Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | Northwest Bancshares, Inc. | |
Entity Central Index Key | 1471265 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 94,461,849 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $83,970 | $87,401 |
Interest-earning deposits in other financial institutions | 212,496 | 152,671 |
Federal funds sold and other short-term investments | 635 | 634 |
Marketable securities available-for-sale (amortized cost of $906,028 and $906,702) | 916,423 | 912,371 |
Marketable securities held-to-maturity (fair value of $92,989 and $106,292) | 90,825 | 103,695 |
Total cash and investments | 1,304,349 | 1,256,772 |
Personal Banking: | ||
Residential mortgage loans | 2,543,870 | 2,521,456 |
Home equity loans | 1,055,739 | 1,066,131 |
Other consumer loans | 239,956 | 242,744 |
Total Personal Banking | 3,839,565 | 3,830,331 |
Business Banking: | ||
Commercial real estate loans | 1,856,574 | 1,801,184 |
Commercial loans | 368,725 | 358,376 |
Total Business Banking | 2,225,299 | 2,159,560 |
Total loans | 6,064,864 | 5,989,891 |
Allowance for loan losses | -67,298 | -67,518 |
Total loans, net | 5,997,566 | 5,922,373 |
Federal Home Loan Bank stock, at cost | 36,292 | 33,293 |
Accrued interest receivable | 19,753 | 18,623 |
Real estate owned, net | 15,346 | 16,759 |
Premises and equipment, net | 142,481 | 143,909 |
Bank owned life insurance | 145,275 | 144,362 |
Goodwill | 175,498 | 175,323 |
Other intangible assets | 3,027 | 3,033 |
Other assets | 50,772 | 60,586 |
Total assets | 7,890,359 | 7,775,033 |
Liabilities: | ||
Noninterest-bearing checking deposits | 944,937 | 891,248 |
Interest-bearing checking deposits | 898,945 | 874,623 |
Money market deposit accounts | 1,151,971 | 1,179,070 |
Savings deposits | 1,257,446 | 1,209,287 |
Time deposits | 1,428,768 | 1,478,314 |
Total deposits | 5,682,067 | 5,632,542 |
Borrowed funds | 943,842 | 888,109 |
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | 103,094 | 103,094 |
Advances by borrowers for taxes and insurance | 34,998 | 30,507 |
Accrued interest payable | 1,336 | 936 |
Other liabilities | 57,506 | 57,198 |
Total liabilities | 6,822,843 | 6,712,386 |
Shareholders' equity: | ||
Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued | ||
Common stock, $0.01 par value: 500,000,000 shares authorized, 94,553,350 and 94,721,453 shares issued, respectively | 946 | 947 |
Paid-in capital | 624,584 | 626,134 |
Retained earnings | 484,774 | 481,577 |
Unallocated common stock of Employee Stock Ownership Plan | -21,565 | -21,641 |
Accumulated other comprehensive loss | -21,223 | -24,370 |
Total shareholders' equity | 1,067,516 | 1,062,647 |
Total liabilities and shareholders' equity | $7,890,359 | $7,775,033 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||
Marketable securities available-for-sale, amortized cost (in dollars) | $906,028 | $906,702 |
Marketable securities held-to-maturity, fair value (in dollars) | $92,989 | $106,292 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 94,553,350 | 94,721,453 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income: | ||
Loans receivable | $70,711 | $69,322 |
Mortgage-backed securities | 2,234 | 2,793 |
Taxable investment securities | 1,045 | 1,080 |
Tax-free investment securities | 1,348 | 1,655 |
Interest-earning deposits | 139 | 200 |
Total interest income | 75,477 | 75,050 |
Interest expense: | ||
Deposits | 5,766 | 6,490 |
Borrowed funds | 8,133 | 7,714 |
Total interest expense | 13,899 | 14,204 |
Net interest income | 61,578 | 60,846 |
Provision for loan losses | 900 | 7,485 |
Net interest income after provision for loan losses | 60,678 | 53,361 |
Noninterest income: | ||
Gain on sale of investments | 95 | 3,348 |
Service charges and fees | 8,659 | 8,408 |
Trust and other financial services income | 2,776 | 3,047 |
Insurance commission income | 2,428 | 2,564 |
Loss on real estate owned, net | -1,046 | -135 |
Income from bank owned life insurance | 913 | 1,001 |
Mortgage banking income | 240 | 249 |
Other operating income | 1,963 | 1,175 |
Total noninterest income | 16,028 | 19,657 |
Noninterest expense: | ||
Compensation and employee benefits | 27,895 | 27,972 |
Premises and occupancy costs | 6,267 | 6,557 |
Office operations | 3,680 | 3,757 |
Processing expenses | 7,205 | 6,589 |
Marketing expenses | 1,976 | 1,637 |
Federal deposit insurance premiums | 1,347 | 1,297 |
Professional services | 1,792 | 2,062 |
Amortization of intangible assets | 268 | 331 |
Real estate owned expense | 692 | 639 |
Acquisition expense | 347 | |
Other expenses | 2,242 | 2,322 |
Total noninterest expense | 53,711 | 53,163 |
Income before income taxes | 22,995 | 19,855 |
Provision for income taxes: | ||
Federal and state income taxes | 6,825 | 5,244 |
Net income | $16,170 | $14,611 |
Basic earnings per share (in dollars per share) | $0.18 | $0.16 |
Diluted earnings per share (in dollars per share) | $0.18 | $0.16 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Net Income | $16,170 | $14,611 |
Net unrealized holding gains/ (losses) on marketable securities: | ||
Unrealized holding gains net of tax of $(1,885) and $(3,579), respectively | 2,952 | 5,596 |
Reclassification adjustment for gains included in net income, net of tax of $43 and $1,218, respectively | -68 | -1,904 |
Net unrealized holding gains on marketable securities | 2,884 | 3,692 |
Change in fair value of interest rate swaps, net of tax of $(24) and $(135), respectively | 44 | 251 |
Defined benefit plan: | ||
Reclassification adjustment for prior period service costs included in net income, net of tax of $(140) and $75, respectively | 219 | -138 |
Other comprehensive income | 3,147 | 3,805 |
Total comprehensive income | $19,317 | $18,416 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Unrealized holding gains/ (losses), tax | ($1,885) | ($3,579) |
Reclassification adjustment for gains included in net income, tax | 43 | 1,218 |
Change in fair value of interest rate swaps, tax | -24 | -135 |
Amortization of prior service costs included in net income, tax | ($140) | $75 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/ (loss) | Unallocated Common Stock of ESOP | Total |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2013 | $943 | $619,678 | $569,547 | ($11,900) | ($23,083) | $1,155,185 |
Balance (in shares) at Dec. 31, 2013 | 94,243,713 | |||||
Comprehensive income: | ||||||
Net Income | 14,611 | 14,611 | ||||
Other comprehensive income, net of tax of $(2,006) and $(2,421) for the quarter ended March 31, 2015 and 2014, respectively | 3,805 | 3,805 | ||||
Total comprehensive income | 14,611 | 3,805 | 18,416 | |||
Exercise of stock options | 2 | 2,292 | 2,294 | |||
Exercise of stock options (in shares) | 220,717 | |||||
Stock compensation expense | 788 | 451 | 1,239 | |||
Dividends paid ($0.14 and $0.23 per share for the quarter ended March 31, 2015 and 2014, respectively) | -21,225 | -21,225 | ||||
Balance at Mar. 31, 2014 | 945 | 622,758 | 562,933 | -8,095 | -22,632 | 1,155,909 |
Balance (in shares) at Mar. 31, 2014 | 94,464,430 | |||||
Balance at Dec. 31, 2014 | 947 | 626,134 | 481,577 | -24,370 | -21,641 | 1,062,647 |
Balance (in shares) at Dec. 31, 2014 | 94,721,453 | |||||
Comprehensive income: | ||||||
Net Income | 16,170 | 16,170 | ||||
Other comprehensive income, net of tax of $(2,006) and $(2,421) for the quarter ended March 31, 2015 and 2014, respectively | 3,147 | 3,147 | ||||
Total comprehensive income | 16,170 | 3,147 | 19,317 | |||
Exercise of stock options | 2 | 1,433 | 1,435 | |||
Exercise of stock options (in shares) | 149,897 | |||||
Stock compensation expense | 804 | 76 | 880 | |||
Stock repurchases | -3 | -3,787 | -3,790 | |||
Share repurchases (in shares) | -318,000 | |||||
Dividends paid ($0.14 and $0.23 per share for the quarter ended March 31, 2015 and 2014, respectively) | -12,973 | -12,973 | ||||
Balance at Mar. 31, 2015 | $946 | $624,584 | $484,774 | ($21,223) | ($21,565) | $1,067,516 |
Balance (in shares) at Mar. 31, 2015 | 94,553,350 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | ||
Other comprehensive income, tax (in dollars) | ($2,006) | ($2,421) |
Dividends paid, per share (in dollars per share) | $0.14 | $0.23 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES: | ||
Net Income | $16,170 | $14,611 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 900 | 7,485 |
Net (gain)/ loss on sale of assets | 274 | -3,602 |
Net depreciation, amortization and accretion | 1,549 | 2,845 |
Decrease in other assets | 5,685 | 10,032 |
Increase/ (decrease) in other liabilities | 1,136 | -6,534 |
Net amortization on marketable securities | 87 | 105 |
Noncash write-down of real estate owned | 1,181 | 648 |
Origination of loans held for sale | -221 | -660 |
Proceeds from sale of loans held for sale | 224 | 907 |
Noncash compensation expense related to stock benefit plans | 880 | 1,239 |
Net cash provided by operating activities | 27,865 | 27,076 |
INVESTING ACTIVITIES: | ||
Purchase of marketable securities available-for-sale | -29,985 | -22,805 |
Proceeds from maturities and principal reductions of marketable securities available-for-sale | 30,329 | 33,414 |
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 12,914 | 3,643 |
Proceeds from sale of marketable securities available-for-sale | 293 | 5,735 |
Loan originations | -496,009 | -447,423 |
Proceeds from loan maturities and principal reductions | 419,198 | 398,726 |
(Purchase)/ redemptions of Federal Home Loan Bank stock | -2,999 | 1 |
Proceeds from sale of real estate owned | 2,729 | 2,866 |
Sale of real estate owned for investment, net | 152 | 152 |
Purchase of premises and equipment | -2,075 | -3,607 |
Acquisitions, net of cash received | -438 | -2,792 |
Net cash used in investing activities | -65,891 | -32,090 |
FINANCING ACTIVITIES: | ||
Increase in deposits, net | 49,525 | 105,984 |
Proceeds from long-term borrowings | 85,000 | |
Repayments of long-term borrowings | -10,013 | -15 |
Net decrease in short-term borrowings | -19,254 | -16,009 |
Increase in advances by borrowers for taxes and insurance | 4,491 | 4,405 |
Cash dividends paid | -12,973 | -21,224 |
Purchase of common stock for retirement | -3,790 | |
Proceeds from stock options exercised | 1,435 | 2,294 |
Net cash provided by financing activities | 94,421 | 75,435 |
Net increase in cash and cash equivalents | 56,395 | 70,421 |
Cash and cash equivalents at beginning of period | 240,706 | 391,905 |
Net increase in cash and cash equivalents | 56,395 | 70,421 |
Cash and cash equivalents at end of period | 297,101 | 462,326 |
Cash and cash equivalents: | ||
Cash and due from banks | 83,970 | 81,927 |
Interest-earning deposits in other financial institutions | 212,496 | 379,765 |
Federal funds sold and other short-term investments | 635 | 634 |
Total cash and cash equivalents | 297,101 | 462,326 |
Cash paid during the period for: | ||
Interest on deposits and borrowings (including interest credited to deposit accounts of $5,256 and $5,819, respectively) | 13,499 | 14,232 |
Income taxes | 1,027 | 5,016 |
Business acquisitions: | ||
Fair value of assets acquired | 438 | 2,798 |
Cash paid | -438 | -2,792 |
Liabilities assumed | 6 | |
Non-cash activities: | ||
Loan foreclosures and repossessions | 2,623 | 1,839 |
Sale of real estate owned financed by the Company | $114 | $88 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Interest on deposits and borrowings, interest credited to deposit accounts | $5,256 | $5,819 |
Basis_of_Presentation_and_Info
Basis of Presentation and Informational Disclosures | 3 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation and Informational Disclosures | |
Basis of Presentation and Informational Disclosures | |
(1)Basis of Presentation and Informational Disclosures | |
Northwest Bancshares, Inc. (the “Company”) or (“NWBI”), a Maryland corporation headquartered in Warren, Pennsylvania, is a savings and loan holding company regulated by the Board of Governors of the Federal Reserve System. The Company was incorporated to be the successor to Northwest Bancorp, Inc. upon the completion of the mutual-to-stock conversion of Northwest Bancorp, MHC in December 2009. The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest”). Northwest is regulated by the FDIC and the Pennsylvania Department of Banking. At March 31, 2015, Northwest operated 161 community-banking offices throughout Pennsylvania, western New York, eastern Ohio and Maryland. | |
The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiary, Northwest, and Northwest’s subsidiaries Northwest Settlement Agency, LLC, Northwest Consumer Discount Company, Northwest Financial Services, Inc., Northwest Advisors, Inc., Northwest Capital Group, Inc., Allegheny Services, Inc., Great Northwest Corporation, Boetger & Associates, Inc. and The Bert Company. The unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The consolidated statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 updated, as required, for any new pronouncements or changes. | |
Certain items previously reported have been reclassified to conform with the current year’s reporting format. | |
The results of operations for the quarter ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015, or any other period. | |
Stock-Based Compensation | |
Stock-based compensation expense of $880,000 and $1.2 million for the quarters ended March 31, 2015 and 2014, respectively, was recognized in compensation expense relating to our stock benefit plans. At March 31, 2015 there was compensation expense of $4.4 million to be recognized for awarded but unvested stock options and $13.5 million for unvested common shares. | |
Income Taxes- Uncertain Tax Positions | |
Accounting standards prescribe a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. A tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. At March 31, 2015 we had no liability for unrecognized tax benefits. | |
We recognize interest accrued related to: (1) unrecognized tax benefits in federal and state income taxes and (2) refund claims in other operating income. We recognize penalties (if any) in federal and state income taxes. There is no amount accrued for the payment of interest or penalties at March 31, 2015. We are subject to audit by the Internal Revenue Service and any state in which we conduct business for the tax periods ended December 31, 2013, 2012 and 2011. | |
Recent Accounting Pronouncements | |
In May 2014 the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. This guidance supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of this guidance requires an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and provides five steps to be analyzed to accomplish the core principle. This guidance is effective retrospectively for annual reporting periods beginning after December 15, 2016, including interim periods within those years and early adoption is not permitted. We are currently evaluating the impact this standard will have on our results of operations and financial position. | |
In June 2014 the FASB issued ASU 2014-11, “Transfers and Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. This guidance requires repurchase-to-maturity transactions to be recorded and accounted for as secured borrowings and also requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. Additionally, an entity is required to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements, and provide increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The guidance related to repurchase-to-maturity and repurchase financing transactions, and disclosures for certain transactions accounted for as a sale is effective for annual reporting periods beginning after December 15, 2014, including interim periods within those years. The disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings are required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. We do not expect that this standard will have a material impact on our results of operations or financial position. | |
In June 2014 the FASB issued ASU 2014-12, “Compensation—Stock Compensation”. This guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Specifically, if the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. Further, the total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. This guidance is effective for annual periods beginning after December 15, 2015, including interim periods within those years and early adoption is permitted. We do not expect that this standard will have a material impact on our results of operations or financial position. | |
Business_Segments
Business Segments | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Business Segments | |||||||||||
Business Segments | |||||||||||
(2)Business Segments | |||||||||||
We operate in two reportable business segments: Community Banking and Consumer Finance. The Community Banking segment provides services traditionally offered by full-service community banks, including business and personal deposit accounts and business and personal loans, as well as insurance, brokerage and investment management and trust services. The Consumer Finance segment, which is comprised of Northwest Consumer Discount Company, a subsidiary of Northwest, operates 51 offices in Pennsylvania and offers personal installment loans for a variety of consumer and real estate products. This activity is funded primarily through an intercompany borrowing relationship with Allegheny Services, Inc., a subsidiary of Northwest. Net income is the primary measure used by management to measure segment performance. The following tables provide financial information for these reportable segments. The “All Other” column represents the parent company and elimination entries necessary to reconcile to the consolidated amounts presented in the financial statements. | |||||||||||
At or for the quarter ended: | |||||||||||
Community | Consumer | ||||||||||
March 31, 2015 ($ in 000’s) | Banking | Finance | All other (1) | Consolidated | |||||||
External interest income | $ | 70,928 | 4,330 | 219 | 75,477 | ||||||
Intersegment interest income | 575 | — | (575 | ) | — | ||||||
Interest expense | 12,888 | 575 | 436 | 13,899 | |||||||
Provision for loan losses | 250 | 650 | — | 900 | |||||||
Noninterest income | 15,729 | 270 | 29 | 16,028 | |||||||
Noninterest expense | 50,440 | 2,953 | 318 | 53,711 | |||||||
Income tax expense (benefit) | 7,035 | 175 | (385 | ) | 6,825 | ||||||
Net income | 16,619 | 247 | (696 | ) | 16,170 | ||||||
Total assets | $ | 7,769,901 | 102,913 | 17,545 | 7,890,359 | ||||||
Community | Consumer | ||||||||||
March 31, 2014 ($ in 000’s) | Banking | Finance | All other (1) | Consolidated | |||||||
External interest income | $ | 70,068 | 4,659 | 323 | 75,050 | ||||||
Intersegment interest income | 606 | — | (606 | ) | — | ||||||
Interest expense | 13,169 | 606 | 429 | 14,204 | |||||||
Provision for loan losses | 6,850 | 635 | — | 7,485 | |||||||
Noninterest income | 17,033 | 288 | 2,336 | 19,657 | |||||||
Noninterest expense | 49,862 | 2,921 | 380 | 53,163 | |||||||
Income tax expense (benefit) | 4,513 | 326 | 405 | 5,244 | |||||||
Net income | 13,313 | 459 | 839 | 14,611 | |||||||
Total assets | $ | 7,849,806 | 103,677 | 19,830 | 7,973,313 | ||||||
-1 | Eliminations consist of intercompany loans, interest income and interest expense. | ||||||||||
Investment_securities_and_impa
Investment securities and impairment of investment securities | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Investment securities and impairment of investment securities | |||||||||||||||
Investment securities and impairment of investment securities | |||||||||||||||
(3)Investment securities and impairment of investment securities | |||||||||||||||
The following table shows the portfolio of investment securities available-for-sale at March 31, 2015 (in thousands): | |||||||||||||||
Gross | Gross | ||||||||||||||
unrealized | unrealized | ||||||||||||||
Amortized | holding | holding | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
Debt issued by the U.S. government and agencies: | |||||||||||||||
Due in one year or less | $ | 23 | — | — | 23 | ||||||||||
Debt issued by government sponsored enterprises: | |||||||||||||||
Due in one year - five years | 339,140 | 706 | (693 | ) | 339,153 | ||||||||||
Due in five years - ten years | 25,128 | — | (29 | ) | 25,099 | ||||||||||
Equity securities | 2,314 | 651 | (41 | ) | 2,924 | ||||||||||
Municipal securities: | |||||||||||||||
Due in one year or less | 1,159 | 10 | — | 1,169 | |||||||||||
Due in one year - five years | 7,755 | 159 | — | 7,914 | |||||||||||
Due in five years - ten years | 5,564 | 104 | — | 5,668 | |||||||||||
Due after ten years | 50,236 | 2,292 | — | 52,528 | |||||||||||
Corporate debt issues: | |||||||||||||||
Due after ten years | 18,080 | 2,646 | (444 | ) | 20,282 | ||||||||||
Residential mortgage-backed securities: | |||||||||||||||
Fixed rate pass-through | 69,549 | 3,423 | (130 | ) | 72,842 | ||||||||||
Variable rate pass-through | 62,918 | 3,180 | (8 | ) | 66,090 | ||||||||||
Fixed rate non-agency CMOs | 2,978 | 335 | — | 3,313 | |||||||||||
Fixed rate agency CMOs | 214,343 | 709 | (3,070 | ) | 211,982 | ||||||||||
Variable rate agency CMOs | 106,841 | 622 | (27 | ) | 107,436 | ||||||||||
Total residential mortgage-backed securities | 456,629 | 8,269 | (3,235 | ) | 461,663 | ||||||||||
Total marketable securities available-for-sale | $ | 906,028 | 14,837 | (4,442 | ) | 916,423 | |||||||||
The following table shows the portfolio of investment securities available-for-sale at December 31, 2014 (in thousands): | |||||||||||||||
Gross | Gross | ||||||||||||||
unrealized | unrealized | ||||||||||||||
Amortized | holding | holding | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
Debt issued by the U.S. government and agencies: | |||||||||||||||
Due in one year or less | $ | 25 | — | — | 25 | ||||||||||
Debt issued by government sponsored enterprises: | |||||||||||||||
Due in one year - five years | 310,172 | 287 | (2,672 | ) | 307,787 | ||||||||||
Due in five years - ten years | 25,746 | — | (28 | ) | 25,718 | ||||||||||
Equity securities | 2,591 | 682 | (116 | ) | 3,157 | ||||||||||
Municipal securities: | |||||||||||||||
Due in one year or less | 810 | 15 | — | 825 | |||||||||||
Due in one year - five years | 7,878 | 132 | — | 8,010 | |||||||||||
Due in five years - ten years | 6,965 | 115 | — | 7,080 | |||||||||||
Due after ten years | 51,839 | 2,391 | — | 54,230 | |||||||||||
Corporate debt issues: | |||||||||||||||
Due after ten years | 18,267 | 2,579 | (419 | ) | 20,427 | ||||||||||
Residential mortgage-backed securities: | |||||||||||||||
Fixed rate pass-through | 72,852 | 3,149 | (124 | ) | 75,877 | ||||||||||
Variable rate pass-through | 66,140 | 3,466 | (8 | ) | 69,598 | ||||||||||
Fixed rate non-agency CMOs | 3,162 | 246 | — | 3,408 | |||||||||||
Fixed rate agency CMOs | 226,413 | 685 | (5,331 | ) | 221,767 | ||||||||||
Variable rate agency CMOs | 113,842 | 657 | (37 | ) | 114,462 | ||||||||||
Total residential mortgage-backed securities | 482,409 | 8,203 | (5,500 | ) | 485,112 | ||||||||||
Total marketable securities available-for-sale | $ | 906,702 | 14,404 | (8,735 | ) | 912,371 | |||||||||
The following table shows the portfolio of investment securities held-to-maturity at March 31, 2015 (in thousands): | |||||||||||||||
Gross | Gross | ||||||||||||||
unrealized | unrealized | ||||||||||||||
Amortized | holding | holding | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
Municipal securities: | |||||||||||||||
Due in five years - ten years | $ | 7,425 | 74 | — | 7,499 | ||||||||||
Due after ten years | 49,131 | 998 | — | 50,129 | |||||||||||
Residential mortgage-backed securities: | |||||||||||||||
Fixed rate pass-through | 7,897 | 510 | — | 8,407 | |||||||||||
Variable rate pass-through | 4,091 | 86 | — | 4,177 | |||||||||||
Fixed rate agency CMOs | 21,239 | 481 | — | 21,720 | |||||||||||
Variable rate agency CMOs | 1,042 | 15 | — | 1,057 | |||||||||||
Total residential mortgage-backed securities | 34,269 | 1,092 | — | 35,361 | |||||||||||
Total marketable securities held-to-maturity | $ | 90,825 | 2,164 | — | 92,989 | ||||||||||
The following table shows the portfolio of investment securities held-to-maturity at December 31, 2014 (in thousands): | |||||||||||||||
Gross | Gross | ||||||||||||||
unrealized | unrealized | ||||||||||||||
Amortized | holding | holding | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
Municipal securities: | |||||||||||||||
Due in five years - ten years | $ | 10,207 | 141 | — | 10,348 | ||||||||||
Due after ten years | 56,545 | 1,314 | — | 57,859 | |||||||||||
Residential mortgage-backed securities: | |||||||||||||||
Fixed rate pass-through | 8,236 | 477 | — | 8,713 | |||||||||||
Variable rate pass-through | 4,273 | 122 | — | 4,395 | |||||||||||
Fixed rate agency CMOs | 23,382 | 531 | — | 23,913 | |||||||||||
Variable rate agency CMOs | 1,052 | 12 | — | 1,064 | |||||||||||
Total residential mortgage-backed securities | 36,943 | 1,142 | — | 38,085 | |||||||||||
Total marketable securities held-to-maturity | $ | 103,695 | 2,597 | — | 106,292 | ||||||||||
The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2015 (in thousands): | |||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||
Fair value | loss | Fair value | loss | Fair value | loss | ||||||||||
U.S. government and agencies | $ | 75,986 | (84 | ) | 125,116 | (638 | ) | 201,102 | (722 | ) | |||||
Municipal securities | 782 | — | — | — | 782 | — | |||||||||
Corporate issues | — | — | 1,979 | (444 | ) | 1,979 | (444 | ) | |||||||
Equity securities | 577 | -41 | — | — | 577 | (41 | ) | ||||||||
Residential mortgage-backed securities - agency | 19,664 | (104 | ) | 164,546 | (3,131 | ) | 184,210 | (3,235 | ) | ||||||
Total temporarily impaired securities | $ | 97,009 | (299 | ) | 291,641 | (4,213 | ) | 388,650 | (4,442 | ) | |||||
The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2014 (in thousands): | |||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||
Fair value | loss | Fair value | loss | Fair value | loss | ||||||||||
U.S. government and agencies | $ | 28,878 | (67 | ) | 244,828 | (2,633 | ) | 273,706 | (2,700 | ) | |||||
Corporate debt issues | — | — | 2,003 | (419 | ) | 2,003 | (419 | ) | |||||||
Equity securities | 506 | (116 | ) | — | — | 506 | (116 | ) | |||||||
Residential mortgage- backed securities - agency | 20,832 | (79 | ) | 195,505 | (5,421 | ) | 216,337 | (5,500 | ) | ||||||
Total temporarily impaired securities | $ | 50,216 | (262 | ) | 442,336 | (8,473 | ) | 492,552 | (8,735 | ) | |||||
We review our investment portfolio on a quarterly basis for indications of impairment. This review includes analyzing the length of time and the extent to which amortized costs have exceeded fair values, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer, and the intent to hold the investments for a period of time sufficient to allow for a recovery in value. Certain investments are evaluated using our best estimate of future cash flows. If the estimate of cash flows indicates that an adverse change has occurred, other-than-temporary impairment is recognized for the amount of the unrealized loss that was deemed credit related. | |||||||||||||||
Credit related other-than-temporary impairment on all debt securities is recognized in earnings while noncredit related other-than-temporary impairment on available-for-sale debt securities, not expected to be sold, is recognized in other comprehensive income. | |||||||||||||||
The table below shows a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold for the quarter ended (in thousands): | |||||||||||||||
2015 | 2014 | ||||||||||||||
Beginning balance at January 1, (1) | $ | 8,894 | 10,342 | ||||||||||||
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | — | — | |||||||||||||
Reduction for losses realized during the quarter | (29 | ) | (8 | ) | |||||||||||
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized | — | — | |||||||||||||
Ending balance at March 31, | $ | 8,865 | 10,334 | ||||||||||||
(1) — The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. | |||||||||||||||
Loans_receivable
Loans receivable | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Loans receivable | |||||||||||||||||
Loans receivable | |||||||||||||||||
(4)Loans receivable | |||||||||||||||||
The following table shows a summary of our loans receivable at March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 2,544,116 | 2,526,240 | ||||||||||||||
Home equity loans | 1,055,739 | 1,066,131 | |||||||||||||||
Other consumer loans | 239,956 | 242,744 | |||||||||||||||
Total Personal Banking | 3,839,811 | 3,835,115 | |||||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate | 1,970,160 | 1,874,944 | |||||||||||||||
Commercial loans | 381,501 | 419,525 | |||||||||||||||
Total Business Banking | 2,351,661 | 2,294,469 | |||||||||||||||
Total loans receivable, gross | 6,191,472 | 6,129,584 | |||||||||||||||
Deferred loan costs | 7,741 | 6,095 | |||||||||||||||
Allowance for loan losses | (67,298 | ) | (67,518 | ) | |||||||||||||
Undisbursed loan proceeds: | |||||||||||||||||
Residential mortgage loans | (7,987 | ) | (10,879 | ) | |||||||||||||
Commercial real estate | (113,586 | ) | (73,760 | ) | |||||||||||||
Commercial loans | (12,776 | ) | (61,149 | ) | |||||||||||||
Total loans receivable, net | $ | 5,997,566 | 5,922,373 | ||||||||||||||
The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2015 (in thousands): | |||||||||||||||||
Balance | Current | Charge-offs | Recoveries | Balance | |||||||||||||
March 31, | period | December 31, | |||||||||||||||
2015 | provision | 2014 | |||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 5,077 | (282 | ) | (335 | ) | 113 | 5,581 | |||||||||
Home equity loans | 4,043 | (213 | ) | (342 | ) | 48 | 4,550 | ||||||||||
Other consumer loans | 5,835 | 1,270 | (1,940 | ) | 387 | 6,118 | |||||||||||
Total Personal Banking | 14,955 | 775 | (2,617 | ) | 548 | 16,249 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 33,252 | 242 | (1,113 | ) | 734 | 33,389 | |||||||||||
Commercial loans | 15,113 | 270 | (724 | ) | 2,052 | 13,515 | |||||||||||
Total Business Banking | 48,365 | 512 | (1,837 | ) | 2,786 | 46,904 | |||||||||||
Unallocated | 3,978 | (387 | ) | — | — | 4,365 | |||||||||||
Total | $ | 67,298 | 900 | (4,454 | ) | 3,334 | 67,518 | ||||||||||
The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2014 (in thousands): | |||||||||||||||||
Balance | Current | Charge-offs | Recoveries | Balance | |||||||||||||
March 31, | period | December 31, | |||||||||||||||
2014 | provision | 2013 | |||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 7,467 | 35 | (459 | ) | 16 | 7,875 | ||||||||||
Home equity loans | 6,958 | 37 | (372 | ) | 48 | 7,245 | |||||||||||
Other consumer loans | 5,280 | 1,184 | (1,716 | ) | 325 | 5,487 | |||||||||||
Total Personal Banking | 19,705 | 1,256 | (2,547 | ) | 389 | 20,607 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 36,209 | 1,321 | (932 | ) | 621 | 35,199 | |||||||||||
Commercial loans | 16,169 | 5,419 | (770 | ) | 640 | 10,880 | |||||||||||
Total Business Banking | 52,378 | 6,740 | (1,702 | ) | 1,261 | 46,079 | |||||||||||
Unallocated | 4,151 | (511 | ) | — | — | 4,662 | |||||||||||
Total | $ | 76,234 | 7,485 | (4,249 | ) | 1,650 | 71,348 | ||||||||||
The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2015 (in thousands): | |||||||||||||||||
Recorded | Allowance for | Recorded | Recorded | TDRs | Allowance | Additional | |||||||||||
investment in | loan losses | investment in | investment in | related to | commitments | ||||||||||||
loans | loans on | loans past | TDRs | to customers | |||||||||||||
receivable | nonaccrual | due 90 days | with loans | ||||||||||||||
-1 | or more and | classified as | |||||||||||||||
still accruing | TDRs | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 2,543,870 | 5,077 | 19,233 | 7 | 6,658 | 1,072 | — | |||||||||
Home equity loans | 1,055,739 | 4,043 | 8,443 | — | 2,340 | 310 | — | ||||||||||
Other consumer loans | 239,956 | 5,835 | 2,380 | 282 | — | — | — | ||||||||||
Total Personal Banking | 3,839,565 | 14,955 | 30,056 | 289 | 8,998 | 1,382 | — | ||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,856,574 | 33,252 | 31,650 | — | 41,343 | 4,114 | 923 | ||||||||||
Commercial loans | 368,725 | 15,113 | 11,601 | 21 | 10,304 | 780 | 1,321 | ||||||||||
Total Business Banking | 2,225,299 | 48,365 | 43,251 | 21 | 51,647 | 4,894 | 2,244 | ||||||||||
Total | $ | 6,064,864 | 63,320 | 73,307 | 310 | 60,645 | 6,276 | 2,244 | |||||||||
-1 | Includes $19.8 million of nonaccrual TDRs. | ||||||||||||||||
The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2014 (in thousands): | |||||||||||||||||
Recorded | Allowance for | Recorded | Recorded | TDRs | Allowance | Additional | |||||||||||
investment in | loan losses | investment in | investment in | related to | commitments | ||||||||||||
loans | loans on | loans past | TDRs | to customers | |||||||||||||
receivable | nonaccrual | due 90 days | with loans | ||||||||||||||
-1 | or more and | classified as | |||||||||||||||
still accruing | TDRs | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 2,521,456 | 5,581 | 21,194 | 8 | 6,574 | 1,133 | — | |||||||||
Home equity loans | 1,066,131 | 4,550 | 9,569 | — | 2,412 | 229 | — | ||||||||||
Other consumer loans | 242,744 | 6,118 | 2,820 | 206 | — | — | — | ||||||||||
Total Personal Banking | 3,830,331 | 16,249 | 33,583 | 214 | 8,986 | 1,362 | — | ||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,801,184 | 33,389 | 38,647 | — | 41,917 | 4,938 | 449 | ||||||||||
Commercial loans | 358,376 | 13,515 | 7,578 | 21 | 10,885 | 1,095 | 814 | ||||||||||
Total Business Banking | 2,159,560 | 46,904 | 46,225 | 21 | 52,802 | 6,033 | 1,263 | ||||||||||
Total | $ | 5,989,891 | 63,153 | 79,808 | 235 | 61,788 | 7,395 | 1,263 | |||||||||
-1 | Includes $24.5 million of nonaccrual TDRS. | ||||||||||||||||
The following table provides geographical and delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at March 31, 2015 (in thousands): | |||||||||||||||||
Pennsylvania | New York | Ohio | Maryland | Other | Total | ||||||||||||
Recorded investment in loans receivable: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 2,176,741 | 160,609 | 18,705 | 132,630 | 55,185 | 2,543,870 | ||||||||||
Home equity loans | 897,681 | 117,853 | 8,910 | 26,217 | 5,078 | 1,055,739 | |||||||||||
Other consumer loans | 221,324 | 10,635 | 3,377 | 1,359 | 3,261 | 239,956 | |||||||||||
Total Personal Banking | 3,295,746 | 289,097 | 30,992 | 160,206 | 63,524 | 3,839,565 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 995,436 | 662,453 | 24,751 | 117,092 | 56,842 | 1,856,574 | |||||||||||
Commercial loans | 284,442 | 55,009 | 15,991 | 4,506 | 8,777 | 368,725 | |||||||||||
Total Business Banking | 1,279,878 | 717,462 | 40,742 | 121,598 | 65,619 | 2,225,299 | |||||||||||
Total | $ | 4,575,624 | 1,006,559 | 71,734 | 281,804 | 129,143 | 6,064,864 | ||||||||||
Percentage of total loans receivable | 75.5 | % | 16.6 | % | 1.2 | % | 4.6 | % | 2.1 | % | 100.0 | % | |||||
Pennsylvania | New York | Ohio | Maryland | Other | Total | ||||||||||||
Loans 90 or more days delinquent: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 10,771 | 1,229 | 602 | 1,221 | 1,245 | 15,068 | ||||||||||
Home equity loans | 3,510 | 1,012 | — | 1,083 | 41 | 5,646 | |||||||||||
Other consumer loans | 1,954 | 65 | 8 | 18 | — | 2,045 | |||||||||||
Total Personal Banking | 16,235 | 2,306 | 610 | 2,322 | 1,286 | 22,759 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 6,551 | 1,242 | — | 27 | 413 | 8,233 | |||||||||||
Commercial loans | 1,921 | — | — | — | — | 1,921 | |||||||||||
Total Business Banking | 8,472 | 1,242 | — | 27 | 413 | 10,154 | |||||||||||
Total | $ | 24,707 | 3,548 | 610 | 2,349 | 1,699 | 32,913 | ||||||||||
Percentage of total loans 90 or more days delinquent | 75.1 | % | 10.8 | % | 1.9 | % | 7.1 | % | 5.2 | % | 100.0 | % | |||||
The following table provides geographical and delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at December 31, 2014 (in thousands): | |||||||||||||||||
Pennsylvania | New York | Ohio | Maryland | Other | Total | ||||||||||||
Recorded investment in loans receivable: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 2,151,361 | 161,445 | 18,486 | 134,228 | 55,936 | 2,521,456 | ||||||||||
Home equity loans | 909,139 | 115,459 | 9,087 | 27,203 | 5,243 | 1,066,131 | |||||||||||
Other consumer loans | 225,088 | 9,961 | 3,132 | 1,328 | 3,235 | 242,744 | |||||||||||
Total Personal Banking | 3,285,588 | 286,865 | 30,705 | 162,759 | 64,414 | 3,830,331 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,013,632 | 590,934 | 24,901 | 114,850 | 56,867 | 1,801,184 | |||||||||||
Commercial loans | 243,159 | 83,252 | 15,826 | 7,817 | 8,322 | 358,376 | |||||||||||
Total Business Banking | 1,256,791 | 674,186 | 40,727 | 122,667 | 65,189 | 2,159,560 | |||||||||||
Total | $ | 4,542,379 | 961,051 | 71,432 | 285,426 | 129,603 | 5,989,891 | ||||||||||
Percentage of total loans receivable | 75.8 | % | 16.0 | % | 1.2 | % | 4.8 | % | 2.2 | % | 100.0 | % | |||||
Pennsylvania | New York | Ohio | Maryland | Other | Total | ||||||||||||
Loans 90 or more days delinquent: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 12,282 | 1,237 | 710 | 1,678 | 1,789 | 17,696 | ||||||||||
Home equity loans | 4,474 | 936 | 35 | 1,058 | 103 | 6,606 | |||||||||||
Other consumer loans | 2,388 | 55 | 7 | — | — | 2,450 | |||||||||||
Total Personal Banking | 19,144 | 2,228 | 752 | 2,736 | 1,892 | 26,752 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 8,827 | 1,072 | — | 270 | 930 | 11,099 | |||||||||||
Commercial loans | 2,659 | 284 | — | 207 | 325 | 3,475 | |||||||||||
Total Business Banking | 11,486 | 1,356 | — | 477 | 1,255 | 14,574 | |||||||||||
Total | $ | 30,630 | 3,584 | 752 | 3,213 | 3,147 | 41,326 | ||||||||||
Percentage of total loans 90 or more days delinquent | 74.1 | % | 8.7 | % | 1.8 | % | 7.8 | % | 7.6 | % | 100.0 | % | |||||
The following table provides information related to the composition of impaired loans by portfolio segment and by class of financing receivable at and for the quarter ended March 31, 2015 (in thousands): | |||||||||||||||||
Nonaccrual | Nonaccrual | Loans less | TDRs less | Total | Average | Interest | |||||||||||
loans 90 or | loans less | than 90 | than 90 | impaired | recorded | income | |||||||||||
more days | than 90 | days | days | loans | investment | recognized | |||||||||||
delinquent | days | delinquent | delinquent | in impaired | on impaired | ||||||||||||
delinquent | reviewed for | not included | loans | loans | |||||||||||||
impairment | elsewhere | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 15,068 | 4,165 | — | 5,931 | 25,164 | 25,316 | 218 | |||||||||
Home equity loans | 5,646 | 2,797 | — | 1,760 | 10,203 | 11,124 | 121 | ||||||||||
Other consumer loans | 2,045 | 335 | — | — | 2,380 | 2,722 | 24 | ||||||||||
Total Personal Banking | 22,759 | 7,297 | — | 7,691 | 37,747 | 39,162 | 363 | ||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 8,233 | 23,417 | 25,367 | 17,628 | 74,645 | 80,773 | 846 | ||||||||||
Commercial loans | 1,921 | 9,680 | 5,047 | 3,665 | 20,313 | 19,981 | 211 | ||||||||||
Total Business Banking | 10,154 | 33,097 | 30,414 | 21,293 | 94,958 | 100,754 | 1,057 | ||||||||||
Total | $ | 32,913 | 40,394 | 30,414 | 28,984 | 132,705 | 139,916 | 1,420 | |||||||||
The following table provides information related to the composition of impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2014 (in thousands): | |||||||||||||||||
Nonaccrual | Nonaccrual | Loans less | TDRs less | Total | Average | Interest | |||||||||||
loans 90 or | loans less | than 90 | than 90 | impaired | recorded | income | |||||||||||
more days | than 90 | days | days | loans | investment | recognized | |||||||||||
delinquent | days | delinquent | delinquent | in impaired | on impaired | ||||||||||||
delinquent | reviewed for | not included | loans | loans | |||||||||||||
impairment | elsewhere | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 17,696 | 3,498 | — | 5,845 | 27,039 | 28,227 | 817 | |||||||||
Home equity loans | 6,606 | 2,963 | — | 1,706 | 11,275 | 11,753 | 485 | ||||||||||
Other consumer loans | 2,450 | 370 | — | — | 2,820 | 2,383 | 66 | ||||||||||
Total Personal Banking | 26,752 | 6,831 | — | 7,551 | 41,134 | 42,363 | 1,368 | ||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 11,099 | 27,548 | 26,400 | 12,128 | 77,175 | 90,187 | 3,589 | ||||||||||
Commercial loans | 3,475 | 4,103 | 5,266 | 6,026 | 18,870 | 27,088 | 914 | ||||||||||
Total Business Banking | 14,574 | 31,651 | 31,666 | 18,154 | 96,045 | 117,275 | 4,503 | ||||||||||
Total | $ | 41,326 | 38,482 | 31,666 | 25,705 | 137,179 | 159,638 | 5,871 | |||||||||
The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at March 31, 2015 (in thousands): | |||||||||||||||||
Loans | Loans | Loans | Related | Loans | |||||||||||||
collectively | individually | individually | impairment | individually | |||||||||||||
evaluated for | evaluated for | evaluated for | reserve | evaluated for | |||||||||||||
impairment | impairment | impairment | impairment | ||||||||||||||
for which | for which | ||||||||||||||||
there is a | there is no | ||||||||||||||||
related | related | ||||||||||||||||
impairment | reserve | ||||||||||||||||
reserve | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 2,536,741 | 7,129 | 7,129 | 1,140 | — | |||||||||||
Home equity loans | 1,053,073 | 2,666 | 2,666 | 220 | — | ||||||||||||
Other consumer loans | 239,862 | 94 | 94 | 1 | — | ||||||||||||
Total Personal Banking | 3,829,676 | 9,889 | 9,889 | 1,361 | — | ||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,791,047 | 65,527 | 42,972 | 5,223 | 22,555 | ||||||||||||
Commercial loans | 357,677 | 11,048 | 7,391 | 742 | 3,657 | ||||||||||||
Total Business Banking | 2,148,724 | 76,575 | 50,363 | 5,965 | 26,212 | ||||||||||||
Total | $ | 5,978,400 | 86,464 | 60,252 | 7,326 | 26,212 | |||||||||||
The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at December 31, 2014 (in thousands): | |||||||||||||||||
Loans | Loans | Loans | Related | Loans | |||||||||||||
collectively | individually | individually | impairment | individually | |||||||||||||
evaluated for | evaluated for | evaluated for | reserve | evaluated for | |||||||||||||
impairment | impairment | impairment | impairment | ||||||||||||||
for which | for which | ||||||||||||||||
there is a | there is no | ||||||||||||||||
related | related | ||||||||||||||||
impairment | reserve | ||||||||||||||||
reserve | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 2,514,060 | 7,396 | 7,396 | 1,116 | — | |||||||||||
Home equity loans | 1,063,741 | 2,390 | 2,390 | 246 | — | ||||||||||||
Other consumer loans | 242,678 | 66 | 66 | 1 | — | ||||||||||||
Total Personal Banking | 3,820,479 | 9,852 | 9,852 | 1,363 | — | ||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,734,864 | 66,320 | 42,869 | 6,189 | 23,451 | ||||||||||||
Commercial loans | 343,416 | 14,960 | 10,938 | 1,378 | 4,022 | ||||||||||||
Total Business Banking | 2,078,280 | 81,280 | 53,807 | 7,567 | 27,473 | ||||||||||||
Total | $ | 5,898,759 | 91,132 | 63,659 | 8,930 | 27,473 | |||||||||||
Our loan portfolios include loans that have been modified in a troubled debt restructuring (TDR), where concessions have been granted to borrowers who have experienced financial difficulties. These concessions typically result from our loss mitigation activities and could include: extending the note’s maturity date, permitting interest only payments, reducing the interest rate to a rate lower than current market rates for new debt with similar risk, reducing the principal payment, principal forbearance or other actions. These concessions are applicable to all loan segments and classes. Certain TDRs are classified as nonperforming at the time of restructuring and may be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period of at least six months. | |||||||||||||||||
When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, the loan’s observable market price or the current fair value of the collateral, less selling costs, for collateral dependent loans. If we determine that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate all TDRs, including those that have payment defaults, for possible impairment, using ASC 310-10. As a result, loans modified in a TDR may have the financial effect of increasing the specific allowance associated with the loan. | |||||||||||||||||
Loans modified in a TDR are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a TDR subsequently default, we evaluate the loan for possible further impairment. The allowance may be increased, adjustments may be made in the allocation of the allowance, partial charge-offs may be taken to further write-down the carrying value of the loan, or the loan may be charged-off completely. | |||||||||||||||||
The following table provides a roll forward of troubled debt restructurings for the periods indicated (in thousands): | |||||||||||||||||
For the quarters ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Number of | Number of | ||||||||||||||||
contracts | contracts | ||||||||||||||||
Beginning TDR balance: | 248 | $ | 61,788 | 262 | $ | 79,166 | |||||||||||
New TDRs | 2 | 112 | 7 | 1,309 | |||||||||||||
Re-modified TDRs | 1 | 85 | 4 | 159 | |||||||||||||
Net paydowns | (823 | ) | (4,494 | ) | |||||||||||||
Charge-offs: | |||||||||||||||||
Residential mortgage loans | — | — | — | — | |||||||||||||
Home equity loans | 2 | (31 | ) | — | — | ||||||||||||
Commercial real estate loans | 1 | (14 | ) | 2 | (31 | ) | |||||||||||
Commercial loans | 2 | (387 | ) | 1 | (7 | ) | |||||||||||
Paid-off loans: | |||||||||||||||||
Residential mortgage loans | — | — | — | — | |||||||||||||
Home equity loans | 1 | (6 | ) | — | — | ||||||||||||
Commercial real estate loans | 2 | (79 | ) | 2 | (277 | ) | |||||||||||
Commercial loans | — | — | 6 | (1,314 | ) | ||||||||||||
Ending TDR balance: | 242 | $ | 60,645 | 258 | $ | 74,511 | |||||||||||
Accruing TDRs | $ | 40,802 | $ | 40,243 | |||||||||||||
Non-accrual TDRs | 19,843 | 34,268 | |||||||||||||||
The following table provides information related to troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (dollars in thousands): | |||||||||||||||||
For the quarter ended | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Number of | Recorded | Current | Current | ||||||||||||||
contracts | investment | recorded | allowance | ||||||||||||||
at the time of | investment | ||||||||||||||||
modification | |||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | 2 | $ | 112 | 112 | 1 | ||||||||||||
Home equity loans | 1 | 85 | 84 | 17 | |||||||||||||
Other consumer loans | — | — | — | — | |||||||||||||
Total Personal Banking | 3 | 197 | 196 | 18 | |||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | — | — | — | — | |||||||||||||
Commercial loans | — | — | — | — | |||||||||||||
Total Business Banking | — | — | — | — | |||||||||||||
Total | 3 | $ | 197 | 196 | 18 | ||||||||||||
Troubled debt restructurings modified within the previous twelve months that have subsequently defaulted: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | — | $ | — | — | — | ||||||||||||
Home equity loans | — | — | — | — | |||||||||||||
Other consumer loans | — | — | — | — | |||||||||||||
Total Personal Banking | — | — | — | — | |||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | — | — | — | — | |||||||||||||
Commercial loans | 1 | 50 | — | — | |||||||||||||
Total Business Banking | 1 | 50 | — | — | |||||||||||||
Total | 1 | $ | 50 | — | — | ||||||||||||
The following table provides information related to troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (dollars in thousands): | |||||||||||||||||
For the quarter ended | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Number of | Recorded | Current | Current | ||||||||||||||
contracts | investment | recorded | allowance | ||||||||||||||
at the time of | investment | ||||||||||||||||
modification | |||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | 6 | $ | 1,290 | 1,289 | 119 | ||||||||||||
Home equity loans | — | — | — | — | |||||||||||||
Other consumer loans | — | — | — | — | |||||||||||||
Total Personal Banking | 6 | 1,290 | 1,289 | 119 | |||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 3 | 89 | 87 | 32 | |||||||||||||
Commercial loans | 2 | 89 | 107 | 10 | |||||||||||||
Total Business Banking | 5 | 178 | 194 | 42 | |||||||||||||
Total | 11 | $ | 1,468 | 1,483 | 161 | ||||||||||||
Troubled debt restructurings modified within the previous twelve months that have subsequently defaulted: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | — | $ | — | — | — | ||||||||||||
Home equity loans | — | — | — | — | |||||||||||||
Other consumer loans | — | — | — | — | |||||||||||||
Total Personal Banking | — | — | — | — | |||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | — | — | — | — | |||||||||||||
Commercial loans | — | — | — | — | |||||||||||||
Total Business Banking | — | — | — | — | |||||||||||||
Total | — | $ | — | — | — | ||||||||||||
The following table provides information as of March 31, 2015 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2015 (dollars in thousands): | |||||||||||||||||
Type of modification | |||||||||||||||||
Number of | Rate | Payment | Maturity | Other | Total | ||||||||||||
contracts | date | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | 2 | $ | — | — | 112 | — | 112 | ||||||||||
Home equity loans | 1 | 84 | — | — | — | 84 | |||||||||||
Other consumer loans | — | — | — | — | — | — | |||||||||||
Total Personal Banking | 3 | 84 | — | 112 | — | 196 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | — | — | — | — | — | — | |||||||||||
Commercial loans | — | — | — | — | — | — | |||||||||||
Total Business Banking | — | — | — | — | — | — | |||||||||||
Total | 3 | $ | 84 | — | 112 | — | 196 | ||||||||||
The following table provides information as of March 31, 2014 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2014 (dollars in thousands): | |||||||||||||||||
Type of modification | |||||||||||||||||
Number of | Rate | Payment | Maturity | Other | Total | ||||||||||||
contracts | date | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | 6 | $ | — | — | 1,289 | — | 1,289 | ||||||||||
Home equity loans | — | — | — | — | — | — | |||||||||||
Other consumer loans | — | — | — | — | — | — | |||||||||||
Total Personal Banking | 6 | — | — | 1,289 | — | 1,289 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 3 | — | — | 59 | 28 | 87 | |||||||||||
Commercial loans | 2 | — | 102 | — | 5 | 107 | |||||||||||
Total Business Banking | 5 | — | 102 | 59 | 33 | 194 | |||||||||||
Total | 11 | $ | — | 102 | 1,348 | 33 | 1,483 | ||||||||||
The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the quarter ended March 31, 2015 (dollars in thousands): | |||||||||||||||||
Number of re- | Type of re-modification | ||||||||||||||||
modified | Rate | Payment | Maturity | Other | Total | ||||||||||||
TDRs | date | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | — | $ | — | — | — | — | — | ||||||||||
Home equity loans | 1 | 84 | — | — | — | 84 | |||||||||||
Other consumer loans | — | — | — | — | — | — | |||||||||||
Total Personal Banking | 1 | 84 | — | — | — | 84 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | — | — | — | — | — | — | |||||||||||
Commercial loans | — | — | — | — | — | — | |||||||||||
Total Business Banking | — | — | — | — | — | — | |||||||||||
Total | 1 | $ | 84 | — | — | — | 84 | ||||||||||
The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the quarter ended March 31, 2014 (dollars in thousands): | |||||||||||||||||
Number of re- | Type of re-modification | ||||||||||||||||
modified | Rate | Payment | Maturity | Other | Total | ||||||||||||
TDRs | date | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | 1 | $ | — | — | 77 | — | 77 | ||||||||||
Home equity loans | — | — | — | — | — | — | |||||||||||
Other consumer loans | — | — | — | — | — | — | |||||||||||
Total Personal Banking | 1 | — | — | 77 | — | 77 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 2 | — | — | 59 | 18 | 77 | |||||||||||
Commercial loans | 1 | — | — | — | 5 | 5 | |||||||||||
Total Business Banking | 3 | — | — | 59 | 23 | 82 | |||||||||||
Total | 4 | $ | — | — | 136 | 23 | 159 | ||||||||||
The following table provides information related to loan payment delinquencies at March 31, 2015 (in thousands): | |||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or | Total | Current | Recorded | ||||||||||||
delinquent | delinquent | greater | delinquency | investment | |||||||||||||
delinquent | in loans | ||||||||||||||||
receivable | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 25,586 | 3,397 | 15,068 | 44,051 | 2,499,819 | 2,543,870 | ||||||||||
Home equity loans | 3,737 | 1,404 | 5,646 | 10,787 | 1,044,952 | 1,055,739 | |||||||||||
Other consumer loans | 4,374 | 1,515 | 2,045 | 7,934 | 232,022 | 239,956 | |||||||||||
Total Personal Banking | 33,697 | 6,316 | 22,759 | 62,772 | 3,776,793 | 3,839,565 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 5,497 | 2,351 | 8,233 | 16,081 | 1,840,493 | 1,856,574 | |||||||||||
Commercial loans | 1,480 | 136 | 1,921 | 3,537 | 365,188 | 368,725 | |||||||||||
Total Business Banking | 6,977 | 2,487 | 10,154 | 19,618 | 2,205,681 | 2,225,299 | |||||||||||
Total | $ | 40,674 | 8,803 | 32,913 | 82,390 | 5,982,474 | 6,064,864 | ||||||||||
The following table provides information related to loan payment delinquencies at December 31, 2014 (in thousands): | |||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or | Total | Current | Recorded | ||||||||||||
delinquent | delinquent | greater | delinquency | investment | |||||||||||||
delinquent | in loans | ||||||||||||||||
receivable | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 27,443 | 6,970 | 17,696 | 52,109 | 2,469,347 | 2,521,456 | ||||||||||
Home equity loans | 5,752 | 1,672 | 6,606 | 14,030 | 1,052,101 | 1,066,131 | |||||||||||
Other consumer loans | 5,572 | 2,435 | 2,450 | 10,457 | 232,287 | 242,744 | |||||||||||
Total Personal Banking | 38,767 | 11,077 | 26,752 | 76,596 | 3,753,735 | 3,830,331 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 4,956 | 2,038 | 11,099 | 18,093 | 1,783,091 | 1,801,184 | |||||||||||
Commercial loans | 2,262 | 209 | 3,475 | 5,946 | 352,430 | 358,376 | |||||||||||
Total Business Banking | 7,218 | 2,247 | 14,574 | 24,039 | 2,135,521 | 2,159,560 | |||||||||||
Total | $ | 45,985 | 13,324 | 41,326 | 100,635 | 5,889,256 | 5,989,891 | ||||||||||
Credit quality indicators: We categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We analyze loans individually by classifying the loans by credit risk. Credit relationships greater than or equal to $1.0 million classified as special mention or substandard are reviewed quarterly for deterioration or improvement to determine if the loan is appropriately classified. We use the following definitions for risk ratings other than pass: | |||||||||||||||||
Special mention — Loans designated as special mention have specific, well-defined risk issues, which create a high level of uncertainty regarding the long-term viability of the business. Loans in this class are considered to have high-risk characteristics. A special mention loan exhibits material negative financial trends due to company-specific or systemic conditions. If these potential weaknesses are not mitigated, they threaten the borrower’s capacity to meet its debt obligations. Special mention loans still demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. Their potential weaknesses deserve our close attention and warrant enhanced monitoring. | |||||||||||||||||
Substandard — Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||
Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, those weaknesses make collection or liquidation in full highly questionable and improbable. A loan classified as doubtful exhibits discernible loss potential, but a complete loss seems very unlikely. The possibility of a loss on a doubtful loan is high, but because of certain important and reasonably specific pending factors that may strengthen the loan, its classification as an estimated loss is deferred until a more exact status can be determined. | |||||||||||||||||
Loss — Loans classified as loss are considered uncollectible and of such value that the continuance as a loan is not warranted. A loss classification does not mean that the loan has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off all or a portion of a basically worthless loan even though partial recovery may be possible in the future. | |||||||||||||||||
The following table sets forth information about credit quality indicators, which were updated during the quarter ended March 31, 2015 (in thousands): | |||||||||||||||||
Pass | Special | Substandard | Doubtful | Loss | Recorded | ||||||||||||
mention | investment | ||||||||||||||||
in loans | |||||||||||||||||
receivable | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 2,531,595 | — | 10,851 | — | 1,424 | 2,543,870 | ||||||||||
Home equity loans | 1,050,092 | — | 5,647 | — | — | 1,055,739 | |||||||||||
Other consumer loans | 238,381 | — | 1,575 | — | — | 239,956 | |||||||||||
Total Personal Banking | 3,820,068 | — | 18,073 | — | 1,424 | 3,839,565 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,671,331 | 43,874 | 141,369 | — | — | 1,856,574 | |||||||||||
Commercial loans | 305,632 | 22,651 | 31,243 | 9,199 | — | 368,725 | |||||||||||
Total Business Banking | 1,976,963 | 66,525 | 172,612 | 9,199 | — | 2,225,299 | |||||||||||
Total | $ | 5,797,031 | 66,525 | 190,685 | 9,199 | 1,424 | 6,064,864 | ||||||||||
The following table sets forth information about credit quality indicators, which were updated during the year ended December 31, 2014 (in thousands): | |||||||||||||||||
Pass | Special | Substandard | Doubtful | Loss | Recorded | ||||||||||||
mention | investment | ||||||||||||||||
in loans | |||||||||||||||||
receivable | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 2,507,269 | — | 12,763 | — | 1,424 | 2,521,456 | ||||||||||
Home equity loans | 1,059,525 | — | 6,606 | — | — | 1,066,131 | |||||||||||
Other consumer loans | 240,947 | — | 1,797 | — | — | 242,744 | |||||||||||
Total Personal Banking | 3,807,741 | — | 21,166 | — | 1,424 | 3,830,331 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,618,269 | 36,908 | 145,502 | 505 | — | 1,801,184 | |||||||||||
Commercial loans | 286,234 | 23,690 | 46,280 | 2,172 | — | 358,376 | |||||||||||
Total Business Banking | 1,904,503 | 60,598 | 191,782 | 2,677 | — | 2,159,560 | |||||||||||
Total | $ | 5,712,244 | 60,598 | 212,948 | 2,677 | 1,424 | 5,989,891 | ||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill and Other Intangible Assets | |||||||||
Goodwill and Other Intangible Assets | |||||||||
(5)Goodwill and Other Intangible Assets | |||||||||
The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Amortizable intangible assets: | |||||||||
Core deposit intangibles — gross | $ | 30,578 | 30,578 | ||||||
Acquisitions | — | — | |||||||
Less: accumulated amortization | (30,578 | ) | (30,578 | ) | |||||
Core deposit intangibles — net | — | — | |||||||
Customer and Contract intangible assets — gross | 8,234 | 6,197 | |||||||
Acquisitions | 262 | 2,037 | |||||||
Less: accumulated amortization | (5,469 | ) | (5,201 | ) | |||||
Customer and Contract intangible assets — net | $ | 3,027 | 3,033 | ||||||
The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2015 and 2014, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands): | |||||||||
For the quarter ended March 31, 2015 | $ | 268 | |||||||
For the quarter ended March 31, 2014 | 331 | ||||||||
For the year ending December 31, 2015 | 1,074 | ||||||||
For the year ending December 31, 2016 | 835 | ||||||||
For the year ending December 31, 2017 | 597 | ||||||||
For the year ending December 31, 2018 | 429 | ||||||||
For the year ending December 31, 2019 | 260 | ||||||||
For the year ending December 31, 2020 | 92 | ||||||||
The following table provides information for the changes in the carrying amount of goodwill (in thousands): | |||||||||
Community | Consumer | ||||||||
Banks | Finance | Total | |||||||
Balance at December 31, 2013 | $ | 173,031 | 1,613 | 174,644 | |||||
Goodwill acquired | 679 | — | 679 | ||||||
Impairment losses | — | — | — | ||||||
Balance at December 31, 2014 | 173,710 | 1,613 | 175,323 | ||||||
Goodwill acquired | 175 | — | 175 | ||||||
Impairment losses | — | — | — | ||||||
Balance at March 31, 2015 | $ | 173,885 | 1,613 | 175,498 | |||||
We performed our annual goodwill impairment test as of June 30, 2014 and concluded that goodwill was not impaired. At March 31, 2015, there were no changes in our operations or other factors that would cause us to update that test. See the Overview of Critical Accounting Policies Involving Estimates section for a description of our testing procedures. | |||||||||
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2015 | |
Guarantees | |
Guarantees | |
(6)Guarantees | |
We issue standby letters of credit in the normal course of business. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. We are required to perform under a standby letter of credit when drawn upon by the guaranteed third party in the case of nonperformance by our customer. The credit risk associated with standby letters of credit is essentially the same as that involved in extending loans to customers and is subject to normal loan underwriting procedures. Collateral may be obtained based on management’s credit assessment of the customer. At March 31, 2015, the maximum potential amount of future payments we could be required to make under these standby letters of credit was $23.8 million, of which $23.2 million is fully collateralized. At March 31, 2015, we had a liability, which represents deferred income, of $1.1 million related to the standby letters of credit. There are no recourse provisions that would enable us to recover any amounts from third parties. | |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share | |||||||
Earnings Per Share | |||||||
(7)Earnings Per Share | |||||||
Basic earnings per common share (EPS) is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Stock options to purchase 3,744,878 shares of common stock with a weighted average exercise price of $12.43 per share were outstanding during the quarter ended March 31, 2015 but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares of $11.89. All stock options outstanding during the quarter ended March 31, 2014 were included in the computation of diluted earnings per share because the stock options’ exercise price was less than the average market price of the common shares of $14.47 during the quarter. | |||||||
The computation of basic and diluted earnings per share follows (in thousands, except share data and per share amounts): | |||||||
Quarter ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Reported net income | $ | 16,170 | 14,611 | ||||
Weighted average common shares outstanding | 91,634,064 | 91,154,998 | |||||
Dilutive potential shares due to effect of stock options | 268,007 | 1,198,314 | |||||
Total weighted average common shares and dilutive potential shares | 91,902,071 | 92,353,312 | |||||
Basic earnings per share: | $ | 0.18 | 0.16 | ||||
Diluted earnings per share: | $ | 0.18 | 0.16 | ||||
Pension_and_Other_Postretireme
Pension and Other Post-retirement Benefits | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Pension and Other Post-retirement Benefits | |||||||||||
Pension and Other Post-retirement Benefits | |||||||||||
(8)Pension and Other Post-retirement Benefits | |||||||||||
The following table sets forth the net periodic costs for the defined benefit pension plans and post retirement healthcare plans for the periods indicated (in thousands): | |||||||||||
Components of net periodic benefit cost | |||||||||||
Quarter ended March 31, | |||||||||||
Pension benefits | Other post-retirement benefits | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
Service cost | $ | 1,430 | 1,035 | — | — | ||||||
Interest cost | 1,531 | 1,457 | 15 | 16 | |||||||
Expected return on plan assets | (2,593 | ) | (2,416 | ) | — | — | |||||
Amortization of prior service cost | (581 | ) | (581 | ) | — | — | |||||
Amortization of the net loss | 925 | 356 | 15 | 12 | |||||||
Net periodic (benefit)/ cost | $ | 712 | (149 | ) | 30 | 28 | |||||
We anticipate making a contribution to our defined benefit pension plan of $4.0 million to $8.0 million during the year ending December 31, 2015. | |||||||||||
Disclosures_About_Fair_Value_o
Disclosures About Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosures About Fair Value of Financial Instruments | |||||||||||||
Disclosures About Fair Value of Financial Instruments | |||||||||||||
(9)Disclosures About Fair Value of Financial Instruments | |||||||||||||
Fair value information about financial instruments, whether or not recognized in the consolidated statement of financial condition, is required to be disclosed. These requirements exclude certain financial instruments and all nonfinancial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. | |||||||||||||
Financial assets and liabilities recognized or disclosed at fair value on a recurring basis and certain financial assets and liabilities on a non-recurring basis are accounted for using a three-level hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. This hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest level input that has a significant impact on fair value measurement is used. | |||||||||||||
Financial assets and liabilities are categorized based upon the following characteristics or inputs to the valuation techniques: | |||||||||||||
· | Level 1 — Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in actively traded markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities. | ||||||||||||
· | Level 2 — Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets or liabilities that are actively traded. Level 2 also includes pricing models in which the inputs are corroborated by market data, for example, matrix pricing. | ||||||||||||
· | Level 3 — Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following: | ||||||||||||
· | Quotes from brokers or other external sources that are not considered binding; | ||||||||||||
· | Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price; | ||||||||||||
· | Quotes and other information from brokers or other external sources where the inputs are not deemed observable. | ||||||||||||
We are responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. We perform due diligence to understand the inputs used or how the data was calculated or derived. We also corroborate the reasonableness of external inputs in the valuation process. | |||||||||||||
The carrying amounts reported in the consolidated statement of financial condition approximate fair value for the following financial instruments: cash on hand, interest-earning deposits in other institutions, federal funds sold and other short-term investments, accrued interest receivable, accrued interest payable, and marketable securities available-for-sale. | |||||||||||||
Marketable Securities | |||||||||||||
Where available, market values are based on quoted market prices, dealer quotes, and prices obtained from independent pricing services. | |||||||||||||
Debt securities — available for sale - Generally, debt securities are valued using pricing for similar securities, recently executed transactions and other pricing models utilizing observable inputs. The valuation for most debt securities is classified as Level 2. Securities within Level 2 include corporate bonds, municipal bonds, mortgage-backed securities and US government obligations. Certain corporate debt securities do not have an active market and as such the broker pricing received uses alternative methods. The fair value of these corporate debt securities is determined by using a discounted cash flow model using market assumptions, which generally include cash flow, collateral and other market assumptions. As such, these securities are included herein as Level 3 assets. | |||||||||||||
Equity securities — available for sale - Level 1 securities include publicly traded securities valued using quoted market prices. We consider the financial condition of the issuer to determine if the securities have indicators of impairment. | |||||||||||||
Debt securities — held to maturity - The fair value of debt securities held to maturity is determined in the same manner as debt securities available for sale. | |||||||||||||
Loans Receivable | |||||||||||||
Loans with comparable characteristics including collateral and re-pricing structures are segregated for valuation purposes. Characteristics include remaining term, coupon interest, and estimated prepayment speeds. Delinquent loans are separately evaluated given the impact delinquency has on the projected future cash flow of the loan and the approximate discount or market rate. Each loan pool is separately valued utilizing a discounted cash flow analysis. Projected monthly cash flows are discounted to present value using a market rate for comparable loans, which is not considered an exit price. | |||||||||||||
Federal Home Loan Bank of Pittsburgh (“FHLB”) Stock | |||||||||||||
Due to the restrictions placed on the transferability of FHLB stock it is not practical to determine the fair value. | |||||||||||||
Deposit Liabilities | |||||||||||||
The estimated fair value of deposits with no stated maturity, which includes demand deposits, money market, and other savings accounts, is the amount payable on demand. Although market premiums paid for depository institutions reflect an additional value for these low-cost deposits, adjusting fair value for any value expected to be derived from retaining those deposits for a future period of time or from the benefit that results from the ability to fund interest-earning assets with these deposit liabilities is prohibited. The fair value estimates of deposit liabilities do not include the benefit that results from the low-cost funding provided by these deposits compared to the cost of borrowing funds in the market. Fair values for time deposits are estimated using a discounted cash flow calculation that applies contractual cost currently being offered in the existing portfolio to current market rates being offered locally for deposits of similar remaining maturities. The valuation adjustment for the portfolio consists of the present value of the difference of these two cash flows, discounted at the assumed market rate of the corresponding maturity. | |||||||||||||
Borrowed Funds | |||||||||||||
Fixed rate advances are valued by comparing their contractual cost to the prevailing market cost. The carrying amount of collateralized borrowings approximates the fair value. | |||||||||||||
Junior Subordinated Debentures | |||||||||||||
The fair value of junior subordinated debentures is calculated using the discounted cash flows at the prevailing rate of interest. | |||||||||||||
Cash flow hedges — Interest rate swap agreements (“swaps”) | |||||||||||||
The fair value of the swaps is the amount we would expect to pay to terminate the agreements and is based upon the present value of the expected future cash flows using the LIBOR swap curve, the basis for the underlying interest rate. | |||||||||||||
Off-Balance Sheet Financial Instruments | |||||||||||||
These financial instruments generally are not sold or traded, and estimated fair values are not readily available. However, the fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. Commitments to extend credit are generally short-term in nature and, if drawn upon, are issued under current market terms. At March 31, 2015 and December 31, 2014, there was no significant unrealized appreciation or depreciation on these financial instruments. | |||||||||||||
The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the consolidated statement of financial condition at March 31, 2015: | |||||||||||||
Carrying | Estimated | ||||||||||||
amount | fair value | Level 1 | Level 2 | Level 3 | |||||||||
Financial assets: | |||||||||||||
Cash and cash equivalents | $ | 297,101 | 297,101 | 297,101 | — | — | |||||||
Securities available-for-sale | 916,423 | 916,423 | 2,924 | 903,193 | 10,306 | ||||||||
Securities held-to-maturity | 90,825 | 92,989 | — | 92,989 | — | ||||||||
Loans receivable, net | 5,997,566 | 6,323,248 | — | — | 6,323,248 | ||||||||
Accrued interest receivable | 19,753 | 19,753 | 19,753 | — | — | ||||||||
FHLB Stock | 36,292 | 36,292 | — | — | — | ||||||||
Total financial assets | $ | 7,357,960 | 7,685,806 | 319,778 | 996,182 | 6,333,554 | |||||||
Financial liabilities: | |||||||||||||
Savings and checking deposits | $ | 4,253,299 | 4,253,299 | 4,253,299 | — | — | |||||||
Time deposits | 1,428,768 | 1,446,470 | — | — | 1,446,470 | ||||||||
Borrowed funds | 943,842 | 975,867 | 143,460 | — | 832,407 | ||||||||
Junior subordinated debentures | 103,094 | 109,373 | — | — | 109,373 | ||||||||
Cash flow hedges - swaps | 6,205 | 6,205 | — | 6,205 | — | ||||||||
Accrued interest payable | 1,336 | 1,336 | 1,336 | — | — | ||||||||
Total financial liabilities | $ | 6,736,544 | 6,792,550 | 4,398,095 | 6,205 | 2,388,250 | |||||||
The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the consolidated statement of financial condition at December 31, 2014: | |||||||||||||
Carrying | Estimated | ||||||||||||
amount | fair value | Level 1 | Level 2 | Level 3 | |||||||||
Financial assets: | |||||||||||||
Cash and cash equivalents | $ | 240,706 | 240,706 | 240,706 | — | — | |||||||
Securities available-for-sale | 912,371 | 912,371 | 3,157 | 898,617 | 10,597 | ||||||||
Securities held-to-maturity | 103,695 | 106,292 | — | 106,292 | — | ||||||||
Loans receivable, net | 5,922,373 | 6,240,079 | — | — | 6,240,079 | ||||||||
Accrued interest receivable | 18,623 | 18,623 | 18,623 | — | — | ||||||||
FHLB Stock | 33,293 | 33,293 | — | — | — | ||||||||
Total financial assets | $ | 7,231,061 | 7,551,364 | 262,486 | 1,004,909 | 6,250,676 | |||||||
Financial liabilities: | |||||||||||||
Savings and checking accounts | $ | 4,154,228 | 4,154,228 | 4,154,228 | — | — | |||||||
Time deposits | 1,478,314 | 1,498,539 | — | — | 1,498,539 | ||||||||
Borrowed funds | 888,109 | 919,612 | 162,714 | — | 756,898 | ||||||||
Junior subordinated debentures | 103,094 | 109,435 | — | — | 109,435 | ||||||||
Cash flow hedges - swaps | 6,273 | 6,273 | — | 6,273 | — | ||||||||
Accrued interest payable | 936 | 936 | 936 | — | — | ||||||||
Total financial liabilities | $ | 6,630,954 | 6,689,023 | 4,317,878 | 6,273 | 2,364,872 | |||||||
Fair value estimates are made at a point-in-time, based on relevant market data and information about the instrument. The methods and assumptions detailed above were used in estimating the fair value of financial instruments at both March 31, 2015 and December 31, 2014. There were no transfers of financial instruments between Level 1 and Level 2 during the quarter ended March 31, 2015. | |||||||||||||
The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2015 (in thousands): | |||||||||||||
Total | |||||||||||||
assets at | |||||||||||||
Level 1 | Level 2 | Level 3 | fair value | ||||||||||
Equity securities | $ | 2,924 | — | — | 2,924 | ||||||||
Debt securities: | |||||||||||||
U.S. government and agencies | — | 23 | — | 23 | |||||||||
Government sponsored enterprises | — | 364,252 | — | 364,252 | |||||||||
States and political subdivisions | — | 67,279 | — | 67,279 | |||||||||
Corporate | — | 9,976 | 10,306 | 20,282 | |||||||||
Total debt securities | — | 441,530 | 10,306 | 451,836 | |||||||||
Residential mortgage-backed securities: | |||||||||||||
GNMA | — | 28,192 | — | 28,192 | |||||||||
FNMA | — | 70,503 | — | 70,503 | |||||||||
FHLMC | — | 39,611 | — | 39,611 | |||||||||
Non-agency | — | 626 | — | 626 | |||||||||
Collateralized mortgage obligations: | |||||||||||||
GNMA | — | 7,679 | — | 7,679 | |||||||||
FNMA | — | 132,706 | — | 132,706 | |||||||||
FHLMC | — | 169,614 | — | 169,614 | |||||||||
SBA | — | 9,419 | — | 9,419 | |||||||||
Non-agency | — | 3,313 | — | 3,313 | |||||||||
Total mortgage-backed securities | — | 461,663 | — | 461,663 | |||||||||
Interest rate swaps | — | (6,205 | ) | — | (6,205 | ) | |||||||
Total assets and liabilities | $ | 2,924 | 896,988 | 10,306 | 910,218 | ||||||||
The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2014 (in thousands): | |||||||||||||
Total | |||||||||||||
assets at | |||||||||||||
Level 1 | Level 2 | Level 3 | fair value | ||||||||||
Equity securities | $ | 3,157 | — | — | 3,157 | ||||||||
Debt securities: | |||||||||||||
U.S. government and agencies | — | 25 | — | 25 | |||||||||
Government sponsored enterprises | — | 333,505 | — | 333,505 | |||||||||
States and political subdivisions | — | 70,145 | — | 70,145 | |||||||||
Corporate | — | 9,830 | 10,597 | 20,427 | |||||||||
Total debt securities | — | 413,505 | 10,597 | 424,102 | |||||||||
Residential mortgage-backed securities: | |||||||||||||
GNMA | — | 29,216 | — | 29,216 | |||||||||
FNMA | — | 73,497 | — | 73,497 | |||||||||
FHLMC | — | 42,119 | — | 42,119 | |||||||||
Non-agency | — | 643 | — | 643 | |||||||||
Collateralized mortgage obligations: | |||||||||||||
GNMA | — | 8,329 | — | 8,329 | |||||||||
FNMA | — | 139,150 | — | 139,150 | |||||||||
FHLMC | 178,698 | 178,698 | |||||||||||
SBA | — | 10,052 | — | 10,052 | |||||||||
Non-agency | — | 3,408 | — | 3,408 | |||||||||
Total mortgage-backed securities | — | 485,112 | — | 485,112 | |||||||||
Interest rate swaps | — | (6,273 | ) | — | (6,273 | ) | |||||||
Total assets and liabilities | $ | 3,157 | 892,344 | 10,597 | 906,098 | ||||||||
The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated (in thousands): | |||||||||||||
Quarter ended | |||||||||||||
March 31, | March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Beginning balance | $ | 10,597 | 12,251 | ||||||||||
Total net realized investment gains/ (losses) and net change in unrealized appreciation/(depreciation): | |||||||||||||
Included in net income as OTTI | — | — | |||||||||||
Included in other comprehensive income | (291 | ) | 140 | ||||||||||
Purchases | — | — | |||||||||||
Sales | — | — | |||||||||||
Transfers in to Level 3 | — | — | |||||||||||
Transfers out of Level 3 | — | — | |||||||||||
Ending balance | $ | 10,306 | 12,391 | ||||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans measured for impairment and real estate owned. The following table represents the fair value measurement for nonrecurring assets at March 31, 2015 (in thousands): | |||||||||||||
Total | |||||||||||||
assets at | |||||||||||||
Level 1 | Level 2 | Level 3 | fair value | ||||||||||
Loans measured for impairment | $ | — | — | 52,926 | 52,926 | ||||||||
Real estate owned | — | — | 15,346 | 15,346 | |||||||||
Total assets | $ | — | — | 68,272 | 68,272 | ||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans measured for impairment and real estate owned. The following table represents the fair value measurement for nonrecurring assets at December 31, 2014 (in thousands): | |||||||||||||
Total | |||||||||||||
assets at | |||||||||||||
Level 1 | Level 2 | Level 3 | fair value | ||||||||||
Loans measured for impairment | $ | — | — | 54,729 | 54,729 | ||||||||
Real estate owned | — | — | 16,759 | 16,759 | |||||||||
Total assets | $ | — | — | 71,488 | 71,488 | ||||||||
Impaired loans — A loan is considered to be impaired as described in the Overview of Critical Accounting Policies Involving Estimates, Allowance for Loan Losses section. We classify loans individually evaluated for impairment that require a specific or TDR reserve as nonrecurring Level 3. | |||||||||||||
Real Estate Owned — Real estate owned is comprised of property acquired through foreclosure or voluntarily conveyed by delinquent borrowers. These assets are recorded on the date acquired at the lower of the related loan balance or fair value, less estimated disposition costs, with the fair value being determined by appraisal. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or fair value, less estimated disposition costs. We classify all real estate owned as nonrecurring Level 3. | |||||||||||||
The table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2015 (dollar amounts in thousands): | |||||||||||||
Fair value | Valuation | Significant | Range (weighted | ||||||||||
techniques | unobservable inputs | average) | |||||||||||
Debt securities | $ | 10,306 | Discounted cash flow | Discount margin | 0.35% to 2.1% (0.69)% | ||||||||
Default rates | 1.00% | ||||||||||||
Prepayment speeds | 1.00% annually | ||||||||||||
Loans measured for impairment | 52,926 | Appraisal value (1) | Estimated cost to sell | 10% | |||||||||
Real estate owned | 15,346 | Appraisal value (1) | Estimated cost to sell | 10% | |||||||||
(1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. | |||||||||||||
The significant unobservable inputs used in the fair value measurement of our debt securities are discount margins, default rates and prepayment speeds. Significant increases in any of those rates would result in a significantly lower fair value measurement. | |||||||||||||
Guaranteed_Preferred_Beneficia
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swaps | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swaps | |||||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swaps | |||||||
(10)Guaranteed Preferred Beneficial Interests in the Company’s Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | |||||||
We have two statutory business trusts: Northwest Bancorp Capital Trust III, a Delaware statutory business trust and Northwest Bancorp Statutory Trust IV, a Connecticut statutory business trust (“Trusts”). These trusts exist solely to issue preferred securities to third parties for cash, issue common securities to the Company in exchange for capitalization of the Trusts, invest the proceeds from the sale of the trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. | |||||||
Northwest Bancorp Capital Trust III (Trust III) issued 50,000 cumulative trust preferred securities in a private transaction to a pooled investment vehicle on December 5, 2006 (liquidation value of $1,000 per preferred security or $50,000,000) with a stated maturity of December 30, 2035. These securities carry a floating interest rate, which is reset quarterly, equal to three-month LIBOR plus 1.38%. Northwest Bancorp Statutory Trust IV (Trust IV) issued 50,000 cumulative trust preferred securities in a private transaction to a pooled investment vehicle on December 15, 2006 (liquidation value of $1,000 per preferred security or $50,000,000) with a stated maturity of December 15, 2035. These securities carry a floating interest rate, which is reset quarterly, equal to three-month LIBOR plus 1.38%. The Trusts have invested the proceeds of the offerings in junior subordinated deferrable interest debentures issued by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. Trust III holds $51,547,000 of the Company’s junior subordinated debentures and Trust IV holds $51,547,000 of the Company’s junior subordinated debentures. These subordinated debentures are the sole assets of the Trusts. Cash distri-butions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We have the right to defer payment of interest on the subordinated debentures at any time, or from time-to-time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust preferred securities are also deferred. Interest on the subordinated debentures and distributions on the trust securities is cumulative. To date, there have been no interest deferrals. Our obligation constitutes a full, irrevocable, and unconditional guarantee on a subordinated basis of the obligations of the trust under the preferred securities. | |||||||
We are currently a counterparty to three interest rate swap agreements (swaps), designating the swaps as cash flow hedges. The swaps are intended to protect against the variability of cash flows associated with Trust III and Trust IV. The first swap modifies the re-pricing characteristics of Trust III, wherein for a ten year period expiring in September 2018, the Company receives interest of three-month LIBOR from a counterparty and pays a fixed rate of 4.61% to the same counterparty calculated on a notional amount of $25.0 million. The other two swaps modify the re-pricing characteristics of Trust IV, wherein (i) for a seven year period expiring in September 2015, the Company receives interest of three-month LIBOR from a counterparty and pays a fixed rate of 3.85% to the same counterparty calculated on a notional amount of $25.0 million and (ii) for a ten year period expiring in September 2018, the Company receives interest of three-month LIBOR from a counterparty and pays a fixed rate of 4.09% to the same counterparty calculated on a notional amount of $25.0 million. The swap agreements were entered into with a counterparty that met our credit standards and the agreements contain collateral provisions protecting the at-risk party. We believe that the credit risk inherent in the contracts is not significant. At March 31, 2015, $6.6 million of cash was pledged as collateral to the counterparty. | |||||||
At March 31, 2015, the fair value of the swap agreements was $(6.2) million and was the amount we would have expected to pay if the contracts were terminated. There was no material hedge ineffectiveness for these swaps. | |||||||
The following table shows liability derivatives, included in other liabilities, at March 31, 2015 and December 31, 2014 (in thousands): | |||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
Fair value | $ | 6,205 | 6,273 | ||||
Notional amount | 75,000 | 75,000 | |||||
Collateral posted | 6,555 | 6,805 | |||||
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2015 | |
Legal Proceedings | |
Legal Proceedings | |
(11)Legal Proceedings | |
We establish accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. As of March 31, 2015 we have not accrued for legal proceedings based on our analysis of currently available information which is subject to significant judgment and a variety of assumptions and uncertainties. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances. Due to the inherent subjectivity of assessments and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate loss to us from legal proceedings. | |
Toth v. Northwest Savings Bank | |
On May 7, 2012, Ashley Toth (“Plaintiff”) filed a putative class action complaint in the Court of Common Pleas of Allegheny County, Pennsylvania against Northwest Savings Bank (“Northwest”). Plaintiff’s complaint alleged state law claims related to Northwest’s order of posting ATM and debit card transactions and the assessment of overdraft fees on deposit customer accounts. Northwest filed preliminary objections to the putative class action complaint on June 29, 2012. On September 6, 2012, Plaintiff filed an amended putative class action complaint containing substantially the same allegations as the initial putative class action complaint. On November 5, 2012, Northwest filed preliminary objections to the amended putative class action complaint. Plaintiff filed her opposition to Northwest’s preliminary objections on December 6, 2012, and Northwest filed its reply in support of the preliminary objections on January 3, 2013. On June 25, 2013, the court entered an order, granting in part and overruling in part, Northwest’s preliminary objections. | |
On November 18, 2013, the parties participated in a mediation and reached an agreement in principle, subject to the preparation and execution of a mutually acceptable settlement agreement and release, to fully, finally and completely settle, resolve, discharge and release all claims that have been or could have been asserted in the action on a class-wide basis. The proposed settlement contemplates that, in return for a full and complete release of claims by Plaintiff and the settlement class members, Northwest will create a settlement fund for distribution to the settlement class members after certain court-approved reductions, including for attorney’s fees and expenses. The proposed settlement has been preliminarily and finally approved by the court. | |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Changes in Accumulated Other Comprehensive Income | |||||||||||
Changes in Accumulated Other Comprehensive Income | |||||||||||
(12)Changes in Accumulated Other Comprehensive Income | |||||||||||
The following table shows the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): | |||||||||||
For the quarter ended March 31, 2015 | |||||||||||
Unrealized | Change in | Change in | Total | ||||||||
gains and | fair value of | defined | |||||||||
(losses) on | interest rate | benefit | |||||||||
securities | swaps | pension | |||||||||
available- | plans | ||||||||||
for-sale | |||||||||||
Balance as of December 31, 2014 | $ | 3,461 | (4,078 | ) | (23,753 | ) | (24,370 | ) | |||
Other comprehensive income before reclassification adjustments | 2,952 | 44 | — | 2,996 | |||||||
Amounts reclassified from accumulated other comprehensive income (1), (2) | (68 | ) | — | 219 | 151 | ||||||
Net other comprehensive income | 2,884 | 44 | 219 | 3,147 | |||||||
Balance as of March 31, 2015 | $ | 6,345 | (4,034 | ) | (23,534 | ) | (21,223 | ) | |||
For the quarter ended March 31, 2014 | |||||||||||
Unrealized | Change in | Change in | Total | ||||||||
gains and | fair value of | defined | |||||||||
(losses) on | interest rate | benefit | |||||||||
securities | swaps | pension | |||||||||
available- | plans | ||||||||||
for-sale | |||||||||||
Balance as of December 31, 2013 | $ | (3,233 | ) | (5,224 | ) | (3,443 | ) | (11,900 | ) | ||
Other comprehensive income before reclassification adjustments | 5,596 | 251 | — | 5,847 | |||||||
Amounts reclassified from accumulated other comprehensive income (3), (4) | (1,904 | ) | — | (138 | ) | (2,042 | ) | ||||
Net other comprehensive income | 3,692 | 251 | (138 | ) | 3,805 | ||||||
Balance as of March 31, 2014 | $ | 459 | (4,973 | ) | (3,581 | ) | (8,095 | ) | |||
-1 | Consists of realized gains on securities (gain on sales of investments, net) of $111, net of tax (income tax expense) of $(43). | ||||||||||
-2 | Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(940), net of tax (income tax expense) of $140. See note 8. | ||||||||||
-3 | Consists of realized gains on securities (gain on sales of investments, net) of $3,122, net of tax (income tax expense) of $(1,218). | ||||||||||
-4 | Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(368), net of tax (income tax expense) of $(75). See note 8. | ||||||||||
Other_Items
Other Items | 3 Months Ended |
Mar. 31, 2015 | |
Other Items | |
Other Items | |
(13)Other Items | |
As was previously announced on December 15, 2014 the Company entered into an Agreement and Plan of Merger (“Merger Agreement”) by and between the Company and LNB Bancorp, Inc. (“LNB”). Pursuant to the Merger Agreement, LNB will merge with and into the Company, with the Company as the surviving entity. Immediately thereafter, The Lorain National Bank (“Lorain National Bank”), the wholly owned subsidiary of LNB, will merge with and into Northwest Bank, the wholly owned subsidiary of the Company, with Northwest Bank as the surviving entity. | |
Under the terms of the Merger Agreement, 50% of LNB’s common shares will be converted into Company common stock and the remaining 50% will be exchanged for cash. LNB’s shareholders will have the option to elect to receive either 1.461 shares of the Company’s common stock or $18.70 in cash for each LNB common share, subject to proration to ensure that, in the aggregate, 50% of LNB’s common shares will be converted into Company stock. | |
The transaction has been approved by the Boards of Directors of the Company and LNB as well as both the FDIC and the Pennsylvania Department of Banking. Additionally, the Federal Reserve Bank has issued a non-objection waiver. Completion of the transaction is subject to customary closing conditions, including the approval of LNB’s shareholders. We anticipate this transaction to be completed in the third quarter of 2015. | |
As of March 31, 2015 LNB had total assets of $1.256 billion (unaudited) and net income of $1.8 million (unaudited) for the quarter ended March 31, 2015. | |
Basis_of_Presentation_and_Info1
Basis of Presentation and Informational Disclosures (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation and Informational Disclosures | |
Stock-Based Compensation | |
Stock-Based Compensation | |
Stock-based compensation expense of $880,000 and $1.2 million for the quarters ended March 31, 2015 and 2014, respectively, was recognized in compensation expense relating to our stock benefit plans. At March 31, 2015 there was compensation expense of $4.4 million to be recognized for awarded but unvested stock options and $13.5 million for unvested common shares. | |
Income Taxes - Uncertain Tax Positions | |
Income Taxes- Uncertain Tax Positions | |
Accounting standards prescribe a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. A tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. At March 31, 2015 we had no liability for unrecognized tax benefits. | |
We recognize interest accrued related to: (1) unrecognized tax benefits in federal and state income taxes and (2) refund claims in other operating income. We recognize penalties (if any) in federal and state income taxes. There is no amount accrued for the payment of interest or penalties at March 31, 2015. We are subject to audit by the Internal Revenue Service and any state in which we conduct business for the tax periods ended December 31, 2013, 2012 and 2011. | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | |
In May 2014 the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. This guidance supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of this guidance requires an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and provides five steps to be analyzed to accomplish the core principle. This guidance is effective retrospectively for annual reporting periods beginning after December 15, 2016, including interim periods within those years and early adoption is not permitted. We are currently evaluating the impact this standard will have on our results of operations and financial position. | |
In June 2014 the FASB issued ASU 2014-11, “Transfers and Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. This guidance requires repurchase-to-maturity transactions to be recorded and accounted for as secured borrowings and also requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. Additionally, an entity is required to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements, and provide increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The guidance related to repurchase-to-maturity and repurchase financing transactions, and disclosures for certain transactions accounted for as a sale is effective for annual reporting periods beginning after December 15, 2014, including interim periods within those years. The disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings are required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. We do not expect that this standard will have a material impact on our results of operations or financial position. | |
In June 2014 the FASB issued ASU 2014-12, “Compensation—Stock Compensation”. This guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Specifically, if the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. Further, the total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. This guidance is effective for annual periods beginning after December 15, 2015, including interim periods within those years and early adoption is permitted. We do not expect that this standard will have a material impact on our results of operations or financial position. | |
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Business Segments | |||||||||||
Schedule of financial information for reportable segments | |||||||||||
Community | Consumer | ||||||||||
March 31, 2015 ($ in 000’s) | Banking | Finance | All other (1) | Consolidated | |||||||
External interest income | $ | 70,928 | 4,330 | 219 | 75,477 | ||||||
Intersegment interest income | 575 | — | (575 | ) | — | ||||||
Interest expense | 12,888 | 575 | 436 | 13,899 | |||||||
Provision for loan losses | 250 | 650 | — | 900 | |||||||
Noninterest income | 15,729 | 270 | 29 | 16,028 | |||||||
Noninterest expense | 50,440 | 2,953 | 318 | 53,711 | |||||||
Income tax expense (benefit) | 7,035 | 175 | (385 | ) | 6,825 | ||||||
Net income | 16,619 | 247 | (696 | ) | 16,170 | ||||||
Total assets | $ | 7,769,901 | 102,913 | 17,545 | 7,890,359 | ||||||
Community | Consumer | ||||||||||
March 31, 2014 ($ in 000’s) | Banking | Finance | All other (1) | Consolidated | |||||||
External interest income | $ | 70,068 | 4,659 | 323 | 75,050 | ||||||
Intersegment interest income | 606 | — | (606 | ) | — | ||||||
Interest expense | 13,169 | 606 | 429 | 14,204 | |||||||
Provision for loan losses | 6,850 | 635 | — | 7,485 | |||||||
Noninterest income | 17,033 | 288 | 2,336 | 19,657 | |||||||
Noninterest expense | 49,862 | 2,921 | 380 | 53,163 | |||||||
Income tax expense (benefit) | 4,513 | 326 | 405 | 5,244 | |||||||
Net income | 13,313 | 459 | 839 | 14,611 | |||||||
Total assets | $ | 7,849,806 | 103,677 | 19,830 | 7,973,313 | ||||||
-1 | Eliminations consist of intercompany loans, interest income and interest expense. | ||||||||||
Investment_securities_and_impa1
Investment securities and impairment of investment securities (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Investment securities and impairment of investment securities | |||||||||||||||
Schedule of the portfolio of investment securities available-for-sale | |||||||||||||||
The following table shows the portfolio of investment securities available-for-sale at March 31, 2015 (in thousands): | |||||||||||||||
Gross | Gross | ||||||||||||||
unrealized | unrealized | ||||||||||||||
Amortized | holding | holding | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
Debt issued by the U.S. government and agencies: | |||||||||||||||
Due in one year or less | $ | 23 | — | — | 23 | ||||||||||
Debt issued by government sponsored enterprises: | |||||||||||||||
Due in one year - five years | 339,140 | 706 | (693 | ) | 339,153 | ||||||||||
Due in five years - ten years | 25,128 | — | (29 | ) | 25,099 | ||||||||||
Equity securities | 2,314 | 651 | (41 | ) | 2,924 | ||||||||||
Municipal securities: | |||||||||||||||
Due in one year or less | 1,159 | 10 | — | 1,169 | |||||||||||
Due in one year - five years | 7,755 | 159 | — | 7,914 | |||||||||||
Due in five years - ten years | 5,564 | 104 | — | 5,668 | |||||||||||
Due after ten years | 50,236 | 2,292 | — | 52,528 | |||||||||||
Corporate debt issues: | |||||||||||||||
Due after ten years | 18,080 | 2,646 | (444 | ) | 20,282 | ||||||||||
Residential mortgage-backed securities: | |||||||||||||||
Fixed rate pass-through | 69,549 | 3,423 | (130 | ) | 72,842 | ||||||||||
Variable rate pass-through | 62,918 | 3,180 | (8 | ) | 66,090 | ||||||||||
Fixed rate non-agency CMOs | 2,978 | 335 | — | 3,313 | |||||||||||
Fixed rate agency CMOs | 214,343 | 709 | (3,070 | ) | 211,982 | ||||||||||
Variable rate agency CMOs | 106,841 | 622 | (27 | ) | 107,436 | ||||||||||
Total residential mortgage-backed securities | 456,629 | 8,269 | (3,235 | ) | 461,663 | ||||||||||
Total marketable securities available-for-sale | $ | 906,028 | 14,837 | (4,442 | ) | 916,423 | |||||||||
The following table shows the portfolio of investment securities available-for-sale at December 31, 2014 (in thousands): | |||||||||||||||
Gross | Gross | ||||||||||||||
unrealized | unrealized | ||||||||||||||
Amortized | holding | holding | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
Debt issued by the U.S. government and agencies: | |||||||||||||||
Due in one year or less | $ | 25 | — | — | 25 | ||||||||||
Debt issued by government sponsored enterprises: | |||||||||||||||
Due in one year - five years | 310,172 | 287 | (2,672 | ) | 307,787 | ||||||||||
Due in five years - ten years | 25,746 | — | (28 | ) | 25,718 | ||||||||||
Equity securities | 2,591 | 682 | (116 | ) | 3,157 | ||||||||||
Municipal securities: | |||||||||||||||
Due in one year or less | 810 | 15 | — | 825 | |||||||||||
Due in one year - five years | 7,878 | 132 | — | 8,010 | |||||||||||
Due in five years - ten years | 6,965 | 115 | — | 7,080 | |||||||||||
Due after ten years | 51,839 | 2,391 | — | 54,230 | |||||||||||
Corporate debt issues: | |||||||||||||||
Due after ten years | 18,267 | 2,579 | (419 | ) | 20,427 | ||||||||||
Residential mortgage-backed securities: | |||||||||||||||
Fixed rate pass-through | 72,852 | 3,149 | (124 | ) | 75,877 | ||||||||||
Variable rate pass-through | 66,140 | 3,466 | (8 | ) | 69,598 | ||||||||||
Fixed rate non-agency CMOs | 3,162 | 246 | — | 3,408 | |||||||||||
Fixed rate agency CMOs | 226,413 | 685 | (5,331 | ) | 221,767 | ||||||||||
Variable rate agency CMOs | 113,842 | 657 | (37 | ) | 114,462 | ||||||||||
Total residential mortgage-backed securities | 482,409 | 8,203 | (5,500 | ) | 485,112 | ||||||||||
Total marketable securities available-for-sale | $ | 906,702 | 14,404 | (8,735 | ) | 912,371 | |||||||||
Schedule of the portfolio of investment securities held-to-maturity | |||||||||||||||
The following table shows the portfolio of investment securities held-to-maturity at March 31, 2015 (in thousands): | |||||||||||||||
Gross | Gross | ||||||||||||||
unrealized | unrealized | ||||||||||||||
Amortized | holding | holding | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
Municipal securities: | |||||||||||||||
Due in five years - ten years | $ | 7,425 | 74 | — | 7,499 | ||||||||||
Due after ten years | 49,131 | 998 | — | 50,129 | |||||||||||
Residential mortgage-backed securities: | |||||||||||||||
Fixed rate pass-through | 7,897 | 510 | — | 8,407 | |||||||||||
Variable rate pass-through | 4,091 | 86 | — | 4,177 | |||||||||||
Fixed rate agency CMOs | 21,239 | 481 | — | 21,720 | |||||||||||
Variable rate agency CMOs | 1,042 | 15 | — | 1,057 | |||||||||||
Total residential mortgage-backed securities | 34,269 | 1,092 | — | 35,361 | |||||||||||
Total marketable securities held-to-maturity | $ | 90,825 | 2,164 | — | 92,989 | ||||||||||
The following table shows the portfolio of investment securities held-to-maturity at December 31, 2014 (in thousands): | |||||||||||||||
Gross | Gross | ||||||||||||||
unrealized | unrealized | ||||||||||||||
Amortized | holding | holding | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
Municipal securities: | |||||||||||||||
Due in five years - ten years | $ | 10,207 | 141 | — | 10,348 | ||||||||||
Due after ten years | 56,545 | 1,314 | — | 57,859 | |||||||||||
Residential mortgage-backed securities: | |||||||||||||||
Fixed rate pass-through | 8,236 | 477 | — | 8,713 | |||||||||||
Variable rate pass-through | 4,273 | 122 | — | 4,395 | |||||||||||
Fixed rate agency CMOs | 23,382 | 531 | — | 23,913 | |||||||||||
Variable rate agency CMOs | 1,052 | 12 | — | 1,064 | |||||||||||
Total residential mortgage-backed securities | 36,943 | 1,142 | — | 38,085 | |||||||||||
Total marketable securities held-to-maturity | $ | 103,695 | 2,597 | — | 106,292 | ||||||||||
Schedule of the fair value and gross unrealized losses on investment securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position | |||||||||||||||
The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2015 (in thousands): | |||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||
Fair value | loss | Fair value | loss | Fair value | loss | ||||||||||
U.S. government and agencies | $ | 75,986 | (84 | ) | 125,116 | (638 | ) | 201,102 | (722 | ) | |||||
Municipal securities | 782 | — | — | — | 782 | — | |||||||||
Corporate issues | — | — | 1,979 | (444 | ) | 1,979 | (444 | ) | |||||||
Equity securities | 577 | -41 | — | — | 577 | (41 | ) | ||||||||
Residential mortgage-backed securities - agency | 19,664 | (104 | ) | 164,546 | (3,131 | ) | 184,210 | (3,235 | ) | ||||||
Total temporarily impaired securities | $ | 97,009 | (299 | ) | 291,641 | (4,213 | ) | 388,650 | (4,442 | ) | |||||
The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2014 (in thousands): | |||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||
Fair value | loss | Fair value | loss | Fair value | loss | ||||||||||
U.S. government and agencies | $ | 28,878 | (67 | ) | 244,828 | (2,633 | ) | 273,706 | (2,700 | ) | |||||
Corporate debt issues | — | — | 2,003 | (419 | ) | 2,003 | (419 | ) | |||||||
Equity securities | 506 | (116 | ) | — | — | 506 | (116 | ) | |||||||
Residential mortgage- backed securities - agency | 20,832 | (79 | ) | 195,505 | (5,421 | ) | 216,337 | (5,500 | ) | ||||||
Total temporarily impaired securities | $ | 50,216 | (262 | ) | 442,336 | (8,473 | ) | 492,552 | (8,735 | ) | |||||
Schedule of the cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold | |||||||||||||||
The table below shows a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold for the quarter ended (in thousands): | |||||||||||||||
2015 | 2014 | ||||||||||||||
Beginning balance at January 1, (1) | $ | 8,894 | 10,342 | ||||||||||||
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | — | — | |||||||||||||
Reduction for losses realized during the quarter | (29 | ) | (8 | ) | |||||||||||
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized | — | — | |||||||||||||
Ending balance at March 31, | $ | 8,865 | 10,334 | ||||||||||||
(1) — The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. | |||||||||||||||
Loans_receivable_Tables
Loans receivable (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Loans receivable | |||||||||||||||||
Summary of loans receivable | |||||||||||||||||
The following table shows a summary of our loans receivable at March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 2,544,116 | 2,526,240 | ||||||||||||||
Home equity loans | 1,055,739 | 1,066,131 | |||||||||||||||
Other consumer loans | 239,956 | 242,744 | |||||||||||||||
Total Personal Banking | 3,839,811 | 3,835,115 | |||||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate | 1,970,160 | 1,874,944 | |||||||||||||||
Commercial loans | 381,501 | 419,525 | |||||||||||||||
Total Business Banking | 2,351,661 | 2,294,469 | |||||||||||||||
Total loans receivable, gross | 6,191,472 | 6,129,584 | |||||||||||||||
Deferred loan costs | 7,741 | 6,095 | |||||||||||||||
Allowance for loan losses | (67,298 | ) | (67,518 | ) | |||||||||||||
Undisbursed loan proceeds: | |||||||||||||||||
Residential mortgage loans | (7,987 | ) | (10,879 | ) | |||||||||||||
Commercial real estate | (113,586 | ) | (73,760 | ) | |||||||||||||
Commercial loans | (12,776 | ) | (61,149 | ) | |||||||||||||
Total loans receivable, net | $ | 5,997,566 | 5,922,373 | ||||||||||||||
Schedule of the changes in the allowance for losses on loans receivable | |||||||||||||||||
The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2015 (in thousands): | |||||||||||||||||
Balance | Current | Charge-offs | Recoveries | Balance | |||||||||||||
March 31, | period | December 31, | |||||||||||||||
2015 | provision | 2014 | |||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 5,077 | (282 | ) | (335 | ) | 113 | 5,581 | |||||||||
Home equity loans | 4,043 | (213 | ) | (342 | ) | 48 | 4,550 | ||||||||||
Other consumer loans | 5,835 | 1,270 | (1,940 | ) | 387 | 6,118 | |||||||||||
Total Personal Banking | 14,955 | 775 | (2,617 | ) | 548 | 16,249 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 33,252 | 242 | (1,113 | ) | 734 | 33,389 | |||||||||||
Commercial loans | 15,113 | 270 | (724 | ) | 2,052 | 13,515 | |||||||||||
Total Business Banking | 48,365 | 512 | (1,837 | ) | 2,786 | 46,904 | |||||||||||
Unallocated | 3,978 | (387 | ) | — | — | 4,365 | |||||||||||
Total | $ | 67,298 | 900 | (4,454 | ) | 3,334 | 67,518 | ||||||||||
The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2014 (in thousands): | |||||||||||||||||
Balance | Current | Charge-offs | Recoveries | Balance | |||||||||||||
March 31, | period | December 31, | |||||||||||||||
2014 | provision | 2013 | |||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 7,467 | 35 | (459 | ) | 16 | 7,875 | ||||||||||
Home equity loans | 6,958 | 37 | (372 | ) | 48 | 7,245 | |||||||||||
Other consumer loans | 5,280 | 1,184 | (1,716 | ) | 325 | 5,487 | |||||||||||
Total Personal Banking | 19,705 | 1,256 | (2,547 | ) | 389 | 20,607 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 36,209 | 1,321 | (932 | ) | 621 | 35,199 | |||||||||||
Commercial loans | 16,169 | 5,419 | (770 | ) | 640 | 10,880 | |||||||||||
Total Business Banking | 52,378 | 6,740 | (1,702 | ) | 1,261 | 46,079 | |||||||||||
Unallocated | 4,151 | (511 | ) | — | — | 4,662 | |||||||||||
Total | $ | 76,234 | 7,485 | (4,249 | ) | 1,650 | 71,348 | ||||||||||
Schedule of information related to the loan portfolio by portfolio segment and by class of financing receivable | |||||||||||||||||
The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2015 (in thousands): | |||||||||||||||||
Recorded | Allowance for | Recorded | Recorded | TDRs | Allowance | Additional | |||||||||||
investment in | loan losses | investment in | investment in | related to | commitments | ||||||||||||
loans | loans on | loans past | TDRs | to customers | |||||||||||||
receivable | nonaccrual | due 90 days | with loans | ||||||||||||||
-1 | or more and | classified as | |||||||||||||||
still accruing | TDRs | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 2,543,870 | 5,077 | 19,233 | 7 | 6,658 | 1,072 | — | |||||||||
Home equity loans | 1,055,739 | 4,043 | 8,443 | — | 2,340 | 310 | — | ||||||||||
Other consumer loans | 239,956 | 5,835 | 2,380 | 282 | — | — | — | ||||||||||
Total Personal Banking | 3,839,565 | 14,955 | 30,056 | 289 | 8,998 | 1,382 | — | ||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,856,574 | 33,252 | 31,650 | — | 41,343 | 4,114 | 923 | ||||||||||
Commercial loans | 368,725 | 15,113 | 11,601 | 21 | 10,304 | 780 | 1,321 | ||||||||||
Total Business Banking | 2,225,299 | 48,365 | 43,251 | 21 | 51,647 | 4,894 | 2,244 | ||||||||||
Total | $ | 6,064,864 | 63,320 | 73,307 | 310 | 60,645 | 6,276 | 2,244 | |||||||||
-1 | Includes $19.8 million of nonaccrual TDRs. | ||||||||||||||||
The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2014 (in thousands): | |||||||||||||||||
Recorded | Allowance for | Recorded | Recorded | TDRs | Allowance | Additional | |||||||||||
investment in | loan losses | investment in | investment in | related to | commitments | ||||||||||||
loans | loans on | loans past | TDRs | to customers | |||||||||||||
receivable | nonaccrual | due 90 days | with loans | ||||||||||||||
-1 | or more and | classified as | |||||||||||||||
still accruing | TDRs | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 2,521,456 | 5,581 | 21,194 | 8 | 6,574 | 1,133 | — | |||||||||
Home equity loans | 1,066,131 | 4,550 | 9,569 | — | 2,412 | 229 | — | ||||||||||
Other consumer loans | 242,744 | 6,118 | 2,820 | 206 | — | — | — | ||||||||||
Total Personal Banking | 3,830,331 | 16,249 | 33,583 | 214 | 8,986 | 1,362 | — | ||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,801,184 | 33,389 | 38,647 | — | 41,917 | 4,938 | 449 | ||||||||||
Commercial loans | 358,376 | 13,515 | 7,578 | 21 | 10,885 | 1,095 | 814 | ||||||||||
Total Business Banking | 2,159,560 | 46,904 | 46,225 | 21 | 52,802 | 6,033 | 1,263 | ||||||||||
Total | $ | 5,989,891 | 63,153 | 79,808 | 235 | 61,788 | 7,395 | 1,263 | |||||||||
-1 | Includes $24.5 million of nonaccrual TDRS. | ||||||||||||||||
Schedule of geographical and delinquency information related to the loan portfolio by portfolio segment and class of financing receivable | |||||||||||||||||
The following table provides geographical and delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at March 31, 2015 (in thousands): | |||||||||||||||||
Pennsylvania | New York | Ohio | Maryland | Other | Total | ||||||||||||
Recorded investment in loans receivable: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 2,176,741 | 160,609 | 18,705 | 132,630 | 55,185 | 2,543,870 | ||||||||||
Home equity loans | 897,681 | 117,853 | 8,910 | 26,217 | 5,078 | 1,055,739 | |||||||||||
Other consumer loans | 221,324 | 10,635 | 3,377 | 1,359 | 3,261 | 239,956 | |||||||||||
Total Personal Banking | 3,295,746 | 289,097 | 30,992 | 160,206 | 63,524 | 3,839,565 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 995,436 | 662,453 | 24,751 | 117,092 | 56,842 | 1,856,574 | |||||||||||
Commercial loans | 284,442 | 55,009 | 15,991 | 4,506 | 8,777 | 368,725 | |||||||||||
Total Business Banking | 1,279,878 | 717,462 | 40,742 | 121,598 | 65,619 | 2,225,299 | |||||||||||
Total | $ | 4,575,624 | 1,006,559 | 71,734 | 281,804 | 129,143 | 6,064,864 | ||||||||||
Percentage of total loans receivable | 75.5 | % | 16.6 | % | 1.2 | % | 4.6 | % | 2.1 | % | 100.0 | % | |||||
Pennsylvania | New York | Ohio | Maryland | Other | Total | ||||||||||||
Loans 90 or more days delinquent: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 10,771 | 1,229 | 602 | 1,221 | 1,245 | 15,068 | ||||||||||
Home equity loans | 3,510 | 1,012 | — | 1,083 | 41 | 5,646 | |||||||||||
Other consumer loans | 1,954 | 65 | 8 | 18 | — | 2,045 | |||||||||||
Total Personal Banking | 16,235 | 2,306 | 610 | 2,322 | 1,286 | 22,759 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 6,551 | 1,242 | — | 27 | 413 | 8,233 | |||||||||||
Commercial loans | 1,921 | — | — | — | — | 1,921 | |||||||||||
Total Business Banking | 8,472 | 1,242 | — | 27 | 413 | 10,154 | |||||||||||
Total | $ | 24,707 | 3,548 | 610 | 2,349 | 1,699 | 32,913 | ||||||||||
Percentage of total loans 90 or more days delinquent | 75.1 | % | 10.8 | % | 1.9 | % | 7.1 | % | 5.2 | % | 100.0 | % | |||||
The following table provides geographical and delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at December 31, 2014 (in thousands): | |||||||||||||||||
Pennsylvania | New York | Ohio | Maryland | Other | Total | ||||||||||||
Recorded investment in loans receivable: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 2,151,361 | 161,445 | 18,486 | 134,228 | 55,936 | 2,521,456 | ||||||||||
Home equity loans | 909,139 | 115,459 | 9,087 | 27,203 | 5,243 | 1,066,131 | |||||||||||
Other consumer loans | 225,088 | 9,961 | 3,132 | 1,328 | 3,235 | 242,744 | |||||||||||
Total Personal Banking | 3,285,588 | 286,865 | 30,705 | 162,759 | 64,414 | 3,830,331 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,013,632 | 590,934 | 24,901 | 114,850 | 56,867 | 1,801,184 | |||||||||||
Commercial loans | 243,159 | 83,252 | 15,826 | 7,817 | 8,322 | 358,376 | |||||||||||
Total Business Banking | 1,256,791 | 674,186 | 40,727 | 122,667 | 65,189 | 2,159,560 | |||||||||||
Total | $ | 4,542,379 | 961,051 | 71,432 | 285,426 | 129,603 | 5,989,891 | ||||||||||
Percentage of total loans receivable | 75.8 | % | 16.0 | % | 1.2 | % | 4.8 | % | 2.2 | % | 100.0 | % | |||||
Pennsylvania | New York | Ohio | Maryland | Other | Total | ||||||||||||
Loans 90 or more days delinquent: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 12,282 | 1,237 | 710 | 1,678 | 1,789 | 17,696 | ||||||||||
Home equity loans | 4,474 | 936 | 35 | 1,058 | 103 | 6,606 | |||||||||||
Other consumer loans | 2,388 | 55 | 7 | — | — | 2,450 | |||||||||||
Total Personal Banking | 19,144 | 2,228 | 752 | 2,736 | 1,892 | 26,752 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 8,827 | 1,072 | — | 270 | 930 | 11,099 | |||||||||||
Commercial loans | 2,659 | 284 | — | 207 | 325 | 3,475 | |||||||||||
Total Business Banking | 11,486 | 1,356 | — | 477 | 1,255 | 14,574 | |||||||||||
Total | $ | 30,630 | 3,584 | 752 | 3,213 | 3,147 | 41,326 | ||||||||||
Percentage of total loans 90 or more days delinquent | 74.1 | % | 8.7 | % | 1.8 | % | 7.8 | % | 7.6 | % | 100.0 | % | |||||
Schedule of the composition of impaired loans by portfolio segment and by class of financing receivable | |||||||||||||||||
The following table provides information related to the composition of impaired loans by portfolio segment and by class of financing receivable at and for the quarter ended March 31, 2015 (in thousands): | |||||||||||||||||
Nonaccrual | Nonaccrual | Loans less | TDRs less | Total | Average | Interest | |||||||||||
loans 90 or | loans less | than 90 | than 90 | impaired | recorded | income | |||||||||||
more days | than 90 | days | days | loans | investment | recognized | |||||||||||
delinquent | days | delinquent | delinquent | in impaired | on impaired | ||||||||||||
delinquent | reviewed for | not included | loans | loans | |||||||||||||
impairment | elsewhere | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 15,068 | 4,165 | — | 5,931 | 25,164 | 25,316 | 218 | |||||||||
Home equity loans | 5,646 | 2,797 | — | 1,760 | 10,203 | 11,124 | 121 | ||||||||||
Other consumer loans | 2,045 | 335 | — | — | 2,380 | 2,722 | 24 | ||||||||||
Total Personal Banking | 22,759 | 7,297 | — | 7,691 | 37,747 | 39,162 | 363 | ||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 8,233 | 23,417 | 25,367 | 17,628 | 74,645 | 80,773 | 846 | ||||||||||
Commercial loans | 1,921 | 9,680 | 5,047 | 3,665 | 20,313 | 19,981 | 211 | ||||||||||
Total Business Banking | 10,154 | 33,097 | 30,414 | 21,293 | 94,958 | 100,754 | 1,057 | ||||||||||
Total | $ | 32,913 | 40,394 | 30,414 | 28,984 | 132,705 | 139,916 | 1,420 | |||||||||
The following table provides information related to the composition of impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2014 (in thousands): | |||||||||||||||||
Nonaccrual | Nonaccrual | Loans less | TDRs less | Total | Average | Interest | |||||||||||
loans 90 or | loans less | than 90 | than 90 | impaired | recorded | income | |||||||||||
more days | than 90 | days | days | loans | investment | recognized | |||||||||||
delinquent | days | delinquent | delinquent | in impaired | on impaired | ||||||||||||
delinquent | reviewed for | not included | loans | loans | |||||||||||||
impairment | elsewhere | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 17,696 | 3,498 | — | 5,845 | 27,039 | 28,227 | 817 | |||||||||
Home equity loans | 6,606 | 2,963 | — | 1,706 | 11,275 | 11,753 | 485 | ||||||||||
Other consumer loans | 2,450 | 370 | — | — | 2,820 | 2,383 | 66 | ||||||||||
Total Personal Banking | 26,752 | 6,831 | — | 7,551 | 41,134 | 42,363 | 1,368 | ||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 11,099 | 27,548 | 26,400 | 12,128 | 77,175 | 90,187 | 3,589 | ||||||||||
Commercial loans | 3,475 | 4,103 | 5,266 | 6,026 | 18,870 | 27,088 | 914 | ||||||||||
Total Business Banking | 14,574 | 31,651 | 31,666 | 18,154 | 96,045 | 117,275 | 4,503 | ||||||||||
Total | $ | 41,326 | 38,482 | 31,666 | 25,705 | 137,179 | 159,638 | 5,871 | |||||||||
Schedule of the evaluation of impaired loans by portfolio segment and by class of financing receivable | |||||||||||||||||
The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at March 31, 2015 (in thousands): | |||||||||||||||||
Loans | Loans | Loans | Related | Loans | |||||||||||||
collectively | individually | individually | impairment | individually | |||||||||||||
evaluated for | evaluated for | evaluated for | reserve | evaluated for | |||||||||||||
impairment | impairment | impairment | impairment | ||||||||||||||
for which | for which | ||||||||||||||||
there is a | there is no | ||||||||||||||||
related | related | ||||||||||||||||
impairment | reserve | ||||||||||||||||
reserve | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 2,536,741 | 7,129 | 7,129 | 1,140 | — | |||||||||||
Home equity loans | 1,053,073 | 2,666 | 2,666 | 220 | — | ||||||||||||
Other consumer loans | 239,862 | 94 | 94 | 1 | — | ||||||||||||
Total Personal Banking | 3,829,676 | 9,889 | 9,889 | 1,361 | — | ||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,791,047 | 65,527 | 42,972 | 5,223 | 22,555 | ||||||||||||
Commercial loans | 357,677 | 11,048 | 7,391 | 742 | 3,657 | ||||||||||||
Total Business Banking | 2,148,724 | 76,575 | 50,363 | 5,965 | 26,212 | ||||||||||||
Total | $ | 5,978,400 | 86,464 | 60,252 | 7,326 | 26,212 | |||||||||||
The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at December 31, 2014 (in thousands): | |||||||||||||||||
Loans | Loans | Loans | Related | Loans | |||||||||||||
collectively | individually | individually | impairment | individually | |||||||||||||
evaluated for | evaluated for | evaluated for | reserve | evaluated for | |||||||||||||
impairment | impairment | impairment | impairment | ||||||||||||||
for which | for which | ||||||||||||||||
there is a | there is no | ||||||||||||||||
related | related | ||||||||||||||||
impairment | reserve | ||||||||||||||||
reserve | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | $ | 2,514,060 | 7,396 | 7,396 | 1,116 | — | |||||||||||
Home equity loans | 1,063,741 | 2,390 | 2,390 | 246 | — | ||||||||||||
Other consumer loans | 242,678 | 66 | 66 | 1 | — | ||||||||||||
Total Personal Banking | 3,820,479 | 9,852 | 9,852 | 1,363 | — | ||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,734,864 | 66,320 | 42,869 | 6,189 | 23,451 | ||||||||||||
Commercial loans | 343,416 | 14,960 | 10,938 | 1,378 | 4,022 | ||||||||||||
Total Business Banking | 2,078,280 | 81,280 | 53,807 | 7,567 | 27,473 | ||||||||||||
Total | $ | 5,898,759 | 91,132 | 63,659 | 8,930 | 27,473 | |||||||||||
Schedule of roll forward of troubled debt restructurings | |||||||||||||||||
The following table provides a roll forward of troubled debt restructurings for the periods indicated (in thousands): | |||||||||||||||||
For the quarters ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Number of | Number of | ||||||||||||||||
contracts | contracts | ||||||||||||||||
Beginning TDR balance: | 248 | $ | 61,788 | 262 | $ | 79,166 | |||||||||||
New TDRs | 2 | 112 | 7 | 1,309 | |||||||||||||
Re-modified TDRs | 1 | 85 | 4 | 159 | |||||||||||||
Net paydowns | (823 | ) | (4,494 | ) | |||||||||||||
Charge-offs: | |||||||||||||||||
Residential mortgage loans | — | — | — | — | |||||||||||||
Home equity loans | 2 | (31 | ) | — | — | ||||||||||||
Commercial real estate loans | 1 | (14 | ) | 2 | (31 | ) | |||||||||||
Commercial loans | 2 | (387 | ) | 1 | (7 | ) | |||||||||||
Paid-off loans: | |||||||||||||||||
Residential mortgage loans | — | — | — | — | |||||||||||||
Home equity loans | 1 | (6 | ) | — | — | ||||||||||||
Commercial real estate loans | 2 | (79 | ) | 2 | (277 | ) | |||||||||||
Commercial loans | — | — | 6 | (1,314 | ) | ||||||||||||
Ending TDR balance: | 242 | $ | 60,645 | 258 | $ | 74,511 | |||||||||||
Accruing TDRs | $ | 40,802 | $ | 40,243 | |||||||||||||
Non-accrual TDRs | 19,843 | 34,268 | |||||||||||||||
Schedule of troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable | |||||||||||||||||
The following table provides information related to troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (dollars in thousands): | |||||||||||||||||
For the quarter ended | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Number of | Recorded | Current | Current | ||||||||||||||
contracts | investment | recorded | allowance | ||||||||||||||
at the time of | investment | ||||||||||||||||
modification | |||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | 2 | $ | 112 | 112 | 1 | ||||||||||||
Home equity loans | 1 | 85 | 84 | 17 | |||||||||||||
Other consumer loans | — | — | — | — | |||||||||||||
Total Personal Banking | 3 | 197 | 196 | 18 | |||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | — | — | — | — | |||||||||||||
Commercial loans | — | — | — | — | |||||||||||||
Total Business Banking | — | — | — | — | |||||||||||||
Total | 3 | $ | 197 | 196 | 18 | ||||||||||||
Troubled debt restructurings modified within the previous twelve months that have subsequently defaulted: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | — | $ | — | — | — | ||||||||||||
Home equity loans | — | — | — | — | |||||||||||||
Other consumer loans | — | — | — | — | |||||||||||||
Total Personal Banking | — | — | — | — | |||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | — | — | — | — | |||||||||||||
Commercial loans | 1 | 50 | — | — | |||||||||||||
Total Business Banking | 1 | 50 | — | — | |||||||||||||
Total | 1 | $ | 50 | — | — | ||||||||||||
The following table provides information related to troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (dollars in thousands): | |||||||||||||||||
For the quarter ended | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Number of | Recorded | Current | Current | ||||||||||||||
contracts | investment | recorded | allowance | ||||||||||||||
at the time of | investment | ||||||||||||||||
modification | |||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | 6 | $ | 1,290 | 1,289 | 119 | ||||||||||||
Home equity loans | — | — | — | — | |||||||||||||
Other consumer loans | — | — | — | — | |||||||||||||
Total Personal Banking | 6 | 1,290 | 1,289 | 119 | |||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 3 | 89 | 87 | 32 | |||||||||||||
Commercial loans | 2 | 89 | 107 | 10 | |||||||||||||
Total Business Banking | 5 | 178 | 194 | 42 | |||||||||||||
Total | 11 | $ | 1,468 | 1,483 | 161 | ||||||||||||
Troubled debt restructurings modified within the previous twelve months that have subsequently defaulted: | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | — | $ | — | — | — | ||||||||||||
Home equity loans | — | — | — | — | |||||||||||||
Other consumer loans | — | — | — | — | |||||||||||||
Total Personal Banking | — | — | — | — | |||||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | — | — | — | — | |||||||||||||
Commercial loans | — | — | — | — | |||||||||||||
Total Business Banking | — | — | — | — | |||||||||||||
Total | — | $ | — | — | — | ||||||||||||
Schedule of troubled debt restructurings (including re-modified TDRs) by type of modification by portfolio segment and by class of financing receivable | |||||||||||||||||
The following table provides information as of March 31, 2015 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2015 (dollars in thousands): | |||||||||||||||||
Type of modification | |||||||||||||||||
Number of | Rate | Payment | Maturity | Other | Total | ||||||||||||
contracts | date | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | 2 | $ | — | — | 112 | — | 112 | ||||||||||
Home equity loans | 1 | 84 | — | — | — | 84 | |||||||||||
Other consumer loans | — | — | — | — | — | — | |||||||||||
Total Personal Banking | 3 | 84 | — | 112 | — | 196 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | — | — | — | — | — | — | |||||||||||
Commercial loans | — | — | — | — | — | — | |||||||||||
Total Business Banking | — | — | — | — | — | — | |||||||||||
Total | 3 | $ | 84 | — | 112 | — | 196 | ||||||||||
The following table provides information as of March 31, 2014 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2014 (dollars in thousands): | |||||||||||||||||
Type of modification | |||||||||||||||||
Number of | Rate | Payment | Maturity | Other | Total | ||||||||||||
contracts | date | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | 6 | $ | — | — | 1,289 | — | 1,289 | ||||||||||
Home equity loans | — | — | — | — | — | — | |||||||||||
Other consumer loans | — | — | — | — | — | — | |||||||||||
Total Personal Banking | 6 | — | — | 1,289 | — | 1,289 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 3 | — | — | 59 | 28 | 87 | |||||||||||
Commercial loans | 2 | — | 102 | — | 5 | 107 | |||||||||||
Total Business Banking | 5 | — | 102 | 59 | 33 | 194 | |||||||||||
Total | 11 | $ | — | 102 | 1,348 | 33 | 1,483 | ||||||||||
Schedule of re-modified troubled debt restructurings by portfolio segment and by class of financing receivable | |||||||||||||||||
The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the quarter ended March 31, 2015 (dollars in thousands): | |||||||||||||||||
Number of re- | Type of re-modification | ||||||||||||||||
modified | Rate | Payment | Maturity | Other | Total | ||||||||||||
TDRs | date | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | — | $ | — | — | — | — | — | ||||||||||
Home equity loans | 1 | 84 | — | — | — | 84 | |||||||||||
Other consumer loans | — | — | — | — | — | — | |||||||||||
Total Personal Banking | 1 | 84 | — | — | — | 84 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | — | — | — | — | — | — | |||||||||||
Commercial loans | — | — | — | — | — | — | |||||||||||
Total Business Banking | — | — | — | — | — | — | |||||||||||
Total | 1 | $ | 84 | — | — | — | 84 | ||||||||||
The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the quarter ended March 31, 2014 (dollars in thousands): | |||||||||||||||||
Number of re- | Type of re-modification | ||||||||||||||||
modified | Rate | Payment | Maturity | Other | Total | ||||||||||||
TDRs | date | ||||||||||||||||
Personal Banking: | |||||||||||||||||
Residental mortgage loans | 1 | $ | — | — | 77 | — | 77 | ||||||||||
Home equity loans | — | — | — | — | — | — | |||||||||||
Other consumer loans | — | — | — | — | — | — | |||||||||||
Total Personal Banking | 1 | — | — | 77 | — | 77 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 2 | — | — | 59 | 18 | 77 | |||||||||||
Commercial loans | 1 | — | — | — | 5 | 5 | |||||||||||
Total Business Banking | 3 | — | — | 59 | 23 | 82 | |||||||||||
Total | 4 | $ | — | — | 136 | 23 | 159 | ||||||||||
Schedule of loan delinquencies | |||||||||||||||||
The following table provides information related to loan payment delinquencies at March 31, 2015 (in thousands): | |||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or | Total | Current | Recorded | ||||||||||||
delinquent | delinquent | greater | delinquency | investment | |||||||||||||
delinquent | in loans | ||||||||||||||||
receivable | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 25,586 | 3,397 | 15,068 | 44,051 | 2,499,819 | 2,543,870 | ||||||||||
Home equity loans | 3,737 | 1,404 | 5,646 | 10,787 | 1,044,952 | 1,055,739 | |||||||||||
Other consumer loans | 4,374 | 1,515 | 2,045 | 7,934 | 232,022 | 239,956 | |||||||||||
Total Personal Banking | 33,697 | 6,316 | 22,759 | 62,772 | 3,776,793 | 3,839,565 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 5,497 | 2,351 | 8,233 | 16,081 | 1,840,493 | 1,856,574 | |||||||||||
Commercial loans | 1,480 | 136 | 1,921 | 3,537 | 365,188 | 368,725 | |||||||||||
Total Business Banking | 6,977 | 2,487 | 10,154 | 19,618 | 2,205,681 | 2,225,299 | |||||||||||
Total | $ | 40,674 | 8,803 | 32,913 | 82,390 | 5,982,474 | 6,064,864 | ||||||||||
The following table provides information related to loan payment delinquencies at December 31, 2014 (in thousands): | |||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or | Total | Current | Recorded | ||||||||||||
delinquent | delinquent | greater | delinquency | investment | |||||||||||||
delinquent | in loans | ||||||||||||||||
receivable | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 27,443 | 6,970 | 17,696 | 52,109 | 2,469,347 | 2,521,456 | ||||||||||
Home equity loans | 5,752 | 1,672 | 6,606 | 14,030 | 1,052,101 | 1,066,131 | |||||||||||
Other consumer loans | 5,572 | 2,435 | 2,450 | 10,457 | 232,287 | 242,744 | |||||||||||
Total Personal Banking | 38,767 | 11,077 | 26,752 | 76,596 | 3,753,735 | 3,830,331 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 4,956 | 2,038 | 11,099 | 18,093 | 1,783,091 | 1,801,184 | |||||||||||
Commercial loans | 2,262 | 209 | 3,475 | 5,946 | 352,430 | 358,376 | |||||||||||
Total Business Banking | 7,218 | 2,247 | 14,574 | 24,039 | 2,135,521 | 2,159,560 | |||||||||||
Total | $ | 45,985 | 13,324 | 41,326 | 100,635 | 5,889,256 | 5,989,891 | ||||||||||
Schedule of credit quality indicators | |||||||||||||||||
The following table sets forth information about credit quality indicators, which were updated during the quarter ended March 31, 2015 (in thousands): | |||||||||||||||||
Pass | Special | Substandard | Doubtful | Loss | Recorded | ||||||||||||
mention | investment | ||||||||||||||||
in loans | |||||||||||||||||
receivable | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 2,531,595 | — | 10,851 | — | 1,424 | 2,543,870 | ||||||||||
Home equity loans | 1,050,092 | — | 5,647 | — | — | 1,055,739 | |||||||||||
Other consumer loans | 238,381 | — | 1,575 | — | — | 239,956 | |||||||||||
Total Personal Banking | 3,820,068 | — | 18,073 | — | 1,424 | 3,839,565 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,671,331 | 43,874 | 141,369 | — | — | 1,856,574 | |||||||||||
Commercial loans | 305,632 | 22,651 | 31,243 | 9,199 | — | 368,725 | |||||||||||
Total Business Banking | 1,976,963 | 66,525 | 172,612 | 9,199 | — | 2,225,299 | |||||||||||
Total | $ | 5,797,031 | 66,525 | 190,685 | 9,199 | 1,424 | 6,064,864 | ||||||||||
The following table sets forth information about credit quality indicators, which were updated during the year ended December 31, 2014 (in thousands): | |||||||||||||||||
Pass | Special | Substandard | Doubtful | Loss | Recorded | ||||||||||||
mention | investment | ||||||||||||||||
in loans | |||||||||||||||||
receivable | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Residential mortgage loans | $ | 2,507,269 | — | 12,763 | — | 1,424 | 2,521,456 | ||||||||||
Home equity loans | 1,059,525 | — | 6,606 | — | — | 1,066,131 | |||||||||||
Other consumer loans | 240,947 | — | 1,797 | — | — | 242,744 | |||||||||||
Total Personal Banking | 3,807,741 | — | 21,166 | — | 1,424 | 3,830,331 | |||||||||||
Business Banking: | |||||||||||||||||
Commercial real estate loans | 1,618,269 | 36,908 | 145,502 | 505 | — | 1,801,184 | |||||||||||
Commercial loans | 286,234 | 23,690 | 46,280 | 2,172 | — | 358,376 | |||||||||||
Total Business Banking | 1,904,503 | 60,598 | 191,782 | 2,677 | — | 2,159,560 | |||||||||||
Total | $ | 5,712,244 | 60,598 | 212,948 | 2,677 | 1,424 | 5,989,891 | ||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill and Other Intangible Assets | |||||||||
Schedule of intangible assets subject to amortization | |||||||||
The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Amortizable intangible assets: | |||||||||
Core deposit intangibles — gross | $ | 30,578 | 30,578 | ||||||
Acquisitions | — | — | |||||||
Less: accumulated amortization | (30,578 | ) | (30,578 | ) | |||||
Core deposit intangibles — net | — | — | |||||||
Customer and Contract intangible assets — gross | 8,234 | 6,197 | |||||||
Acquisitions | 262 | 2,037 | |||||||
Less: accumulated amortization | (5,469 | ) | (5,201 | ) | |||||
Customer and Contract intangible assets — net | $ | 3,027 | 3,033 | ||||||
Schedule of the actual aggregate amortization expense as well as estimated aggregate amortization expense, based upon current levels of intangible assets | |||||||||
The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2015 and 2014, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands): | |||||||||
For the quarter ended March 31, 2015 | $ | 268 | |||||||
For the quarter ended March 31, 2014 | 331 | ||||||||
For the year ending December 31, 2015 | 1,074 | ||||||||
For the year ending December 31, 2016 | 835 | ||||||||
For the year ending December 31, 2017 | 597 | ||||||||
For the year ending December 31, 2018 | 429 | ||||||||
For the year ending December 31, 2019 | 260 | ||||||||
For the year ending December 31, 2020 | 92 | ||||||||
Schedule of the changes in carrying amount of goodwill | |||||||||
The following table provides information for the changes in the carrying amount of goodwill (in thousands): | |||||||||
Community | Consumer | ||||||||
Banks | Finance | Total | |||||||
Balance at December 31, 2013 | $ | 173,031 | 1,613 | 174,644 | |||||
Goodwill acquired | 679 | — | 679 | ||||||
Impairment losses | — | — | — | ||||||
Balance at December 31, 2014 | 173,710 | 1,613 | 175,323 | ||||||
Goodwill acquired | 175 | — | 175 | ||||||
Impairment losses | — | — | — | ||||||
Balance at March 31, 2015 | $ | 173,885 | 1,613 | 175,498 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share | |||||||
Schedule of computation of basic and diluted earnings per share | |||||||
The computation of basic and diluted earnings per share follows (in thousands, except share data and per share amounts): | |||||||
Quarter ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Reported net income | $ | 16,170 | 14,611 | ||||
Weighted average common shares outstanding | 91,634,064 | 91,154,998 | |||||
Dilutive potential shares due to effect of stock options | 268,007 | 1,198,314 | |||||
Total weighted average common shares and dilutive potential shares | 91,902,071 | 92,353,312 | |||||
Basic earnings per share: | $ | 0.18 | 0.16 | ||||
Diluted earnings per share: | $ | 0.18 | 0.16 | ||||
Pension_and_Other_Postretireme1
Pension and Other Post-retirement Benefits (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Pension and Other Post-retirement Benefits | |||||||||||
Schedule of net periodic costs for the defined benefit pension plans and the post retirement healthcare plans | |||||||||||
The following table sets forth the net periodic costs for the defined benefit pension plans and post retirement healthcare plans for the periods indicated (in thousands): | |||||||||||
Components of net periodic benefit cost | |||||||||||
Quarter ended March 31, | |||||||||||
Pension benefits | Other post-retirement benefits | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
Service cost | $ | 1,430 | 1,035 | — | — | ||||||
Interest cost | 1,531 | 1,457 | 15 | 16 | |||||||
Expected return on plan assets | (2,593 | ) | (2,416 | ) | — | — | |||||
Amortization of prior service cost | (581 | ) | (581 | ) | — | — | |||||
Amortization of the net loss | 925 | 356 | 15 | 12 | |||||||
Net periodic (benefit)/ cost | $ | 712 | (149 | ) | 30 | 28 | |||||
Disclosures_About_Fair_Value_o1
Disclosures About Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosures About Fair Value of Financial Instruments | |||||||||||||
Schedule of the carrying amount and estimated fair value of the entity's financial instruments included in the consolidated statement of financial condition | |||||||||||||
The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the consolidated statement of financial condition at March 31, 2015: | |||||||||||||
Carrying | Estimated | ||||||||||||
amount | fair value | Level 1 | Level 2 | Level 3 | |||||||||
Financial assets: | |||||||||||||
Cash and cash equivalents | $ | 297,101 | 297,101 | 297,101 | — | — | |||||||
Securities available-for-sale | 916,423 | 916,423 | 2,924 | 903,193 | 10,306 | ||||||||
Securities held-to-maturity | 90,825 | 92,989 | — | 92,989 | — | ||||||||
Loans receivable, net | 5,997,566 | 6,323,248 | — | — | 6,323,248 | ||||||||
Accrued interest receivable | 19,753 | 19,753 | 19,753 | — | — | ||||||||
FHLB Stock | 36,292 | 36,292 | — | — | — | ||||||||
Total financial assets | $ | 7,357,960 | 7,685,806 | 319,778 | 996,182 | 6,333,554 | |||||||
Financial liabilities: | |||||||||||||
Savings and checking deposits | $ | 4,253,299 | 4,253,299 | 4,253,299 | — | — | |||||||
Time deposits | 1,428,768 | 1,446,470 | — | — | 1,446,470 | ||||||||
Borrowed funds | 943,842 | 975,867 | 143,460 | — | 832,407 | ||||||||
Junior subordinated debentures | 103,094 | 109,373 | — | — | 109,373 | ||||||||
Cash flow hedges - swaps | 6,205 | 6,205 | — | 6,205 | — | ||||||||
Accrued interest payable | 1,336 | 1,336 | 1,336 | — | — | ||||||||
Total financial liabilities | $ | 6,736,544 | 6,792,550 | 4,398,095 | 6,205 | 2,388,250 | |||||||
The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the consolidated statement of financial condition at December 31, 2014: | |||||||||||||
Carrying | Estimated | ||||||||||||
amount | fair value | Level 1 | Level 2 | Level 3 | |||||||||
Financial assets: | |||||||||||||
Cash and cash equivalents | $ | 240,706 | 240,706 | 240,706 | — | — | |||||||
Securities available-for-sale | 912,371 | 912,371 | 3,157 | 898,617 | 10,597 | ||||||||
Securities held-to-maturity | 103,695 | 106,292 | — | 106,292 | — | ||||||||
Loans receivable, net | 5,922,373 | 6,240,079 | — | — | 6,240,079 | ||||||||
Accrued interest receivable | 18,623 | 18,623 | 18,623 | — | — | ||||||||
FHLB Stock | 33,293 | 33,293 | — | — | — | ||||||||
Total financial assets | $ | 7,231,061 | 7,551,364 | 262,486 | 1,004,909 | 6,250,676 | |||||||
Financial liabilities: | |||||||||||||
Savings and checking accounts | $ | 4,154,228 | 4,154,228 | 4,154,228 | — | — | |||||||
Time deposits | 1,478,314 | 1,498,539 | — | — | 1,498,539 | ||||||||
Borrowed funds | 888,109 | 919,612 | 162,714 | — | 756,898 | ||||||||
Junior subordinated debentures | 103,094 | 109,435 | — | — | 109,435 | ||||||||
Cash flow hedges - swaps | 6,273 | 6,273 | — | 6,273 | — | ||||||||
Accrued interest payable | 936 | 936 | 936 | — | — | ||||||||
Total financial liabilities | $ | 6,630,954 | 6,689,023 | 4,317,878 | 6,273 | 2,364,872 | |||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | |||||||||||||
The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2015 (in thousands): | |||||||||||||
Total | |||||||||||||
assets at | |||||||||||||
Level 1 | Level 2 | Level 3 | fair value | ||||||||||
Equity securities | $ | 2,924 | — | — | 2,924 | ||||||||
Debt securities: | |||||||||||||
U.S. government and agencies | — | 23 | — | 23 | |||||||||
Government sponsored enterprises | — | 364,252 | — | 364,252 | |||||||||
States and political subdivisions | — | 67,279 | — | 67,279 | |||||||||
Corporate | — | 9,976 | 10,306 | 20,282 | |||||||||
Total debt securities | — | 441,530 | 10,306 | 451,836 | |||||||||
Residential mortgage-backed securities: | |||||||||||||
GNMA | — | 28,192 | — | 28,192 | |||||||||
FNMA | — | 70,503 | — | 70,503 | |||||||||
FHLMC | — | 39,611 | — | 39,611 | |||||||||
Non-agency | — | 626 | — | 626 | |||||||||
Collateralized mortgage obligations: | |||||||||||||
GNMA | — | 7,679 | — | 7,679 | |||||||||
FNMA | — | 132,706 | — | 132,706 | |||||||||
FHLMC | — | 169,614 | — | 169,614 | |||||||||
SBA | — | 9,419 | — | 9,419 | |||||||||
Non-agency | — | 3,313 | — | 3,313 | |||||||||
Total mortgage-backed securities | — | 461,663 | — | 461,663 | |||||||||
Interest rate swaps | — | (6,205 | ) | — | (6,205 | ) | |||||||
Total assets and liabilities | $ | 2,924 | 896,988 | 10,306 | 910,218 | ||||||||
The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2014 (in thousands): | |||||||||||||
Total | |||||||||||||
assets at | |||||||||||||
Level 1 | Level 2 | Level 3 | fair value | ||||||||||
Equity securities | $ | 3,157 | — | — | 3,157 | ||||||||
Debt securities: | |||||||||||||
U.S. government and agencies | — | 25 | — | 25 | |||||||||
Government sponsored enterprises | — | 333,505 | — | 333,505 | |||||||||
States and political subdivisions | — | 70,145 | — | 70,145 | |||||||||
Corporate | — | 9,830 | 10,597 | 20,427 | |||||||||
Total debt securities | — | 413,505 | 10,597 | 424,102 | |||||||||
Residential mortgage-backed securities: | |||||||||||||
GNMA | — | 29,216 | — | 29,216 | |||||||||
FNMA | — | 73,497 | — | 73,497 | |||||||||
FHLMC | — | 42,119 | — | 42,119 | |||||||||
Non-agency | — | 643 | — | 643 | |||||||||
Collateralized mortgage obligations: | |||||||||||||
GNMA | — | 8,329 | — | 8,329 | |||||||||
FNMA | — | 139,150 | — | 139,150 | |||||||||
FHLMC | 178,698 | 178,698 | |||||||||||
SBA | — | 10,052 | — | 10,052 | |||||||||
Non-agency | — | 3,408 | — | 3,408 | |||||||||
Total mortgage-backed securities | — | 485,112 | — | 485,112 | |||||||||
Interest rate swaps | — | (6,273 | ) | — | (6,273 | ) | |||||||
Total assets and liabilities | $ | 3,157 | 892,344 | 10,597 | 906,098 | ||||||||
Schedule of reconciliation of debt securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | |||||||||||||
The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated (in thousands): | |||||||||||||
Quarter ended | |||||||||||||
March 31, | March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Beginning balance | $ | 10,597 | 12,251 | ||||||||||
Total net realized investment gains/ (losses) and net change in unrealized appreciation/(depreciation): | |||||||||||||
Included in net income as OTTI | — | — | |||||||||||
Included in other comprehensive income | (291 | ) | 140 | ||||||||||
Purchases | — | — | |||||||||||
Sales | — | — | |||||||||||
Transfers in to Level 3 | — | — | |||||||||||
Transfers out of Level 3 | — | — | |||||||||||
Ending balance | $ | 10,306 | 12,391 | ||||||||||
Schedule of fair value measurement for nonrecurring assets | |||||||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans measured for impairment and real estate owned. The following table represents the fair value measurement for nonrecurring assets at March 31, 2015 (in thousands): | |||||||||||||
Total | |||||||||||||
assets at | |||||||||||||
Level 1 | Level 2 | Level 3 | fair value | ||||||||||
Loans measured for impairment | $ | — | — | 52,926 | 52,926 | ||||||||
Real estate owned | — | — | 15,346 | 15,346 | |||||||||
Total assets | $ | — | — | 68,272 | 68,272 | ||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans measured for impairment and real estate owned. The following table represents the fair value measurement for nonrecurring assets at December 31, 2014 (in thousands): | |||||||||||||
Total | |||||||||||||
assets at | |||||||||||||
Level 1 | Level 2 | Level 3 | fair value | ||||||||||
Loans measured for impairment | $ | — | — | 54,729 | 54,729 | ||||||||
Real estate owned | — | — | 16,759 | 16,759 | |||||||||
Total assets | $ | — | — | 71,488 | 71,488 | ||||||||
Schedule of quantitative information about assets measured at fair value on a recurring and nonrecurring basis for Level 3 Fair Value Measurements | |||||||||||||
The table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2015 (dollar amounts in thousands): | |||||||||||||
Fair value | Valuation | Significant | Range (weighted | ||||||||||
techniques | unobservable inputs | average) | |||||||||||
Debt securities | $ | 10,306 | Discounted cash flow | Discount margin | 0.35% to 2.1% (0.69)% | ||||||||
Default rates | 1.00% | ||||||||||||
Prepayment speeds | 1.00% annually | ||||||||||||
Loans measured for impairment | 52,926 | Appraisal value (1) | Estimated cost to sell | 10% | |||||||||
Real estate owned | 15,346 | Appraisal value (1) | Estimated cost to sell | 10% | |||||||||
(1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. | |||||||||||||
Guaranteed_Preferred_Beneficia1
Guaranteed Preferred Beneficial Interests in Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swaps | |||||||
Schedule of liability derivatives included in other liabilities | |||||||
The following table shows liability derivatives, included in other liabilities, at March 31, 2015 and December 31, 2014 (in thousands): | |||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
Fair value | $ | 6,205 | 6,273 | ||||
Notional amount | 75,000 | 75,000 | |||||
Collateral posted | 6,555 | 6,805 | |||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Changes in Accumulated Other Comprehensive Income | |||||||||||
Schedule of the changes in accumulated other comprehensive income by component | |||||||||||
The following table shows the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): | |||||||||||
For the quarter ended March 31, 2015 | |||||||||||
Unrealized | Change in | Change in | Total | ||||||||
gains and | fair value of | defined | |||||||||
(losses) on | interest rate | benefit | |||||||||
securities | swaps | pension | |||||||||
available- | plans | ||||||||||
for-sale | |||||||||||
Balance as of December 31, 2014 | $ | 3,461 | (4,078 | ) | (23,753 | ) | (24,370 | ) | |||
Other comprehensive income before reclassification adjustments | 2,952 | 44 | — | 2,996 | |||||||
Amounts reclassified from accumulated other comprehensive income (1), (2) | (68 | ) | — | 219 | 151 | ||||||
Net other comprehensive income | 2,884 | 44 | 219 | 3,147 | |||||||
Balance as of March 31, 2015 | $ | 6,345 | (4,034 | ) | (23,534 | ) | (21,223 | ) | |||
For the quarter ended March 31, 2014 | |||||||||||
Unrealized | Change in | Change in | Total | ||||||||
gains and | fair value of | defined | |||||||||
(losses) on | interest rate | benefit | |||||||||
securities | swaps | pension | |||||||||
available- | plans | ||||||||||
for-sale | |||||||||||
Balance as of December 31, 2013 | $ | (3,233 | ) | (5,224 | ) | (3,443 | ) | (11,900 | ) | ||
Other comprehensive income before reclassification adjustments | 5,596 | 251 | — | 5,847 | |||||||
Amounts reclassified from accumulated other comprehensive income (3), (4) | (1,904 | ) | — | (138 | ) | (2,042 | ) | ||||
Net other comprehensive income | 3,692 | 251 | (138 | ) | 3,805 | ||||||
Balance as of March 31, 2014 | $ | 459 | (4,973 | ) | (3,581 | ) | (8,095 | ) | |||
-1 | Consists of realized gains on securities (gain on sales of investments, net) of $111, net of tax (income tax expense) of $(43). | ||||||||||
-2 | Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(940), net of tax (income tax expense) of $140. See note 8. | ||||||||||
-3 | Consists of realized gains on securities (gain on sales of investments, net) of $3,122, net of tax (income tax expense) of $(1,218). | ||||||||||
-4 | Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(368), net of tax (income tax expense) of $(75). See note 8. | ||||||||||
Basis_of_Presentation_and_Info2
Basis of Presentation and Informational Disclosures (Detail) | Mar. 31, 2015 |
item | |
Nature of Operations | |
Number of banking locations | 161 |
Basis_of_Presentation_and_Info3
Basis of Presentation and Informational Disclosures (Details 2) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock-based aggregate disclosure | ||
Stock-based employee compensation expense | $898,000 | $1,200,000 |
Income Taxes- Uncertain Tax Positions | ||
Unrecognized tax benefits liability | 0 | |
Accrued amount of payment of interest or penalties | 0 | |
Stock options | ||
Stock-based aggregate disclosure | ||
Compensation expense for unvested common share awards which is yet to be recognized | 4,400,000 | |
Restricted common shares | ||
Stock-based aggregate disclosure | ||
Compensation expense for unvested common share awards which is yet to be recognized | $13,500,000 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
item | |||
Business Segments | |||
Number of reportable business segments | 2 | ||
Number of consumer finance offices | 51 | ||
Interest income | $75,477 | $75,050 | |
Interest expense | 13,899 | 14,204 | |
Provision for loan losses | 900 | 7,485 | |
Noninterest income | 16,028 | 19,657 | |
Noninterest expense | 53,711 | 53,163 | |
Income tax expense/ (benefit) | 6,825 | 5,244 | |
Net income | 16,170 | 14,611 | |
Total assets | 7,890,359 | 7,973,313 | 7,775,033 |
All Other | |||
Business Segments | |||
Interest income | 219 | 323 | |
Interest expense | 436 | 429 | |
Noninterest income | 29 | 2,336 | |
Noninterest expense | 318 | 380 | |
Income tax expense/ (benefit) | -385 | 405 | |
Net income | -696 | 839 | |
Total assets | 17,545 | 19,830 | |
Intersegment | |||
Business Segments | |||
Interest income | -575 | -606 | |
Community Banks | |||
Business Segments | |||
Interest income | 70,928 | 70,068 | |
Interest expense | 12,888 | 13,169 | |
Provision for loan losses | 250 | 6,850 | |
Noninterest income | 15,729 | 17,033 | |
Noninterest expense | 50,440 | 49,862 | |
Income tax expense/ (benefit) | 7,035 | 4,513 | |
Net income | 16,619 | 13,313 | |
Total assets | 7,769,901 | 7,849,806 | |
Community Banks | Intersegment | |||
Business Segments | |||
Interest income | 575 | 606 | |
Consumer Finance | |||
Business Segments | |||
Interest income | 4,330 | 4,659 | |
Interest expense | 575 | 606 | |
Provision for loan losses | 650 | 635 | |
Noninterest income | 270 | 288 | |
Noninterest expense | 2,953 | 2,921 | |
Income tax expense/ (benefit) | 175 | 326 | |
Net income | 247 | 459 | |
Total assets | $102,913 | $103,677 |
Investment_securities_and_impa2
Investment securities and impairment of investment securities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Amortized cost | ||
Total | $906,028 | $906,702 |
Gross unrealized holding gains | ||
Total | 14,837 | 14,404 |
Gross unrealized holding losses | ||
Total | -4,442 | -8,735 |
Fair value | ||
Total Fair value | 916,423 | 912,371 |
U.S. government and agencies | ||
Amortized cost | ||
Due in one year or less | 23 | 25 |
Fair value | ||
Due in one year or less | 23 | 25 |
Debt issued by government sponsored enterprises | ||
Amortized cost | ||
Due in one year - five years | 339,140 | 310,172 |
Due in five years - ten years | 25,128 | 25,746 |
Gross unrealized holding gains | ||
Due in one year - five years | 706 | 287 |
Gross unrealized holding losses | ||
Due in one year - five years | -693 | -2,672 |
Due in five years - ten years | -29 | -28 |
Fair value | ||
Due in one year - five years | 339,153 | 307,787 |
Due in five years - ten years | 25,099 | 25,718 |
Equity securities | ||
Amortized cost | ||
Total | 2,314 | 2,591 |
Gross unrealized holding gains | ||
Total | 651 | 682 |
Gross unrealized holding losses | ||
Total | -41 | -116 |
Fair value | ||
Total Fair value | 2,924 | 3,157 |
Municipal securities | ||
Amortized cost | ||
Due in one year or less | 1,159 | 810 |
Due in one year - five years | 7,755 | 7,878 |
Due in five years - ten years | 5,564 | 6,965 |
Due after ten years | 50,236 | 51,839 |
Gross unrealized holding gains | ||
Due in one year or less | 10 | 15 |
Due in one year - five years | 159 | 132 |
Due in five years - ten years | 104 | 115 |
Due after ten years | 2,292 | 2,391 |
Fair value | ||
Due in one year or less | 1,169 | 825 |
Due in one year - five years | 7,914 | 8,010 |
Due in five years - ten years | 5,668 | 7,080 |
Due after ten years | 52,528 | 54,230 |
Corporate debt issues | ||
Amortized cost | ||
Due after ten years | 18,080 | 18,267 |
Gross unrealized holding gains | ||
Due after ten years | 2,646 | 2,579 |
Gross unrealized holding losses | ||
Due after ten years | -444 | -419 |
Fair value | ||
Due after ten years | 20,282 | 20,427 |
Residential mortgage-backed securities | ||
Amortized cost | ||
Total | 456,629 | 482,409 |
Gross unrealized holding gains | ||
Total | 8,269 | 8,203 |
Gross unrealized holding losses | ||
Total | -3,235 | -5,500 |
Fair value | ||
Total Fair value | 461,663 | 485,112 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Total | 69,549 | 72,852 |
Gross unrealized holding gains | ||
Total | 3,423 | 3,149 |
Gross unrealized holding losses | ||
Total | -130 | -124 |
Fair value | ||
Total Fair value | 72,842 | 75,877 |
Fixed rate | Non-agency CMOs | ||
Amortized cost | ||
Total | 2,978 | 3,162 |
Gross unrealized holding gains | ||
Total | 335 | 246 |
Fair value | ||
Total Fair value | 3,313 | 3,408 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Total | 214,343 | 226,413 |
Gross unrealized holding gains | ||
Total | 709 | 685 |
Gross unrealized holding losses | ||
Total | -3,070 | -5,331 |
Fair value | ||
Total Fair value | 211,982 | 221,767 |
Variable rate | Pass-through | ||
Amortized cost | ||
Total | 62,918 | 66,140 |
Gross unrealized holding gains | ||
Total | 3,180 | 3,466 |
Gross unrealized holding losses | ||
Total | -8 | -8 |
Fair value | ||
Total Fair value | 66,090 | 69,598 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Total | 106,841 | 113,842 |
Gross unrealized holding gains | ||
Total | 622 | 657 |
Gross unrealized holding losses | ||
Total | -27 | -37 |
Fair value | ||
Total Fair value | $107,436 | $114,462 |
Investment_securities_and_impa3
Investment securities and impairment of investment securities (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Amortized cost | ||
Total | $90,825 | $103,695 |
Gross unrealized holding gains | ||
Total | 2,164 | 2,597 |
Fair value | ||
Total | 92,989 | 106,292 |
Municipal securities | ||
Amortized cost | ||
Due in five years - ten years | 7,425 | 10,207 |
Due after ten years | 49,131 | 56,545 |
Gross unrealized holding gains | ||
Due in five years - ten years | 74 | 141 |
Due after ten years | 998 | 1,314 |
Fair value | ||
Due in five years - ten years | 7,499 | 10,348 |
Due after ten years | 50,129 | 57,859 |
Residential mortgage-backed securities | ||
Amortized cost | ||
Total | 34,269 | 36,943 |
Gross unrealized holding gains | ||
Total | 1,092 | 1,142 |
Fair value | ||
Total | 35,361 | 38,085 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Total | 7,897 | 8,236 |
Gross unrealized holding gains | ||
Total | 510 | 477 |
Fair value | ||
Total | 8,407 | 8,713 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Total | 21,239 | 23,382 |
Gross unrealized holding gains | ||
Total | 481 | 531 |
Fair value | ||
Total | 21,720 | 23,913 |
Variable rate | Pass-through | ||
Amortized cost | ||
Total | 4,091 | 4,273 |
Gross unrealized holding gains | ||
Total | 86 | 122 |
Fair value | ||
Total | 4,177 | 4,395 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Total | 1,042 | 1,052 |
Gross unrealized holding gains | ||
Total | 15 | 12 |
Fair value | ||
Total | $1,057 | $1,064 |
Investment_securities_and_impa4
Investment securities and impairment of investment securities (Details 3) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Marketable securities | ||
Less than 12 months - Fair value | $97,009 | $50,216 |
Less than 12 months - Unrealized loss | -229 | -262 |
12 months or more - Fair value | 291,641 | 442,336 |
12 months or more - Unrealized loss | -4,213 | -8,473 |
Total - Fair value | 388,650 | 492,552 |
Total - Unrealized loss | -4,442 | -8,735 |
U.S. government and agencies | ||
Marketable securities | ||
Less than 12 months - Fair value | 75,986 | 28,878 |
Less than 12 months - Unrealized loss | -84 | -67 |
12 months or more - Fair value | 125,116 | 244,828 |
12 months or more - Unrealized loss | -638 | -2,633 |
Total - Fair value | 201,102 | 273,706 |
Total - Unrealized loss | -722 | -2,700 |
Municipal securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 782 | |
Total - Fair value | 782 | |
Corporate debt issues | ||
Marketable securities | ||
12 months or more - Fair value | 1,979 | 2,003 |
12 months or more - Unrealized loss | -444 | -419 |
Total - Fair value | 1,979 | 2,003 |
Total - Unrealized loss | -444 | -419 |
Equity securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 577 | 506 |
Less than 12 months - Unrealized loss | -41 | -116 |
Total - Fair value | 577 | 506 |
Total - Unrealized loss | -41 | -116 |
Residential mortgage-backed securities | Agency CMOs | ||
Marketable securities | ||
Less than 12 months - Fair value | 19,664 | 20,832 |
Less than 12 months - Unrealized loss | -104 | -79 |
12 months or more - Fair value | 164,546 | 195,505 |
12 months or more - Unrealized loss | -3,131 | -5,421 |
Total - Fair value | 184,210 | 216,337 |
Total - Unrealized loss | ($3,235) | ($5,500) |
Investment_securities_and_impa5
Investment securities and impairment of investment securities (Details 4) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cumulative roll forward of credit related impairment losses recognized in earnings for debt securities held and not intended to be sold: | ||
Beginning balance | $8,894 | $10,342 |
Reduction for losses realized during the quarter | -29 | -8 |
Ending balance | $8,865 | $10,334 |
Loans_receivable_Details
Loans receivable (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Loans receivable | ||||
Total loans receivable, gross | $6,191,472 | $6,129,584 | ||
Deferred loan costs | 7,741 | 6,095 | ||
Allowance for loan losses | -67,298 | -67,518 | -76,234 | -71,348 |
Total loans, net | 5,997,566 | 5,922,373 | ||
Residential mortgage loans | ||||
Loans receivable | ||||
Undisbursed loan proceeds | -7,987 | -10,879 | ||
Commercial real estate loans | ||||
Loans receivable | ||||
Undisbursed loan proceeds | -113,586 | -73,760 | ||
Commercial loans | ||||
Loans receivable | ||||
Undisbursed loan proceeds | -12,776 | -61,149 | ||
Personal Banking | ||||
Loans receivable | ||||
Total loans receivable, gross | 3,839,811 | 3,835,115 | ||
Allowance for loan losses | -14,955 | -16,249 | -19,705 | -20,607 |
Personal Banking | Residential mortgage loans | ||||
Loans receivable | ||||
Total loans receivable, gross | 2,544,116 | 2,526,240 | ||
Allowance for loan losses | -5,077 | -5,581 | -7,467 | -7,875 |
Personal Banking | Home equity loans | ||||
Loans receivable | ||||
Total loans receivable, gross | 1,055,739 | 1,066,131 | ||
Allowance for loan losses | -4,043 | -4,550 | -6,958 | -7,245 |
Personal Banking | Other consumer loans | ||||
Loans receivable | ||||
Total loans receivable, gross | 239,956 | 242,744 | ||
Allowance for loan losses | -5,835 | -6,118 | -5,280 | -5,487 |
Business Banking | ||||
Loans receivable | ||||
Total loans receivable, gross | 2,351,661 | 2,294,469 | ||
Allowance for loan losses | -48,365 | -46,904 | -52,378 | -46,079 |
Business Banking | Commercial real estate loans | ||||
Loans receivable | ||||
Total loans receivable, gross | 1,970,160 | 1,874,944 | ||
Allowance for loan losses | -33,252 | -33,389 | -36,209 | -35,199 |
Business Banking | Commercial loans | ||||
Loans receivable | ||||
Total loans receivable, gross | 381,501 | 419,525 | ||
Allowance for loan losses | ($15,113) | ($13,515) | ($16,169) | ($10,880) |
Loans_receivable_Details_2
Loans receivable (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | $67,518 | $71,348 |
Provision | 900 | 7,485 |
Charge-offs | -4,454 | -4,249 |
Recoveries | 3,334 | 1,650 |
Balance at the end of the period | 67,298 | 76,234 |
Personal Banking | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 16,249 | 20,607 |
Provision | 775 | 1,256 |
Charge-offs | -2,617 | -2,547 |
Recoveries | 548 | 389 |
Balance at the end of the period | 14,955 | 19,705 |
Personal Banking | Residential mortgage loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 5,581 | 7,875 |
Provision | -282 | 35 |
Charge-offs | -335 | -459 |
Recoveries | 113 | 16 |
Balance at the end of the period | 5,077 | 7,467 |
Personal Banking | Home equity loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 4,550 | 7,245 |
Provision | -213 | 37 |
Charge-offs | -342 | -372 |
Recoveries | 48 | 48 |
Balance at the end of the period | 4,043 | 6,958 |
Personal Banking | Other consumer loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 6,118 | 5,487 |
Provision | 1,270 | 1,184 |
Charge-offs | -1,940 | -1,716 |
Recoveries | 387 | 325 |
Balance at the end of the period | 5,835 | 5,280 |
Business Banking | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 46,904 | 46,079 |
Provision | 512 | 6,740 |
Charge-offs | -1,837 | -1,702 |
Recoveries | 2,786 | 1,261 |
Balance at the end of the period | 48,365 | 52,378 |
Business Banking | Commercial real estate loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 33,389 | 35,199 |
Provision | 242 | 1,321 |
Charge-offs | -1,113 | -932 |
Recoveries | 734 | 621 |
Balance at the end of the period | 33,252 | 36,209 |
Business Banking | Commercial loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 13,515 | 10,880 |
Provision | 270 | 5,419 |
Charge-offs | -724 | -770 |
Recoveries | 2,052 | 640 |
Balance at the end of the period | 15,113 | 16,169 |
Unallocated | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 4,365 | 4,662 |
Provision | -387 | -511 |
Balance at the end of the period | $3,978 | $4,151 |
Loans_receivable_Details_3
Loans receivable (Details 3) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Loan portfolio by portfolio segment and by class of financing receivable | ||||
Recorded investment in loans receivable | $6,064,864 | $5,989,891 | ||
Allowance for loan losses | 63,320 | 63,153 | ||
Recorded investment in loans on nonaccrual | 73,307 | 79,808 | ||
Recorded investment in loans past due 90 days or more and still accruing | 310 | 235 | ||
TDRs | 60,645 | 61,788 | 74,511 | 79,166 |
Allowance related to TDRs | 6,276 | 7,395 | ||
Additional commitments to customers with loans classified as TDRs | 2,244 | 1,263 | ||
Nonaccrual TDRs | 19,843 | 24,500 | 34,268 | |
Personal Banking | ||||
Loan portfolio by portfolio segment and by class of financing receivable | ||||
Recorded investment in loans receivable | 3,839,565 | 3,830,331 | ||
Allowance for loan losses | 14,955 | 16,249 | ||
Recorded investment in loans on nonaccrual | 30,056 | 33,583 | ||
Recorded investment in loans past due 90 days or more and still accruing | 289 | 214 | ||
TDRs | 8,998 | 8,986 | ||
Allowance related to TDRs | 1,382 | 1,362 | ||
Personal Banking | Residential mortgage loans | ||||
Loan portfolio by portfolio segment and by class of financing receivable | ||||
Recorded investment in loans receivable | 2,543,870 | 2,521,456 | ||
Allowance for loan losses | 5,077 | 5,581 | ||
Recorded investment in loans on nonaccrual | 19,233 | 21,194 | ||
Recorded investment in loans past due 90 days or more and still accruing | 7 | 8 | ||
TDRs | 6,658 | 6,574 | ||
Allowance related to TDRs | 1,072 | 1,133 | ||
Personal Banking | Home equity loans | ||||
Loan portfolio by portfolio segment and by class of financing receivable | ||||
Recorded investment in loans receivable | 1,055,739 | 1,066,131 | ||
Allowance for loan losses | 4,043 | 4,550 | ||
Recorded investment in loans on nonaccrual | 8,443 | 9,569 | ||
TDRs | 2,340 | 2,412 | ||
Allowance related to TDRs | 310 | 229 | ||
Personal Banking | Other consumer loans | ||||
Loan portfolio by portfolio segment and by class of financing receivable | ||||
Recorded investment in loans receivable | 239,956 | 242,744 | ||
Allowance for loan losses | 5,835 | 6,118 | ||
Recorded investment in loans on nonaccrual | 2,380 | 2,820 | ||
Recorded investment in loans past due 90 days or more and still accruing | 282 | 206 | ||
Business Banking | ||||
Loan portfolio by portfolio segment and by class of financing receivable | ||||
Recorded investment in loans receivable | 2,225,299 | 2,159,560 | ||
Allowance for loan losses | 48,365 | 46,904 | ||
Recorded investment in loans on nonaccrual | 43,251 | 46,225 | ||
Recorded investment in loans past due 90 days or more and still accruing | 21 | 21 | ||
TDRs | 51,647 | 52,802 | ||
Allowance related to TDRs | 4,894 | 6,033 | ||
Additional commitments to customers with loans classified as TDRs | 2,244 | 1,263 | ||
Business Banking | Commercial real estate loans | ||||
Loan portfolio by portfolio segment and by class of financing receivable | ||||
Recorded investment in loans receivable | 1,856,574 | 1,801,184 | ||
Allowance for loan losses | 33,252 | 33,389 | ||
Recorded investment in loans on nonaccrual | 31,650 | 38,647 | ||
TDRs | 41,343 | 41,917 | ||
Allowance related to TDRs | 4,114 | 4,938 | ||
Additional commitments to customers with loans classified as TDRs | 923 | 449 | ||
Business Banking | Commercial loans | ||||
Loan portfolio by portfolio segment and by class of financing receivable | ||||
Recorded investment in loans receivable | 368,725 | 358,376 | ||
Allowance for loan losses | 15,113 | 13,515 | ||
Recorded investment in loans on nonaccrual | 11,601 | 7,578 | ||
Recorded investment in loans past due 90 days or more and still accruing | 21 | 21 | ||
TDRs | 10,304 | 10,885 | ||
Allowance related to TDRs | 780 | 1,095 | ||
Additional commitments to customers with loans classified as TDRs | $1,321 | $814 |
Loans_receivable_Details_4
Loans receivable (Details 4) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Loan delinquencies | ||
Recorded investment in loans receivable | $6,064,864 | $5,989,891 |
Percentage of total loans receivable | 100.00% | 100.00% |
90 days or greater delinquent | 32,913 | 41,326 |
Percentage of total loans 90 or more days delinquent | 100.00% | 100.00% |
Pennsylvania | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 4,575,624 | 4,542,379 |
Percentage of total loans receivable | 75.50% | 75.80% |
90 days or greater delinquent | 24,707 | 30,630 |
Percentage of total loans 90 or more days delinquent | 75.10% | 74.10% |
New York | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 1,006,559 | 961,051 |
Percentage of total loans receivable | 16.60% | 16.00% |
90 days or greater delinquent | 3,548 | 3,584 |
Percentage of total loans 90 or more days delinquent | 10.80% | 8.70% |
Ohio | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 71,734 | 71,432 |
Percentage of total loans receivable | 1.20% | 1.20% |
90 days or greater delinquent | 610 | 752 |
Percentage of total loans 90 or more days delinquent | 1.90% | 1.80% |
Maryland | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 281,804 | 285,426 |
Percentage of total loans receivable | 4.60% | 4.80% |
90 days or greater delinquent | 2,349 | 3,213 |
Percentage of total loans 90 or more days delinquent | 7.10% | 7.80% |
Other | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 129,143 | 129,603 |
Percentage of total loans receivable | 2.10% | 2.20% |
90 days or greater delinquent | 1,699 | 3,147 |
Percentage of total loans 90 or more days delinquent | 5.20% | 7.60% |
Personal Banking | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 3,839,565 | 3,830,331 |
90 days or greater delinquent | 22,759 | 26,752 |
Personal Banking | Pennsylvania | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 3,295,746 | 3,285,588 |
90 days or greater delinquent | 16,235 | 19,144 |
Personal Banking | New York | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 289,097 | 286,865 |
90 days or greater delinquent | 2,306 | 2,228 |
Personal Banking | Ohio | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 30,992 | 30,705 |
90 days or greater delinquent | 610 | 752 |
Personal Banking | Maryland | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 160,206 | 162,759 |
90 days or greater delinquent | 2,322 | 2,736 |
Personal Banking | Other | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 63,524 | 64,414 |
90 days or greater delinquent | 1,286 | 1,892 |
Personal Banking | Residential mortgage loans | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 2,543,870 | 2,521,456 |
90 days or greater delinquent | 15,068 | 17,696 |
Personal Banking | Residential mortgage loans | Pennsylvania | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 2,176,741 | 2,151,361 |
90 days or greater delinquent | 10,771 | 12,282 |
Personal Banking | Residential mortgage loans | New York | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 160,609 | 161,445 |
90 days or greater delinquent | 1,229 | 1,237 |
Personal Banking | Residential mortgage loans | Ohio | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 18,705 | 18,486 |
90 days or greater delinquent | 602 | 710 |
Personal Banking | Residential mortgage loans | Maryland | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 132,630 | 134,228 |
90 days or greater delinquent | 1,221 | 1,678 |
Personal Banking | Residential mortgage loans | Other | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 55,185 | 55,936 |
90 days or greater delinquent | 1,245 | 1,789 |
Personal Banking | Home equity loans | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 1,055,739 | 1,066,131 |
90 days or greater delinquent | 5,646 | 6,606 |
Personal Banking | Home equity loans | Pennsylvania | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 897,681 | 909,139 |
90 days or greater delinquent | 3,510 | 4,474 |
Personal Banking | Home equity loans | New York | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 117,853 | 115,459 |
90 days or greater delinquent | 1,012 | 936 |
Personal Banking | Home equity loans | Ohio | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 8,910 | 9,087 |
90 days or greater delinquent | 35 | |
Personal Banking | Home equity loans | Maryland | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 26,217 | 27,203 |
90 days or greater delinquent | 1,083 | 1,058 |
Personal Banking | Home equity loans | Other | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 5,078 | 5,243 |
90 days or greater delinquent | 41 | 103 |
Personal Banking | Other consumer loans | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 239,956 | 242,744 |
90 days or greater delinquent | 2,045 | 2,450 |
Personal Banking | Other consumer loans | Pennsylvania | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 221,324 | 225,088 |
90 days or greater delinquent | 1,954 | 2,388 |
Personal Banking | Other consumer loans | New York | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 10,635 | 9,961 |
90 days or greater delinquent | 65 | 55 |
Personal Banking | Other consumer loans | Ohio | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 3,377 | 3,132 |
90 days or greater delinquent | 8 | 7 |
Personal Banking | Other consumer loans | Maryland | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 1,359 | 1,328 |
90 days or greater delinquent | 18 | |
Personal Banking | Other consumer loans | Other | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 3,261 | 3,235 |
Business Banking | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 2,225,299 | 2,159,560 |
90 days or greater delinquent | 10,154 | 14,574 |
Business Banking | Pennsylvania | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 1,279,878 | 1,256,791 |
90 days or greater delinquent | 8,472 | 11,486 |
Business Banking | New York | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 717,462 | 674,186 |
90 days or greater delinquent | 1,242 | 1,356 |
Business Banking | Ohio | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 40,742 | 40,727 |
Business Banking | Maryland | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 121,598 | 122,667 |
90 days or greater delinquent | 27 | 477 |
Business Banking | Other | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 65,619 | 65,189 |
90 days or greater delinquent | 413 | 1,255 |
Business Banking | Commercial real estate loans | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 1,856,574 | 1,801,184 |
90 days or greater delinquent | 8,233 | 11,099 |
Business Banking | Commercial real estate loans | Pennsylvania | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 995,436 | 1,013,632 |
90 days or greater delinquent | 6,551 | 8,827 |
Business Banking | Commercial real estate loans | New York | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 662,453 | 590,934 |
90 days or greater delinquent | 1,242 | 1,072 |
Business Banking | Commercial real estate loans | Ohio | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 24,751 | 24,901 |
Business Banking | Commercial real estate loans | Maryland | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 117,092 | 114,850 |
90 days or greater delinquent | 27 | 270 |
Business Banking | Commercial real estate loans | Other | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 56,842 | 56,867 |
90 days or greater delinquent | 413 | 930 |
Business Banking | Commercial loans | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 368,725 | 358,376 |
90 days or greater delinquent | 1,921 | 3,475 |
Business Banking | Commercial loans | Pennsylvania | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 284,442 | 243,159 |
90 days or greater delinquent | 1,921 | 2,659 |
Business Banking | Commercial loans | New York | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 55,009 | 83,252 |
90 days or greater delinquent | 284 | |
Business Banking | Commercial loans | Ohio | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 15,991 | 15,826 |
Business Banking | Commercial loans | Maryland | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 4,506 | 7,817 |
90 days or greater delinquent | 207 | |
Business Banking | Commercial loans | Other | ||
Loan delinquencies | ||
Recorded investment in loans receivable | 8,777 | 8,322 |
90 days or greater delinquent | $325 |
Loans_receivable_Details_5
Loans receivable (Details 5) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans 90 or more days delinquent | $32,913 | $41,326 |
Nonaccrual loans less than 90 days delinquent | 40,394 | 38,482 |
Loans less than 90 days delinquent reviewed for impairment | 30,414 | 31,666 |
TDRs less than 90 days delinquent not included elsewhere | 28,984 | 25,705 |
Total impaired loans | 132,705 | 137,179 |
Average recorded investment in impaired loans | 139,916 | 159,638 |
Interest income recognized on impaired loans | 1,420 | 5,871 |
Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans 90 or more days delinquent | 22,759 | 26,752 |
Nonaccrual loans less than 90 days delinquent | 7,297 | 6,831 |
TDRs less than 90 days delinquent not included elsewhere | 7,691 | 7,551 |
Total impaired loans | 37,747 | 41,134 |
Average recorded investment in impaired loans | 39,162 | 42,363 |
Interest income recognized on impaired loans | 363 | 1,368 |
Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans 90 or more days delinquent | 15,068 | 17,696 |
Nonaccrual loans less than 90 days delinquent | 4,165 | 3,498 |
TDRs less than 90 days delinquent not included elsewhere | 5,931 | 5,845 |
Total impaired loans | 25,164 | 27,039 |
Average recorded investment in impaired loans | 25,316 | 28,227 |
Interest income recognized on impaired loans | 218 | 817 |
Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans 90 or more days delinquent | 5,646 | 6,606 |
Nonaccrual loans less than 90 days delinquent | 2,797 | 2,963 |
TDRs less than 90 days delinquent not included elsewhere | 1,760 | 1,706 |
Total impaired loans | 10,203 | 11,275 |
Average recorded investment in impaired loans | 11,124 | 11,753 |
Interest income recognized on impaired loans | 121 | 485 |
Personal Banking | Other consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans 90 or more days delinquent | 2,045 | 2,450 |
Nonaccrual loans less than 90 days delinquent | 335 | 370 |
Total impaired loans | 2,380 | 2,820 |
Average recorded investment in impaired loans | 2,722 | 2,383 |
Interest income recognized on impaired loans | 24 | 66 |
Business Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans 90 or more days delinquent | 10,154 | 14,574 |
Nonaccrual loans less than 90 days delinquent | 33,097 | 31,651 |
Loans less than 90 days delinquent reviewed for impairment | 30,414 | 31,666 |
TDRs less than 90 days delinquent not included elsewhere | 21,293 | 18,154 |
Total impaired loans | 94,958 | 96,045 |
Average recorded investment in impaired loans | 100,754 | 117,275 |
Interest income recognized on impaired loans | 1,057 | 4,503 |
Business Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans 90 or more days delinquent | 8,233 | 11,099 |
Nonaccrual loans less than 90 days delinquent | 23,417 | 27,548 |
Loans less than 90 days delinquent reviewed for impairment | 25,367 | 26,400 |
TDRs less than 90 days delinquent not included elsewhere | 17,628 | 12,128 |
Total impaired loans | 74,645 | 77,175 |
Average recorded investment in impaired loans | 80,773 | 90,187 |
Interest income recognized on impaired loans | 846 | 3,589 |
Business Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans 90 or more days delinquent | 1,921 | 3,475 |
Nonaccrual loans less than 90 days delinquent | 9,680 | 4,103 |
Loans less than 90 days delinquent reviewed for impairment | 5,047 | 5,266 |
TDRs less than 90 days delinquent not included elsewhere | 3,665 | 6,026 |
Total impaired loans | 20,313 | 18,870 |
Average recorded investment in impaired loans | 19,981 | 27,088 |
Interest income recognized on impaired loans | $211 | $914 |
Loans_receivable_Details_6
Loans receivable (Details 6) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | $5,978,400 | $5,898,759 |
Loans individually evaluated for impairment | 86,464 | 91,132 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 60,252 | 63,659 |
Related impairment reserve | 7,326 | 8,930 |
Loans individually evaluated for impairment for which there is no related impairment reserve | 26,212 | 27,473 |
Personal Banking | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 3,829,676 | 3,820,479 |
Loans individually evaluated for impairment | 9,889 | 9,852 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 9,889 | 9,852 |
Related impairment reserve | 1,361 | 1,363 |
Personal Banking | Residential mortgage loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 2,536,741 | 2,514,060 |
Loans individually evaluated for impairment | 7,129 | 7,396 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 7,129 | 7,396 |
Related impairment reserve | 1,140 | 1,116 |
Personal Banking | Home equity loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 1,053,073 | 1,063,741 |
Loans individually evaluated for impairment | 2,666 | 2,390 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 2,666 | 2,390 |
Related impairment reserve | 220 | 246 |
Personal Banking | Other consumer loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 239,862 | 242,678 |
Loans individually evaluated for impairment | 94 | 66 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 94 | 66 |
Related impairment reserve | 1 | 1 |
Business Banking | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 2,148,724 | 2,078,280 |
Loans individually evaluated for impairment | 76,575 | 81,280 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 50,363 | 53,807 |
Related impairment reserve | 5,965 | 7,567 |
Loans individually evaluated for impairment for which there is no related impairment reserve | 26,212 | 27,473 |
Business Banking | Commercial real estate loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 1,791,047 | 1,734,864 |
Loans individually evaluated for impairment | 65,527 | 66,320 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 42,972 | 42,869 |
Related impairment reserve | 5,223 | 6,189 |
Loans individually evaluated for impairment for which there is no related impairment reserve | 22,555 | 23,451 |
Business Banking | Commercial loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 357,677 | 343,416 |
Loans individually evaluated for impairment | 11,048 | 14,960 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 7,391 | 10,938 |
Related impairment reserve | 742 | 1,378 |
Loans individually evaluated for impairment for which there is no related impairment reserve | $3,657 | $4,022 |
Loans_receivable_Details_7
Loans receivable (Details 7) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
item | item | item | item | |
Number of contract | ||||
Number of contracts beginning balance | 242 | 258 | 248 | 262 |
Number of contracts new TDRs | 2 | 7 | ||
Number of re-modified TDRs | 1 | 4 | ||
Number of contracts ending balance | 242 | 258 | 248 | 262 |
Roll forward of troubled debt restructurings | ||||
Beginning TDR balance: | $61,788 | $79,166 | $79,166 | |
New TDRs | 112 | 1,309 | ||
Re-modified TDRs | 85 | 159 | ||
Net paydowns | -823 | -4,494 | ||
Ending TDR balance: | 60,645 | 74,511 | 61,788 | 79,166 |
Accruing TDRs | 40,802 | 40,243 | ||
Non-accrual TDRs | 19,843 | 34,268 | 24,500 | |
Troubled debt restructurings: | ||||
Number of contracts | 3 | 11 | ||
Recorded investment at the time of modification | 197 | 1,468 | ||
Current recorded investment | 196 | 1,483 | ||
Current allowance | 18 | 161 | ||
Troubled debt restructurings that subsequently defaulted: | ||||
Number of contracts | 1 | |||
Recorded investment at the time of modification | 50 | |||
Minimum | ||||
Troubled debt restructurings | ||||
Period of time to return TDRs included in impaired loans to performing status through the fulfilling of contractual terms | 6 months | |||
Home equity loans | ||||
Number of contract | ||||
Number of contracts charged off | 2 | |||
Number of contracts paid off | 1 | |||
Roll forward of troubled debt restructurings | ||||
Amount of contracts charged off | -31 | |||
Amount of contracts paid off | -6 | |||
Commercial real estate loans | ||||
Number of contract | ||||
Number of contracts charged off | 1 | 2 | ||
Number of contracts paid off | 2 | 2 | ||
Roll forward of troubled debt restructurings | ||||
Amount of contracts charged off | -14 | -31 | ||
Amount of contracts paid off | -79 | -277 | ||
Commercial loans | ||||
Number of contract | ||||
Number of contracts charged off | 2 | 1 | ||
Number of contracts paid off | 6 | |||
Roll forward of troubled debt restructurings | ||||
Amount of contracts charged off | -387 | -7 | ||
Amount of contracts paid off | -1,314 | |||
Personal Banking | ||||
Number of contract | ||||
Number of re-modified TDRs | 1 | 1 | ||
Troubled debt restructurings: | ||||
Number of contracts | 3 | 6 | ||
Recorded investment at the time of modification | 197 | 1,290 | ||
Current recorded investment | 196 | 1,289 | ||
Current allowance | 18 | 119 | ||
Personal Banking | Residential mortgage loans | ||||
Number of contract | ||||
Number of re-modified TDRs | 1 | |||
Troubled debt restructurings: | ||||
Number of contracts | 2 | 6 | ||
Recorded investment at the time of modification | 112 | 1,290 | ||
Current recorded investment | 112 | 1,289 | ||
Current allowance | 1 | 119 | ||
Personal Banking | Home equity loans | ||||
Number of contract | ||||
Number of re-modified TDRs | 1 | |||
Troubled debt restructurings: | ||||
Number of contracts | 1 | |||
Recorded investment at the time of modification | 85 | |||
Current recorded investment | 84 | |||
Current allowance | 17 | |||
Business Banking | ||||
Number of contract | ||||
Number of re-modified TDRs | 3 | |||
Troubled debt restructurings: | ||||
Number of contracts | 5 | |||
Recorded investment at the time of modification | 178 | |||
Current recorded investment | 194 | |||
Current allowance | 42 | |||
Troubled debt restructurings that subsequently defaulted: | ||||
Number of contracts | 1 | |||
Recorded investment at the time of modification | 50 | |||
Business Banking | Commercial real estate loans | ||||
Number of contract | ||||
Number of re-modified TDRs | 2 | |||
Troubled debt restructurings: | ||||
Number of contracts | 3 | |||
Recorded investment at the time of modification | 89 | |||
Current recorded investment | 87 | |||
Current allowance | 32 | |||
Business Banking | Commercial loans | ||||
Number of contract | ||||
Number of re-modified TDRs | 1 | |||
Troubled debt restructurings: | ||||
Number of contracts | 2 | |||
Recorded investment at the time of modification | 89 | |||
Current recorded investment | 107 | |||
Current allowance | 10 | |||
Troubled debt restructurings that subsequently defaulted: | ||||
Number of contracts | 1 | |||
Recorded investment at the time of modification | $50 |
Loans_receivable_Details_8
Loans receivable (Details 8) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
item | item | |
Troubled debt restructurings | ||
Number of contracts | 3 | 11 |
Total | $196 | $1,483 |
Payment | ||
Troubled debt restructurings | ||
Total | 102 | |
Maturity date | ||
Troubled debt restructurings | ||
Total | 112 | 1,348 |
Other | ||
Troubled debt restructurings | ||
Total | 33 | |
Personal Banking | ||
Troubled debt restructurings | ||
Number of contracts | 3 | 6 |
Total | 196 | 1,289 |
Personal Banking | Rate | ||
Troubled debt restructurings | ||
Total | 84 | |
Personal Banking | Maturity date | ||
Troubled debt restructurings | ||
Total | 112 | 1,289 |
Personal Banking | Residential mortgage loans | ||
Troubled debt restructurings | ||
Number of contracts | 2 | 6 |
Total | 112 | 1,289 |
Personal Banking | Residential mortgage loans | Maturity date | ||
Troubled debt restructurings | ||
Total | 112 | 1,289 |
Personal Banking | Home equity loans | ||
Troubled debt restructurings | ||
Number of contracts | 1 | |
Total | 84 | |
Personal Banking | Home equity loans | Rate | ||
Troubled debt restructurings | ||
Total | 84 | |
Business Banking | ||
Troubled debt restructurings | ||
Number of contracts | 5 | |
Total | 194 | |
Business Banking | Payment | ||
Troubled debt restructurings | ||
Total | 102 | |
Business Banking | Maturity date | ||
Troubled debt restructurings | ||
Total | 59 | |
Business Banking | Other | ||
Troubled debt restructurings | ||
Total | 33 | |
Business Banking | Commercial real estate loans | ||
Troubled debt restructurings | ||
Number of contracts | 3 | |
Total | 87 | |
Business Banking | Commercial real estate loans | Maturity date | ||
Troubled debt restructurings | ||
Total | 59 | |
Business Banking | Commercial real estate loans | Other | ||
Troubled debt restructurings | ||
Total | 28 | |
Business Banking | Commercial loans | ||
Troubled debt restructurings | ||
Number of contracts | 2 | |
Total | 107 | |
Business Banking | Commercial loans | Payment | ||
Troubled debt restructurings | ||
Total | 102 | |
Business Banking | Commercial loans | Other | ||
Troubled debt restructurings | ||
Total | $5 |
Loans_receivable_Details_9
Loans receivable (Details 9) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
item | item | |
Troubled debt restructurings by type of modification | ||
Number of re-modified TDRs | 1 | 4 |
Total | $84 | $159 |
Rate | ||
Troubled debt restructurings by type of modification | ||
Total | 84 | |
Maturity date | ||
Troubled debt restructurings by type of modification | ||
Total | 136 | |
Other | ||
Troubled debt restructurings by type of modification | ||
Total | 23 | |
Personal Banking | ||
Troubled debt restructurings by type of modification | ||
Number of re-modified TDRs | 1 | 1 |
Total | 84 | 77 |
Personal Banking | Rate | ||
Troubled debt restructurings by type of modification | ||
Total | 84 | |
Personal Banking | Maturity date | ||
Troubled debt restructurings by type of modification | ||
Total | 77 | |
Personal Banking | Residential mortgage loans | ||
Troubled debt restructurings by type of modification | ||
Number of re-modified TDRs | 1 | |
Total | 77 | |
Personal Banking | Residential mortgage loans | Maturity date | ||
Troubled debt restructurings by type of modification | ||
Total | 77 | |
Personal Banking | Home equity loans | ||
Troubled debt restructurings by type of modification | ||
Number of re-modified TDRs | 1 | |
Total | 84 | |
Personal Banking | Home equity loans | Rate | ||
Troubled debt restructurings by type of modification | ||
Total | 84 | |
Business Banking | ||
Troubled debt restructurings by type of modification | ||
Number of re-modified TDRs | 3 | |
Total | 82 | |
Business Banking | Maturity date | ||
Troubled debt restructurings by type of modification | ||
Total | 59 | |
Business Banking | Other | ||
Troubled debt restructurings by type of modification | ||
Total | 23 | |
Business Banking | Commercial real estate loans | ||
Troubled debt restructurings by type of modification | ||
Number of re-modified TDRs | 2 | |
Total | 77 | |
Business Banking | Commercial real estate loans | Maturity date | ||
Troubled debt restructurings by type of modification | ||
Total | 59 | |
Business Banking | Commercial real estate loans | Other | ||
Troubled debt restructurings by type of modification | ||
Total | 18 | |
Business Banking | Commercial loans | ||
Troubled debt restructurings by type of modification | ||
Number of re-modified TDRs | 1 | |
Total | 5 | |
Business Banking | Commercial loans | Other | ||
Troubled debt restructurings by type of modification | ||
Total | $5 |
Loans_receivable_Details_10
Loans receivable (Details 10) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Loan payment delinquencies | ||
30-59 days delinquent | $40,674 | $45,985 |
60-89 days delinquent | 8,803 | 13,324 |
90 days or greater delinquent | 32,913 | 41,326 |
Total delinquency | 82,390 | 100,635 |
Current | 5,982,474 | 5,889,256 |
Total loans | 6,064,864 | 5,989,891 |
Personal Banking | ||
Loan payment delinquencies | ||
30-59 days delinquent | 33,697 | 38,767 |
60-89 days delinquent | 6,316 | 11,077 |
90 days or greater delinquent | 22,759 | 26,752 |
Total delinquency | 62,772 | 76,596 |
Current | 3,776,793 | 3,753,735 |
Total loans | 3,839,565 | 3,830,331 |
Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
30-59 days delinquent | 25,586 | 27,443 |
60-89 days delinquent | 3,397 | 6,970 |
90 days or greater delinquent | 15,068 | 17,696 |
Total delinquency | 44,051 | 52,109 |
Current | 2,499,819 | 2,469,347 |
Total loans | 2,543,870 | 2,521,456 |
Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
30-59 days delinquent | 3,737 | 5,752 |
60-89 days delinquent | 1,404 | 1,672 |
90 days or greater delinquent | 5,646 | 6,606 |
Total delinquency | 10,787 | 14,030 |
Current | 1,044,952 | 1,052,101 |
Total loans | 1,055,739 | 1,066,131 |
Personal Banking | Other consumer loans | ||
Loan payment delinquencies | ||
30-59 days delinquent | 4,374 | 5,572 |
60-89 days delinquent | 1,515 | 2,435 |
90 days or greater delinquent | 2,045 | 2,450 |
Total delinquency | 7,934 | 10,457 |
Current | 232,022 | 232,287 |
Total loans | 239,956 | 242,744 |
Business Banking | ||
Loan payment delinquencies | ||
30-59 days delinquent | 6,977 | 7,218 |
60-89 days delinquent | 2,487 | 2,247 |
90 days or greater delinquent | 10,154 | 14,574 |
Total delinquency | 19,618 | 24,039 |
Current | 2,205,681 | 2,135,521 |
Total loans | 2,225,299 | 2,159,560 |
Business Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
30-59 days delinquent | 5,497 | 4,956 |
60-89 days delinquent | 2,351 | 2,038 |
90 days or greater delinquent | 8,233 | 11,099 |
Total delinquency | 16,081 | 18,093 |
Current | 1,840,493 | 1,783,091 |
Total loans | 1,856,574 | 1,801,184 |
Business Banking | Commercial loans | ||
Loan payment delinquencies | ||
30-59 days delinquent | 1,480 | 2,262 |
60-89 days delinquent | 136 | 209 |
90 days or greater delinquent | 1,921 | 3,475 |
Total delinquency | 3,537 | 5,946 |
Current | 365,188 | 352,430 |
Total loans | $368,725 | $358,376 |
Loans_receivable_Details_11
Loans receivable (Details 11) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Credit quality indicators | ||
Total loans | $6,064,864 | $5,989,891 |
Pass | ||
Credit quality indicators | ||
Total loans | 5,797,031 | 5,712,244 |
Special mention | ||
Credit quality indicators | ||
Total loans | 66,525 | 60,598 |
Substandard | ||
Credit quality indicators | ||
Total loans | 190,685 | 212,948 |
Doubtful | ||
Credit quality indicators | ||
Total loans | 9,199 | 2,677 |
Loss | ||
Credit quality indicators | ||
Total loans | 1,424 | 1,424 |
Special mention or substandard | Minimum | ||
Credit quality indicators | ||
Total loans | 1,000 | |
Personal Banking | ||
Credit quality indicators | ||
Total loans | 3,839,565 | 3,830,331 |
Personal Banking | Pass | ||
Credit quality indicators | ||
Total loans | 3,820,068 | 3,807,741 |
Personal Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 18,073 | 21,166 |
Personal Banking | Loss | ||
Credit quality indicators | ||
Total loans | 1,424 | 1,424 |
Personal Banking | Residential mortgage loans | ||
Credit quality indicators | ||
Total loans | 2,543,870 | 2,521,456 |
Personal Banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Total loans | 2,531,595 | 2,507,269 |
Personal Banking | Residential mortgage loans | Substandard | ||
Credit quality indicators | ||
Total loans | 10,851 | 12,763 |
Personal Banking | Residential mortgage loans | Loss | ||
Credit quality indicators | ||
Total loans | 1,424 | 1,424 |
Personal Banking | Home equity loans | ||
Credit quality indicators | ||
Total loans | 1,055,739 | 1,066,131 |
Personal Banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Total loans | 1,050,092 | 1,059,525 |
Personal Banking | Home equity loans | Substandard | ||
Credit quality indicators | ||
Total loans | 5,647 | 6,606 |
Personal Banking | Other consumer loans | ||
Credit quality indicators | ||
Total loans | 239,956 | 242,744 |
Personal Banking | Other consumer loans | Pass | ||
Credit quality indicators | ||
Total loans | 238,381 | 240,947 |
Personal Banking | Other consumer loans | Substandard | ||
Credit quality indicators | ||
Total loans | 1,575 | 1,797 |
Business Banking | ||
Credit quality indicators | ||
Total loans | 2,225,299 | 2,159,560 |
Business Banking | Pass | ||
Credit quality indicators | ||
Total loans | 1,976,963 | 1,904,503 |
Business Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 66,525 | 60,598 |
Business Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 172,612 | 191,782 |
Business Banking | Doubtful | ||
Credit quality indicators | ||
Total loans | 9,199 | 2,677 |
Business Banking | Commercial real estate loans | ||
Credit quality indicators | ||
Total loans | 1,856,574 | 1,801,184 |
Business Banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Total loans | 1,671,331 | 1,618,269 |
Business Banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Total loans | 43,874 | 36,908 |
Business Banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Total loans | 141,369 | 145,502 |
Business Banking | Commercial real estate loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 505 | |
Business Banking | Commercial loans | ||
Credit quality indicators | ||
Total loans | 368,725 | 358,376 |
Business Banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Total loans | 305,632 | 286,234 |
Business Banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Total loans | 22,651 | 23,690 |
Business Banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Total loans | 31,243 | 46,280 |
Business Banking | Commercial loans | Doubtful | ||
Credit quality indicators | ||
Total loans | $9,199 | $2,172 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Amortizable intangible assets: | |||
Amortization expense | $268 | $331 | |
Estimated amortization expense | |||
For the year ending December 31, 2015 | 1,074 | ||
For the year ending December 31, 2016 | 835 | ||
For the year ending December 31, 2017 | 597 | ||
For the year ending December 31, 2018 | 429 | ||
For the year ending December 31, 2019 | 260 | ||
For the year ending December 31, 2020 | 92 | ||
Core Deposits | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 30,578 | 30,578 | |
Less: accumulated amortization | -30,578 | -30,578 | |
Customer and Contract | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 8,234 | 6,197 | |
Acquisitions | 262 | 2,037 | |
Less: accumulated amortization | -5,469 | -5,201 | |
Intangible asset - net | $3,027 | $3,033 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Changes in the carrying amount of goodwill | |||
Balance at the beginning of the period | $175,323 | $174,644 | |
Goodwill acquired | 175 | 679 | |
Balance at the end of the period | 175,498 | 175,323 | |
Community Banks | |||
Changes in the carrying amount of goodwill | |||
Balance at the beginning of the period | 173,710 | 173,031 | |
Goodwill acquired | 175 | 679 | |
Balance at the end of the period | 173,885 | 173,710 | |
Consumer Finance | |||
Changes in the carrying amount of goodwill | |||
Balance at the beginning of the period | 1,613 | ||
Balance at the end of the period | $1,613 | $1,613 | $1,613 |
Guarantees_Details
Guarantees (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Guarantees | |
Maximum potential amount of future payments | $23,800,000 |
Maximum potential amount of future payments fully collateralized | 23,200,000 |
Liability recognized for the obligations | 1,100,000 |
Recourse provisions for recovery of amounts from third parties | $0 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (Stock options, USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock options | ||
Antidilutive securities excluded from the calculation of earnings per share | ||
Average share price during the reporting period (in dollars per share) | $11.89 | $14.47 |
Options excluded from the calculation of earnings per share (in shares) | 3,744,878 | |
Weighted average exercise price of option during the reporting period (in dollars per share) | $12.43 |
Earnings_Per_Share_Details_2
Earnings Per Share (Details 2) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share | ||
Reported net income | $16,170 | $14,611 |
Weighted average common shares outstanding | 91,634,064 | 91,154,998 |
Dilutive potential shares due to effect of stock options | 268,007 | 1,198,314 |
Total weighted average common shares and dilutive potential shares | 91,902,071 | 92,353,312 |
Basic earnings per share (in dollars per share) | $0.18 | $0.16 |
Diluted earnings per share (in dollars per share) | $0.18 | $0.16 |
Pension_and_Other_Postretireme2
Pension and Other Post-retirement Benefits (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Pension Plans | ||
Components of net periodic pension cost | ||
Service cost | $1,430,000 | $1,035,000 |
Interest cost | 1,531,000 | 1,457,000 |
Expected return on plan assets | -2,593,000 | -2,416,000 |
Amortization of prior service cost | -581,000 | -581,000 |
Amortization of the net loss | 925,000 | 356,000 |
Net periodic (benefit)/ cost | 712,000 | -149,000 |
Pension Plans | Minimum | ||
Components of net periodic pension cost | ||
Estimated contribution for the current year | 4,000,000 | |
Pension Plans | Maximum | ||
Components of net periodic pension cost | ||
Estimated contribution for the current year | 8,000,000 | |
Other post-retirement benefits | ||
Components of net periodic pension cost | ||
Interest cost | 15,000 | 16,000 |
Amortization of the net loss | 15,000 | 12,000 |
Net periodic (benefit)/ cost | $30,000 | $28,000 |
Disclosures_About_Fair_Value_o2
Disclosures About Fair Value of Financial Instruments (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Disclosures About Fair Value of Financial Instruments | ||
Significant unrealized appreciation or depreciation in financial instruments | $0 | $0 |
Financial assets: | ||
Securities available-for-sale | 916,423,000 | 912,371,000 |
Securities held-to-maturity | 92,989,000 | 106,292,000 |
Accrued interest receivable | 19,753,000 | 18,623,000 |
Financial liabilities: | ||
Borrowed funds | 943,842,000 | 888,109,000 |
Junior subordinated debentures | 103,094,000 | 103,094,000 |
Assets transferred between Level 1 and Level 2 | 0 | |
Liabilities transferred between Level 1 and Level 2 | 0 | |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 297,101,000 | 240,706,000 |
Securities available-for-sale | 2,924,000 | 3,157,000 |
Accrued interest receivable | 19,753,000 | 18,623,000 |
Total financial assets | 319,778,000 | 262,486,000 |
Financial liabilities: | ||
Savings and checking accounts | 4,253,299,000 | 4,154,228,000 |
Borrowed funds | 143,460,000 | 162,714,000 |
Accrued interest payable | 1,336,000 | 936,000 |
Total financial liabilities | 4,398,095,000 | 4,317,878,000 |
Level 2 | ||
Financial assets: | ||
Securities available-for-sale | 903,193,000 | 898,617,000 |
Securities held-to-maturity | 92,989,000 | 106,292,000 |
Total financial assets | 996,182,000 | 1,004,909,000 |
Financial liabilities: | ||
Cash flow hedges - swaps | 6,205,000 | 6,273,000 |
Total financial liabilities | 6,205,000 | 6,273,000 |
Level 3 | ||
Financial assets: | ||
Securities available-for-sale | 10,306,000 | 10,597,000 |
Loans receivable, net | 6,323,248,000 | 6,240,079,000 |
Total financial assets | 6,333,554,000 | 6,250,676,000 |
Financial liabilities: | ||
Time deposits | 1,446,470,000 | 1,498,539,000 |
Borrowed funds | 832,407,000 | 756,898,000 |
Junior subordinated debentures | 109,373,000 | 109,435,000 |
Total financial liabilities | 2,388,250,000 | 2,364,872,000 |
Carrying amount | ||
Financial assets: | ||
Cash and cash equivalents | 297,101,000 | 240,706,000 |
Securities available-for-sale | 916,423,000 | 912,371,000 |
Securities held-to-maturity | 90,825,000 | 103,695,000 |
Loans receivable, net | 5,997,566,000 | 5,922,373,000 |
Accrued interest receivable | 19,753,000 | 18,623,000 |
FHLB Stock | 36,292,000 | 33,293,000 |
Total financial assets | 7,357,960,000 | 7,231,061,000 |
Financial liabilities: | ||
Savings and checking accounts | 4,253,299,000 | 4,154,228,000 |
Time deposits | 1,428,768,000 | 1,478,314,000 |
Borrowed funds | 943,842,000 | 888,109,000 |
Junior subordinated debentures | 103,094,000 | 103,094,000 |
Cash flow hedges - swaps | 6,205,000 | 6,273,000 |
Accrued interest payable | 1,336,000 | 936,000 |
Total financial liabilities | 6,736,544,000 | 6,630,954,000 |
Estimated fair value | ||
Financial assets: | ||
Cash and cash equivalents | 297,101,000 | 240,706,000 |
Securities available-for-sale | 916,423,000 | 912,371,000 |
Securities held-to-maturity | 92,989,000 | 106,292,000 |
Loans receivable, net | 6,323,248,000 | 6,240,079,000 |
Accrued interest receivable | 19,753,000 | 18,623,000 |
FHLB Stock | 36,292,000 | 33,293,000 |
Total financial assets | 7,685,806,000 | 7,551,364,000 |
Financial liabilities: | ||
Savings and checking accounts | 4,253,299,000 | 4,154,228,000 |
Time deposits | 1,446,470,000 | 1,498,539,000 |
Borrowed funds | 975,867,000 | 919,612,000 |
Junior subordinated debentures | 109,373,000 | 109,435,000 |
Cash flow hedges - swaps | 6,205,000 | 6,273,000 |
Accrued interest payable | 1,336,000 | 936,000 |
Total financial liabilities | $6,792,550,000 | $6,689,023,000 |
Disclosures_About_Fair_Value_o3
Disclosures About Fair Value of Financial Instruments (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | $916,423 | $912,371 |
Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 2,924 | 3,157 |
Total financial assets | 319,778 | 262,486 |
Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 903,193 | 898,617 |
Interest rate swaps | -6,205 | -6,273 |
Total financial assets | 996,182 | 1,004,909 |
Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 10,306 | 10,597 |
Total financial assets | 6,333,554 | 6,250,676 |
Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 910,218 | 906,098 |
Measured on recurring basis | Equity securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 2,924 | 3,157 |
Measured on recurring basis | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 451,836 | 424,102 |
Measured on recurring basis | Debt securities | U.S. government and agencies | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 23 | 25 |
Measured on recurring basis | Debt securities | Debt issued by government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 364,252 | 333,505 |
Measured on recurring basis | Debt securities | Municipal securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 67,279 | 70,145 |
Measured on recurring basis | Debt securities | Corporate debt issues | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 20,282 | 20,427 |
Measured on recurring basis | Mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 461,663 | 485,112 |
Measured on recurring basis | Residential mortgage-backed securities | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 28,192 | 29,216 |
Measured on recurring basis | Residential mortgage-backed securities | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 70,503 | 73,497 |
Measured on recurring basis | Residential mortgage-backed securities | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 39,611 | 42,119 |
Measured on recurring basis | Residential mortgage-backed securities | Non-agency CMOs | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 626 | 643 |
Measured on recurring basis | Collateralized mortgage obligations | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 7,679 | 8,329 |
Measured on recurring basis | Collateralized mortgage obligations | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 132,706 | 139,150 |
Measured on recurring basis | Collateralized mortgage obligations | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 169,614 | 178,698 |
Measured on recurring basis | Collateralized mortgage obligations | SBA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 9,419 | 10,052 |
Measured on recurring basis | Collateralized mortgage obligations | Non-agency CMOs | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 3,313 | 3,408 |
Measured on recurring basis | Interest rate swap agreements | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | -6,205 | -6,273 |
Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 2,924 | 3,157 |
Measured on recurring basis | Level 1 | Equity securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 2,924 | 3,157 |
Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 896,988 | 892,344 |
Measured on recurring basis | Level 2 | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 441,530 | 413,505 |
Measured on recurring basis | Level 2 | Debt securities | U.S. government and agencies | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 23 | 25 |
Measured on recurring basis | Level 2 | Debt securities | Debt issued by government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 364,252 | 333,505 |
Measured on recurring basis | Level 2 | Debt securities | Municipal securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 67,279 | 70,145 |
Measured on recurring basis | Level 2 | Debt securities | Corporate debt issues | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 9,976 | 9,830 |
Measured on recurring basis | Level 2 | Mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 461,663 | 485,112 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 28,192 | 29,216 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 70,503 | 73,497 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 39,611 | 42,119 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | Non-agency CMOs | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 626 | 643 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 7,679 | 8,329 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 132,706 | 139,150 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 169,614 | 178,698 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | SBA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 9,419 | 10,052 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | Non-agency CMOs | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 3,313 | 3,408 |
Measured on recurring basis | Level 2 | Interest rate swap agreements | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | -6,205 | -6,273 |
Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 10,306 | 10,597 |
Measured on recurring basis | Level 3 | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 10,306 | 10,597 |
Measured on recurring basis | Level 3 | Debt securities | Corporate debt issues | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | $10,306 | $10,597 |
Disclosures_About_Fair_Value_o4
Disclosures About Fair Value of Financial Instruments (Details 3) (Debt securities, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Debt securities | ||
Reconciliation of debt securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||
Balance at the beginning of the period | $10,597 | $12,251 |
Total net realized investment gains/ (losses) and net change in unrealized appreciation/ (depreciation): | ||
Included in other comprehensive income | -291 | 140 |
Balance at the end of the period | $10,306 | $12,391 |
Disclosures_About_Fair_Value_o5
Disclosures About Fair Value of Financial Instruments (Details 4) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | $68,272 | $71,488 |
Loans evaluated for impairment | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 52,926 | 54,729 |
Real estate owned | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 15,346 | 16,759 |
Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 68,272 | 71,488 |
Level 3 | Loans evaluated for impairment | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 52,926 | 54,729 |
Level 3 | Real estate owned | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | $15,346 | $16,759 |
Disclosures_About_Fair_Value_o6
Disclosures About Fair Value of Financial Instruments (Details 5) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Debt securities | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | 10,306 |
Debt securities | Discounted cash flow | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Default rates (as a percent) | 1.00% |
Prepayment speeds (as a percent) | 1.00% |
Debt securities | Discounted cash flow | Minimum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount margin (as a percent) | 0.35% |
Debt securities | Discounted cash flow | Maximum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount margin (as a percent) | 2.10% |
Debt securities | Discounted cash flow | Weighted Average | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount margin (as a percent) | 0.69% |
Loans evaluated for impairment | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | 52,926 |
Estimated costs to sell (as a percent) | 10.00% |
Real estate owned | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | 15,346 |
Estimated costs to sell (as a percent) | 10.00% |
Guaranteed_Preferred_Beneficia2
Guaranteed Preferred Beneficial Interests in Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements (Details) (USD $) | 3 Months Ended | 1 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2006 | Dec. 31, 2014 | Dec. 05, 2006 | Dec. 15, 2006 | |
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | |||||
Number of statutory business trusts owned | 2 | ||||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $103,094,000 | $103,094,000 | |||
Interest rate swap agreements | |||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | |||||
Number of agreements | 3 | ||||
Northwest Bancorp Statutory Trust IV | Interest rate swap agreements | |||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | |||||
Number of agreements | 2 | ||||
Trust preferred investments | |||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | |||||
Maximum period for which interest payment on the subordinated debentures can be deferred | 5 years | ||||
Interest deferral | 0 | ||||
Trust preferred investments | Northwest Bancorp Capital Trust III | |||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | |||||
Cumulative trust preferred securities issued (in shares) | 50,000 | ||||
Cumulative trust preferred securities issued, liquidation value per preferred security (in dollars per security) | $1,000 | ||||
Total value of cumulative trust preferred securities issued | 50,000,000 | ||||
Variable rate basis | three-month LIBOR | ||||
Spread on variable rate basis (as a percent) | 1.38% | ||||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | 51,547,000 | ||||
Trust preferred investments | Northwest Bancorp Capital Trust III | Swap 1 | Interest rate swap agreements | |||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | |||||
Original term of swaps | 10 years | ||||
Fixed rate (as a percent) | 4.61% | ||||
Notional amount | 25,000,000 | ||||
Trust preferred investments | Northwest Bancorp Statutory Trust IV | |||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | |||||
Cumulative trust preferred securities issued (in shares) | 50,000 | ||||
Cumulative trust preferred securities issued, liquidation value per preferred security (in dollars per security) | $1,000 | ||||
Total value of cumulative trust preferred securities issued | 50,000,000 | ||||
Variable rate basis | three-month LIBOR | ||||
Spread on variable rate basis (as a percent) | 1.38% | ||||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | 51,547,000 | ||||
Trust preferred investments | Northwest Bancorp Statutory Trust IV | Swap 2 | Interest rate swap agreements | |||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | |||||
Original term of swaps | 7 years | ||||
Fixed rate (as a percent) | 3.85% | ||||
Notional amount | 25,000,000 | ||||
Trust preferred investments | Northwest Bancorp Statutory Trust IV | Swap 3 | Interest rate swap agreements | |||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | |||||
Original term of swaps | 10 years | ||||
Fixed rate (as a percent) | 4.09% | ||||
Notional amount | $25,000,000 |
Guaranteed_Preferred_Beneficia3
Guaranteed Preferred Beneficial Interests in Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swaps | ||
Hedge ineffectiveness for swaps | $0 | |
Interest rate swap agreements | ||
Liability Derivatives, Included in Other Liabilities | ||
Fair value | 6,205 | 6,273 |
Notional amount | 75,000 | 75,000 |
Collateral posted | $6,555 | $6,805 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Changes in accumulated other comprehensive income by component | ||
Balance at the beginning of the period | ($24,370) | ($11,900) |
Other comprehensive income before reclassification adjustments | 2,996 | 5,847 |
Amounts reclassified from accumulated other comprehensive income | 151 | -2,042 |
Other comprehensive income | 3,147 | 3,805 |
Balance at the end of the period | -21,223 | -8,095 |
Income tax expense related to compensation and employee benefits | -140 | 75 |
Unrealized gains and losses on securities available-for-sale | ||
Changes in accumulated other comprehensive income by component | ||
Balance at the beginning of the period | 3,461 | -3,233 |
Other comprehensive income before reclassification adjustments | 2,952 | 5,596 |
Amounts reclassified from accumulated other comprehensive income | -68 | -1,904 |
Other comprehensive income | 2,884 | 3,692 |
Balance at the end of the period | 6,345 | 459 |
Realized gains (losses) on securities, net of tax | 111 | 3,122 |
Tax on realized gains on securities | -43 | -1,218 |
Change in fair value of interest rate swaps | ||
Changes in accumulated other comprehensive income by component | ||
Balance at the beginning of the period | -4,078 | -5,224 |
Other comprehensive income before reclassification adjustments | 44 | 251 |
Other comprehensive income | 44 | 251 |
Balance at the end of the period | -4,034 | -4,973 |
Change in defined benefit pension plans | ||
Changes in accumulated other comprehensive income by component | ||
Balance at the beginning of the period | -23,753 | -3,443 |
Amounts reclassified from accumulated other comprehensive income | 219 | -138 |
Other comprehensive income | 219 | -138 |
Balance at the end of the period | -23,534 | -3,581 |
Amortization of prior service cost (compensation and employee benefits) | 581 | 581 |
Amortization of net loss (compensation and employee benefits) | -940 | -368 |
Income tax expense related to compensation and employee benefits | $140 | ($75) |
Other_Items_Details
Other Items (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Other Items | |||
Total assets | $7,890,359 | $7,973,313 | $7,775,033 |
Net Income | 16,170 | 14,611 | |
LNB | |||
Other Items | |||
Percent of shares to be converted into Company common stock | 50.00% | ||
Percent of shares to be exchanged for cash | 50.00% | ||
Shares of Company's common stock, per share | 1.461 | ||
Cash, in dollars per share | $18.70 | ||
Total assets | 1,256,000 | ||
Net Income | $1,800 |