Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | Northwest Bancshares, Inc. | |
Entity Central Index Key | 1,471,265 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 101,302,855 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY) | Q3 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 107,604 | $ 92,263 |
Interest-earning deposits in other financial institutions | 210,723 | 74,510 |
Federal funds sold and other short-term investments | 2,239 | 635 |
Marketable securities available-for-sale (amortized cost of $879,141 and $868,956) | 890,688 | 874,405 |
Marketable securities held-to-maturity (fair value of $23,249 and $32,552) | 22,584 | 31,689 |
Total cash and investments | 1,233,838 | 1,073,502 |
Personal Banking loans: | ||
Residential mortgage loans held for sale | 30,355 | 0 |
Residential mortgage loans | 2,788,658 | 2,740,892 |
Home equity loans | 1,349,105 | 1,187,106 |
Consumer loans | 628,512 | 520,289 |
Total Personal Banking loans | 4,796,630 | 4,448,287 |
Commercial Banking loans: | ||
Commercial real estate loans | 2,464,681 | 2,351,434 |
Commercial loans | 537,255 | 422,400 |
Total Business Banking loans | 3,001,936 | 2,773,834 |
Total loans | 7,798,566 | 7,222,121 |
Allowance for loan losses | (63,246) | (62,672) |
Total loans, net | 7,735,320 | 7,159,449 |
Federal Home Loan Bank stock, at cost | 7,660 | 40,903 |
Accrued interest receivable | 21,591 | 21,072 |
Real estate owned, net | 4,841 | 8,725 |
Premises and equipment, net | 167,596 | 154,351 |
Bank owned life insurance | 170,172 | 168,509 |
Goodwill | 307,711 | 261,736 |
Other intangible assets | 33,901 | 8,982 |
Other assets | 31,977 | 54,670 |
Total assets | 9,714,607 | 8,951,899 |
Liabilities: | ||
Noninterest-bearing checking deposits | 1,496,574 | 1,177,256 |
Interest-bearing checking deposits | 1,446,971 | 1,080,086 |
Money market deposit accounts | 1,896,272 | 1,274,504 |
Savings deposits | 1,671,539 | 1,386,017 |
Time deposits | 1,691,447 | 1,694,718 |
Total deposits | 8,202,803 | 6,612,581 |
Borrowed funds | 135,891 | 975,007 |
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | 111,213 | 111,213 |
Advances by borrowers for taxes and insurance | 21,616 | 33,735 |
Accrued interest payable | 682 | 1,993 |
Other liabilities | 79,599 | 54,207 |
Total liabilities | 8,551,804 | 7,788,736 |
Shareholders’ equity: | ||
Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued | 0 | 0 |
Common stock, $0.01 par value: 500,000,000 shares authorized, 101,268,648 and 101,871,737 shares issued, respectively | 1,013 | 1,019 |
Paid-in capital | 711,974 | 717,603 |
Retained earnings | 469,459 | 489,292 |
Unallocated common stock of employee stock ownership plan | 0 | (20,216) |
Accumulated other comprehensive loss | (19,643) | (24,535) |
Total shareholders’ equity | 1,162,803 | 1,163,163 |
Total liabilities and shareholders’ equity | $ 9,714,607 | $ 8,951,899 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Marketable securities available-for-sale, amortized cost | $ 879,141 | $ 868,956 |
Marketable securities held-to-maturity, fair value | $ 23,249 | $ 32,552 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 101,268,648 | 101,871,737 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income: | ||||
Loans receivable | $ 82,435 | $ 76,087 | $ 245,861 | $ 217,783 |
Mortgage-backed securities | 2,030 | 2,230 | 6,374 | 6,522 |
Taxable investment securities | 627 | 1,238 | 2,421 | 3,412 |
Tax-free investment securities | 676 | 986 | 2,107 | 3,477 |
FHLB dividends | 218 | 451 | 1,086 | 2,329 |
Interest-earning deposits | 114 | 99 | 243 | 418 |
Total interest income | 86,100 | 81,091 | 258,092 | 233,941 |
Interest expense: | ||||
Deposits | 5,653 | 6,163 | 17,606 | 17,620 |
Borrowed funds | 1,801 | 7,987 | 13,602 | 24,221 |
Total interest expense | 7,454 | 14,150 | 31,208 | 41,841 |
Net interest income | 78,646 | 66,941 | 226,884 | 192,100 |
Provision for loan losses | 5,538 | 3,167 | 11,397 | 5,117 |
Net interest income after provision for loan losses | 73,108 | 63,774 | 215,487 | 186,983 |
Noninterest income: | ||||
Gain on sale/ call of investments | 58 | 260 | 412 | 921 |
Service charges and fees | 11,012 | 9,945 | 31,707 | 27,832 |
Trust and other financial services income | 3,434 | 3,062 | 9,972 | 8,932 |
Insurance commission income | 2,541 | 2,398 | 8,023 | 7,036 |
Loss on real estate owned, net | (563) | (246) | (203) | (1,833) |
Income from bank owned life insurance | 1,380 | 1,166 | 4,080 | 3,087 |
Mortgage banking income | 1,886 | 267 | 2,550 | 725 |
Other operating income | 1,070 | 1,288 | 4,000 | 2,590 |
Total noninterest income | 20,818 | 18,140 | 60,541 | 49,290 |
Noninterest expense: | ||||
Compensation and employee benefits | 39,474 | 31,000 | 106,856 | 87,815 |
Premises and occupancy costs | 6,094 | 6,072 | 18,906 | 18,238 |
Office operations | 3,700 | 3,268 | 10,503 | 9,085 |
Collections expense | 589 | 624 | 1,994 | 1,995 |
Processing expenses | 8,844 | 8,126 | 25,430 | 22,723 |
Marketing expenses | 2,239 | 1,691 | 6,671 | 6,857 |
Federal deposit insurance premiums | 984 | 1,177 | 3,929 | 3,810 |
Professional services | 1,815 | 1,529 | 5,777 | 4,973 |
Amortization of intangible assets | 1,068 | 422 | 2,453 | 959 |
Real estate owned expense | 206 | 471 | 812 | 1,677 |
Restructuring/ acquisition expense | 7,183 | 7,590 | 11,204 | 8,404 |
FHLB prepayment penalty | 0 | 0 | 36,978 | 0 |
Other expenses | 2,836 | 1,834 | 10,055 | 6,114 |
Total noninterest expense | 75,032 | 63,804 | 241,568 | 172,650 |
Income before income taxes | 18,894 | 18,110 | 34,460 | 63,623 |
Federal and state income taxes expense/ (benefit) | 4,697 | 5,238 | 9,287 | 19,276 |
Net income | $ 14,197 | $ 12,872 | $ 25,173 | $ 44,347 |
Basic earnings per share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.25 | $ 0.48 |
Diluted earnings per share (in dollars per share) | $ 0.14 | $ 0.13 | $ 0.25 | $ 0.48 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 14,197 | $ 12,872 | $ 25,173 | $ 44,347 |
Net unrealized holding gains/ (losses) on marketable securities: | ||||
Unrealized holding gains/ (losses) net of tax of $503, $(1,520) $(2,377) and $(2,266), respectively | (785) | 2,379 | 3,717 | 3,543 |
Reclassification adjustment for (gains)/ losses included in net income, net of tax of $23, $77, $(1) and $299 respectively | (36) | (120) | 3 | (467) |
Net unrealized holding gains on marketable securities | (821) | 2,259 | 3,720 | 3,076 |
Change in fair value of interest rate swaps, net of tax of $(253), $(24), $(267) and $(311), respectively | 471 | 45 | 497 | 577 |
Defined benefit plan: | ||||
Reclassification adjustments for prior period service costs and net losses included in net income, net of tax of $(144), $(140), $(432) and $(420), respectively | 224 | 219 | 675 | 657 |
Other comprehensive income/ (loss) | (126) | 2,523 | 4,892 | 4,310 |
Total comprehensive income | $ 14,071 | $ 15,395 | $ 30,065 | $ 48,657 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized holding gains/ (losses), tax | $ 503 | $ (1,520) | $ (2,377) | $ (2,266) |
Reclassification adjustment for (gains)/losses included in net income, tax | 23 | 77 | (1) | 299 |
Change in fair value of interest rate swaps, tax | (253) | (24) | (267) | (311) |
Reclassification adjustment for prior period service costs and net losses included in net income, tax | $ (144) | $ (140) | $ (432) | $ (420) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/ (loss) | Unallocated common stock of ESOP | Employee Stock Ownership Plan | Employee Stock Ownership PlanCommon Stock | Employee Stock Ownership PlanPaid-in Capital | Employee Stock Ownership PlanRetained Earnings | Employee Stock Ownership PlanAccumulated Other Comprehensive Income/ (loss) | Employee Stock Ownership PlanUnallocated common stock of ESOP |
Balance beginning of the period (in shares) at Dec. 31, 2014 | 94,721,453 | |||||||||||
Balance beginning of the period at Dec. 31, 2014 | $ 1,062,647 | $ 947 | $ 626,134 | $ 481,577 | $ (24,370) | $ (21,641) | ||||||
Comprehensive income: | ||||||||||||
Net income | 44,347 | 44,347 | ||||||||||
Other comprehensive income/ (loss), net of tax | 4,310 | 4,310 | ||||||||||
Total comprehensive income | 48,657 | 44,347 | 4,310 | |||||||||
Acquisition of LNB Bancorp, Inc. (in shares) | 7,056,704 | |||||||||||
Acquisition of LNB Bancorp, Inc. | 90,608 | $ 70 | 90,538 | |||||||||
Share repurchases (in shares) | (645,300) | |||||||||||
Share repurchases | (7,847) | $ (6) | (7,841) | |||||||||
Exercise of stock options (in shares) | 285,905 | |||||||||||
Exercise of stock options | 2,841 | $ 3 | 2,838 | |||||||||
Stock-based compensation expense (in shares) | 306,350 | |||||||||||
Stock-based compensation expense, including tax benefit | 3,307 | $ 3 | 3,061 | 243 | ||||||||
Dividends paid, per share amount | (38,876) | (38,876) | ||||||||||
Balance end of period (in shares) at Sep. 30, 2015 | 101,725,112 | |||||||||||
Balance end of the period at Sep. 30, 2015 | 1,161,337 | $ 1,017 | 714,730 | 487,048 | (20,060) | (21,398) | ||||||
Balance beginning of the period (in shares) at Jun. 30, 2015 | 94,740,749 | |||||||||||
Balance beginning of the period at Jun. 30, 2015 | 1,068,350 | $ 947 | 624,321 | 487,150 | (22,583) | (21,485) | ||||||
Comprehensive income: | ||||||||||||
Net income | 12,872 | 12,872 | ||||||||||
Other comprehensive income/ (loss), net of tax | 2,523 | 2,523 | ||||||||||
Total comprehensive income | $ 15,395 | 12,872 | 2,523 | |||||||||
Acquisition of LNB Bancorp, Inc. (in shares) | 7,056,704 | |||||||||||
Acquisition of LNB Bancorp, Inc. | $ 90,608 | $ 70 | 90,538 | |||||||||
Share repurchases (in shares) | (147,500) | |||||||||||
Share repurchases | (1,844) | $ (1) | (1,843) | |||||||||
Exercise of stock options (in shares) | 75,159 | |||||||||||
Exercise of stock options | 774 | $ 1 | 773 | |||||||||
Stock-based compensation expense (in shares) | 0 | |||||||||||
Stock-based compensation expense, including tax benefit | 1,028 | $ 0 | 941 | 87 | ||||||||
Dividends paid, per share amount | (12,974) | (12,974) | ||||||||||
Balance end of period (in shares) at Sep. 30, 2015 | 101,725,112 | |||||||||||
Balance end of the period at Sep. 30, 2015 | 1,161,337 | $ 1,017 | 714,730 | 487,048 | (20,060) | (21,398) | ||||||
Balance beginning of the period (in shares) at Dec. 31, 2015 | 101,871,737 | |||||||||||
Balance beginning of the period at Dec. 31, 2015 | 1,163,163 | $ 1,019 | 717,603 | 489,292 | (24,535) | (20,216) | ||||||
Comprehensive income: | ||||||||||||
Net income | 25,173 | 25,173 | ||||||||||
Other comprehensive income/ (loss), net of tax | 4,892 | 4,892 | ||||||||||
Total comprehensive income | 30,065 | 25,173 | 4,892 | |||||||||
Share repurchases (in shares) | (145,900) | (1,366,574) | ||||||||||
Share repurchases | (1,752) | $ (2) | (1,750) | $ 0 | $ (14) | $ (13,896) | $ 0 | $ 0 | $ 13,910 | |||
Exercise of stock options (in shares) | 585,668 | |||||||||||
Exercise of stock options | 6,406 | $ 7 | 6,399 | |||||||||
Stock-based compensation expense (in shares) | 323,717 | |||||||||||
Stock-based compensation expense, including tax benefit | 9,927 | $ 3 | 3,618 | 6,306 | ||||||||
Dividends paid, per share amount | (45,006) | (45,006) | ||||||||||
Balance end of period (in shares) at Sep. 30, 2016 | 101,268,648 | |||||||||||
Balance end of the period at Sep. 30, 2016 | 1,162,803 | $ 1,013 | 711,974 | 469,459 | (19,643) | 0 | ||||||
Balance beginning of the period (in shares) at Jun. 30, 2016 | 102,472,947 | |||||||||||
Balance beginning of the period at Jun. 30, 2016 | 1,155,455 | $ 1,025 | 722,980 | 470,337 | (19,517) | (19,370) | ||||||
Comprehensive income: | ||||||||||||
Net income | 14,197 | 14,197 | ||||||||||
Other comprehensive income/ (loss), net of tax | (126) | (126) | ||||||||||
Total comprehensive income | 14,071 | 14,197 | (126) | |||||||||
Share repurchases (in shares) | (1,366,574) | |||||||||||
Share repurchases | $ 0 | $ (14) | $ (13,896) | $ 0 | $ 0 | $ 13,910 | ||||||
Exercise of stock options (in shares) | 162,275 | |||||||||||
Exercise of stock options | 1,823 | $ 2 | 1,821 | |||||||||
Stock-based compensation expense (in shares) | 0 | |||||||||||
Stock-based compensation expense, including tax benefit | 6,529 | $ 0 | 1,069 | 5,460 | ||||||||
Dividends paid, per share amount | (15,075) | (15,075) | ||||||||||
Balance end of period (in shares) at Sep. 30, 2016 | 101,268,648 | |||||||||||
Balance end of the period at Sep. 30, 2016 | $ 1,162,803 | $ 1,013 | $ 711,974 | $ 469,459 | $ (19,643) | $ 0 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||
Other comprehensive income, tax | $ 129 | $ (1,607) | $ (3,077) | $ (2,698) |
Stock-based compensation expense, tax benefits | $ 81 | $ 25 | $ 287 | $ 31 |
Dividends paid, per share (in dollars per share) | $ 0.15 | $ 0.14 | $ 0.45 | $ 0.42 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES: | ||
Net income | $ 25,173 | $ 44,347 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 11,397 | 5,117 |
Net gain on sale of assets | (2,965) | (559) |
Net depreciation, amortization and accretion | 9,974 | 4,791 |
Decrease in other assets | 23,588 | 37,502 |
Increase/ (decrease) in other liabilities | 9,003 | (8,993) |
Net amortization on marketable securities | 1,533 | 536 |
Noncash write-down of real estate owned | 1,274 | 2,340 |
FHLB prepayment penalty | 24,520 | 0 |
Deferred income tax benefit | (445) | 0 |
Origination of loans held for sale | (188,474) | (371) |
Proceeds from sale of loans held for sale | 158,058 | 375 |
Noncash compensation expense related to stock benefit plans | 9,640 | 3,276 |
Net cash provided by operating activities | 82,276 | 88,361 |
INVESTING ACTIVITIES: | ||
Purchase of marketable securities available-for-sale | (238,673) | (59,980) |
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 9,097 | 56,616 |
Proceeds from maturities and principal reductions of marketable securities available-for-sale | 227,283 | 183,822 |
Proceeds from sale of marketable securities available-for-sale | 91 | 1,227 |
Loan originations | (1,950,953) | (1,677,913) |
Proceeds from loan maturities and principal reductions | 1,849,593 | 1,432,075 |
Net sale/ (purchase) of Federal Home Loan Bank stock | 33,243 | (2,982) |
Proceeds from sale of real estate owned | 6,557 | 10,531 |
Sale of real estate owned for investment, net | 456 | 456 |
Purchase of premises and equipment | (12,485) | (7,657) |
Acquisitions, net of cash received | 1,118,400 | (61,108) |
Net cash provided by/ (used in) investing activities | 1,042,609 | (124,913) |
FINANCING ACTIVITIES: | ||
Decrease in deposits, net | (52,624) | (28,075) |
Proceeds from long-term borrowings | 0 | 85,000 |
Repayments of long-term borrowings, including prepayment penalty | (774,863) | (172,539) |
Net increase/ (decrease) in short-term borrowings | (88,773) | 63,480 |
Decrease in advances by borrowers for taxes and insurance | (15,402) | (12,544) |
Cash dividends paid | (45,006) | (38,876) |
Purchase of common stock for retirement | (1,752) | (7,847) |
Proceeds from stock options exercised | 6,406 | 2,841 |
Excess tax benefit from stock-based compensation | 287 | 31 |
Net cash used in financing activities | (971,727) | (108,529) |
Net increase/ (decrease) in cash and cash equivalents | 153,158 | (145,081) |
Cash and cash equivalents at beginning of period | 167,408 | 240,706 |
Net increase/ (decrease) in cash and cash equivalents | 153,158 | (145,081) |
Cash and cash equivalents at end of period | 320,566 | 95,625 |
Cash and cash equivalents: | ||
Total cash and cash equivalents | 167,408 | 240,706 |
Cash paid during the period for: | ||
Interest on deposits and borrowings (including interest credited to deposit accounts of $16,556 and $16,092, respectively) | 32,519 | 40,961 |
Income taxes | 4,086 | 10,731 |
Business acquisitions: | ||
Fair value of assets acquired, excluding cash received | 545,796 | 1,160,190 |
Cash paid, net | 1,118,400 | (61,108) |
Liabilities assumed | 1,664,196 | 1,099,082 |
Non-cash activities: | ||
Loans foreclosures and repossessions | 2,877 | 6,742 |
Sale of real estate owned financed by the Company | $ 1,773 | $ 768 |
CONSOLIDATED STATEMENTS OF CA10
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Interest on deposits and borrowings, interest credited to deposit accounts | $ 16,556 | $ 16,092 |
Basis of Presentation and Infor
Basis of Presentation and Informational Disclosures | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Informational Disclosures | 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 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. Northwest operates 176 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, 2015 updated, as required, for any new pronouncements or changes. Certain items previously reported have been reclassified to conform to the current year’s reporting format. The results of operations for the quarter and nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 , or any other period. Stock-Based Compensation On May 18, 2016, we awarded employees 660,600 stock options and directors 64,800 stock options with an exercise price of $14.15 and grant date fair value of $1.52 per stock option. On May 18, 2016, we also awarded employees 310,160 restricted common shares and directors 24,300 restricted common shares with a grant date fair value of $14.51 . Awarded stock options and common shares vest over a ten -year period with the first vesting occurring on the grant date. Stock-based compensation expense of $6.4 million and $1.0 million for the quarters ended September 30, 2016 and 2015 , and $9.6 million and $3.3 million for the nine months ended September 30, 2016 and 2015 , respectively, was recognized in compensation expense relating to our stock benefit plans. At September 30, 2016 there was compensation expense of $4.3 million to be recognized for awarded but unvested stock options and $16.2 million for unvested common shares. On September 30, 2016, the Northwest Savings Bank Employee Stock Ownership Plan ("ESOP") was terminated. As a result, 1,366,574 unallocated ESOP shares were retired to payoff the ESOP loan due to the Company. The remaining 401,356 unallocated ESOP shares were distributed into the employees' Northwest Savings Bank 401(k) Plan accounts. This distribution resulted in stock-based compensation expense of $5.5 million and $ 6.3 million for the quarter and nine months ended September 30, 2016, respectively. 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 September 30, 2016 we had no liability for unrecognized tax benefits. We recognize interest accrued related to: (1) unrecognized tax benefits in other expenses and (2) refund claims in other operating income. We recognize penalties (if any) in other expenses. 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, 2015 , 2014 , and 2013 . Impact of New Accounting Standards In May 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-9, “Revenue from Contracts with Customers (Topic 606)”. 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, 2017, 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 January 2016 the FASB issued ASU 2016-01, “Financial Instruments-Overall (Subtopic 825-10)” . This guidance requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Additionally, this guidance requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently evaluating the impact this standard will have on our results of operations and financial position. In February 2016 the FASB issued ASU 2016-2, “Leases” . This guidance requires a lessee to recognize in the statement of financial condition a liability to make lease payments and a right-of-use asset representing the right to use the underlying asset for the term of the lease. Optional periods should only be recognized if the lessee is reasonably certain to exercise the option. For leases with a term of twelve months or less, the lessee is permitted not to recognize lease assets and lease liabilities and should recognize lease expense for such leases generally on a straight-line basis over the term of the lease. This guidance is effective for annual periods beginning after December 15, 2018, including interim periods within those years and early adoption is permitted. We are currently evaluating the impact this standard will have on our results of operations and financial position. In March 2016 the FASB issued ASU 2016-08, “Principal Versus Agent Considerations” . This guidance clarifies the implementation guidance on principal versus agent considerations of ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" . When another party is involved in providing goods or services to a customer, an entity is required to determine whether the nature of its promise is to provide the specified good or service itself (that is, the entity is a principal) or to arrange for that good or service to be provided by the other party (that is, the entity is an agent). When (or as) an entity that is a principal satisfies a performance obligation, the entity recognizes revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred to the customer. When (or as) an entity that is an agent satisfies a performance obligation, the entity recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified good or service to be provided by the other party. This guidance is effective retrospectively for annual reporting periods beginning after December 15, 2017, 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 March 2016 the FASB issued ASU 2016-09, “Improvements to Employee Share-based Payment Accounting” . This guidance is part of the FASB's Simplification Initiative and simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2016, 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. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses on Financial Instruments , which eliminates the probable initial recognition threshold for credit losses requiring, instead, that all financial assets (or group of financial assets) measured at amortized cost be presented at the net amount expected to be collected inclusive of the entity’s current estimate of all lifetime expected credit losses. This guidance also applies to certain off-balance-sheet credit exposures such as unfunded commitments and non-derivative financial guarantees. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) in order to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The income statement under this guidance will reflect the initial recognition of current expected credit losses for newly recognized assets, as well as any increases or decreases of expected credit losses that have occurred during the period. This guidance retains many currently-existing disclosures related to the credit quality of an entity’s assets and the related allowance for credit losses amended to reflect the change to an expected credit loss methodology, as well as enhanced disclosures to provide information to users at a more disaggregated level. Upon adoption, ASU 2016-13 provides for a modified retrospective transition by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is effective, except for debt securities for which an other-than-temporary impairment has previously been recognized. For these debt securities, a prospective transition is provided in order to maintain the same amortized cost prior to and subsequent to the effective date of the ASU. This guidance is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those annual periods with early adoption permitted for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. We are currently evaluating the impact this standard will have on our results of operations and financial position. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition On September 9, 2016, Northwest, the wholly-owned subsidiary of the Company, completed the acquisition of 18 branches located in Erie and Niagara Counties, New York and certain related assets, and the assumption by Northwest of certain related liabilities, pursuant to the Purchase and Sale Agreement with KeyCorp, First Niagara Financial Group, Inc. (“FNFG”), and First Niagara Financial Group’s wholly-owned subsidiaries, First Niagara Bank, National Association (“First Niagara Bank”) and First Niagara Securities, Inc., dated April 28, 2016 (the “Purchase Agreement”). We also acquired certain wealth management relationships, which included approximately $450.0 million of assets under management. While the FNFG branch acquisition is considered a purchase of a business for accounting purposes, pro forma income statement information is not presented because the FNFG branch acquisition does not represent the acquisition of a business which has continuity both before and after the acquisition. The following table shows the assets acquired, and the liabilities assumed that were recorded at fair value on the date of acquisition (in thousands): Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value (1) Cash and cash equivalents (2) $ 1,119,084 Loans 455,857 Core deposit intangible 25,732 Wealth Management intangible 1,143 Other assets 16,684 Total assets acquired 1,618,500 Deposits (1,642,846 ) Other liabilities (21,224 ) Total liabilities assumed (1,664,070 ) Goodwill $ 45,570 (1) Preliminary estimates of fair value have been recorded. (2) Amount is net of $ 76.6 million deposit premium paid to FNFG. We estimated the fair value of loans acquired from FNFG by utilizing a methodology wherein similar loans were aggregated into pools. Cash flows for each pool were determined by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value based on a market rate for similar loans. There was no carryover of FNFG’s allowance for loan losses associated with the loans we acquired as the loans were initially recorded at fair value. We did not acquire any purchased credit impaired loans which would require accounting under ASC 310-30. The $ 25.7 million core deposit and the $ 1.1 million wealth management intangible assets recognized as part of the FNFG acquisition are being amortized over their estimated useful life of approximately 11 and 7 years, respectively, using an accelerated method. The goodwill, which is not amortized for book purposes, was assigned to our Community Banking segment and is deductible for tax purposes. The fair value of savings and transaction deposit accounts acquired from FNFG was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. Certificates of deposit were valued by projecting out the expected cash flows based on the remaining contractual terms of the certificate of deposit. These cash flows were discounted based on a market rate for a certificate of deposit with a corresponding remaining maturity. Direct costs related to the FNFG acquisition were expensed as incurred and amounted to $ 8.2 million for the nine months ended September 30, 2016 , which includes technology and communications costs, professional services, marketing and advertising, and other noninterest expenses. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | 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 (in thousands): Community Consumer September 30, 2016 Banking Finance All other (1) Consolidated External interest income $ 81,597 4,264 239 86,100 Intersegment interest income/ expense 645 — (645 ) — Interest expense 6,338 645 471 7,454 Provision for loan losses 4,276 1,262 — 5,538 Noninterest income 20,424 372 22 20,818 Noninterest expense 71,932 2,908 192 75,032 Income tax expense (benefit) 5,147 (74 ) (376 ) 4,697 Net income $ 14,973 (105 ) (671 ) 14,197 Total assets $ 9,590,487 109,601 14,519 9,714,607 Community Consumer September 30, 2015 Banking Finance All other (1) Consolidated External interest income $ 76,357 4,517 217 81,091 Intersegment interest income/ expense 618 — (618 ) — Interest expense 12,991 618 541 14,150 Provision for loan losses 2,666 501 — 3,167 Noninterest income 17,756 362 22 18,140 Noninterest expense 59,793 3,151 860 63,804 Income tax expense (benefit) 5,617 250 (629 ) 5,238 Net income $ 13,664 359 (1,151 ) 12,872 Total assets $ 8,805,421 111,109 18,378 8,934,908 (1) Eliminations consist of intercompany loans, interest income and interest expense. At or for the nine months ended (in thousands): Community Consumer September 30, 2016 Banking Finance All other (1) Consolidated External interest income $ 244,572 12,831 689 258,092 Intersegment interest income 1,918 — (1,918 ) — Interest expense 27,943 1,918 1,347 31,208 Provision for loan losses 8,854 2,543 — 11,397 Noninterest income 59,278 1,152 111 60,541 Noninterest expense 231,983 8,715 870 241,568 Income tax expense (benefit) 10,144 335 (1,192 ) 9,287 Net income $ 26,844 472 (2,143 ) 25,173 Total assets $ 9,590,487 109,601 14,519 9,714,607 Community Consumer September 30, 2015 Banking Finance All other (1) Consolidated External interest income $ 219,961 13,339 641 233,941 Intersegment interest income 1,775 — (1,775 ) — Interest expense 38,660 1,775 1,406 41,841 Provision for loan losses 3,766 1,351 — 5,117 Noninterest income 48,162 1,043 85 49,290 Noninterest expense 161,915 9,185 1,550 172,650 Income tax expense (benefit) 19,835 859 (1,418 ) 19,276 Net income $ 45,722 1,212 (2,587 ) 44,347 Total assets $ 8,805,421 111,109 18,378 8,934,908 (1) Eliminations consist of intercompany loans, interest income and interest expense. |
Investment securities and impai
Investment securities and impairment of investment securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities and impairment of investment securities | Investment securities and impairment of investment securities The following table shows the portfolio of investment securities available-for-sale at September 30, 2016 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Debt issued by the U.S. government and agencies: Due in one year or less $ 7 — — 7 Debt issued by government sponsored enterprises: Due in one year or less 59,980 74 — 60,054 Due after one year through five years 252,073 579 (128 ) 252,524 Due after five years through ten years 625 — — 625 Equity securities 3,351 547 (6 ) 3,892 Municipal securities: Due in one year or less 2,201 9 — 2,210 Due after one year through five years 11,343 191 (2 ) 11,532 Due after five years through ten years 10,272 315 — 10,587 Due after ten years 45,137 1,595 — 46,732 Corporate debt issues: Due after ten years 14,445 3,294 (349 ) 17,390 Residential mortgage-backed securities: Fixed rate pass-through 184,225 3,312 (84 ) 187,453 Variable rate pass-through 46,067 2,114 (5 ) 48,176 Fixed rate non-agency CMOs 1,810 244 — 2,054 Fixed rate agency CMOs 177,317 681 (1,005 ) 176,993 Variable rate agency CMOs 70,288 318 (147 ) 70,459 Total residential mortgage-backed securities 479,707 6,669 (1,241 ) 485,135 Total marketable securities available-for-sale $ 879,141 13,273 (1,726 ) 890,688 The following table shows the portfolio of investment securities available-for-sale at December 31, 2015 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Debt issued by the U.S. government and agencies: Due in one year or less $ 11 — — 11 Debt issued by government sponsored enterprises: Due in one year or less 15,500 3 (48 ) 15,455 Due after one year through five years 257,463 298 (1,395 ) 256,366 Due after five years through ten years 12,721 14 (23 ) 12,712 Due after ten years 9,815 135 (43 ) 9,907 Equity securities 1,400 500 (6 ) 1,894 Municipal securities: Due in one year or less 1,684 8 — 1,692 Due after one year through five years 14,327 117 (4 ) 14,440 Due after five years through ten years 12,400 323 — 12,723 Due after ten years 52,286 1,727 — 54,013 Corporate debt issues: Due after ten years 14,463 2,417 (405 ) 16,475 Residential mortgage-backed securities: Fixed rate pass-through 118,266 2,480 (420 ) 120,326 Variable rate pass-through 54,292 2,616 (7 ) 56,901 Fixed rate non-agency CMOs 2,519 230 — 2,749 Fixed rate agency CMOs 215,719 389 (3,881 ) 212,227 Variable rate agency CMOs 86,090 476 (52 ) 86,514 Total residential mortgage-backed securities 476,886 6,191 (4,360 ) 478,717 Total marketable securities available-for-sale $ 868,956 11,733 (6,284 ) 874,405 The following table shows the portfolio of investment securities held-to-maturity at September 30, 2016 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Municipal securities: Due after five years through ten years $ 274 1 — 275 Due after ten years 4,807 107 — 4,914 Residential mortgage-backed securities: Fixed rate pass-through 5,276 315 — 5,591 Variable rate pass-through 3,019 69 — 3,088 Fixed rate agency CMOs 8,353 163 — 8,516 Variable rate agency CMOs 855 10 — 865 Total residential mortgage-backed securities 17,503 557 — 18,060 Total marketable securities held-to-maturity $ 22,584 665 — 23,249 The following table shows the portfolio of investment securities held-to-maturity at December 31, 2015 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Municipal securities: Due after five years through ten years $ 274 1 — 275 Due after ten years 6,336 239 — 6,575 Residential mortgage-backed securities: Fixed rate pass-through 6,458 351 — 6,809 Variable rate pass-through 3,618 41 — 3,659 Fixed rate agency CMOs 14,033 219 — 14,252 Variable rate agency CMOs 970 12 — 982 Total residential mortgage-backed securities 25,079 623 — 25,702 Total marketable securities held-to-maturity $ 31,689 863 — 32,552 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 September 30, 2016 (in thousands): Less than 12 months 12 months or more Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. government sponsored enterprises $ 145,648 (106 ) 10,376 (22 ) 156,024 (128 ) Municipal securities 2,334 (2 ) 66 — 2,400 (2 ) Corporate issues — — 2,079 (349 ) 2,079 (349 ) Equity securities — — 545 (6 ) 545 (6 ) Residential mortgage-backed securities - agency 101,252 (198 ) 84,101 (1,043 ) 185,353 (1,241 ) Total temporarily impaired securities $ 249,234 (306 ) 97,167 (1,420 ) 346,401 (1,726 ) 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, 2015 (in thousands): Less than 12 months 12 months or more Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. government sponsored enterprises $ 143,751 (723 ) 92,961 (786 ) 236,712 (1,509 ) Municipal securities 7,505 (4 ) — — 7,505 (4 ) Corporate debt issues — — 2,021 (405 ) 2,021 (405 ) Equity securities 544 (6 ) — — 544 (6 ) Residential mortgage-backed securities - agency 122,109 (598 ) 149,889 (3,762 ) 271,998 (4,360 ) Total temporarily impaired securities $ 273,909 (1,331 ) 244,871 (4,953 ) 518,780 (6,284 ) We review our investment portfolio 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 impairment on all debt securities is recognized in earnings while noncredit related 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 and nine months ended (in thousands): 2016 2015 Beginning balance at July 1, (1) $ 8,408 8,489 Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Reduction for losses realized during the quarter (16 ) (30 ) Reduction for securities sold/ called realized during the quarter — — Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized — — Ending balance at September 30, $ 8,392 $ 8,459 (1) The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. 2016 2015 Beginning balance at January 1, (1) $ 8,436 8,894 Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Reduction for losses realized during the nine months (44 ) (75 ) Reduction for securities sold/ called realized during the nine months — (360 ) Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized — — Ending balance at September 30, $ 8,392 8,459 (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 | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans receivable | Loans receivable The following table shows a summary of our loans receivable at September 30, 2016 and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Originated Acquired Total Originated Acquired Total Personal Banking: Residential mortgage loans (1) $ 2,678,757 142,360 2,821,117 2,695,561 45,716 2,741,277 Home equity loans 1,028,982 320,123 1,349,105 1,055,907 131,199 1,187,106 Consumer loans 436,847 180,488 617,335 313,220 197,397 510,617 Total Personal Banking 4,144,586 642,971 4,787,557 4,064,688 374,312 4,439,000 Commercial Banking: Commercial real estate loans 2,213,678 422,669 2,636,347 2,094,710 429,564 2,524,274 Commercial loans 486,353 83,433 569,786 372,540 65,175 437,715 Total Commercial Banking 2,700,031 506,102 3,206,133 2,467,250 494,739 2,961,989 Total loans receivable, gross 6,844,617 1,149,073 7,993,690 6,531,938 869,051 7,400,989 Deferred loan costs 18,819 3,510 22,329 14,806 5,259 20,065 Allowance for loan losses (58,024 ) (5,222 ) (63,246 ) (60,970 ) (1,702 ) (62,672 ) Undisbursed loan proceeds: Residential mortgage loans (13,256 ) — (13,256 ) (10,778 ) — (10,778 ) Commercial real estate loans (167,915 ) (3,751 ) (171,666 ) (159,553 ) (13,287 ) (172,840 ) Commercial loans (30,240 ) (2,291 ) (32,531 ) (11,132 ) (4,183 ) (15,315 ) Total loans receivable, net $ 6,594,001 1,141,319 7,735,320 6,304,311 855,138 7,159,449 (1) Includes $30.4 million of loans held for sale at September 30, 2016 . Acquired loans were initially measured at fair value and subsequently accounted for under either Accounting Standards Codification (“ASC”) Topic 310-30 or ASC Topic 310-20. The following table provides information related to the outstanding principal balance and related carrying value of acquired loans for the dates indicated (in thousands): September 30, December 31, Acquired loans evaluated individually for future credit losses: Outstanding principal balance $ 17,212 $ 21,069 Carrying value 13,641 16,867 Acquired loans evaluated collectively for future credit losses: Outstanding principal balance 1,141,343 848,194 Carrying value 1,132,900 839,973 Total acquired loans: Outstanding principal balance 1,158,555 869,263 Carrying value 1,146,541 856,840 The following table provides information related to the changes in the accretable discount, which includes income recognized from contractual cash flows for the dates indicated (in thousands): Total Balance at December 31, 2014 $ — LNB Bancorp, Inc. acquisition 1,672 Accretion (377 ) Net reclassification from nonaccretable yield 724 Balance at December 31, 2015 2,019 Accretion (851 ) Net reclassification from nonaccretable yield 1,080 Balance at September 30, 2016 $ 2,248 The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the nine months ended September 30, 2016 (in thousands): Carrying value Outstanding principal balance Related impairment reserve Average recorded investment in impaired loans Interest income recognized Personal Banking: Residential mortgage loans $ 1,381 2,153 184 1,681 154 Home equity loans 1,407 2,739 8 1,746 150 Consumer loans 169 353 3 218 32 Total Personal Banking 2,957 5,245 195 3,645 336 Commercial Banking: Commercial real estate loans 10,434 11,703 62 11,361 507 Commercial loans 250 264 — 248 8 Total Commercial Banking 10,684 11,967 62 11,609 515 Total $ 13,641 17,212 257 15,254 851 The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2015 (in thousands): Carrying Outstanding Related Average Interest Personal Banking: Residential mortgage loans $ 1,981 2,910 14 2,083 41 Home equity loans 2,084 3,455 6 2,222 51 Consumer loans 267 492 2 305 18 Total Personal Banking 4,332 6,857 22 4,610 110 Commercial Banking: Commercial real estate loans 12,288 13,946 353 12,867 249 Commercial loans 247 266 — 335 18 Total Commercial Banking 12,535 14,212 353 13,202 267 Total $ 16,867 21,069 375 17,812 377 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 September 30, 2016 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,002 1,109 (268 ) 139 3,022 Home equity loans 3,519 296 (161 ) 49 3,335 Consumer loans 9,096 3,345 (2,535 ) 362 7,924 Total Personal Banking 16,617 4,750 (2,964 ) 550 14,281 Commercial Banking: Commercial real estate loans 24,530 (1,041 ) (602 ) 487 25,686 Commercial loans 16,877 1,668 (708 ) 561 15,356 Total Commercial Banking 41,407 627 (1,310 ) 1,048 41,042 Total originated loans 58,024 5,377 (4,274 ) 1,598 55,323 Acquired loans: Personal Banking: Residential mortgage loans 78 45 (86 ) 58 61 Home equity loans 1,171 138 (127 ) 32 1,128 Consumer loans 644 212 (166 ) 46 552 Total Personal Banking 1,893 395 (379 ) 136 1,741 Commercial Banking: Commercial real estate loans 2,422 (588 ) (187 ) 32 3,165 Commercial loans 907 354 — 1 552 Total Commercial Banking 3,329 (234 ) (187 ) 33 3,717 Total acquired loans 5,222 161 (566 ) 169 5,458 Total $ 63,246 5,538 (4,840 ) 1,767 60,781 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 September 30, 2015 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Personal Banking: Residential mortgage loans $ 4,587 (14 ) (342 ) 51 4,892 Home equity loans 3,371 274 (443 ) 95 3,445 Consumer loans 7,618 3,000 (2,014 ) 388 6,244 Total Personal Banking 15,576 3,260 (2,799 ) 534 14,581 Commercial Banking: Commercial real estate loans 30,829 111 (558 ) 1,113 30,163 Commercial loans 14,142 (204 ) (595 ) 628 14,313 Total Commercial Banking 44,971 (93 ) (1,153 ) 1,741 44,476 Total $ 60,547 3,167 (3,952 ) 2,275 59,057 The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2016 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,002 1,612 (2,559 ) 257 4,692 Home equity loans 3,519 253 (898 ) 223 3,941 Other consumer loans 9,096 7,368 (6,908 ) 1,148 7,488 Total Personal Banking 16,617 9,233 (10,365 ) 1,628 16,121 Commercial Banking: Commercial real estate loans 24,530 (8,756 ) (2,103 ) 3,041 32,348 Commercial loans 16,877 5,008 (1,704 ) 1,072 12,501 Total Commercial Banking 41,407 (3,748 ) (3,807 ) 4,113 44,849 Total originated loans 58,024 5,485 (14,172 ) 5,741 60,970 Acquired loans: Personal Banking: Residential mortgage loans 78 118 (211 ) 153 18 Home equity loans 1,171 2,093 (1,320 ) 297 101 Other consumer loans 644 925 (528 ) 137 110 Total Personal Banking 1,893 3,136 (2,059 ) 587 229 Commercial Banking: Commercial real estate loans 2,422 1,886 (1,314 ) 411 1,439 Commercial loans 907 890 (24 ) 7 34 Total Commercial Banking 3,329 2,776 (1,338 ) 418 1,473 Total acquired loans 5,222 5,912 (3,397 ) 1,005 1,702 Total $ 63,246 11,397 (17,569 ) 6,746 62,672 The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2015 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Personal Banking: Residential mortgage loans $ 4,587 (220 ) (955 ) 181 5,581 Home equity loans 3,371 (126 ) (1,327 ) 274 4,550 Other consumer loans 7,618 6,135 (5,713 ) 1,078 6,118 Total Personal Banking 15,576 5,789 (7,995 ) 1,533 16,249 Commercial Banking: Commercial real estate loans 30,829 (1,205 ) (5,110 ) 3,755 33,389 Commercial loans 14,142 4,898 (7,675 ) 3,404 13,515 Total Commercial Banking 44,971 3,693 (12,785 ) 7,159 46,904 Unallocated — (4,365 ) — — 4,365 Total $ 60,547 5,117 (20,780 ) 8,692 67,518 At September 30, 2016 , we expect to fully collect the carrying value of our purchased credit impaired loans and have determined that we can reasonably estimate their future cash flows including those loans that are 90 days or more delinquent. As a result, we do not consider our purchased credit impaired loans that are 90 days or more delinquent to be nonaccrual or impaired and continue to recognize interest income on these loans, including the loans’ accretable discount. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at September 30, 2016 (in thousands): Total loans receivable Allowance for loan losses Nonaccrual loans (1) Loans past due 90 days or more and still accruing (2) TDRs Allowance related to TDRs Additional commitments to customers with loans classified as TDRs Personal Banking: Residential mortgage loans $ 2,819,013 4,080 17,919 — 7,174 735 — Home equity loans 1,349,105 4,690 8,100 — 1,962 471 3 Consumer loans 628,512 9,740 4,279 95 — — — Total Personal Banking 4,796,630 18,510 30,298 95 9,136 1,206 3 Commercial Banking: Commercial real estate loans 2,464,681 26,952 42,066 — 26,435 2,038 280 Commercial loans 537,255 17,784 13,908 8 11,024 1,453 17 Total Commercial Banking 3,001,936 44,736 55,974 8 37,459 3,491 297 Total $ 7,798,566 63,246 86,272 103 46,595 4,697 300 (1) Includes $17.4 million of nonaccrual TDRs. (2) Represents loans 90 days past maturity and still accruing. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2015 (in thousands): Total loans receivable Allowance for loan losses Nonaccrual loans (1) Loans past due 90 days or more and still accruing (2) TDRs Allowance related to TDRs Additional commitments to customers with loans classified as TDRs Personal Banking: Residential mortgage loans $ 2,740,892 4,710 19,772 4 6,360 1,189 — Home equity loans 1,187,106 4,042 7,522 — 2,298 605 — Consumer loans 520,289 7,598 3,452 976 — — — Total Personal Banking 4,448,287 16,350 30,746 980 8,658 1,794 — Commercial Banking: Commercial real estate loans 2,351,434 33,787 33,421 206 31,970 2,257 241 Commercial loans 422,400 12,535 7,495 148 10,487 631 79 Total Commercial Banking 2,773,834 46,322 40,916 354 42,457 2,888 320 Total $ 7,222,121 62,672 71,662 1,334 51,115 4,682 320 (1) Includes $21.1 million of nonaccrual TDRs. (2) Represents loans 90 days past maturity and still accruing. The following table provides geographical information related to the loan portfolio by portfolio segment and class of financing receivable at September 30, 2016 (in thousands): Pennsylvania New York Ohio Maryland Other Total Loans receivable: Personal Banking: Residential mortgage loans $ 2,285,555 286,147 70,507 121,013 55,791 2,819,013 Home equity loans 858,767 284,095 146,040 22,713 37,490 1,349,105 Consumer loans 268,458 71,558 117,944 1,996 168,556 628,512 Total Personal Banking 3,412,780 641,800 334,491 145,722 261,837 4,796,630 Commercial Banking: Commercial real estate loans 967,962 875,066 464,068 113,605 43,980 2,464,681 Commercial loans 365,924 95,997 55,758 7,034 12,542 537,255 Total Commercial Banking 1,333,886 971,063 519,826 120,639 56,522 3,001,936 Total $ 4,746,666 1,612,863 854,317 266,361 318,359 7,798,566 Percentage of total loans receivable 60.9 % 20.6 % 11.0 % 3.4 % 4.1 % 100.0 % The following table provides delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at September 30, 2016 (in thousands): Pennsylvania New York Ohio Maryland Other Total Loans 90 or more days delinquent: (1) Personal Banking: Residential mortgage loans $ 9,380 1,627 831 1,229 411 13,478 Home equity loans 3,064 1,039 1,405 469 45 6,022 Consumer loans 2,951 122 58 — 241 3,372 Total Personal Banking 15,395 2,788 2,294 1,698 697 22,872 Commercial Banking: Commercial real estate loans 7,209 2,697 8,261 110 6,256 24,533 Commercial loans 5,061 137 942 109 — 6,249 Total Commercial Banking 12,270 2,834 9,203 219 6,256 30,782 Total $ 27,665 5,622 11,497 1,917 6,953 53,654 Percentage of total loans 90 or more days delinquent 51.5 % 10.5 % 21.4 % 3.6 % 13.0 % 100.0 % (1) Includes $2.9 million of purchased credit impaired loans considered accruing. The following table provides geographical information related to the loan portfolio by portfolio segment and class of financing receivable at December 31, 2015 (in thousands): Pennsylvania New York Ohio Maryland Other Total Loans receivable: Personal Banking: Residential mortgage loans $ 2,310,860 171,790 70,209 129,129 58,904 2,740,892 Home equity loans 879,447 124,291 154,003 24,458 4,907 1,187,106 Consumer loans 260,170 12,244 102,034 1,870 143,971 520,289 Total Personal Banking 3,450,477 308,325 326,246 155,457 207,782 4,448,287 Commercial Banking: Commercial real estate loans 965,090 749,435 453,180 122,775 60,954 2,351,434 Commercial loans 284,611 53,420 68,327 5,662 10,380 422,400 Total Commercial Banking 1,249,701 802,855 521,507 128,437 71,334 2,773,834 Total $ 4,700,178 1,111,180 847,753 283,894 279,116 7,222,121 Percentage of total loans receivable 65.1 % 15.4 % 11.7 % 3.9 % 3.9 % 100.0 % The following table provides delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at December 31, 2015 (in thousands): Pennsylvania New York Ohio Maryland Other Total Loans 90 or more days delinquent: (1) Personal Banking: Residential mortgage loans $ 10,998 1,801 1,308 1,341 902 16,350 Home equity loans 3,204 639 1,294 975 — 6,112 Consumer loans 2,780 90 24 — 32 2,926 Total Personal Banking 16,982 2,530 2,626 2,316 934 25,388 Commercial Banking: Commercial real estate loans 10,439 3,012 4,823 251 506 19,031 Commercial loans 1,582 859 158 — — 2,599 Total Commercial Banking 12,021 3,871 4,981 251 506 21,630 Total $ 29,003 6,401 7,607 2,567 1,440 47,018 Percentage of total loans 90 or more days delinquent 61.6 % 13.6 % 16.2 % 5.5 % 3.1 % 100.0 % (1) Includes $3.8 million of purchased credit impaired loans considered accruing. The following table provides information related to the composition of originated impaired loans by portfolio segment and by class of financing receivable at and for the nine months ended September 30, 2016 (in thousands): Nonaccrual loans 90 or more days delinquent Nonaccrual loans less than 90 days delinquent Loans less than 90 days delinquent reviewed for impairment TDRs less than 90 days delinquent not included elsewhere Total impaired loans Average recorded investment in impaired loans Interest income recognized on impaired loans Personal Banking: Residential mortgage loans $ 13,242 4,677 — 6,330 24,249 24,401 819 Home equity loans 5,874 2,226 — 1,476 9,576 9,155 368 Consumer loans 3,354 925 — — 4,279 3,322 116 Total Personal Banking 22,470 7,828 — 7,806 38,104 36,878 1,303 Commercial Banking: Commercial real estate loans 22,155 19,911 4,838 10,929 57,833 67,422 2,258 Commercial loans 6,105 7,803 2,893 3,634 20,435 17,158 733 Total Commercial Banking 28,260 27,714 7,731 14,563 78,268 84,580 2,991 Total $ 50,730 35,542 7,731 22,369 116,372 121,458 4,294 The following table provides information related to the composition of originated impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2015 (in thousands): Nonaccrual loans 90 or more days delinquent Nonaccrual loans less than 90 days delinquent Loans less than 90 days delinquent reviewed for impairment TDRs less than 90 days delinquent not included elsewhere Total impaired loans Average recorded investment in impaired loans Interest income recognized on impaired loans Personal Banking: Residential mortgage loans $ 15,810 3,962 — 5,086 24,858 24,554 944 Home equity loans 5,650 1,872 — 1,847 9,369 9,644 497 Consumer loans 2,900 552 — — 3,452 2,977 101 Total Personal Banking 24,360 6,386 — 6,933 37,679 37,175 1,542 Commercial Banking: Commercial real estate loans 16,449 16,972 16,121 16,467 66,009 77,166 3,226 Commercial loans 2,459 5,036 2,014 4,654 14,163 16,187 694 Total Commercial Banking 18,908 22,008 18,135 21,121 80,172 93,353 3,920 Total $ 43,268 28,394 18,135 28,054 117,851 130,528 5,462 The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at September 30, 2016 (in thousands): Loans collectively evaluated for impairment Loans individually evaluated for impairment Loans individually evaluated for impairment for which there is a related impairment reserve Related impairment reserve Loans individually evaluated for impairment for which there is no related reserve Personal Banking: Residential mortgage loans $ 2,810,996 8,017 8,017 735 — Home equity loans 1,347,143 1,962 1,962 471 — Consumer loans 628,438 74 74 17 — Total Personal Banking 4,786,577 10,053 10,053 1,223 — Commercial Banking: Commercial real estate loans 2,424,492 40,189 32,587 3,636 7,602 Commercial loans 525,006 12,249 12,249 1,513 — Total Commercial Banking 2,949,498 52,438 44,836 5,149 7,602 Total $ 7,736,075 62,491 54,889 6,372 7,602 The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at December 31, 2015 (in thousands): Loans collectively evaluated for impairment Loans individually evaluated for impairment Loans individually evaluated for impairment for which there is a related impairment reserve Related impairment reserve Loans individually evaluated for impairment for which there is no related reserve Personal Banking: Residential mortgage loans $ 2,733,741 7,151 7,151 1,189 — Home equity loans 1,184,808 2,298 2,298 605 — Consumer loans 520,159 130 130 50 — Total Personal Banking 4,438,708 9,579 9,579 1,844 — Commercial Banking: Commercial real estate loans 2,297,599 53,835 35,937 2,675 17,898 Commercial loans 411,342 11,058 7,673 489 3,385 Total Commercial Banking 2,708,941 64,893 43,610 3,164 21,283 Total $ 7,147,649 74,472 53,189 5,008 21,283 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 September 30, 2016 2015 Number of contracts Amount Number of contracts Amount Beginning TDR balance: 230 $ 49,113 231 $ 56,184 New TDRs 5 245 5 2,273 Re-modified TDRs 1 799 1 6,316 Net paydowns (1,781 ) (7,096 ) Charge-offs: Residential mortgage loans — — — — Home equity loans — — 1 (60 ) Commercial real estate loans — — 1 (5 ) Commercial loans 1 (99 ) — — Paid-off loans: Residential mortgage loans 3 (143 ) — — Home equity loans 2 (264 ) 2 (75 ) Commercial real estate loans 8 (1,022 ) 6 (8,122 ) Commercial loans 3 (253 ) 2 (77 ) Ending TDR balance: 218 $ 46,595 224 $ 49,338 Accruing TDRs $ 29,221 $ 26,154 Non-accrual TDRs 17,374 23,184 The following table provides a roll forward of troubled debt restructurings for the periods indicated (in thousands): For the nine months ended September 30, 2016 2015 Number of contracts Number of contracts Beginning TDR balance: 227 $ 51,115 248 $ 61,788 New TDRs 23 5,256 11 2,772 Re-modified TDRs 5 1,862 3 6,446 Net paydowns (4,685 ) (11,537 ) Charge-offs: Residential mortgage loans — — — — Home equity loans — — 4 (159 ) Commercial real estate loans — — 3 (28 ) Commercial loans 2 (142 ) 2 (387 ) Paid-off loans: Residential mortgage loans 3 (143 ) 1 (53 ) Home equity loans 5 (496 ) 3 (81 ) Commercial real estate loans 16 (5,584 ) 14 (9,127 ) Commercial loans 6 (588 ) 8 (296 ) Ending TDR balance: 218 $ 46,595 224 $ 49,338 Accruing TDRs $ 29,221 $ 26,154 Non-accrual TDRs 17,374 23,184 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 For the nine months ended September 30, 2016 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 1 $ 9 8 1 6 $ 1,041 1,031 105 Home equity loans 1 3 3 1 6 284 281 60 Consumer loans — — — — — — — — Total Personal Banking 2 12 11 2 12 1,325 1,312 165 Commercial Banking: Commercial real estate loans 1 154 153 11 5 2,250 2,218 295 Commercial loans 3 878 877 64 11 3,543 2,591 632 Total Commercial Banking 4 1,032 1,030 75 16 5,793 4,809 927 Total 6 $ 1,044 1,041 77 28 $ 7,118 6,121 1,092 Troubled debt restructurings modified within the previous twelve months that have subsequently defaulted: Personal Banking: Residential mortgage loans — $ — — — — $ — — — Home equity loans — — — — — — — — Consumer loans — — — — — — — — Total Personal Banking — — — — — — — — Commercial Banking Commercial real estate loans 1 6,256 6,113 893 — — — — Commercial loans — — — — — — — — Total Commercial Banking 1 6,256 6,113 893 — — — — Total 1 $ 6,256 6,113 893 — $ — — — 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 For the nine months ended September 30, 2015 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans — $ — — — 4 $ 232 228 — Home equity loans — — — — 2 87 85 17 Consumer loans — — — — — — — — Total Personal Banking — — — — 6 319 313 17 Commercial Banking: Commercial real estate loans 5 8,563 8,511 980 6 8,575 8,522 981 Commercial loans 1 26 25 3 2 324 313 31 Total Commercial Banking 6 8,589 8,536 983 8 8,899 8,835 1,012 Total 6 $ 8,589 8,536 983 14 $ 9,218 9,148 1,029 Troubled debt restructurings modified within the previous twelve months that have subsequently defaulted: Personal Banking: Residential mortgage loans — $ — — — 1 $ 251 249 — Home equity loans — — — — 1 23 20 — Consumer loans — — — — — — — — Total Personal Banking — — — — 2 274 269 — Commercial Banking: Commercial real estate loans — — — — — — — — Commercial loans — — — — — — — — Total Commercial Banking — — — — — — — — Total — $ — — — 2 $ 274 269 — The following table provides information as of September 30, 2016 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 September 30, 2016 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — 8 — 8 Home equity loans 1 — — 3 — 3 Consumer loans — — — — — — Total Personal Banking 2 — — 11 — 11 Commercial Banking: Commercial real estate loans 1 — — 153 — 153 Commercial loans 3 — 799 78 — 877 Total Commercial Banking 4 — 799 231 — 1,030 Total 6 $ — 799 242 — 1,041 The following table provides information as of September 30, 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 September 30, 2015 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans — — — — — — Consumer loans — — — — — — Total Personal Banking — — — — — — Commercial Banking: Commercial real estate loans 5 180 — 8,331 — 8,511 Commercial loans 1 — — 25 — 25 Total Commercial Banking 6 180 — 8,356 — 8,536 Total 6 $ 180 — 8,356 — 8,536 The following table provides information as of September 30, 2016 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the nine months ended September 30, 2016 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 6 $ 361 — 622 48 1,031 Home equity loans 6 121 — 3 157 281 Other consumer loans — — — — — — Total Personal Banking 12 482 — 625 205 1,312 Commercial Banking: Commercial real estate loans 5 — 429 535 1,254 2,218 Commercial loans 11 — 799 1,042 750 2,591 Total Commercial Banking 16 — 1,228 1,577 2,004 4,809 Total 28 $ 482 1,228 2,202 2,209 6,121 The following table provides information as of September 30, 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 nine months ended September 30, 2015 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 4 $ 73 — 110 45 228 Home equity loans 2 83 — 2 — 85 Other consumer loans — — — — — — Total Personal Banking 6 156 — 112 45 313 Commercial Banking: Commercial real estate loans 6 180 — 8,342 — 8,522 Commercial loans 2 — — 313 — 313 Total Commercial Banking 8 180 — 8,655 — 8,835 Total 14 $ 336 — 8,767 45 9,148 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 September 30, 2016 (dollars in thousands): Number of Type of re-modification re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans — — — — — — Consumer loans — — — — — — Total Personal Banking — — — — — — Commercial Banking: Commercial real estate loans — — — — — — Commercial loans 1 — 799 — — 799 Total Commercial Banking 1 — 799 — — 799 Total 1 $ — 799 — — 799 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 September 30, 2015 (dollars in thousands): Number of Type of re-modification re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans — — — — — — Consumer loans — — — — — — Total Personal Banking — — — — — — Commercial Banking: Commercial real estate loans 1 — — 6,270 — 6,270 Commercial loans — — — — — — Total Commercial Banking 1 — — 6,270 — 6,270 Total 1 $ — — 6,270 — 6,270 The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the nine months ended September 30, 2016 (dollars in thousands): Number of Type of re-modification re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans — — — — — — Other consumer loans — — — — — — Total Personal Banking — — — — — — Commercial Banking: Commercial real estate loans 1 — — — 182 182 Commercial loans 4 — 1,662 — — 1,662 Total Commercial Banking 5 — 1,662 — 182 1,844 Total 5 $ — 1,662 — 182 1,844 The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the nine months ended September 30, 2015 (dollars in thousands): Number of Type of re-modification re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — — 45 45 Home equity loans 1 83 — — — 83 Other consumer loans — — — — — — Total Personal Banking 2 83 — — 45 128 Commercial Banking: Commercial real estate loans 1 — — 6,270 — 6,270 Commercial loans — — — — — — Total Commercial Banking 1 — — 6,270 — 6,270 Total 3 $ 83 — 6,270 45 6,398 The following table provides information related to loan payment delinquencies at September 30, 2016 (in thousands): 30-59 Days delinquent 60-89 Days delinquent 90 Days or greater delinquent Total delinquency Current Total loans receivable 90 Days or greater delinquent and accruing (1) Originated loans: Personal Banking: Residential mortgage loans $ 3,322 5,568 12,855 21,745 2,654,908 2,676,653 — Home equity loans 4,130 910 4,817 9,857 1,019,125 1,028,982 — Consumer loans 6,565 2,368 3,163 12,096 432,418 444,514 — Total Personal Banking 14,017 8,846 20,835 43,698 4,106,451 4,150,149 — Commercial Banking: Commercial real estate loans 3,432 487 16,698 20,617 2,025,146 2,045,763 — Commercial loans 1,270 443 5,309 7,022 449,091 456,113 — Total Commercial Banking 4,702 930 22,007 27,639 2,474,237 2,501,876 — Total originated loans 18,719 9,776 42,842 71,337 6,580,688 6,652,025 — Acquired loans: Personal Banking: Residential mortgage loans 58 606 623 1,287 141,073 142,360 235 Home equity loans 854 235 1,205 2,294 317,829 320,123 148 Consumer loans 1,018 305 209 1,532 182,466 183,998 18 Total Personal Banking 1,930 1,146 2,037 5,113 641,368 646,481 401 Commercial Banking: Commercial real estate loans 423 615 7,835 8,873 410,045 418,918 2,378 Commercial loans 223 151 940 1,314 79,828 81,142 144 Total Commercial Banking 646 766 8,775 10,187 489,873 500,060 2,522 Total acquired loans 2,576 1,912 10,812 15,300 1,131,241 1,146,541 2,923 Total loans $ 21,295 11,688 53,654 86,637 7,711,929 7,798,566 2,923 (1) Represents acquired loans that were originally recorded at fair value upon acquisition. These loans are considered to be accruing because we can reasonably estimate future cash flows on and expect to fully collect the carrying value of these loans. Therefore, we are accreting the difference between the carrying value and their expected cash flows into interest income. The following table provides information related to loan payment delinquencies at December 31, 2015 (in thousands): 30-59 Days delinquent 60-89 Days delinquent 90 Days or greater delinquent Total delinquency Current Total loans receivable 90 Days or Originated loans: Personal Banking: Residential mortgage loans $ 25,503 7,541 15,564 48,608 2,646,568 2,695,176 — Home equity loans 4,870 1,836 5,251 11,957 1,043,950 1,055,907 — Consumer loans 6,092 2,340 2,857 11,289 306,344 317,633 — Total Personal Banking 36,465 11,717 23,672 71,854 3,996,862 4,068,716 — Commercial Banking: Commercial real estate loans 22,212 6,875 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands): September 30, December 31, Amortizable intangible assets: Core deposit intangibles — gross $ 37,953 30,578 Acquisitions 25,732 7,375 Less: accumulated amortization (32,910 ) (31,192 ) Core deposit intangibles — net 30,775 6,761 Customer and Contract intangible assets — gross 8,496 8,234 Acquisitions 1,640 262 Less: accumulated amortization (7,010 ) (6,275 ) Customer and Contract intangible assets — net $ 3,126 2,221 The following table shows the actual aggregate amortization expense for the quarters ended September 30, 2016 and 2015 , 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 September 30, 2016 $ 1,068 For the quarter ended September 30, 2015 422 For the nine months ended September 30, 2016 2,453 For the nine months ended September 30, 2015 959 For the year ending December 31, 2016 4,240 For the year ending December 31, 2017 6,655 For the year ending December 31, 2018 5,762 For the year ending December 31, 2019 4,869 For the year ending December 31, 2020 3,976 For the year ending December 31, 2021 3,170 The following table provides information for the changes in the carrying amount of goodwill (in thousands): Community Consumer Total Balance at December 31, 2014 $ 173,710 1,613 175,323 Goodwill acquired 86,413 — 86,413 Impairment losses — — — Balance at December 31, 2015 260,123 1,613 261,736 Goodwill acquired 45,975 — 45,975 Impairment losses — — — Balance at September 30, 2016 $ 306,098 1,613 307,711 We performed our annual goodwill impairment test as of June 30, 2016 and concluded that goodwill was not impaired. At September 30, 2016, there were no changes in our operations or other factors that would cause us to update that test. See Note 1 of the Notes to Consolidated Financial Statements in Item 8 of Part II of our 2015 Annual Report on Form 10-K for a description of our testing procedures. |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2016 | |
Guarantees [Abstract] | |
Guarantees | 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 September 30, 2016 , the maximum potential amount of future payments we could be required to make under these standby letters of credit was $33.7 million , of which $24.8 million is fully collateralized. At September 30, 2016 , we had a liability, which represents deferred income, of $225,000 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 | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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. All stock options outstanding during the quarter ended September 30, 2016 were included in the computation of diluted earnings per share because the options’ exercise price was less than the average market price of the common shares of $15.19 . Stock options to purchase 534,482 shares of common stock with a weighted average exercise price of $13.15 per share were outstanding during the quarter ended September 30, 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 $12.76 . Stock options to purchase 710,423 shares of common stock with a weighted average exercise price of $14.15 per share were outstanding during the nine months ended September 30, 2016 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 $14.02 . Stock options to purchase 1,712,746 shares of common stock with a weighted average exercise price of $12.63 per share were outstanding during the nine months ended September 30, 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 $12.33 . The computation of basic and diluted earnings per share follows (in thousands, except share data and per share amounts): Quarter ended Nine months ended 2016 2015 2016 2015 Reported net income $ 14,197 12,872 25,173 44,347 Weighted average common shares outstanding 99,602,535 95,256,807 99,224,565 92,822,720 Dilutive potential shares due to effect of stock options 1,465,710 568,991 1,008,942 433,379 Total weighted average common shares and dilutive potential shares 101,068,245 95,825,798 100,233,507 93,256,099 Basic earnings per share: $ 0.14 0.14 0.25 0.48 Diluted earnings per share: $ 0.14 0.13 0.25 0.48 |
Pension and Other Post-retireme
Pension and Other Post-retirement Benefits | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Post-retirement Benefits | 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 September 30, Pension benefits Other post-retirement benefits 2016 2015 2016 2015 Service cost $ 1,374 1,430 — — Interest cost 1,695 1,531 18 14 Expected return on plan assets (2,474 ) (2,593 ) — — Amortization of prior service cost (581 ) (581 ) — — Amortization of the net loss 927 925 22 15 Net periodic (benefit)/ cost $ 941 712 40 29 Nine months ended September 30, Pension benefits Other post-retirement benefits 2016 2015 2016 2015 Service cost $ 4,122 4,290 — — Interest cost 5,087 4,593 53 44 Expected return on plan assets (7,423 ) (7,779 ) — — Amortization of prior service cost (1,742 ) (1,743 ) — — Amortization of the net loss 2,782 2,775 67 45 Net periodic (benefit)/ cost $ 2,826 2,136 120 89 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, 2016 . |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Disclosures About Fair Value of Financial Instruments | 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 Held for Sale The estimated fair value of loans held for sale is based on market bids obtained from potential buyers. Loans Held for Investment 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 (“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 September 30, 2016 and December 31, 2015 , 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 September 30, 2016 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 320,566 320,566 320,566 — — Securities available-for-sale 890,688 890,688 3,892 877,567 9,229 Securities held-to-maturity 22,584 23,249 — 23,249 — Loans receivable, net 7,735,320 8,139,180 30,355 — 8,108,825 Accrued interest receivable 21,591 21,591 21,591 — — FHLB Stock 7,660 7,660 — — — Total financial assets $ 8,998,409 9,402,934 376,404 900,816 8,118,054 Financial liabilities: Savings and checking deposits $ 6,511,356 6,511,356 6,511,356 — — Time deposits 1,691,447 1,711,487 — — 1,711,487 Borrowed funds 135,891 135,891 135,891 — — Junior subordinated debentures 111,213 113,967 — — 113,967 Cash flow hedges - swaps 3,512 3,512 — 3,512 — Accrued interest payable 682 682 682 — — Total financial liabilities $ 8,454,101 8,476,895 6,647,929 3,512 1,825,454 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, 2015 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 167,408 167,408 167,408 — — Securities available-for-sale 874,405 874,405 1,894 863,556 8,955 Securities held-to-maturity 31,689 32,552 — 32,552 — Loans receivable, net 7,159,449 7,482,431 — — 7,482,431 Accrued interest receivable 21,072 21,072 21,072 — — FHLB Stock 40,903 40,903 — — — Total financial assets $ 8,294,926 8,618,771 190,374 896,108 7,491,386 Financial liabilities: Savings and checking accounts $ 4,917,863 4,917,863 4,917,863 — — Time deposits 1,694,718 1,710,388 — — 1,710,388 Borrowed funds 975,007 998,527 118,664 — 879,863 Junior subordinated debentures 111,213 115,268 — — 115,268 Cash flow hedges - swaps 4,276 4,276 — 4,276 — Accrued interest payable 1,993 1,993 1,993 — — Total financial liabilities $ 7,705,070 7,748,315 5,038,520 4,276 2,705,519 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 September 30, 2016 and December 31, 2015 . There were no transfers of financial instruments between Level 1 and Level 2 during the nine months ended September 30, 2016 . The following table represents assets and liabilities measured at fair value on a recurring basis at September 30, 2016 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Equity securities $ 3,892 — — 3,892 Debt securities: U.S. government and agencies — 7 — 7 Government sponsored enterprises — 313,203 — 313,203 States and political subdivisions — 71,061 — 71,061 Corporate — 8,161 9,229 17,390 Total debt securities — 392,432 9,229 401,661 Residential mortgage-backed securities: GNMA — 32,372 — 32,372 FNMA — 114,942 — 114,942 FHLMC — 87,729 — 87,729 Non-agency — 586 — 586 Collateralized mortgage obligations: GNMA — 7,275 — 7,275 FNMA — 102,781 — 102,781 FHLMC — 130,362 — 130,362 SBA — 7,034 — 7,034 Non-agency — 2,054 — 2,054 Total mortgage-backed securities — 485,135 — 485,135 Interest rate swaps — (3,512 ) — (3,512 ) Total assets and liabilities $ 3,892 874,055 9,229 887,176 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2015 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Equity securities $ 1,894 — — 1,894 Debt securities: U.S. government and agencies — 11 — 11 Government sponsored enterprises — 294,440 — 294,440 States and political subdivisions — 82,868 — 82,868 Corporate — 7,520 8,955 16,475 Total debt securities — 384,839 8,955 393,794 Residential mortgage-backed securities: GNMA — 27,082 — 27,082 FNMA — 99,170 — 99,170 FHLMC — 50,369 — 50,369 Non-agency — 606 — 606 Collateralized mortgage obligations: GNMA — 10,669 — 10,669 FNMA — 122,528 — 122,528 FHLMC — 157,378 — 157,378 SBA — 8,166 — 8,166 Non-agency — 2,749 — 2,749 Total mortgage-backed securities — 478,717 — 478,717 Interest rate swaps — (4,276 ) — (4,276 ) Total assets and liabilities $ 1,894 859,280 8,955 870,129 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 Nine months ended September 30, September 30, September 30, September 30, Beginning balance $ 8,719 9,223 8,955 10,597 Total net realized investment gains/ (losses) and net change in unrealized appreciation/ (depreciation): Included in net income as OTTI — — — — Included in other comprehensive income 510 (226 ) 274 (1,600 ) Purchases — — — — Sales — — — — Transfers in to Level 3 — — — — Transfers out of Level 3 — — — — Ending balance $ 9,229 8,997 9,229 8,997 Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans measured for impairment, mortgage servicing rights, and real estate owned. The following table represents the fair value measurement for nonrecurring assets at September 30, 2016 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 48,517 48,517 Mortgage servicing rights $ — — 1,493 1,493 Real estate owned — — 4,841 4,841 Total assets $ — — 54,851 54,851 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, 2015 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 48,181 48,181 Real estate owned — — 8,725 8,725 Total assets $ — — 56,906 56,906 Impaired loans — A loan is considered to be impaired as described in Note 1 of the Notes to Consolidated Financial Statements in Item 8 of Part II of our 2015 Annual Report on Form 10-K. We classify loans individually evaluated for impairment that require a specific reserve as nonrecurring Level 3. Mortgage servicing rights - Mortgage servicing rights represent the value of servicing residential mortgage loans, when the mortgage loans have been sold into the secondary market and the associated servicing has been retained. The value is determined through a discounted cash flow analysis, which uses interest rates, prepayment speeds and delinquency rate assumptions as inputs. All of these assumptions require a significant degree of management judgment. Servicing rights and the related mortgage loans are segregated into categories or homogeneous pools based upon common characteristics. Adjustments are only made when the estimated discounted future cash flows are less than the carrying value, as determined by individual pool. As such, mortgage servicing rights are classified 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 September 30, 2016 (dollar amounts in thousands): Fair value Valuation techniques Significant unobservable inputs Range (weighted average) Debt securities $ 9,229 Discounted cash Discount margin 0.4% to 2.1% (0.7%) flow Default rates 1.0% Prepayment speeds 1.0 annually Loans measured for impairment 48,517 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 3.8% to 20.0% (11.0%) Mortgage servicing rights 1,493 Discounted cash Annual service cost $80 flow Prepayment rates 7.1% to 11.5% (11.3%) Expected life (months) 63.5 to 78.3 (77.6) Option adjusted spread 800 basis points Forward yield curve 0.5% to 1.4% (1.1%) Real estate owned 4,841 Appraisal value (1) Estimated cost to sell 10.0% (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 Beneficial
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | 9 Months Ended |
Sep. 30, 2016 | |
Guaranteed Preferred Beneficial Interests in Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements | |
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 We have two legacy 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 distributions 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. As a result of the LNB acquisition we acquired two statutory business trusts: LNB Trust I and LNB Trust II; both are Delaware statutory business trusts. The outstanding stock issued by LNB Trust I was redeemed on December 15, 2015. At September 30, 2016 , LNB Trust II had 7,875 cumulative trust preferred securities outstanding (liquidation value of $1,000 per preferred security or $7,875,000 ) with a stated maturity of June 15, 2037. These securities carry a fixed interest rate of 6.64% through June 15, 2017, then becomes a floating interest rate, which is reset quarterly, equal to three-month LIBOR plus 1.48% . LNB Trust II invested the proceeds of the offerings in junior subordinated deferrable interest debentures acquired by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. LNB Trust II holds $8,119,000 of junior subordinated debentures. The subordinated debentures are the sole assets of the Trusts. Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We are currently a counterparty to two 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 swap modifies the re-pricing characteristics of Trust IV, wherein for a ten year period expiring in December 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 September 30, 2016 , $ 4.2 million of cash was pledged as collateral to the counterparty. At September 30, 2016 , the fair value of the swap agreements was $(3.5) 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 September 30, 2016 and December 31, 2015 (in thousands): September 30, December 31, Fair value $ 3,512 4,276 Notional amount 50,000 50,000 Collateral posted 4,205 4,705 |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 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 September 30, 2016 we have not accrued for any 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. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income/ (Loss) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income/ (Loss) | Changes in Accumulated Other Comprehensive Income/ (Loss) The following table shows the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): For the quarter ended September 30, 2016 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of June 30, 2016 $ 7,866 (2,753 ) (24,630 ) (19,517 ) Other comprehensive income before reclassification adjustments (785 ) 471 — (314 ) Amounts reclassified from accumulated other comprehensive income (1), (2) (36 ) — 224 188 Net other comprehensive income (821 ) 471 224 (126 ) Balance as of September 30, 2016 $ 7,045 (2,282 ) (24,406 ) (19,643 ) For the quarter ended September 30, 2015 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of June 30, 2015 $ 4,278 (3,546 ) (23,315 ) (22,583 ) Other comprehensive income before reclassification adjustments 2,379 45 — 2,424 Amounts reclassified from accumulated other comprehensive income (3), (4) (120 ) — 219 99 Net other comprehensive income/ (loss) 2,259 45 219 2,523 Balance as of September 30, 2015 $ 6,537 (3,501 ) (23,096 ) (20,060 ) (1) Consists of realized loss on securities (gain on sales of investments, net) of $59 , net of tax (income tax expense) of $(23) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(949) , net of tax (income tax expense) of $144 . See note 8. (3) Consists of realized gains on securities (gain on sales of investments, net) of $197 , net of tax (income tax expense) of $(77) . (4) 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. The following table shows the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): For the nine months ended September 30, 2016 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of December 31, 2015 $ 3,325 (2,779 ) (25,081 ) (24,535 ) Other comprehensive income before reclassification adjustments 3,717 497 — 4,214 Amounts reclassified from accumulated other comprehensive income (1), (2) 3 — 675 678 Net other comprehensive income 3,720 497 675 4,892 Balance as of September 30, 2016 $ 7,045 (2,282 ) (24,406 ) (19,643 ) For the nine months ended September 30, 2015 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of December 31, 2014 $ 3,461 (4,078 ) (23,753 ) (24,370 ) Other comprehensive income before reclassification adjustments 3,543 577 — 4,120 Amounts reclassified from accumulated other comprehensive income (3), (4) (467 ) — 657 190 Net other comprehensive income 3,076 577 657 4,310 Balance as of September 30, 2015 $ 6,537 (3,501 ) (23,096 ) (20,060 ) (1) Consists of realized gains on securities (loss on sales of investments, net) of $(4) , net of tax (income tax expense) of $1 . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $1,742 and amortization of net loss (compensation and employee benefits) of $(2,849) , net of tax (income tax expense) of $432 . See note 8. (3) Consists of realized gains on securities (gain on sales of investments, net) of $766 , net of tax (income tax expense) of $(299) . (4) Consists of amortization of prior service cost (compensation and employee benefits) of $1,743 and amortization of net loss (compensation and employee benefits) of $(2,820) , net of tax (income tax expense) of $420 . See note 8. |
Basis of Presentation and Inf24
Basis of Presentation and Informational Disclosures (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 September 30, 2016 we had no liability for unrecognized tax benefits. We recognize interest accrued related to: (1) unrecognized tax benefits in other expenses and (2) refund claims in other operating income. We recognize penalties (if any) in other expenses. 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, 2015 , 2014 , and 2013 . |
Impact of New Accounting Standards | Impact of New Accounting Standards In May 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-9, “Revenue from Contracts with Customers (Topic 606)”. 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, 2017, 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 January 2016 the FASB issued ASU 2016-01, “Financial Instruments-Overall (Subtopic 825-10)” . This guidance requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Additionally, this guidance requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently evaluating the impact this standard will have on our results of operations and financial position. In February 2016 the FASB issued ASU 2016-2, “Leases” . This guidance requires a lessee to recognize in the statement of financial condition a liability to make lease payments and a right-of-use asset representing the right to use the underlying asset for the term of the lease. Optional periods should only be recognized if the lessee is reasonably certain to exercise the option. For leases with a term of twelve months or less, the lessee is permitted not to recognize lease assets and lease liabilities and should recognize lease expense for such leases generally on a straight-line basis over the term of the lease. This guidance is effective for annual periods beginning after December 15, 2018, including interim periods within those years and early adoption is permitted. We are currently evaluating the impact this standard will have on our results of operations and financial position. In March 2016 the FASB issued ASU 2016-08, “Principal Versus Agent Considerations” . This guidance clarifies the implementation guidance on principal versus agent considerations of ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" . When another party is involved in providing goods or services to a customer, an entity is required to determine whether the nature of its promise is to provide the specified good or service itself (that is, the entity is a principal) or to arrange for that good or service to be provided by the other party (that is, the entity is an agent). When (or as) an entity that is a principal satisfies a performance obligation, the entity recognizes revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred to the customer. When (or as) an entity that is an agent satisfies a performance obligation, the entity recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified good or service to be provided by the other party. This guidance is effective retrospectively for annual reporting periods beginning after December 15, 2017, 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 March 2016 the FASB issued ASU 2016-09, “Improvements to Employee Share-based Payment Accounting” . This guidance is part of the FASB's Simplification Initiative and simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2016, 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. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses on Financial Instruments , which eliminates the probable initial recognition threshold for credit losses requiring, instead, that all financial assets (or group of financial assets) measured at amortized cost be presented at the net amount expected to be collected inclusive of the entity’s current estimate of all lifetime expected credit losses. This guidance also applies to certain off-balance-sheet credit exposures such as unfunded commitments and non-derivative financial guarantees. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) in order to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The income statement under this guidance will reflect the initial recognition of current expected credit losses for newly recognized assets, as well as any increases or decreases of expected credit losses that have occurred during the period. This guidance retains many currently-existing disclosures related to the credit quality of an entity’s assets and the related allowance for credit losses amended to reflect the change to an expected credit loss methodology, as well as enhanced disclosures to provide information to users at a more disaggregated level. Upon adoption, ASU 2016-13 provides for a modified retrospective transition by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is effective, except for debt securities for which an other-than-temporary impairment has previously been recognized. For these debt securities, a prospective transition is provided in order to maintain the same amortized cost prior to and subsequent to the effective date of the ASU. This guidance is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those annual periods with early adoption permitted for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. We are currently evaluating the impact this standard will have on our results of operations and financial position. |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule of assets acquired and the liabilities assumed recorded at fair value on acquisition date | The following table shows the assets acquired, and the liabilities assumed that were recorded at fair value on the date of acquisition (in thousands): Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value (1) Cash and cash equivalents (2) $ 1,119,084 Loans 455,857 Core deposit intangible 25,732 Wealth Management intangible 1,143 Other assets 16,684 Total assets acquired 1,618,500 Deposits (1,642,846 ) Other liabilities (21,224 ) Total liabilities assumed (1,664,070 ) Goodwill $ 45,570 (1) Preliminary estimates of fair value have been recorded. (2) Amount is net of $ 76.6 million deposit premium paid to FNFG. |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of financial information for reportable segments | 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 (in thousands): Community Consumer September 30, 2016 Banking Finance All other (1) Consolidated External interest income $ 81,597 4,264 239 86,100 Intersegment interest income/ expense 645 — (645 ) — Interest expense 6,338 645 471 7,454 Provision for loan losses 4,276 1,262 — 5,538 Noninterest income 20,424 372 22 20,818 Noninterest expense 71,932 2,908 192 75,032 Income tax expense (benefit) 5,147 (74 ) (376 ) 4,697 Net income $ 14,973 (105 ) (671 ) 14,197 Total assets $ 9,590,487 109,601 14,519 9,714,607 Community Consumer September 30, 2015 Banking Finance All other (1) Consolidated External interest income $ 76,357 4,517 217 81,091 Intersegment interest income/ expense 618 — (618 ) — Interest expense 12,991 618 541 14,150 Provision for loan losses 2,666 501 — 3,167 Noninterest income 17,756 362 22 18,140 Noninterest expense 59,793 3,151 860 63,804 Income tax expense (benefit) 5,617 250 (629 ) 5,238 Net income $ 13,664 359 (1,151 ) 12,872 Total assets $ 8,805,421 111,109 18,378 8,934,908 (1) Eliminations consist of intercompany loans, interest income and interest expense. At or for the nine months ended (in thousands): Community Consumer September 30, 2016 Banking Finance All other (1) Consolidated External interest income $ 244,572 12,831 689 258,092 Intersegment interest income 1,918 — (1,918 ) — Interest expense 27,943 1,918 1,347 31,208 Provision for loan losses 8,854 2,543 — 11,397 Noninterest income 59,278 1,152 111 60,541 Noninterest expense 231,983 8,715 870 241,568 Income tax expense (benefit) 10,144 335 (1,192 ) 9,287 Net income $ 26,844 472 (2,143 ) 25,173 Total assets $ 9,590,487 109,601 14,519 9,714,607 Community Consumer September 30, 2015 Banking Finance All other (1) Consolidated External interest income $ 219,961 13,339 641 233,941 Intersegment interest income 1,775 — (1,775 ) — Interest expense 38,660 1,775 1,406 41,841 Provision for loan losses 3,766 1,351 — 5,117 Noninterest income 48,162 1,043 85 49,290 Noninterest expense 161,915 9,185 1,550 172,650 Income tax expense (benefit) 19,835 859 (1,418 ) 19,276 Net income $ 45,722 1,212 (2,587 ) 44,347 Total assets $ 8,805,421 111,109 18,378 8,934,908 (1) Eliminations consist of intercompany loans, interest income and interest expense. |
Investment securities and imp27
Investment securities and impairment of investment securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of the portfolio of investment securities available-for-sale | The following table shows the portfolio of investment securities available-for-sale at September 30, 2016 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Debt issued by the U.S. government and agencies: Due in one year or less $ 7 — — 7 Debt issued by government sponsored enterprises: Due in one year or less 59,980 74 — 60,054 Due after one year through five years 252,073 579 (128 ) 252,524 Due after five years through ten years 625 — — 625 Equity securities 3,351 547 (6 ) 3,892 Municipal securities: Due in one year or less 2,201 9 — 2,210 Due after one year through five years 11,343 191 (2 ) 11,532 Due after five years through ten years 10,272 315 — 10,587 Due after ten years 45,137 1,595 — 46,732 Corporate debt issues: Due after ten years 14,445 3,294 (349 ) 17,390 Residential mortgage-backed securities: Fixed rate pass-through 184,225 3,312 (84 ) 187,453 Variable rate pass-through 46,067 2,114 (5 ) 48,176 Fixed rate non-agency CMOs 1,810 244 — 2,054 Fixed rate agency CMOs 177,317 681 (1,005 ) 176,993 Variable rate agency CMOs 70,288 318 (147 ) 70,459 Total residential mortgage-backed securities 479,707 6,669 (1,241 ) 485,135 Total marketable securities available-for-sale $ 879,141 13,273 (1,726 ) 890,688 The following table shows the portfolio of investment securities available-for-sale at December 31, 2015 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Debt issued by the U.S. government and agencies: Due in one year or less $ 11 — — 11 Debt issued by government sponsored enterprises: Due in one year or less 15,500 3 (48 ) 15,455 Due after one year through five years 257,463 298 (1,395 ) 256,366 Due after five years through ten years 12,721 14 (23 ) 12,712 Due after ten years 9,815 135 (43 ) 9,907 Equity securities 1,400 500 (6 ) 1,894 Municipal securities: Due in one year or less 1,684 8 — 1,692 Due after one year through five years 14,327 117 (4 ) 14,440 Due after five years through ten years 12,400 323 — 12,723 Due after ten years 52,286 1,727 — 54,013 Corporate debt issues: Due after ten years 14,463 2,417 (405 ) 16,475 Residential mortgage-backed securities: Fixed rate pass-through 118,266 2,480 (420 ) 120,326 Variable rate pass-through 54,292 2,616 (7 ) 56,901 Fixed rate non-agency CMOs 2,519 230 — 2,749 Fixed rate agency CMOs 215,719 389 (3,881 ) 212,227 Variable rate agency CMOs 86,090 476 (52 ) 86,514 Total residential mortgage-backed securities 476,886 6,191 (4,360 ) 478,717 Total marketable securities available-for-sale $ 868,956 11,733 (6,284 ) 874,405 |
Schedule of the portfolio of investment securities held-to-maturity | The following table shows the portfolio of investment securities held-to-maturity at September 30, 2016 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Municipal securities: Due after five years through ten years $ 274 1 — 275 Due after ten years 4,807 107 — 4,914 Residential mortgage-backed securities: Fixed rate pass-through 5,276 315 — 5,591 Variable rate pass-through 3,019 69 — 3,088 Fixed rate agency CMOs 8,353 163 — 8,516 Variable rate agency CMOs 855 10 — 865 Total residential mortgage-backed securities 17,503 557 — 18,060 Total marketable securities held-to-maturity $ 22,584 665 — 23,249 The following table shows the portfolio of investment securities held-to-maturity at December 31, 2015 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Municipal securities: Due after five years through ten years $ 274 1 — 275 Due after ten years 6,336 239 — 6,575 Residential mortgage-backed securities: Fixed rate pass-through 6,458 351 — 6,809 Variable rate pass-through 3,618 41 — 3,659 Fixed rate agency CMOs 14,033 219 — 14,252 Variable rate agency CMOs 970 12 — 982 Total residential mortgage-backed securities 25,079 623 — 25,702 Total marketable securities held-to-maturity $ 31,689 863 — 32,552 |
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 September 30, 2016 (in thousands): Less than 12 months 12 months or more Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. government sponsored enterprises $ 145,648 (106 ) 10,376 (22 ) 156,024 (128 ) Municipal securities 2,334 (2 ) 66 — 2,400 (2 ) Corporate issues — — 2,079 (349 ) 2,079 (349 ) Equity securities — — 545 (6 ) 545 (6 ) Residential mortgage-backed securities - agency 101,252 (198 ) 84,101 (1,043 ) 185,353 (1,241 ) Total temporarily impaired securities $ 249,234 (306 ) 97,167 (1,420 ) 346,401 (1,726 ) 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, 2015 (in thousands): Less than 12 months 12 months or more Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. government sponsored enterprises $ 143,751 (723 ) 92,961 (786 ) 236,712 (1,509 ) Municipal securities 7,505 (4 ) — — 7,505 (4 ) Corporate debt issues — — 2,021 (405 ) 2,021 (405 ) Equity securities 544 (6 ) — — 544 (6 ) Residential mortgage-backed securities - agency 122,109 (598 ) 149,889 (3,762 ) 271,998 (4,360 ) Total temporarily impaired securities $ 273,909 (1,331 ) 244,871 (4,953 ) 518,780 (6,284 ) |
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 and nine months ended (in thousands): 2016 2015 Beginning balance at July 1, (1) $ 8,408 8,489 Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Reduction for losses realized during the quarter (16 ) (30 ) Reduction for securities sold/ called realized during the quarter — — Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized — — Ending balance at September 30, $ 8,392 $ 8,459 (1) The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. 2016 2015 Beginning balance at January 1, (1) $ 8,436 8,894 Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Reduction for losses realized during the nine months (44 ) (75 ) Reduction for securities sold/ called realized during the nine months — (360 ) Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized — — Ending balance at September 30, $ 8,392 8,459 (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) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Summary of loans receivable | The following table shows a summary of our loans receivable at September 30, 2016 and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Originated Acquired Total Originated Acquired Total Personal Banking: Residential mortgage loans (1) $ 2,678,757 142,360 2,821,117 2,695,561 45,716 2,741,277 Home equity loans 1,028,982 320,123 1,349,105 1,055,907 131,199 1,187,106 Consumer loans 436,847 180,488 617,335 313,220 197,397 510,617 Total Personal Banking 4,144,586 642,971 4,787,557 4,064,688 374,312 4,439,000 Commercial Banking: Commercial real estate loans 2,213,678 422,669 2,636,347 2,094,710 429,564 2,524,274 Commercial loans 486,353 83,433 569,786 372,540 65,175 437,715 Total Commercial Banking 2,700,031 506,102 3,206,133 2,467,250 494,739 2,961,989 Total loans receivable, gross 6,844,617 1,149,073 7,993,690 6,531,938 869,051 7,400,989 Deferred loan costs 18,819 3,510 22,329 14,806 5,259 20,065 Allowance for loan losses (58,024 ) (5,222 ) (63,246 ) (60,970 ) (1,702 ) (62,672 ) Undisbursed loan proceeds: Residential mortgage loans (13,256 ) — (13,256 ) (10,778 ) — (10,778 ) Commercial real estate loans (167,915 ) (3,751 ) (171,666 ) (159,553 ) (13,287 ) (172,840 ) Commercial loans (30,240 ) (2,291 ) (32,531 ) (11,132 ) (4,183 ) (15,315 ) Total loans receivable, net $ 6,594,001 1,141,319 7,735,320 6,304,311 855,138 7,159,449 (1) Includes $30.4 million of loans held for sale at September 30, 2016 . |
Schedule of information related to the outstanding principal balance and related carrying value of acquired loans | Acquired loans were initially measured at fair value and subsequently accounted for under either Accounting Standards Codification (“ASC”) Topic 310-30 or ASC Topic 310-20. The following table provides information related to the outstanding principal balance and related carrying value of acquired loans for the dates indicated (in thousands): September 30, December 31, Acquired loans evaluated individually for future credit losses: Outstanding principal balance $ 17,212 $ 21,069 Carrying value 13,641 16,867 Acquired loans evaluated collectively for future credit losses: Outstanding principal balance 1,141,343 848,194 Carrying value 1,132,900 839,973 Total acquired loans: Outstanding principal balance 1,158,555 869,263 Carrying value 1,146,541 856,840 |
Schedule of the changes in the accretable discount | The following table provides information related to the changes in the accretable discount, which includes income recognized from contractual cash flows for the dates indicated (in thousands): Total Balance at December 31, 2014 $ — LNB Bancorp, Inc. acquisition 1,672 Accretion (377 ) Net reclassification from nonaccretable yield 724 Balance at December 31, 2015 2,019 Accretion (851 ) Net reclassification from nonaccretable yield 1,080 Balance at September 30, 2016 $ 2,248 |
Schedule of the composition of impaired loans by portfolio segment and by class of financing receivable | The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the nine months ended September 30, 2016 (in thousands): Carrying value Outstanding principal balance Related impairment reserve Average recorded investment in impaired loans Interest income recognized Personal Banking: Residential mortgage loans $ 1,381 2,153 184 1,681 154 Home equity loans 1,407 2,739 8 1,746 150 Consumer loans 169 353 3 218 32 Total Personal Banking 2,957 5,245 195 3,645 336 Commercial Banking: Commercial real estate loans 10,434 11,703 62 11,361 507 Commercial loans 250 264 — 248 8 Total Commercial Banking 10,684 11,967 62 11,609 515 Total $ 13,641 17,212 257 15,254 851 The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2015 (in thousands): Carrying Outstanding Related Average Interest Personal Banking: Residential mortgage loans $ 1,981 2,910 14 2,083 41 Home equity loans 2,084 3,455 6 2,222 51 Consumer loans 267 492 2 305 18 Total Personal Banking 4,332 6,857 22 4,610 110 Commercial Banking: Commercial real estate loans 12,288 13,946 353 12,867 249 Commercial loans 247 266 — 335 18 Total Commercial Banking 12,535 14,212 353 13,202 267 Total $ 16,867 21,069 375 17,812 377 The following table provides information related to the composition of originated impaired loans by portfolio segment and by class of financing receivable at and for the nine months ended September 30, 2016 (in thousands): Nonaccrual loans 90 or more days delinquent Nonaccrual loans less than 90 days delinquent Loans less than 90 days delinquent reviewed for impairment TDRs less than 90 days delinquent not included elsewhere Total impaired loans Average recorded investment in impaired loans Interest income recognized on impaired loans Personal Banking: Residential mortgage loans $ 13,242 4,677 — 6,330 24,249 24,401 819 Home equity loans 5,874 2,226 — 1,476 9,576 9,155 368 Consumer loans 3,354 925 — — 4,279 3,322 116 Total Personal Banking 22,470 7,828 — 7,806 38,104 36,878 1,303 Commercial Banking: Commercial real estate loans 22,155 19,911 4,838 10,929 57,833 67,422 2,258 Commercial loans 6,105 7,803 2,893 3,634 20,435 17,158 733 Total Commercial Banking 28,260 27,714 7,731 14,563 78,268 84,580 2,991 Total $ 50,730 35,542 7,731 22,369 116,372 121,458 4,294 The following table provides information related to the composition of originated impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2015 (in thousands): Nonaccrual loans 90 or more days delinquent Nonaccrual loans less than 90 days delinquent Loans less than 90 days delinquent reviewed for impairment TDRs less than 90 days delinquent not included elsewhere Total impaired loans Average recorded investment in impaired loans Interest income recognized on impaired loans Personal Banking: Residential mortgage loans $ 15,810 3,962 — 5,086 24,858 24,554 944 Home equity loans 5,650 1,872 — 1,847 9,369 9,644 497 Consumer loans 2,900 552 — — 3,452 2,977 101 Total Personal Banking 24,360 6,386 — 6,933 37,679 37,175 1,542 Commercial Banking: Commercial real estate loans 16,449 16,972 16,121 16,467 66,009 77,166 3,226 Commercial loans 2,459 5,036 2,014 4,654 14,163 16,187 694 Total Commercial Banking 18,908 22,008 18,135 21,121 80,172 93,353 3,920 Total $ 43,268 28,394 18,135 28,054 117,851 130,528 5,462 |
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 September 30, 2016 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,002 1,109 (268 ) 139 3,022 Home equity loans 3,519 296 (161 ) 49 3,335 Consumer loans 9,096 3,345 (2,535 ) 362 7,924 Total Personal Banking 16,617 4,750 (2,964 ) 550 14,281 Commercial Banking: Commercial real estate loans 24,530 (1,041 ) (602 ) 487 25,686 Commercial loans 16,877 1,668 (708 ) 561 15,356 Total Commercial Banking 41,407 627 (1,310 ) 1,048 41,042 Total originated loans 58,024 5,377 (4,274 ) 1,598 55,323 Acquired loans: Personal Banking: Residential mortgage loans 78 45 (86 ) 58 61 Home equity loans 1,171 138 (127 ) 32 1,128 Consumer loans 644 212 (166 ) 46 552 Total Personal Banking 1,893 395 (379 ) 136 1,741 Commercial Banking: Commercial real estate loans 2,422 (588 ) (187 ) 32 3,165 Commercial loans 907 354 — 1 552 Total Commercial Banking 3,329 (234 ) (187 ) 33 3,717 Total acquired loans 5,222 161 (566 ) 169 5,458 Total $ 63,246 5,538 (4,840 ) 1,767 60,781 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 September 30, 2015 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Personal Banking: Residential mortgage loans $ 4,587 (14 ) (342 ) 51 4,892 Home equity loans 3,371 274 (443 ) 95 3,445 Consumer loans 7,618 3,000 (2,014 ) 388 6,244 Total Personal Banking 15,576 3,260 (2,799 ) 534 14,581 Commercial Banking: Commercial real estate loans 30,829 111 (558 ) 1,113 30,163 Commercial loans 14,142 (204 ) (595 ) 628 14,313 Total Commercial Banking 44,971 (93 ) (1,153 ) 1,741 44,476 Total $ 60,547 3,167 (3,952 ) 2,275 59,057 The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2016 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,002 1,612 (2,559 ) 257 4,692 Home equity loans 3,519 253 (898 ) 223 3,941 Other consumer loans 9,096 7,368 (6,908 ) 1,148 7,488 Total Personal Banking 16,617 9,233 (10,365 ) 1,628 16,121 Commercial Banking: Commercial real estate loans 24,530 (8,756 ) (2,103 ) 3,041 32,348 Commercial loans 16,877 5,008 (1,704 ) 1,072 12,501 Total Commercial Banking 41,407 (3,748 ) (3,807 ) 4,113 44,849 Total originated loans 58,024 5,485 (14,172 ) 5,741 60,970 Acquired loans: Personal Banking: Residential mortgage loans 78 118 (211 ) 153 18 Home equity loans 1,171 2,093 (1,320 ) 297 101 Other consumer loans 644 925 (528 ) 137 110 Total Personal Banking 1,893 3,136 (2,059 ) 587 229 Commercial Banking: Commercial real estate loans 2,422 1,886 (1,314 ) 411 1,439 Commercial loans 907 890 (24 ) 7 34 Total Commercial Banking 3,329 2,776 (1,338 ) 418 1,473 Total acquired loans 5,222 5,912 (3,397 ) 1,005 1,702 Total $ 63,246 11,397 (17,569 ) 6,746 62,672 The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2015 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Personal Banking: Residential mortgage loans $ 4,587 (220 ) (955 ) 181 5,581 Home equity loans 3,371 (126 ) (1,327 ) 274 4,550 Other consumer loans 7,618 6,135 (5,713 ) 1,078 6,118 Total Personal Banking 15,576 5,789 (7,995 ) 1,533 16,249 Commercial Banking: Commercial real estate loans 30,829 (1,205 ) (5,110 ) 3,755 33,389 Commercial loans 14,142 4,898 (7,675 ) 3,404 13,515 Total Commercial Banking 44,971 3,693 (12,785 ) 7,159 46,904 Unallocated — (4,365 ) — — 4,365 Total $ 60,547 5,117 (20,780 ) 8,692 67,518 |
Schedule of 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 September 30, 2016 (in thousands): Total loans receivable Allowance for loan losses Nonaccrual loans (1) Loans past due 90 days or more and still accruing (2) TDRs Allowance related to TDRs Additional commitments to customers with loans classified as TDRs Personal Banking: Residential mortgage loans $ 2,819,013 4,080 17,919 — 7,174 735 — Home equity loans 1,349,105 4,690 8,100 — 1,962 471 3 Consumer loans 628,512 9,740 4,279 95 — — — Total Personal Banking 4,796,630 18,510 30,298 95 9,136 1,206 3 Commercial Banking: Commercial real estate loans 2,464,681 26,952 42,066 — 26,435 2,038 280 Commercial loans 537,255 17,784 13,908 8 11,024 1,453 17 Total Commercial Banking 3,001,936 44,736 55,974 8 37,459 3,491 297 Total $ 7,798,566 63,246 86,272 103 46,595 4,697 300 (1) Includes $17.4 million of nonaccrual TDRs. (2) Represents loans 90 days past maturity and still accruing. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2015 (in thousands): Total loans receivable Allowance for loan losses Nonaccrual loans (1) Loans past due 90 days or more and still accruing (2) TDRs Allowance related to TDRs Additional commitments to customers with loans classified as TDRs Personal Banking: Residential mortgage loans $ 2,740,892 4,710 19,772 4 6,360 1,189 — Home equity loans 1,187,106 4,042 7,522 — 2,298 605 — Consumer loans 520,289 7,598 3,452 976 — — — Total Personal Banking 4,448,287 16,350 30,746 980 8,658 1,794 — Commercial Banking: Commercial real estate loans 2,351,434 33,787 33,421 206 31,970 2,257 241 Commercial loans 422,400 12,535 7,495 148 10,487 631 79 Total Commercial Banking 2,773,834 46,322 40,916 354 42,457 2,888 320 Total $ 7,222,121 62,672 71,662 1,334 51,115 4,682 320 (1) Includes $21.1 million of nonaccrual TDRs. (2) Represents loans 90 days past maturity and still accruing. |
Schedule of geographical information related to the loan portfolio | The following table provides geographical information related to the loan portfolio by portfolio segment and class of financing receivable at September 30, 2016 (in thousands): Pennsylvania New York Ohio Maryland Other Total Loans receivable: Personal Banking: Residential mortgage loans $ 2,285,555 286,147 70,507 121,013 55,791 2,819,013 Home equity loans 858,767 284,095 146,040 22,713 37,490 1,349,105 Consumer loans 268,458 71,558 117,944 1,996 168,556 628,512 Total Personal Banking 3,412,780 641,800 334,491 145,722 261,837 4,796,630 Commercial Banking: Commercial real estate loans 967,962 875,066 464,068 113,605 43,980 2,464,681 Commercial loans 365,924 95,997 55,758 7,034 12,542 537,255 Total Commercial Banking 1,333,886 971,063 519,826 120,639 56,522 3,001,936 Total $ 4,746,666 1,612,863 854,317 266,361 318,359 7,798,566 Percentage of total loans receivable 60.9 % 20.6 % 11.0 % 3.4 % 4.1 % 100.0 % The following table provides delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at September 30, 2016 (in thousands): Pennsylvania New York Ohio Maryland Other Total Loans 90 or more days delinquent: (1) Personal Banking: Residential mortgage loans $ 9,380 1,627 831 1,229 411 13,478 Home equity loans 3,064 1,039 1,405 469 45 6,022 Consumer loans 2,951 122 58 — 241 3,372 Total Personal Banking 15,395 2,788 2,294 1,698 697 22,872 Commercial Banking: Commercial real estate loans 7,209 2,697 8,261 110 6,256 24,533 Commercial loans 5,061 137 942 109 — 6,249 Total Commercial Banking 12,270 2,834 9,203 219 6,256 30,782 Total $ 27,665 5,622 11,497 1,917 6,953 53,654 Percentage of total loans 90 or more days delinquent 51.5 % 10.5 % 21.4 % 3.6 % 13.0 % 100.0 % (1) Includes $2.9 million of purchased credit impaired loans considered accruing. The following table provides geographical information related to the loan portfolio by portfolio segment and class of financing receivable at December 31, 2015 (in thousands): Pennsylvania New York Ohio Maryland Other Total Loans receivable: Personal Banking: Residential mortgage loans $ 2,310,860 171,790 70,209 129,129 58,904 2,740,892 Home equity loans 879,447 124,291 154,003 24,458 4,907 1,187,106 Consumer loans 260,170 12,244 102,034 1,870 143,971 520,289 Total Personal Banking 3,450,477 308,325 326,246 155,457 207,782 4,448,287 Commercial Banking: Commercial real estate loans 965,090 749,435 453,180 122,775 60,954 2,351,434 Commercial loans 284,611 53,420 68,327 5,662 10,380 422,400 Total Commercial Banking 1,249,701 802,855 521,507 128,437 71,334 2,773,834 Total $ 4,700,178 1,111,180 847,753 283,894 279,116 7,222,121 Percentage of total loans receivable 65.1 % 15.4 % 11.7 % 3.9 % 3.9 % 100.0 % The following table provides delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at December 31, 2015 (in thousands): Pennsylvania New York Ohio Maryland Other Total Loans 90 or more days delinquent: (1) Personal Banking: Residential mortgage loans $ 10,998 1,801 1,308 1,341 902 16,350 Home equity loans 3,204 639 1,294 975 — 6,112 Consumer loans 2,780 90 24 — 32 2,926 Total Personal Banking 16,982 2,530 2,626 2,316 934 25,388 Commercial Banking: Commercial real estate loans 10,439 3,012 4,823 251 506 19,031 Commercial loans 1,582 859 158 — — 2,599 Total Commercial Banking 12,021 3,871 4,981 251 506 21,630 Total $ 29,003 6,401 7,607 2,567 1,440 47,018 Percentage of total loans 90 or more days delinquent 61.6 % 13.6 % 16.2 % 5.5 % 3.1 % 100.0 % (1) Includes $3.8 million of purchased credit impaired loans considered accruing. |
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 September 30, 2016 (in thousands): Loans collectively evaluated for impairment Loans individually evaluated for impairment Loans individually evaluated for impairment for which there is a related impairment reserve Related impairment reserve Loans individually evaluated for impairment for which there is no related reserve Personal Banking: Residential mortgage loans $ 2,810,996 8,017 8,017 735 — Home equity loans 1,347,143 1,962 1,962 471 — Consumer loans 628,438 74 74 17 — Total Personal Banking 4,786,577 10,053 10,053 1,223 — Commercial Banking: Commercial real estate loans 2,424,492 40,189 32,587 3,636 7,602 Commercial loans 525,006 12,249 12,249 1,513 — Total Commercial Banking 2,949,498 52,438 44,836 5,149 7,602 Total $ 7,736,075 62,491 54,889 6,372 7,602 The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at December 31, 2015 (in thousands): Loans collectively evaluated for impairment Loans individually evaluated for impairment Loans individually evaluated for impairment for which there is a related impairment reserve Related impairment reserve Loans individually evaluated for impairment for which there is no related reserve Personal Banking: Residential mortgage loans $ 2,733,741 7,151 7,151 1,189 — Home equity loans 1,184,808 2,298 2,298 605 — Consumer loans 520,159 130 130 50 — Total Personal Banking 4,438,708 9,579 9,579 1,844 — Commercial Banking: Commercial real estate loans 2,297,599 53,835 35,937 2,675 17,898 Commercial loans 411,342 11,058 7,673 489 3,385 Total Commercial Banking 2,708,941 64,893 43,610 3,164 21,283 Total $ 7,147,649 74,472 53,189 5,008 21,283 |
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 September 30, 2016 2015 Number of contracts Amount Number of contracts Amount Beginning TDR balance: 230 $ 49,113 231 $ 56,184 New TDRs 5 245 5 2,273 Re-modified TDRs 1 799 1 6,316 Net paydowns (1,781 ) (7,096 ) Charge-offs: Residential mortgage loans — — — — Home equity loans — — 1 (60 ) Commercial real estate loans — — 1 (5 ) Commercial loans 1 (99 ) — — Paid-off loans: Residential mortgage loans 3 (143 ) — — Home equity loans 2 (264 ) 2 (75 ) Commercial real estate loans 8 (1,022 ) 6 (8,122 ) Commercial loans 3 (253 ) 2 (77 ) Ending TDR balance: 218 $ 46,595 224 $ 49,338 Accruing TDRs $ 29,221 $ 26,154 Non-accrual TDRs 17,374 23,184 The following table provides a roll forward of troubled debt restructurings for the periods indicated (in thousands): For the nine months ended September 30, 2016 2015 Number of contracts Number of contracts Beginning TDR balance: 227 $ 51,115 248 $ 61,788 New TDRs 23 5,256 11 2,772 Re-modified TDRs 5 1,862 3 6,446 Net paydowns (4,685 ) (11,537 ) Charge-offs: Residential mortgage loans — — — — Home equity loans — — 4 (159 ) Commercial real estate loans — — 3 (28 ) Commercial loans 2 (142 ) 2 (387 ) Paid-off loans: Residential mortgage loans 3 (143 ) 1 (53 ) Home equity loans 5 (496 ) 3 (81 ) Commercial real estate loans 16 (5,584 ) 14 (9,127 ) Commercial loans 6 (588 ) 8 (296 ) Ending TDR balance: 218 $ 46,595 224 $ 49,338 Accruing TDRs $ 29,221 $ 26,154 Non-accrual TDRs 17,374 23,184 |
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 For the nine months ended September 30, 2016 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 1 $ 9 8 1 6 $ 1,041 1,031 105 Home equity loans 1 3 3 1 6 284 281 60 Consumer loans — — — — — — — — Total Personal Banking 2 12 11 2 12 1,325 1,312 165 Commercial Banking: Commercial real estate loans 1 154 153 11 5 2,250 2,218 295 Commercial loans 3 878 877 64 11 3,543 2,591 632 Total Commercial Banking 4 1,032 1,030 75 16 5,793 4,809 927 Total 6 $ 1,044 1,041 77 28 $ 7,118 6,121 1,092 Troubled debt restructurings modified within the previous twelve months that have subsequently defaulted: Personal Banking: Residential mortgage loans — $ — — — — $ — — — Home equity loans — — — — — — — — Consumer loans — — — — — — — — Total Personal Banking — — — — — — — — Commercial Banking Commercial real estate loans 1 6,256 6,113 893 — — — — Commercial loans — — — — — — — — Total Commercial Banking 1 6,256 6,113 893 — — — — Total 1 $ 6,256 6,113 893 — $ — — — 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 For the nine months ended September 30, 2015 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans — $ — — — 4 $ 232 228 — Home equity loans — — — — 2 87 85 17 Consumer loans — — — — — — — — Total Personal Banking — — — — 6 319 313 17 Commercial Banking: Commercial real estate loans 5 8,563 8,511 980 6 8,575 8,522 981 Commercial loans 1 26 25 3 2 324 313 31 Total Commercial Banking 6 8,589 8,536 983 8 8,899 8,835 1,012 Total 6 $ 8,589 8,536 983 14 $ 9,218 9,148 1,029 Troubled debt restructurings modified within the previous twelve months that have subsequently defaulted: Personal Banking: Residential mortgage loans — $ — — — 1 $ 251 249 — Home equity loans — — — — 1 23 20 — Consumer loans — — — — — — — — Total Personal Banking — — — — 2 274 269 — Commercial Banking: Commercial real estate loans — — — — — — — — Commercial loans — — — — — — — — Total Commercial Banking — — — — — — — — Total — $ — — — 2 $ 274 269 — |
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 September 30, 2016 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 September 30, 2016 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — 8 — 8 Home equity loans 1 — — 3 — 3 Consumer loans — — — — — — Total Personal Banking 2 — — 11 — 11 Commercial Banking: Commercial real estate loans 1 — — 153 — 153 Commercial loans 3 — 799 78 — 877 Total Commercial Banking 4 — 799 231 — 1,030 Total 6 $ — 799 242 — 1,041 The following table provides information as of September 30, 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 September 30, 2015 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans — — — — — — Consumer loans — — — — — — Total Personal Banking — — — — — — Commercial Banking: Commercial real estate loans 5 180 — 8,331 — 8,511 Commercial loans 1 — — 25 — 25 Total Commercial Banking 6 180 — 8,356 — 8,536 Total 6 $ 180 — 8,356 — 8,536 The following table provides information as of September 30, 2016 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the nine months ended September 30, 2016 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 6 $ 361 — 622 48 1,031 Home equity loans 6 121 — 3 157 281 Other consumer loans — — — — — — Total Personal Banking 12 482 — 625 205 1,312 Commercial Banking: Commercial real estate loans 5 — 429 535 1,254 2,218 Commercial loans 11 — 799 1,042 750 2,591 Total Commercial Banking 16 — 1,228 1,577 2,004 4,809 Total 28 $ 482 1,228 2,202 2,209 6,121 The following table provides information as of September 30, 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 nine months ended September 30, 2015 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 4 $ 73 — 110 45 228 Home equity loans 2 83 — 2 — 85 Other consumer loans — — — — — — Total Personal Banking 6 156 — 112 45 313 Commercial Banking: Commercial real estate loans 6 180 — 8,342 — 8,522 Commercial loans 2 — — 313 — 313 Total Commercial Banking 8 180 — 8,655 — 8,835 Total 14 $ 336 — 8,767 45 9,148 |
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 September 30, 2016 (dollars in thousands): Number of Type of re-modification re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans — — — — — — Consumer loans — — — — — — Total Personal Banking — — — — — — Commercial Banking: Commercial real estate loans — — — — — — Commercial loans 1 — 799 — — 799 Total Commercial Banking 1 — 799 — — 799 Total 1 $ — 799 — — 799 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 September 30, 2015 (dollars in thousands): Number of Type of re-modification re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans — — — — — — Consumer loans — — — — — — Total Personal Banking — — — — — — Commercial Banking: Commercial real estate loans 1 — — 6,270 — 6,270 Commercial loans — — — — — — Total Commercial Banking 1 — — 6,270 — 6,270 Total 1 $ — — 6,270 — 6,270 The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the nine months ended September 30, 2016 (dollars in thousands): Number of Type of re-modification re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans — — — — — — Other consumer loans — — — — — — Total Personal Banking — — — — — — Commercial Banking: Commercial real estate loans 1 — — — 182 182 Commercial loans 4 — 1,662 — — 1,662 Total Commercial Banking 5 — 1,662 — 182 1,844 Total 5 $ — 1,662 — 182 1,844 The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the nine months ended September 30, 2015 (dollars in thousands): Number of Type of re-modification re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — — 45 45 Home equity loans 1 83 — — — 83 Other consumer loans — — — — — — Total Personal Banking 2 83 — — 45 128 Commercial Banking: Commercial real estate loans 1 — — 6,270 — 6,270 Commercial loans — — — — — — Total Commercial Banking 1 — — 6,270 — 6,270 Total 3 $ 83 — 6,270 45 6,398 |
Schedule of loan delinquencies | The following table provides information related to loan payment delinquencies at September 30, 2016 (in thousands): 30-59 Days delinquent 60-89 Days delinquent 90 Days or greater delinquent Total delinquency Current Total loans receivable 90 Days or greater delinquent and accruing (1) Originated loans: Personal Banking: Residential mortgage loans $ 3,322 5,568 12,855 21,745 2,654,908 2,676,653 — Home equity loans 4,130 910 4,817 9,857 1,019,125 1,028,982 — Consumer loans 6,565 2,368 3,163 12,096 432,418 444,514 — Total Personal Banking 14,017 8,846 20,835 43,698 4,106,451 4,150,149 — Commercial Banking: Commercial real estate loans 3,432 487 16,698 20,617 2,025,146 2,045,763 — Commercial loans 1,270 443 5,309 7,022 449,091 456,113 — Total Commercial Banking 4,702 930 22,007 27,639 2,474,237 2,501,876 — Total originated loans 18,719 9,776 42,842 71,337 6,580,688 6,652,025 — Acquired loans: Personal Banking: Residential mortgage loans 58 606 623 1,287 141,073 142,360 235 Home equity loans 854 235 1,205 2,294 317,829 320,123 148 Consumer loans 1,018 305 209 1,532 182,466 183,998 18 Total Personal Banking 1,930 1,146 2,037 5,113 641,368 646,481 401 Commercial Banking: Commercial real estate loans 423 615 7,835 8,873 410,045 418,918 2,378 Commercial loans 223 151 940 1,314 79,828 81,142 144 Total Commercial Banking 646 766 8,775 10,187 489,873 500,060 2,522 Total acquired loans 2,576 1,912 10,812 15,300 1,131,241 1,146,541 2,923 Total loans $ 21,295 11,688 53,654 86,637 7,711,929 7,798,566 2,923 (1) Represents acquired loans that were originally recorded at fair value upon acquisition. These loans are considered to be accruing because we can reasonably estimate future cash flows on and expect to fully collect the carrying value of these loans. Therefore, we are accreting the difference between the carrying value and their expected cash flows into interest income. The following table provides information related to loan payment delinquencies at December 31, 2015 (in thousands): 30-59 Days delinquent 60-89 Days delinquent 90 Days or greater delinquent Total delinquency Current Total loans receivable 90 Days or Originated loans: Personal Banking: Residential mortgage loans $ 25,503 7,541 15,564 48,608 2,646,568 2,695,176 — Home equity loans 4,870 1,836 5,251 11,957 1,043,950 1,055,907 — Consumer loans 6,092 2,340 2,857 11,289 306,344 317,633 — Total Personal Banking 36,465 11,717 23,672 71,854 3,996,862 4,068,716 — Commercial Banking: Commercial real estate loans 22,212 6,875 14,942 44,029 1,891,128 1,935,157 — Commercial loans 1,703 598 2,449 4,750 356,658 361,408 — Total Commercial Banking 23,915 7,473 17,391 48,779 2,247,786 2,296,565 — Total originated loan 60,380 19,190 41,063 120,633 6,244,648 6,365,281 — Acquired loans: Personal Banking: Residential mortgage loans 440 249 786 1,475 44,241 45,716 540 Home equity loans 936 642 861 2,439 128,760 131,199 462 Consumer loans 1,009 181 69 1,259 201,397 202,656 26 Total Personal Banking 2,385 1,072 1,716 5,173 374,398 379,571 1,028 Commercial Banking: Commercial real estate loans 2,665 1,353 4,089 8,107 408,170 416,277 2,582 Commercial loans 1,165 — 150 1,315 59,677 60,992 140 Total Commercial Banking 3,830 1,353 4,239 9,422 467,847 477,269 2,722 Total acquired loan 6,215 2,425 5,955 14,595 842,245 856,840 3,750 Total $ 66,595 21,615 47,018 135,228 7,086,893 7,222,121 3,750 (1) Represents acquired loans that were originally recorded at fair value upon acquisition. These loans are considered to be accruing because we can reasonably estimate future cash flows on and expect to fully collect the carrying value of these loans. Therefore, we are accreting the difference between the carrying value and their expected cash flows into interest income. |
Schedule of credit quality indicators | The following table sets forth information about credit quality indicators updated during the quarter ended September 30, 2016 (in thousands): Pass Special mention Substandard Doubtful Loss Total loans receivable Originated loans: Personal Banking: Residential mortgage loans $ 2,659,867 — 16,786 — — 2,676,653 Home equity loans 1,021,191 — 7,791 — — 1,028,982 Consumer loans 441,552 — 2,962 — — 444,514 Total Personal Banking 4,122,610 — 27,539 — — 4,150,149 Commercial Banking: Commercial real estate loans 1,884,719 45,458 115,572 14 — 2,045,763 Commercial loans 404,365 11,690 37,157 2,901 — 456,113 Total Commercial Banking 2,289,084 57,148 152,729 2,915 — 2,501,876 Total originated loans 6,411,694 57,148 180,268 2,915 — 6,652,025 Acquired loans: Personal Banking: Residential mortgage loans 140,553 — 1,807 — — 142,360 Home equity loans 317,452 — 2,671 — — 320,123 Consumer loans 183,333 — 665 — — 183,998 Total Personal Banking 641,338 — 5,143 — — 646,481 Commercial Banking: Commercial real estate loans 381,097 16,305 21,516 — — 418,918 Commercial loans 74,956 3,017 3,169 — — 81,142 Total Commercial Banking 456,053 19,322 24,685 — — 500,060 Total acquired loans 1,097,391 19,322 29,828 — — 1,146,541 Total loans $ 7,509,085 76,470 210,096 2,915 — 7,798,566 The following table sets forth information about credit quality indicators, which were updated during the year ended December 31, 2015 (in thousands): Pass Special mention Substandard Doubtful Loss Total loans receivable Originated loans: Personal Banking: Residential mortgage loans $ 2,680,562 — 13,274 — 1,340 2,695,176 Home equity loans 1,048,397 — 7,510 — — 1,055,907 Consumer loans 315,159 — 2,474 — — 317,633 Total Personal Banking 4,044,118 — 23,258 — 1,340 4,068,716 Commercial Banking: Commercial real estate loans 1,778,140 46,518 110,384 115 — 1,935,157 Commercial loans 299,455 23,023 37,820 1,110 — 361,408 Total Commercial Banking 2,077,595 69,541 148,204 1,225 — 2,296,565 Total originated loans 6,121,713 69,541 171,462 1,225 1,340 6,365,281 Acquired loans: Personal Banking: Residential mortgage loans 44,930 — 786 — — 45,716 Home equity loans 130,338 — 861 — — 131,199 Consumer loans 202,587 — 69 — — 202,656 Total Personal Banking 377,855 — 1,716 — — 379,571 Commercial Banking: Commercial real estate loans 392,811 6,872 16,594 — — 416,277 Commercial loans 59,948 707 337 — — 60,992 Total Commercial Banking 452,759 7,579 16,931 — — 477,269 Total acquired loans 830,614 7,579 18,647 — — 856,840 Total $ 6,952,327 77,120 190,109 1,225 1,340 7,222,121 |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets subject to amortization | The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands): September 30, December 31, Amortizable intangible assets: Core deposit intangibles — gross $ 37,953 30,578 Acquisitions 25,732 7,375 Less: accumulated amortization (32,910 ) (31,192 ) Core deposit intangibles — net 30,775 6,761 Customer and Contract intangible assets — gross 8,496 8,234 Acquisitions 1,640 262 Less: accumulated amortization (7,010 ) (6,275 ) Customer and Contract intangible assets — net $ 3,126 2,221 |
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 September 30, 2016 and 2015 , 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 September 30, 2016 $ 1,068 For the quarter ended September 30, 2015 422 For the nine months ended September 30, 2016 2,453 For the nine months ended September 30, 2015 959 For the year ending December 31, 2016 4,240 For the year ending December 31, 2017 6,655 For the year ending December 31, 2018 5,762 For the year ending December 31, 2019 4,869 For the year ending December 31, 2020 3,976 For the year ending December 31, 2021 3,170 |
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 Total Balance at December 31, 2014 $ 173,710 1,613 175,323 Goodwill acquired 86,413 — 86,413 Impairment losses — — — Balance at December 31, 2015 260,123 1,613 261,736 Goodwill acquired 45,975 — 45,975 Impairment losses — — — Balance at September 30, 2016 $ 306,098 1,613 307,711 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The computation of basic and diluted earnings per share follows (in thousands, except share data and per share amounts): Quarter ended Nine months ended 2016 2015 2016 2015 Reported net income $ 14,197 12,872 25,173 44,347 Weighted average common shares outstanding 99,602,535 95,256,807 99,224,565 92,822,720 Dilutive potential shares due to effect of stock options 1,465,710 568,991 1,008,942 433,379 Total weighted average common shares and dilutive potential shares 101,068,245 95,825,798 100,233,507 93,256,099 Basic earnings per share: $ 0.14 0.14 0.25 0.48 Diluted earnings per share: $ 0.14 0.13 0.25 0.48 |
Pension and Other Post-retire31
Pension and Other Post-retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
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 September 30, Pension benefits Other post-retirement benefits 2016 2015 2016 2015 Service cost $ 1,374 1,430 — — Interest cost 1,695 1,531 18 14 Expected return on plan assets (2,474 ) (2,593 ) — — Amortization of prior service cost (581 ) (581 ) — — Amortization of the net loss 927 925 22 15 Net periodic (benefit)/ cost $ 941 712 40 29 Nine months ended September 30, Pension benefits Other post-retirement benefits 2016 2015 2016 2015 Service cost $ 4,122 4,290 — — Interest cost 5,087 4,593 53 44 Expected return on plan assets (7,423 ) (7,779 ) — — Amortization of prior service cost (1,742 ) (1,743 ) — — Amortization of the net loss 2,782 2,775 67 45 Net periodic (benefit)/ cost $ 2,826 2,136 120 89 |
Disclosures About Fair Value 32
Disclosures About Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
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 September 30, 2016 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 320,566 320,566 320,566 — — Securities available-for-sale 890,688 890,688 3,892 877,567 9,229 Securities held-to-maturity 22,584 23,249 — 23,249 — Loans receivable, net 7,735,320 8,139,180 30,355 — 8,108,825 Accrued interest receivable 21,591 21,591 21,591 — — FHLB Stock 7,660 7,660 — — — Total financial assets $ 8,998,409 9,402,934 376,404 900,816 8,118,054 Financial liabilities: Savings and checking deposits $ 6,511,356 6,511,356 6,511,356 — — Time deposits 1,691,447 1,711,487 — — 1,711,487 Borrowed funds 135,891 135,891 135,891 — — Junior subordinated debentures 111,213 113,967 — — 113,967 Cash flow hedges - swaps 3,512 3,512 — 3,512 — Accrued interest payable 682 682 682 — — Total financial liabilities $ 8,454,101 8,476,895 6,647,929 3,512 1,825,454 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, 2015 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 167,408 167,408 167,408 — — Securities available-for-sale 874,405 874,405 1,894 863,556 8,955 Securities held-to-maturity 31,689 32,552 — 32,552 — Loans receivable, net 7,159,449 7,482,431 — — 7,482,431 Accrued interest receivable 21,072 21,072 21,072 — — FHLB Stock 40,903 40,903 — — — Total financial assets $ 8,294,926 8,618,771 190,374 896,108 7,491,386 Financial liabilities: Savings and checking accounts $ 4,917,863 4,917,863 4,917,863 — — Time deposits 1,694,718 1,710,388 — — 1,710,388 Borrowed funds 975,007 998,527 118,664 — 879,863 Junior subordinated debentures 111,213 115,268 — — 115,268 Cash flow hedges - swaps 4,276 4,276 — 4,276 — Accrued interest payable 1,993 1,993 1,993 — — Total financial liabilities $ 7,705,070 7,748,315 5,038,520 4,276 2,705,519 |
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 September 30, 2016 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Equity securities $ 3,892 — — 3,892 Debt securities: U.S. government and agencies — 7 — 7 Government sponsored enterprises — 313,203 — 313,203 States and political subdivisions — 71,061 — 71,061 Corporate — 8,161 9,229 17,390 Total debt securities — 392,432 9,229 401,661 Residential mortgage-backed securities: GNMA — 32,372 — 32,372 FNMA — 114,942 — 114,942 FHLMC — 87,729 — 87,729 Non-agency — 586 — 586 Collateralized mortgage obligations: GNMA — 7,275 — 7,275 FNMA — 102,781 — 102,781 FHLMC — 130,362 — 130,362 SBA — 7,034 — 7,034 Non-agency — 2,054 — 2,054 Total mortgage-backed securities — 485,135 — 485,135 Interest rate swaps — (3,512 ) — (3,512 ) Total assets and liabilities $ 3,892 874,055 9,229 887,176 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2015 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Equity securities $ 1,894 — — 1,894 Debt securities: U.S. government and agencies — 11 — 11 Government sponsored enterprises — 294,440 — 294,440 States and political subdivisions — 82,868 — 82,868 Corporate — 7,520 8,955 16,475 Total debt securities — 384,839 8,955 393,794 Residential mortgage-backed securities: GNMA — 27,082 — 27,082 FNMA — 99,170 — 99,170 FHLMC — 50,369 — 50,369 Non-agency — 606 — 606 Collateralized mortgage obligations: GNMA — 10,669 — 10,669 FNMA — 122,528 — 122,528 FHLMC — 157,378 — 157,378 SBA — 8,166 — 8,166 Non-agency — 2,749 — 2,749 Total mortgage-backed securities — 478,717 — 478,717 Interest rate swaps — (4,276 ) — (4,276 ) Total assets and liabilities $ 1,894 859,280 8,955 870,129 |
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 Nine months ended September 30, September 30, September 30, September 30, Beginning balance $ 8,719 9,223 8,955 10,597 Total net realized investment gains/ (losses) and net change in unrealized appreciation/ (depreciation): Included in net income as OTTI — — — — Included in other comprehensive income 510 (226 ) 274 (1,600 ) Purchases — — — — Sales — — — — Transfers in to Level 3 — — — — Transfers out of Level 3 — — — — Ending balance $ 9,229 8,997 9,229 8,997 |
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, mortgage servicing rights, and real estate owned. The following table represents the fair value measurement for nonrecurring assets at September 30, 2016 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 48,517 48,517 Mortgage servicing rights $ — — 1,493 1,493 Real estate owned — — 4,841 4,841 Total assets $ — — 54,851 54,851 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, 2015 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 48,181 48,181 Real estate owned — — 8,725 8,725 Total assets $ — — 56,906 56,906 |
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 September 30, 2016 (dollar amounts in thousands): Fair value Valuation techniques Significant unobservable inputs Range (weighted average) Debt securities $ 9,229 Discounted cash Discount margin 0.4% to 2.1% (0.7%) flow Default rates 1.0% Prepayment speeds 1.0 annually Loans measured for impairment 48,517 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 3.8% to 20.0% (11.0%) Mortgage servicing rights 1,493 Discounted cash Annual service cost $80 flow Prepayment rates 7.1% to 11.5% (11.3%) Expected life (months) 63.5 to 78.3 (77.6) Option adjusted spread 800 basis points Forward yield curve 0.5% to 1.4% (1.1%) Real estate owned 4,841 Appraisal value (1) Estimated cost to sell 10.0% (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 Benefici33
Guaranteed Preferred Beneficial Interests in Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Guaranteed Preferred Beneficial Interests in Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements | |
Schedule of liability derivatives included in other liabilities | The following table shows liability derivatives, included in other liabilities, at September 30, 2016 and December 31, 2015 (in thousands): September 30, December 31, Fair value $ 3,512 4,276 Notional amount 50,000 50,000 Collateral posted 4,205 4,705 |
Changes in Accumulated Other 34
Changes in Accumulated Other Comprehensive Income/ (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Schedule of 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 September 30, 2016 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of June 30, 2016 $ 7,866 (2,753 ) (24,630 ) (19,517 ) Other comprehensive income before reclassification adjustments (785 ) 471 — (314 ) Amounts reclassified from accumulated other comprehensive income (1), (2) (36 ) — 224 188 Net other comprehensive income (821 ) 471 224 (126 ) Balance as of September 30, 2016 $ 7,045 (2,282 ) (24,406 ) (19,643 ) For the quarter ended September 30, 2015 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of June 30, 2015 $ 4,278 (3,546 ) (23,315 ) (22,583 ) Other comprehensive income before reclassification adjustments 2,379 45 — 2,424 Amounts reclassified from accumulated other comprehensive income (3), (4) (120 ) — 219 99 Net other comprehensive income/ (loss) 2,259 45 219 2,523 Balance as of September 30, 2015 $ 6,537 (3,501 ) (23,096 ) (20,060 ) (1) Consists of realized loss on securities (gain on sales of investments, net) of $59 , net of tax (income tax expense) of $(23) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(949) , net of tax (income tax expense) of $144 . See note 8. (3) Consists of realized gains on securities (gain on sales of investments, net) of $197 , net of tax (income tax expense) of $(77) . (4) 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. The following table shows the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): For the nine months ended September 30, 2016 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of December 31, 2015 $ 3,325 (2,779 ) (25,081 ) (24,535 ) Other comprehensive income before reclassification adjustments 3,717 497 — 4,214 Amounts reclassified from accumulated other comprehensive income (1), (2) 3 — 675 678 Net other comprehensive income 3,720 497 675 4,892 Balance as of September 30, 2016 $ 7,045 (2,282 ) (24,406 ) (19,643 ) For the nine months ended September 30, 2015 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of December 31, 2014 $ 3,461 (4,078 ) (23,753 ) (24,370 ) Other comprehensive income before reclassification adjustments 3,543 577 — 4,120 Amounts reclassified from accumulated other comprehensive income (3), (4) (467 ) — 657 190 Net other comprehensive income 3,076 577 657 4,310 Balance as of September 30, 2015 $ 6,537 (3,501 ) (23,096 ) (20,060 ) (1) Consists of realized gains on securities (loss on sales of investments, net) of $(4) , net of tax (income tax expense) of $1 . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $1,742 and amortization of net loss (compensation and employee benefits) of $(2,849) , net of tax (income tax expense) of $432 . See note 8. (3) Consists of realized gains on securities (gain on sales of investments, net) of $766 , net of tax (income tax expense) of $(299) . (4) Consists of amortization of prior service cost (compensation and employee benefits) of $1,743 and amortization of net loss (compensation and employee benefits) of $(2,820) , net of tax (income tax expense) of $420 . See note 8. |
Basis of Presentation and Inf35
Basis of Presentation and Informational Disclosures (Details) | Sep. 30, 2016USD ($)bankshares | May 18, 2016$ / sharesshares | Sep. 30, 2016USD ($)bankshares | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)bankshares | Sep. 30, 2015USD ($) |
Stock Related Compensation | ||||||
Number of banking locations | bank | 176 | 176 | 176 | |||
Loans receivable | $ | $ 82,435,000 | $ 76,087,000 | $ 245,861,000 | $ 217,783,000 | ||
Stock-Based Compensation | ||||||
Stock-based compensation expense | $ | $ 6,400,000 | $ 1,000,000 | $ 9,600,000 | $ 3,300,000 | ||
Employee Stock Ownership Plan (ESOP), number of unallocated shares distributed to employees (in shares) | shares | 401,356 | 401,356 | 401,356 | |||
Employee Stock Ownership Plan (ESOP), compensation expense | $ | $ 5,500,000 | $ 6,300,000 | ||||
Income Taxes - Uncertain Tax Positions | ||||||
Unrecognized tax benefits liability | $ | $ 0 | 0 | 0 | |||
Equity Option | ||||||
Stock-Based Compensation | ||||||
Exercise price (in dollars per share) | $ / shares | $ 14.15 | |||||
Grant date fair value (in dollars per share) | $ / shares | $ 1.52 | |||||
Award vesting period (in years) | 10 years | |||||
Employee Stock Ownership Plan | ||||||
Stock-Based Compensation | ||||||
Compensation expense yet to be recognized | $ | $ 4,300,000 | 4,300,000 | 4,300,000 | |||
Employee Stock Ownership Plan (ESOP), number of shares retired (in shares) | shares | 1,366,574 | |||||
Restricted common shares | ||||||
Stock-Based Compensation | ||||||
Exercise price (in dollars per share) | $ / shares | $ 14.51 | |||||
Compensation expense yet to be recognized | $ | $ 16,200,000 | $ 16,200,000 | $ 16,200,000 | |||
Employees | Equity Option | ||||||
Stock-Based Compensation | ||||||
Options, grants in period (in shares) | shares | 660,600 | |||||
Employees | Restricted common shares | ||||||
Stock-Based Compensation | ||||||
Options, grants in period (in shares) | shares | 310,160 | |||||
Director | Equity Option | ||||||
Stock-Based Compensation | ||||||
Options, grants in period (in shares) | shares | 64,800 | |||||
Director | Restricted common shares | ||||||
Stock-Based Compensation | ||||||
Options, grants in period (in shares) | shares | 24,300 |
Acquisition (Details)
Acquisition (Details) - Northwest - First Niagara Bank and First Niagara Securities, Inc. $ in Thousands | Sep. 09, 2016USD ($)branch | Sep. 30, 2016USD ($) |
Acquisition | ||
Number of branch locations acquired | branch | 18 | |
Acquired assets under management | $ 450,000 | |
Costs related to acquisition | $ 8,200 | |
Business Combination, Consideration Transferred [Abstract] | ||
Deposit premium paid | 76,600 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||
Cash and cash equivalents | 1,119,084 | |
Loans | 455,857 | |
Other assets | 16,684 | |
Total assets acquired | 1,618,500 | |
Deposits | (1,642,846) | |
Other liabilities | (21,224) | |
Total liabilities assumed | 1,664,070 | |
Goodwill | $ 45,570 | |
Core Deposits | ||
Acquisition | ||
Finite-lived intangible asset, useful life | 11 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||
Core deposit intangible | $ 25,732 | |
Customer Relationships | ||
Acquisition | ||
Finite-lived intangible asset, useful life | 7 years | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||
Core deposit intangible | $ 1,100 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)office | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)officesegment | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting [Abstract] | |||||
Number of reportable business segments | segment | 2 | ||||
Number of consumer finance offices | office | 51 | 51 | |||
Business Segments | |||||
Interest income | $ 86,100 | $ 81,091 | $ 258,092 | $ 233,941 | |
Interest expense | 7,454 | 14,150 | 31,208 | 41,841 | |
Provision for loan losses | 5,538 | 3,167 | 11,397 | 5,117 | |
Noninterest income | 20,818 | 18,140 | 60,541 | 49,290 | |
Noninterest expense | 75,032 | 63,804 | 241,568 | 172,650 | |
Income tax expense (benefit) | 4,697 | 5,238 | 9,287 | 19,276 | |
Net income | 14,197 | 12,872 | 25,173 | 44,347 | |
Total assets | 9,714,607 | 8,934,908 | 9,714,607 | 8,934,908 | $ 8,951,899 |
Intersegment | |||||
Business Segments | |||||
Interest income | 0 | 0 | 0 | 0 | |
Community Banking | |||||
Business Segments | |||||
Interest income | 244,572 | 219,961 | |||
Interest expense | 27,943 | 38,660 | |||
Provision for loan losses | 8,854 | 3,766 | |||
Noninterest income | 59,278 | 48,162 | |||
Noninterest expense | 231,983 | 161,915 | |||
Income tax expense (benefit) | 10,144 | 19,835 | |||
Net income | 26,844 | 45,722 | |||
Total assets | 9,590,487 | 8,805,421 | 9,590,487 | 8,805,421 | |
Community Banking | Operating Segments | |||||
Business Segments | |||||
Interest income | 81,597 | 76,357 | |||
Interest expense | 6,338 | 12,991 | |||
Provision for loan losses | 4,276 | 2,666 | |||
Noninterest income | 20,424 | 17,756 | |||
Noninterest expense | 71,932 | 59,793 | |||
Income tax expense (benefit) | 5,147 | 5,617 | |||
Net income | 14,973 | 13,664 | |||
Total assets | 9,590,487 | 8,805,421 | 9,590,487 | 8,805,421 | |
Community Banking | Intersegment | |||||
Business Segments | |||||
Interest income | 645 | 618 | 1,918 | 1,775 | |
Consumer Finance | |||||
Business Segments | |||||
Interest income | 12,831 | 13,339 | |||
Interest expense | 1,918 | 1,775 | |||
Provision for loan losses | 2,543 | 1,351 | |||
Noninterest income | 1,152 | 1,043 | |||
Noninterest expense | 8,715 | 9,185 | |||
Income tax expense (benefit) | 335 | 859 | |||
Net income | 472 | 1,212 | |||
Total assets | 109,601 | 111,109 | 109,601 | 111,109 | |
Consumer Finance | Operating Segments | |||||
Business Segments | |||||
Interest income | 4,264 | 4,517 | |||
Interest expense | 645 | 618 | |||
Provision for loan losses | 1,262 | 501 | |||
Noninterest income | 372 | 362 | |||
Noninterest expense | 2,908 | 3,151 | |||
Income tax expense (benefit) | (74) | 250 | |||
Net income | (105) | 359 | |||
Total assets | 109,601 | 111,109 | 109,601 | 111,109 | |
Consumer Finance | Intersegment | |||||
Business Segments | |||||
Interest income | 0 | 0 | 0 | 0 | |
All other | |||||
Business Segments | |||||
Interest income | 239 | 217 | 689 | 641 | |
Interest expense | 471 | 541 | 1,347 | 1,406 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest income | 22 | 22 | 111 | 85 | |
Noninterest expense | 192 | 860 | 870 | 1,550 | |
Income tax expense (benefit) | (376) | (629) | (1,192) | (1,418) | |
Net income | (671) | (1,151) | (2,143) | (2,587) | |
Total assets | 14,519 | 18,378 | 14,519 | 18,378 | |
All other | Intersegment | |||||
Business Segments | |||||
Interest income | $ (645) | $ (618) | $ (1,918) | $ (1,775) |
Investment securities and imp38
Investment securities and impairment of investment securities - Available For Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Amortized cost | ||
Total | $ 879,141 | $ 868,956 |
Gross unrealized holding gains | ||
Total | 13,273 | 11,733 |
Gross unrealized holding losses | ||
Total | (1,726) | (6,284) |
Fair value | ||
Fair value | 890,688 | 874,405 |
U.S. government and agencies | ||
Amortized cost | ||
Due in one year or less | 7 | 11 |
Gross unrealized holding gains | ||
Due in one year or less | 0 | 0 |
Gross unrealized holding losses | ||
Due in one year or less | 0 | 0 |
Fair value | ||
Due in one year or less | 7 | 11 |
Debt issued by government sponsored enterprises: | ||
Amortized cost | ||
Due in one year or less | 59,980 | 15,500 |
Due after one year through five years | 252,073 | 257,463 |
Due after five years through ten years | 625 | 12,721 |
Due after ten years | 9,815 | |
Gross unrealized holding gains | ||
Due in one year or less | 74 | 3 |
Due after one year through five years | 579 | 298 |
Due after five years through ten years | 0 | 14 |
Due after ten years | 135 | |
Gross unrealized holding losses | ||
Due in one year or less | 0 | (48) |
Due after one year through five years | (128) | (1,395) |
Due after five years through ten years | 0 | (23) |
Due after ten years | (43) | |
Fair value | ||
Due in one year or less | 60,054 | 15,455 |
Due after one year through five years | 252,524 | 256,366 |
Due after five years through ten years | 625 | 12,712 |
Due after ten years | 9,907 | |
Equity securities | ||
Amortized cost | ||
Total | 3,351 | 1,400 |
Gross unrealized holding gains | ||
Total | 547 | 500 |
Gross unrealized holding losses | ||
Total | (6) | (6) |
Fair value | ||
Fair value | 3,892 | 1,894 |
Municipal securities | ||
Amortized cost | ||
Due in one year or less | 2,201 | 1,684 |
Due after one year through five years | 11,343 | 14,327 |
Due after five years through ten years | 10,272 | 12,400 |
Due after ten years | 45,137 | 52,286 |
Gross unrealized holding gains | ||
Due in one year or less | 9 | 8 |
Due after one year through five years | 191 | 117 |
Due after five years through ten years | 315 | 323 |
Due after ten years | 1,595 | 1,727 |
Gross unrealized holding losses | ||
Due in one year or less | 0 | 0 |
Due after one year through five years | (2) | (4) |
Due after five years through ten years | 0 | 0 |
Due after ten years | 0 | 0 |
Fair value | ||
Due in one year or less | 2,210 | 1,692 |
Due after one year through five years | 11,532 | 14,440 |
Due after five years through ten years | 10,587 | 12,723 |
Due after ten years | 46,732 | 54,013 |
Corporate debt securities | ||
Amortized cost | ||
Due after ten years | 14,445 | 14,463 |
Gross unrealized holding gains | ||
Due after ten years | 3,294 | 2,417 |
Gross unrealized holding losses | ||
Due after ten years | (349) | (405) |
Fair value | ||
Due after ten years | 17,390 | 16,475 |
Residential mortgage-backed securities | ||
Amortized cost | ||
Total | 479,707 | 476,886 |
Gross unrealized holding gains | ||
Total | 6,669 | 6,191 |
Gross unrealized holding losses | ||
Total | (1,241) | (4,360) |
Fair value | ||
Fair value | 485,135 | 478,717 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Total | 184,225 | 118,266 |
Gross unrealized holding gains | ||
Total | 3,312 | 2,480 |
Gross unrealized holding losses | ||
Total | (84) | (420) |
Fair value | ||
Fair value | 187,453 | 120,326 |
Fixed rate | Non-agency CMOs | ||
Amortized cost | ||
Total | 1,810 | 2,519 |
Gross unrealized holding gains | ||
Total | 244 | 230 |
Gross unrealized holding losses | ||
Total | 0 | 0 |
Fair value | ||
Fair value | 2,054 | 2,749 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Total | 177,317 | 215,719 |
Gross unrealized holding gains | ||
Total | 681 | 389 |
Gross unrealized holding losses | ||
Total | (1,005) | (3,881) |
Fair value | ||
Fair value | 176,993 | 212,227 |
Variable rate | Pass-through | ||
Amortized cost | ||
Total | 46,067 | 54,292 |
Gross unrealized holding gains | ||
Total | 2,114 | 2,616 |
Gross unrealized holding losses | ||
Total | (5) | (7) |
Fair value | ||
Fair value | 48,176 | 56,901 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Total | 70,288 | 86,090 |
Gross unrealized holding gains | ||
Total | 318 | 476 |
Gross unrealized holding losses | ||
Total | (147) | (52) |
Fair value | ||
Fair value | $ 70,459 | $ 86,514 |
Investment securities and imp39
Investment securities and impairment of investment securities - Held To Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Amortized cost | ||
Total | $ 22,584 | $ 31,689 |
Gross unrealized holding gains | ||
Total | 665 | 863 |
Gross unrealized holding losses | ||
Total | 0 | 0 |
Fair value | ||
Total | 23,249 | 32,552 |
Municipal securities | ||
Amortized cost | ||
Due after five years through ten years | 274 | 274 |
Due after ten years | 4,807 | 6,336 |
Gross unrealized holding gains | ||
Due after five years through ten years | 1 | 1 |
Due after ten years | 107 | 239 |
Gross unrealized holding losses | ||
Due after five years through ten years | 0 | 0 |
Due after ten years | 0 | 0 |
Fair value | ||
Due after five years through ten years | 275 | 275 |
Due after ten years | 4,914 | 6,575 |
Residential mortgage-backed securities | ||
Amortized cost | ||
Total | 17,503 | 25,079 |
Gross unrealized holding gains | ||
Total | 557 | 623 |
Gross unrealized holding losses | ||
Total | 0 | 0 |
Fair value | ||
Total | 18,060 | 25,702 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Total | 5,276 | 6,458 |
Gross unrealized holding gains | ||
Total | 315 | 351 |
Gross unrealized holding losses | ||
Total | 0 | 0 |
Fair value | ||
Total | 5,591 | 6,809 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Total | 8,353 | 14,033 |
Gross unrealized holding gains | ||
Total | 163 | 219 |
Gross unrealized holding losses | ||
Total | 0 | 0 |
Fair value | ||
Total | 8,516 | 14,252 |
Variable rate | Pass-through | ||
Amortized cost | ||
Total | 3,019 | 3,618 |
Gross unrealized holding gains | ||
Total | 69 | 41 |
Gross unrealized holding losses | ||
Total | 0 | 0 |
Fair value | ||
Total | 3,088 | 3,659 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Total | 855 | 970 |
Gross unrealized holding gains | ||
Total | 10 | 12 |
Gross unrealized holding losses | ||
Total | 0 | 0 |
Fair value | ||
Total | $ 865 | $ 982 |
Investment securities and imp40
Investment securities and impairment of investment securities - Fair Value of and Gross Unrealized Losses on Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Marketable securities | ||
Less than 12 months - Fair value | $ 249,234 | $ 273,909 |
Less than 12 months - Unrealized loss | (306) | (1,331) |
12 months or more - Fair value | 97,167 | 244,871 |
12 months or more - Unrealized loss | (1,420) | (4,953) |
Total - Fair value | 346,401 | 518,780 |
Total - Unrealized loss | (1,726) | (6,284) |
U.S. government and agencies | ||
Marketable securities | ||
Less than 12 months - Fair value | 145,648 | 143,751 |
Less than 12 months - Unrealized loss | (106) | (723) |
12 months or more - Fair value | 10,376 | 92,961 |
12 months or more - Unrealized loss | (22) | (786) |
Total - Fair value | 156,024 | 236,712 |
Total - Unrealized loss | (128) | (1,509) |
Municipal securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 2,334 | 7,505 |
Less than 12 months - Unrealized loss | (2) | (4) |
12 months or more - Fair value | 66 | 0 |
12 months or more - Unrealized loss | 0 | 0 |
Total - Fair value | 2,400 | 7,505 |
Total - Unrealized loss | (2) | (4) |
Corporate debt securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 0 | 0 |
Less than 12 months - Unrealized loss | 0 | 0 |
12 months or more - Fair value | 2,079 | 2,021 |
12 months or more - Unrealized loss | (349) | (405) |
Total - Fair value | 2,079 | 2,021 |
Total - Unrealized loss | (349) | (405) |
Equity securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 0 | 544 |
Less than 12 months - Unrealized loss | 0 | (6) |
12 months or more - Fair value | 545 | 0 |
12 months or more - Unrealized loss | (6) | 0 |
Total - Fair value | 545 | 544 |
Total - Unrealized loss | (6) | (6) |
Residential mortgage-backed securities | Agency CMOs | ||
Marketable securities | ||
Less than 12 months - Fair value | 101,252 | 122,109 |
Less than 12 months - Unrealized loss | (198) | (598) |
12 months or more - Fair value | 84,101 | 149,889 |
12 months or more - Unrealized loss | (1,043) | (3,762) |
Total - Fair value | 185,353 | 271,998 |
Total - Unrealized loss | $ (1,241) | $ (4,360) |
Investment securities and imp41
Investment securities and impairment of investment securities - Cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cumulative roll forward of credit related impairment losses recognized in earnings for debt securities held and not intended to be sold: | ||||
Beginning balance | $ 8,408 | $ 8,489 | $ 8,436 | $ 8,894 |
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | 0 | 0 | 0 | 0 |
Reduction for losses realized during the quarter | (16) | (30) | (44) | (75) |
Reduction for securities sold/ called realized during the quarter | 0 | 0 | 0 | (360) |
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized | 0 | 0 | 0 | 0 |
Ending balance | $ 8,392 | $ 8,459 | $ 8,392 | $ 8,459 |
Loans receivable - Summary of O
Loans receivable - Summary of Originated and Acquired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | $ 7,993,690 | $ 7,400,989 | ||||
Deferred loan costs | 22,329 | 20,065 | ||||
Allowance for loan losses | (63,246) | $ (60,781) | (62,672) | $ (60,547) | $ (59,057) | $ (67,518) |
Total loans receivable, net | 7,735,320 | 7,159,449 | ||||
Residential mortgage loans held for sale | 30,355 | 0 | ||||
Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (13,256) | (10,778) | ||||
Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (171,666) | (172,840) | ||||
Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (32,531) | (15,315) | ||||
Personal Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 4,787,557 | 4,439,000 | ||||
Allowance for loan losses | (15,576) | (14,581) | (16,249) | |||
Personal Banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,821,117 | 2,741,277 | ||||
Allowance for loan losses | (4,587) | (4,892) | (5,581) | |||
Residential mortgage loans held for sale | 30,400 | |||||
Personal Banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,349,105 | 1,187,106 | ||||
Allowance for loan losses | (3,371) | (3,445) | (4,550) | |||
Personal Banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 617,335 | 510,617 | ||||
Allowance for loan losses | (7,618) | (6,244) | (6,118) | |||
Commercial Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 3,206,133 | 2,961,989 | ||||
Allowance for loan losses | (44,971) | (44,476) | (46,904) | |||
Commercial Banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,636,347 | 2,524,274 | ||||
Allowance for loan losses | (30,829) | (30,163) | (33,389) | |||
Commercial Banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 569,786 | 437,715 | ||||
Allowance for loan losses | $ (14,142) | $ (14,313) | $ (13,515) | |||
Originated | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 6,844,617 | 6,531,938 | ||||
Deferred loan costs | 18,819 | 14,806 | ||||
Allowance for loan losses | (58,024) | (55,323) | (60,970) | |||
Total loans receivable, net | 6,594,001 | 6,304,311 | ||||
Originated | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (13,256) | (10,778) | ||||
Originated | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (167,915) | (159,553) | ||||
Originated | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (30,240) | (11,132) | ||||
Originated | Personal Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 4,144,586 | 4,064,688 | ||||
Allowance for loan losses | (16,617) | (14,281) | (16,121) | |||
Originated | Personal Banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,678,757 | 2,695,561 | ||||
Allowance for loan losses | (4,002) | (3,022) | (4,692) | |||
Originated | Personal Banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,028,982 | 1,055,907 | ||||
Allowance for loan losses | (3,519) | (3,335) | (3,941) | |||
Originated | Personal Banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 436,847 | 313,220 | ||||
Allowance for loan losses | (9,096) | (7,924) | (7,488) | |||
Originated | Commercial Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,700,031 | 2,467,250 | ||||
Allowance for loan losses | (41,407) | (41,042) | (44,849) | |||
Originated | Commercial Banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,213,678 | 2,094,710 | ||||
Allowance for loan losses | (24,530) | (25,686) | (32,348) | |||
Originated | Commercial Banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 486,353 | 372,540 | ||||
Allowance for loan losses | (16,877) | (15,356) | (12,501) | |||
Acquired | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,149,073 | 869,051 | ||||
Deferred loan costs | 3,510 | 5,259 | ||||
Allowance for loan losses | (5,222) | (5,458) | (1,702) | |||
Total loans receivable, net | 1,141,319 | 855,138 | ||||
Acquired | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | 0 | 0 | ||||
Acquired | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (3,751) | (13,287) | ||||
Acquired | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (2,291) | (4,183) | ||||
Acquired | Personal Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 642,971 | 374,312 | ||||
Allowance for loan losses | (1,893) | (1,741) | (229) | |||
Acquired | Personal Banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 142,360 | 45,716 | ||||
Allowance for loan losses | (78) | (61) | (18) | |||
Acquired | Personal Banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 320,123 | 131,199 | ||||
Allowance for loan losses | (1,171) | (1,128) | (101) | |||
Acquired | Personal Banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 180,488 | 197,397 | ||||
Allowance for loan losses | (644) | (552) | (110) | |||
Acquired | Commercial Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 506,102 | 494,739 | ||||
Allowance for loan losses | (3,329) | (3,717) | (1,473) | |||
Acquired | Commercial Banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 422,669 | 429,564 | ||||
Allowance for loan losses | (2,422) | (3,165) | (1,439) | |||
Acquired | Commercial Banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 83,433 | 65,175 | ||||
Allowance for loan losses | $ (907) | $ (552) | $ (34) |
Loans receivable - Outstanding
Loans receivable - Outstanding Principal Balance and Related Carrying Value of Acquired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | $ 1,158,555 | $ 869,263 |
Carrying value | 1,146,541 | 856,840 |
Acquired loans evaluated individually for future credit losses | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 17,212 | 21,069 |
Carrying value | 13,641 | 16,867 |
Acquired loans evaluated collectively for future credit losses | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 1,141,343 | 848,194 |
Carrying value | $ 1,132,900 | $ 839,973 |
Loans receivable - Changes in t
Loans receivable - Changes in the Accretable Discount (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Changes in accretable yield | ||
Beginning balance | $ 2,019 | $ 0 |
Accretion | (851) | (377) |
Net reclassification from nonaccretable yield | 1,080 | 724 |
Ending balance | $ 2,248 | 2,019 |
LNB | Acquired | ||
Changes in accretable yield | ||
LNB Bancorp, Inc. acquisition | $ 1,672 |
Loans receivable - Composition
Loans receivable - Composition of Acquired Impaired Loans by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | $ 116,372 | $ 117,851 |
Average recorded investment in impaired loans | 121,458 | 130,528 |
Interest income recognized | 4,294 | 5,462 |
Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 38,104 | 37,679 |
Average recorded investment in impaired loans | 36,878 | 37,175 |
Interest income recognized | 1,303 | 1,542 |
Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 24,249 | 24,858 |
Average recorded investment in impaired loans | 24,401 | 24,554 |
Interest income recognized | 819 | 944 |
Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 9,576 | 9,369 |
Average recorded investment in impaired loans | 9,155 | 9,644 |
Interest income recognized | 368 | 497 |
Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 4,279 | 3,452 |
Average recorded investment in impaired loans | 3,322 | 2,977 |
Interest income recognized | 116 | 101 |
Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 78,268 | 80,172 |
Average recorded investment in impaired loans | 84,580 | 93,353 |
Interest income recognized | 2,991 | 3,920 |
Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 57,833 | 66,009 |
Average recorded investment in impaired loans | 67,422 | 77,166 |
Interest income recognized | 2,258 | 3,226 |
Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 20,435 | 14,163 |
Average recorded investment in impaired loans | 17,158 | 16,187 |
Interest income recognized | 733 | 694 |
Acquired loans evaluated individually for future credit losses | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 13,641 | 16,867 |
Outstanding principal balance | 17,212 | 21,069 |
Related impairment reserve | 257 | 375 |
Average recorded investment in impaired loans | 15,254 | 17,812 |
Interest income recognized | 851 | 377 |
Acquired loans evaluated individually for future credit losses | Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 2,957 | 4,332 |
Outstanding principal balance | 5,245 | 6,857 |
Related impairment reserve | 195 | 22 |
Average recorded investment in impaired loans | 3,645 | 4,610 |
Interest income recognized | 336 | 110 |
Acquired loans evaluated individually for future credit losses | Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 1,381 | 1,981 |
Outstanding principal balance | 2,153 | 2,910 |
Related impairment reserve | 184 | 14 |
Average recorded investment in impaired loans | 1,681 | 2,083 |
Interest income recognized | 154 | 41 |
Acquired loans evaluated individually for future credit losses | Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 1,407 | 2,084 |
Outstanding principal balance | 2,739 | 3,455 |
Related impairment reserve | 8 | 6 |
Average recorded investment in impaired loans | 1,746 | 2,222 |
Interest income recognized | 150 | 51 |
Acquired loans evaluated individually for future credit losses | Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 169 | 267 |
Outstanding principal balance | 353 | 492 |
Related impairment reserve | 3 | 2 |
Average recorded investment in impaired loans | 218 | 305 |
Interest income recognized | 32 | 18 |
Acquired loans evaluated individually for future credit losses | Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 10,684 | 12,535 |
Outstanding principal balance | 11,967 | 14,212 |
Related impairment reserve | 62 | 353 |
Average recorded investment in impaired loans | 11,609 | 13,202 |
Interest income recognized | 515 | 267 |
Acquired loans evaluated individually for future credit losses | Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 10,434 | 12,288 |
Outstanding principal balance | 11,703 | 13,946 |
Related impairment reserve | 62 | 353 |
Average recorded investment in impaired loans | 11,361 | 12,867 |
Interest income recognized | 507 | 249 |
Acquired loans evaluated individually for future credit losses | Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 250 | 247 |
Outstanding principal balance | 264 | 266 |
Related impairment reserve | 0 | 0 |
Average recorded investment in impaired loans | 248 | 335 |
Interest income recognized | $ 8 | $ 18 |
Loans receivable - Changes in46
Loans receivable - Changes in the Allowance for Losses on Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | $ 60,781 | $ 59,057 | $ 62,672 | $ 67,518 |
Current period provision | 5,538 | 3,167 | 11,397 | 5,117 |
Charge-offs | (4,840) | (3,952) | (17,569) | (20,780) |
Recoveries | 1,767 | 2,275 | 6,746 | 8,692 |
Balance at the end of the period | 63,246 | 60,547 | 63,246 | 60,547 |
Personal Banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 14,581 | 16,249 | ||
Current period provision | 3,260 | 5,789 | ||
Charge-offs | (2,799) | (7,995) | ||
Recoveries | 534 | 1,533 | ||
Balance at the end of the period | 15,576 | 15,576 | ||
Personal Banking | Residential mortgage loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 4,892 | 5,581 | ||
Current period provision | (14) | (220) | ||
Charge-offs | (342) | (955) | ||
Recoveries | 51 | 181 | ||
Balance at the end of the period | 4,587 | 4,587 | ||
Personal Banking | Home equity loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 3,445 | 4,550 | ||
Current period provision | 274 | (126) | ||
Charge-offs | (443) | (1,327) | ||
Recoveries | 95 | 274 | ||
Balance at the end of the period | 3,371 | 3,371 | ||
Personal Banking | Consumer loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 6,244 | 6,118 | ||
Current period provision | 3,000 | 6,135 | ||
Charge-offs | (2,014) | (5,713) | ||
Recoveries | 388 | 1,078 | ||
Balance at the end of the period | 7,618 | 7,618 | ||
Commercial Banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 44,476 | 46,904 | ||
Current period provision | (93) | 3,693 | ||
Charge-offs | (1,153) | (12,785) | ||
Recoveries | 1,741 | 7,159 | ||
Balance at the end of the period | 44,971 | 44,971 | ||
Commercial Banking | Commercial real estate loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 30,163 | 33,389 | ||
Current period provision | 111 | (1,205) | ||
Charge-offs | (558) | (5,110) | ||
Recoveries | 1,113 | 3,755 | ||
Balance at the end of the period | 30,829 | 30,829 | ||
Commercial Banking | Commercial loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 14,313 | 13,515 | ||
Current period provision | (204) | 4,898 | ||
Charge-offs | (595) | (7,675) | ||
Recoveries | 628 | 3,404 | ||
Balance at the end of the period | 14,142 | 14,142 | ||
Unallocated | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 4,365 | |||
Current period provision | (4,365) | |||
Charge-offs | 0 | |||
Recoveries | 0 | |||
Balance at the end of the period | $ 0 | $ 0 | ||
Originated | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 55,323 | 60,970 | ||
Current period provision | 5,377 | 5,485 | ||
Charge-offs | (4,274) | (14,172) | ||
Recoveries | 1,598 | 5,741 | ||
Balance at the end of the period | 58,024 | 58,024 | ||
Originated | Personal Banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 14,281 | 16,121 | ||
Current period provision | 4,750 | 9,233 | ||
Charge-offs | (2,964) | (10,365) | ||
Recoveries | 550 | 1,628 | ||
Balance at the end of the period | 16,617 | 16,617 | ||
Originated | Personal Banking | Residential mortgage loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 3,022 | 4,692 | ||
Current period provision | 1,109 | 1,612 | ||
Charge-offs | (268) | (2,559) | ||
Recoveries | 139 | 257 | ||
Balance at the end of the period | 4,002 | 4,002 | ||
Originated | Personal Banking | Home equity loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 3,335 | 3,941 | ||
Current period provision | 296 | 253 | ||
Charge-offs | (161) | (898) | ||
Recoveries | 49 | 223 | ||
Balance at the end of the period | 3,519 | 3,519 | ||
Originated | Personal Banking | Consumer loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 7,924 | 7,488 | ||
Current period provision | 3,345 | 7,368 | ||
Charge-offs | (2,535) | (6,908) | ||
Recoveries | 362 | 1,148 | ||
Balance at the end of the period | 9,096 | 9,096 | ||
Originated | Commercial Banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 41,042 | 44,849 | ||
Current period provision | 627 | (3,748) | ||
Charge-offs | (1,310) | (3,807) | ||
Recoveries | 1,048 | 4,113 | ||
Balance at the end of the period | 41,407 | 41,407 | ||
Originated | Commercial Banking | Commercial real estate loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 25,686 | 32,348 | ||
Current period provision | (1,041) | (8,756) | ||
Charge-offs | (602) | (2,103) | ||
Recoveries | 487 | 3,041 | ||
Balance at the end of the period | 24,530 | 24,530 | ||
Originated | Commercial Banking | Commercial loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 15,356 | 12,501 | ||
Current period provision | 1,668 | 5,008 | ||
Charge-offs | (708) | (1,704) | ||
Recoveries | 561 | 1,072 | ||
Balance at the end of the period | 16,877 | 16,877 | ||
Acquired | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 5,458 | 1,702 | ||
Current period provision | 161 | 5,912 | ||
Charge-offs | (566) | (3,397) | ||
Recoveries | 169 | 1,005 | ||
Balance at the end of the period | 5,222 | 5,222 | ||
Acquired | Personal Banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 1,741 | 229 | ||
Current period provision | 395 | 3,136 | ||
Charge-offs | (379) | (2,059) | ||
Recoveries | 136 | 587 | ||
Balance at the end of the period | 1,893 | 1,893 | ||
Acquired | Personal Banking | Residential mortgage loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 61 | 18 | ||
Current period provision | 45 | 118 | ||
Charge-offs | (86) | (211) | ||
Recoveries | 58 | 153 | ||
Balance at the end of the period | 78 | 78 | ||
Acquired | Personal Banking | Home equity loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 1,128 | 101 | ||
Current period provision | 138 | 2,093 | ||
Charge-offs | (127) | (1,320) | ||
Recoveries | 32 | 297 | ||
Balance at the end of the period | 1,171 | 1,171 | ||
Acquired | Personal Banking | Consumer loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 552 | 110 | ||
Current period provision | 212 | 925 | ||
Charge-offs | (166) | (528) | ||
Recoveries | 46 | 137 | ||
Balance at the end of the period | 644 | 644 | ||
Acquired | Commercial Banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 3,717 | 1,473 | ||
Current period provision | (234) | 2,776 | ||
Charge-offs | (187) | (1,338) | ||
Recoveries | 33 | 418 | ||
Balance at the end of the period | 3,329 | 3,329 | ||
Acquired | Commercial Banking | Commercial real estate loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 3,165 | 1,439 | ||
Current period provision | (588) | 1,886 | ||
Charge-offs | (187) | (1,314) | ||
Recoveries | 32 | 411 | ||
Balance at the end of the period | 2,422 | 2,422 | ||
Acquired | Commercial Banking | Commercial loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 552 | 34 | ||
Current period provision | 354 | 890 | ||
Charge-offs | 0 | (24) | ||
Recoveries | 1 | 7 | ||
Balance at the end of the period | $ 907 | $ 907 |
Loans receivable - Loan Portfol
Loans receivable - Loan Portfolio by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | $ 7,798,566 | $ 7,222,121 | ||||
Allowance for loan losses | 63,246 | 62,672 | ||||
Nonaccrual loans | 86,272 | 71,662 | ||||
Loans past due 90 days or more and still accruing | 103 | 1,334 | ||||
TDRs | 46,595 | $ 49,113 | 51,115 | $ 49,338 | $ 56,184 | $ 61,788 |
Allowance related to TDRs | 4,697 | 4,682 | ||||
Additional commitments to customers with loans classified as TDRs | 300 | 320 | ||||
Nonaccrual TDRs | 17,374 | 21,100 | $ 23,184 | |||
Personal Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 4,796,630 | 4,448,287 | ||||
Allowance for loan losses | 18,510 | 16,350 | ||||
Nonaccrual loans | 30,298 | 30,746 | ||||
Loans past due 90 days or more and still accruing | 95 | 980 | ||||
TDRs | 9,136 | 8,658 | ||||
Allowance related to TDRs | 1,206 | 1,794 | ||||
Additional commitments to customers with loans classified as TDRs | 3 | 0 | ||||
Personal Banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 2,819,013 | 2,740,892 | ||||
Allowance for loan losses | 4,080 | 4,710 | ||||
Nonaccrual loans | 17,919 | 19,772 | ||||
Loans past due 90 days or more and still accruing | 0 | 4 | ||||
TDRs | 7,174 | 6,360 | ||||
Allowance related to TDRs | 735 | 1,189 | ||||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||||
Personal Banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 1,349,105 | 1,187,106 | ||||
Allowance for loan losses | 4,690 | 4,042 | ||||
Nonaccrual loans | 8,100 | 7,522 | ||||
Loans past due 90 days or more and still accruing | 0 | 0 | ||||
TDRs | 1,962 | 2,298 | ||||
Allowance related to TDRs | 471 | 605 | ||||
Additional commitments to customers with loans classified as TDRs | 3 | 0 | ||||
Personal Banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 628,512 | 520,289 | ||||
Allowance for loan losses | 9,740 | 7,598 | ||||
Nonaccrual loans | 4,279 | 3,452 | ||||
Loans past due 90 days or more and still accruing | 95 | 976 | ||||
TDRs | 0 | 0 | ||||
Allowance related to TDRs | 0 | 0 | ||||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||||
Commercial Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 3,001,936 | 2,773,834 | ||||
Allowance for loan losses | 44,736 | 46,322 | ||||
Nonaccrual loans | 55,974 | 40,916 | ||||
Loans past due 90 days or more and still accruing | 8 | 354 | ||||
TDRs | 37,459 | 42,457 | ||||
Allowance related to TDRs | 3,491 | 2,888 | ||||
Additional commitments to customers with loans classified as TDRs | 297 | 320 | ||||
Commercial Banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 2,464,681 | 2,351,434 | ||||
Allowance for loan losses | 26,952 | 33,787 | ||||
Nonaccrual loans | 42,066 | 33,421 | ||||
Loans past due 90 days or more and still accruing | 0 | 206 | ||||
TDRs | 26,435 | 31,970 | ||||
Allowance related to TDRs | 2,038 | 2,257 | ||||
Additional commitments to customers with loans classified as TDRs | 280 | 241 | ||||
Commercial Banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 537,255 | 422,400 | ||||
Allowance for loan losses | 17,784 | 12,535 | ||||
Nonaccrual loans | 13,908 | 7,495 | ||||
Loans past due 90 days or more and still accruing | 8 | 148 | ||||
TDRs | 11,024 | 10,487 | ||||
Allowance related to TDRs | 1,453 | 631 | ||||
Additional commitments to customers with loans classified as TDRs | $ 17 | $ 79 |
Loans receivable - Geographical
Loans receivable - Geographical and Delinquency Information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | $ 7,798,566 | $ 7,222,121 |
Percentage of total loans receivable | 100.00% | 100.00% |
Delinquent loans | $ 86,637 | $ 135,228 |
90 days or greater delinquent and accruing | 2,923 | 3,750 |
90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | $ 53,654 | $ 47,018 |
Percentage of total loans 90 or more days delinquent | 100.00% | 100.00% |
Personal Banking | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | $ 4,796,630 | $ 4,448,287 |
Personal Banking | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 22,872 | 25,388 |
Personal Banking | Residential mortgage loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 2,819,013 | 2,740,892 |
Personal Banking | Residential mortgage loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 13,478 | 16,350 |
Personal Banking | Home equity loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 1,349,105 | 1,187,106 |
Personal Banking | Home equity loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 6,022 | 6,112 |
Personal Banking | Consumer loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 628,512 | 520,289 |
Personal Banking | Consumer loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 3,372 | 2,926 |
Commercial Banking | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 3,001,936 | 2,773,834 |
Commercial Banking | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 30,782 | 21,630 |
Commercial Banking | Commercial real estate loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 2,464,681 | 2,351,434 |
Commercial Banking | Commercial real estate loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 24,533 | 19,031 |
Commercial Banking | Commercial loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 537,255 | 422,400 |
Commercial Banking | Commercial loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 6,249 | 2,599 |
Pennsylvania | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | $ 4,746,666 | $ 4,700,178 |
Percentage of total loans receivable | 60.90% | 65.10% |
Pennsylvania | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | $ 27,665 | $ 29,003 |
Percentage of total loans 90 or more days delinquent | 51.50% | 61.60% |
Pennsylvania | Personal Banking | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | $ 3,412,780 | $ 3,450,477 |
Pennsylvania | Personal Banking | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 15,395 | 16,982 |
Pennsylvania | Personal Banking | Residential mortgage loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 2,285,555 | 2,310,860 |
Pennsylvania | Personal Banking | Residential mortgage loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 9,380 | 10,998 |
Pennsylvania | Personal Banking | Home equity loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 858,767 | 879,447 |
Pennsylvania | Personal Banking | Home equity loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 3,064 | 3,204 |
Pennsylvania | Personal Banking | Consumer loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 268,458 | 260,170 |
Pennsylvania | Personal Banking | Consumer loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 2,951 | 2,780 |
Pennsylvania | Commercial Banking | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 1,333,886 | 1,249,701 |
Pennsylvania | Commercial Banking | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 12,270 | 12,021 |
Pennsylvania | Commercial Banking | Commercial real estate loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 967,962 | 965,090 |
Pennsylvania | Commercial Banking | Commercial real estate loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 7,209 | 10,439 |
Pennsylvania | Commercial Banking | Commercial loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 365,924 | 284,611 |
Pennsylvania | Commercial Banking | Commercial loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 5,061 | 1,582 |
New York | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | $ 1,612,863 | $ 1,111,180 |
Percentage of total loans receivable | 20.60% | 15.40% |
New York | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | $ 5,622 | $ 6,401 |
Percentage of total loans 90 or more days delinquent | 10.50% | 13.60% |
New York | Personal Banking | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | $ 641,800 | $ 308,325 |
New York | Personal Banking | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 2,788 | 2,530 |
New York | Personal Banking | Residential mortgage loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 286,147 | 171,790 |
New York | Personal Banking | Residential mortgage loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 1,627 | 1,801 |
New York | Personal Banking | Home equity loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 284,095 | 124,291 |
New York | Personal Banking | Home equity loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 1,039 | 639 |
New York | Personal Banking | Consumer loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 71,558 | 12,244 |
New York | Personal Banking | Consumer loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 122 | 90 |
New York | Commercial Banking | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 971,063 | 802,855 |
New York | Commercial Banking | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 2,834 | 3,871 |
New York | Commercial Banking | Commercial real estate loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 875,066 | 749,435 |
New York | Commercial Banking | Commercial real estate loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 2,697 | 3,012 |
New York | Commercial Banking | Commercial loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 95,997 | 53,420 |
New York | Commercial Banking | Commercial loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 137 | 859 |
Ohio | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | $ 854,317 | $ 847,753 |
Percentage of total loans receivable | 11.00% | 11.70% |
Ohio | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | $ 11,497 | $ 7,607 |
Percentage of total loans 90 or more days delinquent | 21.40% | 16.20% |
Ohio | Personal Banking | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | $ 334,491 | $ 326,246 |
Ohio | Personal Banking | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 2,294 | 2,626 |
Ohio | Personal Banking | Residential mortgage loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 70,507 | 70,209 |
Ohio | Personal Banking | Residential mortgage loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 831 | 1,308 |
Ohio | Personal Banking | Home equity loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 146,040 | 154,003 |
Ohio | Personal Banking | Home equity loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 1,405 | 1,294 |
Ohio | Personal Banking | Consumer loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 117,944 | 102,034 |
Ohio | Personal Banking | Consumer loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 58 | 24 |
Ohio | Commercial Banking | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 519,826 | 521,507 |
Ohio | Commercial Banking | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 9,203 | 4,981 |
Ohio | Commercial Banking | Commercial real estate loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 464,068 | 453,180 |
Ohio | Commercial Banking | Commercial real estate loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 8,261 | 4,823 |
Ohio | Commercial Banking | Commercial loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 55,758 | 68,327 |
Ohio | Commercial Banking | Commercial loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 942 | 158 |
Maryland | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | $ 266,361 | $ 283,894 |
Percentage of total loans receivable | 3.40% | 3.90% |
Maryland | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | $ 1,917 | $ 2,567 |
Percentage of total loans 90 or more days delinquent | 3.60% | 5.50% |
Maryland | Personal Banking | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | $ 145,722 | $ 155,457 |
Maryland | Personal Banking | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 1,698 | 2,316 |
Maryland | Personal Banking | Residential mortgage loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 121,013 | 129,129 |
Maryland | Personal Banking | Residential mortgage loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 1,229 | 1,341 |
Maryland | Personal Banking | Home equity loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 22,713 | 24,458 |
Maryland | Personal Banking | Home equity loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 469 | 975 |
Maryland | Personal Banking | Consumer loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 1,996 | 1,870 |
Maryland | Personal Banking | Consumer loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 0 | 0 |
Maryland | Commercial Banking | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 120,639 | 128,437 |
Maryland | Commercial Banking | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 219 | 251 |
Maryland | Commercial Banking | Commercial real estate loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 113,605 | 122,775 |
Maryland | Commercial Banking | Commercial real estate loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 110 | 251 |
Maryland | Commercial Banking | Commercial loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 7,034 | 5,662 |
Maryland | Commercial Banking | Commercial loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 109 | 0 |
Other | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | $ 318,359 | $ 279,116 |
Percentage of total loans receivable | 4.10% | 3.90% |
Other | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | $ 6,953 | $ 1,440 |
Percentage of total loans 90 or more days delinquent | 13.00% | 3.10% |
Other | Personal Banking | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | $ 261,837 | $ 207,782 |
Other | Personal Banking | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 697 | 934 |
Other | Personal Banking | Residential mortgage loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 55,791 | 58,904 |
Other | Personal Banking | Residential mortgage loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 411 | 902 |
Other | Personal Banking | Home equity loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 37,490 | 4,907 |
Other | Personal Banking | Home equity loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 45 | 0 |
Other | Personal Banking | Consumer loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 168,556 | 143,971 |
Other | Personal Banking | Consumer loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 241 | 32 |
Other | Commercial Banking | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 56,522 | 71,334 |
Other | Commercial Banking | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 6,256 | 506 |
Other | Commercial Banking | Commercial real estate loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 43,980 | 60,954 |
Other | Commercial Banking | Commercial real estate loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | 6,256 | 506 |
Other | Commercial Banking | Commercial loans | ||
Loans receivable and Loans 90 days or more delinquent | ||
Recorded investment in loans receivable | 12,542 | 10,380 |
Other | Commercial Banking | Commercial loans | 90 Days or greater delinquent | ||
Loans receivable and Loans 90 days or more delinquent | ||
Delinquent loans | $ 0 | $ 0 |
Loans receivable - Compositio49
Loans receivable - Composition of Impaired Loans by Portfolio Segment and Class of Financing Receivable (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | $ 86,272 | $ 71,662 |
Total impaired loans | 116,372 | 117,851 |
Average recorded investment in impaired loans | 121,458 | 130,528 |
Interest income recognized on impaired loans | 4,294 | 5,462 |
Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 30,298 | 30,746 |
Total impaired loans | 38,104 | 37,679 |
Average recorded investment in impaired loans | 36,878 | 37,175 |
Interest income recognized on impaired loans | 1,303 | 1,542 |
Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 17,919 | 19,772 |
Total impaired loans | 24,249 | 24,858 |
Average recorded investment in impaired loans | 24,401 | 24,554 |
Interest income recognized on impaired loans | 819 | 944 |
Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 8,100 | 7,522 |
Total impaired loans | 9,576 | 9,369 |
Average recorded investment in impaired loans | 9,155 | 9,644 |
Interest income recognized on impaired loans | 368 | 497 |
Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 4,279 | 3,452 |
Total impaired loans | 4,279 | 3,452 |
Average recorded investment in impaired loans | 3,322 | 2,977 |
Interest income recognized on impaired loans | 116 | 101 |
Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 55,974 | 40,916 |
Total impaired loans | 78,268 | 80,172 |
Average recorded investment in impaired loans | 84,580 | 93,353 |
Interest income recognized on impaired loans | 2,991 | 3,920 |
Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 42,066 | 33,421 |
Total impaired loans | 57,833 | 66,009 |
Average recorded investment in impaired loans | 67,422 | 77,166 |
Interest income recognized on impaired loans | 2,258 | 3,226 |
Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 13,908 | 7,495 |
Total impaired loans | 20,435 | 14,163 |
Average recorded investment in impaired loans | 17,158 | 16,187 |
Interest income recognized on impaired loans | 733 | 694 |
90 Days or greater delinquent | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 50,730 | 43,268 |
90 Days or greater delinquent | Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 22,470 | 24,360 |
90 Days or greater delinquent | Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 13,242 | 15,810 |
90 Days or greater delinquent | Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 5,874 | 5,650 |
90 Days or greater delinquent | Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 3,354 | 2,900 |
90 Days or greater delinquent | Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 28,260 | 18,908 |
90 Days or greater delinquent | Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 22,155 | 16,449 |
90 Days or greater delinquent | Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 6,105 | 2,459 |
Less than 90 days delinquent | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 35,542 | 28,394 |
Loans less than 90 days delinquent reviewed for impairment | 7,731 | 18,135 |
TDRs less than 90 days delinquent not included elsewhere | 22,369 | 28,054 |
Less than 90 days delinquent | Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 7,828 | 6,386 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 7,806 | 6,933 |
Less than 90 days delinquent | Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 4,677 | 3,962 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 6,330 | 5,086 |
Less than 90 days delinquent | Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 2,226 | 1,872 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 1,476 | 1,847 |
Less than 90 days delinquent | Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 925 | 552 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 0 | 0 |
Less than 90 days delinquent | Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 27,714 | 22,008 |
Loans less than 90 days delinquent reviewed for impairment | 7,731 | 18,135 |
TDRs less than 90 days delinquent not included elsewhere | 14,563 | 21,121 |
Less than 90 days delinquent | Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 19,911 | 16,972 |
Loans less than 90 days delinquent reviewed for impairment | 4,838 | 16,121 |
TDRs less than 90 days delinquent not included elsewhere | 10,929 | 16,467 |
Less than 90 days delinquent | Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 7,803 | 5,036 |
Loans less than 90 days delinquent reviewed for impairment | 2,893 | 2,014 |
TDRs less than 90 days delinquent not included elsewhere | $ 3,634 | $ 4,654 |
Loans receivable - Evaluation o
Loans receivable - Evaluation of Impaired Loans by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | $ 7,736,075 | $ 7,147,649 |
Loans individually evaluated for impairment | 62,491 | 74,472 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 54,889 | 53,189 |
Related impairment reserve | 6,372 | 5,008 |
Loans individually evaluated for impairment for which there is no related reserve | 7,602 | 21,283 |
Personal Banking | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 4,786,577 | 4,438,708 |
Loans individually evaluated for impairment | 10,053 | 9,579 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 10,053 | 9,579 |
Related impairment reserve | 1,223 | 1,844 |
Loans individually evaluated for impairment for which there is no related reserve | 0 | 0 |
Personal Banking | Residential mortgage loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 2,810,996 | 2,733,741 |
Loans individually evaluated for impairment | 8,017 | 7,151 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 8,017 | 7,151 |
Related impairment reserve | 735 | 1,189 |
Loans individually evaluated for impairment for which there is no related reserve | 0 | 0 |
Personal Banking | Home equity loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 1,347,143 | 1,184,808 |
Loans individually evaluated for impairment | 1,962 | 2,298 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 1,962 | 2,298 |
Related impairment reserve | 471 | 605 |
Loans individually evaluated for impairment for which there is no related reserve | 0 | 0 |
Personal Banking | Consumer loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 628,438 | 520,159 |
Loans individually evaluated for impairment | 74 | 130 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 74 | 130 |
Related impairment reserve | 17 | 50 |
Loans individually evaluated for impairment for which there is no related reserve | 0 | 0 |
Commercial Banking | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 2,949,498 | 2,708,941 |
Loans individually evaluated for impairment | 52,438 | 64,893 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 44,836 | 43,610 |
Related impairment reserve | 5,149 | 3,164 |
Loans individually evaluated for impairment for which there is no related reserve | 7,602 | 21,283 |
Commercial Banking | Commercial real estate loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 2,424,492 | 2,297,599 |
Loans individually evaluated for impairment | 40,189 | 53,835 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 32,587 | 35,937 |
Related impairment reserve | 3,636 | 2,675 |
Loans individually evaluated for impairment for which there is no related reserve | 7,602 | 17,898 |
Commercial Banking | Commercial loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 525,006 | 411,342 |
Loans individually evaluated for impairment | 12,249 | 11,058 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 12,249 | 7,673 |
Related impairment reserve | 1,513 | 489 |
Loans individually evaluated for impairment for which there is no related reserve | $ 0 | $ 3,385 |
Loans receivable - Roll Forward
Loans receivable - Roll Forward of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)contract | Sep. 30, 2015USD ($)contract | Sep. 30, 2016USD ($)contract | Sep. 30, 2015USD ($)contract | Dec. 31, 2015USD ($) | |
Number of contracts | |||||
Beginning balance | contract | 230 | 231 | 227 | 248 | |
Number of contracts new TDRs | contract | 5 | 5 | 23 | 11 | |
Number of re-modified TDRs | contract | 1 | 1 | 5 | 3 | |
Ending balance | contract | 218 | 224 | 218 | 224 | |
Amount | |||||
Beginning TDR balance | $ 49,113 | $ 56,184 | $ 51,115 | $ 61,788 | |
New TDRs | 245 | 2,273 | 5,256 | 2,772 | |
Re-modified TDRs | 799 | 6,316 | 1,862 | 6,446 | |
Net paydowns | (1,781) | (7,096) | (4,685) | (11,537) | |
Ending TDR balance | 46,595 | 49,338 | 46,595 | 49,338 | |
Accruing TDRs | 29,221 | 26,154 | 29,221 | 26,154 | |
Non-accrual TDRs | $ 17,374 | $ 23,184 | $ 17,374 | $ 23,184 | $ 21,100 |
Residential mortgage loans | |||||
Number of contracts | |||||
Number of contracts charged off | contract | 0 | 0 | 0 | 0 | |
Number of contracts paid off | contract | 3 | 0 | 3 | 1 | |
Amount | |||||
Amount of contracts charged off | $ 0 | $ 0 | $ 0 | $ 0 | |
Amount of contracts paid off | $ (143) | $ 0 | $ (143) | $ (53) | |
Home equity loans | |||||
Number of contracts | |||||
Number of contracts charged off | contract | 0 | 1 | 0 | 4 | |
Number of contracts paid off | contract | 2 | 2 | 5 | 3 | |
Amount | |||||
Amount of contracts charged off | $ 0 | $ (60) | $ 0 | $ (159) | |
Amount of contracts paid off | $ (264) | $ (75) | $ (496) | $ (81) | |
Commercial real estate loans | |||||
Number of contracts | |||||
Number of contracts charged off | contract | 0 | 1 | 0 | 3 | |
Number of contracts paid off | contract | 8 | 6 | 16 | 14 | |
Amount | |||||
Amount of contracts charged off | $ 0 | $ (5) | $ 0 | $ (28) | |
Amount of contracts paid off | $ (1,022) | $ (8,122) | $ (5,584) | $ (9,127) | |
Commercial loans | |||||
Number of contracts | |||||
Number of contracts charged off | contract | 1 | 0 | 2 | 2 | |
Number of contracts paid off | contract | 3 | 2 | 6 | 8 | |
Amount | |||||
Amount of contracts charged off | $ (99) | $ 0 | $ (142) | $ (387) | |
Amount of contracts paid off | $ (253) | $ (77) | $ (588) | $ (296) |
Loans receivable - Troubled Deb
Loans receivable - Troubled Debt Restructuring (Including Re-Modified TDRs) by Portfolio Segment and by Class of Financing Receivable (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)contract | Sep. 30, 2015USD ($)contract | Sep. 30, 2016USD ($)contract | Sep. 30, 2015USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 6 | 6 | 28 | 14 |
Recorded investment at the time of modification | $ 1,044 | $ 8,589 | $ 7,118 | $ 9,218 |
Current recorded investment | 1,041 | 8,536 | 6,121 | 9,148 |
Current allowance | $ 77 | $ 983 | $ 1,092 | $ 1,029 |
Troubled debt restructurings that subsequently defaulted: | ||||
Number of contracts | contract | 1 | 0 | 0 | 2 |
Recorded investment at the time of modification | $ 6,256 | $ 0 | $ 0 | $ 274 |
Current recorded investment | 6,113 | 0 | 0 | 269 |
Current allowance | $ 893 | $ 0 | $ 0 | $ 0 |
Personal Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 2 | 0 | 12 | 6 |
Recorded investment at the time of modification | $ 12 | $ 0 | $ 1,325 | $ 319 |
Current recorded investment | 11 | 0 | 1,312 | 313 |
Current allowance | $ 2 | $ 0 | $ 165 | $ 17 |
Troubled debt restructurings that subsequently defaulted: | ||||
Number of contracts | contract | 0 | 0 | 0 | 2 |
Recorded investment at the time of modification | $ 0 | $ 0 | $ 0 | $ 274 |
Current recorded investment | 0 | 0 | 0 | 269 |
Current allowance | $ 0 | $ 0 | $ 0 | $ 0 |
Personal Banking | Residential mortgage loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 1 | 0 | 6 | 4 |
Recorded investment at the time of modification | $ 9 | $ 0 | $ 1,041 | $ 232 |
Current recorded investment | 8 | 0 | 1,031 | 228 |
Current allowance | $ 1 | $ 0 | $ 105 | $ 0 |
Troubled debt restructurings that subsequently defaulted: | ||||
Number of contracts | contract | 0 | 0 | 0 | 1 |
Recorded investment at the time of modification | $ 0 | $ 0 | $ 0 | $ 251 |
Current recorded investment | 0 | 0 | 0 | 249 |
Current allowance | $ 0 | $ 0 | $ 0 | $ 0 |
Personal Banking | Home equity loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 1 | 0 | 6 | 2 |
Recorded investment at the time of modification | $ 3 | $ 0 | $ 284 | $ 87 |
Current recorded investment | 3 | 0 | 281 | 85 |
Current allowance | $ 1 | $ 0 | $ 60 | $ 17 |
Troubled debt restructurings that subsequently defaulted: | ||||
Number of contracts | contract | 0 | 0 | 0 | 1 |
Recorded investment at the time of modification | $ 0 | $ 0 | $ 0 | $ 23 |
Current recorded investment | 0 | 0 | 0 | 20 |
Current allowance | $ 0 | $ 0 | $ 0 | $ 0 |
Personal Banking | Consumer loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 0 | 0 | 0 | 0 |
Recorded investment at the time of modification | $ 0 | $ 0 | $ 0 | $ 0 |
Current recorded investment | 0 | 0 | 0 | 0 |
Current allowance | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings that subsequently defaulted: | ||||
Number of contracts | contract | 0 | 0 | 0 | 0 |
Recorded investment at the time of modification | $ 0 | $ 0 | $ 0 | $ 0 |
Current recorded investment | 0 | 0 | 0 | 0 |
Current allowance | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 4 | 6 | 16 | 8 |
Recorded investment at the time of modification | $ 1,032 | $ 8,589 | $ 5,793 | $ 8,899 |
Current recorded investment | 1,030 | 8,536 | 4,809 | 8,835 |
Current allowance | $ 75 | $ 983 | $ 927 | $ 1,012 |
Troubled debt restructurings that subsequently defaulted: | ||||
Number of contracts | contract | 1 | 0 | 0 | 0 |
Recorded investment at the time of modification | $ 6,256 | $ 0 | $ 0 | $ 0 |
Current recorded investment | 6,113 | 0 | 0 | 0 |
Current allowance | $ 893 | $ 0 | $ 0 | $ 0 |
Commercial Banking | Commercial real estate loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 1 | 5 | 5 | 6 |
Recorded investment at the time of modification | $ 154 | $ 8,563 | $ 2,250 | $ 8,575 |
Current recorded investment | 153 | 8,511 | 2,218 | 8,522 |
Current allowance | $ 11 | $ 980 | $ 295 | $ 981 |
Troubled debt restructurings that subsequently defaulted: | ||||
Number of contracts | contract | 1 | 0 | 0 | 0 |
Recorded investment at the time of modification | $ 6,256 | $ 0 | $ 0 | $ 0 |
Current recorded investment | 6,113 | 0 | 0 | 0 |
Current allowance | $ 893 | $ 0 | $ 0 | $ 0 |
Commercial Banking | Commercial loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 3 | 1 | 11 | 2 |
Recorded investment at the time of modification | $ 878 | $ 26 | $ 3,543 | $ 324 |
Current recorded investment | 877 | 25 | 2,591 | 313 |
Current allowance | $ 64 | $ 3 | $ 632 | $ 31 |
Troubled debt restructurings that subsequently defaulted: | ||||
Number of contracts | contract | 0 | 0 | 0 | 0 |
Recorded investment at the time of modification | $ 0 | $ 0 | $ 0 | $ 0 |
Current recorded investment | 0 | 0 | 0 | 0 |
Current allowance | $ 0 | $ 0 | $ 0 | $ 0 |
Loans receivable - Troubled D53
Loans receivable - Troubled Debt Restructurings by Type of Modification (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)contract | Sep. 30, 2015USD ($)contract | Sep. 30, 2016USD ($)contract | Sep. 30, 2015USD ($)contract | |
Troubled debt restructurings | ||||
Number of contracts | contract | 6 | 6 | 28 | 14 |
Troubled debt restructurings | $ 1,041 | $ 8,536 | $ 6,121 | $ 9,148 |
Number of re-modified TDRs | contract | 1 | 1 | 5 | 3 |
Re-modified troubled debt restructurings | $ 799 | $ 6,270 | $ 1,844 | $ 6,398 |
Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 180 | 482 | 336 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 83 |
Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 799 | 0 | 1,228 | 0 |
Re-modified troubled debt restructurings | 799 | 0 | 1,662 | 0 |
Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 242 | 8,356 | 2,202 | 8,767 |
Re-modified troubled debt restructurings | 0 | 6,270 | 0 | 6,270 |
Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 2,209 | 45 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 182 | $ 45 |
Personal Banking | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 2 | 0 | 12 | 6 |
Troubled debt restructurings | $ 11 | $ 0 | $ 1,312 | $ 313 |
Number of re-modified TDRs | contract | 0 | 0 | 0 | 2 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 128 |
Personal Banking | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 482 | 156 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 83 |
Personal Banking | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 11 | 0 | 625 | 112 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 205 | 45 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 45 |
Personal Banking | Residential mortgage loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 1 | 0 | 6 | 4 |
Troubled debt restructurings | $ 8 | $ 0 | $ 1,031 | $ 228 |
Number of re-modified TDRs | contract | 0 | 0 | 0 | 1 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 45 |
Personal Banking | Residential mortgage loans | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 361 | 73 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Residential mortgage loans | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Residential mortgage loans | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 8 | 0 | 622 | 110 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Residential mortgage loans | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 48 | 45 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 45 |
Personal Banking | Home equity loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 1 | 0 | 6 | 2 |
Troubled debt restructurings | $ 3 | $ 0 | $ 281 | $ 85 |
Number of re-modified TDRs | contract | 0 | 0 | 0 | 1 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 83 |
Personal Banking | Home equity loans | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 121 | 83 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 83 |
Personal Banking | Home equity loans | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Home equity loans | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 3 | 0 | 3 | 2 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Home equity loans | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 157 | 0 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 0 |
Personal Banking | Consumer loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 0 |
Number of re-modified TDRs | contract | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 0 |
Personal Banking | Consumer loans | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Consumer loans | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Consumer loans | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Consumer loans | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Banking | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 4 | 6 | 16 | 8 |
Troubled debt restructurings | $ 1,030 | $ 8,536 | $ 4,809 | $ 8,835 |
Number of re-modified TDRs | contract | 1 | 1 | 5 | 1 |
Re-modified troubled debt restructurings | $ 799 | $ 6,270 | $ 1,844 | $ 6,270 |
Commercial Banking | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 180 | 0 | 180 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Commercial Banking | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 799 | 0 | 1,228 | 0 |
Re-modified troubled debt restructurings | 799 | 0 | 1,662 | 0 |
Commercial Banking | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 231 | 8,356 | 1,577 | 8,655 |
Re-modified troubled debt restructurings | 0 | 6,270 | 0 | 6,270 |
Commercial Banking | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 2,004 | 0 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 182 | $ 0 |
Commercial Banking | Commercial real estate loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 1 | 5 | 5 | 6 |
Troubled debt restructurings | $ 153 | $ 8,511 | $ 2,218 | $ 8,522 |
Number of re-modified TDRs | contract | 0 | 1 | 1 | 1 |
Re-modified troubled debt restructurings | $ 0 | $ 6,270 | $ 182 | $ 6,270 |
Commercial Banking | Commercial real estate loans | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 180 | 0 | 180 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Commercial Banking | Commercial real estate loans | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 429 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Commercial Banking | Commercial real estate loans | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 153 | 8,331 | 535 | 8,342 |
Re-modified troubled debt restructurings | 0 | 6,270 | 0 | 6,270 |
Commercial Banking | Commercial real estate loans | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 1,254 | 0 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 182 | $ 0 |
Commercial Banking | Commercial loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 3 | 1 | 11 | 2 |
Troubled debt restructurings | $ 877 | $ 25 | $ 2,591 | $ 313 |
Number of re-modified TDRs | contract | 1 | 0 | 4 | 0 |
Re-modified troubled debt restructurings | $ 799 | $ 0 | $ 1,662 | $ 0 |
Commercial Banking | Commercial loans | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Commercial Banking | Commercial loans | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 799 | 0 | 799 | 0 |
Re-modified troubled debt restructurings | 799 | 0 | 1,662 | 0 |
Commercial Banking | Commercial loans | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 78 | 25 | 1,042 | 313 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Commercial Banking | Commercial loans | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 750 | 0 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 0 |
Loans receivable - Loan Delinqu
Loans receivable - Loan Delinquencies (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Loan payment delinquencies | ||
Total delinquency | $ 86,637 | $ 135,228 |
Current | 7,711,929 | 7,086,893 |
Total loans | 7,798,566 | 7,222,121 |
90 days or greater delinquent and accruing | 2,923 | 3,750 |
30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 21,295 | 66,595 |
60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 11,688 | 21,615 |
90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 53,654 | 47,018 |
Personal Banking | ||
Loan payment delinquencies | ||
Total loans | 4,796,630 | 4,448,287 |
Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total loans | 2,819,013 | 2,740,892 |
Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total loans | 1,349,105 | 1,187,106 |
Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total loans | 628,512 | 520,289 |
Personal Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 22,872 | 25,388 |
Personal Banking | 90 Days or greater delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 13,478 | 16,350 |
Personal Banking | 90 Days or greater delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 6,022 | 6,112 |
Personal Banking | 90 Days or greater delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,372 | 2,926 |
Commercial Banking | ||
Loan payment delinquencies | ||
Total loans | 3,001,936 | 2,773,834 |
Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total loans | 2,464,681 | 2,351,434 |
Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total loans | 537,255 | 422,400 |
Commercial Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 30,782 | 21,630 |
Commercial Banking | 90 Days or greater delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 24,533 | 19,031 |
Commercial Banking | 90 Days or greater delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 6,249 | 2,599 |
Originated | ||
Loan payment delinquencies | ||
Total delinquency | 71,337 | 120,633 |
Current | 6,580,688 | 6,244,648 |
Total loans | 6,652,025 | 6,365,281 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 18,719 | 60,380 |
Originated | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 9,776 | 19,190 |
Originated | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 42,842 | 41,063 |
Originated | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 43,698 | 71,854 |
Current | 4,106,451 | 3,996,862 |
Total loans | 4,150,149 | 4,068,716 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 21,745 | 48,608 |
Current | 2,654,908 | 2,646,568 |
Total loans | 2,676,653 | 2,695,176 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 9,857 | 11,957 |
Current | 1,019,125 | 1,043,950 |
Total loans | 1,028,982 | 1,055,907 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 12,096 | 11,289 |
Current | 432,418 | 306,344 |
Total loans | 444,514 | 317,633 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 14,017 | 36,465 |
Originated | Personal Banking | 30-59 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,322 | 25,503 |
Originated | Personal Banking | 30-59 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 4,130 | 4,870 |
Originated | Personal Banking | 30-59 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 6,565 | 6,092 |
Originated | Personal Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 8,846 | 11,717 |
Originated | Personal Banking | 60-89 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 5,568 | 7,541 |
Originated | Personal Banking | 60-89 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 910 | 1,836 |
Originated | Personal Banking | 60-89 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,368 | 2,340 |
Originated | Personal Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 20,835 | 23,672 |
Originated | Personal Banking | 90 Days or greater delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 12,855 | 15,564 |
Originated | Personal Banking | 90 Days or greater delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 4,817 | 5,251 |
Originated | Personal Banking | 90 Days or greater delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,163 | 2,857 |
Originated | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 27,639 | 48,779 |
Current | 2,474,237 | 2,247,786 |
Total loans | 2,501,876 | 2,296,565 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 20,617 | 44,029 |
Current | 2,025,146 | 1,891,128 |
Total loans | 2,045,763 | 1,935,157 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 7,022 | 4,750 |
Current | 449,091 | 356,658 |
Total loans | 456,113 | 361,408 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 4,702 | 23,915 |
Originated | Commercial Banking | 30-59 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,432 | 22,212 |
Originated | Commercial Banking | 30-59 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,270 | 1,703 |
Originated | Commercial Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 930 | 7,473 |
Originated | Commercial Banking | 60-89 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 487 | 6,875 |
Originated | Commercial Banking | 60-89 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 443 | 598 |
Originated | Commercial Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 22,007 | 17,391 |
Originated | Commercial Banking | 90 Days or greater delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 16,698 | 14,942 |
Originated | Commercial Banking | 90 Days or greater delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 5,309 | 2,449 |
Acquired | ||
Loan payment delinquencies | ||
Total delinquency | 15,300 | 14,595 |
Current | 1,131,241 | 842,245 |
Total loans | 1,146,541 | 856,840 |
90 days or greater delinquent and accruing | 2,923 | 3,750 |
Acquired | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 2,576 | 6,215 |
Acquired | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 1,912 | 2,425 |
Acquired | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 10,812 | 5,955 |
Acquired | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 5,113 | 5,173 |
Current | 641,368 | 374,398 |
Total loans | 646,481 | 379,571 |
90 days or greater delinquent and accruing | 401 | 1,028 |
Acquired | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,287 | 1,475 |
Current | 141,073 | 44,241 |
Total loans | 142,360 | 45,716 |
90 days or greater delinquent and accruing | 235 | 540 |
Acquired | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,294 | 2,439 |
Current | 317,829 | 128,760 |
Total loans | 320,123 | 131,199 |
90 days or greater delinquent and accruing | 148 | 462 |
Acquired | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,532 | 1,259 |
Current | 182,466 | 201,397 |
Total loans | 183,998 | 202,656 |
90 days or greater delinquent and accruing | 18 | 26 |
Acquired | Personal Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 1,930 | 2,385 |
Acquired | Personal Banking | 30-59 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 58 | 440 |
Acquired | Personal Banking | 30-59 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 854 | 936 |
Acquired | Personal Banking | 30-59 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,018 | 1,009 |
Acquired | Personal Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 1,146 | 1,072 |
Acquired | Personal Banking | 60-89 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 606 | 249 |
Acquired | Personal Banking | 60-89 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 235 | 642 |
Acquired | Personal Banking | 60-89 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 305 | 181 |
Acquired | Personal Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 2,037 | 1,716 |
Acquired | Personal Banking | 90 Days or greater delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 623 | 786 |
Acquired | Personal Banking | 90 Days or greater delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,205 | 861 |
Acquired | Personal Banking | 90 Days or greater delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 209 | 69 |
Acquired | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 10,187 | 9,422 |
Current | 489,873 | 467,847 |
Total loans | 500,060 | 477,269 |
90 days or greater delinquent and accruing | 2,522 | 2,722 |
Acquired | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 8,873 | 8,107 |
Current | 410,045 | 408,170 |
Total loans | 418,918 | 416,277 |
90 days or greater delinquent and accruing | 2,378 | 2,582 |
Acquired | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,314 | 1,315 |
Current | 79,828 | 59,677 |
Total loans | 81,142 | 60,992 |
90 days or greater delinquent and accruing | 144 | 140 |
Acquired | Commercial Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 646 | 3,830 |
Acquired | Commercial Banking | 30-59 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 423 | 2,665 |
Acquired | Commercial Banking | 30-59 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 223 | 1,165 |
Acquired | Commercial Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 766 | 1,353 |
Acquired | Commercial Banking | 60-89 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 615 | 1,353 |
Acquired | Commercial Banking | 60-89 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 151 | 0 |
Acquired | Commercial Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 8,775 | 4,239 |
Acquired | Commercial Banking | 90 Days or greater delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 7,835 | 4,089 |
Acquired | Commercial Banking | 90 Days or greater delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | $ 940 | $ 150 |
Loans receivable - Credit Quali
Loans receivable - Credit Quality Indicators (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Credit quality indicators | ||
Total loans | $ 7,798,566,000 | $ 7,222,121,000 |
Pass | ||
Credit quality indicators | ||
Total loans | 7,509,085,000 | 6,952,327,000 |
Special mention | ||
Credit quality indicators | ||
Total loans | 76,470,000 | 77,120,000 |
Substandard | ||
Credit quality indicators | ||
Total loans | 210,096,000 | 190,109,000 |
Doubtful | ||
Credit quality indicators | ||
Total loans | 2,915,000 | 1,225,000 |
Loss | ||
Credit quality indicators | ||
Total loans | 0 | 1,340,000 |
Special mention or substandard | Minimum | ||
Credit quality indicators | ||
Total loans | 1,000,000 | |
Personal Banking | ||
Credit quality indicators | ||
Total loans | 4,796,630,000 | 4,448,287,000 |
Personal Banking | Residential mortgage loans | ||
Credit quality indicators | ||
Total loans | 2,819,013,000 | 2,740,892,000 |
Personal Banking | Home equity loans | ||
Credit quality indicators | ||
Total loans | 1,349,105,000 | 1,187,106,000 |
Personal Banking | Consumer loans | ||
Credit quality indicators | ||
Total loans | 628,512,000 | 520,289,000 |
Commercial Banking | ||
Credit quality indicators | ||
Total loans | 3,001,936,000 | 2,773,834,000 |
Commercial Banking | Commercial real estate loans | ||
Credit quality indicators | ||
Total loans | 2,464,681,000 | 2,351,434,000 |
Commercial Banking | Commercial loans | ||
Credit quality indicators | ||
Total loans | 537,255,000 | 422,400,000 |
Originated | ||
Credit quality indicators | ||
Total loans | 6,652,025,000 | 6,365,281,000 |
Originated | Pass | ||
Credit quality indicators | ||
Total loans | 6,411,694,000 | 6,121,713,000 |
Originated | Special mention | ||
Credit quality indicators | ||
Total loans | 57,148,000 | 69,541,000 |
Originated | Substandard | ||
Credit quality indicators | ||
Total loans | 180,268,000 | 171,462,000 |
Originated | Doubtful | ||
Credit quality indicators | ||
Total loans | 2,915,000 | 1,225,000 |
Originated | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 1,340,000 |
Originated | Personal Banking | ||
Credit quality indicators | ||
Total loans | 4,150,149,000 | 4,068,716,000 |
Originated | Personal Banking | Pass | ||
Credit quality indicators | ||
Total loans | 4,122,610,000 | 4,044,118,000 |
Originated | Personal Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 27,539,000 | 23,258,000 |
Originated | Personal Banking | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 1,340,000 |
Originated | Personal Banking | Residential mortgage loans | ||
Credit quality indicators | ||
Total loans | 2,676,653,000 | 2,695,176,000 |
Originated | Personal Banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Total loans | 2,659,867,000 | 2,680,562,000 |
Originated | Personal Banking | Residential mortgage loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Residential mortgage loans | Substandard | ||
Credit quality indicators | ||
Total loans | 16,786,000 | 13,274,000 |
Originated | Personal Banking | Residential mortgage loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Residential mortgage loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 1,340,000 |
Originated | Personal Banking | Home equity loans | ||
Credit quality indicators | ||
Total loans | 1,028,982,000 | 1,055,907,000 |
Originated | Personal Banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Total loans | 1,021,191,000 | 1,048,397,000 |
Originated | Personal Banking | Home equity loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Home equity loans | Substandard | ||
Credit quality indicators | ||
Total loans | 7,791,000 | 7,510,000 |
Originated | Personal Banking | Home equity loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Home equity loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Consumer loans | ||
Credit quality indicators | ||
Total loans | 444,514,000 | 317,633,000 |
Originated | Personal Banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Total loans | 441,552,000 | 315,159,000 |
Originated | Personal Banking | Consumer loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Consumer loans | Substandard | ||
Credit quality indicators | ||
Total loans | 2,962,000 | 2,474,000 |
Originated | Personal Banking | Consumer loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Consumer loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Commercial Banking | ||
Credit quality indicators | ||
Total loans | 2,501,876,000 | 2,296,565,000 |
Originated | Commercial Banking | Pass | ||
Credit quality indicators | ||
Total loans | 2,289,084,000 | 2,077,595,000 |
Originated | Commercial Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 57,148,000 | 69,541,000 |
Originated | Commercial Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 152,729,000 | 148,204,000 |
Originated | Commercial Banking | Doubtful | ||
Credit quality indicators | ||
Total loans | 2,915,000 | 1,225,000 |
Originated | Commercial Banking | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Commercial Banking | Commercial real estate loans | ||
Credit quality indicators | ||
Total loans | 2,045,763,000 | 1,935,157,000 |
Originated | Commercial Banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Total loans | 1,884,719,000 | 1,778,140,000 |
Originated | Commercial Banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Total loans | 45,458,000 | 46,518,000 |
Originated | Commercial Banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Total loans | 115,572,000 | 110,384,000 |
Originated | Commercial Banking | Commercial real estate loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 14,000 | 115,000 |
Originated | Commercial Banking | Commercial real estate loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Commercial Banking | Commercial loans | ||
Credit quality indicators | ||
Total loans | 456,113,000 | 361,408,000 |
Originated | Commercial Banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Total loans | 404,365,000 | 299,455,000 |
Originated | Commercial Banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Total loans | 11,690,000 | 23,023,000 |
Originated | Commercial Banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Total loans | 37,157,000 | 37,820,000 |
Originated | Commercial Banking | Commercial loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 2,901,000 | 1,110,000 |
Originated | Commercial Banking | Commercial loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | ||
Credit quality indicators | ||
Total loans | 1,146,541,000 | 856,840,000 |
Acquired | Pass | ||
Credit quality indicators | ||
Total loans | 1,097,391,000 | 830,614,000 |
Acquired | Special mention | ||
Credit quality indicators | ||
Total loans | 19,322,000 | 7,579,000 |
Acquired | Substandard | ||
Credit quality indicators | ||
Total loans | 29,828,000 | 18,647,000 |
Acquired | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | ||
Credit quality indicators | ||
Total loans | 646,481,000 | 379,571,000 |
Acquired | Personal Banking | Pass | ||
Credit quality indicators | ||
Total loans | 641,338,000 | 377,855,000 |
Acquired | Personal Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 5,143,000 | 1,716,000 |
Acquired | Personal Banking | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Residential mortgage loans | ||
Credit quality indicators | ||
Total loans | 142,360,000 | 45,716,000 |
Acquired | Personal Banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Total loans | 140,553,000 | 44,930,000 |
Acquired | Personal Banking | Residential mortgage loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Residential mortgage loans | Substandard | ||
Credit quality indicators | ||
Total loans | 1,807,000 | 786,000 |
Acquired | Personal Banking | Residential mortgage loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Residential mortgage loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Home equity loans | ||
Credit quality indicators | ||
Total loans | 320,123,000 | 131,199,000 |
Acquired | Personal Banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Total loans | 317,452,000 | 130,338,000 |
Acquired | Personal Banking | Home equity loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Home equity loans | Substandard | ||
Credit quality indicators | ||
Total loans | 2,671,000 | 861,000 |
Acquired | Personal Banking | Home equity loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Home equity loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Consumer loans | ||
Credit quality indicators | ||
Total loans | 183,998,000 | 202,656,000 |
Acquired | Personal Banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Total loans | 183,333,000 | 202,587,000 |
Acquired | Personal Banking | Consumer loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Consumer loans | Substandard | ||
Credit quality indicators | ||
Total loans | 665,000 | 69,000 |
Acquired | Personal Banking | Consumer loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Consumer loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Commercial Banking | ||
Credit quality indicators | ||
Total loans | 500,060,000 | 477,269,000 |
Acquired | Commercial Banking | Pass | ||
Credit quality indicators | ||
Total loans | 456,053,000 | 452,759,000 |
Acquired | Commercial Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 19,322,000 | 7,579,000 |
Acquired | Commercial Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 24,685,000 | 16,931,000 |
Acquired | Commercial Banking | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Commercial Banking | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Commercial Banking | Commercial real estate loans | ||
Credit quality indicators | ||
Total loans | 418,918,000 | 416,277,000 |
Acquired | Commercial Banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Total loans | 381,097,000 | 392,811,000 |
Acquired | Commercial Banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Total loans | 16,305,000 | 6,872,000 |
Acquired | Commercial Banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Total loans | 21,516,000 | 16,594,000 |
Acquired | Commercial Banking | Commercial real estate loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Commercial Banking | Commercial real estate loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Commercial Banking | Commercial loans | ||
Credit quality indicators | ||
Total loans | 81,142,000 | 60,992,000 |
Acquired | Commercial Banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Total loans | 74,956,000 | 59,948,000 |
Acquired | Commercial Banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Total loans | 3,017,000 | 707,000 |
Acquired | Commercial Banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Total loans | 3,169,000 | 337,000 |
Acquired | Commercial Banking | Commercial loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Commercial Banking | Commercial loans | Loss | ||
Credit quality indicators | ||
Total loans | $ 0 | $ 0 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Amortizable intangible assets: | |||||
Amortization expense | $ 1,068 | $ 422 | $ 2,453 | $ 959 | |
Estimated amortization expense | |||||
For the year ending December 31, 2016 | 4,240 | 4,240 | |||
For the year ending December 31, 2017 | 6,655 | 6,655 | |||
For the year ending December 31, 2018 | 5,762 | 5,762 | |||
For the year ending December 31, 2019 | 4,869 | 4,869 | |||
For the year ending December 31, 2020 | 3,976 | 3,976 | |||
For the year ending December 31, 2021 | 3,170 | 3,170 | |||
Core Deposits | |||||
Amortizable intangible assets: | |||||
Intangible asset - gross | 37,953 | 37,953 | $ 30,578 | ||
Acquisitions | 25,732 | 7,375 | |||
Less: accumulated amortization | (32,910) | (32,910) | (31,192) | ||
Intangible asset - net | 30,775 | 30,775 | 6,761 | ||
Customer and Contract | |||||
Amortizable intangible assets: | |||||
Intangible asset - gross | 8,496 | 8,496 | 8,234 | ||
Acquisitions | 1,640 | 262 | |||
Less: accumulated amortization | (7,010) | (7,010) | (6,275) | ||
Intangible asset - net | $ 3,126 | $ 3,126 | $ 2,221 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | $ 261,736 | $ 175,323 |
Goodwill acquired | 45,975 | 86,413 |
Impairment losses | 0 | 0 |
Balance at the end of the period | 307,711 | 261,736 |
Community Banking | ||
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | 260,123 | 173,710 |
Goodwill acquired | 45,975 | 86,413 |
Impairment losses | 0 | 0 |
Balance at the end of the period | 306,098 | 260,123 |
Consumer Finance | ||
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | 1,613 | 1,613 |
Goodwill acquired | 0 | 0 |
Impairment losses | 0 | 0 |
Balance at the end of the period | $ 1,613 | $ 1,613 |
Guarantees (Details)
Guarantees (Details) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Guarantees [Abstract] | |
Maximum potential amount of future payments | $ 33,700,000 |
Maximum potential amount of future payments fully collateralized | 24,800,000 |
Liability recognized for the obligations | 225,000 |
Recourse provisions for recovery of amounts from third parties | $ 0 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - Stock options - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive securities excluded from the calculation of earnings per share | ||||
Average share price during the reporting period (in dollars per share) | $ 15.19 | $ 12.76 | $ 14.02 | $ 12.33 |
Options excluded from the calculation of earnings per share (in shares) | 534,482 | 710,423 | 1,712,746 | |
Weighted average share price during the reporting period (in dollars per share) | $ 13.15 | $ 14.15 | $ 12.63 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Reported net income | $ 14,197 | $ 12,872 | $ 25,173 | $ 44,347 |
Weighted average common shares outstanding (in shares) | 99,602,535 | 95,256,807 | 99,224,565 | 92,822,720 |
Dilutive potential shares due to effect of stock options (in shares) | 1,465,710 | 568,991 | 1,008,942 | 433,379 |
Total weighted average common shares and dilutive potential shares (in shares) | 101,068,245 | 95,825,798 | 100,233,507 | 93,256,099 |
Basic earnings per share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.25 | $ 0.48 |
Diluted earnings per share (in dollars per share) | $ 0.14 | $ 0.13 | $ 0.25 | $ 0.48 |
Pension and Other Post-retire61
Pension and Other Post-retirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension benefits | ||||
Components of net periodic benefit cost | ||||
Service cost | $ 1,374 | $ 1,430 | $ 4,122 | $ 4,290 |
Interest cost | 1,695 | 1,531 | 5,087 | 4,593 |
Expected return on plan assets | (2,474) | (2,593) | (7,423) | (7,779) |
Amortization of prior service cost | (581) | (581) | (1,742) | (1,743) |
Amortization of the net loss | 927 | 925 | 2,782 | 2,775 |
Net periodic (benefit)/ cost | 941 | 712 | 2,826 | 2,136 |
Pension benefits | Minimum | ||||
Components of net periodic benefit cost | ||||
Estimated contribution for the current year | 4,000 | |||
Pension benefits | Maximum | ||||
Components of net periodic benefit cost | ||||
Estimated contribution for the current year | 8,000 | |||
Other post-retirement benefits | ||||
Components of net periodic benefit cost | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 18 | 14 | 53 | 44 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of the net loss | 22 | 15 | 67 | 45 |
Net periodic (benefit)/ cost | $ 40 | $ 29 | $ 120 | $ 89 |
Disclosures About Fair Value 62
Disclosures About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Significant unrealized appreciation or depreciation in financial instruments | $ 0 | $ 0 |
Financial assets: | ||
Securities available-for-sale | 890,688,000 | 874,405,000 |
Securities held-to-maturity | 23,249,000 | 32,552,000 |
Accrued interest receivable | 21,591,000 | 21,072,000 |
Financial liabilities: | ||
Borrowed funds | 135,891,000 | 975,007,000 |
Junior subordinated debentures | 111,213,000 | 111,213,000 |
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 | 320,566,000 | 167,408,000 |
Securities available-for-sale | 3,892,000 | 1,894,000 |
Securities held-to-maturity | 0 | 0 |
Loans receivable, net | 30,355,000 | 0 |
Accrued interest receivable | 21,591,000 | 21,072,000 |
FHLB Stock | 0 | 0 |
Total financial assets | 376,404,000 | 190,374,000 |
Financial liabilities: | ||
Savings and checking deposits | 6,511,356,000 | 4,917,863,000 |
Time deposits | 0 | 0 |
Borrowed funds | 135,891,000 | 118,664,000 |
Junior subordinated debentures | 0 | 0 |
Cash flow hedges - swaps | 0 | 0 |
Accrued interest payable | 682,000 | 1,993,000 |
Total financial liabilities | 6,647,929,000 | 5,038,520,000 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 877,567,000 | 863,556,000 |
Securities held-to-maturity | 23,249,000 | 32,552,000 |
Loans receivable, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
FHLB Stock | 0 | 0 |
Total financial assets | 900,816,000 | 896,108,000 |
Financial liabilities: | ||
Savings and checking deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Cash flow hedges - swaps | 3,512,000 | 4,276,000 |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 3,512,000 | 4,276,000 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 9,229,000 | 8,955,000 |
Securities held-to-maturity | 0 | 0 |
Loans receivable, net | 8,108,825,000 | 7,482,431,000 |
Accrued interest receivable | 0 | 0 |
FHLB Stock | 0 | 0 |
Total financial assets | 8,118,054,000 | 7,491,386,000 |
Financial liabilities: | ||
Savings and checking deposits | 0 | 0 |
Time deposits | 1,711,487,000 | 1,710,388,000 |
Borrowed funds | 0 | 879,863,000 |
Junior subordinated debentures | 113,967,000 | 115,268,000 |
Cash flow hedges - swaps | 0 | 0 |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 1,825,454,000 | 2,705,519,000 |
Carrying amount | ||
Financial assets: | ||
Cash and cash equivalents | 320,566,000 | 167,408,000 |
Securities available-for-sale | 890,688,000 | 874,405,000 |
Securities held-to-maturity | 22,584,000 | 31,689,000 |
Loans receivable, net | 7,735,320,000 | 7,159,449,000 |
Accrued interest receivable | 21,591,000 | 21,072,000 |
FHLB Stock | 7,660,000 | 40,903,000 |
Total financial assets | 8,998,409,000 | 8,294,926,000 |
Financial liabilities: | ||
Savings and checking deposits | 6,511,356,000 | 4,917,863,000 |
Time deposits | 1,691,447,000 | 1,694,718,000 |
Borrowed funds | 135,891,000 | 975,007,000 |
Junior subordinated debentures | 111,213,000 | 111,213,000 |
Cash flow hedges - swaps | 3,512,000 | 4,276,000 |
Accrued interest payable | 682,000 | 1,993,000 |
Total financial liabilities | 8,454,101,000 | 7,705,070,000 |
Estimated fair value | ||
Financial assets: | ||
Cash and cash equivalents | 320,566,000 | 167,408,000 |
Securities available-for-sale | 890,688,000 | 874,405,000 |
Securities held-to-maturity | 23,249,000 | 32,552,000 |
Loans receivable, net | 8,139,180,000 | 7,482,431,000 |
Accrued interest receivable | 21,591,000 | 21,072,000 |
FHLB Stock | 7,660,000 | 40,903,000 |
Total financial assets | 9,402,934,000 | 8,618,771,000 |
Financial liabilities: | ||
Savings and checking deposits | 6,511,356,000 | 4,917,863,000 |
Time deposits | 1,711,487,000 | 1,710,388,000 |
Borrowed funds | 135,891,000 | 998,527,000 |
Junior subordinated debentures | 113,967,000 | 115,268,000 |
Cash flow hedges - swaps | 3,512,000 | 4,276,000 |
Accrued interest payable | 682,000 | 1,993,000 |
Total financial liabilities | $ 8,476,895,000 | $ 7,748,315,000 |
Disclosures About Fair Value 63
Disclosures About Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | $ 890,688 | $ 874,405 |
Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 3,892 | 1,894 |
Interest rate swaps | 0 | 0 |
Total financial assets | 376,404 | 190,374 |
Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 877,567 | 863,556 |
Interest rate swaps | (3,512) | (4,276) |
Total financial assets | 900,816 | 896,108 |
Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 9,229 | 8,955 |
Interest rate swaps | 0 | 0 |
Total financial assets | 8,118,054 | 7,491,386 |
Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 887,176 | 870,129 |
Measured on recurring basis | Equity securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 3,892 | 1,894 |
Measured on recurring basis | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 401,661 | 393,794 |
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 | 7 | 11 |
Measured on recurring basis | Debt securities | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 313,203 | 294,440 |
Measured on recurring basis | Debt securities | States and political subdivisions | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 71,061 | 82,868 |
Measured on recurring basis | Debt securities | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 17,390 | 16,475 |
Measured on recurring basis | Total mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 485,135 | 478,717 |
Measured on recurring basis | Residential mortgage-backed securities | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 32,372 | 27,082 |
Measured on recurring basis | Residential mortgage-backed securities | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 114,942 | 99,170 |
Measured on recurring basis | Residential mortgage-backed securities | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 87,729 | 50,369 |
Measured on recurring basis | Residential mortgage-backed securities | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 586 | 606 |
Measured on recurring basis | Collateralized mortgage obligations | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 7,275 | 10,669 |
Measured on recurring basis | Collateralized mortgage obligations | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 102,781 | 122,528 |
Measured on recurring basis | Collateralized mortgage obligations | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 130,362 | 157,378 |
Measured on recurring basis | Collateralized mortgage obligations | SBA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 7,034 | 8,166 |
Measured on recurring basis | Collateralized mortgage obligations | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 2,054 | 2,749 |
Measured on recurring basis | Interest rate swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | (3,512) | (4,276) |
Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 3,892 | 1,894 |
Measured on recurring basis | Level 1 | Equity securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 3,892 | 1,894 |
Measured on recurring basis | Level 1 | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 1 | Debt securities | U.S. government and agencies | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 1 | Debt securities | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 1 | Debt securities | States and political subdivisions | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 1 | Debt securities | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 1 | Total mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Residential mortgage-backed securities | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Residential mortgage-backed securities | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Residential mortgage-backed securities | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Residential mortgage-backed securities | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Collateralized mortgage obligations | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Collateralized mortgage obligations | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Collateralized mortgage obligations | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Collateralized mortgage obligations | SBA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Collateralized mortgage obligations | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Interest rate swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | 0 | 0 |
Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 874,055 | 859,280 |
Measured on recurring basis | Level 2 | Equity securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 2 | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 392,432 | 384,839 |
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 | 7 | 11 |
Measured on recurring basis | Level 2 | Debt securities | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 313,203 | 294,440 |
Measured on recurring basis | Level 2 | Debt securities | States and political subdivisions | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 71,061 | 82,868 |
Measured on recurring basis | Level 2 | Debt securities | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 8,161 | 7,520 |
Measured on recurring basis | Level 2 | Total mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 485,135 | 478,717 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 32,372 | 27,082 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 114,942 | 99,170 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 87,729 | 50,369 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 586 | 606 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 7,275 | 10,669 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 102,781 | 122,528 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 130,362 | 157,378 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | SBA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 7,034 | 8,166 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 2,054 | 2,749 |
Measured on recurring basis | Level 2 | Interest rate swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | (3,512) | (4,276) |
Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 9,229 | 8,955 |
Measured on recurring basis | Level 3 | Equity securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 3 | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 9,229 | 8,955 |
Measured on recurring basis | Level 3 | Debt securities | U.S. government and agencies | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 3 | Debt securities | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 3 | Debt securities | States and political subdivisions | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 3 | Debt securities | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 9,229 | 8,955 |
Measured on recurring basis | Level 3 | Total mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Residential mortgage-backed securities | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Residential mortgage-backed securities | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Residential mortgage-backed securities | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Residential mortgage-backed securities | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Collateralized mortgage obligations | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Collateralized mortgage obligations | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Collateralized mortgage obligations | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Collateralized mortgage obligations | SBA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Collateralized mortgage obligations | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Interest rate swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | $ 0 | $ 0 |
Disclosures About Fair Value 64
Disclosures About Fair Value of Financial Instruments - Reconciliation of all Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - Level 3 - Debt securities - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||||
Beginning balance | $ 8,719 | $ 9,223 | $ 8,955 | $ 10,597 |
Total net realized investment gains/ (losses) and net change in unrealized appreciation/ (depreciation): | ||||
Included in net income as OTTI | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 510 | (226) | 274 | (1,600) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | $ 9,229 | $ 8,997 | $ 9,229 | $ 8,997 |
Disclosures About Fair Value 65
Disclosures About Fair Value of Financial Instruments - Nonrecurring Assets that had Fair Market Values Below the Carrying Amount (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | $ 54,851 | $ 56,906 |
Loans measured for impairment | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 48,517 | 48,181 |
Mortgage servicing rights | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 1,493 | |
Real estate owned | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 4,841 | 8,725 |
Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 1 | Loans measured for impairment | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 1 | Mortgage servicing rights | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | |
Level 1 | Real estate owned | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 2 | Loans measured for impairment | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 2 | Mortgage servicing rights | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | |
Level 2 | Real estate owned | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 54,851 | 56,906 |
Level 3 | Loans measured for impairment | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 48,517 | 48,181 |
Level 3 | Mortgage servicing rights | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 1,493 | |
Level 3 | Real estate owned | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | $ 4,841 | $ 8,725 |
Disclosures About Fair Value 66
Disclosures About Fair Value of Financial Instruments - Additional Quantitative Information, Assets Measured at Fair Value, Recurring and Nonrecurring Basis, Level 3 Input (Details) | 9 Months Ended |
Sep. 30, 2016USD ($)prepayment | |
Debt securities | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 9,229,000 |
Debt securities | Discounted cash flow | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Default rates | 1.00% |
Prepayment speeds | 0.01 |
Debt securities | Discounted cash flow | Minimum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount rate | 0.40% |
Debt securities | Discounted cash flow | Maximum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount rate | 2.10% |
Debt securities | Discounted cash flow | Weighted Average | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount rate | 0.70% |
Prepayment speed | prepayment | 1 |
Loans measured for impairment | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 48,517,000 |
Estimated cost to sell | 10.00% |
Loans measured for impairment | Discounted cash flow | Minimum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount rate | 3.80% |
Loans measured for impairment | Discounted cash flow | Maximum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount rate | 20.00% |
Loans measured for impairment | Discounted cash flow | Weighted Average | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount rate | 11.00% |
Mortgage servicing rights | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 1,493,000 |
Annual service cost | $ 80 |
Mortgage servicing rights | Discounted cash flow | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount rate | 8.00% |
Mortgage servicing rights | Discounted cash flow | Minimum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Prepayment rates | 7.10% |
Expected life (months) | 63 years 6 months |
Forward yield curve | 0.50% |
Mortgage servicing rights | Discounted cash flow | Maximum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Prepayment rates | 11.50% |
Expected life (months) | 78 years 3 months 18 days |
Forward yield curve | 1.40% |
Mortgage servicing rights | Discounted cash flow | Weighted Average | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Prepayment rates | 11.30% |
Expected life (months) | 77 years 7 months 6 days |
Forward yield curve | 1.10% |
Real estate owned | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 4,841,000 |
Estimated cost to sell | 10.00% |
Guaranteed Preferred Benefici67
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps - Narrative (Details) | Dec. 15, 2006USD ($)$ / sharesshares | Dec. 05, 2006USD ($)$ / sharesshares | Sep. 30, 2016USD ($)derivativetrust$ / sharesshares | Dec. 31, 2015USD ($) |
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 | trust | 2 | |||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 111,213,000 | $ 111,213,000 | ||
Hedge ineffectiveness for swaps | $ 0 | |||
Interest rate swaps | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Number of agreements | derivative | 2 | |||
Cash pledged as collateral to the counterparty | $ 4,205,000 | 4,705,000 | ||
Fair value of the swap agreements | $ (3,512,000) | $ (4,276,000) | ||
LNB | ||||
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 | trust | 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 | |||
Northwest Bancorp Capital Trust III | Trust preferred investments | ||||
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) | shares | 50,000 | |||
Cumulative trust preferred securities issued, liquidation value per preferred security (in dollars per security) | $ / shares | $ 1,000 | |||
Total value of cumulative trust preferred securities issued | $ 50,000,000 | |||
Variable rate basis | three-month LIBOR | |||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 51,547,000 | |||
Northwest Bancorp Capital Trust III | Trust preferred investments | Interest rate swaps | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Fixed rate (as a percent) | 4.61% | |||
Original term of swaps | 10 years | |||
Northwest Bancorp Capital Trust III | Trust preferred investments | LIBOR | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Spread on variable rate basis (as a percent) | 1.38% | |||
Northwest Bancorp Statutory Trust IV | Trust preferred investments | ||||
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) | shares | 50,000 | |||
Cumulative trust preferred securities issued, liquidation value per preferred security (in dollars per security) | $ / shares | $ 1,000 | |||
Total value of cumulative trust preferred securities issued | $ 50,000,000 | |||
Variable rate basis | three-month LIBOR | |||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 51,547,000 | |||
Northwest Bancorp Statutory Trust IV | Trust preferred investments | Interest rate swaps | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Fixed rate (as a percent) | 4.09% | |||
Original term of swaps | 10 years | |||
Notional amount | $ 25,000,000 | |||
Northwest Bancorp Statutory Trust IV | Trust preferred investments | LIBOR | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Spread on variable rate basis (as a percent) | 1.38% | |||
LNB Trust II | Interest rate swaps | ||||
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) | shares | 7,875 | |||
Cumulative trust preferred securities issued, liquidation value per preferred security (in dollars per security) | $ / shares | $ 1,000 | |||
Total value of cumulative trust preferred securities issued | $ 7,875,000 | |||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 8,119,000 | |||
Fixed rate (as a percent) | 6.64% | |||
LNB Trust II | LIBOR | Interest rate swaps | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Spread on variable rate basis (as a percent) | 1.48% |
Guaranteed Preferred Benefici68
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps - Liability Derivatives (Details) - Interest rate swap agreements - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Liability Derivatives, Included in Other Liabilities | ||
Fair value | $ 3,512 | $ 4,276 |
Notional amount | 50,000 | 50,000 |
Collateral posted | $ 4,205 | $ 4,705 |
Changes in Accumulated Other 69
Changes in Accumulated Other Comprehensive Income/ (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated other comprehensive income (net of tax) | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 36 | $ 120 | $ (3) | $ 467 |
Changes in accumulated other comprehensive income by component | ||||
Balance beginning of the period | 1,155,455 | 1,068,350 | 1,163,163 | 1,062,647 |
Other comprehensive income/ (loss) | (126) | 2,523 | 4,892 | 4,310 |
Balance end of the period | 1,162,803 | 1,161,337 | 1,162,803 | 1,161,337 |
Income tax (expense) benefit related to (gain) loss on securities | (23) | (77) | 1 | (299) |
Reclassification adjustments for prior period service costs and net losses included in net income, net of tax of $(144), $(140), $(432) and $(420), respectively | 224 | 219 | 675 | 657 |
Income tax expense (benefit) related to compensation and employee benefits | 144 | 140 | 432 | 420 |
Unrealized gains and (losses) on securities available-for-sale | ||||
Accumulated other comprehensive income (net of tax) | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 59 | 197 | ||
Changes in accumulated other comprehensive income by component | ||||
Balance beginning of the period | 7,866 | 4,278 | 3,325 | 3,461 |
Other comprehensive income before reclassification adjustments | (785) | 2,379 | 3,717 | 3,543 |
Amounts reclassified from accumulated other comprehensive income | (36) | (120) | 3 | (467) |
Other comprehensive income/ (loss) | (821) | 2,259 | 3,720 | 3,076 |
Balance end of the period | 7,045 | 6,537 | 7,045 | 6,537 |
Realized gains (losses) on securities, net of tax | (4) | 766 | ||
Income tax (expense) benefit related to (gain) loss on securities | (23) | (77) | 1 | (299) |
Change in fair value of interest rate swaps | ||||
Changes in accumulated other comprehensive income by component | ||||
Balance beginning of the period | (2,753) | (3,546) | (2,779) | (4,078) |
Other comprehensive income before reclassification adjustments | 471 | 45 | 497 | 577 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive income/ (loss) | 471 | 45 | 497 | 577 |
Balance end of the period | (2,282) | (3,501) | (2,282) | (3,501) |
Change in defined benefit pension plans | ||||
Changes in accumulated other comprehensive income by component | ||||
Balance beginning of the period | (24,630) | (23,315) | (25,081) | (23,753) |
Other comprehensive income before reclassification adjustments | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 224 | 219 | 675 | 657 |
Other comprehensive income/ (loss) | 224 | 219 | 675 | 657 |
Balance end of the period | (24,406) | (23,096) | (24,406) | (23,096) |
Reclassification adjustments for prior period service costs and net losses included in net income, net of tax of $(144), $(140), $(432) and $(420), respectively | 581 | 581 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | (949) | (940) | ||
Amortization of prior service cost (compensation and employee benefits) | 1,742 | 1,743 | ||
Amortization of net loss (compensation and employee benefits) | (2,849) | (2,820) | ||
Income tax expense (benefit) related to compensation and employee benefits | 144 | 140 | 432 | 420 |
Accumulated other comprehensive income | ||||
Changes in accumulated other comprehensive income by component | ||||
Balance beginning of the period | (19,517) | (22,583) | (24,535) | (24,370) |
Other comprehensive income before reclassification adjustments | (314) | 2,424 | 4,214 | 4,120 |
Amounts reclassified from accumulated other comprehensive income | 188 | 99 | 678 | 190 |
Other comprehensive income/ (loss) | (126) | 2,523 | 4,892 | 4,310 |
Balance end of the period | $ (19,643) | $ (20,060) | $ (19,643) | $ (20,060) |