,633 | 118,387 | 93,949 |
Provident Financial Services, Inc. | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiary | 72,809 | 53,604 | 59,980 | ||||||||
Interest income | 1,470 | 1,657 | 1,839 | ||||||||
Investment gain | 162 | 2,294 | 17 | ||||||||
Total interest income | 74,441 | 57,555 | 61,836 | ||||||||
Non-interest expense | 1,192 | 1,049 | 1,021 | ||||||||
Total expense | 1,192 | 1,049 | 1,021 | ||||||||
Income before income tax expense | 73,249 | 56,506 | 60,815 | ||||||||
Income tax expense | 127 | 692 | 312 | ||||||||
Income before undistributed net income of subsidiary | 73,122 | 55,814 | 60,503 | ||||||||
Earnings in excess of dividends (equity in undistributed net income) of subsidiary | 39,511 | 62,573 | 33,446 | ||||||||
Net income | $ 112,633 | $ 118,387 | $ 93,949 |
Parent-only Financial Informa_5
Parent-only Financial Information - Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 25,951 | $ 31,399 | $ 24,393 | $ 30,890 | $ 35,763 | $ 35,468 | $ 19,243 | $ 27,913 | $ 112,633 | $ 118,387 | $ 93,949 |
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
ESOP expense | 4,533 | 4,516 | 4,600 | ||||||||
SAP allocation | 6,671 | 6,046 | 4,963 | ||||||||
Stock option allocation | 181 | 190 | 203 | ||||||||
Decrease (increase) in other assets | (46,237) | 5,266 | (52,078) | ||||||||
(Decrease) increase in other liabilities | 25,312 | 4,817 | 6,142 | ||||||||
Net cash provided by operating activities | 136,925 | 155,719 | 117,220 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash provided by (used in) investing activities | 42,867 | 46,705 | (306,337) | ||||||||
Cash flows from financing activities: | |||||||||||
Purchases of treasury stock | (19,867) | (13,172) | (443) | ||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,985) | (1,896) | (778) | ||||||||
Cash dividends paid | (72,809) | (53,604) | (59,980) | ||||||||
Shares issued dividend reinvestment plan | 2,230 | 1,709 | 2,114 | ||||||||
Stock options exercised | 139 | 1,007 | 2,954 | ||||||||
Net cash (used in) provided by financing activities | (135,705) | (250,597) | 235,654 | ||||||||
Cash and cash equivalents at beginning of period | 142,661 | 190,834 | 142,661 | 190,834 | 144,297 | ||||||
Cash and cash equivalents at end of period | 186,748 | 142,661 | 186,748 | 142,661 | 190,834 | ||||||
Provident Financial Services, Inc. | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 112,633 | 118,387 | 93,949 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Earnings in excess of dividends (equity in undistributed net income) of subsidiary | (39,511) | (62,573) | (33,446) | ||||||||
ESOP expense | 4,533 | 4,516 | 4,600 | ||||||||
SAP allocation | 6,671 | 6,046 | 4,963 | ||||||||
Stock option allocation | 181 | 190 | 203 | ||||||||
Increase in due to subsidiary—SAP | 3,745 | 3,577 | 1,415 | ||||||||
Decrease (increase) in other assets | 21,285 | (18,598) | (34,919) | ||||||||
(Decrease) increase in other liabilities | (734) | 396 | (114) | ||||||||
Net cash provided by operating activities | 108,803 | 51,941 | 36,651 | ||||||||
Cash flows from investing activities: | |||||||||||
Net decrease in ESOP loan | 5,643 | 4,663 | 4,552 | ||||||||
Net cash provided by (used in) investing activities | 5,643 | 4,663 | 4,552 | ||||||||
Cash flows from financing activities: | |||||||||||
Purchases of treasury stock | (19,867) | (13,172) | (443) | ||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,985) | (1,896) | (778) | ||||||||
Cash dividends paid | (72,809) | (53,604) | (59,980) | ||||||||
Shares issued dividend reinvestment plan | 2,230 | 1,709 | 2,114 | ||||||||
Stock options exercised | 139 | 1,007 | 2,954 | ||||||||
Net cash (used in) provided by financing activities | (92,292) | (65,956) | (56,133) | ||||||||
Net increase (decrease) in cash and cash equivalents | 22,154 | (9,352) | (14,930) | ||||||||
Cash and cash equivalents at beginning of period | $ 7,569 | $ 16,921 | 7,569 | 16,921 | 31,851 | ||||||
Cash and cash equivalents at end of period | $ 29,723 | $ 7,569 | $ 29,723 | $ 7,569 | $ 16,921 |
Other Comprehensive Loss - Sche
Other Comprehensive Loss - Schedule of Components of OCI (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrealized losses on available for sale debt securities: | |||
Net gains (losses) arising during the period | $ 24,987 | $ (8,425) | $ (3,612) |
Reclassification adjustment for gains included in net income | 0 | 0 | 0 |
Total | 24,987 | (8,425) | (3,612) |
Unrealized (losses) gains on derivatives (cash flow hedges) | (780) | ||
Unrealized (losses) gains on derivatives (cash flow hedges) | 304 | 633 | |
Amortization related to post-retirement obligations | (2,176) | 1,678 | (1,475) |
Total other comprehensive loss | 22,031 | (6,443) | (4,454) |
Unrealized losses on available for sale debt securities: | |||
Net gains (losses) arising during the period | (6,636) | 2,296 | 1,449 |
Reclassification adjustment for gains included in net income | 0 | 0 | 0 |
Total | (6,636) | 2,296 | 1,449 |
Unrealized (losses) gains on derivatives (cash flow hedges) | 201 | ||
Unrealized (losses) gains on derivatives (cash flow hedges) | (83) | (254) | |
Amortization related to post-retirement obligations | 561 | (457) | 586 |
Total other comprehensive loss | (5,874) | 1,756 | 1,781 |
Unrealized losses on available for sale debt securities: | |||
Net gains (losses) arising during the period | 18,351 | (6,129) | (2,163) |
Reclassification adjustment for gains included in net income | 0 | 0 | 0 |
Total | 18,351 | (6,129) | (2,163) |
Unrealized (losses) gains on derivatives (cash flow hedges) | (579) | ||
Unrealized (losses) gains on derivatives (cash flow hedges) | (579) | 221 | 379 |
Amortization related to post-retirement obligations | (1,615) | 1,221 | (889) |
Total other comprehensive income (loss) | $ 16,157 | $ (4,687) | $ (2,673) |
Other Comprehensive Loss - Chan
Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | $ 1,358,980 | $ 1,298,661 | $ 1,251,781 |
Current period change in other comprehensive income (loss) | 16,157 | (4,687) | (2,673) |
Balance at the end of the period | 1,413,840 | 1,358,980 | 1,298,661 |
Unrealized Losses on Available for Sale Debt Securities | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | (9,605) | (3,292) | |
Current period change in other comprehensive income (loss) | 18,351 | (6,129) | |
Effect of adopting ASU No. 2016-02 | 0 | (184) | |
Balance at the end of the period | 8,746 | (9,605) | (3,292) |
Post-Retirement Obligations | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | (3,625) | (4,846) | |
Current period change in other comprehensive income (loss) | (1,615) | 1,221 | |
Effect of adopting ASU No. 2016-02 | 0 | 0 | |
Balance at the end of the period | (5,240) | (3,625) | (4,846) |
Unrealized gains (losses) on Derivatives (cash flow hedges) | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | 894 | 673 | |
Current period change in other comprehensive income (loss) | (579) | 221 | |
Effect of adopting ASU No. 2016-02 | 0 | 0 | |
Balance at the end of the period | 315 | 894 | 673 |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Balance at the beginning of the period | (12,336) | (7,465) | (3,397) |
Current period change in other comprehensive income (loss) | 16,157 | (4,687) | (2,673) |
Effect of adopting ASU No. 2016-02 | 0 | (184) | |
Balance at the end of the period | $ 3,821 | $ (12,336) | $ (7,465) |
Other Comprehensive Loss - Recl
Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Net gain on securities transactions | $ 72 | $ 2,221 | $ 57 | ||||||||
Income tax expense (benefit) | $ (8,026) | $ (9,938) | $ (8,802) | $ (7,689) | $ (6,026) | $ (8,575) | $ (4,568) | $ (6,361) | (34,455) | (25,530) | (46,528) |
Net of tax | $ 25,951 | $ 31,399 | $ 24,393 | $ 30,890 | $ 35,763 | $ 35,468 | $ 19,243 | $ 27,913 | 112,633 | 118,387 | 93,949 |
Compensation and employee benefits | 116,849 | 111,496 | 109,353 | ||||||||
Securities available for sale | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Net gain on securities transactions | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Net of tax | 0 | 0 | 0 | ||||||||
Post-retirement obligations - Amortization of actuarial losses | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Income tax expense (benefit) | 49 | 109 | 64 | ||||||||
Net of tax | (140) | (290) | (179) | ||||||||
Compensation and employee benefits | $ 189 | $ 399 | $ 243 |
Derivative and Hedging Activi_3
Derivative and Hedging Activities - Fair Value of Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 38,877 | $ 14,405 |
Liability Derivatives | 39,356 | 14,766 |
Derivatives Not Designated as Hedging Instrument | Other Assets | Interest Rate Products | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 38,830 | 14,154 |
Derivatives Not Designated as Hedging Instrument | Other Assets | Credit Risk Contract | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 47 | 251 |
Derivatives Not Designated as Hedging Instrument | Other Liabilities | Interest Rate Products | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 39,356 | 14,766 |
Derivatives Not Designated as Hedging Instrument | Other Liabilities | Credit Risk Contract | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 428 | 1,229 |
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument | Other Assets | Interest Rate Products | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 428 | 1,229 |
Designated as Hedging Instrument | Other Liabilities | Interest Rate Products | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | $ 0 |
Derivative and Hedging Activi_4
Derivative and Hedging Activities - Gains and Losses on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | $ (117) | $ (351) | $ (420) |
Derivatives Not Designated as Hedging Instrument | Interest Rate Products | Other Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | (64) | (414) | (422) |
Derivatives Not Designated as Hedging Instrument | Credit Risk Contract | Other Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | (53) | 63 | 2 |
Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | 158 | 312 | (205) |
Designated as Hedging Instrument | Interest Rate Products | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in Income on derivatives | $ 158 | $ 312 | $ (205) |
Derivative and Hedging Activi_5
Derivative and Hedging Activities - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)instrumentcounterparty | Dec. 31, 2018USD ($)instrument | |
Derivative [Line Items] | ||
Amounts reclassified from AOCI to Income | $ 193,000 | |
Number of counterparties | counterparty | 4 | |
Derivatives Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Credit derivatives, fair value | $ 47,323 | $ 251,000 |
Derivative liabilities | 37,200,000 | |
Collateral against obligations | 41,000,000 | |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Aggregate notional amount for derivative liability | $ 130,000,000 | |
Number of derivative liability instruments held | instrument | 5 | |
Interest Rate Products | Derivatives Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Number of derivative instruments held | instrument | 92 | 62 |
Aggregate notional amount | $ 1,610,000,000 | $ 1,010,000,000 |
Credit Risk Contract | Derivatives Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Number of derivative instruments held | instrument | 13 | 7 |
Aggregate notional amount | $ 106,000,000 | $ 66,800,000 |
Revenue Recognition (Summary of
Revenue Recognition (Summary of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer [Abstract] | |||||||||||
Percentage of total revenue excluded from adoption of 606 | 85.00% | 86.00% | 85.00% | ||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | $ 41,354 | $ 37,284 | $ 36,481 | ||||||||
Other income | 22,440 | 21,392 | 19,216 | ||||||||
Total non-interest income | $ 17,725 | $ 18,047 | $ 15,834 | $ 12,188 | $ 15,616 | $ 15,916 | $ 13,837 | $ 13,307 | 63,794 | 58,676 | 55,697 |
Wealth Management Fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 22,503 | 17,957 | 17,604 | ||||||||
Service charges on deposit accounts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 13,117 | 13,330 | 13,120 | ||||||||
Debit card and ATM fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | 5,734 | 5,997 | 5,757 | ||||||||
Banking service charges and other fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contract with customer | $ 18,851 | $ 19,327 | $ 18,877 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | |||
Operating lease, right-of-use asset | $ 44,900 | $ 41,754 | |
Present value of net future minimum lease payments | 46,100 | $ 42,815 | |
Deferred gain associated with sales leaseback transactions | $ 5,900 | ||
Weighted average remaining lease term | 9 years 6 months | ||
Weighted average discount rate | 3.47% | ||
2020 | $ 8,000 | ||
2021 | 7,600 | ||
2022 | 5,400 | ||
2023 | 3,800 | ||
2024 | 3,400 | ||
After 2024 | $ 10,700 | ||
T&L | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, right-of-use asset | $ 1,900 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Operating lease, right-of-use asset | $ 41,754 | $ 44,900 |
Operating lease liabilities | $ 42,815 | $ 46,100 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow and Lease Cost Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 8,433 |
Variable lease cost | 2,765 |
Total Lease Cost | 11,198 |
Operating cash flows from operating leases | $ 8,304 |
Leases - Schedule of Minimum Pa
Leases - Schedule of Minimum Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2020 | $ 8,316 | |
2021 | 6,064 | |
2022 | 5,263 | |
2023 | 4,752 | |
2024 | 4,346 | |
Thereafter | 22,195 | |
Total future minimum lease payments | 50,936 | |
Amounts representing interest | 8,121 | |
Present value of net future minimum lease payments | $ 42,815 | $ 46,100 |
Uncategorized Items - pfs-20191
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 184,000 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (184,000) |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnOperatingResults | 4,350,000 |
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnOperatingResults | 4,350,000 |
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 1,395,000 |
Accounting Standards Update 2018-02 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,395,000) |
Accounting Standards Update 2016-01 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |