Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-31566 | |
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 | |
Trading Symbol | PFS | |
Security Exchange Name | NYSE | |
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 | 65,909,039 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001178970 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 237,083 | $ 131,555 |
Short-term investments | 133,494 | 55,193 |
Total cash and cash equivalents | 370,577 | 186,748 |
Available for sale debt securities, at fair value | 989,833 | 976,919 |
Held to maturity debt securities, net (fair value of $459,224 at March 31, 2020 (unaudited) and $467,966 at December 31, 2019) | 445,444 | 453,629 |
Total Portfolio | 445,444 | 453,629 |
Equity securities, at fair value | 685 | 825 |
Federal Home Loan Bank stock | 61,198 | 57,298 |
Loans | 7,372,044 | 7,332,885 |
Less allowance for credit losses | 75,143 | 55,525 |
Loans, net of allowance for credit losses | 7,296,901 | 7,277,360 |
Net loans | 7,296,901 | 7,277,360 |
Foreclosed assets, net | 4,219 | 2,715 |
Banking premises and equipment, net | 54,350 | 55,210 |
Accrued interest receivable | 27,799 | 29,031 |
Intangible assets | 436,278 | 437,019 |
Bank-owned life insurance | 195,459 | 195,533 |
Other assets | 202,143 | 136,291 |
Total assets | 10,084,886 | 9,808,578 |
Deposits: | ||
Demand deposits | 5,523,150 | 5,384,868 |
Savings deposits | 990,844 | 983,714 |
Certificates of deposit of $100,000 or more | 406,122 | 438,551 |
Other time deposits | 290,644 | 295,476 |
Total deposits | 7,210,760 | 7,102,609 |
Mortgage escrow deposits | 28,470 | 26,804 |
Borrowed funds | 1,213,777 | 1,125,146 |
Other liabilities | 219,290 | 140,179 |
Total liabilities | 8,672,297 | 8,394,738 |
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 65,770,728 shares outstanding at March 31, 2020 and 65,787,900 outstanding at December 31, 2019 | 832 | 832 |
Additional paid-in capital | 1,008,582 | 1,007,303 |
Retained earnings | 686,397 | 695,273 |
Accumulated other comprehensive income | 14,938 | 3,821 |
Treasury stock | (274,044) | (268,504) |
Unallocated common stock held by the Employee Stock Ownership Plan | (24,116) | (24,885) |
Common stock acquired by the Directors’ Deferred Fee Plan | (3,666) | (3,833) |
Deferred compensation – Directors’ Deferred Fee Plan | 3,666 | 3,833 |
Total stockholders’ equity | 1,412,589 | 1,413,840 |
Total liabilities and stockholders’ equity | $ 10,084,886 | $ 9,808,578 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Held to maturity debt securities, fair value | $ 459,224 | $ 467,966 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
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) | 65,770,728 | 65,787,900 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest income: | ||
Real estate secured loans | $ 54,441 | $ 55,006 |
Commercial loans | 18,672 | 20,510 |
Consumer loans | 4,172 | 4,783 |
Available for sale debt securities, equity securities and Federal Home Loan Bank Stock | 7,069 | 8,409 |
Held to maturity debt securities | 2,940 | 3,162 |
Deposits, Federal funds sold and other short-term investments | 875 | 541 |
Total interest income | 88,169 | 92,411 |
Interest expense: | ||
Deposits | 10,958 | 10,494 |
Borrowed funds | 5,190 | 6,910 |
Total interest expense | 16,148 | 17,404 |
Net interest income | 72,021 | 75,007 |
Provision for credit losses | 14,717 | 200 |
Net interest income after credit loss expense | 57,304 | 74,807 |
Non-interest income: | ||
Fees | 6,529 | 6,097 |
Wealth management income | 6,251 | 4,079 |
Bank-owned life insurance | 787 | 1,696 |
Net gain on securities transactions | 11 | 0 |
Other income | 3,413 | 316 |
Total non-interest income | 16,991 | 12,188 |
Non-interest expense: | ||
Compensation and employee benefits | 31,195 | 28,369 |
Net occupancy expense | 6,203 | 6,857 |
Data processing expense | 4,430 | 3,969 |
FDIC insurance | 0 | 739 |
Amortization of intangibles | 744 | 490 |
Advertising and promotion expense | 1,369 | 883 |
Provision for credit losses for off-balance sheet credit exposure | 1,000 | 0 |
Other operating expenses | 9,166 | 7,109 |
Total non-interest expense | 54,107 | 48,416 |
Income before income tax expense | 20,188 | 38,579 |
Income tax expense | 5,257 | 7,689 |
Net income | $ 14,931 | $ 30,890 |
Basic earnings per share (usd per share) | $ 0.23 | $ 0.48 |
Weighted average basic shares outstanding (in shares) | 64,386,138 | 64,766,619 |
Diluted earnings per share (usd per share) | $ 0.23 | $ 0.48 |
Weighted average diluted shares outstanding (in shares) | 64,457,263 | 64,912,738 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 14,931 | $ 30,890 |
Unrealized gains on available for sale debt securities: | ||
Net unrealized gains arising during the period | 16,746 | 7,578 |
Reclassification adjustment for gains included in net income | 0 | 0 |
Total | 16,746 | 7,578 |
Unrealized losses on derivatives | (5,713) | (314) |
Amortization related to post-retirement obligations | 84 | (12) |
Total other comprehensive income | 11,117 | 7,252 |
Total comprehensive income | $ 26,048 | $ 38,142 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Unallocated ESOP Shares | Common Stock Acquired By Directors Deferred Fee Plan | Deferred Compensation DDFP |
Balance at December 31, at Dec. 31, 2018 | $ 1,358,980 | $ 832 | $ 1,021,533 | $ 651,099 | $ (12,336) | $ (272,470) | $ (29,678) | $ (4,504) | $ 4,504 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 30,890 | 30,890 | |||||||
Other comprehensive income (loss), net of tax | 7,252 | 7,252 | |||||||
Cash dividends paid | (28,964) | (28,964) | |||||||
Distributions from Deferred directors fee plan ("DDFP") | 42 | 42 | 167 | (167) | |||||
Purchases of treasury stock | (180) | (180) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,914) | (1,914) | |||||||
Shares issued dividend reinvestment plan | 840 | 307 | 533 | ||||||
Stock option exercises | 15 | (11) | 26 | ||||||
Allocation of ESOP shares | 1,075 | 370 | 705 | ||||||
Allocation of SAP shares | 1,388 | 1,388 | |||||||
Allocation of stock options | 42 | 42 | |||||||
Balance at March 31, at Mar. 31, 2019 | 1,373,816 | 832 | 1,023,671 | 657,375 | (5,084) | (274,005) | (28,973) | (4,337) | 4,337 |
Balance at December 31, at Dec. 31, 2019 | 1,413,840 | 832 | 1,007,303 | 695,273 | 3,821 | (268,504) | (24,885) | (3,833) | 3,833 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 14,931 | 14,931 | |||||||
Other comprehensive income (loss), net of tax | 11,117 | 11,117 | |||||||
Cash dividends paid | (15,496) | (15,496) | |||||||
Distributions from Deferred directors fee plan ("DDFP") | 37 | 37 | 167 | (167) | |||||
Purchases of treasury stock | (4,985) | (4,985) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (956) | (956) | |||||||
Shares issued dividend reinvestment plan | 451 | 50 | 401 | ||||||
Allocation of ESOP shares | 921 | 152 | 769 | ||||||
Allocation of SAP shares | 993 | 993 | |||||||
Allocation of stock options | 47 | 47 | |||||||
Balance at March 31, at Mar. 31, 2020 | $ 1,412,589 | $ 832 | $ 1,008,582 | $ 686,397 | $ 14,938 | $ (274,044) | $ (24,116) | $ (3,666) | $ 3,666 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 14,931 | $ 30,890 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of intangibles | 2,494 | 2,454 |
Provision for credit losses | 14,717 | 200 |
Provision for credit loss for off-balance sheet credit exposure | 1,000 | 0 |
Deferred tax (benefit) expense | (1,492) | 3,184 |
Amortization of operating lease right-of-use assets | 2,130 | 2,050 |
Income on Bank-owned life insurance | (787) | (1,696) |
Net amortization of premiums and discounts on securities | 1,913 | 1,756 |
Accretion of net deferred loan fees | (1,521) | (1,220) |
Amortization of premiums on purchased loans, net | 192 | 160 |
Net increase in loans originated for sale | (4,022) | (3,942) |
Proceeds from sales of loans originated for sale | 4,335 | 4,215 |
Proceeds from sales and paydowns of foreclosed assets | 256 | 585 |
ESOP expense | 921 | 1,075 |
Allocation of stock award shares | 993 | 1,388 |
Allocation of stock options | 47 | 42 |
Net gain on sale of loans | (313) | (273) |
Net gain on securities transactions | (11) | 0 |
Net gain on sale of premises and equipment | (641) | 0 |
Net gain on sale of foreclosed assets | (29) | (57) |
Decrease in accrued interest receivable | 1,232 | 295 |
(Increase) decrease in other assets | (82,099) | 4,042 |
Decrease (increase) in other liabilities | 79,111 | (13,780) |
Net cash provided by operating activities | 33,357 | 31,368 |
Cash flows from investing activities: | ||
Proceeds from maturities, calls and paydowns of held to maturity debt securities | 17,225 | 11,432 |
Purchases of held to maturity debt securities | (9,674) | (5,780) |
Proceeds from maturities and paydowns of available for sale debt securities | 64,466 | 40,258 |
Purchases of available for sale debt securities | (56,172) | (50,384) |
Proceeds from redemption of Federal Home Loan Bank stock | 28,549 | 31,536 |
Purchases of Federal Home Loan Bank stock | (32,449) | (31,357) |
BOLI claim benefits received | 1,985 | 0 |
Net (increase) decrease in loans | (39,897) | 27,579 |
Proceeds from sales of premises and equipment | 641 | 0 |
Purchases of premises and equipment | (1,664) | (593) |
Net cash (used in) provided by investing activities | (26,990) | 22,691 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ||
Net increase in deposits | 108,151 | 73,334 |
Increase in mortgage escrow deposits | 1,666 | 1,795 |
Cash dividends paid to stockholders | (15,496) | (28,964) |
Shares issued dividend reinvestment plan | 451 | 840 |
Purchase of treasury stock | (4,985) | (180) |
Purchase of employee restricted shares to fund statutory tax withholding | (956) | (1,914) |
Stock options exercised | 0 | 15 |
Proceeds from long-term borrowings | 632,554 | 85,000 |
Payments on long-term borrowings | (300,159) | (213,360) |
Net (decrease) increase in short-term borrowings | (243,764) | 84,568 |
Net cash provided by financing activities | 177,462 | 1,134 |
Net increase in cash and cash equivalents | 183,829 | 55,193 |
Cash and cash equivalents at beginning of period | 186,748 | 142,661 |
Cash and cash equivalents at end of period | 370,577 | 197,854 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 15,819 | 17,377 |
Income taxes | 115 | 100 |
Non-cash investing activities: | ||
Initial recognition of operating lease right-of-use assets | 0 | 44,946 |
Initial recognition of operating lease liabilities | 0 | 46,050 |
Transfer of loans receivable to foreclosed assets | $ 2,067 | $ 227 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies A. Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results of operations that may be expected for all of 2020. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the December 31, 2019 Annual Report to Stockholders on Form 10-K. B. Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2020 and 2019 (dollars in thousands, except per share amounts): Three months ended March 31, 2020 2019 Net Weighted Per Net Weighted Per Net income $ 14,931 $ 30,890 Basic earnings per share: Income available to common stockholders $ 14,931 64,386,138 $ 0.23 $ 30,890 64,766,619 $ 0.48 Dilutive shares 71,125 146,119 Diluted earnings per share: Income available to common stockholders $ 14,931 64,457,263 $ 0.23 $ 30,890 64,912,738 $ 0.48 Anti-dilutive stock options and awards at March 31, 2020 and 2019, totaling 905,673 shares and 688,655 shares, respectively, were excluded from the earnings per share calculations. C. Loans Receivable and Allowance for Credit Losses On January 1, 2020, the Company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments,” which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The Company used the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL, while prior period amounts continue to be recorded with previously applicable GAAP. Further information regarding the impact of CECL can be found in Note 3. Investment Securities, Note 4. Loans Receivable and Note 8. Off-balance sheet credit exposures. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations SB One Bancorp Acquisition On March 11, 2020, the Company entered into a definitive merger agreement pursuant to which SB One Bancorp ("SB One") will merge with and into the Company, and SB One Bank, a wholly owned subsidiary of SB One, will merge with and into Provident Bank, a wholly owned subsidiary of the Company. The merger agreement has been unanimously approved by the boards of directors of both companies. The actual value of the Company’s common stock to be recorded as consideration in the Merger will be based on the closing price of the Company’s common stock at the time of the Merger completion date. Under the Merger Agreement, each share of SB One common stock will be exchanged for 1.357 shares of the Company's common stock plus cash in lieu of fractional shares. The merger is expected to close in the third quarter of 2020, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approval by the shareholders of SB One. At December 31, 2019, SB One had $2.0 billion in assets and operated 18 full-service banking offices in New Jersey and New York. Acquisition of Tirschwell & Loewy, Inc. On April 1, 2019, Beacon Trust Company ("Beacon") completed its acquisition of certain assets of Tirschwell & Loewy, Inc. ("T&L"), a New York City-based independent registered investment adviser. Beacon is a wholly owned subsidiary of Provident Bank. This acquisition expanded the Company’s wealth management business by $822.4 million of assets under management at the time of acquisition. The T&L 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 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities At March 31, 2020, the Company had $989.8 million and $445.4 million in available for sale debt securities and held to maturity debt securities, respectively. Many factors, including lack of liquidity in the secondary market for certain securities, variations in pricing information, regulatory actions, changes in the business environment or any changes in the competitive marketplace could have an adverse effect on the Company’s investment portfolio. The total number of available for sale and held to maturity debt securities in an unrealized loss position at March 31, 2020 totaled 41, compared with 85 at December 31, 2019. On January 1, 2020, the Company adopted CECL which replaces the incurred loss methodology with an expected loss methodology. The adoption of the new standard resulted in the Company recording a $70,000 increase to the allowance for credit losses on held to maturity debt securities with a corresponding cumulative effect adjustment to decrease retained earnings by $52,000, net of income taxes. (See Adoption of CECL table below for additional detail.) Management measures expected credit losses on held to maturity debt securities on a collective basis by security type. Management classifies the held-to-maturity debt securities portfolio into the following security types: • Agency obligations; • Mortgage-backed securities; • State and municipal obligations; and • Corporate obligations. All of the agency obligations held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The majority of the state and municipal, and corporate obligations carry no lower than A ratings. At March 31, 2020, the Company had one security rated with a triple-B by Moody’s Investors Service. The Company adopted CECL using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remains the same before and after the effective date of CECL. Available for Sale Debt Securities The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Amortized Gross Gross Fair Mortgage-backed securities $ 926,561 34,130 (514) 960,177 State and municipal obligations 3,894 155 — 4,049 Corporate obligations 25,030 614 (37) 25,607 $ 955,485 34,899 (551) 989,833 December 31, 2019 Amortized Gross Gross Fair 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 The amortized cost and fair value of available for sale debt securities at March 31, 2020, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. March 31, 2020 Amortized Fair Due in one year or less $ — — Due after one year through five years 3,002 3,040 Due after five years through ten years 25,922 26,616 Due after ten years — — $ 28,924 29,656 Mortgage-backed securities totaling $926.6 million at amortized cost and $960.2 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 the three month periods ended March 31, 2020 and 2019, no securities were sold or called from the available for sale debt securities portfolio. The following tables present the fair values and gross unrealized losses for available for sale debt securities in an unrealized loss position at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Mortgage-backed securities $ 45,567 (510) 14 (4) 45,581 (514) Corporate obligations 1,990 (37) — — 1,990 (37) $ 47,557 (547) 14 (4) 47,571 (551) December 31, 2019 Less than 12 months 12 months or longer Total Fair value Gross Fair value Gross Fair Gross 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) The number of available for sale debt securities in an unrealized loss position at March 31, 2020 totaled 14, compared with 50 at December 31, 2019. The decrease in the number of securities in an unrealized loss position at March 31, 2020 was due to lower current market interest rates compared to rates at December 31, 2019. At March 31, 2020, there was one private label mortgage-backed security in an unrealized loss position, with an amortized cost of $18,000 and an unrealized loss of $4,000. Held to Maturity Debt Securities The following tables present the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and the estimated fair value for held to maturity debt securities at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Amortized Gross Gross Allowance for credit losses Fair Agency obligations $ 7,417 15 — — 7,432 Mortgage-backed securities 104 4 — — 108 State and municipal obligations 428,691 13,876 (121) (80) 442,366 Corporate obligations 9,319 45 (39) (7) 9,318 Total held to maturity debt securities $ 445,531 13,940 (160) (87) 459,224 December 31, 2019 Amortized Gross Gross Allowance for credit losses Fair 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 Total held to maturity debt securities $ 453,629 14,467 (130) — 467,966 The Company generally purchases securities for long-term investment purposes, and differences between amortized cost and fair values may fluctuate during the investment period. There were no sales of securities from the held to maturity debt securities portfolio for the three months ended March 31, 2020 and 2019. For the three months ended March 31, 2020, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $13.3 million with gross gains of $11,000 and no gross losses. For the three months ended March 31, 2019, proceeds from calls of securities in the held to maturity debt securities portfolio totaled $9.3 million with no gross gains and no gross losses. The gross amortized cost and gross fair value of investment securities in the held to maturity debt securities portfolio at March 31, 2020 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. March 31, 2020 Amortized Fair Due in one year or less $ 9,461 9,477 Due after one year through five years 115,043 117,204 Due after five years through ten years 240,321 248,418 Due after ten years 80,602 84,104 $ 445,427 459,203 Mortgage-backed securities totaling $104,000 at amortized cost and $108,000 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. Additionally, allowance for credit losses totaling $87,000 is excluded from the table above. The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Held to Maturity Debt Securities Allowance for credit losses on corporate securities $ 6 — 6 Allowance for credit losses on municipal securities 64 — 64 Allowance for credit losses on held to maturity securities $ 70 — 70 For the three months ended March 31, 2020, the Company recorded a $17,000 provision for credit losses on held to maturity debt securities. The following tables present the fair value and gross unrealized losses for held to maturity debt securities in an unrealized loss position at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross State and municipal obligations $ 10,143 (103) 407 (18) 10,550 (121) Corporate obligations 3,516 (39) — — 3,516 (39) $ 13,659 (142) 407 (18) 14,066 (160) December 31, 2019 Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross 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) The number of held to maturity debt securities in an unrealized loss position at March 31, 2020 totaled 27, compared with 35 at December 31, 2019. The decrease in the number of securities in an unrealized loss position at March 31, 2020 was due to lower current market interest rates compared to rates at December 31, 2019. Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of March 31, 2020 (in thousands): March 31, 2020 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 7,417 — — — — 7,417 Mortgage-backed securities 104 — — — — 104 State and municipal obligations 46,868 326,291 54,414 1,118 — 428,691 Corporate obligations — 3,121 5,423 750 25 9,319 $ 54,389 329,412 59,837 1,868 25 445,531 December 31, 2019 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 6,599 — — — — 6,599 Mortgage-backed securities 118 — — — — 118 State and municipal obligations 49,316 330,322 56,317 1,119 — 437,074 Corporate obligations — 3,128 6,335 350 25 9,838 $ 56,033 333,450 62,652 1,469 25 453,629 Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. At March 31, 2020, the held to maturity debt securities portfolio was comprised of 12% rated triple-A, 74% rated double-A, 13% rated single-A, and less than 1% either below a single-A rating or not rated by Moody’s Investors Service or Standard and Poor’s. Securities not explicitly rated were grouped where possible under the credit rating of the issuer of the security. At March 31, 2020, the allowance for credit losses on held to maturity debt securities was $87,000. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses on Loans | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Credit Losses on Loans | Loans Receivable and Allowance for Credit Losses on Loans On January 1, 2020, the Company adopted CECL, which replaces the incurred loss methodology with an expected loss methodology. The adoption of the new standard resulted in the Company recording a $7.9 million increase to the allowance for credit losses on loans with a corresponding cumulative effect adjustment to decrease retained earnings by $5.9 million, net of income taxes. (See Adoption of CECL table below for additional detail.) Loans receivable at March 31, 2020 and December 31, 2019 are summarized as follows (in thousands): March 31, 2020 December 31, 2019 Mortgage loans: Residential $ 1,106,670 1,077,689 Commercial 2,555,091 2,578,393 Multi-family 1,222,313 1,225,551 Construction 408,944 429,812 Total mortgage loans 5,293,018 5,311,445 Commercial loans: Commercial owner occupied 935,669 853,269 Commercial non-owner occupied 719,780 732,277 Other commercial loans 48,220 49,213 Total commercial loans 1,703,669 1,634,759 Consumer loans 379,597 391,360 Total gross loans 7,376,284 7,337,564 Purchased credit-deteriorated ("PCD") loans 737 746 Premiums on purchased loans 2,300 2,474 Unearned discounts (26) (26) Net deferred fees (7,251) (7,873) Total loans $ 7,372,044 7,332,885 The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCD loans (in thousands): March 31, 2020 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Non-accrual loans with no related allowance Mortgage loans: Residential $ 6,240 4,075 6,145 — 16,460 1,090,210 1,106,670 1,522 Commercial 424 — 5,264 — 5,688 2,549,403 2,555,091 — Multi-family — — — — — 1,222,313 1,222,313 — Construction — — — — — 408,944 408,944 — Total mortgage loans 6,664 4,075 11,409 — 22,148 5,270,870 5,293,018 1,522 Commercial loans 13,793 1 23,086 — 36,880 1,666,789 1,703,669 1,344 Consumer loans 1,707 661 844 — 3,212 376,385 379,597 664 Total gross loans $ 22,164 4,737 35,339 — 62,240 7,314,044 7,376,284 3,530 December 31, 2019 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Non-accrual loans with no related allowance Mortgage loans: Residential $ 5,905 2,579 8,543 — 17,027 1,060,662 1,077,689 2,989 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 2,989 Commercial loans 2,383 95 25,160 — 27,638 1,607,121 1,634,759 3,238 Consumer loans 1,276 337 1,221 — 2,834 388,526 391,360 569 Total gross loans $ 9,564 3,011 40,194 — 52,769 7,284,795 7,337,564 6,796 Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The principal amounts of these non-accrual loans were $35.3 million and $40.2 million at March 31, 2020 and December 31, 2019, respectively. Included in non-accrual loans were $16.0 million and $13.1 million of loans which were less than 90 days past due at March 31, 2020 and December 31, 2019, respectively. There were no loans 90 days or greater past due and still accruing interest at March 31, 2020 or December 31, 2019. Management has elected not to measure an allowance for credit losses for accrued interest receivables related to its loan portfolio as its policy is to write-off uncollectible accrued interest receivable balances in a timely manner. Accrued interest is written off by reversing interest income during the quarter the loan is moved from an accrual to a non-accrual status. The Company defines an impaired loan as a non-homogeneous loan greater than $1.0 million, for which, based on current information, the Bank does not expect to collect all amounts due under the contractual terms of the loan agreement. Impaired loans also include all loans modified as troubled debt restructurings (“TDRs”). An allowance for impaired loans that have been modified in a TDR is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the estimated fair value of the collateral, less any selling costs, if the loan is collateral-dependent. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analysis of collateral-dependent loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral-dependent loan and updated annually, or more frequently if required. A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the collateral’s fair value less cost to sell. A specific allocation of the allowance for credit losses is established for each collateral-dependent loan with a carrying balance greater than the collateral’s fair value, less estimated costs to sell. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. At each fiscal quarter end, if a loan is designated as collateral-dependent and the third-party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value. The Company believes there have been no significant time lapses as a result of this process. At March 31, 2020, there were 158 impaired loans totaling $65.7 million. Included in this total were 129 TDRs related to 125 borrowers totaling $39.1 million that were performing in accordance with their restructured terms and which continued to accrue interest at March 31, 2020. 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 March 31, 2020 and December 31, 2019, the Company had $15.9 million and $20.4 million of collateral-dependent impaired loans, respectively. The collateral-dependent impaired loans at March 31, 2020 consisted of $12.8 million in commercial loans, $3.0 million in residential real estate loans, and $174,000 in consumer loans. The collateral for these impaired loans was primarily real estate. The activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2020 and 2019 was as follows (in thousands): Three months ended March 31, Mortgage loans Commercial loans Consumer loans Total Portfolio Segments 2020 Balance at beginning of period $ 25,511 28,263 1,751 55,525 Retained earnings (due to initial CECL adoption) 14,188 (9,974) 3,706 7,920 Provision charged (credited) to operations 7,710 7,619 (629) 14,700 Recoveries of loans previously charged-off 93 313 123 529 Loans charged-off (2) (3,380) (149) (3,531) Balance at end of period $ 47,500 22,841 4,802 75,143 2019 Balance at beginning of period $ 27,678 25,693 2,191 55,562 Provision (credited) charged to operations (982) 1,282 (100) 200 Recoveries of loans previously charged-off 230 52 130 412 Loans charged-off — (676) (145) (821) Balance at end of period $ 26,926 26,351 2,076 55,353 As a result of the January 1, 2020 adoption of CECL, the Company recorded a $7.9 million increase to the allowance for credit losses on loans. For the three months ended March 31, 2020, the Company recorded a $14.7 million provision for credit losses on loans. The increase in provision for credit losses for the quarter resulted primarily from the impact of reserve build related to the COVID-19 pandemic, with the largest increase in the commercial loans and commercial real estate portfolios. The following table illustrates the impact of the January 1, 2020 adoption of CECL on the loan portfolio: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Loans Residential $ 8,950 3,411 5,539 Commercial 17,118 12,885 4,233 Multi-family 9,519 3,370 6,149 Construction 4,152 5,885 (1,733) Total mortgage loans 39,739 25,551 14,188 Commercial loans 18,254 28,228 (9,974) Consumer loans 5,452 1,746 3,706 Allowance for credit losses on loans $ 63,445 55,525 7,920 The following tables summarize loans receivable by portfolio segment and impairment method at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 39,592 24,026 2,114 65,732 Collectively evaluated for impairment 5,253,426 1,679,643 377,483 7,310,552 Total gross loans $ 5,293,018 1,703,669 379,597 7,376,284 December 31, 2019 Mortgage Commercial Consumer Total Portfolio 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 The allowance for credit losses is summarized by portfolio segment and impairment classification as follows (in thousands): March 31, 2020 Mortgage Commercial loans Consumer loans Total Individually evaluated for impairment $ 1,590 4,073 36 5,699 Collectively evaluated for impairment 45,910 18,768 4,766 69,444 Total gross loans $ 47,500 22,841 4,802 75,143 December 31, 2019 Mortgage Commercial loans Consumer Total Individually evaluated for impairment $ 1,580 3,462 25 5,067 Collectively evaluated for impairment 23,931 24,801 1,726 50,458 Total gross loans $ 25,511 28,263 1,751 55,525 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, management attempts to obtain additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The following tables present the number of loans modified as TDRs during the three months ended March 31, 2020 and 2019, along with their balances immediately prior to the modification date and post-modification as of March 31, 2020 and 2019 (dollars in thousands): For the three months ended March 31, 2020 March 31, 2019 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification ($ in thousands) Mortgage loans: Commercial — $ — — 1 $ 14,010 14,010 Total mortgage loans — — — 1 14,010 14,010 Commercial loans 2 746 731 4 2,013 2,013 Total restructured loans 2 $ 746 $ 731 5 $ 16,023 $ 16,023 All TDRs are impaired loans, which are individually evaluated for impairment. During the three months ended March 31, 2020 $2.7 million of charge-offs were recorded on collateral-dependent impaired loans. For the three months ended March 31, 2020, the allowance for loan losses associated with the TDRs presented in the preceding tables totaled $448,000 and was included in the allowance for loan losses for loans individually evaluated for impairment. The TDRs presented in the preceding tables had a weighted average modified interest rate of approximately 6.99% compared to a weighted average rate of 7.19% prior to modification, for the three months ended March 31, 2020. The following table presents loans modified as TDRs within the previous 12 months from March 31, 2020 and 2019, and for which there was a payment default (90 days or more past due) at the quarter ended March 31, 2020 and 2019. March 31, 2020 March 31, 2019 Troubled Debt Restructurings Subsequently Defaulted Number of Loans Outstanding Recorded Investment Number of Loans Outstanding Recorded ($ in thousands) Commercial loans — $ — 3 $ 540 Total restructured loans — $ — 3 $ 540 There were no loans which had a payment default (90 days or more past due) for loans modified as TDRs within the 12 month period ending March 31, 2020 . There were three payment defaults (90 days or more past due) to one borrower for loans modified as TDRs within the 12 month period ending March 31, 2019. For TDR’s that subsequently default, the Company determines the amount of the allowance on that loan in accordance with the accounting policy for the allowance for credit losses on loans individually evaluated for impairment. As allowed by CECL, the Company elected to maintain pools of loans accounted for under ASC 310-30. At December 31, 2019, purchased credit impaired (“PCI”) loans totaled $746,000. In accordance with the CECL standard, management did not reassess whether modifications of individually acquired financial assets accounted for in pools were TDRs as of the date of adoption. All loans considered to be PCI prior to January 1, 2020 were converted to purchased credit deteriorated ("PCD") loans on that date. PCD loans totaled $737,000 at March 31, 2020. Subsequent to January 1, 2020, should the Company acquire loans that experience more-than-insignificant deterioration in credit quality since origination, these loans will be classified as PCD. The following table presents loans individually evaluated for impairment by class and loan category, excluding PCD loans (in thousands): March 31, 2020 December 31, 2019 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 $ 12,644 10,187 — 10,257 118 13,478 10,739 — 10,910 533 Commercial 14,295 14,180 — 14,183 128 — — — — — Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 26,939 24,367 — 24,440 246 13,478 10,739 — 10,910 533 Commercial loans 3,943 2,135 — 3,417 18 3,927 3,696 — 4,015 17 Consumer loans 1,661 1,128 — 1,139 17 2,086 1,517 — 1,491 86 Total impaired loans $ 32,543 27,630 — 28,996 281 19,491 15,952 — 16,416 636 Loans with an allowance recorded Mortgage loans: Residential $ 10,777 10,273 876 10,308 112 10,860 10,326 829 10,454 428 Commercial 4,828 4,828 694 4,832 14 18,845 18,845 751 18,862 569 Multi-family 182 124 20 124 — — — — — — Construction — — — — — — — — — — Total 15,787 15,225 1,590 15,264 126 29,705 29,171 1,580 29,316 997 Commercial loans 24,763 21,891 4,073 24,152 104 27,762 24,661 3,462 27,527 444 Consumer loans 997 986 36 8,560 11 868 857 25 878 46 Total impaired loans $ 41,547 38,102 5,699 47,976 241 58,335 54,689 5,067 57,721 1,487 Total impaired loans Mortgage loans: Residential $ 23,421 20,460 876 20,565 230 24,338 21,065 829 21,364 961 Commercial 19,123 19,008 694 19,015 142 18,845 18,845 751 18,862 569 Multi-family 182 124 20 124 — — — — — — Total 42,726 39,592 1,590 39,704 372 43,183 39,910 1,580 40,226 1,530 Commercial loans 28,706 24,026 4,073 27,569 122 31,689 28,357 3,462 31,542 461 Consumer loans 2,658 2,114 36 9,699 28 2,954 2,374 25 2,369 132 Total impaired loans $ 74,090 65,732 5,699 76,972 522 77,826 70,641 5,067 74,137 2,123 Specific allocations of the allowance for credit losses attributable to impaired loans totaled $5.7 million at March 31, 2020 and $5.1 million at December 31, 2019. At March 31, 2020 and December 31, 2019, impaired loans for which there was no related allowance for credit losses totaled $27.6 million and $16.0 million, respectively. The average balance of impaired loans for the three months ended March 31, 2020 and December 31, 2019 was $77.0 million and $74.1 million, respectively. 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. In response to the COVID-19 pandemic and its adverse economic impact on both our commercial and retail borrowers, we implemented a short-term modification program to defer principal or principal and interest payments for up to 90 days to borrowers directly impacted by the pandemic and who were not more than 30 days past due as of December 31, 2019 all in accordance with the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. As of April 28, 2020, deferred payment relief had been provided to 638 borrowers representing total principal loan balances of $889.0 million. In addition, the Company participated in the Paycheck Protection Program (“PPP”) through the United States Department of the Treasury and Small Business Administration. As of April 28, 2020 the Company secured 820 PPP loans for its customers totaling $377.5 million. The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades: Total Portfolio as of March 31, 2020 Residential Commercial mortgage Multi-family Construction Total Commercial Consumer Total loans Special mention $ 4,075 19,848 — — 23,923 114,858 661 139,442 Substandard 9,050 12,722 124 6,181 28,077 51,689 1,032 80,798 Doubtful — — — — — 732 — 732 Loss — — — — — — — — Total classified and criticized 13,125 32,570 124 6,181 52,000 167,279 1,693 220,972 Pass/Watch 1,093,545 2,522,521 1,222,189 402,763 5,241,018 1,536,390 377,904 7,155,312 Total gross loans $ 1,106,670 2,555,091 1,222,313 408,944 5,293,018 1,703,669 379,597 7,376,284 2020 Special mention $ — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — Loss — — — — — — — — Total classified and criticized — — — — — — — — Pass/Watch 67,775 99,722 34,785 2,005 204,287 59,721 8,587 272,595 Total gross loans $ 67,775 99,722 34,785 2,005 204,287 59,721 8,587 272,595 2019 Special mention $ — — — — — 1,231 — 1,231 Substandard — — — — — 228 — 228 Doubtful — — — — — — — Loss — — — — — — — — Total classified and criticized — — — — — 1,459 — 1,459 Pass/Watch 155,718 505,804 141,727 143,297 946,546 231,465 55,899 1,233,910 Total gross loans $ 155,718 505,804 141,727 143,297 946,546 232,924 55,899 1,235,369 2018 Special mention $ — — — — — 4,656 — 4,656 Substandard — — — — — 757 — 757 Doubtful — — — — — — — Loss — — — — — — — — Total classified and criticized — — — — — 5,413 — 5,413 Pass/Watch 96,683 357,530 115,282 188,523 758,018 195,828 48,203 1,002,049 Total gross loans $ 96,683 357,530 115,282 188,523 758,018 201,241 48,203 1,007,462 2017 Special mention $ — 220 — — 220 3,204 — 3,424 Substandard 568 995 — — 1,563 8,264 — 9,827 Doubtful — — — — — — — Loss — — — — — — — — Total classified and criticized 568 1,215 — — 1,783 11,468 — 13,251 Pass/Watch 92,471 399,107 136,620 68,938 697,136 207,256 38,057 942,449 Total gross loans $ 93,039 400,322 136,620 68,938 698,919 218,724 38,057 955,700 2016 and prior Special mention $ 4,075 19,628 — — 23,703 105,767 661 130,131 Substandard 8,482 11,727 124 6,181 26,514 42,440 1,032 69,986 Doubtful — — — — 732 — 732 Loss — — — — — — — — Total classified and criticized 12,557 31,355 124 6,181 50,217 148,939 1,693 200,849 Pass/Watch 680,898 1,160,358 793,775 — 2,635,031 842,120 227,158 3,704,309 Total gross loans $ 693,455 1,191,713 793,899 6,181 2,685,248 991,059 228,851 3,905,158 Total Portfolio as of December 31, 2019 Residential Commercial mortgage Multi-family Construction Total Commercial Consumer 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 Pass/Watch 1,065,083 2,518,177 1,225,551 423,631 5,232,442 1,497,660 389,406 7,119,508 Total gross loans $ 1,077,689 2,578,393 1,225,551 429,812 5,311,445 1,634,759 391,360 7,337,564 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits at March 31, 2020 and December 31, 2019 are summarized as follows (in thousands): March 31, 2020 December 31, 2019 Savings $ 990,844 983,714 Money market 1,782,445 1,738,202 NOW 2,164,779 2,092,413 Non-interest bearing 1,575,926 1,554,253 Certificates of deposit 696,766 734,027 Total deposits $ 7,210,760 7,102,609 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost The Bank has a noncontributory defined benefit pension plan covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003. The pension plan was frozen on April 1, 2003. All participants in the Plan are 100% vested. The pension plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial. In addition to pension benefits, certain health care and life insurance benefits are currently made available to certain of the Bank’s retired employees. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. Effective January 1, 2003, eligibility for retiree health care benefits was frozen as to new entrants, and benefits were eliminated for employees with less than ten years of service as of December 31, 2002. Effective January 1, 2007, eligibility for retiree life insurance benefits was frozen as to new entrants and retiree life insurance benefits were eliminated for employees with less than ten years of service as of December 31, 2006. Net periodic (decrease) increase in benefit cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2020 and 2019 includes the following components (in thousands): Three months ended March 31, Pension benefits Other post-retirement benefits 2020 2019 2020 2019 Service cost $ — — 20 20 Interest cost 250 300 178 210 Expected return on plan assets (737) (641) — — Amortization of prior service cost — — — — Amortization of the net loss (gain) 174 254 (62) (207) Net periodic (decrease) increase in benefit cost $ (313) (87) 136 23 In its consolidated financial statements for the year ended December 31, 2019, the Company previously disclosed that it does not expect to contribute to the pension plan in 2020. As of March 31, 2020, no contributions have been made to the pension plan. The net periodic (decrease) increase in benefit cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2020 was calculated using the January 1, 2020 pension and other post-retirement benefits actuarial valuations. |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements Accounting Pronouncements Adopted in 2020 In May 2019, the FASB issued ASU No. 2019-05, “Financial Instruments - Credit Losses (Topic 326); Targeted Transition Relief.” This ASU allows entities to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20 if the instruments are eligible for the fair value option under ASC 825-10. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. ASU 2019-05 had the same effective date as ASU 2016-13 (i.e., the first quarter of 2020). The adoption of this guidance had no impact on the Company’s consolidated financial statements. In April 2019, the Financial Accounting Standards Board ("FASB") issued ASU No. 2019-04, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments" which clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging, recognition and measurement. The most significant provisions of this ASU relate to how companies will estimate expected credit losses under Topic 326 by incorporating (1) expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off, and (2) clarifying that contractual extensions or renewal options that are not unconditionally cancellable by the lender are considered when determining the contractual term over which expected credit losses are measured. ASU No. 2019-04 is effective for reporting periods beginning January 1, 2020. The adoption of this guidance had no impact related to Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments on the Company’s consolidated financial statements. At January 1, 2020, a $1.3 million allowance was recorded related to extensions on construction loans and is reflected below in the ASU 2016-13 calculation. In August 2018, the FASB issued ASU No. 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. The adoption of this guidance had no impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments by a reporting entity at each reporting date. The amendments in this ASU require financial assets measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses would represent a valuation account that would be deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The income statement would reflect the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. The measurement of expected credit losses would be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity will be required to use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. Furthermore, ASU 2016-13 will necessitate establishing an allowance for expected credit losses on held to maturity debt securities. This also applies to off-balance sheet credit exposures, which includes loan commitments, unused lines of credit and other similar instruments. The amendments in ASU 2016-13 are effective for fiscal years, including interim periods, beginning after December 15, 2019. Early adoption of this ASU was permitted for fiscal years beginning after December 15, 2018. The adoption of ASU 2016-13 involves changing from an "incurred loss" model, which encompasses allowances for current known and inherent losses within the portfolio, to an "expected loss" model (“CECL”), which encompasses allowances for losses expected to be incurred over the life of the portfolio. The Company adopted CECL on January 1, 2020 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet ("OBS") credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be recorded with previously applicable GAAP. The Company recorded a $7.9 million increase to the allowance for credit losses and a $3.2 million liability for off-balance sheet credit exposures, which resulted in an $8.3 million cumulative effect adjustment decrease, net of tax to retained earnings. With regard to regulatory capital, the Company has elected to utilize the five-year CECL transition, which gives the option to delay for two years the estimated impact of CECL on regulatory capital relative to regulatory capital determined under the prior incurred loss methodology, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided during the initial two-year delay. Accounting Pronouncements Not Yet Adopted ASU 2020-04, "Reference Rate Reform (Topic 848)" ("ASU 2020-04") provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered "minor" so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or re-measurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company anticipates this ASU will simplify any modifications we execute between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than the extinguishment of the old contract resulting in writing off unamortized fees/costs. The Company is evaluating the impacts of this ASU and have not yet determined whether LIBOR transition and this ASU will have material effects on the Company's business operations and consolidated financial statements. |
Allowance for Credit Losses on
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | 3 Months Ended |
Mar. 31, 2020 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | Allowance for Credit Losses on Off-Balance Sheet Credit Exposures On January 1, 2020, the Company adopted CECL, which replaces the incurred loss methodology with an expected loss methodology and applies to off-balance sheet credit exposures, including loan commitments and lines of credit. The adoption of this new standard resulted in the Company recording a $3.2 million increase to the allowance for credit losses on off-balance sheet credit exposures with a corresponding cumulative effect adjustment to decrease retained earnings $2.4 million, net of income taxes. Management analyzes the Company's exposure to credit losses for both on-balance sheet and off-balance sheet activity using a consistent methodology for the quantitative framework as well as the qualitative framework. For purposes of estimating the allowance for credit losses for off-balance sheet credit exposures, the exposure at default includes an estimated drawdown of unused credit based on historical credit utilization factors and current loss factors, resulting in a proportionate amount of expected credit losses. The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Liabilities Allowance for credit losses on off-balance sheet credit exposure $ 3,206 — 3,206 For the three months ended March 31, 2020, the Company recorded a $1.0 million provision for credit losses on off-balance sheet credit exposures. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, the Company utilizes various valuation techniques to estimate fair value. Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. However, in many instances fair value estimates may not be substantiated by comparison to independent markets and may not be realized in an immediate sale of the financial instrument. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of fair value hierarchy are as follows: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The valuation techniques are based upon the unpaid principal balance only, and exclude any accrued interest or dividends at the measurement date. Interest income and expense and dividend income are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium. Assets and Liabilities Measured at Fair Value on a Recurring Basis The valuation techniques described below were used to measure fair value of financial instruments in the table below on a recurring basis as of March 31, 2020 and December 31, 2019. Available for Sale Debt Securities, at Fair Value For available for sale debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has 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 change in the fair value of these derivatives is recorded in accumulated other comprehensive income, and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. Assets Measured at Fair Value on a Non-Recurring Basis The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis as of March 31, 2020 and December 31, 2019. 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 credit losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. There were no changes to the valuation techniques for fair value measurements as of March 31, 2020 and December 31, 2019. The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of March 31, 2020 and December 31, 2019, by level within the fair value hierarchy: Fair Value Measurements at Reporting Date Using: (In thousands) March 31, 2020 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 $ 960,177 — 960,177 — State and municipal obligations 4,049 — 4,049 — Corporate obligations 25,607 — 25,607 — Total available for sale debt securities $ 989,833 — 989,833 — Equity securities 685 685 — — Derivative assets 111,608 — 111,608 — $ 1,102,126 685 1,101,441 — Derivative liabilities $ 120,176 — 120,176 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 15,895 — — 15,895 Foreclosed assets 4,219 — — 4,219 $ 20,114 — — 20,114 Fair Value Measurements at Reporting Date Using: (In thousands) 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 There were no transfers between Level 1, Level 2 and Level 3 during the three and three months ended March 31, 2020. Other Fair Value Disclosures The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. The following is a description of valuation methodologies used for those assets and liabilities. Cash and Cash Equivalents For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value. Included in cash and cash equivalents at March 31, 2020 and December 31, 2019 was $128.7 million and $77.0 million, respectively, representing cash collateral pledged to secure loan level swaps and reserves required by banking regulations. Held to Maturity Debt Securities, Net of Allowance for Credit Losses 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. Federal Home Loan Bank of New York ("FHLBNY") Stock The carrying value of FHLBNY stock was its cost. The fair value of FHLBNY stock is based on redemption at par value. The Company classifies the estimated fair value as Level 1 within the fair value hierarchy. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company’s current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 1. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowed Funds The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. The following tables present the Company’s financial instruments at their carrying and fair values as of March 31, 2020 and December 31, 2019. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at March 31, 2020 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 $ 370,577 370,577 370,577 — — Available for sale debt securities: Mortgage-backed securities 960,177 960,177 — 960,177 — State and municipal obligations 4,049 4,049 — 4,049 — Corporate obligations 25,607 25,607 — 25,607 — Total available for sale debt securities $ 989,833 989,833 — 989,833 — Held to maturity debt securities, net of allowance for credit losses Agency obligations 7,417 7,432 7,432 — — Mortgage-backed securities 104 108 — 108 — State and municipal obligations 428,611 442,366 — 442,366 — Corporate obligations 9,312 9,318 — 9,318 — Total held to maturity debt securities, net of allowance for credit losses $ 445,444 459,224 7,432 451,792 — FHLBNY stock 61,198 61,198 61,198 — — Equity Securities 685 685 685 — — Loans, net of allowance for credit losses 7,296,901 7,513,881 — — 7,513,881 Derivative assets 111,608 111,608 — 111,608 — Financial liabilities: Deposits other than certificates of deposits $ 6,513,994 6,513,994 6,513,994 — — Certificates of deposit 696,766 696,151 — 696,151 — Total deposits $ 7,210,760 7,210,145 6,513,994 696,151 — Borrowings 1,213,777 1,223,866 — 1,223,866 — Derivative liabilities 120,176 120,176 — 120,176 — 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 credit 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 — |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income The following table presents the components of other comprehensive income, both gross and net of tax, for the three months ended March 31, 2020 and 2019 (in thousands): Three months ended March 31, 2020 2019 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains on available for sale debt securities: Net unrealized gains arising during the period $ 22,563 (5,817) 16,746 10,417 (2,839) 7,578 Reclassification adjustment for gains included in net income — — — — — — Total 22,563 (5,817) 16,746 10,417 (2,839) 7,578 Unrealized losses on derivatives (cash flow hedges) (7,697) 1,984 (5,713) (432) 118 (314) Amortization related to post-retirement obligations 112 (28) 84 (16) 4 (12) Total other comprehensive income $ 14,978 (3,861) 11,117 9,969 (2,717) 7,252 The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2020 and 2019 (in thousands): Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax 2020 2019 Unrealized Post- Retirement Unrealized (Losses) Gains on Derivatives (cash flow hedges) Accumulated Unrealized Post- Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Balance at $ 8,746 (5,240) 315 3,821 (9,605) (3,625) 894 (12,336) Current - period other comprehensive income (loss) 16,746 84 (5,713) 11,117 7,578 (12) (314) 7,252 Balance at March 31, $ 25,492 (5,156) (5,398) 14,938 (2,027) (3,637) 580 (5,084) The following tables summarize the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of income for the three months ended March 31, 2020 and 2019 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended March 31, Affected line item in the Consolidated 2020 2019 Details of AOCI: Post-retirement obligations: Amortization of actuarial losses $ 112 47 Compensation and employee benefits (1) (28) (13) Income tax expense Total reclassification $ 84 34 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and December 31, 2019, the Company had 116 and 92 interest rate swaps, respectively, with aggregate notional amounts of $1.97 billion and $1.61 billion, respectively. The Company periodically enters into risk participation agreements ("RPAs") with the Company functioning as either the lead institution, or as a participant when another company is the lead institution on a commercial loan. These RPA's are entered into to manage the credit exposure on interest rate contracts associated with these loan participation agreements. Under the RPA's, the Company will either receive or make a payment if a borrower defaults on the related interest rate contract. At March 31, 2020 and December 31, 2019, the Company had 13 credit derivatives, with aggregate notional amounts of $106.8 million and $106.0 million, respectively, from participations in interest rate swaps as part of these loan participation arrangements. At March 31, 2020 and December 31, 2019, the fair value of these credit derivatives were $90,000 and $47,000, 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 three months ended March 31, 2020 and 2019, 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 $2.1 million will be reclassified as an increase to interest expense. As of March 31, 2020, the Company had nine outstanding interest rate derivatives with an aggregate notional amount of $290.0 million that were designated as a cash flow hedge of interest rate risk. The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at March 31, 2020 and December 31, 2019 (in thousands): At March 31, 2020 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Consolidated Statements of Financial Condition Fair Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 118,787 Other liabilities 120,176 Credit contracts Other assets 90 Other liabilities — Total derivatives not designated as a hedging instrument $ 118,877 120,176 Derivatives designated as a hedging instrument: Interest rate products Other assets $ (7,269) Other liabilities — Total derivatives designated as a hedging instrument $ (7,269) — At December 31, 2019 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Consolidated Statements of Financial Condition Fair Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 38,830 Other liabilities 39,356 Credit contracts Other assets 47 Other liabilities — Total derivatives not designated as a hedging instrument $ 38,877 39,356 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 428 Other liabilities — Total derivatives designated as a hedging instrument $ 428 — The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three months ended March 31, 2020 and 2019 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income March 31, 2020 March 31, 2019 Derivatives not designated as a hedging instrument: Interest rate products Other income $ (819) (673) Credit contracts Other income (1) (4) Total $ (820) (677) Derivatives designated as a hedging instrument: Interest rate products Interest expense $ 106 162 Total $ 106 162 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. At March 31, 2020, 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 $127.7 million at March 31, 2020. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $128.7 million against its obligations under these agreements. If the Company had breached any of these provisions at March 31, 2020, it could have been required to settle its obligations under the agreements at the termination value. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company generates revenue from several business channels. The guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) does not apply to revenue associated with financial instruments, including interest income on loans and investments, which comprise the majority of the Company's revenue. For the three months ended March 31, 2020 and 2019, the out-of-scope revenue related to financial instruments was 84% and 88% of the Company's total revenue, respectively. Revenue-generating activities that are within the scope of Topic 606, are components of non-interest income. These revenue streams can generally be classified into wealth management revenue and banking service charges and other fees. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2020 and 2019: Three months ended March 31, (in-thousands) 2020 2019 Non-interest income In-scope of Topic 606: Wealth management fees $ 6,251 4,079 Banking service charges and other fees: Service charges on deposit accounts 2,977 3,191 Debit card and ATM fees 1,210 1,307 Total banking service charges and other fees 4,187 4,498 Total in-scope non-interest income 10,438 8,577 Total out-of-scope non-interest income 6,553 3,611 Total non-interest income $ 16,991 12,188 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 April 1, 2019, 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 | 3 Months Ended |
Mar. 31, 2020 | |
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 income 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 properties 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 March 31, 2020 (in thousands): Classification March 31, 2020 December 31, 2019 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 40,110 $ 41,754 Lease Liabilities: Operating lease liabilities Other liabilities $ 41,144 $ 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 March 31, 2020, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 9.4 years and 3.48%, respectively. The following table represents lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands): (in-thousands) Three months ended March 31, 2020 Three months ended March 31, 2019 Lease Costs: Operating lease cost $ 2,130 $ 2,050 Variable lease cost 607 760 Total Lease Cost $ 2,737 $ 2,810 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,125 $ 2,044 During the three months ended March 31, 2020, the Company did not enter into any new lease obligations. Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2020 were as follows: (in-thousands) Operating Leases Twelve months ended: Remainder of 2020 $ 6,274 2021 6,085 2022 5,257 2023 4,747 2024 4,346 Thereafter 22,195 Total future minimum lease payments 48,904 Amounts representing interest 7,760 Present value of net future minimum lease payments $ 41,144 |
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 income 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 properties 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 March 31, 2020 (in thousands): Classification March 31, 2020 December 31, 2019 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 40,110 $ 41,754 Lease Liabilities: Operating lease liabilities Other liabilities $ 41,144 $ 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 March 31, 2020, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 9.4 years and 3.48%, respectively. The following table represents lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands): (in-thousands) Three months ended March 31, 2020 Three months ended March 31, 2019 Lease Costs: Operating lease cost $ 2,130 $ 2,050 Variable lease cost 607 760 Total Lease Cost $ 2,737 $ 2,810 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,125 $ 2,044 During the three months ended March 31, 2020, the Company did not enter into any new lease obligations. Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2020 were as follows: (in-thousands) Operating Leases Twelve months ended: Remainder of 2020 $ 6,274 2021 6,085 2022 5,257 2023 4,747 2024 4,346 Thereafter 22,195 Total future minimum lease payments 48,904 Amounts representing interest 7,760 Present value of net future minimum lease payments $ 41,144 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results of operations that may be expected for all of 2020. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Calculations | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2020 and 2019 (dollars in thousands, except per share amounts): Three months ended March 31, 2020 2019 Net Weighted Per Net Weighted Per Net income $ 14,931 $ 30,890 Basic earnings per share: Income available to common stockholders $ 14,931 64,386,138 $ 0.23 $ 30,890 64,766,619 $ 0.48 Dilutive shares 71,125 146,119 Diluted earnings per share: Income available to common stockholders $ 14,931 64,457,263 $ 0.23 $ 30,890 64,912,738 $ 0.48 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Securities Available for Sale | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Amortized Gross Gross Fair Mortgage-backed securities $ 926,561 34,130 (514) 960,177 State and municipal obligations 3,894 155 — 4,049 Corporate obligations 25,030 614 (37) 25,607 $ 955,485 34,899 (551) 989,833 December 31, 2019 Amortized Gross Gross Fair 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 |
Available for sale Debt Securities with Temporary Impairment | The following tables present the fair values and gross unrealized losses for available for sale debt securities in an unrealized loss position at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Mortgage-backed securities $ 45,567 (510) 14 (4) 45,581 (514) Corporate obligations 1,990 (37) — — 1,990 (37) $ 47,557 (547) 14 (4) 47,571 (551) December 31, 2019 Less than 12 months 12 months or longer Total Fair value Gross Fair value Gross Fair Gross 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) |
Investment Securities Held to Maturity | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and the estimated fair value for held to maturity debt securities at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Amortized Gross Gross Allowance for credit losses Fair Agency obligations $ 7,417 15 — — 7,432 Mortgage-backed securities 104 4 — — 108 State and municipal obligations 428,691 13,876 (121) (80) 442,366 Corporate obligations 9,319 45 (39) (7) 9,318 Total held to maturity debt securities $ 445,531 13,940 (160) (87) 459,224 December 31, 2019 Amortized Gross Gross Allowance for credit losses Fair 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 Total held to maturity debt securities $ 453,629 14,467 (130) — 467,966 |
Schedule of Impact of ASC 326 | The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Held to Maturity Debt Securities Allowance for credit losses on corporate securities $ 6 — 6 Allowance for credit losses on municipal securities 64 — 64 Allowance for credit losses on held to maturity securities $ 70 — 70 The following table illustrates the impact of the January 1, 2020 adoption of CECL on the loan portfolio: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Loans Residential $ 8,950 3,411 5,539 Commercial 17,118 12,885 4,233 Multi-family 9,519 3,370 6,149 Construction 4,152 5,885 (1,733) Total mortgage loans 39,739 25,551 14,188 Commercial loans 18,254 28,228 (9,974) Consumer loans 5,452 1,746 3,706 Allowance for credit losses on loans $ 63,445 55,525 7,920 The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Liabilities Allowance for credit losses on off-balance sheet credit exposure $ 3,206 — 3,206 |
Schedule of Unrealized Loss on Investments | The following tables present the fair value and gross unrealized losses for held to maturity debt securities in an unrealized loss position at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross State and municipal obligations $ 10,143 (103) 407 (18) 10,550 (121) Corporate obligations 3,516 (39) — — 3,516 (39) $ 13,659 (142) 407 (18) 14,066 (160) December 31, 2019 Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross 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) |
Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating | Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of March 31, 2020 (in thousands): March 31, 2020 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 7,417 — — — — 7,417 Mortgage-backed securities 104 — — — — 104 State and municipal obligations 46,868 326,291 54,414 1,118 — 428,691 Corporate obligations — 3,121 5,423 750 25 9,319 $ 54,389 329,412 59,837 1,868 25 445,531 December 31, 2019 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 6,599 — — — — 6,599 Mortgage-backed securities 118 — — — — 118 State and municipal obligations 49,316 330,322 56,317 1,119 — 437,074 Corporate obligations — 3,128 6,335 350 25 9,838 $ 56,033 333,450 62,652 1,469 25 453,629 |
Available-for-sale Securities | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of available for sale debt securities at March 31, 2020, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. March 31, 2020 Amortized Fair Due in one year or less $ — — Due after one year through five years 3,002 3,040 Due after five years through ten years 25,922 26,616 Due after ten years — — $ 28,924 29,656 |
Held-to-maturity Securities | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Investment Securities Classified by Contractual Maturity | The gross amortized cost and gross fair value of investment securities in the held to maturity debt securities portfolio at March 31, 2020 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. March 31, 2020 Amortized Fair Due in one year or less $ 9,461 9,477 Due after one year through five years 115,043 117,204 Due after five years through ten years 240,321 248,418 Due after ten years 80,602 84,104 $ 445,427 459,203 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses on Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Summarized Loans Receivable | Loans receivable at March 31, 2020 and December 31, 2019 are summarized as follows (in thousands): March 31, 2020 December 31, 2019 Mortgage loans: Residential $ 1,106,670 1,077,689 Commercial 2,555,091 2,578,393 Multi-family 1,222,313 1,225,551 Construction 408,944 429,812 Total mortgage loans 5,293,018 5,311,445 Commercial loans: Commercial owner occupied 935,669 853,269 Commercial non-owner occupied 719,780 732,277 Other commercial loans 48,220 49,213 Total commercial loans 1,703,669 1,634,759 Consumer loans 379,597 391,360 Total gross loans 7,376,284 7,337,564 Purchased credit-deteriorated ("PCD") loans 737 746 Premiums on purchased loans 2,300 2,474 Unearned discounts (26) (26) Net deferred fees (7,251) (7,873) Total loans $ 7,372,044 7,332,885 |
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 PCD loans (in thousands): March 31, 2020 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Non-accrual loans with no related allowance Mortgage loans: Residential $ 6,240 4,075 6,145 — 16,460 1,090,210 1,106,670 1,522 Commercial 424 — 5,264 — 5,688 2,549,403 2,555,091 — Multi-family — — — — — 1,222,313 1,222,313 — Construction — — — — — 408,944 408,944 — Total mortgage loans 6,664 4,075 11,409 — 22,148 5,270,870 5,293,018 1,522 Commercial loans 13,793 1 23,086 — 36,880 1,666,789 1,703,669 1,344 Consumer loans 1,707 661 844 — 3,212 376,385 379,597 664 Total gross loans $ 22,164 4,737 35,339 — 62,240 7,314,044 7,376,284 3,530 December 31, 2019 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Non-accrual loans with no related allowance Mortgage loans: Residential $ 5,905 2,579 8,543 — 17,027 1,060,662 1,077,689 2,989 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 2,989 Commercial loans 2,383 95 25,160 — 27,638 1,607,121 1,634,759 3,238 Consumer loans 1,276 337 1,221 — 2,834 388,526 391,360 569 Total gross loans $ 9,564 3,011 40,194 — 52,769 7,284,795 7,337,564 6,796 |
Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification | The activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2020 and 2019 was as follows (in thousands): Three months ended March 31, Mortgage loans Commercial loans Consumer loans Total Portfolio Segments 2020 Balance at beginning of period $ 25,511 28,263 1,751 55,525 Retained earnings (due to initial CECL adoption) 14,188 (9,974) 3,706 7,920 Provision charged (credited) to operations 7,710 7,619 (629) 14,700 Recoveries of loans previously charged-off 93 313 123 529 Loans charged-off (2) (3,380) (149) (3,531) Balance at end of period $ 47,500 22,841 4,802 75,143 2019 Balance at beginning of period $ 27,678 25,693 2,191 55,562 Provision (credited) charged to operations (982) 1,282 (100) 200 Recoveries of loans previously charged-off 230 52 130 412 Loans charged-off — (676) (145) (821) Balance at end of period $ 26,926 26,351 2,076 55,353 The allowance for credit losses is summarized by portfolio segment and impairment classification as follows (in thousands): March 31, 2020 Mortgage Commercial loans Consumer loans Total Individually evaluated for impairment $ 1,590 4,073 36 5,699 Collectively evaluated for impairment 45,910 18,768 4,766 69,444 Total gross loans $ 47,500 22,841 4,802 75,143 December 31, 2019 Mortgage Commercial loans Consumer Total Individually evaluated for impairment $ 1,580 3,462 25 5,067 Collectively evaluated for impairment 23,931 24,801 1,726 50,458 Total gross loans $ 25,511 28,263 1,751 55,525 |
Schedule of Impact of ASC 326 | The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Held to Maturity Debt Securities Allowance for credit losses on corporate securities $ 6 — 6 Allowance for credit losses on municipal securities 64 — 64 Allowance for credit losses on held to maturity securities $ 70 — 70 The following table illustrates the impact of the January 1, 2020 adoption of CECL on the loan portfolio: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Loans Residential $ 8,950 3,411 5,539 Commercial 17,118 12,885 4,233 Multi-family 9,519 3,370 6,149 Construction 4,152 5,885 (1,733) Total mortgage loans 39,739 25,551 14,188 Commercial loans 18,254 28,228 (9,974) Consumer loans 5,452 1,746 3,706 Allowance for credit losses on loans $ 63,445 55,525 7,920 The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Liabilities Allowance for credit losses on off-balance sheet credit exposure $ 3,206 — 3,206 |
Summary of Loans Receivable by Portfolio Segment and Impairment Method | The following tables summarize loans receivable by portfolio segment and impairment method at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 39,592 24,026 2,114 65,732 Collectively evaluated for impairment 5,253,426 1,679,643 377,483 7,310,552 Total gross loans $ 5,293,018 1,703,669 379,597 7,376,284 December 31, 2019 Mortgage Commercial Consumer Total Portfolio 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 |
Schedule of Troubled Debt Restructuring | The following tables present the number of loans modified as TDRs during the three months ended March 31, 2020 and 2019, along with their balances immediately prior to the modification date and post-modification as of March 31, 2020 and 2019 (dollars in thousands): For the three months ended March 31, 2020 March 31, 2019 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification ($ in thousands) Mortgage loans: Commercial — $ — — 1 $ 14,010 14,010 Total mortgage loans — — — 1 14,010 14,010 Commercial loans 2 746 731 4 2,013 2,013 Total restructured loans 2 $ 746 $ 731 5 $ 16,023 $ 16,023 |
Schedule of Troubled Debt Restructurings Subsequently Defaulted | The following table presents loans modified as TDRs within the previous 12 months from March 31, 2020 and 2019, and for which there was a payment default (90 days or more past due) at the quarter ended March 31, 2020 and 2019. March 31, 2020 March 31, 2019 Troubled Debt Restructurings Subsequently Defaulted Number of Loans Outstanding Recorded Investment Number of Loans Outstanding Recorded ($ in thousands) Commercial loans — $ — 3 $ 540 Total restructured loans — $ — 3 $ 540 |
Summary of Impaired Loans Receivable by Class | The following table presents loans individually evaluated for impairment by class and loan category, excluding PCD loans (in thousands): March 31, 2020 December 31, 2019 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 $ 12,644 10,187 — 10,257 118 13,478 10,739 — 10,910 533 Commercial 14,295 14,180 — 14,183 128 — — — — — Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 26,939 24,367 — 24,440 246 13,478 10,739 — 10,910 533 Commercial loans 3,943 2,135 — 3,417 18 3,927 3,696 — 4,015 17 Consumer loans 1,661 1,128 — 1,139 17 2,086 1,517 — 1,491 86 Total impaired loans $ 32,543 27,630 — 28,996 281 19,491 15,952 — 16,416 636 Loans with an allowance recorded Mortgage loans: Residential $ 10,777 10,273 876 10,308 112 10,860 10,326 829 10,454 428 Commercial 4,828 4,828 694 4,832 14 18,845 18,845 751 18,862 569 Multi-family 182 124 20 124 — — — — — — Construction — — — — — — — — — — Total 15,787 15,225 1,590 15,264 126 29,705 29,171 1,580 29,316 997 Commercial loans 24,763 21,891 4,073 24,152 104 27,762 24,661 3,462 27,527 444 Consumer loans 997 986 36 8,560 11 868 857 25 878 46 Total impaired loans $ 41,547 38,102 5,699 47,976 241 58,335 54,689 5,067 57,721 1,487 Total impaired loans Mortgage loans: Residential $ 23,421 20,460 876 20,565 230 24,338 21,065 829 21,364 961 Commercial 19,123 19,008 694 19,015 142 18,845 18,845 751 18,862 569 Multi-family 182 124 20 124 — — — — — — Total 42,726 39,592 1,590 39,704 372 43,183 39,910 1,580 40,226 1,530 Commercial loans 28,706 24,026 4,073 27,569 122 31,689 28,357 3,462 31,542 461 Consumer loans 2,658 2,114 36 9,699 28 2,954 2,374 25 2,369 132 Total impaired loans $ 74,090 65,732 5,699 76,972 522 77,826 70,641 5,067 74,137 2,123 |
Summary of Loans Receivable by Credit Quality Risk Rating Indicator | The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades: Total Portfolio as of March 31, 2020 Residential Commercial mortgage Multi-family Construction Total Commercial Consumer Total loans Special mention $ 4,075 19,848 — — 23,923 114,858 661 139,442 Substandard 9,050 12,722 124 6,181 28,077 51,689 1,032 80,798 Doubtful — — — — — 732 — 732 Loss — — — — — — — — Total classified and criticized 13,125 32,570 124 6,181 52,000 167,279 1,693 220,972 Pass/Watch 1,093,545 2,522,521 1,222,189 402,763 5,241,018 1,536,390 377,904 7,155,312 Total gross loans $ 1,106,670 2,555,091 1,222,313 408,944 5,293,018 1,703,669 379,597 7,376,284 2020 Special mention $ — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — Loss — — — — — — — — Total classified and criticized — — — — — — — — Pass/Watch 67,775 99,722 34,785 2,005 204,287 59,721 8,587 272,595 Total gross loans $ 67,775 99,722 34,785 2,005 204,287 59,721 8,587 272,595 2019 Special mention $ — — — — — 1,231 — 1,231 Substandard — — — — — 228 — 228 Doubtful — — — — — — — Loss — — — — — — — — Total classified and criticized — — — — — 1,459 — 1,459 Pass/Watch 155,718 505,804 141,727 143,297 946,546 231,465 55,899 1,233,910 Total gross loans $ 155,718 505,804 141,727 143,297 946,546 232,924 55,899 1,235,369 2018 Special mention $ — — — — — 4,656 — 4,656 Substandard — — — — — 757 — 757 Doubtful — — — — — — — Loss — — — — — — — — Total classified and criticized — — — — — 5,413 — 5,413 Pass/Watch 96,683 357,530 115,282 188,523 758,018 195,828 48,203 1,002,049 Total gross loans $ 96,683 357,530 115,282 188,523 758,018 201,241 48,203 1,007,462 2017 Special mention $ — 220 — — 220 3,204 — 3,424 Substandard 568 995 — — 1,563 8,264 — 9,827 Doubtful — — — — — — — Loss — — — — — — — — Total classified and criticized 568 1,215 — — 1,783 11,468 — 13,251 Pass/Watch 92,471 399,107 136,620 68,938 697,136 207,256 38,057 942,449 Total gross loans $ 93,039 400,322 136,620 68,938 698,919 218,724 38,057 955,700 2016 and prior Special mention $ 4,075 19,628 — — 23,703 105,767 661 130,131 Substandard 8,482 11,727 124 6,181 26,514 42,440 1,032 69,986 Doubtful — — — — 732 — 732 Loss — — — — — — — — Total classified and criticized 12,557 31,355 124 6,181 50,217 148,939 1,693 200,849 Pass/Watch 680,898 1,160,358 793,775 — 2,635,031 842,120 227,158 3,704,309 Total gross loans $ 693,455 1,191,713 793,899 6,181 2,685,248 991,059 228,851 3,905,158 Total Portfolio as of December 31, 2019 Residential Commercial mortgage Multi-family Construction Total Commercial Consumer 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 Pass/Watch 1,065,083 2,518,177 1,225,551 423,631 5,232,442 1,497,660 389,406 7,119,508 Total gross loans $ 1,077,689 2,578,393 1,225,551 429,812 5,311,445 1,634,759 391,360 7,337,564 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits | Deposits at March 31, 2020 and December 31, 2019 are summarized as follows (in thousands): March 31, 2020 December 31, 2019 Savings $ 990,844 983,714 Money market 1,782,445 1,738,202 NOW 2,164,779 2,092,413 Non-interest bearing 1,575,926 1,554,253 Certificates of deposit 696,766 734,027 Total deposits $ 7,210,760 7,102,609 |
Components of Net Periodic Be_2
Components of Net Periodic Benefit Cost (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost (Increase) | Net periodic (decrease) increase in benefit cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2020 and 2019 includes the following components (in thousands): Three months ended March 31, Pension benefits Other post-retirement benefits 2020 2019 2020 2019 Service cost $ — — 20 20 Interest cost 250 300 178 210 Expected return on plan assets (737) (641) — — Amortization of prior service cost — — — — Amortization of the net loss (gain) 174 254 (62) (207) Net periodic (decrease) increase in benefit cost $ (313) (87) 136 23 |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Credit Loss [Abstract] | |
Schedule of Impact of ASC 326 | The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Held to Maturity Debt Securities Allowance for credit losses on corporate securities $ 6 — 6 Allowance for credit losses on municipal securities 64 — 64 Allowance for credit losses on held to maturity securities $ 70 — 70 The following table illustrates the impact of the January 1, 2020 adoption of CECL on the loan portfolio: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Loans Residential $ 8,950 3,411 5,539 Commercial 17,118 12,885 4,233 Multi-family 9,519 3,370 6,149 Construction 4,152 5,885 (1,733) Total mortgage loans 39,739 25,551 14,188 Commercial loans 18,254 28,228 (9,974) Consumer loans 5,452 1,746 3,706 Allowance for credit losses on loans $ 63,445 55,525 7,920 The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Liabilities Allowance for credit losses on off-balance sheet credit exposure $ 3,206 — 3,206 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values | The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of March 31, 2020 and December 31, 2019, by level within the fair value hierarchy: Fair Value Measurements at Reporting Date Using: (In thousands) March 31, 2020 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 $ 960,177 — 960,177 — State and municipal obligations 4,049 — 4,049 — Corporate obligations 25,607 — 25,607 — Total available for sale debt securities $ 989,833 — 989,833 — Equity securities 685 685 — — Derivative assets 111,608 — 111,608 — $ 1,102,126 685 1,101,441 — Derivative liabilities $ 120,176 — 120,176 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 15,895 — — 15,895 Foreclosed assets 4,219 — — 4,219 $ 20,114 — — 20,114 Fair Value Measurements at Reporting Date Using: (In thousands) 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 |
Schedule of Financial Instruments at Carrying and Fair Values | The following tables present the Company’s financial instruments at their carrying and fair values as of March 31, 2020 and December 31, 2019. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at March 31, 2020 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 $ 370,577 370,577 370,577 — — Available for sale debt securities: Mortgage-backed securities 960,177 960,177 — 960,177 — State and municipal obligations 4,049 4,049 — 4,049 — Corporate obligations 25,607 25,607 — 25,607 — Total available for sale debt securities $ 989,833 989,833 — 989,833 — Held to maturity debt securities, net of allowance for credit losses Agency obligations 7,417 7,432 7,432 — — Mortgage-backed securities 104 108 — 108 — State and municipal obligations 428,611 442,366 — 442,366 — Corporate obligations 9,312 9,318 — 9,318 — Total held to maturity debt securities, net of allowance for credit losses $ 445,444 459,224 7,432 451,792 — FHLBNY stock 61,198 61,198 61,198 — — Equity Securities 685 685 685 — — Loans, net of allowance for credit losses 7,296,901 7,513,881 — — 7,513,881 Derivative assets 111,608 111,608 — 111,608 — Financial liabilities: Deposits other than certificates of deposits $ 6,513,994 6,513,994 6,513,994 — — Certificates of deposit 696,766 696,151 — 696,151 — Total deposits $ 7,210,760 7,210,145 6,513,994 696,151 — Borrowings 1,213,777 1,223,866 — 1,223,866 — Derivative liabilities 120,176 120,176 — 120,176 — 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 credit 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 — |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive income, both gross and net of tax, for the three months ended March 31, 2020 and 2019 (in thousands): Three months ended March 31, 2020 2019 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains on available for sale debt securities: Net unrealized gains arising during the period $ 22,563 (5,817) 16,746 10,417 (2,839) 7,578 Reclassification adjustment for gains included in net income — — — — — — Total 22,563 (5,817) 16,746 10,417 (2,839) 7,578 Unrealized losses on derivatives (cash flow hedges) (7,697) 1,984 (5,713) (432) 118 (314) Amortization related to post-retirement obligations 112 (28) 84 (16) 4 (12) Total other comprehensive income $ 14,978 (3,861) 11,117 9,969 (2,717) 7,252 |
Components of Accumulated Other Comprehensive Income, Net of Tax | The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2020 and 2019 (in thousands): Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax 2020 2019 Unrealized Post- Retirement Unrealized (Losses) Gains on Derivatives (cash flow hedges) Accumulated Unrealized Post- Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Balance at $ 8,746 (5,240) 315 3,821 (9,605) (3,625) 894 (12,336) Current - period other comprehensive income (loss) 16,746 84 (5,713) 11,117 7,578 (12) (314) 7,252 Balance at March 31, $ 25,492 (5,156) (5,398) 14,938 (2,027) (3,637) 580 (5,084) |
Summary of Reclassifications Out of Accumulated Other Comprehensive Income | The following tables summarize the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of income for the three months ended March 31, 2020 and 2019 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended March 31, Affected line item in the Consolidated 2020 2019 Details of AOCI: Post-retirement obligations: Amortization of actuarial losses $ 112 47 Compensation and employee benefits (1) (28) (13) Income tax expense Total reclassification $ 84 34 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Financial Instruments | The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at March 31, 2020 and December 31, 2019 (in thousands): At March 31, 2020 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Consolidated Statements of Financial Condition Fair Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 118,787 Other liabilities 120,176 Credit contracts Other assets 90 Other liabilities — Total derivatives not designated as a hedging instrument $ 118,877 120,176 Derivatives designated as a hedging instrument: Interest rate products Other assets $ (7,269) Other liabilities — Total derivatives designated as a hedging instrument $ (7,269) — At December 31, 2019 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Consolidated Statements of Financial Condition Fair Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 38,830 Other liabilities 39,356 Credit contracts Other assets 47 Other liabilities — Total derivatives not designated as a hedging instrument $ 38,877 39,356 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 428 Other liabilities — Total derivatives designated as a hedging instrument $ 428 — |
Effect of the derivative financial instruments on the Income Statement | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three months ended March 31, 2020 and 2019 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income March 31, 2020 March 31, 2019 Derivatives not designated as a hedging instrument: Interest rate products Other income $ (819) (673) Credit contracts Other income (1) (4) Total $ (820) (677) Derivatives designated as a hedging instrument: Interest rate products Interest expense $ 106 162 Total $ 106 162 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Non-interest Income | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2020 and 2019: Three months ended March 31, (in-thousands) 2020 2019 Non-interest income In-scope of Topic 606: Wealth management fees $ 6,251 4,079 Banking service charges and other fees: Service charges on deposit accounts 2,977 3,191 Debit card and ATM fees 1,210 1,307 Total banking service charges and other fees 4,187 4,498 Total in-scope non-interest income 10,438 8,577 Total out-of-scope non-interest income 6,553 3,611 Total non-interest income $ 16,991 12,188 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 (in thousands): Classification March 31, 2020 December 31, 2019 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 40,110 $ 41,754 Lease Liabilities: Operating lease liabilities Other liabilities $ 41,144 $ 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): (in-thousands) Three months ended March 31, 2020 Three months ended March 31, 2019 Lease Costs: Operating lease cost $ 2,130 $ 2,050 Variable lease cost 607 760 Total Lease Cost $ 2,737 $ 2,810 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,125 $ 2,044 |
Schedule of Future Minimum Payments | Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2020 were as follows: (in-thousands) Operating Leases Twelve months ended: Remainder of 2020 $ 6,274 2021 6,085 2022 5,257 2023 4,747 2024 4,346 Thereafter 22,195 Total future minimum lease payments 48,904 Amounts representing interest 7,760 Present value of net future minimum lease payments $ 41,144 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Earnings Per Share) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounting Policies [Abstract] | ||
Net income | $ 14,931 | $ 30,890 |
Basic earnings per share: | ||
Income available to common stockholders, basic | $ 14,931 | $ 30,890 |
Weighted average common shares outstanding, basic (in shares) | 64,386,138 | 64,766,619 |
Income available to common stockholders, per share amount, basic (usd per share) | $ 0.23 | $ 0.48 |
Dilutive shares (in shares) | 71,125 | 146,119 |
Diluted earnings per share: | ||
Income available to common stockholders, diluted | $ 14,931 | $ 30,890 |
Weighted average common shares outstanding, diluted (in shares) | 64,457,263 | 64,912,738 |
Income available to common stockholders, per share amount, diluted (usd per share) | $ 0.23 | $ 0.48 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Additional Information) (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounting Policies [Abstract] | ||
Anti-dilutive stock options and awards excluded from computation of earnings per share (in shares) | 905,673 | 688,655 |
Business Combinations (Detail)
Business Combinations (Detail) $ in Thousands | Mar. 11, 2020shares | Apr. 01, 2019USD ($) | Dec. 31, 2019USD ($)office | Mar. 31, 2020USD ($) |
Business Acquisition [Line Items] | ||||
Assets under management at time of acquisition | $ 2,000,000 | $ 822,400 | ||
Number of banking offices | office | 18 | |||
Tirschwell & Loewy | ||||
Business Acquisition [Line Items] | ||||
Goodwill recorded as result of acquisition | $ 8,200 | |||
Contingent consideration liability | $ 6,600 | 9,400 | ||
Additional cash consideration to former stakeholders | 3 years | |||
Contingent consideration limit | $ 11,000 | $ 11,000 | ||
Total cost of acquisition | $ 21,600 | |||
Cash consideration | 15,000 | |||
Increase in estimated fair value of contingent consideration liability | $ 2,800 | |||
Tirschwell & Loewy | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets acquired | 12,600 | |||
Tirschwell & Loewy | Other Intangible Assets | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets acquired | $ 800 | |||
SB One Bancorp | ||||
Business Acquisition [Line Items] | ||||
Common stock portion, number of SB One Bancorp stock for each share of company common stock converted | shares | 1.357 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) $ in Thousands | Jan. 01, 2020USD ($) | Mar. 31, 2020USD ($)securityposition | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)securityposition | Dec. 31, 2018USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Available for sale debt securities, at fair value | $ 989,833 | $ 976,919 | |||
Total Portfolio | $ 445,444 | $ 453,629 | |||
Total number of all held to maturity and available for sale securities in an unrealized loss position | security | 41 | 85 | |||
Allowance for credit losses | $ 0 | $ (87) | $ 0 | ||
Retained earnings | 686,397 | 695,273 | |||
Less allowance for credit losses | 55,525 | 75,143 | $ 55,353 | 55,525 | $ 55,562 |
Securities available for sale, amortized cost | $ 955,485 | $ 965,135 | |||
Securities available for sale, number of securities in an unrealized loss position | position | 14 | 50 | |||
Unrealized loss | $ 551 | $ 1,148 | |||
Held to maturity securities, proceeds from calls | 13,300 | 9,300 | |||
Held to maturity securities, recognized gain on calls | 11 | 0 | |||
Held to maturity securities, recognized loss on calls | 0 | ||||
Investment securities held to maturity, fair value | 459,224 | $ 467,966 | |||
Provision for credit losses | $ 14,717 | $ 200 | |||
Number of securities in an unrealized loss position | security | 27 | 35 | |||
AAA | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Total Portfolio | $ 54,389 | $ 56,033 | |||
Amount of total portfolio | 12.00% | ||||
AA | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Total Portfolio | $ 329,412 | 333,450 | |||
Amount of total portfolio | 74.00% | ||||
A | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Total Portfolio | $ 59,837 | 62,652 | |||
Amount of total portfolio | 13.00% | ||||
A rated or not rated | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amount of total portfolio | 1.00% | ||||
Accounting Standards Update 2016-13 | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Allowance for credit losses | 70 | ||||
Retained earnings | 8,300 | ||||
Less allowance for credit losses | 7,900 | ||||
Provision for credit losses | 1,000 | $ 17 | |||
Accounting Standards Update 2016-13, Effect On Debt Securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Retained earnings | $ 52 | ||||
Private Label Mortgage-Backed Securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Securities available for sale, amortized cost | $ 18,000 | ||||
Securities available for sale, number of securities in an unrealized loss position | position | 1 | ||||
Unrealized loss | $ 4,000 | ||||
Mortgage-Backed Securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Available for sale debt securities, at fair value | 960,177 | 947,430 | |||
Allowance for credit losses | 0 | 0 | |||
Less allowance for credit losses | 87 | ||||
Securities available for sale, amortized cost | 926,561 | 936,196 | |||
Unrealized loss | 514 | 1,133 | |||
Held-to-maturity securities, amortized cost | 104 | ||||
Investment securities held to maturity, fair value | 108 | 122 | |||
Mortgage-Backed Securities | AAA | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Total Portfolio | 104 | 118 | |||
Mortgage-Backed Securities | AA | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Total Portfolio | 0 | 0 | |||
Mortgage-Backed Securities | A | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Total Portfolio | $ 0 | $ 0 |
Investment Securities (Securiti
Investment Securities (Securities Available for Sale) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 955,485 | $ 965,135 |
Gross unrealized gains | 34,899 | 12,932 |
Gross unrealized losses | (551) | (1,148) |
Available for sale debt securities, at fair value | 989,833 | 976,919 |
Mortgage-Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 926,561 | 936,196 |
Gross unrealized gains | 34,130 | 12,367 |
Gross unrealized losses | (514) | (1,133) |
Available for sale debt securities, at fair value | 960,177 | 947,430 |
State And Municipal Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 3,894 | 3,907 |
Gross unrealized gains | 155 | 172 |
Gross unrealized losses | 0 | 0 |
Available for sale debt securities, at fair value | 4,049 | 4,079 |
Corporate Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 25,030 | 25,032 |
Gross unrealized gains | 614 | 393 |
Gross unrealized losses | (37) | (15) |
Available for sale debt securities, at fair value | $ 25,607 | $ 25,410 |
Investment Securities (Availabl
Investment Securities (Available for Sale by Contractual Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 955,485 | $ 965,135 |
Fair value | 989,833 | $ 976,919 |
Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less, amortized cost | 0 | |
Due after one year through five years, amortized cost | 3,002 | |
Due after five years through ten years, amortized cost | 25,922 | |
Due after ten years, amortized cost | 0 | |
Amortized cost | 28,924 | |
Due in one year or less, fair value | 0 | |
Due after one year through five years, fair value | 3,040 | |
Due after five years through ten years, fair value | 26,616 | |
Due after ten years, fair value | 0 | |
Fair value | $ 29,656 |
Investment Securities (Disclosu
Investment Securities (Disclosure Regarding Length of Time on Securities Available for Sale with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 47,557 | $ 138,283 |
Less than 12 months, gross unrealized losses | (547) | (644) |
12 months or longer, fair value | 14 | 46,819 |
12 months or longer, gross unrealized losses | (4) | (504) |
Total, fair value | 47,571 | 185,102 |
Total, gross unrealized losses | (551) | (1,148) |
Mortgage-Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 45,567 | 136,270 |
Less than 12 months, gross unrealized losses | (510) | (629) |
12 months or longer, fair value | 14 | 46,819 |
12 months or longer, gross unrealized losses | (4) | (504) |
Total, fair value | 45,581 | 183,089 |
Total, gross unrealized losses | (514) | (1,133) |
Corporate Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 1,990 | 2,013 |
Less than 12 months, gross unrealized losses | (37) | (15) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 1,990 | 2,013 |
Total, gross unrealized losses | $ (37) | $ (15) |
Investment Securities (Held to
Investment Securities (Held to Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | $ 445,531 | $ 453,629 | |
Gross unrealized gains | 13,940 | 14,467 | |
Gross unrealized losses | (160) | (130) | |
Allowance for credit losses | (87) | $ 0 | 0 |
Held to maturity debt securities, fair value | 459,224 | 467,966 | |
Agency Obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 7,417 | 6,599 | |
Gross unrealized gains | 15 | 11 | |
Gross unrealized losses | 0 | (9) | |
Allowance for credit losses | 0 | 0 | |
Held to maturity debt securities, fair value | 7,432 | 6,601 | |
Mortgage-Backed Securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 104 | 118 | |
Gross unrealized gains | 4 | 4 | |
Gross unrealized losses | 0 | 0 | |
Allowance for credit losses | 0 | 0 | |
Held to maturity debt securities, fair value | 108 | 122 | |
State And Municipal Obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 428,691 | 437,074 | |
Gross unrealized gains | 13,876 | 14,394 | |
Gross unrealized losses | (121) | (115) | |
Allowance for credit losses | (80) | 0 | |
Held to maturity debt securities, fair value | 442,366 | 451,353 | |
Corporate Obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 9,319 | 9,838 | |
Gross unrealized gains | 45 | 58 | |
Gross unrealized losses | (39) | (6) | |
Allowance for credit losses | (7) | $ 0 | 0 |
Held to maturity debt securities, fair value | $ 9,318 | $ 9,890 |
Investment Securities (Securi_2
Investment Securities (Securities Held to Maturity by Contractual Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | $ 445,444 | $ 453,629 |
Fair value | 459,224 | $ 467,966 |
Held-to-maturity Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less, amortized cost | 9,461 | |
Due after one year through five years, amortized cost | 115,043 | |
Due after five years through ten years, amortized cost | 240,321 | |
Due after ten years, amortized cost | 80,602 | |
Amortized cost, debt securities held-to-maturity | 445,427 | |
Due in one year or less, fair value | 9,477 | |
Due after one year through five years, fair value | 117,204 | |
Due after five years through ten years, fair value | 248,418 | |
Due after ten years, fair value | 84,104 | |
Fair value | $ 459,203 |
Investment Securities (ASU 2016
Investment Securities (ASU 2016-13 Adoption Impact) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for credit losses | $ (87) | $ 0 | $ 0 |
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for credit losses | 70 | ||
Cumulative Effect, Period Of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for credit losses | 70 | ||
Corporate Obligations | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for credit losses | $ (7) | 0 | $ 0 |
Corporate Obligations | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for credit losses | 6 | ||
Corporate Obligations | Cumulative Effect, Period Of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for credit losses | 6 | ||
Municipal Notes | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for credit losses | 0 | ||
Municipal Notes | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for credit losses | 64 | ||
Municipal Notes | Cumulative Effect, Period Of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for credit losses | $ 64 |
Investment Securities (Disclo_2
Investment Securities (Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | $ 13,659 | $ 14,530 |
Less than 12 months, gross unrealized losses | (142) | (57) |
12 months or longer, fair value | 407 | 2,093 |
12 months or longer, gross unrealized losses | (18) | (73) |
Total, fair value | 14,066 | 16,623 |
Total, gross unrealized losses | (160) | (130) |
Agency Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 3,601 | |
Less than 12 months, gross unrealized losses | (9) | |
12 months or longer, fair value | 0 | |
12 months or longer, gross unrealized losses | 0 | |
Total, fair value | 3,601 | |
Total, gross unrealized losses | 0 | (9) |
State And Municipal Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 10,143 | 7,675 |
Less than 12 months, gross unrealized losses | (103) | (42) |
12 months or longer, fair value | 407 | 2,093 |
12 months or longer, gross unrealized losses | (18) | (73) |
Total, fair value | 10,550 | 9,768 |
Total, gross unrealized losses | (121) | (115) |
Corporate Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 3,516 | 3,254 |
Less than 12 months, gross unrealized losses | (39) | (6) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 3,516 | 3,254 |
Total, gross unrealized losses | $ (39) | $ (6) |
Investment Securities (Amortize
Investment Securities (Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | $ 445,444 | $ 453,629 |
Total | 445,531 | 453,629 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 54,389 | 56,033 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 329,412 | 333,450 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 59,837 | 62,652 |
BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 1,868 | 1,469 |
Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 25 | 25 |
Agency Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 7,417 | 6,599 |
Agency Obligations | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 7,417 | 6,599 |
Agency Obligations | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 0 | 0 |
Agency Obligations | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 0 | 0 |
Agency Obligations | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 0 | 0 |
Agency Obligations | Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 0 | 0 |
Mortgage-Backed Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 104 | 118 |
Mortgage-Backed Securities | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 104 | 118 |
Mortgage-Backed Securities | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 0 | 0 |
Mortgage-Backed Securities | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 0 | 0 |
Mortgage-Backed Securities | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 0 | 0 |
Mortgage-Backed Securities | Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 0 | 0 |
State And Municipal Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 428,691 | 437,074 |
State And Municipal Obligations | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 46,868 | 49,316 |
State And Municipal Obligations | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 326,291 | 330,322 |
State And Municipal Obligations | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 54,414 | 56,317 |
State And Municipal Obligations | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 1,118 | 1,119 |
State And Municipal Obligations | Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 0 | 0 |
Corporate Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 9,319 | 9,838 |
Corporate Obligations | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 0 | 0 |
Corporate Obligations | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 3,121 | 3,128 |
Corporate Obligations | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 5,423 | 6,335 |
Corporate Obligations | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | 750 | 350 |
Corporate Obligations | Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, debt securities held-to-maturity | $ 25 | $ 25 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses on Loans (Narrative) (Detail) | Apr. 28, 2020USD ($)counterparty | Jan. 01, 2020USD ($) | Mar. 31, 2020USD ($)SecurityLoantroubled_debt_restructuringborrower | Mar. 31, 2019USD ($)SecurityLoan | Dec. 31, 2019USD ($)SecurityLoanborrowertroubled_debt_restructuringcounterparty | Dec. 31, 2018USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Less allowance for credit losses | $ 55,525,000 | $ 75,143,000 | $ 55,353,000 | $ 55,525,000 | $ 55,562,000 | |
Retained earnings | 686,397,000 | 695,273,000 | ||||
Principal amount of nonaccrual loans | 35,300,000 | 40,200,000 | ||||
Loans less than 90 days past due | $ 16,000,000 | $ 13,100,000 | ||||
Number of loans 90 days past due and still accruing | SecurityLoan | 0 | 0 | ||||
Impaired loan defined floor limit (greater than) | $ 1,000,000 | |||||
Impaired loans number | SecurityLoan | 158 | 158 | ||||
Impaired loans | $ 65,732,000 | $ 70,641,000 | ||||
Number of troubled debt restructurings | troubled_debt_restructuring | 129 | 147 | ||||
Number of borrowers | borrower | 125 | 128,000,000 | ||||
Loans and leases receivable, impaired, nonperforming, accrual of interest | $ 39,100,000 | $ 42,700,000 | ||||
Troubled debt restructuring loans | $ 48,300,000 | |||||
Number of troubled debt restructurings with restructured terms | counterparty | 133,000,000 | |||||
Collateral dependent impaired loans | 15,900,000 | 20,400,000 | ||||
Provision for credit losses | 14,717,000 | $ 200,000 | ||||
Charge off, impaired loan | $ 2,700,000 | |||||
Weighted average modified interest rate | 6.99% | |||||
Weighted average prior modification rate | 7.19% | |||||
Number of payment defaults for loans modified as TDRs | SecurityLoan | 0 | 3 | ||||
Purchased credit-impaired loans | $ (746,000) | |||||
Allowances for loan losses | $ 5,699,000 | 5,067,000 | ||||
Impaired financing receivable with no related allowance | 27,600,000 | 16,000,000 | ||||
Average balance of impaired loans | 76,972,000 | $ 74,137,000 | ||||
Commercial Loan | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Collateral dependent impaired loans | 12,800,000 | |||||
Residential Real Estate | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Collateral dependent impaired loans | 3,000,000 | |||||
Consumer Loan | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Collateral dependent impaired loans | 174,000 | |||||
Subsequent Event | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Number of borrowers | counterparty | 638 | |||||
Number of PPP loans | counterparty | 820 | |||||
Principal loan balances deferred | $ 889,000,000 | |||||
Paycheck protection program | $ 377,500,000 | |||||
Team Capital Bank | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Balance of PCI loans | 737,000 | |||||
Impaired Loans Troubled Debt Restructurings | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Allowances for loan losses | 448,000 | |||||
Accounting Standards Update 2016-13 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Less allowance for credit losses | 7,900,000 | |||||
Retained earnings | 8,300,000 | |||||
Provision for credit losses | 1,000,000 | $ 17,000 | ||||
Accounting Standards Update 2016-13, Effect On Loans Receivable | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Retained earnings | $ 5,900,000 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses on Loans (Schedule of Summarized Loans Receivable) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 7,376,284 | $ 7,337,564 |
Premiums on purchased loans | 2,300 | 2,474 |
Unearned discounts | (26) | (26) |
Net deferred fees | (7,251) | (7,873) |
Total loans | 7,372,044 | 7,332,885 |
Loans, excluding purchased credit-impaired loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 7,376,284 | 7,337,564 |
Purchased credit-impaired (PCI) loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 737 | 746 |
Mortgage Portfolio Segment | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 5,293,018 | 5,311,445 |
Mortgage Portfolio Segment | Loans, excluding purchased credit-impaired loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 5,293,018 | 5,311,445 |
Mortgage Portfolio Segment | Residential | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,106,670 | 1,077,689 |
Mortgage Portfolio Segment | Residential | Loans, excluding purchased credit-impaired loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,106,670 | 1,077,689 |
Mortgage Portfolio Segment | Commercial | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 2,555,091 | 2,578,393 |
Mortgage Portfolio Segment | Commercial | Loans, excluding purchased credit-impaired loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 2,555,091 | 2,578,393 |
Mortgage Portfolio Segment | Multi-Family | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,222,313 | 1,225,551 |
Mortgage Portfolio Segment | Multi-Family | Loans, excluding purchased credit-impaired loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,222,313 | 1,225,551 |
Mortgage Portfolio Segment | Construction | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 408,944 | 429,812 |
Mortgage Portfolio Segment | Construction | Loans, excluding purchased credit-impaired loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 408,944 | 429,812 |
Commercial Loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,703,669 | 1,634,759 |
Commercial Loans | Loans, excluding purchased credit-impaired loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,703,669 | 1,634,759 |
Commercial Loans | Commercial Owner, Occupied | Loans, excluding purchased credit-impaired loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 935,669 | 853,269 |
Commercial Loans | Commercial Non-Owner, Occupied | Loans, excluding purchased credit-impaired loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 719,780 | 732,277 |
Commercial Loans | Other Commercial Loans | Loans, excluding purchased credit-impaired loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 48,220 | 49,213 |
Consumer Loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 379,597 | 391,360 |
Consumer Loans | Loans, excluding purchased credit-impaired loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 379,597 | $ 391,360 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses on Loans (Summary of Aging Loans Receivable by Portfolio Segment and Class) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 35,339 | $ 40,194 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 62,240 | 52,769 |
Current | 7,314,044 | 7,284,795 |
Total gross loans | 7,376,284 | 7,337,564 |
Non-accrual loans with no related allowance | 3,530 | 6,796 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 22,164 | 9,564 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 4,737 | 3,011 |
Mortgage Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 11,409 | 13,813 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 22,148 | 22,297 |
Current | 5,270,870 | 5,289,148 |
Total gross loans | 5,293,018 | 5,311,445 |
Non-accrual loans with no related allowance | 1,522 | 2,989 |
Mortgage Portfolio Segment | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 6,145 | 8,543 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 16,460 | 17,027 |
Current | 1,090,210 | 1,060,662 |
Total gross loans | 1,106,670 | 1,077,689 |
Non-accrual loans with no related allowance | 1,522 | 2,989 |
Mortgage Portfolio Segment | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 5,264 | 5,270 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 5,688 | 5,270 |
Current | 2,549,403 | 2,573,123 |
Total gross loans | 2,555,091 | 2,578,393 |
Non-accrual loans with no related allowance | 0 | 0 |
Mortgage Portfolio Segment | Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 0 | 0 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 1,222,313 | 1,225,551 |
Total gross loans | 1,222,313 | 1,225,551 |
Non-accrual loans with no related allowance | 0 | 0 |
Mortgage Portfolio Segment | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 0 | 0 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 408,944 | 429,812 |
Total gross loans | 408,944 | 429,812 |
Non-accrual loans with no related allowance | 0 | 0 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 6,664 | 5,905 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 6,240 | 5,905 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 424 | 0 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 0 | 0 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 0 | 0 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 4,075 | 2,579 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 4,075 | 2,579 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 0 | 0 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 0 | 0 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 0 | 0 |
Commercial Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 23,086 | 25,160 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 36,880 | 27,638 |
Current | 1,666,789 | 1,607,121 |
Total gross loans | 1,703,669 | 1,634,759 |
Non-accrual loans with no related allowance | 1,344 | 3,238 |
Commercial Loans | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 13,793 | 2,383 |
Commercial Loans | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 1 | 95 |
Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 844 | 1,221 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 3,212 | 2,834 |
Current | 376,385 | 388,526 |
Total gross loans | 379,597 | 391,360 |
Non-accrual loans with no related allowance | 664 | 569 |
Consumer Loans | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 1,707 | 1,276 |
Consumer Loans | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | $ 661 | $ 337 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses on Loans (Schedule of Allowance for Loan Losses by Portfolio Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | $ 55,525 | $ 55,562 |
Retained earnings (due to initial CECL adoption) | 7,920 | |
Provision charged (credited) to operations | 14,700 | 200 |
Recoveries of loans previously charged-off | 529 | 412 |
Loans charged-off | (3,531) | (821) |
Balance at end of period | 75,143 | 55,353 |
Mortgage Portfolio Segment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 25,511 | 27,678 |
Retained earnings (due to initial CECL adoption) | 14,188 | |
Provision charged (credited) to operations | 7,710 | (982) |
Recoveries of loans previously charged-off | 93 | 230 |
Loans charged-off | (2) | 0 |
Balance at end of period | 47,500 | 26,926 |
Commercial Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 28,263 | 25,693 |
Retained earnings (due to initial CECL adoption) | (9,974) | |
Provision charged (credited) to operations | 7,619 | 1,282 |
Recoveries of loans previously charged-off | 313 | 52 |
Loans charged-off | (3,380) | (676) |
Balance at end of period | 22,841 | 26,351 |
Consumer Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 1,751 | 2,191 |
Retained earnings (due to initial CECL adoption) | 3,706 | |
Provision charged (credited) to operations | (629) | (100) |
Recoveries of loans previously charged-off | 123 | 130 |
Loans charged-off | (149) | (145) |
Balance at end of period | $ 4,802 | $ 2,076 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses on Loans (Impact of ASC 326 Adoption) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | $ 75,143 | $ 55,525 | $ 55,525 | $ 55,353 | $ 55,562 |
Mortgage Portfolio | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 25,551 | ||||
Mortgage Portfolio | Residential | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 3,411 | ||||
Mortgage Portfolio | Commercial | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 12,885 | ||||
Mortgage Portfolio | Multi-Family | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 3,370 | ||||
Mortgage Portfolio | Construction | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 5,885 | ||||
Commercial Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 22,841 | 28,228 | 28,263 | 26,351 | 25,693 |
Consumer Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | $ 4,802 | 1,746 | $ 1,751 | $ 2,076 | $ 2,191 |
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 63,445 | ||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Mortgage Portfolio | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 39,739 | ||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Mortgage Portfolio | Residential | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 8,950 | ||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Mortgage Portfolio | Commercial | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 17,118 | ||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Mortgage Portfolio | Multi-Family | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 9,519 | ||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Mortgage Portfolio | Construction | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 4,152 | ||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Commercial Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 18,254 | ||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Consumer Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 5,452 | ||||
Cumulative Effect, Period Of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 7,920 | ||||
Cumulative Effect, Period Of Adoption, Adjustment | Mortgage Portfolio | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 14,188 | ||||
Cumulative Effect, Period Of Adoption, Adjustment | Mortgage Portfolio | Residential | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 5,539 | ||||
Cumulative Effect, Period Of Adoption, Adjustment | Mortgage Portfolio | Commercial | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 4,233 | ||||
Cumulative Effect, Period Of Adoption, Adjustment | Mortgage Portfolio | Multi-Family | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 6,149 | ||||
Cumulative Effect, Period Of Adoption, Adjustment | Mortgage Portfolio | Construction | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | (1,733) | ||||
Cumulative Effect, Period Of Adoption, Adjustment | Commercial Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | (9,974) | ||||
Cumulative Effect, Period Of Adoption, Adjustment | Consumer Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | $ 3,706 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses on Loans (Summary of Loans Receivable by Portfolio Segment and Impairment Method) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 65,732 | $ 70,641 |
Collectively evaluated for impairment | 7,310,552 | 7,266,923 |
Total gross loans | 7,376,284 | 7,337,564 |
Mortgage Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 39,592 | 39,910 |
Collectively evaluated for impairment | 5,253,426 | 5,271,535 |
Total gross loans | 5,293,018 | 5,311,445 |
Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 24,026 | 28,357 |
Collectively evaluated for impairment | 1,679,643 | 1,606,402 |
Total gross loans | 1,703,669 | 1,634,759 |
Consumer Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 2,114 | 2,374 |
Collectively evaluated for impairment | 377,483 | 388,986 |
Total gross loans | $ 379,597 | $ 391,360 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses on Loans (Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Individually evaluated for impairment | $ 5,699 | $ 5,067 | |||
Collectively evaluated for impairment | 69,444 | 50,458 | |||
Total gross loans | 75,143 | $ 55,525 | 55,525 | $ 55,353 | $ 55,562 |
Mortgage Portfolio Segment | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Individually evaluated for impairment | 1,590 | 1,580 | |||
Collectively evaluated for impairment | 45,910 | 23,931 | |||
Total gross loans | 47,500 | 25,511 | 26,926 | 27,678 | |
Commercial Loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Individually evaluated for impairment | 4,073 | 3,462 | |||
Collectively evaluated for impairment | 18,768 | 24,801 | |||
Total gross loans | 22,841 | 28,228 | 28,263 | 26,351 | 25,693 |
Consumer Loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Individually evaluated for impairment | 36 | 25 | |||
Collectively evaluated for impairment | 4,766 | 1,726 | |||
Total gross loans | $ 4,802 | $ 1,746 | $ 1,751 | $ 2,076 | $ 2,191 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses on Loans (Schedule of Troubled Debt Restructurings) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)counterparty | Mar. 31, 2019USD ($)counterparty | |
Mortgage Portfolio | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | counterparty | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 14,010 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 14,010 |
Mortgage Portfolio | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | counterparty | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 14,010 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 14,010 |
Restructured Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | counterparty | 2 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 746 | $ 16,023 |
Post-Modification Outstanding Recorded Investment | $ 731 | $ 16,023 |
Restructured Loans | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | counterparty | 2 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 746 | $ 2,013 |
Post-Modification Outstanding Recorded Investment | $ 731 | $ 2,013 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses on Loans (Schedule of Trouble Debt Restructuring Subsequently Defaulted) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)SecurityLoan | Mar. 31, 2019USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 3 |
Outstanding Recorded Investment | $ | $ 0 | $ 540 |
Commercial Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 3 |
Outstanding Recorded Investment | $ | $ 0 | $ 540 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Credit Losses on Loans (Summary of Impaired Loans Receivable by Class) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | $ 32,543 | $ 19,491 |
Loans with no related allowance, Recorded Investment | 27,630 | 15,952 |
Related Allowance | 5,699 | 5,067 |
Loans with no related allowance, Average Recorded Investment | 28,996 | 16,416 |
Loans with no related allowance, Interest Income Recognized | 281 | 636 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 41,547 | 58,335 |
Loans with an allowance recorded, Recorded Investment | 38,102 | 54,689 |
Loans with an allowance recorded, Average Recorded Investment | 47,976 | 57,721 |
Loans with an allowance recorded, Interest Income Recognized | 241 | 1,487 |
Total impaired loans | ||
Unpaid Principal Balance | 74,090 | 77,826 |
Recorded Investment | 65,732 | 70,641 |
Related Allowance | 5,699 | 5,067 |
Average Recorded Investment | 76,972 | 74,137 |
Interest Income Recognized | 522 | 2,123 |
Mortgage Portfolio Segment | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 26,939 | 13,478 |
Loans with no related allowance, Recorded Investment | 24,367 | 10,739 |
Related Allowance | 1,590 | 1,580 |
Loans with no related allowance, Average Recorded Investment | 24,440 | 10,910 |
Loans with no related allowance, Interest Income Recognized | 246 | 533 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 15,787 | 29,705 |
Loans with an allowance recorded, Recorded Investment | 15,225 | 29,171 |
Loans with an allowance recorded, Average Recorded Investment | 15,264 | 29,316 |
Loans with an allowance recorded, Interest Income Recognized | 126 | 997 |
Total impaired loans | ||
Unpaid Principal Balance | 42,726 | 43,183 |
Recorded Investment | 39,592 | 39,910 |
Related Allowance | 1,590 | 1,580 |
Average Recorded Investment | 39,704 | 40,226 |
Interest Income Recognized | 372 | 1,530 |
Mortgage Portfolio Segment | Residential | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 12,644 | 13,478 |
Loans with no related allowance, Recorded Investment | 10,187 | 10,739 |
Related Allowance | 876 | 829 |
Loans with no related allowance, Average Recorded Investment | 10,257 | 10,910 |
Loans with no related allowance, Interest Income Recognized | 118 | 533 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 10,777 | 10,860 |
Loans with an allowance recorded, Recorded Investment | 10,273 | 10,326 |
Loans with an allowance recorded, Average Recorded Investment | 10,308 | 10,454 |
Loans with an allowance recorded, Interest Income Recognized | 112 | 428 |
Total impaired loans | ||
Unpaid Principal Balance | 23,421 | 24,338 |
Recorded Investment | 20,460 | 21,065 |
Related Allowance | 876 | 829 |
Average Recorded Investment | 20,565 | 21,364 |
Interest Income Recognized | 230 | 961 |
Mortgage Portfolio Segment | Commercial | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 14,295 | 0 |
Loans with no related allowance, Recorded Investment | 14,180 | 0 |
Related Allowance | 694 | 751 |
Loans with no related allowance, Average Recorded Investment | 14,183 | 0 |
Loans with no related allowance, Interest Income Recognized | 128 | 0 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 4,828 | 18,845 |
Loans with an allowance recorded, Recorded Investment | 4,828 | 18,845 |
Loans with an allowance recorded, Average Recorded Investment | 4,832 | 18,862 |
Loans with an allowance recorded, Interest Income Recognized | 14 | 569 |
Total impaired loans | ||
Unpaid Principal Balance | 19,123 | 18,845 |
Recorded Investment | 19,008 | 18,845 |
Related Allowance | 694 | 751 |
Average Recorded Investment | 19,015 | 18,862 |
Interest Income Recognized | 142 | 569 |
Mortgage Portfolio Segment | Multi-Family | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 0 | 0 |
Loans with no related allowance, Recorded Investment | 0 | 0 |
Related Allowance | 20 | 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 | ||
Loans with an allowance recorded, Unpaid Principal Balance | 182 | 0 |
Loans with an allowance recorded, Recorded Investment | 124 | 0 |
Loans with an allowance recorded, Average Recorded Investment | 124 | 0 |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Total impaired loans | ||
Unpaid Principal Balance | 182 | 0 |
Recorded Investment | 124 | 0 |
Related Allowance | 20 | 0 |
Average Recorded Investment | 124 | 0 |
Interest Income Recognized | 0 | 0 |
Mortgage Portfolio Segment | Construction | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 0 | 0 |
Loans with no related allowance, Recorded Investment | 0 | 0 |
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 | ||
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Loans with an allowance recorded, Recorded Investment | 0 | 0 |
Loans with an allowance recorded, Average Recorded Investment | 0 | 0 |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Total impaired loans | ||
Related Allowance | 0 | 0 |
Commercial Loans | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 3,943 | 3,927 |
Loans with no related allowance, Recorded Investment | 2,135 | 3,696 |
Related Allowance | 4,073 | 3,462 |
Loans with no related allowance, Average Recorded Investment | 3,417 | 4,015 |
Loans with no related allowance, Interest Income Recognized | 18 | 17 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 24,763 | 27,762 |
Loans with an allowance recorded, Recorded Investment | 21,891 | 24,661 |
Loans with an allowance recorded, Average Recorded Investment | 24,152 | 27,527 |
Loans with an allowance recorded, Interest Income Recognized | 104 | 444 |
Total impaired loans | ||
Unpaid Principal Balance | 28,706 | 31,689 |
Recorded Investment | 24,026 | 28,357 |
Related Allowance | 4,073 | 3,462 |
Average Recorded Investment | 27,569 | 31,542 |
Interest Income Recognized | 122 | 461 |
Consumer Loans | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 1,661 | 2,086 |
Loans with no related allowance, Recorded Investment | 1,128 | 1,517 |
Related Allowance | 36 | 25 |
Loans with no related allowance, Average Recorded Investment | 1,139 | 1,491 |
Loans with no related allowance, Interest Income Recognized | 17 | 86 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 997 | 868 |
Loans with an allowance recorded, Recorded Investment | 986 | 857 |
Loans with an allowance recorded, Average Recorded Investment | 8,560 | 878 |
Loans with an allowance recorded, Interest Income Recognized | 11 | 46 |
Total impaired loans | ||
Unpaid Principal Balance | 2,658 | 2,954 |
Recorded Investment | 2,114 | 2,374 |
Related Allowance | 36 | 25 |
Average Recorded Investment | 9,699 | 2,369 |
Interest Income Recognized | $ 28 | $ 132 |
Loans Receivable and Allowan_13
Loans Receivable and Allowance for Credit Losses on Loans (Summary of Loans Receivable by Credit Quality Risk Rating Indicator) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 7,372,044 | $ 7,332,885 |
Total gross loans | 7,376,284 | 7,337,564 |
2020 | 272,595 | |
2019 | 1,235,369 | |
2018 | 1,007,462 | |
2017 | 955,700 | |
2016 and prior | 3,905,158 | |
Total classified and criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 220,972 | 218,056 |
2020 | 0 | |
2019 | 1,459 | |
2018 | 5,413 | |
2017 | 13,251 | |
2016 and prior | 200,849 | |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 139,442 | 128,694 |
2020 | 0 | |
2019 | 1,231 | |
2018 | 4,656 | |
2017 | 3,424 | |
2016 and prior | 130,131 | |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 80,798 | 88,526 |
2020 | 0 | |
2019 | 228 | |
2018 | 757 | |
2017 | 9,827 | |
2016 and prior | 69,986 | |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 732 | 836 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 732 | |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,155,312 | 7,119,508 |
2020 | 272,595 | |
2019 | 1,233,910 | |
2018 | 1,002,049 | |
2017 | 942,449 | |
2016 and prior | 3,704,309 | |
Mortgage Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 5,293,018 | 5,311,445 |
2020 | 204,287 | |
2019 | 946,546 | |
2018 | 758,018 | |
2017 | 698,919 | |
2016 and prior | 2,685,248 | |
Mortgage Portfolio Segment | Total classified and criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 52,000 | 79,003 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 1,783 | |
2016 and prior | 50,217 | |
Mortgage Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 23,923 | 49,160 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 220 | |
2016 and prior | 23,703 | |
Mortgage Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 28,077 | 29,843 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 1,563 | |
2016 and prior | 26,514 | |
Mortgage Portfolio Segment | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Mortgage Portfolio Segment | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Mortgage Portfolio Segment | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,241,018 | 5,232,442 |
2020 | 204,287 | |
2019 | 946,546 | |
2018 | 758,018 | |
2017 | 697,136 | |
2016 and prior | 2,635,031 | |
Mortgage Portfolio Segment | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,106,670 | 1,077,689 |
2020 | 67,775 | |
2019 | 155,718 | |
2018 | 96,683 | |
2017 | 93,039 | |
2016 and prior | 693,455 | |
Mortgage Portfolio Segment | Residential | Total classified and criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 13,125 | 12,606 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 568 | |
2016 and prior | 12,557 | |
Mortgage Portfolio Segment | Residential | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,075 | 2,402 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 4,075 | |
Mortgage Portfolio Segment | Residential | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,050 | 10,204 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 568 | |
2016 and prior | 8,482 | |
Mortgage Portfolio Segment | Residential | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Mortgage Portfolio Segment | Residential | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Mortgage Portfolio Segment | Residential | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,093,545 | 1,065,083 |
2020 | 67,775 | |
2019 | 155,718 | |
2018 | 96,683 | |
2017 | 92,471 | |
2016 and prior | 680,898 | |
Mortgage Portfolio Segment | Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2,555,091 | 2,578,393 |
2020 | 99,722 | |
2019 | 505,804 | |
2018 | 357,530 | |
2017 | 400,322 | |
2016 and prior | 1,191,713 | |
Mortgage Portfolio Segment | Commercial | Total classified and criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 32,570 | 60,216 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 1,215 | |
2016 and prior | 31,355 | |
Mortgage Portfolio Segment | Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 19,848 | 46,758 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 220 | |
2016 and prior | 19,628 | |
Mortgage Portfolio Segment | Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12,722 | 13,458 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 995 | |
2016 and prior | 11,727 | |
Mortgage Portfolio Segment | Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Mortgage Portfolio Segment | Commercial | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Mortgage Portfolio Segment | Commercial | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,522,521 | 2,518,177 |
2020 | 99,722 | |
2019 | 505,804 | |
2018 | 357,530 | |
2017 | 399,107 | |
2016 and prior | 1,160,358 | |
Mortgage Portfolio Segment | Multi-Family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,222,313 | 1,225,551 |
2020 | 34,785 | |
2019 | 141,727 | |
2018 | 115,282 | |
2017 | 136,620 | |
2016 and prior | 793,899 | |
Mortgage Portfolio Segment | Multi-Family | Total classified and criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 124 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 124 | |
Mortgage Portfolio Segment | Multi-Family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Mortgage Portfolio Segment | Multi-Family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 124 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 124 | |
Mortgage Portfolio Segment | Multi-Family | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | ||
2019 | ||
2018 | ||
2017 | ||
2016 and prior | ||
Mortgage Portfolio Segment | Multi-Family | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Mortgage Portfolio Segment | Multi-Family | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,222,189 | 1,225,551 |
2020 | 34,785 | |
2019 | 141,727 | |
2018 | 115,282 | |
2017 | 136,620 | |
2016 and prior | 793,775 | |
Mortgage Portfolio Segment | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 408,944 | 429,812 |
2020 | 2,005 | |
2019 | 143,297 | |
2018 | 188,523 | |
2017 | 68,938 | |
2016 and prior | 6,181 | |
Mortgage Portfolio Segment | Construction | Total classified and criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,181 | 6,181 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 6,181 | |
Mortgage Portfolio Segment | Construction | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Mortgage Portfolio Segment | Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,181 | 6,181 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 6,181 | |
Mortgage Portfolio Segment | Construction | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Mortgage Portfolio Segment | Construction | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Mortgage Portfolio Segment | Construction | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 402,763 | 423,631 |
2020 | 2,005 | |
2019 | 143,297 | |
2018 | 188,523 | |
2017 | 68,938 | |
2016 and prior | 0 | |
Commercial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,703,669 | 1,634,759 |
2020 | 59,721 | |
2019 | 232,924 | |
2018 | 201,241 | |
2017 | 218,724 | |
2016 and prior | 991,059 | |
Commercial Loans | Total classified and criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 167,279 | 137,099 |
2020 | 0 | |
2019 | 1,459 | |
2018 | 5,413 | |
2017 | 11,468 | |
2016 and prior | 148,939 | |
Commercial Loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 114,858 | 79,248 |
2020 | 0 | |
2019 | 1,231 | |
2018 | 4,656 | |
2017 | 3,204 | |
2016 and prior | 105,767 | |
Commercial Loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 51,689 | 57,015 |
2020 | 0 | |
2019 | 228 | |
2018 | 757 | |
2017 | 8,264 | |
2016 and prior | 42,440 | |
Commercial Loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 732 | 836 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 732 | |
Commercial Loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Commercial Loans | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,536,390 | 1,497,660 |
2020 | 59,721 | |
2019 | 231,465 | |
2018 | 195,828 | |
2017 | 207,256 | |
2016 and prior | 842,120 | |
Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 379,597 | 391,360 |
2020 | 8,587 | |
2019 | 55,899 | |
2018 | 48,203 | |
2017 | 38,057 | |
2016 and prior | 228,851 | |
Consumer Loans | Total classified and criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,693 | 1,954 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 1,693 | |
Consumer Loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 661 | 286 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 661 | |
Consumer Loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,032 | 1,668 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 1,032 | |
Consumer Loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Consumer Loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and prior | 0 | |
Consumer Loans | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 377,904 | $ 389,406 |
2020 | 8,587 | |
2019 | 55,899 | |
2018 | 48,203 | |
2017 | 38,057 | |
2016 and prior | $ 227,158 |
Deposits (Detail)
Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Banking and Thrift [Abstract] | ||
Savings | $ 990,844 | $ 983,714 |
Money market | 1,782,445 | 1,738,202 |
NOW | 2,164,779 | 2,092,413 |
Non-interest bearing | 1,575,926 | 1,554,253 |
Certificates of deposit | 696,766 | 734,027 |
Total deposits | $ 7,210,760 | $ 7,102,609 |
Components of Net Periodic Be_3
Components of Net Periodic Benefit Cost (Narrative) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2006 | Dec. 31, 2002 | |
Retirement Benefits [Abstract] | |||
Service period for employees of coverage age, years (at least) | 1 year | ||
Defined benefit plan, percentage vested | 100.00% | ||
Retiree benefits eliminated if less than service period, years (less than) | 10 years | 10 years | |
Defined benefit plan, contributions by employer | $ 0 |
Components of Net Periodic Be_4
Components of Net Periodic Benefit Cost (Benefit Cost (Increase) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension benefits | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 250 | 300 |
Expected return on plan assets | (737) | (641) |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss (gain) | 174 | 254 |
Net periodic (decrease) increase in benefit cost | (313) | (87) |
Other post-retirement benefits | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | 20 | 20 |
Interest cost | 178 | 210 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss (gain) | (62) | (207) |
Net periodic (decrease) increase in benefit cost | $ 136 | $ 23 |
Impact of Recent Accounting P_2
Impact of Recent Accounting Pronouncements (Additional Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | $ 75,143 | $ 55,525 | $ 55,525 | $ 55,353 | $ 55,562 |
Provision for credit losses for off-balance sheet credit exposure | 0 | ||||
Retained earnings | $ 686,397 | $ 695,273 | |||
Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 7,900 | ||||
Provision for credit losses for off-balance sheet credit exposure | 3,200 | ||||
Retained earnings | 8,300 | ||||
Construction | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | $ 1,300 |
Allowance for Credit Losses o_3
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Provision for credit losses for off-balance sheet credit exposure | $ 0 | |||
Provision for credit losses | $ 14,717 | $ 200 | ||
Retained earnings | $ 686,397 | $ 695,273 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Provision for credit losses for off-balance sheet credit exposure | 3,206 | |||
Cumulative Effect, Period Of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Provision for credit losses for off-balance sheet credit exposure | 3,206 | |||
Accounting Standards Update 2016-13, Effect On Off-Balance Sheet Items | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained earnings | $ 2,400 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) $ in Millions | Mar. 31, 2020USD ($)security | Dec. 31, 2019USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted cash | $ | $ 128.7 | $ 77 |
Valuation, Market Approach | Measurement Input, Cost to Sell | Minimum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | 0.05 | |
Foreclosed assets, measurement input | 0.05 | |
Valuation, Market Approach | Measurement Input, Cost to Sell | Maximum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | 0.10 | |
Foreclosed assets, measurement input | 0.10 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | $ 989,833 | $ 976,919 |
Held to maturity debt securities, fair value | 459,224 | 467,966 |
Equity securities | 685 | 825 |
Derivative liabilities | 127,700 | |
Foreclosed assets | 4,219 | 2,715 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Held to maturity debt securities, fair value | 7,432 | 6,601 |
Equity securities | 685 | 825 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 989,833 | 976,919 |
Held to maturity debt securities, fair value | 451,792 | 461,365 |
Equity securities | 0 | 0 |
Derivative assets | 111,608 | 39,305 |
Derivative liabilities | 120,176 | 39,356 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Held to maturity debt securities, fair value | 0 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Mortgage-Backed Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 960,177 | 947,430 |
Held to maturity debt securities, fair value | 108 | 122 |
Mortgage-Backed Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Held to maturity debt securities, fair value | 0 | 0 |
Mortgage-Backed Securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 960,177 | 947,430 |
Held to maturity debt securities, fair value | 108 | 122 |
Mortgage-Backed Securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Held to maturity debt securities, fair value | 0 | 0 |
State And Municipal Obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 4,049 | 4,079 |
Held to maturity debt securities, fair value | 442,366 | 451,353 |
State And Municipal Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Held to maturity debt securities, fair value | 0 | 0 |
State And Municipal Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 4,049 | 4,079 |
Held to maturity debt securities, fair value | 442,366 | 451,353 |
State And Municipal Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Held to maturity debt securities, fair value | 0 | 0 |
Corporate Obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 25,607 | 25,410 |
Held to maturity debt securities, fair value | 9,318 | 9,890 |
Corporate Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Held to maturity debt securities, fair value | 0 | 0 |
Corporate Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 25,607 | 25,410 |
Held to maturity debt securities, fair value | 9,318 | 9,890 |
Corporate Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Held to maturity debt securities, fair value | 0 | 0 |
Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 989,833 | 976,919 |
Equity securities | 685 | 825 |
Derivative assets | 111,608 | 39,305 |
Total assets at fair value | 1,102,126 | 1,017,049 |
Derivative liabilities | 120,176 | 39,356 |
Measured on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Equity securities | 685 | 825 |
Derivative assets | 0 | 0 |
Total assets at fair value | 685 | 825 |
Derivative liabilities | 0 | 0 |
Measured on a Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 989,833 | 976,919 |
Equity securities | 0 | 0 |
Derivative assets | 111,608 | 39,305 |
Total assets at fair value | 1,101,441 | 1,016,224 |
Derivative liabilities | 120,176 | 39,356 |
Measured on a Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Derivative liabilities | 0 | 0 |
Measured on a Recurring Basis | Mortgage-Backed Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 960,177 | 947,430 |
Measured on a Recurring Basis | Mortgage-Backed Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Measured on a Recurring Basis | Mortgage-Backed Securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 960,177 | 947,430 |
Measured on a Recurring Basis | Mortgage-Backed Securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Measured on a Recurring Basis | State And Municipal Obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 4,049 | 4,079 |
Measured on a Recurring Basis | State And Municipal Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Measured on a Recurring Basis | State And Municipal Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 4,049 | 4,079 |
Measured on a Recurring Basis | State And Municipal Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Measured on a Recurring Basis | Corporate Obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 25,607 | 25,410 |
Measured on a Recurring Basis | Corporate Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Measured on a Recurring Basis | Corporate Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 25,607 | 25,410 |
Measured on a Recurring Basis | Corporate Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Measured on a Non-Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 20,114 | 23,118 |
Loans measured for impairment based on the fair value of the underlying collateral | 15,895 | 20,403 |
Foreclosed assets | 4,219 | 2,715 |
Measured on a Non-Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 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 | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 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 | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 20,114 | 23,118 |
Loans measured for impairment based on the fair value of the underlying collateral | 15,895 | 20,403 |
Foreclosed assets | $ 4,219 | $ 2,715 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Cash and cash equivalents | $ 370,577 | $ 186,748 |
Available for sale debt securities, at fair value | 989,833 | 976,919 |
Investment securities held to maturity, fair value | 459,224 | 467,966 |
Federal Home Loan Bank stock | 61,198 | 57,298 |
Equity securities | 685 | 825 |
Loans, net of allowance for credit losses | 7,296,901 | 7,277,360 |
Financial liabilities: | ||
Certificates of deposit | 696,766 | 734,027 |
Total deposits | 7,210,760 | 7,102,609 |
Borrowed funds | 1,213,777 | 1,125,146 |
Derivative liabilities | 127,700 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 370,577 | 186,748 |
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 7,432 | 6,601 |
Federal Home Loan Bank stock | 61,198 | 57,298 |
Equity securities | 685 | 825 |
Loans, net of allowance for credit losses | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 6,513,994 | 6,368,582 |
Certificates of deposit | 0 | 0 |
Total deposits | 6,513,994 | 6,368,582 |
Borrowed funds | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Available for sale debt securities, at fair value | 989,833 | 976,919 |
Investment securities held to maturity, fair value | 451,792 | 461,365 |
Federal Home Loan Bank stock | 0 | 0 |
Equity securities | 0 | 0 |
Loans, net of allowance for credit losses | 0 | 0 |
Derivative assets | 111,608 | 39,305 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 0 | 0 |
Certificates of deposit | 696,151 | 734,047 |
Total deposits | 696,151 | 734,047 |
Borrowed funds | 1,223,866 | 1,127,569 |
Derivative liabilities | 120,176 | 39,356 |
Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Equity securities | 0 | 0 |
Loans, net of allowance for credit losses | 7,513,881 | 7,296,744 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 0 | 0 |
Certificates of deposit | 0 | 0 |
Total deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Derivative liabilities | 0 | 0 |
Agency Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Investment securities held to maturity, fair value | 7,432 | 6,601 |
Agency Obligations | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Investment securities held to maturity, fair value | 0 | 0 |
Agency Obligations | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Investment securities held to maturity, fair value | 0 | 0 |
Mortgage-Backed Securities | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 960,177 | 947,430 |
Investment securities held to maturity, fair value | 108 | 122 |
Mortgage-Backed Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Mortgage-Backed Securities | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 960,177 | 947,430 |
Investment securities held to maturity, fair value | 108 | 122 |
Mortgage-Backed Securities | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
State And Municipal Obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 4,049 | 4,079 |
Investment securities held to maturity, fair value | 442,366 | 451,353 |
State And Municipal Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
State And Municipal Obligations | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 4,049 | 4,079 |
Investment securities held to maturity, fair value | 442,366 | 451,353 |
State And Municipal Obligations | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Corporate Obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 25,607 | 25,410 |
Investment securities held to maturity, fair value | 9,318 | 9,890 |
Corporate Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Corporate Obligations | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 25,607 | 25,410 |
Investment securities held to maturity, fair value | 9,318 | 9,890 |
Corporate Obligations | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 370,577 | 186,748 |
Available for sale debt securities, at fair value | 989,833 | 976,919 |
Investment securities held to maturity, fair value | 445,444 | 453,629 |
Federal Home Loan Bank stock | 61,198 | 57,298 |
Equity securities | 685 | 825 |
Loans, net of allowance for credit losses | 7,296,901 | 7,277,360 |
Derivative assets | 111,608 | 39,305 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 6,513,994 | 6,368,582 |
Certificates of deposit | 696,766 | 734,027 |
Total deposits | 7,210,760 | 7,102,609 |
Borrowed funds | 1,213,777 | 1,125,146 |
Derivative liabilities | 120,176 | 39,356 |
Carrying Value | Agency Obligations | ||
Financial assets: | ||
Investment securities held to maturity, fair value | 7,417 | 6,599 |
Carrying Value | Mortgage-Backed Securities | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 960,177 | 947,430 |
Investment securities held to maturity, fair value | 104 | 118 |
Carrying Value | State And Municipal Obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 4,049 | 4,079 |
Investment securities held to maturity, fair value | 428,611 | 437,074 |
Carrying Value | Corporate Obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 25,607 | 25,410 |
Investment securities held to maturity, fair value | 9,312 | 9,838 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 370,577 | 186,748 |
Available for sale debt securities, at fair value | 989,833 | 976,919 |
Investment securities held to maturity, fair value | 459,224 | 467,966 |
Federal Home Loan Bank stock | 61,198 | 57,298 |
Equity securities | 685 | 825 |
Loans, net of allowance for credit losses | 7,513,881 | 7,296,744 |
Derivative assets | 111,608 | 39,305 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 6,513,994 | 6,368,582 |
Certificates of deposit | 696,151 | 734,047 |
Total deposits | 7,210,145 | 7,102,629 |
Borrowed funds | 1,223,866 | 1,127,569 |
Derivative liabilities | 120,176 | 39,356 |
Fair Value | Agency Obligations | ||
Financial assets: | ||
Investment securities held to maturity, fair value | 7,432 | 6,601 |
Fair Value | Mortgage-Backed Securities | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 960,177 | 947,430 |
Investment securities held to maturity, fair value | 108 | 122 |
Fair Value | State And Municipal Obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 4,049 | 4,079 |
Investment securities held to maturity, fair value | 442,366 | 451,353 |
Fair Value | Corporate Obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 25,607 | 25,410 |
Investment securities held to maturity, fair value | $ 9,318 | $ 9,890 |
Other Comprehensive Income (Com
Other Comprehensive Income (Components of OCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Unrealized gains and losses on available for sale debt securities: | ||
Net unrealized gains arising during the period | $ 22,563 | $ 10,417 |
Reclassification adjustment for gains included in net income | 0 | 0 |
Total | 22,563 | 10,417 |
Unrealized losses on derivatives (cash flow hedges) | (7,697) | (432) |
Amortization related to post-retirement obligations | 112 | (16) |
Total other comprehensive income | 14,978 | 9,969 |
Unrealized gains on available for sale debt securities: | ||
Net unrealized gains arising during the period | (5,817) | (2,839) |
Reclassification adjustment for gains included in net income | 0 | 0 |
Total | (5,817) | (2,839) |
Unrealized losses on derivatives (cash flow hedges) | 1,984 | 118 |
Amortization related to post-retirement obligations | (28) | 4 |
Total other comprehensive income | (3,861) | (2,717) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Abstract] | ||
Net unrealized gains arising during the period | 16,746 | 7,578 |
Reclassification adjustment for gains included in net income | 0 | 0 |
Total | 16,746 | 7,578 |
Unrealized losses on derivatives (cash flow hedges) | (5,713) | (314) |
Amortization related to post-retirement obligations | 84 | (12) |
Total other comprehensive income | $ 11,117 | $ 7,252 |
Other Comprehensive Income (C_2
Other Comprehensive Income (Components of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at December 31, | $ 1,413,840 | $ 1,358,980 |
Current - period other comprehensive income (loss) | 11,117 | 7,252 |
Balance at March 31, | 1,412,589 | 1,373,816 |
Unrealized Gains on Available for Sale Debt Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at December 31, | 8,746 | (9,605) |
Current - period other comprehensive income (loss) | 16,746 | 7,578 |
Balance at March 31, | 25,492 | (2,027) |
Post-retirement obligations | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at December 31, | (5,240) | (3,625) |
Current - period other comprehensive income (loss) | 84 | (12) |
Balance at March 31, | (5,156) | (3,637) |
Unrealized gains (losses) on derivatives (cash flow hedges) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at December 31, | 315 | 894 |
Current - period other comprehensive income (loss) | (5,713) | (314) |
Balance at March 31, | (5,398) | 580 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at December 31, | 3,821 | (12,336) |
Current - period other comprehensive income (loss) | 11,117 | 7,252 |
Balance at March 31, | $ 14,938 | $ (5,084) |
Other Comprehensive Income (Rec
Other Comprehensive Income (Reclassifications from AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Compensation and employee benefits | $ 31,195 | $ 28,369 |
Income tax expense | 5,257 | 7,689 |
Net income | (14,931) | (30,890) |
Reclassification adjustment | Post-retirement obligations | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Compensation and employee benefits | 112 | 47 |
Income tax expense | (28) | (13) |
Net income | $ 84 | $ 34 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2020USD ($)counterpartyinstrument | Dec. 31, 2019USD ($)instrument | |
Derivative [Line Items] | ||
Derivative instruments in accumulated other comprehensive income reclassified to interest expense | $ 2,100,000 | |
Derivative liability, notional amount | $ 290,000,000 | |
Number of counterparties | counterparty | 4 | |
Counterparty in liability position | counterparty | 4 | |
Derivative liabilities | $ 127,700,000 | |
Collateral against obligations | 128,700,000 | |
Derivatives Not Designated as a Hedging Instruments | ||
Derivative [Line Items] | ||
Credit derivatives, fair value | $ 90,000 | $ 47,000 |
Derivatives Not Designated as a Hedging Instruments | Interest rate products | ||
Derivative [Line Items] | ||
Number of derivative instruments held (in instrument) | instrument | 116 | 92 |
Derivative notional amount | $ 1,970,000,000 | $ 1,610,000,000 |
Derivatives Not Designated as a Hedging Instruments | Credit contracts | ||
Derivative [Line Items] | ||
Number of derivative instruments held (in instrument) | instrument | 13 | |
Derivative notional amount | $ 106,800,000 | $ 106,000,000 |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Number of outstanding derivatives | instrument | 9 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives Not Designated as a Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 118,877 | $ 38,877 |
Liability Derivatives | 120,176 | 39,356 |
Derivatives Not Designated as a Hedging Instruments | Other Assets | Interest rate products | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 118,787 | 38,830 |
Derivatives Not Designated as a Hedging Instruments | Other Assets | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 90 | 47 |
Derivatives Not Designated as a Hedging Instruments | Other Liabilities | Interest rate products | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 120,176 | 39,356 |
Derivatives Not Designated as a Hedging Instruments | Other Liabilities | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | (7,269) | 428 |
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument | Other Assets | Interest rate products | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | (7,269) | 428 |
Designated as Hedging Instrument | Other Liabilities | Interest rate products | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | $ 0 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivatives Not Designated as a Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives | $ (820) | $ (677) |
Derivatives Not Designated as a Hedging Instruments | Interest rate products | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives | (819) | (673) |
Derivatives Not Designated as a Hedging Instruments | Credit contracts | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives | (1) | (4) |
Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives | 106 | 162 |
Designated as Hedging Instrument | Interest rate products | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives | $ 106 | $ 162 |
Revenue Recognition (Summary of
Revenue Recognition (Summary of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Percentage of total revenue excluded from adoption of 606 | 84.00% | 88.00% |
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 10,438 | $ 8,577 |
Total out-of-scope non-interest income | 6,553 | 3,611 |
Total non-interest income | 16,991 | 12,188 |
Wealth Management Fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 6,251 | 4,079 |
Banking service charges and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 4,187 | 4,498 |
Service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 2,977 | 3,191 |
Debit card and ATM fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 1,210 | $ 1,307 |
Leases (Additional Information)
Leases (Additional Information) (Detail) - USD ($) $ in Thousands | Jan. 01, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Leases [Abstract] | ||||
Operating lease right-of-use assets | $ 44,900 | $ 40,110 | $ 41,754 | |
Operating lease liabilities | 46,100 | $ 41,144 | $ 42,815 | |
Deferred gains associated with sales leaseback transactions | $ 5,900 | |||
Weighted-average remaining lease term | 9 years 4 months 24 days | |||
Weighted-average discount rate | 3.48% | |||
Total Lease Cost | $ 2,737 | $ 2,810 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | |||
Operating lease right-of-use assets | $ 40,110 | $ 41,754 | $ 44,900 |
Operating lease liabilities | $ 41,144 | $ 42,815 | $ 46,100 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow and Lease Cost Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating lease cost | $ 2,130 | $ 2,050 |
Variable lease cost | 607 | 760 |
Total Lease Cost | 2,737 | 2,810 |
Operating cash flows from operating leases | $ 2,125 | $ 2,044 |
Leases (Future Minimum Payments
Leases (Future Minimum Payments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | |||
Remainder of 2020 | $ 6,274 | ||
2021 | 6,085 | ||
2022 | 5,257 | ||
2023 | 4,747 | ||
2024 | 4,346 | ||
Thereafter | 22,195 | ||
Total future minimum lease payments | 48,904 | ||
Amounts representing interest | 7,760 | ||
Present value of net future minimum lease payments | $ 41,144 | $ 42,815 | $ 46,100 |
Uncategorized Items - pfs-20200
Label | Element | Value |
Accounting Standards Update 2016-02 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 4,350,000 |
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 4,350,000 |
Accounting Standards Update 2016-13 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (8,311,000) |
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (8,311,000) |