Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 15, 2017 | Jun. 30, 2016 | |
Document and Entity Information | |||
Entity Registrant Name | Northwest Bancshares, Inc. | ||
Entity Central Index Key | 1,471,265 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 101,824,211 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,520 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 119,403 | $ 92,263 |
Interest-earning deposits in other financial institutions | 266,902 | 74,510 |
Federal funds sold and other short-term investments | 3,562 | 635 |
Marketable securities available-for-sale (amortized cost of $825,552 and $868,956) | 826,200 | 874,405 |
Marketable securities held-to-maturity (fair value of $20,426 and $32,552) | 19,978 | 31,689 |
Loans receivable, net of allowance for loan losses of $60,939 and $62,672 | 7,496,408 | 7,159,449 |
Disposal Group, Including Discontinued Operation, Assets | 152,528 | 0 |
Accrued interest receivable | 21,699 | 21,072 |
Real estate owned, net | 4,889 | 8,725 |
Federal Home Loan Bank stock, at cost | 7,390 | 40,903 |
Premises and equipment, net | 161,185 | 154,351 |
Bank owned life insurance | 171,449 | 168,509 |
Goodwill | 307,420 | 261,736 |
Other intangible assets | 32,433 | 8,982 |
Other assets | 32,194 | 54,670 |
Total assets | 9,623,640 | 8,951,899 |
Liabilities: | ||
Deposits | 7,882,321 | 6,612,581 |
Disposal Group, Including Discontinued Operation, Liabilities | 215,657 | 0 |
Borrowed funds | 142,899 | 975,007 |
Advances by borrowers for taxes and insurance | 36,879 | 33,735 |
Accrued interest payable | 635 | 1,993 |
Other liabilities | 63,373 | 54,207 |
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | 111,213 | 111,213 |
Total liabilities | 8,452,977 | 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, 101,699,406 and 101,871,737 shares issued, respectively | 1,017 | 1,019 |
Paid-in capital | 718,834 | 717,603 |
Retained earnings | 478,803 | 489,292 |
Unallocated common stock of employee stock ownership plan | 0 | (20,216) |
Accumulated other comprehensive loss | (27,991) | (24,535) |
Total shareholders' equity | 1,170,663 | 1,163,163 |
Total liabilities and shareholders’ equity | $ 9,623,640 | $ 8,951,899 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Marketable securities available-for-sale, amortized cost | $ 825,552 | $ 868,956 |
Marketable securities held-to-maturity, fair value | 20,426 | 32,552 |
Allowance for loan losses | $ 60,939 | $ 62,672 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 101,699,406 | 101,871,737 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income: | |||
Loans receivable | $ 329,039 | $ 298,665 | $ 282,050 |
Mortgage-backed securities | 8,540 | 8,823 | 10,320 |
Taxable investment securities | 3,409 | 4,520 | 4,130 |
Tax-free investment securities | 2,732 | 4,313 | 6,281 |
FHLB dividends | 1,371 | 2,828 | 1,809 |
Interest-earning deposits | 543 | 431 | 837 |
Total interest income | 345,634 | 319,580 | 305,427 |
Interest expense: | |||
Deposits | 23,465 | 24,055 | 25,322 |
Borrowed funds | 14,834 | 32,272 | 31,265 |
Total interest expense | 38,299 | 56,327 | 56,587 |
Net interest income | 307,335 | 263,253 | 248,840 |
Provision for loan losses | 13,542 | 9,712 | 20,314 |
Net interest income after provision for loan losses | 293,793 | 253,541 | 228,526 |
Noninterest income: | |||
Gain on sale of investments, net | 625 | 1,037 | 4,930 |
Service charges and fees | 44,113 | 38,362 | 36,383 |
Trust and other financial services income | 14,103 | 12,342 | 12,369 |
Insurance commission income | 10,522 | 9,526 | 8,760 |
Loss on real estate owned, net | (39) | (1,989) | (967) |
Income from bank owned life insurance | 5,361 | 4,338 | 4,191 |
Mortgage banking income | 4,894 | 933 | 1,022 |
Other operating income | 5,781 | 4,287 | 4,078 |
Total noninterest income | 85,360 | 68,836 | 70,766 |
Noninterest expense: | |||
Compensation and employee benefits | 140,927 | 119,818 | 115,967 |
Premises and occupancy costs | 26,134 | 24,641 | 23,455 |
Office operations | 14,898 | 12,337 | 11,710 |
Collections expense | 2,431 | 3,247 | 3,011 |
Processing expenses | 34,859 | 30,780 | 26,671 |
Professional services | 7,865 | 6,906 | 7,661 |
Amortization of other intangible assets | 4,259 | 1,688 | 1,323 |
Marketing expenses | 8,852 | 8,499 | 8,213 |
Real estate owned expense | 1,004 | 2,070 | 2,140 |
Federal deposit insurance premiums | 4,404 | 5,109 | 5,193 |
Restructuring/ acquisition expense | 12,213 | 9,751 | 394 |
FHLB prepayment penalty | 36,978 | 0 | 0 |
Other expenses | 13,014 | 9,031 | 9,797 |
Total noninterest expense | 307,838 | 233,877 | 215,535 |
Income before income taxes | 71,315 | 88,500 | 83,757 |
Provision for income taxes: | |||
Federal | 20,313 | 24,010 | 19,656 |
State | 1,335 | 3,950 | 2,139 |
Total provision for income taxes | 21,648 | 27,960 | 21,795 |
Net income | $ 49,667 | $ 60,540 | $ 61,962 |
Basic earnings per share (in dollars per share) | $ 0.50 | $ 0.64 | $ 0.68 |
Diluted earnings per share (in dollars per share) | $ 0.49 | $ 0.64 | $ 0.67 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 49,667 | $ 60,540 | $ 61,962 |
Net unrealized holding gains/ (losses) on marketable securities: | |||
Unrealized holding gains/ (losses), net of tax of $1,742, $(204) and $(5,787), respectively | (2,728) | 315 | 9,042 |
Reclassification adjustment for gains included in net income, net of tax of $129, $289 and $1,501, respectively | (202) | (451) | (2,348) |
Net unrealized holding gains/ (losses) on marketable securities | (2,930) | (136) | 6,694 |
Change in fair value of interest rate swaps, net of tax of $(539), $(699) and $(618), respectively | 1,001 | 1,299 | 1,146 |
Defined benefit plans: | |||
Net loss, net of tax of $3,061, $1,408 and $12,650, respectively | (2,399) | (2,203) | (19,758) |
Amortization of prior service costs, net of tax of $(606), $(560) and $335, respectively | 872 | 875 | (552) |
Net loss on defined benefit plans | (1,527) | (1,328) | (20,310) |
Other comprehensive loss | (3,456) | (165) | (12,470) |
Total comprehensive income | $ 46,211 | $ 60,375 | $ 49,492 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized holding gains/(losses), tax | $ 1,742 | $ (204) | $ (5,787) |
Reclassification adjustment for gains included in net income, tax | 129 | 289 | 1,501 |
Change in fair value of interest rate swaps, tax | (539) | (699) | (618) |
Net loss on defined benefit plans, tax | 3,061 | 1,408 | 12,650 |
Amortization of prior service costs included in net income, tax | $ (606) | $ (560) | $ 335 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/ (Loss) | Unallocated Common Stock of ESOP |
Balance at beginning of the period at Dec. 31, 2013 | $ 1,155,185 | $ 943 | $ 619,678 | $ 569,547 | $ (11,900) | $ (23,083) |
Comprehensive income: | ||||||
Net Income | 61,962 | 61,962 | ||||
Other comprehensive loss, net of tax of $234, $8,081, and $559 for the year ended December 31, 2016, 2015 and 2014, respectively | (12,470) | (12,470) | ||||
Total comprehensive income | 49,492 | 61,962 | (12,470) | |||
Exercise of stock options | 6,519 | 6 | 6,513 | |||
Share repurchases | (5,273) | (4) | (5,269) | |||
Stock-based compensation expense including tax benefits of $332, $945, and $635 for the year ended December 31, 2016, 2015 and 2014, respectively | 6,656 | 2 | 5,212 | 1,442 | ||
Dividends paid ($0.56, $1.62, and $0.50 per share for the year ended December 31, 2016, 2015 and 2014, respectively) | (149,932) | (149,932) | ||||
Balance at end of the period at Dec. 31, 2014 | 1,062,647 | 947 | 626,134 | 481,577 | (24,370) | (21,641) |
Comprehensive income: | ||||||
Net Income | 60,540 | 60,540 | ||||
Other comprehensive loss, net of tax of $234, $8,081, and $559 for the year ended December 31, 2016, 2015 and 2014, respectively | (165) | (165) | ||||
Total comprehensive income | 60,375 | 60,540 | (165) | |||
ESOP termination | 90,608 | 70 | 90,538 | |||
Exercise of stock options | 4,303 | 5 | 4,298 | |||
Share repurchases | (7,847) | (6) | (7,841) | |||
Stock-based compensation expense including tax benefits of $332, $945, and $635 for the year ended December 31, 2016, 2015 and 2014, respectively | 5,902 | 3 | 4,474 | 0 | 1,425 | |
Dividends paid ($0.56, $1.62, and $0.50 per share for the year ended December 31, 2016, 2015 and 2014, respectively) | (52,825) | (52,825) | ||||
Balance at end of the period at Dec. 31, 2015 | 1,163,163 | 1,019 | 717,603 | 489,292 | (24,535) | (20,216) |
Comprehensive income: | ||||||
Net Income | 49,667 | 49,667 | ||||
Other comprehensive loss, net of tax of $234, $8,081, and $559 for the year ended December 31, 2016, 2015 and 2014, respectively | (3,456) | (3,456) | ||||
Total comprehensive income | 46,211 | 49,667 | (3,456) | |||
ESOP termination | 0 | (14) | (13,896) | 13,910 | ||
Exercise of stock options | 10,856 | 11 | 10,845 | |||
Share repurchases | (1,752) | (2) | (1,750) | |||
Stock-based compensation expense including tax benefits of $332, $945, and $635 for the year ended December 31, 2016, 2015 and 2014, respectively | 12,341 | 3 | 6,032 | 6,306 | ||
Dividends paid ($0.56, $1.62, and $0.50 per share for the year ended December 31, 2016, 2015 and 2014, respectively) | (60,156) | (60,156) | ||||
Balance at end of the period at Dec. 31, 2016 | $ 1,170,663 | $ 1,017 | $ 718,834 | $ 478,803 | $ (27,991) | $ 0 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Other comprehensive income, tax | $ 3,787 | $ 234 | $ 8,081 |
Stock-based compensation expense, tax benefits | $ 1,425 | $ 332 | $ 945 |
Dividends paid, per share (in dollars per share) | $ 0.60 | $ 0.56 | $ 1.62 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||
Net Income | $ 49,667 | $ 60,540 | $ 61,962 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 13,542 | 9,712 | 20,314 |
Net gain on sale of assets | (4,499) | (921) | (5,236) |
Net depreciation, amortization and accretion | 15,424 | 8,958 | 9,868 |
Decrease in other assets | 25,953 | 37,969 | 9,241 |
Increase/ (decrease) in other liabilities | 4,801 | (18,998) | (22,857) |
Net amortization of premium on marketable securities | 2,139 | 1,149 | 383 |
Noncash compensation expense related to stock benefit plans | 10,916 | 5,570 | 5,711 |
Noncash impairment of real estate owned | 1,481 | 2,923 | 2,318 |
Deferred income tax expense | 2,734 | 6,290 | 8,595 |
FHLB prepayment penalty | 24,520 | 0 | 0 |
Origination of loans held for sale | (252,204) | (2,504) | (1,042) |
Proceeds from sale of loans held for sale | 242,428 | 2,514 | 1,315 |
Net cash provided by operating activities | 136,902 | 113,202 | 90,572 |
Investing activities: | |||
Purchase of marketable securities available-for-sale | (238,673) | (59,980) | (49,996) |
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 11,700 | 72,265 | 17,673 |
Proceeds from maturities and principal reductions of marketable securities available-for-sale | 278,621 | 280,277 | 162,007 |
Proceeds from sale of marketable securities available-for-sale | 1,951 | 1,246 | 7,910 |
Loan originations | (2,706,358) | (2,319,800) | (1,944,677) |
Proceeds from loan maturities and principal reductions | 2,672,924 | 2,000,712 | 1,730,603 |
(Purchases)/ redemptions of Federal Home Loan Bank stock | 33,513 | (3,770) | 10,422 |
Proceeds from sale of real estate owned | 8,113 | 13,961 | 10,216 |
Sale of real estate owned for investment, net | 607 | 608 | 607 |
Purchases of premises and equipment | (15,227) | (13,223) | (9,968) |
Acquisitions, net of cash received | 1,102,237 | (61,108) | (2,792) |
Net cash provided by/ (used in) investing activities | 1,149,408 | (88,812) | (67,995) |
Financing activities: | |||
Decrease in deposits, net | (157,457) | (60,236) | (36,337) |
Proceeds from long-term borrowings | 0 | 135,000 | 0 |
Repayments of long-term borrowings | (774,863) | (172,552) | (52) |
Net increase/ (decrease) in short-term borrowings | (81,765) | 61,281 | 6,516 |
Increase/ (decrease) in advances by borrowers for taxes and insurance | (139) | 2,975 | 3,838 |
Redemption of Junior subordinated debentures | 0 | (8,119) | 0 |
Share repurchases | (1,752) | (7,847) | (5,273) |
Cash dividends paid on common stock | (60,156) | (52,825) | (149,932) |
Proceeds from stock options exercised | 10,856 | 4,303 | 6,519 |
Excess tax benefit from stock-based compensation | 1,425 | 332 | 945 |
Net cash used in financing activities | (1,063,851) | (97,688) | (173,776) |
Net increase/ (decrease) in cash and cash equivalents | 222,459 | (73,298) | (151,199) |
Cash and cash equivalents at beginning of period | 167,408 | 240,706 | 391,905 |
Net decrease in cash and cash equivalents | 222,459 | (73,298) | (151,199) |
Cash and cash equivalents at end of period | 389,867 | 167,408 | 240,706 |
Cash and cash equivalents: | |||
Total cash and cash equivalents | 167,408 | 240,706 | 391,905 |
Cash paid during the period for: | |||
Interest on deposits and borrowings (including interest credited to deposit accounts of $22,213, $21,949 and $22,783, respectively) | 39,649 | 55,270 | 56,539 |
Income taxes | 9,710 | 16,719 | 26,042 |
Business acquisitions: | |||
Fair value of assets acquired | 546,247 | 1,160,190 | 2,798 |
Net cash (paid)/ received | 1,102,237 | (61,108) | (2,792) |
Liabilities assumed | 1,648,484 | 1,099,082 | 6 |
Loan foreclosures and repossessions | 6,252 | 7,633 | 10,820 |
Sale of real estate owned financed by the Company | $ 420 | $ 2,264 | $ 486 |
CONSOLIDATED STATEMENTS OF CA10
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Cash Flows [Abstract] | |||
Interest on deposits and borrowings, interest credited to deposit accounts | $ 22,213 | $ 21,949 | $ 22,783 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (a) Nature of Operations Northwest Bancshares, Inc., a Maryland corporation headquartered in Warren, Pennsylvania, is the federal savings and loan holding company for its wholly owned subsidiary, Northwest Bank. Northwest Bank, a Pennsylvania chartered savings bank, offers personal and business deposit and loan products as well as investment management and insurance services through its 176 banking locations in Pennsylvania, New York, Ohio and Maryland. Northwest Bank, through its subsidiary Northwest Consumer Discount Company, also offers personal loan products through 49 consumer finance offices in Pennsylvania. (b) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of all intercompany accounts and transactions. (c) Cash and Cash Equivalents For purposes of the statement of cash flows, cash and cash equivalents include cash and amounts due from banks, interest-bearing deposits in other financial institutions, federal funds sold, and other short-term investments with original maturities of three months or less. (d) Investment Securities We classify marketable securities at the time of purchase as held-to-maturity, available-for-sale, or trading securities. Securities for which management has the intent and ability to hold until maturity are classified as held-to-maturity and are carried at cost, adjusted for amortization of premiums and accretion of discounts on a level yield basis (amortized cost). If it is management’s intent at the time of purchase to hold securities for an indefinite period of time and/or to use such securities as part of its asset/liability management strategy, the securities are classified as available-for-sale and are carried at fair value, with unrealized gains and losses reported as accumulated other comprehensive income/ (loss), a separate component of shareholders’ equity, net of tax. Securities classified as available-for-sale include securities that may be sold in response to changes in interest rates, resultant prepayment risk, or other market factors. Securities that are bought and held principally for the purpose of selling them in the near term are classified as trading and are reported at fair value, with changes in fair value included in earnings. The cost of securities sold is determined on a specific identification basis. We held no securities classified as trading at or for the years ended December 31, 2016 and 2015 . On at least a quarterly basis, we review our investments for other-than-temporary impairment (“OTTI”). An investment security is deemed impaired if the fair value of the investment is less than its amortized cost. If an investment security is determined to be impaired, we evaluate whether the decline in value is other-than-temporary. We consider whether or not we expect to receive all of the contractual cash flows from the investment security based on factors that include, but are not limited to the creditworthiness of the issuer and the historical and projected performance of the underlying collateral. Also, we may evaluate the business and financial outlook of the issuer, as well as broader economic performance indicators. We consider both our intent to sell and the likelihood that we will not have to sell the investment securities before recovery of their cost basis during our evaluation. Impairment that is deemed credit related is recognized in earnings while impairment deemed noncredit related is recorded in accumulated other comprehensive income, if we do not intend to sell nor it is not likely we will be required to sell the investment security. If we intend to sell the investment security or if it is more likely than not that we will be required to sell the investment security, the entire impairment is recorded in earnings. Federal law requires a member institution of the Federal Home Loan Bank ("FHLB") system to hold stock of its district FHLB according to a predetermined formula. This stock is recorded at cost. Quarterly, we evaluate our investment in the FHLB of Pittsburgh for impairment. We evaluate recent and long-term operating performance, liquidity, funding and capital positions, stock repurchase history, dividend history and impact of legislative and regulatory changes. Based on our most recent evaluation, we have determined that no impairment write-downs are currently required. (e) Loans Receivable Our loan portfolio segments consist of Personal Banking and Business Banking loans. Personal Banking loans include the following classes: residential mortgage loans, home equity loans and other consumer loans. Business Banking loans include the following classes: commercial real estate loans and commercial loans. All classes of originated loans are carried at their unpaid principal balance net of any deferred origination fees or costs and the allowance for loan losses. Interest income on loans is credited to income as earned. Interest earned on loans for which no payments were received during the month is accrued at month end. Accrued interest on loans more than 90 days delinquent is reversed and such loans are placed on nonaccrual status. All loans are placed on nonaccrual status when principal or interest is 90 days or more delinquent or when there is reasonable doubt that interest or principal will not be collected in accordance with the contractual terms. Interest receipts on all nonaccrual and impaired loans are recognized as interest revenue when it has been determined that all principal and interest will be collected or are applied to principal when collectability of principal is in doubt. Nonaccrual loans generally are restored to an accrual basis when principal and interest become current and a period of performance has been established in accordance with the contractual terms, typically six months . A loan is considered to be a troubled debt restructured loan ("TDR") when the restructuring constitutes a concession and the borrower is experiencing financial difficulties. TDRs may include modifications of terms of loans, receipts of assets from borrowers in partial or full satisfaction of loans, or a combination thereof. TDRs are impaired loans. A modified loan is determined to be a TDR based on the contractual terms as specified by the original loan agreement or the most recent modification. Once classified a TDR, a loan is removed from such classification under three circumstances: (1) the loan is paid off, (2) the loan is charged off, or (3) if, at the beginning of the current fiscal year, the loan has performed in accordance with the modified terms for a minimum of six consecutive months and at the time of modification the loan’s interest rate represented a then current market interest rate for a loan of similar risk. Loan delinquency is measured based on the number of days since the payment due date. Past due status is measured using the loan’s contractual maturity date. Loan fees and certain direct loan origination costs are deferred and the net deferred fee or cost is then recognized using the level-yield method over the contractual life of the loan as an adjustment to interest income. We identify certain residential mortgage loans which will be sold prior to maturity, as loans held for sale. These loans are recorded at the lower of amortized cost or fair value less estimated cost to sell. At December 31, 2016 and 2015 , there were $36.0 million and $0 residential mortgage loans classified as held for sale, respectively. Acquired loans are recorded at fair value with no carryover of the related allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. The nonaccretable discount represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require us to evaluate the need for an allowance for loan losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable discount which we then reclassify as accretable discount that is recognized into interest income over the remaining life of the loan using the interest method. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable discount portion of the fair value adjustment. Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of the expected cash flows on such loans and if we expect to fully collect the new carrying value of the loans. As such, we may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. We have determined that we can reasonably estimate future cash flows on our current portfolio of acquired loans that are past due 90 days or more and on which we are accruing interest and we expect to fully collect the carrying value of the loans. (f) Allowance for Loan Losses and Provision for Loan Losses Provisions for estimated loan losses and the amount of the allowance for loan losses are based on losses inherent in the loan portfolio that are both probable and can be reasonably estimated at the date of the financial statements. We consider a loan to be impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. In evaluating whether a loan is impaired, we consider not only the amount that we expect to collect but also the timing of collection. Generally, if a delay in payment is insignificant (e.g., less than 30 days ), a loan is not deemed to be impaired. Business Banking loans greater than or equal to $1.0 million are reviewed to determine if they should be individually evaluated for impairment. Smaller balance, homogeneous loans (e.g., primarily residential mortgage, home equity and consumer loans) are evaluated collectively for impairment. When a loan is considered to be impaired, the amount of impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price, or fair value of the collateral, less estimated cost to sell, if the loan is collateral dependent. Impairment losses are included in the allowance for loan losses. Impaired loans are charged-off or charged down when we believe that the ultimate collectability of a loan is not likely or the collateral value no longer supports the carrying value of the loan. Interest income on non-performing loans is recognized using the cash basis method. For non-performing loans interest collected is credited to income in the period of recovery or applied to reduce principal if there is sufficient doubt about the collectability of principal. The allowance for loan losses is shown as a valuation allowance to loans. The accounting policy for the determination of the adequacy of the allowance by portfolio segment requires us to make numerous complex and subjective estimates and assumptions relating to amounts which are inherently uncertain. The allowance for loan losses is maintained to absorb losses inherent in the loan portfolio as of the balance sheet date. The methodology used to determine the allowance for loan losses is designed to provide procedural discipline in assessing the appropriateness of the allowance for loan losses. Losses are charged against and recoveries are added to the allowance for loan losses. For Business Banking loans the allowance for loan losses consists of: • An allowance for impaired loans; • An allowance for homogenous loans based on historical losses; and • An allowance for homogenous loans based on environmental factors. The allowance for impaired loans is based on individual analysis of all nonperforming loans greater than or equal to $1.0 million . The allowance is measured by the difference between the recorded value of impaired loans and their impaired value. The impaired value is either the present value of the expected future cash flows from the borrower, the market value of the loan, or the fair value of the collateral, less estimated cost to sell. The allowance for homogeneous loans based on historical factors is a rolling three -year average of actual losses incurred, adjusted for a loss realization period (the period of time from the event of loss to loss realization), applied to homogenous pools of loans categorized by similar risk characteristics, not including loans evaluated individually for impairment. The allowance for homogeneous loans based on environmental factors augments the historical loss factors for changes in: economic conditions, lending policies and procedures, the nature and volume of the loan portfolio, management, delinquency trends, loan administration, collateral values, concentrations of credit, and other external factors including legal and regulatory factors. For Personal Banking loans the allowance for loan losses consists of: • An allowance for loans 90 days or more delinquent; • An allowance for homogenous loans based on historical losses; and • An allowance for homogenous loans based on environmental factors. The allowance for loans 90 days or more delinquent is based on the loss history of loans that have become 90 days or more delinquent. We apply a historical loss factor to homogeneous pools of loans that are 90 days or more delinquent. The allowance for homogeneous loans based on historical losses is a rolling three -year average of actual losses incurred, adjusted for a loss realization period, applied to homogenous pools of loans categorized by similar risk characteristics, not including loans that are 90 days or more delinquent. The allocation of the allowance for loan losses is inherently subjective, and the entire allowance for loan losses is available to absorb loan losses regardless of the nature of the loss. Personal Banking loans are charged-off or charged down when they become 180 days delinquent, unless the borrower has filed for bankruptcy. Business Banking loans are charged-off or charged down when, in our opinion, they are no longer collectible or when it has been determined that the collateral value no longer supports the carrying value of the loan, for loans that are collateral dependent. We have not made any material changes to our methodology for the calculation of the allowance for loan losses during the current year. (g) Real Estate Owned Real estate owned is comprised of property either acquired through foreclosure or voluntarily conveyed by borrowers. These assets are recorded on the date acquired at the lower of the loan balance or fair value of the collateral, less estimated disposition costs, with the fair value being determined by an appraisal. Any initial write-down is charged to the allowance for loan losses. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or the current fair value, less estimated disposition costs. Any subsequent write-down or gains or losses realized from the disposition of such property are credited or charged to noninterest income. (h) Premises and Equipment Premises and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation is accumulated on a straight-line basis over the estimated useful lives of the related assets. Estimated lives range from three to 39 years . Amortization of leasehold improvements is accumulated on a straight-line basis over the terms of the related leases or the useful lives of the related assets, whichever is shorter. (i) Goodwill Goodwill is generated from the premium paid for an acquisition and is allocated to reporting units, which are either the Company’s reportable segments or one level below. Goodwill is not subject to amortization but is tested for impairment at least annually and possibly more frequently if certain events occur or changes in circumstances arise. Impairment testing requires that the fair value of each reporting unit be compared to its carrying amount, including goodwill. Reporting units are identified based upon analyzing each individual operating segment. A reporting unit is defined as a distinct, separately identifiable component of an operating segment for which complete, discrete financial information is available that management regularly reviews. Determining the fair value of a reporting unit requires a high degree of subjective judgment, including developing cash flow projections, selecting appropriate discount rates, identifying relevant market comparables, incorporating general economic and market conditions and selecting an appropriate control premium. The selection and weighting of the various fair value techniques may result in a higher or lower fair value. Judgment is applied in determining the weightings that are most representative of fair value. We conducted our annual goodwill impairment assessment as of June 30 th through the assistance of an independent third party. We valued each reporting unit by using a weighted average of four valuation methodologies; comparable transaction approach, control premium approach, public market peers approach and discounted cash flow approach. Declines in fair value could result in impairment being identified. At June 30, 2016 and 2015 , we did not identify any individual reporting unit where the fair value was less than the carrying value and no other events have occurred since that date that would warrant an updated valuation. Future changes in the economic environment or the operations of the operating units could cause changes to the variables used, which could give rise to declines in the estimated fair value of the reporting units. There were no changes in our operations that would cause us to update the goodwill impairment tests performed as of June 30, 2016 and 2015 . Accordingly, we have determined that goodwill is not impaired as of December 31, 2016 and 2015 . (j) Core Deposit Intangibles and Other Identifiable Intangibles Through the assistance of an independent third party, we analyze and prepare a core deposit study for all bank acquisitions or other identifiable intangible asset study, such as customer lists, for all non-bank acquisitions. The core deposit study reflects the cumulative present value benefit of acquiring deposits versus an alternative source of funding. The other identifiable intangible asset study reflects the cumulative present value benefit of acquiring the income stream from an existing customer base versus developing new business relationships. Based upon analysis, the amount of the premium related to the core deposits or other identifiable intangibles of the business purchased is calculated along with the estimated life of the intangible. The intangible, which is recorded in other intangible assets, is then amortized to expense on an accelerated basis over an approximate life of typically between 7 years to 11 years . (k) Bank-Owned Life Insurance We own insurance on the lives of a certain group of key employees and directors. The policies were purchased to help offset the increase in the costs of various benefit plans, including healthcare, as well as the directors deferred compensation plan. The cash surrender value of these policies is included as an asset on the consolidated statements of financial condition, and any increases in the cash surrender value are recorded as tax-free noninterest income on the consolidated statements of income. In the event of the death of an insured individual under these policies, after distribution to the insured’s beneficiaries, if any, we receive a tax-free death benefit, which is recorded as noninterest income. (l) Deposits Interest on deposits is accrued and charged to expense monthly and is paid or credited in accordance with the terms of the accounts. (m) Pension Plans We maintain multiple noncontributory defined benefit pension plans for substantially all of our employees. The net periodic pension cost has been calculated using service cost, interest cost, expected returns on plan assets and net amortization. (n) Income Taxes We join with our wholly owned subsidiaries in filing a consolidated federal income tax return. In accordance with an intercompany tax allocation agreement, the applicable federal income tax expense or benefit is allocated to each subsidiary based upon taxable income or loss calculated on a separate company basis. Each subsidiary is responsible for payment of its own federal income tax liability or receives reimbursement of federal income tax benefit. In addition, deferred taxes are calculated and maintained on a separate company basis. We account for income taxes under the asset and liability method. The objective of the asset and liability method is to establish deferred tax assets and liabilities for temporary differences between the financial reporting and tax basis of our assets and liabilities based on the tax rates expected to be in effect when such amounts are realized or settled. (o) Stock-Related Compensation We determine the fair value of each option award, estimated on the grant date, using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model uses variables including; expected volatilities, expected term, risk-free discount rate and annual rate of quarterly dividends. Expected volatilities are based on historical volatility of the Company’s stock. The expected terms are based upon actual exercise and forfeiture experience of previous option grants. The risk-free rate is based on yields on U.S. Treasury securities of a similar maturity to the expected term of the options. During the year ended December 31, 2016 , we awarded 660,600 stock options to employees and 64,800 stock options to directors. Option awards are generally granted with an exercise price equal to the closing market price of the Company’s stock on the day before the grant date. The options granted in 2016 vest over a ten -year period, with the first vesting occurring on the grant date. New shares are issued when options are exercised. During the year ended December 31, 2016 , we awarded 310,160 common shares to employees and 24,300 common shares to directors. The common share awards granted in 2016 vest over a ten -year period, with the first vesting occurring on the grant date. For additional information regarding grants of stock options and common shares and ESOP distributions see Note 15. 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 pay-off 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 $6.3 million for the year ended December 31, 2016. Stock-based employee compensation expense related to common share awards of $3.5 million , $3.0 million and $3.0 million was included in income before income taxes during the years ended December 31, 2016 , 2015 and 2014 , respectively. The effect on net income for the years ended December 31, 2016 , 2015 and 2014 was a reduction of $2.2 million , $1.8 million and $1.8 million , respectively. Total compensation expense for unvested stock options of $4.1 million has yet to be recognized as of December 31, 2016 . The weighted average period over which this remaining stock option expense will be recognized is approximately 4.05 years . The fair value of each option grant is estimated on the date of grant using the Black-Scholes-Merton option-pricing model with the following weighted average assumptions: (1) annual rate of quarterly dividends ranging from 3.2% to 5.1% based on historical dividends and market prices; (2) expected volatility of 17.0% to 22.0% based on historical average montly volatility; (3) risk-free discount rates ranging from 1.7% to 3.1% ; and (4) expected lives of seven to nine years based on previous grants. (p) Segment Reporting We have 2 reportable segments, Community Banking and Consumer Finance. See note 22 for related disclosures. (q) Derivative financial instruments — interest rate swaps We recognize all derivative financial instruments as either assets or liabilities in the balance sheet and measure those instruments at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. An entity that elects to use hedge accounting is required, at inception, to establish the method it will use for assessing the effectiveness of the hedging derivative and the measurement approach for determining the ineffective aspect of the hedge. Those methods must be consistent with our approach to managing risk. We utilize interest rate swap agreements as part of the management of interest rate risk to hedge the interest rate risk on our trust preferred debentures. Amounts receivable or payable are recognized as accrued under the terms of the agreements and the differential is recorded as an adjustment to interest expense. The interest rate swaps are designated as cash flow hedges, with the effective portion of the derivative’s unrealized gain or loss recorded as a component of other comprehensive income. The ineffective portion of the unrealized gain or loss, if any, would be recorded in other expense. See note 23 for related disclosures. (r) Off-Balance-Sheet Instruments In the normal course of business, we extend credit in the form of loan commitments, undisbursed lines of credit, and standby letters of credit. These off-balance-sheet instruments involve, to various degrees, elements of credit and interest rate risk not reported in the consolidated statement of financial condition. We utilize the same underwriting standards for these instruments as other extensions of credit. (s) Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. The estimates and assumptions that we deem important to our financial statements relate to the allowance for loan losses, the accounting treatment and valuation of our investment securities portfolio, the analysis of the carrying value of goodwill and income taxes. These estimates and assumptions are based on management’s best estimates and judgment and we evaluate them using historical experience and other factors, including the current economic environment. We adjust our estimates and assumptions when facts and circumstances dictate. As future events cannot be determined, actual results could differ significantly from our estimates. (t) Reclassification of Prior Years’ Statements Certain items previously reported have been reclassified to conform with the current year’s reporting format. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition On September 9, 2016, Northwest, completed the acquisition of 18 branches located in Erie and Niagara Counties, New York and certain related assets, and the assumption 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 and First Niagara Securities, Inc., dated April 28, 2016. The Company also acquired certain wealth management relationships, which included approximately $450.0 million of assets under management. While the branch acquisition is considered a purchase of a business for accounting purposes, pro forma income statement information is not presented because the 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: Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value (1) Cash and cash equivalents (2) $ 1,103,372 Loans 455,857 Core deposit intangible 25,732 Wealth Management intangible 1,143 Other assets 16,978 Total assets acquired 1,603,082 Deposits (1,642,846 ) Other liabilities (5,403 ) Total liabilities assumed (1,648,249 ) Goodwill $ 45,167 (1) Preliminary estimates of fair value have been recorded. (2) Amount is net of $76.5 million deposit premium paid to FNFG. The fair value of loans acquired was estimated 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. 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 branch acquisition are being amortized over their estimated useful lives of approximately 11 and 7 years, respectively, using an accelerated method. The goodwill, which is not amortized for book purposes, was assigned to the Community Banking segment and is deductible for tax purposes. The fair value of savings and transaction deposit accounts acquired 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 branch acquisition were expensed as incurred and amounted to $9.2 million for the year ended December 31, 2016, which includes technology and communications costs, professional services, marketing and advertising, and other noninterest expenses. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities Marketable securities available-for-sale at December 31, 2016 are as follows: 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 $ 6 — — 6 Debt issued by government sponsored enterprises: 15500 3 -48 15.45 Due in one year or less 74,980 5 (33 ) 74,952 Due after one year through five years 220,937 203 (2,504 ) 218,636 Due after five years through ten years 585 — (3 ) 582 Due after ten years — — — — Equity securities 3,351 1,095 (6 ) 4,440 Municipal securities: Due in one year or less 2,449 7 — 2,456 Due after one year through five years 9,448 105 (21 ) 9,532 Due after five years through ten years 11,794 137 (1 ) 11,930 Due after ten years 38,141 1,027 (16 ) 39,152 Corporate debt issues: Due after ten years 14,367 2,935 (322 ) 16,980 Residential mortgage-backed securities: Fixed rate pass-through 175,398 1,849 (2,680 ) 174,567 Variable rate pass-through 43,587 2,007 (6 ) 45,588 Fixed rate non-agency CMOs 100 1 — 101 Fixed rate agency CMOs 165,535 185 (3,455 ) 162,265 Variable rate agency CMOs 64,874 306 (167 ) 65,013 Total residential mortgage-backed securities 449,494 4,348 (6,308 ) 447,534 Total marketable securities available-for-sale $ 825,552 9,862 (9,214 ) 826,200 Marketable securities held to maturity at December 31, 2016 are as follows: Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Municipal securities: Due after five years through ten years $ — — — — Due after ten years 4,808 65 — 4,873 Residential mortgage-backed securities: Fixed rate pass-through 4,807 217 — 5,024 Variable rate pass-through 2,848 58 — 2,906 Fixed rate agency CMOs 6,674 94 — 6,768 Variable rate agency CMOs 841 14 — 855 Total residential mortgage-backed securities 15,170 383 — 15,553 Total marketable securities held-to-maturity $ 19,978 448 — 20,426 Marketable securities available-for-sale at December 31, 2015 are as follows: 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 Marketable securities held to maturity at December 31, 2015 are as follows: 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 presents information regarding the issuers and the carrying values of our mortgage-backed securities at December 31, 2016 and 2015 : December 31, 2016 2015 Residential mortgage backed securities: FNMA $ 210,373 234,204 GNMA 42,221 48,283 FHLMC 202,822 209,788 SBA 6,608 8,166 Other (including non-agency) 680 3,355 Total residential mortgage-backed securities $ 462,704 503,796 Marketable securities having a carrying value of $200.9 million at December 31, 2016 , were pledged under collateral agreements. During the year ended December 31, 2016 , we sold marketable securities classified as available-for-sale for $2.0 million , with gross realized gains of $268,000 and gross realized losses of $0 . During the year ended December 31, 2015 , we sold marketable securities classified as available-for-sale for $1.2 million , with gross realized gains of $121,000 and gross realized losses of $67,000 . During the year ended December 31, 2014 , we sold marketable securities classified as available-for-sale for $7.9 million with gross realized gains of $4.4 million and gross realized losses of $0 . During the years ended December 31, 2016 , 2015 and 2014 , we did not recognized non-cash credit related other-than-temporary-impairment in our investment portfolio. The following table shows the fair value 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, 2016 : Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair value loss Fair value loss Fair value loss Government sponsored enterprises $ 238,003 (2,448 ) 9,205 (92 ) 247,208 (2,540 ) Corporate debt issues — — 2,107 (322 ) 2,107 (322 ) Equity securities — — 544 (6 ) 544 (6 ) Municipal securities 5,621 (37 ) 66 (1 ) 5,687 (38 ) Residential mortgage-backed securities - agency 213,662 (3,837 ) 87,723 (2,471 ) 301,385 (6,308 ) Total temporarily impaired securities $ 457,286 (6,322 ) 99,645 (2,892 ) 556,931 (9,214 ) The following table shows the fair value 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 : Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair value loss Fair value loss Fair value loss Government sponsored enterprises $ 143,751 (723 ) 92,961 (786 ) 236,712 (1,509 ) Corporate debt issues — — 2,021 (405 ) 2,021 (405 ) Equity securities 544 (6 ) — — 544 (6 ) Municipal securities 7,505 (4 ) — — 7,505 (4 ) 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 perform an assessment to determine whether there have been any events or economic circumstances that indicate a security which has an unrealized loss is impaired other-than-temporarily. The assessment considers many factors including the severity and duration of the impairment; recent events specific to the issuer or industry; and for debt securities, external credit ratings, underlying collateral position and recent downgrades. For asset backed securities, we evaluate current characteristics of each security such as delinquency and foreclosure levels, credit enhancement and projected losses and coverage. It is possible that the underlying collateral of these securities will perform worse than current expectations, which may lead to adverse changes in cash flows on these securities and potential future losses. Events that may trigger material declines in fair values for these securities in the future would be, but are not limited to: deterioration of credit metrics, significantly higher levels of default and severity of loss on the underlying collateral, deteriorating credit enhancement and loss coverage ratios, or further illiquidity. For debt securities, credit related other-than-temporary impairment is recognized in earnings, while noncredit related other-than-temporary impairment on securities not expected to be sold, or otherwise disposed of, is recognized in other comprehensive income. We assert that we do not have the intent to sell these securities and it is more likely than not that we will not have to sell these securities before a recovery of our cost basis. For these reasons, we consider the unrealized losses to be temporary impairment losses. There are approximately 154 positions that are temporarily impaired at December 31, 2016 . The aggregate carrying amount of cost-method investments, including both held-to-maturity and available-for-sale, at December 31, 2016 was $846.2 million , of which all were evaluated for impairment. The following table sets forth the categories of investment securities as of December 31, 2016 on which other-than-temporary impairment charges have been recorded in earnings: Total Accumulated Category Amortized cost Fair value Unrealized gain impairment charges Freddie Mac preferred shares $ 1 27 26 (119 ) Trust preferred investments 11,033 13,968 2,935 (7,942 ) Total $ 11,034 13,995 2,961 (8,061 ) The table below shows a cumulative roll forward of credit related impairment losses recognized in earnings for debt securities held and not intended to be sold: December 31, 2016 2015 Beginning balance as of 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 year (494 ) (98 ) Reduction for securities called realized during the year — (360 ) Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized — — Ending balance as of December 31, $ 7,942 8,436 (1) The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses Loans receivable at December 31, 2016 and 2015 are summarized in the table below: December 31, 2016 December 31, Originated Acquired Total Originated Acquired Total Personal Banking: Residential mortgage loans $ 2,582,218 133,511 2,715,729 2,695,561 45,716 2,741,277 Home equity loans 1,026,315 302,457 1,328,772 1,055,907 131,199 1,187,106 Consumer loans 467,637 163,622 631,259 313,220 197,397 510,617 Total Personal Banking 4,076,170 599,590 4,675,760 4,064,688 374,312 4,439,000 Commercial Banking: Commercial real estate loans 2,140,678 372,991 2,513,669 2,094,710 429,564 2,524,274 Commercial loans 481,543 75,676 557,219 372,540 65,175 437,715 Total Commercial Banking 2,622,221 448,667 3,070,888 2,467,250 494,739 2,961,989 Total loans receivable, gross 6,698,391 1,048,257 7,746,648 6,531,938 869,051 7,400,989 Deferred loan costs 20,081 2,294 22,375 14,806 5,259 20,065 Allowance for loan losses (55,293 ) (5,646 ) (60,939 ) (60,970 ) (1,702 ) (62,672 ) Undisbursed loan proceeds: Residential mortgage loans (11,638 ) — (11,638 ) (10,778 ) — (10,778 ) Commercial real estate loans (168,595 ) (2,985 ) (171,580 ) (159,553 ) (13,287 ) (172,840 ) Commercial loans (26,168 ) (2,290 ) (28,458 ) (11,132 ) (4,183 ) (15,315 ) Total loans receivable, net $ 6,456,778 1,039,630 7,496,408 6,304,311 855,138 7,159,449 As of December 31, 2016 , 2015 and 2014 , we serviced loans for others approximating $918.9 million , $776.0 million and $734.9 million , respectively. These loans serviced for others are not our assets and are not included in our financial statements. As of December 31, 2016 and 2015 , approximately 62% and 65% , respectively, of our loan portfolio was secured by properties located in Pennsylvania. We do not believe we have significant concentrations of credit risk to any one group of borrowers given our underwriting and collateral requirements. Loans receivable as of December 31, 2016 and 2015 include $2.755 billion and $2.417 billion , respectively, of adjustable rate loans and $4.992 billion and $4.984 billion , respectively, of fixed rate loans. Acquired loans are initially measured at fair value and subsequently accounted for under either Accounting Standards Codification (“ASC”) Topic 310-30 " Accounting for Purchased Loans with Deteriorated Credit Quality" or ASC Topic 310-20 "Nonrefundable Fees and Other Costs . The following table provides information related to the outstanding principal balance and related carrying value of acquired loans for the dates indicated: December 31, December 31, 2016 2015 Acquired loans evaluated individually for future credit losses: Outstanding principal balance $ 16,108 21,069 Carrying value 12,665 16,867 Acquired loans evaluated collectively for future credit losses: Outstanding principal balance 1,040,378 848,194 Carrying value 1,032,611 839,973 Total acquired loans: Outstanding principal balance 1,056,486 869,263 Carrying value 1,045,276 856,840 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: 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 (1,170 ) Net reclassification from nonaccretable yield 1,338 Balance at December 31, 2016 $ 2,187 The following table provides information related to purchased credit impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2016 : Carrying value Outstanding principal balance Related impairment reserve Average recorded investment in impaired loans Interest income/ accretion recognized Personal Banking: Residential mortgage loans $ 1,319 2,062 204 1,650 202 Home equity loans 1,363 2,669 8 1,724 185 Consumer loans 136 303 3 201 51 Total Personal Banking 2,818 5,034 215 3,575 438 Commercial Banking: Commercial real estate loans 9,596 10,809 52 10,942 721 Commercial loans 251 265 — 249 11 Total Commercial Banking 9,847 11,074 52 11,191 732 Total $ 12,665 16,108 267 14,766 1,170 The following table provides information related to purchased credit impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2015 : 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 changes in the allowance for losses on loans receivable for the year ended December 31, 2016 : Balance Provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,656 2,906 (3,228 ) 286 4,692 Home equity loans 3,486 293 (1,090 ) 342 3,941 Consumer loans 7,974 9,052 (10,225 ) 1,659 7,488 Total Personal Banking 16,116 12,251 (14,543 ) 2,287 16,121 Commercial Banking: Commercial real estate loans 23,667 (9,819 ) (2,403 ) 3,541 32,348 Commercial loans 15,510 4,834 (4,165 ) 2,340 12,501 Total Commercial Banking 39,177 (4,985 ) (6,568 ) 5,881 44,849 Total originated loans 55,293 7,266 (21,111 ) 8,168 60,970 Acquired loans: Personal Banking: Residential mortgage loans 71 146 (252 ) 159 18 Home equity loans 1,047 2,065 (1,449 ) 330 101 Consumer loans 653 1,072 (680 ) 151 110 Total Personal Banking 1,771 3,283 (2,381 ) 640 229 Commercial Banking: Commercial real estate loans 3,008 2,116 (1,337 ) 790 1,439 Commercial loans 867 877 (52 ) 8 34 Total Commercial Banking 3,875 2,993 (1,389 ) 798 1,473 Total acquired loans 5,646 6,276 (3,770 ) 1,438 1,702 Total $ 60,939 13,542 (24,881 ) 9,606 62,672 The following table provides information related to changes in the allowance for losses on loans receivable for the year ended December 31, 2015 : Balance Provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,692 (96 ) (1,057 ) 264 5,581 Home equity loans 3,941 693 (1,716 ) 414 4,550 Consumer loans 7,488 7,985 (8,073 ) 1,458 6,118 Total Personal Banking 16,121 8,582 (10,846 ) 2,136 16,249 Commercial Banking: Commercial real estate loans 32,348 540 (5,741 ) 4,160 33,389 Commercial loans 12,501 2,768 (7,814 ) 4,032 13,515 Total Commercial Banking 44,849 3,308 (13,555 ) 8,192 46,904 Unallocated — (4,365 ) — — 4,365 Total originated loans 60,970 7,525 (24,401 ) 10,328 67,518 Acquired loans: Personal Banking: Residential mortgage loans 18 47 (69 ) 40 — Home equity loans 101 247 (708 ) 562 — Consumer loans 110 188 (201 ) 123 — Total Personal Banking 229 482 (978 ) 725 — Commercial Banking: Commercial real estate loans 1,439 1,545 (585 ) 479 — Commercial loans 34 160 (369 ) 243 — Total Commercial Banking 1,473 1,705 (954 ) 722 — Total acquired loans 1,702 2,187 (1,932 ) 1,447 — Total $ 62,672 9,712 (26,333 ) 11,775 67,518 The following table provides information related to changes in the allowance for losses on loans receivable for the year ended December 31, 2014 : Balance Provision Charge-offs Recoveries Balance Personal Banking: Residential mortgage loans $ 5,581 (556 ) (2,181 ) 443 7,875 Home equity loans 4,550 (1,106 ) (1,783 ) 194 7,245 Consumer loans 6,118 5,864 (6,423 ) 1,190 5,487 Total Personal Banking 16,249 4,202 (10,387 ) 1,827 20,607 Commercial Banking: Commercial real estate loans 33,389 4,417 (8,422 ) 2,195 35,199 Commercial loans 13,515 11,992 (11,936 ) 2,579 10,880 Total Commercial Banking 46,904 16,409 (20,358 ) 4,774 46,079 Unallocated 4,365 (297 ) — — 4,662 Total $ 67,518 20,314 (30,745 ) 6,601 71,348 While we use available information to provide for losses, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review our allowance for loan losses. Such agencies may require us to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Management believes, to the best of their knowledge, that all known losses as of the balance sheet dates have been recorded. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable as of December 31, 2016 : Recorded investment in loans receivable Allowance for loan losses Recorded investment in loans on nonaccrual (1) Recorded investment in loans 90 days or more past maturity and still accruing TDRs (1) Allowance for TDRs Additional commitments to customers with loans classified as TDRs Personal Banking: Residential mortgage loans $ 2,714,764 4,727 18,264 — 7,299 708 — Home equity loans 1,328,772 4,533 7,865 — 1,813 450 4 Consumer loans 642,961 8,627 5,109 85 — — — Total Personal Banking 4,686,497 17,887 31,238 85 9,112 1,158 4 Commercial Banking: Commercial real estate loans 2,342,089 26,675 38,724 564 24,483 2,072 417 Commercial loans 528,761 16,377 9,574 — 9,331 1,360 17 Total Commercial Banking 2,870,850 43,052 48,298 564 33,814 3,432 434 Total $ 7,557,347 60,939 79,536 649 42,926 4,590 438 (1) Includes $16.3 million of nonaccrual TDRs. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable as of December 31, 2015 : Recorded investment in loans receivable Allowance for loan losses Recorded investment in loans on nonaccrual (1) Recorded TDRs (1) Allowance for 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. A loan is considered to be impaired, when, based on current information and events it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement including both contractual principal and interest payments. This includes non-accrual loans, loans more than 90 days delinquent and still accruing interest, loans for which we perform an impairment review and TDRs. Impairment is measured using one of three methods: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the loan’s observable market price; or (3) the fair value of collateral if the loan is collateral dependent, less costs of sale or disposition. If the measure of the impaired loan is less than the recorded investment in the loan, a specific allowance is allocated for the impairment. The following table provides information related to the composition of impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2016 : 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 $ 13,169 5,095 — 5,929 24,193 24,483 1,079 Home equity loans 5,552 2,313 — 1,439 9,304 9,234 496 Consumer loans 3,823 1,286 — — 5,109 3,703 166 Total Personal Banking 22,544 8,694 — 7,368 38,606 37,420 1,741 Commercial Banking: Commercial real estate loans 19,264 19,460 3,622 11,582 53,928 64,350 2,864 Commercial loans 3,373 6,201 2,837 3,116 15,527 16,905 991 Total Commercial Banking 22,637 25,661 6,459 14,698 69,455 81,255 3,855 Total $ 45,181 34,355 6,459 22,066 108,061 118,675 5,596 The following table provides information related to the composition of impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2015 : 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 composition of impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2014 : 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 $ 17,696 3,498 — 5,845 27,039 28,227 817 Home equity loans 6,606 2,963 — 1,706 11,275 11,753 485 Consumer loans 2,450 370 — — 2,820 2,383 66 Total Personal Banking 26,752 6,831 — 7,551 41,134 42,363 1,368 Commercial Banking: Commercial real estate loans 11,099 27,548 26,400 12,128 74,337 90,187 3,589 Commercial loans 3,475 4,103 5,266 6,026 21,708 27,088 914 Total Commercial Banking 14,574 31,651 31,666 18,154 96,045 117,275 4,503 Total $ 41,326 38,482 31,666 25,705 137,179 159,638 5,871 The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable as of and for the year ended December 31, 2016 : 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 $ 2,706,484 8,280 8,280 709 — Home equity loans 1,326,958 1,814 1,814 450 — Consumer loans 642,835 126 126 29 — Total Personal Banking 4,676,277 10,220 10,220 1,188 — Commercial Banking: Commercial real estate loans 2,309,186 32,903 27,594 3,545 5,309 Commercial loans 518,449 10,312 10,242 1,390 70 Total Commercial Banking 2,827,635 43,215 37,836 4,935 5,379 Total $ 7,503,912 53,435 48,056 6,123 5,379 The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable as of and for the year ended December 31, 2015 : 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 certain loans that have been modified in a TDR, where economic 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 typically are returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period of at least six consecutive 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: For the years ended December 31, 2016 2015 Number of contracts Amount Number of contracts Amount Beginning TDR balance: 227 $ 51,115 248 $ 61,788 New TDRs 34 6,365 26 8,537 Re-modified TDRs 7 3,414 3 6,386 Net paydowns (9,037 ) (13,270 ) Charge-offs: Residential mortgage loans — — — — Home equity loans — — 4 (159 ) Commercial real estate loans 1 (120 ) 4 (179 ) Commercial loans 2 (142 ) 2 (387 ) Paid-off loans: Residential mortgage loans 4 (151 ) 2 (109 ) Home equity loans (534 ) 5 (194 ) Commercial real estate loans 19 (6,170 ) 15 (9,208 ) Commercial loans 10 (1,814 ) 14 (1,728 ) Transferred to real estate owned Commercial real estate loans — — 1 (362 ) Ending TDR balance: 225 $ 42,926 227 $ 51,115 Accruing TDRs $ 26,580 $ 29,997 Non-accrual TDRs 16,346 21,118 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 year ended December 31, 2016 : Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 7 $ 1,199 1,177 114 Home equity loans 7 475 471 110 Consumer loans — — — — Total Personal Banking 14 1,674 1,648 224 Commercial Banking: Commercial real estate loans 7 3,729 3,643 485 Commercial loans 20 4,376 2,218 508 Total Commercial Banking 27 8,105 5,861 993 Total 41 $ 9,779 7,509 1,217 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance 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 1 429 425 31 Commercial loans 3 533 533 533 Total Commercial Banking 4 962 958 564 Total 4 $ 962 958 564 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 year ended December 31, 2015 : Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 6 $ 364 357 21 Home equity loans 3 101 97 21 Consumer loans — — — — Total Personal Banking 9 465 454 42 Commercial Banking: Commercial real estate loans 11 12,258 12,243 1,047 Commercial loans 9 2,200 2,184 156 Total Commercial Banking 20 14,458 14,427 1,203 Total 29 $ 14,923 14,881 1,245 At December 31, 2015, no TDRs that were modified in the previous twelve months had subsequently defaulted. 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 year ended December 31, 2014 : Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 17 $ 2,802 2,690 210 Home equity loans 6 570 507 1 Consumer loans — — — — Total Personal Banking 23 3,372 3,197 211 Commercial Banking: Commercial real estate loans 11 2,010 1,793 202 Commercial loans 23 7,750 6,818 1,491 Total Commercial Banking 34 9,760 8,611 1,693 Total 57 $ 13,132 11,808 1,904 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings modified within the previous twelve months that have subsequently defaulted: Personal Banking: Residential mortgage loans 1 $ 78 77 — Home equity loans 1 360 331 1 Consumer loans — — — — Total Personal Banking 2 438 408 1 Commercial Banking: Commercial real estate loans 1 12 5 1 Commercial loans 1 50 64 6 Total Commercial Banking 2 62 69 7 Total 4 $ 500 477 8 The following table provides information for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable during the year ended December 31, 2016 : Number of Type of modification contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 7 $ 358 — 771 48 1,177 Home equity loans 7 120 — 3 348 471 Consumer loans — — — — — — Total Personal Banking 14 478 — 774 396 1,648 Commercial Banking: Commercial real estate loans 7 — 425 1,980 1,238 3,643 Commercial loans 20 — 328 1,178 712 2,218 Total Commercial Banking 27 — 753 3,158 1,950 5,861 Total 41 $ 478 753 3,932 2,346 7,509 The following table provides information for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable during the year ended December 31, 2015 : Number of Type of modification contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 6 $ 71 — 110 176 357 Home equity loans 3 96 — 1 — 97 Consumer loans — — — — — — Total Personal Banking 9 167 — 111 176 454 Commercial Banking: Commercial real estate loans 11 174 — 11,961 108 12,243 Commercial loans 9 — — 1,264 920 2,184 Total Commercial Banking 20 174 — 13,225 1,028 14,427 Total 29 $ 341 — 13,336 1,204 14,881 The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the year ended December 31, 2016 : Number of re- modified Type of re-modification TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans 1 — — — 192 192 Consumer loans — — — — — — Total Personal Banking 1 — — — 192 192 Commercial Banking: Commercial real estate loans 2 — — 1,329 173 1,502 Commercial loans 4 — 502 — — 502 Total Commercial Banking 6 — 502 1,329 173 2,004 Total 7 $ — 502 1,329 365 2,196 The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the year ended December 31, 2015 : Number of re- modified Type of re-modification TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — — 45 45 Home equity loans 1 83 — — — 83 Consumer loans — — — — — — Total Personal Banking 2 83 — — 45 128 Commercial Banking: Commercial real estate loans 1 — — 6,256 — 6,256 Commercial loans — — — — — — Total Commercial Banking 1 — — 6,256 — 6,256 Total 3 $ 83 — 6,256 45 6,384 The following table provides information related to loan delinquencies as of December 31, 2016 : 30-59 days delinquent 60-89 days delinquent 90 days or greater delinquent Total delinquency Current Total loans 90 days or greater delinquent and accruing (1) Originated loans Personal Banking: Residential mortgage loans $ 26,212 5,806 12,792 44,810 2,536,443 2,581,253 — Home equity loans 5,785 1,305 4,783 11,873 1,014,442 1,026,315 — Consumer loans 8,598 3,204 3,518 15,320 461,725 477,045 — Total Personal Banking 40,595 10,315 21,093 72,003 4,012,610 4,084,613 — Commercial Banking: Commercial real estate loans 7,674 3,674 16,508 27,856 1,944,227 1,972,083 — Commercial loans 1,067 1,957 3,107 6,131 449,244 455,375 — Total Commercial Banking 8,741 5,631 19,615 33,987 2,393,471 2,427,458 — Total originated loans 49,336 15,946 40,708 105,990 6,406,081 6,512,071 — Acquired loans Personal Banking: Residential mortgage loans 1,174 421 829 2,424 131,087 133,511 452 Home equity loans 1,020 258 973 2,251 300,206 302,457 204 Consumer loans 1,270 405 320 1,995 163,921 165,916 15 Total Personal Banking 3,464 1,084 2,122 6,670 595,214 601,884 671 Commercial Banking: Commercial real estate loans 2,703 821 4,762 8,286 361,720 370,006 2,006 Commercial loans 111 124 413 648 72,738 73,386 147 Total Commercial Banking 2,814 945 5,175 8,934 434,458 443,392 2,153 Total acquired loans 6,278 2,029 7,297 15,604 1,029,672 1,045,276 2,824 Total loans $ 55,614 17,975 48,005 121,594 7,435,753 7,557,347 2,824 (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 delinquencies as of December 31, 2015 : 30-59 days delinquent 60-89 days delinquent 90 days or greater delinquent Total delinquency Current Total loans 90 days or greater delinquent and accruing (1) 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 loans 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 loans 6,215 2,425 5,955 14,595 842,245 856,840 3,750 Total loans $ 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. Credit quality indicators: We categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We analyze business loans individually by classifying the loans by credit risk. Relationships greater than or equal to $1.0 million classified as special mention or substandard are reviewed quarterly for further deterioration or improvement to determine if the loan is appropriately classified. We use the following definitions for risk ratings other than pass: Special mention — Loans designated as special mention have specific, well-defined risk issues, which create a high level of uncertainty regarding the long-term viability of the business. Loans in this class are considered to have high-risk characteristics. A special mention loan exhibits material negative financial trends due to company-specific or systemic conditions. If these potential weaknesses are not mitigated, they threaten the borrower’s capacity to meet its debt obligations. Special mention loans still demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. Their potential weaknesses deserve our close attention and warrant enhanced monitoring. Substandard — Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, those weaknesses make collection or liquidation in full highly questionable and improbable. A loan classified as doubtful exhibits discernible loss potential, but a complete loss seems very unlikely. The possibility of a loss on a doubtful loan is high, but because of certain important and reasonably specific pending factors that may strengthen the loan, its classification as an estimated loss is deferred until a more exact status can be determined. Loss — Loans classified as loss are considered uncollectible and of such value that the continuance as a loan is not warranted. A loss classification does not mean that the loan has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off all or a portion of a basically worthless loan even though partial recovery may be affected in the future. The following table sets forth information about credit quality indicators as of December 31, 2016 : Pass Special mention Substandard Doubtful Loss Total Originated loans Personal Banking: Residential mortgage loans $ 2,564,988 — 16,265 — — 2,581,253 Home equity loans 1,018,898 — 7,417 — — 1,026,315 Consumer loans 473,950 — 3,095 — — 477,045 Total Personal Banking 4,057,836 — 26,777 — — 4,084,613 Commercial Banking: Commercial real estate loans 1,821,548 36,321 114,214 — — 1,972,083 Commercial loans 401,866 15,203 38,306 — — 455,375 Total Commercial Banking 2,223,414 51,524 152,520 — — 2,427,458 Total originated loans 6,281,250 51,524 179,297 — — 6,512,071 Acquired loans Personal Banking: Residential mortgage loans 131,717 — 1,794 — — 133,511 Home equity loans 300,100 — 2,357 — — 302,457 Consumer loans 165,094 — 822 — — 165,916 Total Personal Banking 596,911 — 4,973 — — 601,884 Commercial Banking: Commercial real estate loans 331,780 7,403 30,823 — — 370,006 Commercial loans 68,127 1,989 3,270 — |
Accrued Interest Receivable
Accrued Interest Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Interest Receivable and Other Assets [Abstract] | |
Accrued Interest Receivable | Accrued Interest Receivable Accrued interest receivable as of December 31, 2016 and 2015 is presented in the following table: December 31, 2016 2015 Investment securities $ 1,613 1,852 Mortgage-backed securities 910 960 Loans receivable 19,176 18,260 $ 21,699 21,072 |
Federal Home Loan Bank Stock
Federal Home Loan Bank Stock | 12 Months Ended |
Dec. 31, 2016 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Northwest Bank is a member of the Federal Home Loan Bank system. As a member, we are required to maintain an investment in the capital stock of the FHLB of Pittsburgh in accordance with their 2015 Capital Plan, at cost, in two subclasses based on the following ranges: Membership stock purchase (Subclass B-1) ranging from 0.05 % to 1.0 % of the member asset value as defined by the FHLB, currently at 0.10 %; and Activity-based stock purchase (Subclass B-2) ranging from 2.0 % to 6.0 % of outstanding advances, currently at 4.0 %; 0.0 % to 6.0 % of acquired member assets, currently at 4.0 %; 0.0 % to 4.0 % of certain letters of credit, currently at 0.75 %; and 0.0 % to 6.0 % of outstanding advance commitments settling more than 30 days after trade, currently at 0.0 %. We received dividends on capital stock during the years ended December 31, 2016 and 2015 of $1.4 million and $2.8 million , respectively. Future dividends may be established at different rates for the two subclasses of capital stock. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Premises and equipment at December 31, 2016 and 2015 are summarized by major classification in the following table: December 31, 2016 2015 Land and land improvements $ 21,229 23,257 Office buildings and improvements 156,162 153,003 Furniture, fixtures and equipment 120,391 115,576 Leasehold improvements 19,859 19,239 Total, at cost 317,641 311,075 Less accumulated depreciation and amortization (156,456 ) (156,724 ) Premises and equipment, net $ 161,185 154,351 Depreciation and amortization expense for the years ended December 31, 2016 , 2015 and 2014 was $13.7 million , $13.3 million and $12.0 million , respectively. Premises used by certain of our offices are occupied under formal operating lease arrangements. The leases expire on various dates through 2027. Minimum annual rentals by fiscal year are summarized in the following table: 2017 $ 4,846 2018 3,697 2019 2,579 2020 2,015 2021 1,596 Thereafter 5,595 Total $ 20,328 Rental expense for the years ended December 31, 2016 , 2015 and 2014 was $5.3 million , $4.6 million and $4.4 million , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 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 for the years ended December 31, 2016 and 2015 : December 31, 2016 2015 Amortizable intangible assets: Core deposit intangibles — gross $ 37,953 30,578 Acquisitions 25,732 7,375 Less: accumulated amortization (34,378 ) (31,192 ) Core deposit intangibles — net $ 29,307 6,761 Customer and Contract intangible assets — gross 8,496 8,234 Acquisitions 1,978 262 Less: accumulated amortization (7,348 ) (6,275 ) Customer and Contract intangible assets — net $ 3,126 2,221 The following information shows the actual aggregate amortization expense for the years ended December 31, 2016 , 2015 and 2014 as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for each of the five succeeding fiscal years: For the year ended December 31, 2014 $ 1,323 For the year ended December 31, 2015 1,688 For the year ended December 31, 2016 4,259 For the year ending December 31, 2017 6,764 For the year ending December 31, 2018 5,848 For the year ending December 31, 2019 4,933 For the year ending December 31, 2020 4,017 For the year ending December 31, 2021 3,188 The following table provides information for the changes in the carrying amount of goodwill: Community Banks Consumer Finance Total Balance at December 31, 2014 $ 173,710 1,613 175,323 Goodwill acquired - LNB 86,238 — 86,238 Goodwill acquired - Petruso Insurance Agency 175 — 175 Balance at December 31, 2015 260,123 1,613 261,736 Goodwill acquired - FNFG 45,167 — 45,167 Goodwill acquired - Best Insurance Agency 404 — 404 Goodwill acquired - Winan Insurance Agency 113 — 113 Balance at December 31, 2016 $ 305,807 1,613 307,420 We have determined that goodwill is not impaired as of December 31, 2016 and 2015 . There were no changes in our operations that would cause us to update the goodwill impairment test performed as of June 30, 2016 . |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposits | Deposits Deposit balances at December 31, 2016 and 2015 are shown in the table below: December 31, 2016 2015 Savings deposits $ 1,622,879 1,386,017 Interest-bearing demand deposits 1,428,317 1,080,086 Noninterest-bearing demand deposits 1,448,972 1,177,256 Money market demand accounts 1,841,567 1,274,504 Time deposits 1,540,586 1,694,718 Total deposits $ 7,882,321 6,612,581 The aggregate amount of time deposits with a minimum denomination of $100,000 at December 31, 2016 and 2015 was $451.6 million and $518.7 million , respectively. Generally, deposits in excess of $250,000 are not federally insured. At December 31, 2016 we had $1.580 billion of deposits in accounts exceeding $250,000 . The following table summarizes the contractual maturity of time deposits at December 31, 2016 and 2015 : December 31, 2016 2015 Due within 12 months $ 836,525 929,351 Due between 12 and 24 months 311,976 448,497 Due between 24 and 36 months 153,708 205,635 Due between 36 and 48 months 90,777 21,414 Due between 48 and 60 months 134,687 78,796 After 60 months 12,913 11,025 Total time deposits $ 1,540,586 1,694,718 The following table summarizes the interest expense incurred on the respective deposits for the years ended December 31, 2016 , 2015 and 2014 : Years ended December 31, 2016 2015 2014 Savings deposits $ 3,218 3,387 3,286 Interest-bearing demand deposits 462 568 587 Money market demand accounts 3,621 3,222 3,174 Time deposits 16,164 16,878 18,275 Total interest expense $ 23,465 24,055 25,322 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Borrowed funds at December 31, 2016 and 2015 are presented in the following table: December 31, 2016 2015 Amount Average rate Amount Average rate Term notes payable to the FHLB of Pittsburgh: Due within one year $ — — % 145,343 3.24 % Due between one and two years — — % 125,000 3.68 % Due between two and three years — — % 140,000 3.73 % Due between three and four years — — % 125,000 4.32 % Due between four and five years — — % 95,000 3.65 % Due between five and ten years — — % 120,000 3.68 % — 750,343 Revolving line of credit, FHLB of Pittsburgh — — % 106,000 0.43 % Collateralized borrowings, due within one year 142,899 0.17 % 118,664 0.22 % Total borrowed funds $ 142,899 975,007 Borrowings from the FHLB of Pittsburgh, if any, are secured by our residential first mortgage and other qualifying loans. Certain of these borrowings are subject to restrictions or penalties in the event of prepayment. The revolving line of credit with the FHLB of Pittsburgh carries a commitment of $150.0 million . The rate is adjusted daily by the FHLB of Pittsburgh, and any borrowings on this line may be repaid at any time without penalty. The collateralized borrowings are collateralized by various securities held in safekeeping by the FHLB of Pittsburgh. The market value of these securities exceeds the value of the collateralized borrowings. The average amount of collateralized borrowings outstanding in the years ended December 31, 2016 , 2015 and 2014 was $141.6 million , $144.7 million and $155.7 million , respectively. The maximum amount of collateralized borrowings outstanding during the years ended December 31, 2016 , 2015 and 2014 was $158.4 million , $166.4 million and $174.2 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Total income tax was allocated for the years ended December 31, 2016 , 2015 and 2014 as follows: Years ended December 31, 2016 2015 2014 Income before income taxes $ 21,648 27,960 21,795 Shareholders’ equity for unrealized (loss)/ gain on securities available-for-sale (1,871 ) (85 ) 4,286 Shareholders’ equity for tax benefit for excess of fair value above cost of stock benefit plans (1,425 ) (332 ) (945 ) Shareholders’ equity for pension adjustment (2,455 ) (848 ) (12,985 ) Shareholders’ equity for swap fair value adjustment 539 699 618 Unallocated income tax $ 16,436 27,394 12,769 Income tax expense applicable to income before taxes consists of: Years ended December 31, 2016 2015 2014 Current $ 18,914 21,670 13,200 Deferred 2,734 6,290 8,595 Total income tax expense $ 21,648 27,960 21,795 A reconciliation of the expected federal statutory income tax rate to the effective rate, expressed as a percentage of pretax income for the years ended December 31, 2016 , 2015 and 2014 , is as follows: Years ended December 31, 2016 2015 2014 Expected tax rate 35.0 % 35.0 % 35.0 % Tax-exempt interest income (3.3 )% (3.0 )% (4.1 )% State income tax, net of federal benefit 1.2 % 2.9 % 1.7 % Bank-owned life insurance (2.6 )% (1.7 )% (1.8 )% Dividends on stock plans (2.0 )% (0.8 )% (4.0 )% Low income housing and historic tax credits (1.0 )% (1.4 )% (0.9 )% Non-deductible acquisition expense — % 0.5 % — % ESOP termination 3.4 % — % — % Other (0.3 )% 0.1 % 0.1 % Effective tax rate 30.4 % 31.6 % 26.0 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2016 and 2015 are presented below: December 31, 2016 2015 Deferred tax assets: Deferred fee income $ 187 189 Deferred compensation expense 2,893 3,717 Bad debts 18,823 19,478 Other reserves 1,823 — Accrued postretirement benefit cost 641 644 Stock benefit plans 1,085 1,626 Writedown of investment securities 2,875 2,994 Accrued expenses 348 228 Pension and postretirement benefits 18,491 16,035 Unrealized loss on the fair value of derivatives 958 1,496 Purchase accounting 1,215 2,236 Other 153 325 Total deferred tax assets 49,492 48,968 Deferred tax liabilities: Pension expense 8,689 7,557 Unrealized gain on the fair value of securities available-for-sale 252 2,122 Intangible assets 21,927 23,003 Mortgage servicing rights 1,559 120 Fixed assets 8,107 8,731 Other 635 460 Total deferred tax liabilities 41,169 41,993 Net deferred tax asset $ 8,323 6,975 As a result of the FNFG acquisition, deferred tax assets were increased by $ 294,000 related to acquisition accounting tax adjustments. We have determined that no valuation allowance is necessary for the deferred tax assets because it is more likely than not that these assets will be realized through carry-back to taxable income in prior years, future reversals of existing temporary differences, and through future taxable income. We will continue to review the criteria related to the recognition of deferred tax assets on a regular basis. We utilize a comprehensive model to recognize, measure, present and disclose in our financial statements uncertain tax positions that the company has taken or expects to take on a tax return. At December 31, 2016 , there were no unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate. We recognize interest accrued and penalties (if any) related to unrecognized tax benefits in income tax expense. During the year ended December 31, 2016 , we did not accrue any interest. At December 31, 2016 , we had no amount accrued for interest or the payment of penalties. We are subject to routine audits of our tax returns by the Internal Revenue Service as well as all states in which we conduct business. We are subject to audit by the Internal Revenue Service for the tax periods ended December 31, 2016 , 2015 , 2014 and 2013 and subject to audit by any state in which we conduct business for the tax periods ended December 31, 2016 , 2015 , 2014 and 2013 . The New York State audit of the Company's 2011-2014 tax years was finalized in 2016, resulting in an additional tax liability of $ 444,000 . The IRS audit of the 2013 tax year of LNB was concluded in 2016 and resulted in no additional tax liability. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Retained earnings are partially restricted in connection with regulations related to the insurance of deposit accounts, which requires Northwest to maintain certain statutory reserves. Northwest may not pay dividends on or repurchase any of its common stock if the effect thereof would reduce retained earnings below the level of adequate capitalization as defined by federal and state regulators. In tax years prior to fiscal 1997, Northwest was permitted, under the Internal Revenue Code ("IRC"), to deduct an annual addition to a reserve for bad debts in determining taxable income, subject to certain limitations. Bad debt deductions for income tax purposes are included in taxable income of later years only if the bad debt reserve is used subsequently for purposes other than to absorb bad debt losses. Because Northwest does not intend to use the reserve for purposes other than to absorb losses, no deferred income taxes have been provided prior to fiscal 1987. Retained earnings at December 31, 2016 and 2015 include approximately $39.1 million representing such bad debt deductions for which no deferred income taxes have been provided. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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 our earnings. All stock options outstanding during the year ended December 31, 2016 were included in the computation of diluted earnings per share because the stock options exercise price was less than the average market price of the common shares of $14.79 . For the year ended December 31, 2015 there were 524,250 options outstanding with a weighted average exercise price of $13.15 per share that were excluded in the computation of diluted earnings per share because the stock options’ exercise price was greater than the average market price of the common shares of $12.64 . All stock options outstanding during the year ended December 31, 2014 were included in the computation of diluted earnings per share because the stock options exercise price was less than the average market price of the common shares of $13.34 . The computation of basic and diluted earnings per share for the years ended December 31, 2016 , 2015 and 2014 follows: Years ended December 31, 2016 2015 2014 Net income available to common shareholders $ 49,667 60,540 61,962 Weighted average common shares outstanding 99,439,174 94,314,420 91,535,298 Dilutive potential shares due to effect of stock options 1,225,514 515,369 739,699 Total weighted average common shares and dilutive potential shares 100,664,688 94,829,789 92,274,997 Basic earnings per share (1) $ 0.50 0.64 0.68 Diluted earnings per share (1) $ 0.49 0.64 0.67 (1) Not in thousands. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans (a) Pension Plans We maintain noncontributory defined benefit pension plans covering substantially all employees and members of our board of directors. Retirement benefits are based on certain compensation levels, age, and length of service. Contributions are based on an actuarially determined amount to fund not only benefits attributed to service to date but also for those expected to be earned in the future. In addition, we have an unfunded Supplemental Executive Retirement Plan (“SERP”) to compensate those executive participants eligible for the defined benefit pension plan whose benefits are limited by Section 415 of the IRC. We also sponsor a retirement savings plan in which substantially all employees participate. We provide a matching contribution of 50% of each employee’s contribution to a maximum of 6% of the employee’s compensation. Total expense for all retirement plans, including defined benefit pension plans, was approximately $5.8 million , $4.6 million and $1.0 million , for the years ended December 31, 2016 , 2015 and 2014 , respectively. Components of net periodic pension cost and other amounts recognized in other comprehensive income: The following table sets forth the net periodic pension cost for the defined benefit pension plans for the years ended December 31, 2016 , 2015 and 2014 : Years ended December 31, 2016 2015 2014 Service cost $ 5,496 5,721 4,138 Interest cost 6,781 6,125 5,827 Expected return on plan assets (9,897 ) (10,371 ) (9,663 ) Net amortization and deferral 1,388 1,375 (897 ) Net periodic pension (benefit)/ cost $ 3,768 2,850 (595 ) The following table sets forth other changes in the defined benefit pension plans’ plan assets and benefit obligations recognized in other comprehensive income: Years ended December 31, 2016 2015 2014 Net loss/ (gain) $ 1,550 (420 ) 30,779 Prior service cost/ (credit) — — — Amortization of prior service cost 2,323 2,323 2,322 Total recognized in other comprehensive income $ 3,873 1,903 33,101 Total recognized in net periodic pension cost and other comprehensive income/ (loss) $ 7,641 4,753 32,506 The estimated net loss and prior service credit for the defined benefit pension plan that will be amortized from accumulated other comprehensive income into net periodic cost over the next year is $3.6 million and $(2.3) million , respectively. The following table sets forth information for the defined benefit pension plans’ funded status at December 31, 2016 and 2015 : December 31, 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 162,133 159,587 Service cost 5,496 5,721 Interest cost 6,781 6,125 Acquisition — 5,662 Actuarial (gain)/ loss 4,267 (9,357 ) Benefits paid (6,469 ) (5,605 ) Benefit obligation at end of year $ 172,208 162,133 Change in plan assets: Fair value of plan assets at beginning of year 143,655 140,183 Actual return on plan assets 8,903 (2,264 ) Employer contributions 6,536 6,460 Acquisition — 4,881 Benefits paid (6,469 ) (5,605 ) Fair value of plan assets at end of period $ 152,625 143,655 Funded status at end of year $ (19,583 ) (18,478 ) The following table sets forth the assumptions used to develop the net periodic pension cost: Years ended December 31, 2016 2015 2014 Discount rate 4.25 % 3.89 % 4.86 % Expected long-term rate of return on assets 7.00 % 7.50 % 7.50 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % The following table sets forth the assumptions used to determine benefit obligations at the end of each period: Years ended December 31, 2016 2015 2014 Discount rate 4.06 % 4.25 % 3.89 % Expected long-term rate of return on assets 7.00 % 7.00 % 7.50 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % The expected long-term rate of return on assets is based on the expected return of each of the asset categories, weighted based on the median of the target allocation for each category. We use the Citigroup Pension Liability Index rates matching the duration of our benefit payments as of the measurement date to determine the discount rate. The accumulated benefit obligation for the funded defined benefit pension plan was $165.9 million , $155.9 million and $153.9 million at December 31, 2016 , 2015 and 2014 , respectively. The accumulated benefit obligation for all unfunded defined benefit plans was $6.3 million , $6.3 million and $5.6 million at December 31, 2016 , 2015 and 2014 , respectively. The following table sets forth certain information related to our pension plans: December 31, 2016 2015 Projected benefit obligation $ 172,208 162,133 Accumulated benefit obligation 172,208 162,133 Fair value of plan assets 152,625 143,655 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, 2017 . The investment policy as established by the Plan Administrative Committee, to be followed by the Trustee, is to invest assets based on the target allocations shown in the table below. To meet target allocation ranges set forth by the Plan Administrative Committee, periodically, the assets are reallocated by the Trustee. The investment policy is reviewed periodically to determine if the policy should be changed. Pension assets are conservatively invested with the goal of providing market or better returns with below market risks. Assets are invested in a balanced portfolio composed primarily of equities, fixed income, and cash or cash equivalent investments. The Trustee tries to maintain an approximate asset mix position of 30% to 60% equities and 20% to 50% bonds. A maximum of 10% may be invested in any one stock, including the stock of Northwest Bancshares, Inc. The objective of holding equity securities is to provide capital appreciation consistent with the ownership of the common stocks of medium to large companies. Acceptable bond investments are direct or agency obligations of the U.S. Government or investment grade corporate bonds. The average maturity of the bond portfolio shall not exceed 10 years . The following table sets forth the weighted average asset allocation of defined benefit plans: Target December 31, Allocation 2016 2015 Debt securities 20 – 50% 23 % 20 % Equity securities 30 – 60% 72 % 69 % Other 5 – 50% 5 % 11 % Total 100 % 100 % All of the assets held by the defined benefit pension plan are measured and recorded at estimated fair value on our balance sheet on a recurring basis as Level 1 assets, as defined by the fair value hierarchy defined in note 16. The following table sets forth the pension plan assets as of December 31, 2016 and 2015 : December 31, 2016 2015 Mutual funds — debt $ 35,224 28,316 Mutual funds — equity 110,078 98,517 Cash and cash equivalents 7,322 16,822 The benefits expected to be paid in each year from 2017 to 2021 are $5.4 million , $5.7 million , $6.4 million , $6.6 million and $6.9 million , respectively. The aggregate benefits expected to be paid in the five years from 2021 to 2025 are $34.9 million . The expected benefits to be paid are based on the same assumptions used to measure our benefit obligations at December 31, 2016 and include estimated future employee service. (b) Postretirement Healthcare Plan In addition to pension benefits, we provide postretirement healthcare benefits for certain employees who were employed as of October 1, 1993 and were at least 55 years of age on that date. We use the accrual method of accounting for postretirement benefits other than pensions. Components of net periodic benefit cost and other amounts recognized in other comprehensive income: The following table sets forth the net periodic benefit cost for the postretirement healthcare benefits plan for the years ended December 31, 2016 , 2015 and 2014 : Years ended December 31, 2016 2015 2014 Service cost $ — — — Interest cost 70 58 65 Amortization of net loss 90 60 48 Net period benefit cost $ 160 118 113 The following table sets forth other changes in the postretirement healthcare plan’s plan assets and benefit obligations recognized in other comprehensive income: Years ended December 31, 2016 2015 2014 Net loss/ (gain) $ 109 273 195 Total recognized in other comprehensive income $ 109 273 195 Total recognized in net periodic benefit cost and other comprehensive income $ 270 391 308 The estimated net loss for the postretirement healthcare benefit plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next year is $108,000 . The following table sets forth the funded status of the postretirement healthcare benefit plan at December 31, 2016 and 2015 : December 31, 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 1,737 1,565 Service cost — — Interest cost 70 58 Actuarial loss 200 333 Benefits paid (228 ) (219 ) Benefit obligation at end of year $ 1,779 1,737 Change in plan assets: Fair value of plan assets at beginning of year — — Employer contributions 228 219 Benefits paid (228 ) (219 ) Fair value of plan assets at end of year $ — — Funded status at year end $ (1,779 ) (1,737 ) The assumptions used to develop the preceding information for postretirement healthcare benefits are as follows: Years ended December 31, 2016 2015 2014 Discount rate 4.25 % 3.89 % 4.86 % Monthly cost of healthcare insurance per beneficiary (1) $ 539 470 384 Annual rate of increase in healthcare costs 4.00 % 4.00 % 4.00 % (1) Not in thousands If the assumed rate of increase in healthcare costs was increased by one percentage point to 5% from the level presented above, the interest cost component of net periodic postretirement healthcare benefit cost would increase by $11,000 and the accumulated postretirement benefit obligation for healthcare benefits would increase by $68,000 . The following table sets forth information for plans with an accumulated benefit obligation in excess of plan assets: December 31, 2016 2015 Projected benefit obligation $ 1,779 1,737 Accumulated benefit obligation 1,779 1,737 Fair value of plan assets — — (c) Employee Stock Ownership Plan 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 satisfy the ESOP loan due to the Company. The remaining 401,356 unallocated ESOP shares were allocated to plan participants, the ESOP was then merged into the Northwest Savings Bank 401(k) Plan. ESOP compensation expense was $6.3 million , $335,000 and $3.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Compensation expense related to the ESOP is recognized at an amount equal to the number of common shares committed to be released by the ESOP to participants’ accounts multiplied by the average fair value of the common stock during the reporting period. The difference between the fair value of the shares of the common stock committed to be allocated by the ESOP to participants’ accounts for the period and the average cost of those common shares is recorded as an adjustment to either additional paid-in capital or retained earnings. (d) Common Stock Awards On April 20, 2011, we established the Northwest Bancshares, Inc. 2011 Equity Incentive Plan with 2,806,233 common shares authorized. On May 21, 2014, we awarded employees 251,030 common shares and outside directors 21,600 common shares with a grant date fair value of $13.22 per share (total market value of $3.6 million at issuance). On May 20, 2015, we awarded employees 282,050 common shares and outside directors 24,300 common shares with a grant date fair value of $12.31 per share (total market value of $3.8 million at issuance). On May 18, 2016, we awarded employees 310,160 common shares and outside directors 24,300 common shares with a grant date fair value of $14.51 per share (total market value of $4.9 million at issuance). Total common shares forfeited from the 2011 plan were 309,554 , of which, 49,776 shares were forfeited during the year ended December 31, 2016 . Forfeited shares may be awarded to other eligible recipients in future grants until the plan termination date in 2021. Common shares vest over a 10 -year period with the first vesting occurring on the grant date. As of December 31, 2016 , 30% of the 2014 issuances have vested, 20% of the 2015 issuances have vested and 10% of the 2016 issuances have vested. Once shares have vested, they are no longer restricted. Compensation expense, in the amount of the fair market value of the common stock at the date of the grant, will be recognized pro rata over the periods in which the shares vest. While restricted, the recipients are entitled to all shareholder rights, except that the shares may not be sold, pledged, or otherwise disposed of and are required to be held in a trust. (e) Stock Option Plans On April 20, 2011, we established the Northwest Bancshares, Inc. 2011 Equity Incentive Plan, which authorizes the granting of 7,015,583 stock options. On May 21, 2014, we granted employees 534,950 stock options and outside directors 57,600 stock options with an exercise price of $13.15 per share. On May 19, 2015, we granted employees 660,570 stock options and outside directors 64,800 stock options with an exercise price of $12.37 per share. On May 17, 2016, we granted employees 660,600 stock options and outside directors 64,800 stock options with an exercise price of $14.15 per share. Awarded stock options vest over a ten -year period with the first vesting occurring on the grant date with a ten year exercise period from the grant date. The following table summarizes the activity in our option plans during the years ended December 31, 2016 , 2015 and 2014 (amounts in this table are not in thousands): Years ended December 31, 2016 2015 2014 Number Weighted average exercise price Number Weighted average exercise price Number Weighted average exercise price Balance at beginning of year 6,306,496 $ 11.81 6,402,407 $ 11.65 6,816,294 $ 11.46 Granted (1) 725,400 14.15 665,370 12.37 592,550 13.15 Exercised (2) (1,081,072 ) 11.01 (474,253 ) 10.27 (745,419 ) 10.86 Forfeited/ expired (146,719 ) 12.71 (287,028 ) 12.26 (261,018 ) 11.71 Balance at end of year 5,804,105 $ 12.25 6,306,496 $ 11.81 6,402,407 $ 11.65 Exercisable at end of year 3,035,718 $ 11.71 3,431,113 $ 11.42 3,333,942 $ 11.20 (1) Weighted average fair value of options at grant date: $1.52 , $1.14 and $1.45 , respectively. (2) The total intrinsic value of options exercised was $5.1 million , $1.2 million and $2.3 million , respectively. The aggregate intrinsic value of all options expected to vest and fully vested options at December 31, 2016 is $14.4 million and $19.2 million , respectively. The following table summarizes the number of options outstanding, number of options exercisable, and weighted average remaining life of all option grants as of December 31, 2016 : Exercise Exercise Exercise Exercise Exercise Exercise Exercise Options outstanding: Number of options 195,902 207,156 125,448 320,045 47,557 432,941 398,478 Weighted average remaining contract life (years) 2.25 2.00 1.25 3.25 0.25 5.50 4.25 Options exercisable: Number of options 195,902 207,156 125,448 298,473 47,557 226,915 309,987 Weighted average remaining term - vested (years) 2.25 2.00 1.25 3.25 0.25 5.50 4.25 Exercise Exercise Exercise Exercise Exercise Exercise Total Options outstanding: Number of options 21,500 1,815,615 577,405 474,467 487,865 699,726 5,804,105 Weighted average remaining contract life (years) 4.50 4.50 8.50 6.50 7.50 9.50 5.59 Options exercisable: Number of options 12,931 1,151,004 81,759 199,534 132,186 46,866 3,035,718 Weighted average remaining term - vested (years) 4.50 4.50 8.50 6.50 7.50 9.50 4.05 |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Disclosures About Fair Value of Financial Instruments | Disclosures About Fair Value of Financial Instruments We are required to disclose fair value information about financial instruments whether or not recognized in the consolidated statement of financial condition. Fair value information of certain financial instruments and all nonfinancial instruments is not required to be disclosed. 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 debt securities which were AAA rated at purchase do not have an active market and as such we have used an alternative method to determine the fair value of these securities. The fair value has been determined using a discounted cash flow model using market assumptions, which generally include cash flow, collateral and other market assumptions. As such, securities which otherwise would have been classified as level 2 securities if an active market for those assets or similar assets existed are included herein as level 3 assets. Other debt securities, pooled trust preferred securities rated below AA at purchase, have a fair value based on a discounted cash flow model using similar assumptions to those noted above and accordingly are classified as level 3 assets. Equity securities — available for sale - Level 1 securities include publicly traded securities valued using quoted market prices. We consider the financial condition of the issuer to determine if the securities have indicators of impairment. Debt securities — held to maturity — The fair value of debt securities held to maturity is determined in the same manner as debt securities available for sale. Loans Receivable Loans with comparable characteristics including collateral and re-pricing structures are segregated for valuation purposes. 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. Characteristics of comparable loans 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 including the approximate discount or market rate, which is not considered an exit price. 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 repurchase agreements approximates 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 have expected 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 December 31, 2016 and 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 December 31, 2016 and 2015 : December 31, 2016 Carrying Estimated amount fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 389,867 389,867 389,867 — — Securities available-for-sale 826,200 826,200 4,440 812,394 9,366 Securities held-to-maturity 19,978 20,426 — 20,426 — Loans receivable, net 7,496,408 7,878,815 9,625 — 7,869,190 Accrued interest receivable 21,699 21,699 21,699 — — FHLB Stock 7,390 7,390 — — — Total financial assets $ 8,761,542 9,144,397 425,631 832,820 7,878,556 Financial liabilities: Savings and checking accounts $ 6,341,735 6,341,735 6,341,735 — — Time deposits 1,540,586 1,626,434 — — 1,626,434 Borrowed funds 142,899 142,899 142,899 — — Junior subordinated debentures 111,213 113,313 — — 113,313 Cash flow hedges - swaps 2,736 2,736 — 2,736 — Accrued interest payable 643 643 643 — — Total financial liabilities $ 8,139,812 8,227,760 6,485,277 2,736 1,739,747 December 31, 2015 Carrying Estimated amount 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 preceding methods and assumptions were used in estimating the fair value of financial instruments at December 31, 2016 and 2015 . There were no transfers of financial instruments between Level 1 and Level 2 during the years ended December 31, 2016 and 2015 . The following table represents assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 : Level 1 Level 2 Level 3 Total at fair value Equity securities $ 4,440 — — 4,440 Debt securities: U.S. government and agencies — 6 — 6 Government sponsored enterprises — 294,170 — 294,170 States and political subdivisions — 63,070 — 63,070 Corporate — 7,614 9,366 16,980 Total debt securities — 364,860 9,366 374,226 Residential mortgage-backed securities: GNMA — 30,883 — 30,883 FNMA — 106,578 — 106,578 FHLMC — 82,115 — 82,115 Non-agency — 579 — 579 Collateralized mortgage obligations: GNMA — 6,287 — 6,287 FNMA — 95,186 — 95,186 FHLMC — 119,197 — 119,197 SBA — 6,608 — 6,608 Non-agency — 101 — 101 Total mortgage-backed securities — 447,534 — 447,534 Interest rate swaps — (2,736 ) — (2,736 ) Total assets and liabilities $ 4,440 809,658 9,366 823,464 The following table represents assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 : Level 1 Level 2 Level 3 Total 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 year ended December 31, 2016 and 2015 : December 31, 2016 2015 Debt securities Beginning balance January 1, $ 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 411 (502 ) Purchases — — Sales/ calls — (1,140 ) Transfers into Level 3 — — Transfers out of Level 3 — — Ending balance December 31, $ 9,366 8,955 Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans held for sale, loans measured for impairment, real estate owned, and mortgage servicing rights. The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2016 : Level 1 Level 2 Level 3 Total assets at fair value Loans evaluated for impairment $ — — 41,933 41,933 Mortgage servicing rights — — 246 246 Real estate owned — — 4,889 4,889 Total assets $ — — 47,068 47,068 The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2015 : Level 1 Level 2 Level 3 Total assets at fair value Loans evaluated for impairment $ — — 48,181 48,181 Real estate owned — — 8,725 8,725 Total assets $ — — 56,906 56,906 Loans measured for impairment - A loan is considered to be impaired as described in note 1 (f). We classify impaired loans 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 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 real estate owned as nonrecurring Level 3. The following 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 December 31, 2016 : Fair value Valuation techniques Significant unobservable inputs Range (weighted average) Debt securities $ 9,366 Discounted cash Discount margin 0.4% to 2.1% (0.7)% flow Default rates 1.00% Prepayment speeds 1.00% annually Loans measured for impairment 41,933 Appraisal Estimated costs to sell 10% value (1) Discounted cash Discount rate 3.8% to 20.0% (11.0%) flow Mortgage servicing rights 246 Discounted cash Annual service cost 80 flow Prepayment rate 6.0% to 7.4% (7.1%) Expected life (months) 66.2 to 70.9 (68.9) Option adjusted spread 800 basis points Forward yield curve 0.6% to 2.2% (1.3%) Real estate owned 4,889 Appraisal Estimated costs to sell 10% value (1) (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. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | Regulatory Capital Requirements We and our banking subsidiary are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by the regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices must be met. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. In July 2013, the FDIC and the other federal regulatory agencies issued a final rule that revised their leverage and risk-based capital requirements and the method for calculating risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. Among other things, the rule establishes a new Common Equity Tier I (“CET1”) minimum capital requirement (4.5% of risk-weighted assets) and increases the minimum Tier 1 capital to risk-based assets requirement (from 4% to 6% of risk-weighted assets). The rule limits an organization's capital distributions and certain discretionary bonus payments if the organization does not hold a "capital conservation buffer" consisting of 2.5% of CET1 capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements. The final rule became effective for Northwest on January 1, 2015. The capital conservation buffer requirement will be phased in beginning January 1, 2016 and ending January 1, 2019, when the full capital conservation buffer requirement will be effective. Quantitative measures established by regulation to ensure capital adequacy require us and our banking subsidiary to maintain minimum amounts and ratios (set forth in the table below) of total, Tier 1, and CET1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier I capital to average assets (as defined). As of December 31, 2016 and 2015 , we and our banking subsidiary exceeded all capital adequacy requirements to which we were subject. As of December 15, 2016, the most recent notification from the FDIC categorized Northwest Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the bank must maintain total risk-based, Tier 1 risk-based, CET 1 risk-based, and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the bank’s categories. The actual, required, and well capitalized levels as of December 31, 2016 and 2015 were as follows: At December 31, 2016 Minimum capital Well capitalized Actual requirements (1) requirements (1) Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Northwest Bancshares, Inc. $ 1,051,582 14.873 % 609,835 8.625 % 751,246 10.625 % Northwest Bank 961,279 13.609 % 609,248 8.625 % 750,523 10.625 % Tier 1 capital (to risk weighted assets) Northwest Bancshares, Inc. 990,153 14.004 % 468,424 6.625 % 609,835 8.625 % Northwest Bank 900,328 12.746 % 467,973 6.625 % 609,248 8.625 % CET 1 capital (to risk weighted assets) Northwest Bancshares, Inc. 882,278 12.478 % 362,366 5.125 % 503,777 7.125 % Northwest Bank 900,328 12.746 % 362,017 5.125 % 503,292 7.125 % Tier 1 capital (leverage) (to average assets) Northwest Bancshares, Inc. 990,153 10.530 % 376,116 4.000 % 470,145 5.000 % Northwest Bank 900,328 9.585 % 375,735 4.000 % 469,669 5.000 % (1) Amounts and ratios include the 2016 capital conservation buffer of 0.625% with the exception of Tier 1 capital to average assets. At December 31, 2015 Minimum capital Well capitalized Actual requirements requirements (1) Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Northwest Bancshares, Inc. $ 1,102,468 16.63 % 530,257 8.00 % 662,821 10.00 % Northwest Bank 1,006,230 15.20 % 529,498 8.00 % 661,872 10.00 % Tier 1 capital (to risk weighted assets) Northwest Bancshares, Inc. 1,039,574 15.68 % 397,693 6.00 % 530,257 8.00 % Northwest Bank 943,554 14.26 % 397,123 6.00 % 529,498 8.00 % CET 1 capital (to risk weighted assets) Northwest Bancshares, Inc. 931,699 14.06 % 298,269 4.50 % 430,834 6.50 % Northwest Bank 943,554 14.26 % 297,843 4.50 % 430,217 6.50 % Tier I capital (leverage) (to average assets) Northwest Bancshares, Inc. 1,039,574 11.96 % 347,582 4.00 % 434,477 5.00 % Northwest Bank 943,554 10.87 % 347,063 4.00 % 433,829 5.00 % |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent Liabilities We and our subsidiaries are subject to a number of asserted and unasserted claims encountered in the normal course of business. Management believes that the aggregate liability, if any, that may result from such potential litigation will not have a material adverse effect on our financial statements. However, we cannot presently determine whether or not any claims against us will have a material adverse effect on our results of operations in any future reporting period. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 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 December 31, 2016 we have not accrued for legal proceedings based on our analysis of currently available information. These accruals, if any, are 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. |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Income | Components of Accumulated Other Comprehensive Income The following table sets forth the components of accumulated other comprehensive income as of December 31, 2016 and 2015 : December 31, 2016 2015 Unrealized gain on marketable securities available-for-sale $ 395 3,325 Fair value of interest rate swaps (1,778 ) (2,779 ) Defined benefit pension plans (26,608 ) (25,081 ) Accumulated other comprehensive income $ (27,991 ) (24,535 ) The following table shows the changes in accumulated other comprehensive income by component for the year ended December 31, 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 January 1, $ 3,325 (2,779 ) (25,081 ) (24,535 ) Other comprehensive income/ (loss) before reclassification adjustments (2,728 ) 1,001 (2,399 ) (4,126 ) Amounts reclassified from accumulated other comprehensive income (1), (2) (202 ) — 872 670 Net other comprehensive income/ (loss) (2,930 ) 1,001 (1,527 ) (3,456 ) Balance as of December 31, $ 395 (1,778 ) (26,608 ) (27,991 ) (1) Consists of realized gains on securities (gain on sales of investments, net) of $331 , net of tax (income tax expense) of $(129) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $2,323 and amortization of net loss (compensation and employee benefits) of $(3,801) , net of tax (income tax expense) of $606 . See note 15. The following table shows the changes in accumulated other comprehensive income by component for the year ended December 31, 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 January 1, $ 3,461 (4,078 ) (23,753 ) (24,370 ) Other comprehensive income/ (loss) before reclassification adjustments 315 1,299 (2,203 ) (589 ) Amounts reclassified from accumulated other comprehensive income (1), (2) (451 ) — 875 424 Net other comprehensive income/ (loss) (136 ) 1,299 (1,328 ) (165 ) Balance as of December 31, $ 3,325 (2,779 ) (25,081 ) (24,535 ) (1) Consists of realized gains on securities (gain on sales of investments, net) of $740 net of tax (income tax expense) of $(289) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $2,323 and amortization of net loss (compensation and employee benefits) of $(3,758) , net of tax (income tax expense) of $560 . See note 15. The following table shows the changes in accumulated other comprehensive income by component for the year ended December 31, 2014 : 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 January 1, $ (3,233 ) (5,224 ) (3,443 ) (11,900 ) Other comprehensive income/ (loss) before reclassification adjustments 9,042 1,146 (19,758 ) (9,604 ) Amounts reclassified from accumulated other comprehensive income (1), (2) (2,348 ) — (552 ) (2,866 ) Net other comprehensive income/ (loss) 6,694 1,146 (20,310 ) (12,470 ) Balance as of December 31, $ 3,461 (4,078 ) (23,753 ) (24,370 ) (1) Consists of realized losses on securities (gain on sales of investments, net) of 3,849 net of tax (income tax expense) of $(1,501) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $2,323 and amortization of net loss (compensation and employee benefits) of $(1,436) , net of tax (income tax expense) of $(335) . See note 15. |
Parent Company Only Financial S
Parent Company Only Financial Statements - Condensed | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements - Condensed | Parent Company Only Financial Statements - Condensed Statements of Financial Condition December 31, 2016 2015 Assets Cash and cash equivalents $ 34,521 91,056 Marketable securities available-for-sale 4,413 1,884 Investment in bank subsidiary 1,193,175 1,182,308 Other assets 52,645 3,547 Total assets $ 1,284,754 1,278,795 Liabilities and Shareholders’ Equity Liabilities: Debentures payable $ 111,213 111,213 Other liabilities 2,878 4,419 Total liabilities 114,091 115,632 Shareholders’ equity 1,170,663 1,163,163 Total liabilities and shareholders’ equity $ 1,284,754 1,278,795 Statements of Income Years ended December 31, 2016 2015 2014 Income: Interest income $ 737 1,258 1,248 Other income 709 659 3,424 Dividends from bank subsidiary 50,000 135,000 66,183 Undistributed earnings from equity investment in bank subsidiary 2,760 (70,854 ) (3,261 ) Total income 54,206 66,063 67,594 Expense: Compensation and benefits 1,129 1,061 962 Other expense 561 1,356 572 Interest expense 4,560 4,926 4,691 Total expense 6,250 7,343 6,225 Income before income taxes 47,956 58,720 61,369 Federal and state income taxes (1,711 ) (1,820 ) (593 ) Net income $ 49,667 60,540 61,962 Statements of Cash Flows Years ended December 31, 2016 2015 2014 Operating activities: Net income $ 49,667 60,540 61,962 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed earnings of subsidiary (2,760 ) 70,854 3,261 Noncash stock benefit plan compensation expense 10,916 5,654 5,714 Gain on sale of marketable securities (43 ) (54 ) (2,768 ) Net change in other assets and liabilities (63,533 ) (5,824 ) (2,352 ) Net cash provided by/ (used in) operating activities (5,753 ) 131,170 65,817 Investing activities: Net sale of marketable securities (1,952 ) 1,192 2,658 Acquisition, net of cash received — (89,398 ) — Net cash provided by/ (used in) investing activities (1,952 ) (88,206 ) 2,658 Financing activities: Cash dividends paid (60,156 ) (52,825 ) (149,932 ) Share repurchases (1,752 ) (7,847 ) (5,273 ) Repayment of loan to ESOP 797 1,549 1,190 Redemption of junior subordinated debt — (8,119 ) — Excess tax benefit from stock-based compensation 1,425 332 945 Proceeds from options exercised 10,856 4,303 6,519 Net cash used in financing activities (48,830 ) (62,607 ) (146,551 ) Net decrease in cash and cash equivalents $ (56,535 ) (19,643 ) (78,076 ) Cash and cash equivalents at beginning of year 91,056 110,699 188,775 Net decrease in cash and cash equivalents (56,535 ) (19,643 ) (78,076 ) Cash and cash equivalents at end of year $ 34,521 91,056 110,699 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments We have identified two reportable business segments based upon the operating approach currently used by management. The Community Banking segment includes our savings bank subsidiary, Northwest Bank, as well as the subsidiaries of the savings bank that provide similar products and services. The bank is a community-oriented institution that offers a full array of personal and business deposit and loan products, including mortgage, consumer, and commercial loans as well as trust, investment management, actuarial and benefit plan administration, and brokerage services typically offered by a full service financial institution. The Consumer Finance segment is comprised of Northwest Consumer Discount Company, a subsidiary of Northwest Bank. This subsidiary compliments the services of the bank by offering personal installment loans for a variety of consumer and real estate products. This activity is funded primarily through its intercompany borrowing relationship with Allegheny Services, Inc. Net income is primarily used by management to measure segment performance. The following tables provide financial information for these segments. The All Other column represents the parent company, other nonbank subsidiaries, and elimination entries necessary to reconcile to the consolidated amounts presented in the financial statements. At or for the year ended Community Banking Consumer Finance All Other (1) Consolidated External interest income $ 327,855 17,064 715 345,634 Intersegment interest income 2,564 — (2,564 ) — Interest expense 33,883 2,564 1,852 38,299 Provision for loan losses 9,846 3,696 — 13,542 Noninterest income 83,631 1,597 132 85,360 Noninterest expense 295,023 11,579 1,236 307,838 Income tax expense/ (benefit) 23,023 336 (1,711 ) 21,648 Net income $ 52,275 486 (3,094 ) 49,667 Total assets $ 9,500,419 109,744 13,477 9,623,640 At or for the year ended Community Banking Consumer Finance All Other (1) Consolidated External interest income $ 300,746 17,978 856 319,580 Intersegment interest income 2,393 — (2,393 ) — Interest expense 51,895 2,393 2,039 56,327 Provision for loan losses 7,429 2,283 — 9,712 Noninterest income 67,167 1,555 114 68,836 Noninterest expense 219,793 12,120 1,964 233,877 Income tax expense 28,642 1,138 (1,820 ) 27,960 Net income $ 62,547 1,599 (3,606 ) 60,540 Total assets $ 8,827,574 110,670 13,655 8,951,899 At or for the year ended Community Banking Consumer Finance All Other (1) Consolidated External interest income $ 285,635 18,789 1,003 305,427 Intersegment interest income 2,406 — (2,406 ) — Interest expense 52,291 2,406 1,890 56,587 Provision for loan losses 17,500 2,814 — 20,314 Noninterest income 66,431 1,517 2,818 70,766 Noninterest expense 202,489 11,968 1,078 215,535 Income tax expense/ (benefit) 21,097 1,291 (593 ) 21,795 Net income $ 61,095 1,827 (960 ) 61,962 Total assets $ 7,650,665 107,216 17,152 7,775,033 (1) Eliminations consist of intercompany interest income and interest expense. |
Guaranteed Preferred Beneficial
Guaranteed Preferred Beneficial Interests in Company’s Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements | 12 Months Ended |
Dec. 31, 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 Company’s Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements | Guaranteed Preferred Beneficial Interests in Company’s Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements 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 (the Trusts). The 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 trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. The Trusts are not consolidated. Northwest Bancorp Capital Trust III issued 50,000 cumulative trust preferred securities in a private transaction to a pooled investment vehicle on December 5, 2005 (liquidation value of $1,000 per preferred security or $50,000,000 ) with a stated maturity of December 30, 2035 and a floating rate of interest, which is reset quarterly, equal to three-month LIBOR plus 1.38% . Northwest Bancorp Statutory Trust IV issued 50,000 cumulative trust preferred securities in a private transaction to a pooled investment vehicle on December 15, 2005 (liquidation value of $1,000 per preferred security or $50,000,000 ) with a stated maturity of December 15, 2035 and a floating rate of interest, which is reset quarterly, equal to three-month LIBOR plus 1.38% . As the shareholders of the trust preferred securities are the primary beneficiaries of the Trusts, the Trusts are not consolidated in our financial statements. 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. Northwest Bancorp Capital Trust III holds $51,547,000 of the Company’s junior subordinated debentures due December 30, 2035 with a floating rate of interest, reset quarterly, of three-month LIBOR plus 1.38% . The rate in effect at December 31, 2016 was 2.38% . Northwest Bancorp Statutory Trust IV holds $51,547,000 of the Company’s junior subordinated debentures due December 15, 2035 with a floating rate of interest, reset quarterly, of three-month LIBOR plus 1.38% . The rate in effect at December 31, 2016 was 2.34% . 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 5 years . If interest payments on the subordinated debentures are deferred, the distributions on the trust securities also are deferred. To date there have been no interest deferrals. Interest on the subordinated debentures and distributions on the trust securities is cumulative. Our obligation constitutes a full, irrevocable, and unconditional guarantee on a subordinated basis of the obligations of the trust under the preferred securities. The Trusts must redeem the preferred securities when the debentures are paid at maturity or upon an earlier redemption of the debentures to the extent the debentures are redeemed. All or part of the debentures may be redeemed at any time. Also, the debentures may be redeemed at any time if existing laws or regulations, or the interpretation or application of these laws or regulations, change causing: • the interest on the debentures to no longer be deductible by the Company for federal income tax purposes; • the trust to become subject to federal income tax or to certain other taxes or governmental charges; • the trust to register as an investment company; or • the preferred securities do not qualify as Tier I capital. We may, at any time, dissolve any of the Trusts and distribute the debentures to the trust security holders, subject to receipt of any required regulatory approval(s). As a result of the LNB acquisition we acquired two statutory business trusts: LNB Trust I and LNB Trust II, both Delaware statutory business trusts. The outstanding stock issued by LNB Trust I was redeemed on December 15, 2015. At December 31, 2015, 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. These subordinated debentures are the sole assets of the Trust. Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trust. 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 Northwest Bancorp Capital Trust III and Northwest Bancorp Capital Trust IV. The first swap modifies the re-pricing characteristics of Northwest Bancorp Capital Trust III, wherein for a 10 years 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 second swap modifies the re-pricing characteristics of Northwest Bancorp Capital 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 December 31, 2016 , $3.0 million of cash was pledged as collateral to the counterparty. At December 31, 2016 , the fair value of the swap agreements was $( 2.7 ) million and was the amount we would have expected to pay if the contracts were terminated. At December 31, 2016 , there was no material hedge ineffectiveness for any of the swaps discussed above. December 31, Liability Derivatives (Included in Other Liabilities) 2016 2015 Cash flow hedges — swaps: Fair value $ 2,736 4,276 Notional amount 50,000 50,000 Collateral posted 3,005 4,705 The following table sets forth a summary of guaranteed capital debt securities and junior subordinated deferrable interest debentures held by the trusts as of December 31, 2016 and 2015 : Capital Debt December 31, Securities 2016 2015 Northwest Bancorp Capital Trust III $ 50,000 51,547 51,547 Northwest Bancorp Statutory Trust IV 50,000 51,547 51,547 LNB Trust II 7,875 8,119 8,119 Total $ 107,875 111,213 111,213 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data - Unaudited | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data - Unaudited | Selected Quarterly Financial Data - Unaudited Quarters ended March 31 June 30 (1) September 30 (1) December 31 (In thousands, except per share data) 2016: Interest income $ 85,298 85,555 84,748 90,033 Interest expense 13,746 10,008 7,454 7,091 Net interest income 71,552 75,547 77,294 82,942 Provision for loan losses 1,660 4,199 5,538 2,145 Noninterest income 19,448 20,275 20,818 24,819 Noninterest expenses 63,275 102,122 73,680 68,761 Income before income taxes 26,065 (10,499 ) 18,894 36,855 Income tax expense 8,081 (3,491 ) 4,697 12,361 Net income $ 17,984 (7,008 ) 14,197 24,494 Basic earnings per share $ 0.18 (0.07 ) 0.14 0.24 Diluted earnings per share $ 0.18 (0.07 ) 0.14 0.24 (1) During the quarters ended June 30, 2016 and September 30, 2016, the Company recorded immaterial error corrections of approximately $1.1 million and $1.4 million , respectively, reclassifying amortization of broker fees paid for mortgage loans to interest income from compensation expense. The correction reduced both interest income and compensation expense but had no impact on net income. Quarters ended March 31 June 30 September 30 December 31 (In thousands, except per share data) 2015: Interest income $ 76,880 75,970 81,091 85,639 Interest expense 13,899 13,792 14,150 14,486 Net interest income 62,981 62,178 66,941 71,153 Provision for loan losses 900 1,050 3,167 4,595 Noninterest income 14,625 16,525 18,140 19,546 Noninterest expenses 53,711 55,135 63,804 61,227 Income before income taxes 22,995 22,518 18,110 24,877 Income tax expense 6,825 7,213 5,238 8,684 Net income $ 16,170 15,305 12,872 16,193 Basic earnings per share $ 0.18 0.17 0.14 0.16 Diluted earnings per share $ 0.18 0.17 0.13 0.16 Quarters ended March 31 June 30 September 30 December 31 (In thousands, except per share data) 2014: Interest income $ 75,326 76,987 76,528 76,586 Interest expense 14,204 14,214 14,187 13,982 Net interest income 61,122 62,773 62,341 62,604 Provision for loan losses 7,485 8,285 3,466 1,078 Noninterest income 19,381 16,427 17,737 17,221 Noninterest expenses 53,163 53,806 53,354 55,212 Income before income taxes 19,855 17,109 23,258 23,535 Income tax expense 5,244 4,435 5,926 6,190 Net income $ 14,611 12,674 17,332 17,345 Basic earnings per share $ 0.16 0.14 0.19 0.19 Diluted earnings per share $ 0.16 0.14 0.19 0.19 |
Subsequent Events - Unaudited
Subsequent Events - Unaudited | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events - Unaudited | Subsequent Events - Unaudited The Company previously announced that it has entered into a purchase and assumption agreement to sell its three bank branches located in the greater Baltimore, Maryland area to Shore Bancshares, Inc.'s banking subsidiary, Shore United Bank. This divestiture includes approximately $216.0 million of deposits, $ 147.0 million of performing loans and $ 40.0 million of cash. The transaction includes a deposit premium of 8.0% and based on the amounts at the time the agreement was signed Northwest anticipates recording a gain of approximately $ 17.0 million . The sale is expected to close during the second quarter of 2017. The following table provides information related to assets and liabilities held-for-sale at December 31, 2016 : Balance at December 31, 2016 Assets held-for-sale: Residential mortgage loans $ 26,406 Home equity loans 15,725 Consumer loans 522 Commercial real estate loans 101,123 Commercial loans 2,884 Total loans 146,660 Accrued interest receivable 416 Premises and equipment, net 5,452 Total assets held-for-sale $ 152,528 Liabilities held-for-sale: Noninterest-bearing demand deposits $ 34,657 Interest-bearing demand deposits 17,181 Money market deposit accounts 45,806 Savings deposits 55,205 Time deposits 62,800 Total deposits 215,649 Accrued interest payable 8 Total liabilities held-for-sale $ 215,657 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Northwest Bancshares, Inc., a Maryland corporation headquartered in Warren, Pennsylvania, is the federal savings and loan holding company for its wholly owned subsidiary, Northwest Bank. Northwest Bank, a Pennsylvania chartered savings bank, offers personal and business deposit and loan products as well as investment management and insurance services through its 176 banking locations in Pennsylvania, New York, Ohio and Maryland. Northwest Bank, through its subsidiary Northwest Consumer Discount Company, also offers personal loan products through 49 consumer finance offices in Pennsylvania. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of all intercompany accounts and transactions. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, cash and cash equivalents include cash and amounts due from banks, interest-bearing deposits in other financial institutions, federal funds sold, and other short-term investments with original maturities of three months or less. |
Investment Securities | Investment Securities We classify marketable securities at the time of purchase as held-to-maturity, available-for-sale, or trading securities. Securities for which management has the intent and ability to hold until maturity are classified as held-to-maturity and are carried at cost, adjusted for amortization of premiums and accretion of discounts on a level yield basis (amortized cost). If it is management’s intent at the time of purchase to hold securities for an indefinite period of time and/or to use such securities as part of its asset/liability management strategy, the securities are classified as available-for-sale and are carried at fair value, with unrealized gains and losses reported as accumulated other comprehensive income/ (loss), a separate component of shareholders’ equity, net of tax. Securities classified as available-for-sale include securities that may be sold in response to changes in interest rates, resultant prepayment risk, or other market factors. Securities that are bought and held principally for the purpose of selling them in the near term are classified as trading and are reported at fair value, with changes in fair value included in earnings. The cost of securities sold is determined on a specific identification basis. We held no securities classified as trading at or for the years ended December 31, 2016 and 2015 . On at least a quarterly basis, we review our investments for other-than-temporary impairment (“OTTI”). An investment security is deemed impaired if the fair value of the investment is less than its amortized cost. If an investment security is determined to be impaired, we evaluate whether the decline in value is other-than-temporary. We consider whether or not we expect to receive all of the contractual cash flows from the investment security based on factors that include, but are not limited to the creditworthiness of the issuer and the historical and projected performance of the underlying collateral. Also, we may evaluate the business and financial outlook of the issuer, as well as broader economic performance indicators. We consider both our intent to sell and the likelihood that we will not have to sell the investment securities before recovery of their cost basis during our evaluation. Impairment that is deemed credit related is recognized in earnings while impairment deemed noncredit related is recorded in accumulated other comprehensive income, if we do not intend to sell nor it is not likely we will be required to sell the investment security. If we intend to sell the investment security or if it is more likely than not that we will be required to sell the investment security, the entire impairment is recorded in earnings. Federal law requires a member institution of the Federal Home Loan Bank ("FHLB") system to hold stock of its district FHLB according to a predetermined formula. This stock is recorded at cost. Quarterly, we evaluate our investment in the FHLB of Pittsburgh for impairment. We evaluate recent and long-term operating performance, liquidity, funding and capital positions, stock repurchase history, dividend history and impact of legislative and regulatory changes. Based on our most recent evaluation, we have determined that no impairment write-downs are currently required. |
Loans Receivable | Loans Receivable Our loan portfolio segments consist of Personal Banking and Business Banking loans. Personal Banking loans include the following classes: residential mortgage loans, home equity loans and other consumer loans. Business Banking loans include the following classes: commercial real estate loans and commercial loans. All classes of originated loans are carried at their unpaid principal balance net of any deferred origination fees or costs and the allowance for loan losses. Interest income on loans is credited to income as earned. Interest earned on loans for which no payments were received during the month is accrued at month end. Accrued interest on loans more than 90 days delinquent is reversed and such loans are placed on nonaccrual status. All loans are placed on nonaccrual status when principal or interest is 90 days or more delinquent or when there is reasonable doubt that interest or principal will not be collected in accordance with the contractual terms. Interest receipts on all nonaccrual and impaired loans are recognized as interest revenue when it has been determined that all principal and interest will be collected or are applied to principal when collectability of principal is in doubt. Nonaccrual loans generally are restored to an accrual basis when principal and interest become current and a period of performance has been established in accordance with the contractual terms, typically six months . A loan is considered to be a troubled debt restructured loan ("TDR") when the restructuring constitutes a concession and the borrower is experiencing financial difficulties. TDRs may include modifications of terms of loans, receipts of assets from borrowers in partial or full satisfaction of loans, or a combination thereof. TDRs are impaired loans. A modified loan is determined to be a TDR based on the contractual terms as specified by the original loan agreement or the most recent modification. Once classified a TDR, a loan is removed from such classification under three circumstances: (1) the loan is paid off, (2) the loan is charged off, or (3) if, at the beginning of the current fiscal year, the loan has performed in accordance with the modified terms for a minimum of six consecutive months and at the time of modification the loan’s interest rate represented a then current market interest rate for a loan of similar risk. Loan delinquency is measured based on the number of days since the payment due date. Past due status is measured using the loan’s contractual maturity date. Loan fees and certain direct loan origination costs are deferred and the net deferred fee or cost is then recognized using the level-yield method over the contractual life of the loan as an adjustment to interest income. We identify certain residential mortgage loans which will be sold prior to maturity, as loans held for sale. These loans are recorded at the lower of amortized cost or fair value less estimated cost to sell. At December 31, 2016 and 2015 , there were $36.0 million and $0 residential mortgage loans classified as held for sale, respectively. Acquired loans are recorded at fair value with no carryover of the related allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. The nonaccretable discount represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require us to evaluate the need for an allowance for loan losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable discount which we then reclassify as accretable discount that is recognized into interest income over the remaining life of the loan using the interest method. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable discount portion of the fair value adjustment. Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of the expected cash flows on such loans and if we expect to fully collect the new carrying value of the loans. As such, we may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. We have determined that we can reasonably estimate future cash flows on our current portfolio of acquired loans that are past due 90 days or more and on which we are accruing interest and we expect to fully collect the carrying value of the loans. |
Allowance for Loan Losses and Provision for Loan Losses | Allowance for Loan Losses and Provision for Loan Losses Provisions for estimated loan losses and the amount of the allowance for loan losses are based on losses inherent in the loan portfolio that are both probable and can be reasonably estimated at the date of the financial statements. We consider a loan to be impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. In evaluating whether a loan is impaired, we consider not only the amount that we expect to collect but also the timing of collection. Generally, if a delay in payment is insignificant (e.g., less than 30 days ), a loan is not deemed to be impaired. Business Banking loans greater than or equal to $1.0 million are reviewed to determine if they should be individually evaluated for impairment. Smaller balance, homogeneous loans (e.g., primarily residential mortgage, home equity and consumer loans) are evaluated collectively for impairment. When a loan is considered to be impaired, the amount of impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price, or fair value of the collateral, less estimated cost to sell, if the loan is collateral dependent. Impairment losses are included in the allowance for loan losses. Impaired loans are charged-off or charged down when we believe that the ultimate collectability of a loan is not likely or the collateral value no longer supports the carrying value of the loan. Interest income on non-performing loans is recognized using the cash basis method. For non-performing loans interest collected is credited to income in the period of recovery or applied to reduce principal if there is sufficient doubt about the collectability of principal. The allowance for loan losses is shown as a valuation allowance to loans. The accounting policy for the determination of the adequacy of the allowance by portfolio segment requires us to make numerous complex and subjective estimates and assumptions relating to amounts which are inherently uncertain. The allowance for loan losses is maintained to absorb losses inherent in the loan portfolio as of the balance sheet date. The methodology used to determine the allowance for loan losses is designed to provide procedural discipline in assessing the appropriateness of the allowance for loan losses. Losses are charged against and recoveries are added to the allowance for loan losses. For Business Banking loans the allowance for loan losses consists of: • An allowance for impaired loans; • An allowance for homogenous loans based on historical losses; and • An allowance for homogenous loans based on environmental factors. The allowance for impaired loans is based on individual analysis of all nonperforming loans greater than or equal to $1.0 million . The allowance is measured by the difference between the recorded value of impaired loans and their impaired value. The impaired value is either the present value of the expected future cash flows from the borrower, the market value of the loan, or the fair value of the collateral, less estimated cost to sell. The allowance for homogeneous loans based on historical factors is a rolling three -year average of actual losses incurred, adjusted for a loss realization period (the period of time from the event of loss to loss realization), applied to homogenous pools of loans categorized by similar risk characteristics, not including loans evaluated individually for impairment. The allowance for homogeneous loans based on environmental factors augments the historical loss factors for changes in: economic conditions, lending policies and procedures, the nature and volume of the loan portfolio, management, delinquency trends, loan administration, collateral values, concentrations of credit, and other external factors including legal and regulatory factors. For Personal Banking loans the allowance for loan losses consists of: • An allowance for loans 90 days or more delinquent; • An allowance for homogenous loans based on historical losses; and • An allowance for homogenous loans based on environmental factors. The allowance for loans 90 days or more delinquent is based on the loss history of loans that have become 90 days or more delinquent. We apply a historical loss factor to homogeneous pools of loans that are 90 days or more delinquent. The allowance for homogeneous loans based on historical losses is a rolling three -year average of actual losses incurred, adjusted for a loss realization period, applied to homogenous pools of loans categorized by similar risk characteristics, not including loans that are 90 days or more delinquent. The allocation of the allowance for loan losses is inherently subjective, and the entire allowance for loan losses is available to absorb loan losses regardless of the nature of the loss. Personal Banking loans are charged-off or charged down when they become 180 days delinquent, unless the borrower has filed for bankruptcy. Business Banking loans are charged-off or charged down when, in our opinion, they are no longer collectible or when it has been determined that the collateral value no longer supports the carrying value of the loan, for loans that are collateral dependent. We have not made any material changes to our methodology for the calculation of the allowance for loan losses during the current year. |
Real Estate Owned | Real Estate Owned Real estate owned is comprised of property either acquired through foreclosure or voluntarily conveyed by borrowers. These assets are recorded on the date acquired at the lower of the loan balance or fair value of the collateral, less estimated disposition costs, with the fair value being determined by an appraisal. Any initial write-down is charged to the allowance for loan losses. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or the current fair value, less estimated disposition costs. Any subsequent write-down or gains or losses realized from the disposition of such property are credited or charged to noninterest income. |
Premises and Equipment | Premises and Equipment Premises and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation is accumulated on a straight-line basis over the estimated useful lives of the related assets. Estimated lives range from three to 39 years . Amortization of leasehold improvements is accumulated on a straight-line basis over the terms of the related leases or the useful lives of the related assets, whichever is shorter. |
Goodwill | Goodwill Goodwill is generated from the premium paid for an acquisition and is allocated to reporting units, which are either the Company’s reportable segments or one level below. Goodwill is not subject to amortization but is tested for impairment at least annually and possibly more frequently if certain events occur or changes in circumstances arise. Impairment testing requires that the fair value of each reporting unit be compared to its carrying amount, including goodwill. Reporting units are identified based upon analyzing each individual operating segment. A reporting unit is defined as a distinct, separately identifiable component of an operating segment for which complete, discrete financial information is available that management regularly reviews. Determining the fair value of a reporting unit requires a high degree of subjective judgment, including developing cash flow projections, selecting appropriate discount rates, identifying relevant market comparables, incorporating general economic and market conditions and selecting an appropriate control premium. The selection and weighting of the various fair value techniques may result in a higher or lower fair value. Judgment is applied in determining the weightings that are most representative of fair value. We conducted our annual goodwill impairment assessment as of June 30 th through the assistance of an independent third party. We valued each reporting unit by using a weighted average of four valuation methodologies; comparable transaction approach, control premium approach, public market peers approach and discounted cash flow approach. Declines in fair value could result in impairment being identified. At June 30, 2016 and 2015 , we did not identify any individual reporting unit where the fair value was less than the carrying value and no other events have occurred since that date that would warrant an updated valuation. Future changes in the economic environment or the operations of the operating units could cause changes to the variables used, which could give rise to declines in the estimated fair value of the reporting units. There were no changes in our operations that would cause us to update the goodwill impairment tests performed as of June 30, 2016 and 2015 . Accordingly, we have determined that goodwill is not impaired as of December 31, 2016 and 2015 . |
Core Deposit Intangibles and Other Identifiable Intangibles | Core Deposit Intangibles and Other Identifiable Intangibles Through the assistance of an independent third party, we analyze and prepare a core deposit study for all bank acquisitions or other identifiable intangible asset study, such as customer lists, for all non-bank acquisitions. The core deposit study reflects the cumulative present value benefit of acquiring deposits versus an alternative source of funding. The other identifiable intangible asset study reflects the cumulative present value benefit of acquiring the income stream from an existing customer base versus developing new business relationships. Based upon analysis, the amount of the premium related to the core deposits or other identifiable intangibles of the business purchased is calculated along with the estimated life of the intangible. The intangible, which is recorded in other intangible assets, is then amortized to expense on an accelerated basis over an approximate life of typically between 7 years to 11 years . |
Bank-Owned Life Insurance | Bank-Owned Life Insurance We own insurance on the lives of a certain group of key employees and directors. The policies were purchased to help offset the increase in the costs of various benefit plans, including healthcare, as well as the directors deferred compensation plan. The cash surrender value of these policies is included as an asset on the consolidated statements of financial condition, and any increases in the cash surrender value are recorded as tax-free noninterest income on the consolidated statements of income. In the event of the death of an insured individual under these policies, after distribution to the insured’s beneficiaries, if any, we receive a tax-free death benefit, which is recorded as noninterest income. |
Deposits | Deposits Interest on deposits is accrued and charged to expense monthly and is paid or credited in accordance with the terms of the accounts. |
Pension Plans | Pension Plans We maintain multiple noncontributory defined benefit pension plans for substantially all of our employees. The net periodic pension cost has been calculated using service cost, interest cost, expected returns on plan assets and net amortization. |
Income Taxes | Income Taxes We join with our wholly owned subsidiaries in filing a consolidated federal income tax return. In accordance with an intercompany tax allocation agreement, the applicable federal income tax expense or benefit is allocated to each subsidiary based upon taxable income or loss calculated on a separate company basis. Each subsidiary is responsible for payment of its own federal income tax liability or receives reimbursement of federal income tax benefit. In addition, deferred taxes are calculated and maintained on a separate company basis. We account for income taxes under the asset and liability method. The objective of the asset and liability method is to establish deferred tax assets and liabilities for temporary differences between the financial reporting and tax basis of our assets and liabilities based on the tax rates expected to be in effect when such amounts are realized or settled. |
Stock-Related Compensation | Stock-Related Compensation We determine the fair value of each option award, estimated on the grant date, using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model uses variables including; expected volatilities, expected term, risk-free discount rate and annual rate of quarterly dividends. Expected volatilities are based on historical volatility of the Company’s stock. The expected terms are based upon actual exercise and forfeiture experience of previous option grants. The risk-free rate is based on yields on U.S. Treasury securities of a similar maturity to the expected term of the options. During the year ended December 31, 2016 , we awarded 660,600 stock options to employees and 64,800 stock options to directors. Option awards are generally granted with an exercise price equal to the closing market price of the Company’s stock on the day before the grant date. The options granted in 2016 vest over a ten -year period, with the first vesting occurring on the grant date. New shares are issued when options are exercised. During the year ended December 31, 2016 , we awarded 310,160 common shares to employees and 24,300 common shares to directors. The common share awards granted in 2016 vest over a ten -year period, with the first vesting occurring on the grant date. For additional information regarding grants of stock options and common shares and ESOP distributions see Note 15. 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 pay-off 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 $6.3 million for the year ended December 31, 2016. Stock-based employee compensation expense related to common share awards of $3.5 million , $3.0 million and $3.0 million was included in income before income taxes during the years ended December 31, 2016 , 2015 and 2014 , respectively. The effect on net income for the years ended December 31, 2016 , 2015 and 2014 was a reduction of $2.2 million , $1.8 million and $1.8 million , respectively. Total compensation expense for unvested stock options of $4.1 million has yet to be recognized as of December 31, 2016 . The weighted average period over which this remaining stock option expense will be recognized is approximately 4.05 years . The fair value of each option grant is estimated on the date of grant using the Black-Scholes-Merton option-pricing model with the following weighted average assumptions: (1) annual rate of quarterly dividends ranging from 3.2% to 5.1% based on historical dividends and market prices; (2) expected volatility of 17.0% to 22.0% based on historical average montly volatility; (3) risk-free discount rates ranging from 1.7% to 3.1% ; and (4) expected lives of seven to nine years based on previous grants. |
Segment Reporting | Segment Reporting We have 2 reportable segments, Community Banking and Consumer Finance. See note 22 for related disclosures. |
Derivative financial instruments - interest rate swaps | Derivative financial instruments — interest rate swaps We recognize all derivative financial instruments as either assets or liabilities in the balance sheet and measure those instruments at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. An entity that elects to use hedge accounting is required, at inception, to establish the method it will use for assessing the effectiveness of the hedging derivative and the measurement approach for determining the ineffective aspect of the hedge. Those methods must be consistent with our approach to managing risk. We utilize interest rate swap agreements as part of the management of interest rate risk to hedge the interest rate risk on our trust preferred debentures. Amounts receivable or payable are recognized as accrued under the terms of the agreements and the differential is recorded as an adjustment to interest expense. The interest rate swaps are designated as cash flow hedges, with the effective portion of the derivative’s unrealized gain or loss recorded as a component of other comprehensive income. The ineffective portion of the unrealized gain or loss, if any, would be recorded in other expense. See note 23 for related disclosures. |
Off-Balance-Sheet Instruments | Off-Balance-Sheet Instruments In the normal course of business, we extend credit in the form of loan commitments, undisbursed lines of credit, and standby letters of credit. These off-balance-sheet instruments involve, to various degrees, elements of credit and interest rate risk not reported in the consolidated statement of financial condition. We utilize the same underwriting standards for these instruments as other extensions of credit. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. The estimates and assumptions that we deem important to our financial statements relate to the allowance for loan losses, the accounting treatment and valuation of our investment securities portfolio, the analysis of the carrying value of goodwill and income taxes. These estimates and assumptions are based on management’s best estimates and judgment and we evaluate them using historical experience and other factors, including the current economic environment. We adjust our estimates and assumptions when facts and circumstances dictate. As future events cannot be determined, actual results could differ significantly from our estimates. |
Reclassification of Prior Years' Statements | Reclassification of Prior Years’ Statements Certain items previously reported have been reclassified to conform with the current year’s reporting format. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of the consideration paid, the assets acquired, and the liabilities assumed that were recorded at fair value on the date of acquisition | The following table shows the assets acquired, and the liabilities assumed that were recorded at fair value on the date of acquisition: Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value (1) Cash and cash equivalents (2) $ 1,103,372 Loans 455,857 Core deposit intangible 25,732 Wealth Management intangible 1,143 Other assets 16,978 Total assets acquired 1,603,082 Deposits (1,642,846 ) Other liabilities (5,403 ) Total liabilities assumed (1,648,249 ) Goodwill $ 45,167 (1) Preliminary estimates of fair value have been recorded. (2) Amount is net of $76.5 million deposit premium paid to FNFG. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of the portfolio of investment securities available-for-sale | Marketable securities available-for-sale at December 31, 2016 are as follows: 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 $ 6 — — 6 Debt issued by government sponsored enterprises: 15500 3 -48 15.45 Due in one year or less 74,980 5 (33 ) 74,952 Due after one year through five years 220,937 203 (2,504 ) 218,636 Due after five years through ten years 585 — (3 ) 582 Due after ten years — — — — Equity securities 3,351 1,095 (6 ) 4,440 Municipal securities: Due in one year or less 2,449 7 — 2,456 Due after one year through five years 9,448 105 (21 ) 9,532 Due after five years through ten years 11,794 137 (1 ) 11,930 Due after ten years 38,141 1,027 (16 ) 39,152 Corporate debt issues: Due after ten years 14,367 2,935 (322 ) 16,980 Residential mortgage-backed securities: Fixed rate pass-through 175,398 1,849 (2,680 ) 174,567 Variable rate pass-through 43,587 2,007 (6 ) 45,588 Fixed rate non-agency CMOs 100 1 — 101 Fixed rate agency CMOs 165,535 185 (3,455 ) 162,265 Variable rate agency CMOs 64,874 306 (167 ) 65,013 Total residential mortgage-backed securities 449,494 4,348 (6,308 ) 447,534 Total marketable securities available-for-sale $ 825,552 9,862 (9,214 ) 826,200 Marketable securities available-for-sale at December 31, 2015 are as follows: 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 | Marketable securities held to maturity at December 31, 2015 are as follows: 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 Marketable securities held to maturity at December 31, 2016 are as follows: Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Municipal securities: Due after five years through ten years $ — — — — Due after ten years 4,808 65 — 4,873 Residential mortgage-backed securities: Fixed rate pass-through 4,807 217 — 5,024 Variable rate pass-through 2,848 58 — 2,906 Fixed rate agency CMOs 6,674 94 — 6,768 Variable rate agency CMOs 841 14 — 855 Total residential mortgage-backed securities 15,170 383 — 15,553 Total marketable securities held-to-maturity $ 19,978 448 — 20,426 |
Information regarding the issuers and the carrying values of the entity's mortgage-backed securities | The following table presents information regarding the issuers and the carrying values of our mortgage-backed securities at December 31, 2016 and 2015 : December 31, 2016 2015 Residential mortgage backed securities: FNMA $ 210,373 234,204 GNMA 42,221 48,283 FHLMC 202,822 209,788 SBA 6,608 8,166 Other (including non-agency) 680 3,355 Total residential mortgage-backed securities $ 462,704 503,796 |
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 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, 2016 : Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair value loss Fair value loss Fair value loss Government sponsored enterprises $ 238,003 (2,448 ) 9,205 (92 ) 247,208 (2,540 ) Corporate debt issues — — 2,107 (322 ) 2,107 (322 ) Equity securities — — 544 (6 ) 544 (6 ) Municipal securities 5,621 (37 ) 66 (1 ) 5,687 (38 ) Residential mortgage-backed securities - agency 213,662 (3,837 ) 87,723 (2,471 ) 301,385 (6,308 ) Total temporarily impaired securities $ 457,286 (6,322 ) 99,645 (2,892 ) 556,931 (9,214 ) The following table shows the fair value 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 : Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair value loss Fair value loss Fair value loss Government sponsored enterprises $ 143,751 (723 ) 92,961 (786 ) 236,712 (1,509 ) Corporate debt issues — — 2,021 (405 ) 2,021 (405 ) Equity securities 544 (6 ) — — 544 (6 ) Municipal securities 7,505 (4 ) — — 7,505 (4 ) 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 categories of investment securities on which other-than-temporary impairment charges have been recorded in earnings | The following table sets forth the categories of investment securities as of December 31, 2016 on which other-than-temporary impairment charges have been recorded in earnings: Total Accumulated Category Amortized cost Fair value Unrealized gain impairment charges Freddie Mac preferred shares $ 1 27 26 (119 ) Trust preferred investments 11,033 13,968 2,935 (7,942 ) Total $ 11,034 13,995 2,961 (8,061 ) |
Schedule of the cumulative roll forward of credit related impairment losses recognized in earnings for debt securities held and not intended to be sold | The table below shows a cumulative roll forward of credit related impairment losses recognized in earnings for debt securities held and not intended to be sold: December 31, 2016 2015 Beginning balance as of 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 year (494 ) (98 ) Reduction for securities called realized during the year — (360 ) Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized — — Ending balance as of December 31, $ 7,942 8,436 (1) The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. |
Loans Receivable and Allowanc39
Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Summary of loans receivable | Loans receivable at December 31, 2016 and 2015 are summarized in the table below: December 31, 2016 December 31, Originated Acquired Total Originated Acquired Total Personal Banking: Residential mortgage loans $ 2,582,218 133,511 2,715,729 2,695,561 45,716 2,741,277 Home equity loans 1,026,315 302,457 1,328,772 1,055,907 131,199 1,187,106 Consumer loans 467,637 163,622 631,259 313,220 197,397 510,617 Total Personal Banking 4,076,170 599,590 4,675,760 4,064,688 374,312 4,439,000 Commercial Banking: Commercial real estate loans 2,140,678 372,991 2,513,669 2,094,710 429,564 2,524,274 Commercial loans 481,543 75,676 557,219 372,540 65,175 437,715 Total Commercial Banking 2,622,221 448,667 3,070,888 2,467,250 494,739 2,961,989 Total loans receivable, gross 6,698,391 1,048,257 7,746,648 6,531,938 869,051 7,400,989 Deferred loan costs 20,081 2,294 22,375 14,806 5,259 20,065 Allowance for loan losses (55,293 ) (5,646 ) (60,939 ) (60,970 ) (1,702 ) (62,672 ) Undisbursed loan proceeds: Residential mortgage loans (11,638 ) — (11,638 ) (10,778 ) — (10,778 ) Commercial real estate loans (168,595 ) (2,985 ) (171,580 ) (159,553 ) (13,287 ) (172,840 ) Commercial loans (26,168 ) (2,290 ) (28,458 ) (11,132 ) (4,183 ) (15,315 ) Total loans receivable, net $ 6,456,778 1,039,630 7,496,408 6,304,311 855,138 7,159,449 |
Schedule of information related to the outstanding principal balance and related carrying value of acquired loans | The following table provides information related to the outstanding principal balance and related carrying value of acquired loans for the dates indicated: December 31, December 31, 2016 2015 Acquired loans evaluated individually for future credit losses: Outstanding principal balance $ 16,108 21,069 Carrying value 12,665 16,867 Acquired loans evaluated collectively for future credit losses: Outstanding principal balance 1,040,378 848,194 Carrying value 1,032,611 839,973 Total acquired loans: Outstanding principal balance 1,056,486 869,263 Carrying value 1,045,276 856,840 |
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: 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 (1,170 ) Net reclassification from nonaccretable yield 1,338 Balance at December 31, 2016 $ 2,187 |
Schedule of the changes in the allowance for losses on loans receivable | The following table provides information related to changes in the allowance for losses on loans receivable for the year ended December 31, 2015 : Balance Provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,692 (96 ) (1,057 ) 264 5,581 Home equity loans 3,941 693 (1,716 ) 414 4,550 Consumer loans 7,488 7,985 (8,073 ) 1,458 6,118 Total Personal Banking 16,121 8,582 (10,846 ) 2,136 16,249 Commercial Banking: Commercial real estate loans 32,348 540 (5,741 ) 4,160 33,389 Commercial loans 12,501 2,768 (7,814 ) 4,032 13,515 Total Commercial Banking 44,849 3,308 (13,555 ) 8,192 46,904 Unallocated — (4,365 ) — — 4,365 Total originated loans 60,970 7,525 (24,401 ) 10,328 67,518 Acquired loans: Personal Banking: Residential mortgage loans 18 47 (69 ) 40 — Home equity loans 101 247 (708 ) 562 — Consumer loans 110 188 (201 ) 123 — Total Personal Banking 229 482 (978 ) 725 — Commercial Banking: Commercial real estate loans 1,439 1,545 (585 ) 479 — Commercial loans 34 160 (369 ) 243 — Total Commercial Banking 1,473 1,705 (954 ) 722 — Total acquired loans 1,702 2,187 (1,932 ) 1,447 — Total $ 62,672 9,712 (26,333 ) 11,775 67,518 The following table provides information related to changes in the allowance for losses on loans receivable for the year ended December 31, 2016 : Balance Provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,656 2,906 (3,228 ) 286 4,692 Home equity loans 3,486 293 (1,090 ) 342 3,941 Consumer loans 7,974 9,052 (10,225 ) 1,659 7,488 Total Personal Banking 16,116 12,251 (14,543 ) 2,287 16,121 Commercial Banking: Commercial real estate loans 23,667 (9,819 ) (2,403 ) 3,541 32,348 Commercial loans 15,510 4,834 (4,165 ) 2,340 12,501 Total Commercial Banking 39,177 (4,985 ) (6,568 ) 5,881 44,849 Total originated loans 55,293 7,266 (21,111 ) 8,168 60,970 Acquired loans: Personal Banking: Residential mortgage loans 71 146 (252 ) 159 18 Home equity loans 1,047 2,065 (1,449 ) 330 101 Consumer loans 653 1,072 (680 ) 151 110 Total Personal Banking 1,771 3,283 (2,381 ) 640 229 Commercial Banking: Commercial real estate loans 3,008 2,116 (1,337 ) 790 1,439 Commercial loans 867 877 (52 ) 8 34 Total Commercial Banking 3,875 2,993 (1,389 ) 798 1,473 Total acquired loans 5,646 6,276 (3,770 ) 1,438 1,702 Total $ 60,939 13,542 (24,881 ) 9,606 62,672 The following table provides information related to changes in the allowance for losses on loans receivable for the year ended December 31, 2014 : Balance Provision Charge-offs Recoveries Balance Personal Banking: Residential mortgage loans $ 5,581 (556 ) (2,181 ) 443 7,875 Home equity loans 4,550 (1,106 ) (1,783 ) 194 7,245 Consumer loans 6,118 5,864 (6,423 ) 1,190 5,487 Total Personal Banking 16,249 4,202 (10,387 ) 1,827 20,607 Commercial Banking: Commercial real estate loans 33,389 4,417 (8,422 ) 2,195 35,199 Commercial loans 13,515 11,992 (11,936 ) 2,579 10,880 Total Commercial Banking 46,904 16,409 (20,358 ) 4,774 46,079 Unallocated 4,365 (297 ) — — 4,662 Total $ 67,518 20,314 (30,745 ) 6,601 71,348 |
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 as of December 31, 2016 : Recorded investment in loans receivable Allowance for loan losses Recorded investment in loans on nonaccrual (1) Recorded investment in loans 90 days or more past maturity and still accruing TDRs (1) Allowance for TDRs Additional commitments to customers with loans classified as TDRs Personal Banking: Residential mortgage loans $ 2,714,764 4,727 18,264 — 7,299 708 — Home equity loans 1,328,772 4,533 7,865 — 1,813 450 4 Consumer loans 642,961 8,627 5,109 85 — — — Total Personal Banking 4,686,497 17,887 31,238 85 9,112 1,158 4 Commercial Banking: Commercial real estate loans 2,342,089 26,675 38,724 564 24,483 2,072 417 Commercial loans 528,761 16,377 9,574 — 9,331 1,360 17 Total Commercial Banking 2,870,850 43,052 48,298 564 33,814 3,432 434 Total $ 7,557,347 60,939 79,536 649 42,926 4,590 438 (1) Includes $16.3 million of nonaccrual TDRs. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable as of December 31, 2015 : Recorded investment in loans receivable Allowance for loan losses Recorded investment in loans on nonaccrual (1) Recorded TDRs (1) Allowance for 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. |
Schedule of the composition of impaired loans by portfolio segment and by class of financing receivable | The following table provides information related to purchased credit impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2016 : Carrying value Outstanding principal balance Related impairment reserve Average recorded investment in impaired loans Interest income/ accretion recognized Personal Banking: Residential mortgage loans $ 1,319 2,062 204 1,650 202 Home equity loans 1,363 2,669 8 1,724 185 Consumer loans 136 303 3 201 51 Total Personal Banking 2,818 5,034 215 3,575 438 Commercial Banking: Commercial real estate loans 9,596 10,809 52 10,942 721 Commercial loans 251 265 — 249 11 Total Commercial Banking 9,847 11,074 52 11,191 732 Total $ 12,665 16,108 267 14,766 1,170 The following table provides information related to the composition of impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2016 : 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 $ 13,169 5,095 — 5,929 24,193 24,483 1,079 Home equity loans 5,552 2,313 — 1,439 9,304 9,234 496 Consumer loans 3,823 1,286 — — 5,109 3,703 166 Total Personal Banking 22,544 8,694 — 7,368 38,606 37,420 1,741 Commercial Banking: Commercial real estate loans 19,264 19,460 3,622 11,582 53,928 64,350 2,864 Commercial loans 3,373 6,201 2,837 3,116 15,527 16,905 991 Total Commercial Banking 22,637 25,661 6,459 14,698 69,455 81,255 3,855 Total $ 45,181 34,355 6,459 22,066 108,061 118,675 5,596 The following table provides information related to the composition of impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2015 : 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 composition of impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2014 : 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 $ 17,696 3,498 — 5,845 27,039 28,227 817 Home equity loans 6,606 2,963 — 1,706 11,275 11,753 485 Consumer loans 2,450 370 — — 2,820 2,383 66 Total Personal Banking 26,752 6,831 — 7,551 41,134 42,363 1,368 Commercial Banking: Commercial real estate loans 11,099 27,548 26,400 12,128 74,337 90,187 3,589 Commercial loans 3,475 4,103 5,266 6,026 21,708 27,088 914 Total Commercial Banking 14,574 31,651 31,666 18,154 96,045 117,275 4,503 Total $ 41,326 38,482 31,666 25,705 137,179 159,638 5,871 |
Schedule of the evaluation of impaired loans by portfolio segment and by class of financing receivable | The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable as of and for the year ended December 31, 2016 : 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 $ 2,706,484 8,280 8,280 709 — Home equity loans 1,326,958 1,814 1,814 450 — Consumer loans 642,835 126 126 29 — Total Personal Banking 4,676,277 10,220 10,220 1,188 — Commercial Banking: Commercial real estate loans 2,309,186 32,903 27,594 3,545 5,309 Commercial loans 518,449 10,312 10,242 1,390 70 Total Commercial Banking 2,827,635 43,215 37,836 4,935 5,379 Total $ 7,503,912 53,435 48,056 6,123 5,379 The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable as of and for the year ended December 31, 2015 : 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: For the years ended December 31, 2016 2015 Number of contracts Amount Number of contracts Amount Beginning TDR balance: 227 $ 51,115 248 $ 61,788 New TDRs 34 6,365 26 8,537 Re-modified TDRs 7 3,414 3 6,386 Net paydowns (9,037 ) (13,270 ) Charge-offs: Residential mortgage loans — — — — Home equity loans — — 4 (159 ) Commercial real estate loans 1 (120 ) 4 (179 ) Commercial loans 2 (142 ) 2 (387 ) Paid-off loans: Residential mortgage loans 4 (151 ) 2 (109 ) Home equity loans (534 ) 5 (194 ) Commercial real estate loans 19 (6,170 ) 15 (9,208 ) Commercial loans 10 (1,814 ) 14 (1,728 ) Transferred to real estate owned Commercial real estate loans — — 1 (362 ) Ending TDR balance: 225 $ 42,926 227 $ 51,115 Accruing TDRs $ 26,580 $ 29,997 Non-accrual TDRs 16,346 21,118 |
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 year ended December 31, 2016 : Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 7 $ 1,199 1,177 114 Home equity loans 7 475 471 110 Consumer loans — — — — Total Personal Banking 14 1,674 1,648 224 Commercial Banking: Commercial real estate loans 7 3,729 3,643 485 Commercial loans 20 4,376 2,218 508 Total Commercial Banking 27 8,105 5,861 993 Total 41 $ 9,779 7,509 1,217 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance 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 1 429 425 31 Commercial loans 3 533 533 533 Total Commercial Banking 4 962 958 564 Total 4 $ 962 958 564 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 year ended December 31, 2015 : Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 6 $ 364 357 21 Home equity loans 3 101 97 21 Consumer loans — — — — Total Personal Banking 9 465 454 42 Commercial Banking: Commercial real estate loans 11 12,258 12,243 1,047 Commercial loans 9 2,200 2,184 156 Total Commercial Banking 20 14,458 14,427 1,203 Total 29 $ 14,923 14,881 1,245 At December 31, 2015, no TDRs that were modified in the previous twelve months had subsequently defaulted. 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 year ended December 31, 2014 : Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 17 $ 2,802 2,690 210 Home equity loans 6 570 507 1 Consumer loans — — — — Total Personal Banking 23 3,372 3,197 211 Commercial Banking: Commercial real estate loans 11 2,010 1,793 202 Commercial loans 23 7,750 6,818 1,491 Total Commercial Banking 34 9,760 8,611 1,693 Total 57 $ 13,132 11,808 1,904 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings modified within the previous twelve months that have subsequently defaulted: Personal Banking: Residential mortgage loans 1 $ 78 77 — Home equity loans 1 360 331 1 Consumer loans — — — — Total Personal Banking 2 438 408 1 Commercial Banking: Commercial real estate loans 1 12 5 1 Commercial loans 1 50 64 6 Total Commercial Banking 2 62 69 7 Total 4 $ 500 477 8 |
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 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable during the year ended December 31, 2016 : Number of Type of modification contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 7 $ 358 — 771 48 1,177 Home equity loans 7 120 — 3 348 471 Consumer loans — — — — — — Total Personal Banking 14 478 — 774 396 1,648 Commercial Banking: Commercial real estate loans 7 — 425 1,980 1,238 3,643 Commercial loans 20 — 328 1,178 712 2,218 Total Commercial Banking 27 — 753 3,158 1,950 5,861 Total 41 $ 478 753 3,932 2,346 7,509 The following table provides information for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable during the year ended December 31, 2015 : Number of Type of modification contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 6 $ 71 — 110 176 357 Home equity loans 3 96 — 1 — 97 Consumer loans — — — — — — Total Personal Banking 9 167 — 111 176 454 Commercial Banking: Commercial real estate loans 11 174 — 11,961 108 12,243 Commercial loans 9 — — 1,264 920 2,184 Total Commercial Banking 20 174 — 13,225 1,028 14,427 Total 29 $ 341 — 13,336 1,204 14,881 |
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 year ended December 31, 2016 : Number of re- modified Type of re-modification TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans 1 — — — 192 192 Consumer loans — — — — — — Total Personal Banking 1 — — — 192 192 Commercial Banking: Commercial real estate loans 2 — — 1,329 173 1,502 Commercial loans 4 — 502 — — 502 Total Commercial Banking 6 — 502 1,329 173 2,004 Total 7 $ — 502 1,329 365 2,196 The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the year ended December 31, 2015 : Number of re- modified Type of re-modification TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — — 45 45 Home equity loans 1 83 — — — 83 Consumer loans — — — — — — Total Personal Banking 2 83 — — 45 128 Commercial Banking: Commercial real estate loans 1 — — 6,256 — 6,256 Commercial loans — — — — — — Total Commercial Banking 1 — — 6,256 — 6,256 Total 3 $ 83 — 6,256 45 6,384 |
Schedule of loan delinquencies | The following table provides information related to loan delinquencies as of December 31, 2016 : 30-59 days delinquent 60-89 days delinquent 90 days or greater delinquent Total delinquency Current Total loans 90 days or greater delinquent and accruing (1) Originated loans Personal Banking: Residential mortgage loans $ 26,212 5,806 12,792 44,810 2,536,443 2,581,253 — Home equity loans 5,785 1,305 4,783 11,873 1,014,442 1,026,315 — Consumer loans 8,598 3,204 3,518 15,320 461,725 477,045 — Total Personal Banking 40,595 10,315 21,093 72,003 4,012,610 4,084,613 — Commercial Banking: Commercial real estate loans 7,674 3,674 16,508 27,856 1,944,227 1,972,083 — Commercial loans 1,067 1,957 3,107 6,131 449,244 455,375 — Total Commercial Banking 8,741 5,631 19,615 33,987 2,393,471 2,427,458 — Total originated loans 49,336 15,946 40,708 105,990 6,406,081 6,512,071 — Acquired loans Personal Banking: Residential mortgage loans 1,174 421 829 2,424 131,087 133,511 452 Home equity loans 1,020 258 973 2,251 300,206 302,457 204 Consumer loans 1,270 405 320 1,995 163,921 165,916 15 Total Personal Banking 3,464 1,084 2,122 6,670 595,214 601,884 671 Commercial Banking: Commercial real estate loans 2,703 821 4,762 8,286 361,720 370,006 2,006 Commercial loans 111 124 413 648 72,738 73,386 147 Total Commercial Banking 2,814 945 5,175 8,934 434,458 443,392 2,153 Total acquired loans 6,278 2,029 7,297 15,604 1,029,672 1,045,276 2,824 Total loans $ 55,614 17,975 48,005 121,594 7,435,753 7,557,347 2,824 (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 delinquencies as of December 31, 2015 : 30-59 days delinquent 60-89 days delinquent 90 days or greater delinquent Total delinquency Current Total loans 90 days or greater delinquent and accruing (1) 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 loans 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 loans 6,215 2,425 5,955 14,595 842,245 856,840 3,750 Total loans $ 66,595 21,615 47,018 135,228 7,086,893 7,222,121 3,750 |
Schedule of credit quality indicators | The following table sets forth information about credit quality indicators as of December 31, 2016 : Pass Special mention Substandard Doubtful Loss Total Originated loans Personal Banking: Residential mortgage loans $ 2,564,988 — 16,265 — — 2,581,253 Home equity loans 1,018,898 — 7,417 — — 1,026,315 Consumer loans 473,950 — 3,095 — — 477,045 Total Personal Banking 4,057,836 — 26,777 — — 4,084,613 Commercial Banking: Commercial real estate loans 1,821,548 36,321 114,214 — — 1,972,083 Commercial loans 401,866 15,203 38,306 — — 455,375 Total Commercial Banking 2,223,414 51,524 152,520 — — 2,427,458 Total originated loans 6,281,250 51,524 179,297 — — 6,512,071 Acquired loans Personal Banking: Residential mortgage loans 131,717 — 1,794 — — 133,511 Home equity loans 300,100 — 2,357 — — 302,457 Consumer loans 165,094 — 822 — — 165,916 Total Personal Banking 596,911 — 4,973 — — 601,884 Commercial Banking: Commercial real estate loans 331,780 7,403 30,823 — — 370,006 Commercial loans 68,127 1,989 3,270 — — 73,386 Total Commercial Banking 399,907 9,392 34,093 — — 443,392 Total acquired loans 996,818 9,392 39,066 — — 1,045,276 Total loans $ 7,278,068 60,916 218,363 — — 7,557,347 The following table sets forth information about credit quality indicators as of December 31, 2015 : Pass Special mention Substandard Doubtful Loss Total 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 loans $ 6,952,327 77,120 190,109 1,225 1,340 7,222,121 |
Schedule of financial instruments with off-balance-sheet risk | Financial instruments with off-balance-sheet risk as of December 31, 2016 and 2015 are presented in the following table: December 31, 2016 2015 Loan commitments $ 109,032 186,731 Undisbursed lines of credit 843,457 562,284 Standby letters of credit 25,039 32,719 Total $ 977,528 781,734 |
Accrued Interest Receivable (Ta
Accrued Interest Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Interest Receivable and Other Assets [Abstract] | |
Schedule of accrued interest receivable | Accrued interest receivable as of December 31, 2016 and 2015 is presented in the following table: December 31, 2016 2015 Investment securities $ 1,613 1,852 Mortgage-backed securities 910 960 Loans receivable 19,176 18,260 $ 21,699 21,072 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of premises and equipment | Premises and equipment at December 31, 2016 and 2015 are summarized by major classification in the following table: December 31, 2016 2015 Land and land improvements $ 21,229 23,257 Office buildings and improvements 156,162 153,003 Furniture, fixtures and equipment 120,391 115,576 Leasehold improvements 19,859 19,239 Total, at cost 317,641 311,075 Less accumulated depreciation and amortization (156,456 ) (156,724 ) Premises and equipment, net $ 161,185 154,351 |
Schedule of minimum annual rentals | Minimum annual rentals by fiscal year are summarized in the following table: 2017 $ 4,846 2018 3,697 2019 2,579 2020 2,015 2021 1,596 Thereafter 5,595 Total $ 20,328 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 for the years ended December 31, 2016 and 2015 : December 31, 2016 2015 Amortizable intangible assets: Core deposit intangibles — gross $ 37,953 30,578 Acquisitions 25,732 7,375 Less: accumulated amortization (34,378 ) (31,192 ) Core deposit intangibles — net $ 29,307 6,761 Customer and Contract intangible assets — gross 8,496 8,234 Acquisitions 1,978 262 Less: accumulated amortization (7,348 ) (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 information shows the actual aggregate amortization expense for the years ended December 31, 2016 , 2015 and 2014 as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for each of the five succeeding fiscal years: For the year ended December 31, 2014 $ 1,323 For the year ended December 31, 2015 1,688 For the year ended December 31, 2016 4,259 For the year ending December 31, 2017 6,764 For the year ending December 31, 2018 5,848 For the year ending December 31, 2019 4,933 For the year ending December 31, 2020 4,017 For the year ending December 31, 2021 3,188 |
Schedule of the changes in carrying amount of goodwill | The following table provides information for the changes in the carrying amount of goodwill: Community Banks Consumer Finance Total Balance at December 31, 2014 $ 173,710 1,613 175,323 Goodwill acquired - LNB 86,238 — 86,238 Goodwill acquired - Petruso Insurance Agency 175 — 175 Balance at December 31, 2015 260,123 1,613 261,736 Goodwill acquired - FNFG 45,167 — 45,167 Goodwill acquired - Best Insurance Agency 404 — 404 Goodwill acquired - Winan Insurance Agency 113 — 113 Balance at December 31, 2016 $ 305,807 1,613 307,420 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Schedule of deposit balances | Deposit balances at December 31, 2016 and 2015 are shown in the table below: December 31, 2016 2015 Savings deposits $ 1,622,879 1,386,017 Interest-bearing demand deposits 1,428,317 1,080,086 Noninterest-bearing demand deposits 1,448,972 1,177,256 Money market demand accounts 1,841,567 1,274,504 Time deposits 1,540,586 1,694,718 Total deposits $ 7,882,321 6,612,581 |
Summarizes the contractual maturity of the certificate accounts | The following table summarizes the contractual maturity of time deposits at December 31, 2016 and 2015 : December 31, 2016 2015 Due within 12 months $ 836,525 929,351 Due between 12 and 24 months 311,976 448,497 Due between 24 and 36 months 153,708 205,635 Due between 36 and 48 months 90,777 21,414 Due between 48 and 60 months 134,687 78,796 After 60 months 12,913 11,025 Total time deposits $ 1,540,586 1,694,718 |
Summarizes the interest expense incurred on the deposits | The following table summarizes the interest expense incurred on the respective deposits for the years ended December 31, 2016 , 2015 and 2014 : Years ended December 31, 2016 2015 2014 Savings deposits $ 3,218 3,387 3,286 Interest-bearing demand deposits 462 568 587 Money market demand accounts 3,621 3,222 3,174 Time deposits 16,164 16,878 18,275 Total interest expense $ 23,465 24,055 25,322 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of borrowed funds | Borrowed funds at December 31, 2016 and 2015 are presented in the following table: December 31, 2016 2015 Amount Average rate Amount Average rate Term notes payable to the FHLB of Pittsburgh: Due within one year $ — — % 145,343 3.24 % Due between one and two years — — % 125,000 3.68 % Due between two and three years — — % 140,000 3.73 % Due between three and four years — — % 125,000 4.32 % Due between four and five years — — % 95,000 3.65 % Due between five and ten years — — % 120,000 3.68 % — 750,343 Revolving line of credit, FHLB of Pittsburgh — — % 106,000 0.43 % Collateralized borrowings, due within one year 142,899 0.17 % 118,664 0.22 % Total borrowed funds $ 142,899 975,007 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of allocation of income tax | Total income tax was allocated for the years ended December 31, 2016 , 2015 and 2014 as follows: Years ended December 31, 2016 2015 2014 Income before income taxes $ 21,648 27,960 21,795 Shareholders’ equity for unrealized (loss)/ gain on securities available-for-sale (1,871 ) (85 ) 4,286 Shareholders’ equity for tax benefit for excess of fair value above cost of stock benefit plans (1,425 ) (332 ) (945 ) Shareholders’ equity for pension adjustment (2,455 ) (848 ) (12,985 ) Shareholders’ equity for swap fair value adjustment 539 699 618 Unallocated income tax $ 16,436 27,394 12,769 |
Schedule of income tax expense (benefit) applicable to income before taxes | Income tax expense applicable to income before taxes consists of: Years ended December 31, 2016 2015 2014 Current $ 18,914 21,670 13,200 Deferred 2,734 6,290 8,595 Total income tax expense $ 21,648 27,960 21,795 |
Schedule of reconciliation of the expected federal statutory rate to the effective rate | A reconciliation of the expected federal statutory income tax rate to the effective rate, expressed as a percentage of pretax income for the years ended December 31, 2016 , 2015 and 2014 , is as follows: Years ended December 31, 2016 2015 2014 Expected tax rate 35.0 % 35.0 % 35.0 % Tax-exempt interest income (3.3 )% (3.0 )% (4.1 )% State income tax, net of federal benefit 1.2 % 2.9 % 1.7 % Bank-owned life insurance (2.6 )% (1.7 )% (1.8 )% Dividends on stock plans (2.0 )% (0.8 )% (4.0 )% Low income housing and historic tax credits (1.0 )% (1.4 )% (0.9 )% Non-deductible acquisition expense — % 0.5 % — % ESOP termination 3.4 % — % — % Other (0.3 )% 0.1 % 0.1 % Effective tax rate 30.4 % 31.6 % 26.0 % |
Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2016 and 2015 are presented below: December 31, 2016 2015 Deferred tax assets: Deferred fee income $ 187 189 Deferred compensation expense 2,893 3,717 Bad debts 18,823 19,478 Other reserves 1,823 — Accrued postretirement benefit cost 641 644 Stock benefit plans 1,085 1,626 Writedown of investment securities 2,875 2,994 Accrued expenses 348 228 Pension and postretirement benefits 18,491 16,035 Unrealized loss on the fair value of derivatives 958 1,496 Purchase accounting 1,215 2,236 Other 153 325 Total deferred tax assets 49,492 48,968 Deferred tax liabilities: Pension expense 8,689 7,557 Unrealized gain on the fair value of securities available-for-sale 252 2,122 Intangible assets 21,927 23,003 Mortgage servicing rights 1,559 120 Fixed assets 8,107 8,731 Other 635 460 Total deferred tax liabilities 41,169 41,993 Net deferred tax asset $ 8,323 6,975 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The computation of basic and diluted earnings per share for the years ended December 31, 2016 , 2015 and 2014 follows: Years ended December 31, 2016 2015 2014 Net income available to common shareholders $ 49,667 60,540 61,962 Weighted average common shares outstanding 99,439,174 94,314,420 91,535,298 Dilutive potential shares due to effect of stock options 1,225,514 515,369 739,699 Total weighted average common shares and dilutive potential shares 100,664,688 94,829,789 92,274,997 Basic earnings per share (1) $ 0.50 0.64 0.68 Diluted earnings per share (1) $ 0.49 0.64 0.67 (1) Not in thousands. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stock options | |
Employee benefit plans | |
Schedule of activity under option plans | The following table summarizes the activity in our option plans during the years ended December 31, 2016 , 2015 and 2014 (amounts in this table are not in thousands): Years ended December 31, 2016 2015 2014 Number Weighted average exercise price Number Weighted average exercise price Number Weighted average exercise price Balance at beginning of year 6,306,496 $ 11.81 6,402,407 $ 11.65 6,816,294 $ 11.46 Granted (1) 725,400 14.15 665,370 12.37 592,550 13.15 Exercised (2) (1,081,072 ) 11.01 (474,253 ) 10.27 (745,419 ) 10.86 Forfeited/ expired (146,719 ) 12.71 (287,028 ) 12.26 (261,018 ) 11.71 Balance at end of year 5,804,105 $ 12.25 6,306,496 $ 11.81 6,402,407 $ 11.65 Exercisable at end of year 3,035,718 $ 11.71 3,431,113 $ 11.42 3,333,942 $ 11.20 (1) Weighted average fair value of options at grant date: $1.52 , $1.14 and $1.45 , respectively. (2) The total intrinsic value of options exercised was $5.1 million , $1.2 million and $2.3 million , respectively. |
Schedule of number of options outstanding, number of options exercisable, and weighted average remaining life of all option grants | The following table summarizes the number of options outstanding, number of options exercisable, and weighted average remaining life of all option grants as of December 31, 2016 : Exercise Exercise Exercise Exercise Exercise Exercise Exercise Options outstanding: Number of options 195,902 207,156 125,448 320,045 47,557 432,941 398,478 Weighted average remaining contract life (years) 2.25 2.00 1.25 3.25 0.25 5.50 4.25 Options exercisable: Number of options 195,902 207,156 125,448 298,473 47,557 226,915 309,987 Weighted average remaining term - vested (years) 2.25 2.00 1.25 3.25 0.25 5.50 4.25 Exercise Exercise Exercise Exercise Exercise Exercise Total Options outstanding: Number of options 21,500 1,815,615 577,405 474,467 487,865 699,726 5,804,105 Weighted average remaining contract life (years) 4.50 4.50 8.50 6.50 7.50 9.50 5.59 Options exercisable: Number of options 12,931 1,151,004 81,759 199,534 132,186 46,866 3,035,718 Weighted average remaining term - vested (years) 4.50 4.50 8.50 6.50 7.50 9.50 4.05 |
Pension Plans | |
Employee benefit plans | |
Schedule of other changes in the defined benefit pension plans' plan assets and benefit obligations recognized in other comprehensive income | The following table sets forth other changes in the defined benefit pension plans’ plan assets and benefit obligations recognized in other comprehensive income: Years ended December 31, 2016 2015 2014 Net loss/ (gain) $ 1,550 (420 ) 30,779 Prior service cost/ (credit) — — — Amortization of prior service cost 2,323 2,323 2,322 Total recognized in other comprehensive income $ 3,873 1,903 33,101 Total recognized in net periodic pension cost and other comprehensive income/ (loss) $ 7,641 4,753 32,506 |
Schedule of defined benefit pension plans' funded status | The following table sets forth information for the defined benefit pension plans’ funded status at December 31, 2016 and 2015 : December 31, 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 162,133 159,587 Service cost 5,496 5,721 Interest cost 6,781 6,125 Acquisition — 5,662 Actuarial (gain)/ loss 4,267 (9,357 ) Benefits paid (6,469 ) (5,605 ) Benefit obligation at end of year $ 172,208 162,133 Change in plan assets: Fair value of plan assets at beginning of year 143,655 140,183 Actual return on plan assets 8,903 (2,264 ) Employer contributions 6,536 6,460 Acquisition — 4,881 Benefits paid (6,469 ) (5,605 ) Fair value of plan assets at end of period $ 152,625 143,655 Funded status at end of year $ (19,583 ) (18,478 ) |
Schedule of assumptions used to develop the net periodic pension cost | The following table sets forth the assumptions used to develop the net periodic pension cost: Years ended December 31, 2016 2015 2014 Discount rate 4.25 % 3.89 % 4.86 % Expected long-term rate of return on assets 7.00 % 7.50 % 7.50 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % |
Schedule of assumptions used to determine benefit obligations | The following table sets forth the assumptions used to determine benefit obligations at the end of each period: Years ended December 31, 2016 2015 2014 Discount rate 4.06 % 4.25 % 3.89 % Expected long-term rate of return on assets 7.00 % 7.00 % 7.50 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % |
Schedule of certain information related to pension plans | The following table sets forth certain information related to our pension plans: December 31, 2016 2015 Projected benefit obligation $ 172,208 162,133 Accumulated benefit obligation 172,208 162,133 Fair value of plan assets 152,625 143,655 |
Schedule of weighted average asset allocation of defined benefit plans | The following table sets forth the weighted average asset allocation of defined benefit plans: Target December 31, Allocation 2016 2015 Debt securities 20 – 50% 23 % 20 % Equity securities 30 – 60% 72 % 69 % Other 5 – 50% 5 % 11 % Total 100 % 100 % |
Schedule of allocation of plan assets | The following table sets forth the pension plan assets as of December 31, 2016 and 2015 : December 31, 2016 2015 Mutual funds — debt $ 35,224 28,316 Mutual funds — equity 110,078 98,517 Cash and cash equivalents 7,322 16,822 |
Postretirement Healthcare Plan | |
Employee benefit plans | |
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 benefit cost for the postretirement healthcare benefits plan for the years ended December 31, 2016 , 2015 and 2014 : Years ended December 31, 2016 2015 2014 Service cost $ — — — Interest cost 70 58 65 Amortization of net loss 90 60 48 Net period benefit cost $ 160 118 113 The following table sets forth the net periodic pension cost for the defined benefit pension plans for the years ended December 31, 2016 , 2015 and 2014 : Years ended December 31, 2016 2015 2014 Service cost $ 5,496 5,721 4,138 Interest cost 6,781 6,125 5,827 Expected return on plan assets (9,897 ) (10,371 ) (9,663 ) Net amortization and deferral 1,388 1,375 (897 ) Net periodic pension (benefit)/ cost $ 3,768 2,850 (595 ) |
Schedule of other changes in the defined benefit pension plans' plan assets and benefit obligations recognized in other comprehensive income | The following table sets forth other changes in the postretirement healthcare plan’s plan assets and benefit obligations recognized in other comprehensive income: Years ended December 31, 2016 2015 2014 Net loss/ (gain) $ 109 273 195 Total recognized in other comprehensive income $ 109 273 195 Total recognized in net periodic benefit cost and other comprehensive income $ 270 391 308 |
Schedule of defined benefit pension plans' funded status | The following table sets forth the funded status of the postretirement healthcare benefit plan at December 31, 2016 and 2015 : December 31, 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 1,737 1,565 Service cost — — Interest cost 70 58 Actuarial loss 200 333 Benefits paid (228 ) (219 ) Benefit obligation at end of year $ 1,779 1,737 Change in plan assets: Fair value of plan assets at beginning of year — — Employer contributions 228 219 Benefits paid (228 ) (219 ) Fair value of plan assets at end of year $ — — Funded status at year end $ (1,779 ) (1,737 ) |
Schedule of assumptions used to develop the net periodic pension cost | The assumptions used to develop the preceding information for postretirement healthcare benefits are as follows: Years ended December 31, 2016 2015 2014 Discount rate 4.25 % 3.89 % 4.86 % Monthly cost of healthcare insurance per beneficiary (1) $ 539 470 384 Annual rate of increase in healthcare costs 4.00 % 4.00 % 4.00 % (1) Not in thousands |
Schedule of accumulated benefit obligation in excess of plan assets | The following table sets forth information for plans with an accumulated benefit obligation in excess of plan assets: December 31, 2016 2015 Projected benefit obligation $ 1,779 1,737 Accumulated benefit obligation 1,779 1,737 Fair value of plan assets — — |
Disclosures About Fair Value 48
Disclosures About Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and 2015 : December 31, 2016 Carrying Estimated amount fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 389,867 389,867 389,867 — — Securities available-for-sale 826,200 826,200 4,440 812,394 9,366 Securities held-to-maturity 19,978 20,426 — 20,426 — Loans receivable, net 7,496,408 7,878,815 9,625 — 7,869,190 Accrued interest receivable 21,699 21,699 21,699 — — FHLB Stock 7,390 7,390 — — — Total financial assets $ 8,761,542 9,144,397 425,631 832,820 7,878,556 Financial liabilities: Savings and checking accounts $ 6,341,735 6,341,735 6,341,735 — — Time deposits 1,540,586 1,626,434 — — 1,626,434 Borrowed funds 142,899 142,899 142,899 — — Junior subordinated debentures 111,213 113,313 — — 113,313 Cash flow hedges - swaps 2,736 2,736 — 2,736 — Accrued interest payable 643 643 643 — — Total financial liabilities $ 8,139,812 8,227,760 6,485,277 2,736 1,739,747 December 31, 2015 Carrying Estimated amount 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 as of December 31, 2016 : Level 1 Level 2 Level 3 Total at fair value Equity securities $ 4,440 — — 4,440 Debt securities: U.S. government and agencies — 6 — 6 Government sponsored enterprises — 294,170 — 294,170 States and political subdivisions — 63,070 — 63,070 Corporate — 7,614 9,366 16,980 Total debt securities — 364,860 9,366 374,226 Residential mortgage-backed securities: GNMA — 30,883 — 30,883 FNMA — 106,578 — 106,578 FHLMC — 82,115 — 82,115 Non-agency — 579 — 579 Collateralized mortgage obligations: GNMA — 6,287 — 6,287 FNMA — 95,186 — 95,186 FHLMC — 119,197 — 119,197 SBA — 6,608 — 6,608 Non-agency — 101 — 101 Total mortgage-backed securities — 447,534 — 447,534 Interest rate swaps — (2,736 ) — (2,736 ) Total assets and liabilities $ 4,440 809,658 9,366 823,464 The following table represents assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 : Level 1 Level 2 Level 3 Total 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 year ended December 31, 2016 and 2015 : December 31, 2016 2015 Debt securities Beginning balance January 1, $ 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 411 (502 ) Purchases — — Sales/ calls — (1,140 ) Transfers into Level 3 — — Transfers out of Level 3 — — Ending balance December 31, $ 9,366 8,955 |
Schedule of fair value measurement for nonrecurring assets | The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2016 : Level 1 Level 2 Level 3 Total assets at fair value Loans evaluated for impairment $ — — 41,933 41,933 Mortgage servicing rights — — 246 246 Real estate owned — — 4,889 4,889 Total assets $ — — 47,068 47,068 The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2015 : Level 1 Level 2 Level 3 Total assets at fair value Loans evaluated 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 following 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 December 31, 2016 : Fair value Valuation techniques Significant unobservable inputs Range (weighted average) Debt securities $ 9,366 Discounted cash Discount margin 0.4% to 2.1% (0.7)% flow Default rates 1.00% Prepayment speeds 1.00% annually Loans measured for impairment 41,933 Appraisal Estimated costs to sell 10% value (1) Discounted cash Discount rate 3.8% to 20.0% (11.0%) flow Mortgage servicing rights 246 Discounted cash Annual service cost 80 flow Prepayment rate 6.0% to 7.4% (7.1%) Expected life (months) 66.2 to 70.9 (68.9) Option adjusted spread 800 basis points Forward yield curve 0.6% to 2.2% (1.3%) Real estate owned 4,889 Appraisal Estimated costs to sell 10% value (1) (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. |
Regulatory Capital Requiremen49
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of actual, required, and well capitalized levels | The actual, required, and well capitalized levels as of December 31, 2016 and 2015 were as follows: At December 31, 2016 Minimum capital Well capitalized Actual requirements (1) requirements (1) Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Northwest Bancshares, Inc. $ 1,051,582 14.873 % 609,835 8.625 % 751,246 10.625 % Northwest Bank 961,279 13.609 % 609,248 8.625 % 750,523 10.625 % Tier 1 capital (to risk weighted assets) Northwest Bancshares, Inc. 990,153 14.004 % 468,424 6.625 % 609,835 8.625 % Northwest Bank 900,328 12.746 % 467,973 6.625 % 609,248 8.625 % CET 1 capital (to risk weighted assets) Northwest Bancshares, Inc. 882,278 12.478 % 362,366 5.125 % 503,777 7.125 % Northwest Bank 900,328 12.746 % 362,017 5.125 % 503,292 7.125 % Tier 1 capital (leverage) (to average assets) Northwest Bancshares, Inc. 990,153 10.530 % 376,116 4.000 % 470,145 5.000 % Northwest Bank 900,328 9.585 % 375,735 4.000 % 469,669 5.000 % (1) Amounts and ratios include the 2016 capital conservation buffer of 0.625% with the exception of Tier 1 capital to average assets. At December 31, 2015 Minimum capital Well capitalized Actual requirements requirements (1) Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Northwest Bancshares, Inc. $ 1,102,468 16.63 % 530,257 8.00 % 662,821 10.00 % Northwest Bank 1,006,230 15.20 % 529,498 8.00 % 661,872 10.00 % Tier 1 capital (to risk weighted assets) Northwest Bancshares, Inc. 1,039,574 15.68 % 397,693 6.00 % 530,257 8.00 % Northwest Bank 943,554 14.26 % 397,123 6.00 % 529,498 8.00 % CET 1 capital (to risk weighted assets) Northwest Bancshares, Inc. 931,699 14.06 % 298,269 4.50 % 430,834 6.50 % Northwest Bank 943,554 14.26 % 297,843 4.50 % 430,217 6.50 % Tier I capital (leverage) (to average assets) Northwest Bancshares, Inc. 1,039,574 11.96 % 347,582 4.00 % 434,477 5.00 % Northwest Bank 943,554 10.87 % 347,063 4.00 % 433,829 5.00 % |
Components of Accumulated Oth50
Components of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of the components of accumulated other comprehensive income | The following table sets forth the components of accumulated other comprehensive income as of December 31, 2016 and 2015 : December 31, 2016 2015 Unrealized gain on marketable securities available-for-sale $ 395 3,325 Fair value of interest rate swaps (1,778 ) (2,779 ) Defined benefit pension plans (26,608 ) (25,081 ) Accumulated other comprehensive income $ (27,991 ) (24,535 ) |
Schedule of the changes in accumulated other comprehensive income by component | The following table shows the changes in accumulated other comprehensive income by component for the year ended December 31, 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 January 1, $ 3,325 (2,779 ) (25,081 ) (24,535 ) Other comprehensive income/ (loss) before reclassification adjustments (2,728 ) 1,001 (2,399 ) (4,126 ) Amounts reclassified from accumulated other comprehensive income (1), (2) (202 ) — 872 670 Net other comprehensive income/ (loss) (2,930 ) 1,001 (1,527 ) (3,456 ) Balance as of December 31, $ 395 (1,778 ) (26,608 ) (27,991 ) (1) Consists of realized gains on securities (gain on sales of investments, net) of $331 , net of tax (income tax expense) of $(129) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $2,323 and amortization of net loss (compensation and employee benefits) of $(3,801) , net of tax (income tax expense) of $606 . See note 15. The following table shows the changes in accumulated other comprehensive income by component for the year ended December 31, 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 January 1, $ 3,461 (4,078 ) (23,753 ) (24,370 ) Other comprehensive income/ (loss) before reclassification adjustments 315 1,299 (2,203 ) (589 ) Amounts reclassified from accumulated other comprehensive income (1), (2) (451 ) — 875 424 Net other comprehensive income/ (loss) (136 ) 1,299 (1,328 ) (165 ) Balance as of December 31, $ 3,325 (2,779 ) (25,081 ) (24,535 ) (1) Consists of realized gains on securities (gain on sales of investments, net) of $740 net of tax (income tax expense) of $(289) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $2,323 and amortization of net loss (compensation and employee benefits) of $(3,758) , net of tax (income tax expense) of $560 . See note 15. The following table shows the changes in accumulated other comprehensive income by component for the year ended December 31, 2014 : 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 January 1, $ (3,233 ) (5,224 ) (3,443 ) (11,900 ) Other comprehensive income/ (loss) before reclassification adjustments 9,042 1,146 (19,758 ) (9,604 ) Amounts reclassified from accumulated other comprehensive income (1), (2) (2,348 ) — (552 ) (2,866 ) Net other comprehensive income/ (loss) 6,694 1,146 (20,310 ) (12,470 ) Balance as of December 31, $ 3,461 (4,078 ) (23,753 ) (24,370 ) (1) Consists of realized losses on securities (gain on sales of investments, net) of 3,849 net of tax (income tax expense) of $(1,501) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $2,323 and amortization of net loss (compensation and employee benefits) of $(1,436) , net of tax (income tax expense) of $(335) . See note 15. |
Parent Company Only Financial51
Parent Company Only Financial Statements - Condensed (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of statements of financial condition | December 31, 2016 2015 Assets Cash and cash equivalents $ 34,521 91,056 Marketable securities available-for-sale 4,413 1,884 Investment in bank subsidiary 1,193,175 1,182,308 Other assets 52,645 3,547 Total assets $ 1,284,754 1,278,795 Liabilities and Shareholders’ Equity Liabilities: Debentures payable $ 111,213 111,213 Other liabilities 2,878 4,419 Total liabilities 114,091 115,632 Shareholders’ equity 1,170,663 1,163,163 Total liabilities and shareholders’ equity $ 1,284,754 1,278,795 |
Schedule of statements of income | Years ended December 31, 2016 2015 2014 Income: Interest income $ 737 1,258 1,248 Other income 709 659 3,424 Dividends from bank subsidiary 50,000 135,000 66,183 Undistributed earnings from equity investment in bank subsidiary 2,760 (70,854 ) (3,261 ) Total income 54,206 66,063 67,594 Expense: Compensation and benefits 1,129 1,061 962 Other expense 561 1,356 572 Interest expense 4,560 4,926 4,691 Total expense 6,250 7,343 6,225 Income before income taxes 47,956 58,720 61,369 Federal and state income taxes (1,711 ) (1,820 ) (593 ) Net income $ 49,667 60,540 61,962 |
Schedule of statements of cash flows | Years ended December 31, 2016 2015 2014 Operating activities: Net income $ 49,667 60,540 61,962 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed earnings of subsidiary (2,760 ) 70,854 3,261 Noncash stock benefit plan compensation expense 10,916 5,654 5,714 Gain on sale of marketable securities (43 ) (54 ) (2,768 ) Net change in other assets and liabilities (63,533 ) (5,824 ) (2,352 ) Net cash provided by/ (used in) operating activities (5,753 ) 131,170 65,817 Investing activities: Net sale of marketable securities (1,952 ) 1,192 2,658 Acquisition, net of cash received — (89,398 ) — Net cash provided by/ (used in) investing activities (1,952 ) (88,206 ) 2,658 Financing activities: Cash dividends paid (60,156 ) (52,825 ) (149,932 ) Share repurchases (1,752 ) (7,847 ) (5,273 ) Repayment of loan to ESOP 797 1,549 1,190 Redemption of junior subordinated debt — (8,119 ) — Excess tax benefit from stock-based compensation 1,425 332 945 Proceeds from options exercised 10,856 4,303 6,519 Net cash used in financing activities (48,830 ) (62,607 ) (146,551 ) Net decrease in cash and cash equivalents $ (56,535 ) (19,643 ) (78,076 ) Cash and cash equivalents at beginning of year 91,056 110,699 188,775 Net decrease in cash and cash equivalents (56,535 ) (19,643 ) (78,076 ) Cash and cash equivalents at end of year $ 34,521 91,056 110,699 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of financial information for reportable segments | The following tables provide financial information for these segments. The All Other column represents the parent company, other nonbank subsidiaries, and elimination entries necessary to reconcile to the consolidated amounts presented in the financial statements. At or for the year ended Community Banking Consumer Finance All Other (1) Consolidated External interest income $ 327,855 17,064 715 345,634 Intersegment interest income 2,564 — (2,564 ) — Interest expense 33,883 2,564 1,852 38,299 Provision for loan losses 9,846 3,696 — 13,542 Noninterest income 83,631 1,597 132 85,360 Noninterest expense 295,023 11,579 1,236 307,838 Income tax expense/ (benefit) 23,023 336 (1,711 ) 21,648 Net income $ 52,275 486 (3,094 ) 49,667 Total assets $ 9,500,419 109,744 13,477 9,623,640 At or for the year ended Community Banking Consumer Finance All Other (1) Consolidated External interest income $ 300,746 17,978 856 319,580 Intersegment interest income 2,393 — (2,393 ) — Interest expense 51,895 2,393 2,039 56,327 Provision for loan losses 7,429 2,283 — 9,712 Noninterest income 67,167 1,555 114 68,836 Noninterest expense 219,793 12,120 1,964 233,877 Income tax expense 28,642 1,138 (1,820 ) 27,960 Net income $ 62,547 1,599 (3,606 ) 60,540 Total assets $ 8,827,574 110,670 13,655 8,951,899 At or for the year ended Community Banking Consumer Finance All Other (1) Consolidated External interest income $ 285,635 18,789 1,003 305,427 Intersegment interest income 2,406 — (2,406 ) — Interest expense 52,291 2,406 1,890 56,587 Provision for loan losses 17,500 2,814 — 20,314 Noninterest income 66,431 1,517 2,818 70,766 Noninterest expense 202,489 11,968 1,078 215,535 Income tax expense/ (benefit) 21,097 1,291 (593 ) 21,795 Net income $ 61,095 1,827 (960 ) 61,962 Total assets $ 7,650,665 107,216 17,152 7,775,033 (1) Eliminations consist of intercompany interest income and interest expense. |
Guaranteed Preferred Benefici53
Guaranteed Preferred Beneficial Interests in Company’s Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements (Tables) | 12 Months Ended |
Dec. 31, 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 | December 31, Liability Derivatives (Included in Other Liabilities) 2016 2015 Cash flow hedges — swaps: Fair value $ 2,736 4,276 Notional amount 50,000 50,000 Collateral posted 3,005 4,705 |
Summary of guaranteed capital debt securities and junior subordinated deferrable interest debentures held by the trusts | The following table sets forth a summary of guaranteed capital debt securities and junior subordinated deferrable interest debentures held by the trusts as of December 31, 2016 and 2015 : Capital Debt December 31, Securities 2016 2015 Northwest Bancorp Capital Trust III $ 50,000 51,547 51,547 Northwest Bancorp Statutory Trust IV 50,000 51,547 51,547 LNB Trust II 7,875 8,119 8,119 Total $ 107,875 111,213 111,213 |
Selected Quarterly Financial 54
Selected Quarterly Financial Data - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of selected quarterly financial data | Quarters ended March 31 June 30 (1) September 30 (1) December 31 (In thousands, except per share data) 2016: Interest income $ 85,298 85,555 84,748 90,033 Interest expense 13,746 10,008 7,454 7,091 Net interest income 71,552 75,547 77,294 82,942 Provision for loan losses 1,660 4,199 5,538 2,145 Noninterest income 19,448 20,275 20,818 24,819 Noninterest expenses 63,275 102,122 73,680 68,761 Income before income taxes 26,065 (10,499 ) 18,894 36,855 Income tax expense 8,081 (3,491 ) 4,697 12,361 Net income $ 17,984 (7,008 ) 14,197 24,494 Basic earnings per share $ 0.18 (0.07 ) 0.14 0.24 Diluted earnings per share $ 0.18 (0.07 ) 0.14 0.24 (1) During the quarters ended June 30, 2016 and September 30, 2016, the Company recorded immaterial error corrections of approximately $1.1 million and $1.4 million , respectively, reclassifying amortization of broker fees paid for mortgage loans to interest income from compensation expense. The correction reduced both interest income and compensation expense but had no impact on net income. Quarters ended March 31 June 30 September 30 December 31 (In thousands, except per share data) 2015: Interest income $ 76,880 75,970 81,091 85,639 Interest expense 13,899 13,792 14,150 14,486 Net interest income 62,981 62,178 66,941 71,153 Provision for loan losses 900 1,050 3,167 4,595 Noninterest income 14,625 16,525 18,140 19,546 Noninterest expenses 53,711 55,135 63,804 61,227 Income before income taxes 22,995 22,518 18,110 24,877 Income tax expense 6,825 7,213 5,238 8,684 Net income $ 16,170 15,305 12,872 16,193 Basic earnings per share $ 0.18 0.17 0.14 0.16 Diluted earnings per share $ 0.18 0.17 0.13 0.16 Quarters ended March 31 June 30 September 30 December 31 (In thousands, except per share data) 2014: Interest income $ 75,326 76,987 76,528 76,586 Interest expense 14,204 14,214 14,187 13,982 Net interest income 61,122 62,773 62,341 62,604 Provision for loan losses 7,485 8,285 3,466 1,078 Noninterest income 19,381 16,427 17,737 17,221 Noninterest expenses 53,163 53,806 53,354 55,212 Income before income taxes 19,855 17,109 23,258 23,535 Income tax expense 5,244 4,435 5,926 6,190 Net income $ 14,611 12,674 17,332 17,345 Basic earnings per share $ 0.16 0.14 0.19 0.19 Diluted earnings per share $ 0.16 0.14 0.19 0.19 |
Subsequent Events - Unaudited -
Subsequent Events - Unaudited - (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Assets and Liabilities, Held-for Sale | The following table provides information related to assets and liabilities held-for-sale at December 31, 2016 : Balance at December 31, 2016 Assets held-for-sale: Residential mortgage loans $ 26,406 Home equity loans 15,725 Consumer loans 522 Commercial real estate loans 101,123 Commercial loans 2,884 Total loans 146,660 Accrued interest receivable 416 Premises and equipment, net 5,452 Total assets held-for-sale $ 152,528 Liabilities held-for-sale: Noninterest-bearing demand deposits $ 34,657 Interest-bearing demand deposits 17,181 Money market deposit accounts 45,806 Savings deposits 55,205 Time deposits 62,800 Total deposits 215,649 Accrued interest payable 8 Total liabilities held-for-sale $ 215,657 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Loans Receivable and Allowance for Loan Losses and Other Narrative Information (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)officebank | Dec. 31, 2015USD ($) | |
Nature of Operations | ||
Number of banking locations | bank | 176 | |
Number of consumer finance offices | office | 49 | |
Investment Securities | ||
Securities classified as trading | $ 0 | $ 0 |
Loans Receivable | ||
Number of days in delinquency for accrued interest on loans to be considered for reversal, minimum | 90 days | |
Number of days delinquent for loans to be placed on non-accrual status, minimum | 90 days | |
Period of time to return TDRs included in impaired loans to performing status through the fulfilling of contractual terms | 6 months | |
Allowance for Loan Losses and Provision for Loan Losses | ||
Number of days for loans not deemed to be impaired | 30 days | |
Residential mortgage loans classified as held-for-sale | $ 36,000,000 | $ 0 |
Commercial Banking | ||
Allowance for Loan Losses and Provision for Loan Losses | ||
Financing receivable, individually evaluated for impairment, threshold amount for analysis | $ 1,000,000 | |
Actual losses incurred through average number of rolling years | 3 years | |
Personal Banking | ||
Allowance for Loan Losses and Provision for Loan Losses | ||
Actual losses incurred through average number of rolling years | 3 years | |
Number of days delinquent for allowance for loans | 90 days | |
Number of days delinquent for loans to be charged off or charged down unless that borrower has filed for bankruptcy | 180 days |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Premises and Equipment and Goodwill (Details) | 12 Months Ended |
Dec. 31, 2016valuation_method | |
Goodwill | |
Number of valuation methodologies for impairment of goodwill | 4 |
Minimum | |
Premises and Equipment | |
Estimated lives | 3 years |
Core Deposit Intangibles | |
Useful life of core deposit intangibles | 7 years |
Maximum | |
Premises and Equipment | |
Estimated lives | 39 years |
Core Deposit Intangibles | |
Useful life of core deposit intangibles | 11 years |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Stock Related Compensation and Segments (Details) $ in Millions | Sep. 30, 2016shares | May 18, 2016shares | May 17, 2016shares | May 20, 2015shares | May 19, 2015shares | May 21, 2014shares | Dec. 31, 2016USD ($)segmentshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares |
Weighted average assumptions | |||||||||
Employee Stock Ownership Plan (ESOP), number of unallocated shares distributed to employees (in shares) | 401,356 | ||||||||
Employee Stock Ownership Plan (ESOP), compensation expense | $ | $ 6.3 | ||||||||
Segment Reporting | |||||||||
Number of reportable segments | segment | 2 | ||||||||
Stock options | |||||||||
Stock Related Compensation | |||||||||
Number of shares awarded | 725,400 | 665,370 | 592,550 | ||||||
Vesting period | 10 years | ||||||||
Stock-based aggregate disclosure | |||||||||
Compensation expense for unvested common share awards which is yet to be recognized | $ | $ 4.1 | ||||||||
Weighted average period over which stock option expense will be recognized | 4 years 18 days | ||||||||
Weighted average assumptions | |||||||||
Expected volatility, minimum (as a percent) | 17.00% | ||||||||
Expected volatility, maximum (as a percent) | 22.00% | ||||||||
Risk-free interest rates, minimum (as a percent) | 1.70% | ||||||||
Risk-free interest rates, maximum (as a percent) | 3.10% | ||||||||
Employee Stock Ownership Plan (ESOP), number of shares retired (in shares) | 1,366,574 | ||||||||
Stock options | Minimum | |||||||||
Weighted average assumptions | |||||||||
Dividend yields (as a percent) | 3.20% | ||||||||
Expected lives | 7 years | ||||||||
Stock options | Maximum | |||||||||
Weighted average assumptions | |||||||||
Dividend yields (as a percent) | 5.10% | ||||||||
Expected lives | 9 years | ||||||||
Stock options | Employees | |||||||||
Stock Related Compensation | |||||||||
Number of shares awarded | 660,600 | 660,570 | 534,950 | 660,600 | |||||
Stock options | Director | |||||||||
Stock Related Compensation | |||||||||
Number of shares awarded | 64,800 | 64,800 | 57,600 | 64,800 | |||||
Restricted common shares | |||||||||
Stock Related Compensation | |||||||||
Vesting period | 10 years | ||||||||
Stock-based aggregate disclosure | |||||||||
Stock-based employee compensation expense | $ | $ 3.5 | $ 3 | $ 3 | ||||||
Effect of compensation expense on net income included in income before income taxes | $ | $ 2.2 | $ 1.8 | $ 1.8 | ||||||
Restricted common shares | Employees | |||||||||
Stock Related Compensation | |||||||||
Number of shares awarded | 310,160 | 282,050 | 251,030 | 310,160 | |||||
Restricted common shares | Director | |||||||||
Stock Related Compensation | |||||||||
Number of shares awarded | 24,300 | 24,300 | 21,600 | 24,300 |
Acquisition (Details)
Acquisition (Details) - Northwest Bank - First Niagara Bank, National Association and First Niagara Securities, Inc. $ in Thousands | Sep. 09, 2016USD ($)branch | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||
Number of branch locations acquired | branch | 18 | |
Assets under management, carrying amount | $ 450,000 | |
Deposit premium paid | 76,500 | |
Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value | ||
Cash and cash equivalents | 1,103,372 | |
Loans | 455,857 | |
Other assets | 16,978 | |
Total assets acquired | 1,603,082 | |
Deposits | (1,642,846) | |
Other liabilities | (5,403) | |
Total liabilities assumed | (1,648,249) | |
Goodwill | (45,167) | |
Business combination, acquisition costs expensed | $ 9,200 | |
Core Deposits | ||
Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value | ||
Core deposit intangible | $ 25,732 | |
Useful life of core deposit intangibles | 11 years | |
Customer Relationships | ||
Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value | ||
Core deposit intangible | $ 1,143 | |
Useful life of core deposit intangibles | 7 years |
Marketable Securities - Availab
Marketable Securities - Available For Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amortized cost | ||
Marketable securities available-for-sale, amortized cost | $ 825,552 | $ 868,956 |
Gross unrealized holding gains | ||
Marketable securities available-for-sale, gross unrealized holding gains | 9,862 | 11,733 |
Gross unrealized holding losses | ||
Marketable securities available-for-sale, gross unrealized holding losses | (9,214) | (6,284) |
Fair value | ||
Marketable securities available-for-sale, total fair value | 826,200 | 874,405 |
U.S. Government and agencies | ||
Amortized cost | ||
Due in one year or less | 6 | 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 | 6 | 11 |
Government sponsored enterprises | ||
Amortized cost | ||
Due in one year or less | 74,980 | 15,500 |
Due after one year through five years | 220,937 | 257,463 |
Due after five years through ten years | 585 | 12,721 |
Due after ten years | 0 | 9,815 |
Gross unrealized holding gains | ||
Due in one year or less | 5 | 3 |
Due after one year through five years | 203 | 298 |
Due after five years through ten years | 0 | 14 |
Due after ten years | 0 | 135 |
Gross unrealized holding losses | ||
Due in one year or less | (33) | (48) |
Due after one year through five years | (2,504) | (1,395) |
Due after five years through ten years | (3) | (23) |
Due after ten years | 0 | (43) |
Fair value | ||
Due in one year or less | 74,952 | 15,455 |
Due after one year through five years | 218,636 | 256,366 |
Due after five years through ten years | 582 | 12,712 |
Due after ten years | 0 | 9,907 |
Equity securities | ||
Amortized cost | ||
Marketable securities available-for-sale, amortized cost | 3,351 | 1,400 |
Gross unrealized holding gains | ||
Marketable securities available-for-sale, gross unrealized holding gains | 1,095 | 500 |
Gross unrealized holding losses | ||
Marketable securities available-for-sale, gross unrealized holding losses | (6) | (6) |
Fair value | ||
Marketable securities available-for-sale, total fair value | 4,440 | 1,894 |
Municipal securities | ||
Amortized cost | ||
Due in one year or less | 2,449 | 1,684 |
Due after one year through five years | 9,448 | 14,327 |
Due after five years through ten years | 11,794 | 12,400 |
Due after ten years | 38,141 | 52,286 |
Gross unrealized holding gains | ||
Due in one year or less | 7 | 8 |
Due after one year through five years | 105 | 117 |
Due after five years through ten years | 137 | 323 |
Due after ten years | 1,027 | 1,727 |
Gross unrealized holding losses | ||
Due in one year or less | 0 | 0 |
Due after one year through five years | (21) | (4) |
Due after five years through ten years | (1) | 0 |
Due after ten years | (16) | 0 |
Fair value | ||
Due in one year or less | 2,456 | 1,692 |
Due after one year through five years | 9,532 | 14,440 |
Due after five years through ten years | 11,930 | 12,723 |
Due after ten years | 39,152 | 54,013 |
Corporate debt issues | ||
Amortized cost | ||
Due after ten years | 14,367 | 14,463 |
Gross unrealized holding gains | ||
Due after ten years | 2,935 | 2,417 |
Gross unrealized holding losses | ||
Due after ten years | (322) | (405) |
Fair value | ||
Due after ten years | 16,980 | 16,475 |
Residential mortgage-backed securities | ||
Amortized cost | ||
Marketable securities available-for-sale, amortized cost | 449,494 | 476,886 |
Gross unrealized holding gains | ||
Marketable securities available-for-sale, gross unrealized holding gains | 4,348 | 6,191 |
Gross unrealized holding losses | ||
Marketable securities available-for-sale, gross unrealized holding losses | (6,308) | (4,360) |
Fair value | ||
Marketable securities available-for-sale, total fair value | 447,534 | 478,717 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Marketable securities available-for-sale, amortized cost | 175,398 | 118,266 |
Gross unrealized holding gains | ||
Marketable securities available-for-sale, gross unrealized holding gains | 1,849 | 2,480 |
Gross unrealized holding losses | ||
Marketable securities available-for-sale, gross unrealized holding losses | (2,680) | (420) |
Fair value | ||
Marketable securities available-for-sale, total fair value | 174,567 | 120,326 |
Fixed rate | Non-agency CMOs | ||
Amortized cost | ||
Marketable securities available-for-sale, amortized cost | 100 | 2,519 |
Gross unrealized holding gains | ||
Marketable securities available-for-sale, gross unrealized holding gains | 1 | 230 |
Gross unrealized holding losses | ||
Marketable securities available-for-sale, gross unrealized holding losses | 0 | 0 |
Fair value | ||
Marketable securities available-for-sale, total fair value | 101 | 2,749 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Marketable securities available-for-sale, amortized cost | 165,535 | 215,719 |
Gross unrealized holding gains | ||
Marketable securities available-for-sale, gross unrealized holding gains | 185 | 389 |
Gross unrealized holding losses | ||
Marketable securities available-for-sale, gross unrealized holding losses | (3,455) | (3,881) |
Fair value | ||
Marketable securities available-for-sale, total fair value | 162,265 | 212,227 |
Variable rate | Pass-through | ||
Amortized cost | ||
Marketable securities available-for-sale, amortized cost | 43,587 | 54,292 |
Gross unrealized holding gains | ||
Marketable securities available-for-sale, gross unrealized holding gains | 2,007 | 2,616 |
Gross unrealized holding losses | ||
Marketable securities available-for-sale, gross unrealized holding losses | (6) | (7) |
Fair value | ||
Marketable securities available-for-sale, total fair value | 45,588 | 56,901 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Marketable securities available-for-sale, amortized cost | 64,874 | 86,090 |
Gross unrealized holding gains | ||
Marketable securities available-for-sale, gross unrealized holding gains | 306 | 476 |
Gross unrealized holding losses | ||
Marketable securities available-for-sale, gross unrealized holding losses | (167) | (52) |
Fair value | ||
Marketable securities available-for-sale, total fair value | $ 65,013 | $ 86,514 |
Marketable Securities - Held To
Marketable Securities - Held To Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amortized cost | ||
Held-to-maturity securities, amortized cost | $ 19,978 | $ 31,689 |
Gross unrealized holding gains | ||
Held-to-maturity securities, gross unrealized holding gains | 448 | 863 |
Gross unrealized holding losses | ||
Held-to-maturity securities, gross unrealized holding losses | 0 | 0 |
Fair value | ||
Held-to-maturity securities, fair value | 20,426 | 32,552 |
Municipal securities | ||
Amortized cost | ||
Due after five years through ten years | 0 | 274 |
Due after ten years | 4,808 | 6,336 |
Gross unrealized holding gains | ||
Due after five years through ten years | 0 | 1 |
Due after ten years | 65 | 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 | 0 | 275 |
Due after ten years | 4,873 | 6,575 |
Residential mortgage-backed securities | ||
Amortized cost | ||
Held-to-maturity securities, amortized cost | 15,170 | 25,079 |
Gross unrealized holding gains | ||
Held-to-maturity securities, gross unrealized holding gains | 383 | 623 |
Gross unrealized holding losses | ||
Held-to-maturity securities, gross unrealized holding losses | 0 | 0 |
Fair value | ||
Held-to-maturity securities, fair value | 15,553 | 25,702 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Held-to-maturity securities, amortized cost | 4,807 | 6,458 |
Gross unrealized holding gains | ||
Held-to-maturity securities, gross unrealized holding gains | 217 | 351 |
Gross unrealized holding losses | ||
Held-to-maturity securities, gross unrealized holding losses | 0 | 0 |
Fair value | ||
Held-to-maturity securities, fair value | 5,024 | 6,809 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Held-to-maturity securities, amortized cost | 6,674 | 14,033 |
Gross unrealized holding gains | ||
Held-to-maturity securities, gross unrealized holding gains | 94 | 219 |
Gross unrealized holding losses | ||
Held-to-maturity securities, gross unrealized holding losses | 0 | 0 |
Fair value | ||
Held-to-maturity securities, fair value | 6,768 | 14,252 |
Variable rate | Pass-through | ||
Amortized cost | ||
Held-to-maturity securities, amortized cost | 2,848 | 3,618 |
Gross unrealized holding gains | ||
Held-to-maturity securities, gross unrealized holding gains | 58 | 41 |
Gross unrealized holding losses | ||
Held-to-maturity securities, gross unrealized holding losses | 0 | 0 |
Fair value | ||
Held-to-maturity securities, fair value | 2,906 | 3,659 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Held-to-maturity securities, amortized cost | 841 | 970 |
Gross unrealized holding gains | ||
Held-to-maturity securities, gross unrealized holding gains | 14 | 12 |
Gross unrealized holding losses | ||
Held-to-maturity securities, gross unrealized holding losses | 0 | 0 |
Fair value | ||
Held-to-maturity securities, fair value | $ 855 | $ 982 |
Marketable Securities - Issuers
Marketable Securities - Issuers and the Carrying Values of Mortgage-Backed Securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Marketable securities | |||
Carrying value of marketable securities pledged | $ 200,900,000 | ||
Marketable securities classified as available-for-sale sold | 1,951,000 | $ 1,246,000 | $ 7,910,000 |
Gross realized gains | 268,000 | 121,000 | 4,400,000 |
Gross realized losses | 0 | 67,000 | 0 |
Non-cash credit related other-than-temporary impairment | 0 | 0 | $ 0 |
Residential mortgage-backed securities | |||
Marketable securities | |||
Total residential mortgage-backed securities | 462,704,000 | 503,796,000 | |
Residential mortgage-backed securities | FNMA | |||
Marketable securities | |||
Total residential mortgage-backed securities | 210,373,000 | 234,204,000 | |
Residential mortgage-backed securities | GNMA | |||
Marketable securities | |||
Total residential mortgage-backed securities | 42,221,000 | 48,283,000 | |
Residential mortgage-backed securities | FHLMC | |||
Marketable securities | |||
Total residential mortgage-backed securities | 202,822,000 | 209,788,000 | |
Residential mortgage-backed securities | SBA | |||
Marketable securities | |||
Total residential mortgage-backed securities | 6,608,000 | 8,166,000 | |
Residential mortgage-backed securities | Other (including non-agency) | |||
Marketable securities | |||
Total residential mortgage-backed securities | $ 680,000 | $ 3,355,000 |
Marketable Securities - Fair Va
Marketable Securities - Fair Value and Gross Unrealized Losses on Investment Securities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)investment | Dec. 31, 2015USD ($) | |
Marketable securities | ||
Less than 12 months - Fair value | $ 457,286 | $ 273,909 |
Less than 12 months - Unrealized loss | (6,322) | (1,331) |
12 months or more - Fair value | 99,645 | 244,871 |
12 months or more - Unrealized loss | (2,892) | (4,953) |
Total - Fair value | 556,931 | 518,780 |
Total - Unrealized loss | $ (9,214) | (6,284) |
Number of investments that are temporarily impaired | investment | 154 | |
Aggregate carrying amount of cost-method investment | $ 846,200 | |
U.S. Government and agencies | ||
Marketable securities | ||
Less than 12 months - Fair value | 238,003 | 143,751 |
Less than 12 months - Unrealized loss | (2,448) | (723) |
12 months or more - Fair value | 9,205 | 92,961 |
12 months or more - Unrealized loss | (92) | (786) |
Total - Fair value | 247,208 | 236,712 |
Total - Unrealized loss | (2,540) | (1,509) |
Corporate debt issues | ||
Marketable securities | ||
Less than 12 months - Fair value | 0 | 0 |
Less than 12 months - Unrealized loss | 0 | 0 |
12 months or more - Fair value | 2,107 | 2,021 |
12 months or more - Unrealized loss | (322) | (405) |
Total - Fair value | 2,107 | 2,021 |
Total - Unrealized loss | (322) | (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 | 544 | 0 |
12 months or more - Unrealized loss | (6) | 0 |
Total - Fair value | 544 | 544 |
Total - Unrealized loss | (6) | (6) |
Municipal securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 5,621 | 7,505 |
Less than 12 months - Unrealized loss | (37) | (4) |
12 months or more - Fair value | 66 | 0 |
12 months or more - Unrealized loss | (1) | |
Total - Fair value | 5,687 | 7,505 |
Total - Unrealized loss | (38) | (4) |
Residential mortgage-backed securities - agency | Agency CMOs | ||
Marketable securities | ||
Less than 12 months - Fair value | 213,662 | 122,109 |
Less than 12 months - Unrealized loss | (3,837) | (598) |
12 months or more - Fair value | 87,723 | 149,889 |
12 months or more - Unrealized loss | (2,471) | (3,762) |
Total - Fair value | 301,385 | 271,998 |
Total - Unrealized loss | $ (6,308) | $ (4,360) |
Marketable Securities - Categor
Marketable Securities - Categories of Investment Securities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Marketable securities | |
Total - Amortized cost | $ 11,034 |
Total - Fair value | 13,995 |
Total - Unrealized gain | 2,961 |
Accumulated impairment charges | (8,061) |
Freddie Mac preferred shares | |
Marketable securities | |
Total - Amortized cost | 1 |
Total - Fair value | 27 |
Total - Unrealized gain | 26 |
Accumulated impairment charges | (119) |
Trust preferred investments | |
Marketable securities | |
Total - Amortized cost | 11,033 |
Total - Fair value | 13,968 |
Total - Unrealized gain | 2,935 |
Accumulated impairment charges | $ (7,942) |
Marketable Securities - Cumulat
Marketable Securities - Cumulative Roll Forward of Credit Related Impairment Losses Recognized in Earnings for Debt Securities Held and Not Intended to be Sold (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cumulative roll forward of credit related impairment losses recognized in earnings for debt securities held and not intended to be sold: | ||
Beginning balance | $ 8,436 | $ 8,894 |
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | 0 | 0 |
Reduction for losses realized during the year | (494) | (98) |
Reduction for securities called realized during the year | 0 | (360) |
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized | 0 | 0 |
Ending balance | $ 7,942 | $ 8,436 |
Loans Receivable and Allowanc66
Loans Receivable and Allowance for Loan Losses - Summary of Originated and Acquired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | $ 7,746,648 | $ 7,400,989 | ||
Deferred loan costs | 22,375 | 20,065 | ||
Allowance for loan losses | (60,939) | (62,672) | $ (67,518) | $ (71,348) |
Loans Receivable, Net | 7,496,408 | 7,159,449 | ||
Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (11,638) | (10,778) | ||
Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (171,580) | (172,840) | ||
Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (28,458) | (15,315) | ||
Personal Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 4,675,760 | 4,439,000 | ||
Allowance for loan losses | (16,121) | (16,249) | (20,607) | |
Personal Banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,715,729 | 2,741,277 | ||
Allowance for loan losses | (4,692) | (5,581) | (7,875) | |
Personal Banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,328,772 | 1,187,106 | ||
Allowance for loan losses | (3,941) | (4,550) | (7,245) | |
Personal Banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 631,259 | 510,617 | ||
Allowance for loan losses | (7,488) | (6,118) | (5,487) | |
Commercial Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 3,070,888 | 2,961,989 | ||
Allowance for loan losses | (44,849) | (46,904) | (46,079) | |
Commercial Banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,513,669 | 2,524,274 | ||
Allowance for loan losses | (32,348) | (33,389) | (35,199) | |
Commercial Banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 557,219 | 437,715 | ||
Allowance for loan losses | (12,501) | (13,515) | $ (10,880) | |
Originated | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 6,698,391 | 6,531,938 | ||
Deferred loan costs | 20,081 | 14,806 | ||
Allowance for loan losses | (55,293) | (60,970) | (67,518) | |
Loans Receivable, Net | 6,456,778 | 6,304,311 | ||
Originated | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (11,638) | (10,778) | ||
Originated | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (168,595) | (159,553) | ||
Originated | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (26,168) | (11,132) | ||
Originated | Personal Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 4,076,170 | 4,064,688 | ||
Allowance for loan losses | (16,116) | (16,121) | ||
Originated | Personal Banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,582,218 | 2,695,561 | ||
Allowance for loan losses | (4,656) | (4,692) | ||
Originated | Personal Banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,026,315 | 1,055,907 | ||
Allowance for loan losses | (3,486) | (3,941) | ||
Originated | Personal Banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 467,637 | 313,220 | ||
Allowance for loan losses | (7,974) | (7,488) | ||
Originated | Commercial Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,622,221 | 2,467,250 | ||
Allowance for loan losses | (39,177) | (44,849) | ||
Originated | Commercial Banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,140,678 | 2,094,710 | ||
Allowance for loan losses | (23,667) | (32,348) | ||
Originated | Commercial Banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 481,543 | 372,540 | ||
Allowance for loan losses | (15,510) | (12,501) | ||
Acquired | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,048,257 | 869,051 | ||
Deferred loan costs | 2,294 | 5,259 | ||
Allowance for loan losses | (5,646) | (1,702) | 0 | |
Loans Receivable, Net | 1,039,630 | 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 | (2,985) | (13,287) | ||
Acquired | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (2,290) | (4,183) | ||
Acquired | Personal Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 599,590 | 374,312 | ||
Allowance for loan losses | (1,771) | (229) | 0 | |
Acquired | Personal Banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 133,511 | 45,716 | ||
Allowance for loan losses | (71) | (18) | 0 | |
Acquired | Personal Banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 302,457 | 131,199 | ||
Allowance for loan losses | (1,047) | (101) | 0 | |
Acquired | Personal Banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 163,622 | 197,397 | ||
Allowance for loan losses | (653) | (110) | 0 | |
Acquired | Commercial Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 448,667 | 494,739 | ||
Allowance for loan losses | (3,875) | (1,473) | 0 | |
Acquired | Commercial Banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 372,991 | 429,564 | ||
Allowance for loan losses | (3,008) | (1,439) | 0 | |
Acquired | Commercial Banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 75,676 | 65,175 | ||
Allowance for loan losses | $ (867) | $ (34) | $ 0 |
Loans Receivable and Allowanc67
Loans Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | |||
Serviced loans for others | $ 918.9 | $ 776 | $ 734.9 |
Percentage of loan portfolio secured by properties located in Pennsylvania | 62.00% | 65.00% | |
Adjustable rate loans | $ 2,755 | $ 2,417 | |
Fixed rate loans | $ 4,992 | $ 4,984 |
Loans Receivable and Allowanc68
Loans Receivable and Allowance for Loan Losses - Outstanding Principal Balance and Related Carrying Value of Acquired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | $ 1,056,486 | $ 869,263 |
Carrying value | 1,045,276 | 856,840 |
Acquired loans evaluated individually for future credit losses | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 16,108 | 21,069 |
Carrying value | 12,665 | 16,867 |
Acquired loans evaluated collectively for future credit losses | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 1,040,378 | 848,194 |
Carrying value | $ 1,032,611 | $ 839,973 |
Loans Receivable and Allowanc69
Loans Receivable and Allowance for Loan Losses - Changes in the Accretable Discount (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | $ 2,019 | $ 0 |
Accretion | (1,170) | (377) |
Net reclassification from nonaccretable yield | 1,338 | 724 |
Ending balance | $ 2,187 | 2,019 |
LNB | Acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
LNB Bancorp, Inc. acquisition | $ 1,672 |
Loans Receivable and Allowanc70
Loans Receivable and Allowance for Loan Losses - Composition of Acquired Impaired Loans by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | $ 108,061 | $ 117,851 | $ 137,179 |
Average recorded investment in impaired loans | 118,675 | 130,528 | 159,638 |
Interest income/ accretion recognized | 5,596 | 5,462 | 5,871 |
Acquired loans evaluated individually for future credit losses | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 12,665 | 16,867 | |
Outstanding principal balance | 16,108 | 21,069 | |
Related impairment reserve | 267 | 375 | |
Average recorded investment in impaired loans | 14,766 | 17,812 | |
Interest income/ accretion recognized | 1,170 | 377 | |
Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 38,606 | 37,679 | 41,134 |
Average recorded investment in impaired loans | 37,420 | 37,175 | 42,363 |
Interest income/ accretion recognized | 1,741 | 1,542 | 1,368 |
Personal Banking | Acquired loans evaluated individually for future credit losses | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 2,818 | 4,332 | |
Outstanding principal balance | 5,034 | 6,857 | |
Related impairment reserve | 215 | 22 | |
Average recorded investment in impaired loans | 3,575 | 4,610 | |
Interest income/ accretion recognized | 438 | 110 | |
Personal Banking | Residential mortgage loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 24,193 | 24,858 | 27,039 |
Average recorded investment in impaired loans | 24,483 | 24,554 | 28,227 |
Interest income/ accretion recognized | 1,079 | 944 | 817 |
Personal Banking | Residential mortgage loans | Acquired loans evaluated individually for future credit losses | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 1,319 | 1,981 | |
Outstanding principal balance | 2,062 | 2,910 | |
Related impairment reserve | 204 | 14 | |
Average recorded investment in impaired loans | 1,650 | 2,083 | |
Interest income/ accretion recognized | 202 | 41 | |
Personal Banking | Home equity loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 9,304 | 9,369 | 11,275 |
Average recorded investment in impaired loans | 9,234 | 9,644 | 11,753 |
Interest income/ accretion recognized | 496 | 497 | 485 |
Personal Banking | Home equity loans | Acquired loans evaluated individually for future credit losses | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 1,363 | 2,084 | |
Outstanding principal balance | 2,669 | 3,455 | |
Related impairment reserve | 8 | 6 | |
Average recorded investment in impaired loans | 1,724 | 2,222 | |
Interest income/ accretion recognized | 185 | 51 | |
Personal Banking | Consumer loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 5,109 | 3,452 | 2,820 |
Average recorded investment in impaired loans | 3,703 | 2,977 | 2,383 |
Interest income/ accretion recognized | 166 | 101 | 66 |
Personal Banking | Consumer loans | Acquired loans evaluated individually for future credit losses | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 136 | 267 | |
Outstanding principal balance | 303 | 492 | |
Related impairment reserve | 3 | 2 | |
Average recorded investment in impaired loans | 201 | 305 | |
Interest income/ accretion recognized | 51 | 18 | |
Commercial Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 69,455 | 80,172 | 96,045 |
Average recorded investment in impaired loans | 81,255 | 93,353 | 117,275 |
Interest income/ accretion recognized | 3,855 | 3,920 | 4,503 |
Commercial Banking | Acquired loans evaluated individually for future credit losses | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 9,847 | 12,535 | |
Outstanding principal balance | 11,074 | 14,212 | |
Related impairment reserve | 52 | 353 | |
Average recorded investment in impaired loans | 11,191 | 13,202 | |
Interest income/ accretion recognized | 732 | 267 | |
Commercial Banking | Commercial real estate loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 53,928 | 66,009 | 74,337 |
Average recorded investment in impaired loans | 64,350 | 77,166 | 90,187 |
Interest income/ accretion recognized | 2,864 | 3,226 | 3,589 |
Commercial Banking | Commercial real estate loans | Acquired loans evaluated individually for future credit losses | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 9,596 | 12,288 | |
Outstanding principal balance | 10,809 | 13,946 | |
Related impairment reserve | 52 | 353 | |
Average recorded investment in impaired loans | 10,942 | 12,867 | |
Interest income/ accretion recognized | 721 | 249 | |
Commercial Banking | Commercial loans | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 15,527 | 14,163 | 21,708 |
Average recorded investment in impaired loans | 16,905 | 16,187 | 27,088 |
Interest income/ accretion recognized | 991 | 694 | $ 914 |
Commercial Banking | Commercial loans | Acquired loans evaluated individually for future credit losses | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Carrying value | 251 | 247 | |
Outstanding principal balance | 265 | 266 | |
Related impairment reserve | 0 | 0 | |
Average recorded investment in impaired loans | 249 | 335 | |
Interest income/ accretion recognized | $ 11 | $ 18 |
Loans Receivable and Allowanc71
Loans Receivable and Allowance for Loan Losses - Changes in the Allowance for Losses on Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | $ 62,672 | $ 67,518 | $ 71,348 | $ 62,672 | $ 67,518 | $ 71,348 | |||||||||
Provision | $ 2,145 | $ 5,538 | $ 4,199 | 1,660 | $ 4,595 | $ 3,167 | $ 1,050 | 900 | $ 1,078 | $ 3,466 | $ 8,285 | 7,485 | 13,542 | 9,712 | 20,314 |
Charge-offs | (24,881) | (26,333) | (30,745) | ||||||||||||
Recoveries | 9,606 | 11,775 | 6,601 | ||||||||||||
Balance at the end of the period | 60,939 | 62,672 | 67,518 | 60,939 | 62,672 | 67,518 | |||||||||
Personal Banking | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 16,121 | 16,249 | 20,607 | 16,121 | 16,249 | 20,607 | |||||||||
Provision | 8,582 | 4,202 | |||||||||||||
Charge-offs | (10,846) | (10,387) | |||||||||||||
Recoveries | 2,136 | 1,827 | |||||||||||||
Balance at the end of the period | 16,121 | 16,249 | 16,121 | 16,249 | |||||||||||
Personal Banking | Residential mortgage loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 4,692 | 5,581 | 7,875 | 4,692 | 5,581 | 7,875 | |||||||||
Provision | (96) | (556) | |||||||||||||
Charge-offs | (1,057) | (2,181) | |||||||||||||
Recoveries | 264 | 443 | |||||||||||||
Balance at the end of the period | 4,692 | 5,581 | 4,692 | 5,581 | |||||||||||
Personal Banking | Home equity loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 3,941 | 4,550 | 7,245 | 3,941 | 4,550 | 7,245 | |||||||||
Provision | 693 | (1,106) | |||||||||||||
Charge-offs | (1,716) | (1,783) | |||||||||||||
Recoveries | 414 | 194 | |||||||||||||
Balance at the end of the period | 3,941 | 4,550 | 3,941 | 4,550 | |||||||||||
Personal Banking | Consumer loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 7,488 | 6,118 | 5,487 | 7,488 | 6,118 | 5,487 | |||||||||
Provision | 7,985 | 5,864 | |||||||||||||
Charge-offs | (8,073) | (6,423) | |||||||||||||
Recoveries | 1,458 | 1,190 | |||||||||||||
Balance at the end of the period | 7,488 | 6,118 | 7,488 | 6,118 | |||||||||||
Commercial Banking | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 44,849 | 46,904 | 46,079 | 44,849 | 46,904 | 46,079 | |||||||||
Provision | 3,308 | 16,409 | |||||||||||||
Charge-offs | (13,555) | (20,358) | |||||||||||||
Recoveries | 8,192 | 4,774 | |||||||||||||
Balance at the end of the period | 44,849 | 46,904 | 44,849 | 46,904 | |||||||||||
Commercial Banking | Commercial real estate loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 32,348 | 33,389 | 35,199 | 32,348 | 33,389 | 35,199 | |||||||||
Provision | 540 | 4,417 | |||||||||||||
Charge-offs | (5,741) | (8,422) | |||||||||||||
Recoveries | 4,160 | 2,195 | |||||||||||||
Balance at the end of the period | 32,348 | 33,389 | 32,348 | 33,389 | |||||||||||
Commercial Banking | Commercial loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 12,501 | 13,515 | 10,880 | 12,501 | 13,515 | 10,880 | |||||||||
Provision | 2,768 | 11,992 | |||||||||||||
Charge-offs | (7,814) | (11,936) | |||||||||||||
Recoveries | 4,032 | 2,579 | |||||||||||||
Balance at the end of the period | 12,501 | 13,515 | 12,501 | 13,515 | |||||||||||
Unallocated | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 0 | 4,365 | $ 4,662 | 0 | 4,365 | 4,662 | |||||||||
Provision | (4,365) | (297) | |||||||||||||
Charge-offs | 0 | 0 | |||||||||||||
Recoveries | 0 | 0 | |||||||||||||
Balance at the end of the period | 0 | 4,365 | 0 | 4,365 | |||||||||||
Originated | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 60,970 | 67,518 | 60,970 | 67,518 | |||||||||||
Provision | 7,266 | 7,525 | |||||||||||||
Charge-offs | (21,111) | (24,401) | |||||||||||||
Recoveries | 8,168 | 10,328 | |||||||||||||
Balance at the end of the period | 55,293 | 60,970 | 67,518 | 55,293 | 60,970 | 67,518 | |||||||||
Originated | Personal Banking | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 16,121 | 16,121 | |||||||||||||
Provision | 12,251 | ||||||||||||||
Charge-offs | (14,543) | ||||||||||||||
Recoveries | 2,287 | ||||||||||||||
Balance at the end of the period | 16,116 | 16,121 | 16,116 | 16,121 | |||||||||||
Originated | Personal Banking | Residential mortgage loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 4,692 | 4,692 | |||||||||||||
Provision | 2,906 | ||||||||||||||
Charge-offs | (3,228) | ||||||||||||||
Recoveries | 286 | ||||||||||||||
Balance at the end of the period | 4,656 | 4,692 | 4,656 | 4,692 | |||||||||||
Originated | Personal Banking | Home equity loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 3,941 | 3,941 | |||||||||||||
Provision | 293 | ||||||||||||||
Charge-offs | (1,090) | ||||||||||||||
Recoveries | 342 | ||||||||||||||
Balance at the end of the period | 3,486 | 3,941 | 3,486 | 3,941 | |||||||||||
Originated | Personal Banking | Consumer loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 7,488 | 7,488 | |||||||||||||
Provision | 9,052 | ||||||||||||||
Charge-offs | (10,225) | ||||||||||||||
Recoveries | 1,659 | ||||||||||||||
Balance at the end of the period | 7,974 | 7,488 | 7,974 | 7,488 | |||||||||||
Originated | Commercial Banking | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 44,849 | 44,849 | |||||||||||||
Provision | (4,985) | ||||||||||||||
Charge-offs | (6,568) | ||||||||||||||
Recoveries | 5,881 | ||||||||||||||
Balance at the end of the period | 39,177 | 44,849 | 39,177 | 44,849 | |||||||||||
Originated | Commercial Banking | Commercial real estate loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 32,348 | 32,348 | |||||||||||||
Provision | (9,819) | ||||||||||||||
Charge-offs | (2,403) | ||||||||||||||
Recoveries | 3,541 | ||||||||||||||
Balance at the end of the period | 23,667 | 32,348 | 23,667 | 32,348 | |||||||||||
Originated | Commercial Banking | Commercial loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 12,501 | 12,501 | |||||||||||||
Provision | 4,834 | ||||||||||||||
Charge-offs | (4,165) | ||||||||||||||
Recoveries | 2,340 | ||||||||||||||
Balance at the end of the period | 15,510 | 12,501 | 15,510 | 12,501 | |||||||||||
Acquired | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 1,702 | 0 | 1,702 | 0 | |||||||||||
Provision | 6,276 | 2,187 | |||||||||||||
Charge-offs | (3,770) | (1,932) | |||||||||||||
Recoveries | 1,438 | 1,447 | |||||||||||||
Balance at the end of the period | 5,646 | 1,702 | 0 | 5,646 | 1,702 | 0 | |||||||||
Acquired | Personal Banking | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 229 | 0 | 229 | 0 | |||||||||||
Provision | 3,283 | 482 | |||||||||||||
Charge-offs | (2,381) | (978) | |||||||||||||
Recoveries | 640 | 725 | |||||||||||||
Balance at the end of the period | 1,771 | 229 | 0 | 1,771 | 229 | 0 | |||||||||
Acquired | Personal Banking | Residential mortgage loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 18 | 0 | 18 | 0 | |||||||||||
Provision | 146 | 47 | |||||||||||||
Charge-offs | (252) | (69) | |||||||||||||
Recoveries | 159 | 40 | |||||||||||||
Balance at the end of the period | 71 | 18 | 0 | 71 | 18 | 0 | |||||||||
Acquired | Personal Banking | Home equity loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 101 | 0 | 101 | 0 | |||||||||||
Provision | 2,065 | 247 | |||||||||||||
Charge-offs | (1,449) | (708) | |||||||||||||
Recoveries | 330 | 562 | |||||||||||||
Balance at the end of the period | 1,047 | 101 | 0 | 1,047 | 101 | 0 | |||||||||
Acquired | Personal Banking | Consumer loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 110 | 0 | 110 | 0 | |||||||||||
Provision | 1,072 | 188 | |||||||||||||
Charge-offs | (680) | (201) | |||||||||||||
Recoveries | 151 | 123 | |||||||||||||
Balance at the end of the period | 653 | 110 | 0 | 653 | 110 | 0 | |||||||||
Acquired | Commercial Banking | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 1,473 | 0 | 1,473 | 0 | |||||||||||
Provision | 2,993 | 1,705 | |||||||||||||
Charge-offs | (1,389) | (954) | |||||||||||||
Recoveries | 798 | 722 | |||||||||||||
Balance at the end of the period | 3,875 | 1,473 | 0 | 3,875 | 1,473 | 0 | |||||||||
Acquired | Commercial Banking | Commercial real estate loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | 1,439 | 0 | 1,439 | 0 | |||||||||||
Provision | 2,116 | 1,545 | |||||||||||||
Charge-offs | (1,337) | (585) | |||||||||||||
Recoveries | 790 | 479 | |||||||||||||
Balance at the end of the period | 3,008 | 1,439 | 0 | 3,008 | 1,439 | 0 | |||||||||
Acquired | Commercial Banking | Commercial loans | |||||||||||||||
Changes in allowance for losses on allocated loans receivable | |||||||||||||||
Balance at the beginning of the period | $ 34 | $ 0 | 34 | 0 | |||||||||||
Provision | 877 | 160 | |||||||||||||
Charge-offs | (52) | (369) | |||||||||||||
Recoveries | 8 | 243 | |||||||||||||
Balance at the end of the period | $ 867 | $ 34 | $ 0 | $ 867 | $ 34 | $ 0 |
Loans Receivable and Allowanc72
Loans Receivable and Allowance for Loan Losses - Loan Portfolio by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded investment in loans receivable | $ 7,557,347 | $ 7,222,121 | |
Allowance for loan losses | 60,939 | 62,672 | |
Recorded investment in loans on nonaccrual | 79,536 | 71,662 | |
Recorded investment in loans 90 days or more past maturity and still accruing | 649 | 1,334 | |
TDRs | 42,926 | 51,115 | $ 61,788 |
Allowance for TDRs | 4,590 | 4,682 | |
Additional commitments to customers with loans classified as TDRs | 438 | 320 | |
Nonaccrual TDRs | 16,346 | 21,118 | |
Personal Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded investment in loans receivable | 4,686,497 | 4,448,287 | |
Allowance for loan losses | 17,887 | 16,350 | |
Recorded investment in loans on nonaccrual | 31,238 | 30,746 | |
Recorded investment in loans 90 days or more past maturity and still accruing | 85 | 980 | |
TDRs | 9,112 | 8,658 | |
Allowance for TDRs | 1,158 | 1,794 | |
Additional commitments to customers with loans classified as TDRs | 4 | 0 | |
Personal Banking | Residential mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded investment in loans receivable | 2,714,764 | 2,740,892 | |
Allowance for loan losses | 4,727 | 4,710 | |
Recorded investment in loans on nonaccrual | 18,264 | 19,772 | |
Recorded investment in loans 90 days or more past maturity and still accruing | 0 | 4 | |
TDRs | 7,299 | 6,360 | |
Allowance for TDRs | 708 | 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] | |||
Recorded investment in loans receivable | 1,328,772 | 1,187,106 | |
Allowance for loan losses | 4,533 | 4,042 | |
Recorded investment in loans on nonaccrual | 7,865 | 7,522 | |
Recorded investment in loans 90 days or more past maturity and still accruing | 0 | 0 | |
TDRs | 1,813 | 2,298 | |
Allowance for TDRs | 450 | 605 | |
Additional commitments to customers with loans classified as TDRs | 4 | 0 | |
Personal Banking | Consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded investment in loans receivable | 642,961 | 520,289 | |
Allowance for loan losses | 8,627 | 7,598 | |
Recorded investment in loans on nonaccrual | 5,109 | 3,452 | |
Recorded investment in loans 90 days or more past maturity and still accruing | 85 | 976 | |
TDRs | 0 | 0 | |
Allowance for TDRs | 0 | 0 | |
Additional commitments to customers with loans classified as TDRs | 0 | 0 | |
Commercial Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded investment in loans receivable | 2,870,850 | 2,773,834 | |
Allowance for loan losses | 43,052 | 46,322 | |
Recorded investment in loans on nonaccrual | 48,298 | 40,916 | |
Recorded investment in loans 90 days or more past maturity and still accruing | 564 | 354 | |
TDRs | 33,814 | 42,457 | |
Allowance for TDRs | 3,432 | 2,888 | |
Additional commitments to customers with loans classified as TDRs | 434 | 320 | |
Commercial Banking | Commercial real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded investment in loans receivable | 2,342,089 | 2,351,434 | |
Allowance for loan losses | 26,675 | 33,787 | |
Recorded investment in loans on nonaccrual | 38,724 | 33,421 | |
Recorded investment in loans 90 days or more past maturity and still accruing | 564 | 206 | |
TDRs | 24,483 | 31,970 | |
Allowance for TDRs | 2,072 | 2,257 | |
Additional commitments to customers with loans classified as TDRs | 417 | 241 | |
Commercial Banking | Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded investment in loans receivable | 528,761 | 422,400 | |
Allowance for loan losses | 16,377 | 12,535 | |
Recorded investment in loans on nonaccrual | 9,574 | 7,495 | |
Recorded investment in loans 90 days or more past maturity and still accruing | 0 | 148 | |
TDRs | 9,331 | 10,487 | |
Allowance for TDRs | 1,360 | 631 | |
Additional commitments to customers with loans classified as TDRs | $ 17 | $ 79 |
Loans Receivable and Allowanc73
Loans Receivable and Allowance for Loan Losses - Composition of Impaired Loans by Portfolio Segment and Class of Financing Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | $ 79,536 | $ 71,662 | |
Total impaired loans | 108,061 | 117,851 | $ 137,179 |
Average recorded investment in impaired loans | 118,675 | 130,528 | 159,638 |
Interest income/ accretion recognized | 5,596 | 5,462 | 5,871 |
Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 31,238 | 30,746 | |
Total impaired loans | 38,606 | 37,679 | 41,134 |
Average recorded investment in impaired loans | 37,420 | 37,175 | 42,363 |
Interest income/ accretion recognized | 1,741 | 1,542 | 1,368 |
Commercial Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 48,298 | 40,916 | |
Total impaired loans | 69,455 | 80,172 | 96,045 |
Average recorded investment in impaired loans | 81,255 | 93,353 | 117,275 |
Interest income/ accretion recognized | 3,855 | 3,920 | 4,503 |
Residential mortgage loans | Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 18,264 | 19,772 | |
Total impaired loans | 24,193 | 24,858 | 27,039 |
Average recorded investment in impaired loans | 24,483 | 24,554 | 28,227 |
Interest income/ accretion recognized | 1,079 | 944 | 817 |
Home equity loans | Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 7,865 | 7,522 | |
Total impaired loans | 9,304 | 9,369 | 11,275 |
Average recorded investment in impaired loans | 9,234 | 9,644 | 11,753 |
Interest income/ accretion recognized | 496 | 497 | 485 |
Consumer loans | Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 5,109 | 3,452 | |
Total impaired loans | 5,109 | 3,452 | 2,820 |
Average recorded investment in impaired loans | 3,703 | 2,977 | 2,383 |
Interest income/ accretion recognized | 166 | 101 | 66 |
Commercial real estate loans | Commercial Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 38,724 | 33,421 | |
Total impaired loans | 53,928 | 66,009 | 74,337 |
Average recorded investment in impaired loans | 64,350 | 77,166 | 90,187 |
Interest income/ accretion recognized | 2,864 | 3,226 | 3,589 |
Commercial loans | Commercial Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 9,574 | 7,495 | |
Total impaired loans | 15,527 | 14,163 | 21,708 |
Average recorded investment in impaired loans | 16,905 | 16,187 | 27,088 |
Interest income/ accretion recognized | 991 | 694 | 914 |
90 days or greater delinquent | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 45,181 | 43,268 | 41,326 |
90 days or greater delinquent | Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 22,544 | 24,360 | 26,752 |
90 days or greater delinquent | Commercial Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 22,637 | 18,908 | 14,574 |
90 days or greater delinquent | Residential mortgage loans | Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 13,169 | 15,810 | 17,696 |
90 days or greater delinquent | Home equity loans | Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 5,552 | 5,650 | 6,606 |
90 days or greater delinquent | Consumer loans | Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 3,823 | 2,900 | 2,450 |
90 days or greater delinquent | Commercial real estate loans | Commercial Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 19,264 | 16,449 | 11,099 |
90 days or greater delinquent | Commercial loans | Commercial Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 3,373 | 2,459 | 3,475 |
Less than 90 days delinquent | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 34,355 | 28,394 | 38,482 |
Loans less than 90 days delinquent reviewed for impairment | 6,459 | 18,135 | 31,666 |
TDRs less than 90 days delinquent not included elsewhere | 22,066 | 28,054 | 25,705 |
Less than 90 days delinquent | Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 8,694 | 6,386 | 6,831 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 7,368 | 6,933 | 7,551 |
Less than 90 days delinquent | Commercial Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 25,661 | 22,008 | 31,651 |
Loans less than 90 days delinquent reviewed for impairment | 6,459 | 18,135 | 31,666 |
TDRs less than 90 days delinquent not included elsewhere | 14,698 | 21,121 | 18,154 |
Less than 90 days delinquent | Residential mortgage loans | Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 5,095 | 3,962 | 3,498 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 5,929 | 5,086 | 5,845 |
Less than 90 days delinquent | Home equity loans | Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 2,313 | 1,872 | 2,963 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 1,439 | 1,847 | 1,706 |
Less than 90 days delinquent | Consumer loans | Personal Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 1,286 | 552 | 370 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 0 | 0 | 0 |
Less than 90 days delinquent | Commercial real estate loans | Commercial Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 19,460 | 16,972 | 27,548 |
Loans less than 90 days delinquent reviewed for impairment | 3,622 | 16,121 | 26,400 |
TDRs less than 90 days delinquent not included elsewhere | 11,582 | 16,467 | 12,128 |
Less than 90 days delinquent | Commercial loans | Commercial Banking | |||
Composition of impaired loans by portfolio segment and by class of financing receivable | |||
Nonaccrual loans | 6,201 | 5,036 | 4,103 |
Loans less than 90 days delinquent reviewed for impairment | 2,837 | 2,014 | 5,266 |
TDRs less than 90 days delinquent not included elsewhere | $ 3,116 | $ 4,654 | $ 6,026 |
Loans Receivable and Allowanc74
Loans Receivable and Allowance for Loan Losses - Evaluation of Impaired Loans by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | $ 7,503,912 | $ 7,147,649 |
Loans individually evaluated for impairment | 53,435 | 74,472 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 48,056 | 53,189 |
Related impairment reserve | 6,123 | 5,008 |
Loans individually evaluated for impairment for which there is no related reserve | 5,379 | 21,283 |
Personal Banking | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 4,676,277 | 4,438,708 |
Loans individually evaluated for impairment | 10,220 | 9,579 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 10,220 | 9,579 |
Related impairment reserve | 1,188 | 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 | 2,706,484 | 2,733,741 |
Loans individually evaluated for impairment | 8,280 | 7,151 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 8,280 | 7,151 |
Related impairment reserve | 709 | 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 | 1,326,958 | 1,184,808 |
Loans individually evaluated for impairment | 1,814 | 2,298 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 1,814 | 2,298 |
Related impairment reserve | 450 | 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 | 642,835 | 520,159 |
Loans individually evaluated for impairment | 126 | 130 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 126 | 130 |
Related impairment reserve | 29 | 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 | 2,827,635 | 2,708,941 |
Loans individually evaluated for impairment | 43,215 | 64,893 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 37,836 | 43,610 |
Related impairment reserve | 4,935 | 3,164 |
Loans individually evaluated for impairment for which there is no related reserve | 5,379 | 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 | 2,309,186 | 2,297,599 |
Loans individually evaluated for impairment | 32,903 | 53,835 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 27,594 | 35,937 |
Related impairment reserve | 3,545 | 2,675 |
Loans individually evaluated for impairment for which there is no related reserve | 5,309 | 17,898 |
Commercial Banking | Commercial loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 518,449 | 411,342 |
Loans individually evaluated for impairment | 10,312 | 11,058 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 10,242 | 7,673 |
Related impairment reserve | 1,390 | 489 |
Loans individually evaluated for impairment for which there is no related reserve | $ 70 | $ 3,385 |
Loans Receivable and Allowanc75
Loans Receivable and Allowance for Loan Losses - Roll Forward of Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($)contract | |
Number of contract | ||
Beginning balance | contract | 227 | 248 |
Number of contracts new TDRs | contract | 34 | 26 |
Number of re-modified TDRs | contract | 7 | 3 |
Ending balance | contract | 225 | 227 |
Roll forward of troubled debt restructurings | ||
Beginning TDR balance: | $ 51,115 | $ 61,788 |
New TDRs | 6,365 | 8,537 |
Re-modified TDRs | 3,414 | 6,386 |
Net paydowns | (9,037) | (13,270) |
Ending TDR balance: | 42,926 | 51,115 |
Accruing TDRs | 26,580 | 29,997 |
Non-accrual TDRs | $ 16,346 | $ 21,118 |
Residential mortgage loans | ||
Number of contract | ||
Number of contracts charged off | contract | 0 | 0 |
Number of contracts paid off | contract | 4 | 2 |
Roll forward of troubled debt restructurings | ||
Amount of contracts charged off | $ 0 | $ 0 |
Amount of contracts paid off | $ (151) | $ (109) |
Home equity loans | ||
Number of contract | ||
Number of contracts charged off | contract | 0 | 4 |
Number of contracts paid off | contract | 5 | |
Roll forward of troubled debt restructurings | ||
Amount of contracts charged off | $ 0 | $ (159) |
Amount of contracts paid off | $ (534) | $ (194) |
Commercial real estate loans | ||
Number of contract | ||
Number of contracts charged off | contract | 1 | 4 |
Number of contracts paid off | contract | 19 | 15 |
Roll forward of troubled debt restructurings | ||
Amount of contracts charged off | $ (120) | $ (179) |
Amount of contracts paid off | $ (6,170) | $ (9,208) |
Commercial loans | ||
Number of contract | ||
Number of contracts charged off | contract | 2 | 2 |
Number of contracts paid off | contract | 10 | 14 |
Number of contracts transferred to real estate owned | contract | 0 | 1 |
Roll forward of troubled debt restructurings | ||
Amount of contracts charged off | $ (142) | $ (387) |
Amount of contracts paid off | (1,814) | (1,728) |
Transferred to real estate owned | $ 0 | $ (362) |
Loans Receivable and Allowanc76
Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructuring (Including Re-Modified TDRs) by Portfolio Segment and by Class of Financing Receivable (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($)contract | Dec. 31, 2014USD ($)contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | contract | 41 | 29 | 57 |
Recorded investment at the time of modification | $ 9,779 | $ 14,923 | $ 13,132 |
Current recorded investment | 7,509 | 14,881 | 11,808 |
Current allowance | $ 1,217 | $ 1,245 | $ 1,904 |
Troubled debt restructurings that subsequently defaulted: | |||
Number of contracts | contract | 4 | 4 | |
Recorded investment at the time of modification | $ 962 | $ 500 | |
Current recorded investment | 958 | 477 | |
Current allowance | $ 564 | $ 8 | |
Personal Banking | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | contract | 14 | 9 | 23 |
Recorded investment at the time of modification | $ 1,674 | $ 465 | $ 3,372 |
Current recorded investment | 1,648 | 454 | 3,197 |
Current allowance | $ 224 | $ 42 | $ 211 |
Troubled debt restructurings that subsequently defaulted: | |||
Number of contracts | contract | 0 | 2 | |
Recorded investment at the time of modification | $ 0 | $ 438 | |
Current recorded investment | 0 | 408 | |
Current allowance | $ 0 | $ 1 | |
Personal Banking | Residential mortgage loans | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | contract | 7 | 6 | 17 |
Recorded investment at the time of modification | $ 1,199 | $ 364 | $ 2,802 |
Current recorded investment | 1,177 | 357 | 2,690 |
Current allowance | $ 114 | $ 21 | $ 210 |
Troubled debt restructurings that subsequently defaulted: | |||
Number of contracts | contract | 0 | 1 | |
Recorded investment at the time of modification | $ 0 | $ 78 | |
Current recorded investment | 0 | 77 | |
Current allowance | $ 0 | $ 0 | |
Personal Banking | Home equity loans | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | contract | 7 | 3 | 6 |
Recorded investment at the time of modification | $ 475 | $ 101 | $ 570 |
Current recorded investment | 471 | 97 | 507 |
Current allowance | $ 110 | $ 21 | $ 1 |
Troubled debt restructurings that subsequently defaulted: | |||
Number of contracts | contract | 0 | 1 | |
Recorded investment at the time of modification | $ 0 | $ 360 | |
Current recorded investment | 0 | 331 | |
Current allowance | $ 0 | $ 1 | |
Personal Banking | Consumer loans | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | contract | 0 | 0 | 0 |
Recorded investment at the time of modification | $ 0 | $ 0 | $ 0 |
Current recorded investment | 0 | 0 | 0 |
Current allowance | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings that subsequently defaulted: | |||
Number of contracts | contract | 0 | 0 | |
Recorded investment at the time of modification | $ 0 | $ 0 | |
Current recorded investment | 0 | 0 | |
Current allowance | $ 0 | $ 0 | |
Personal Banking | Commercial real estate loans | |||
Troubled debt restructurings that subsequently defaulted: | |||
Number of contracts | contract | 1 | ||
Commercial Banking | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | contract | 27 | 20 | 34 |
Recorded investment at the time of modification | $ 8,105 | $ 14,458 | $ 9,760 |
Current recorded investment | 5,861 | 14,427 | 8,611 |
Current allowance | $ 993 | $ 1,203 | $ 1,693 |
Troubled debt restructurings that subsequently defaulted: | |||
Number of contracts | contract | 4 | 2 | |
Recorded investment at the time of modification | $ 962 | $ 62 | |
Current recorded investment | 958 | 69 | |
Current allowance | $ 564 | $ 7 | |
Commercial Banking | Commercial real estate loans | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | contract | 7 | 11 | 11 |
Recorded investment at the time of modification | $ 3,729 | $ 12,258 | $ 2,010 |
Current recorded investment | 3,643 | 12,243 | 1,793 |
Current allowance | 485 | $ 1,047 | $ 202 |
Troubled debt restructurings that subsequently defaulted: | |||
Number of contracts | contract | 1 | ||
Recorded investment at the time of modification | 429 | $ 12 | |
Current recorded investment | 425 | 5 | |
Current allowance | $ 31 | $ 1 | |
Commercial Banking | Commercial loans | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | contract | 20 | 9 | 23 |
Recorded investment at the time of modification | $ 4,376 | $ 2,200 | $ 7,750 |
Current recorded investment | 2,218 | 2,184 | 6,818 |
Current allowance | $ 508 | $ 156 | $ 1,491 |
Troubled debt restructurings that subsequently defaulted: | |||
Number of contracts | contract | 3 | 1 | |
Recorded investment at the time of modification | $ 533 | $ 50 | |
Current recorded investment | 533 | 64 | |
Current allowance | $ 533 | $ 6 |
Loans Receivable and Allowanc77
Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings by Type of Modification (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($)contract | Dec. 31, 2014USD ($)contract | |
Troubled debt restructurings | |||
Number of contracts | contract | 41 | 29 | 57 |
Total | $ 7,509 | $ 14,881 | $ 11,808 |
Number of re-modified TDRs | contract | 7 | 3 | |
Total | $ 2,196 | $ 6,384 | |
Rate | |||
Troubled debt restructurings | |||
Total | 478 | 341 | |
Total | 0 | 83 | |
Payment | |||
Troubled debt restructurings | |||
Total | 753 | 0 | |
Total | 502 | 0 | |
Maturity date | |||
Troubled debt restructurings | |||
Total | 3,932 | 13,336 | |
Total | 1,329 | 6,256 | |
Other | |||
Troubled debt restructurings | |||
Total | 2,346 | 1,204 | |
Total | $ 365 | $ 45 | |
Personal Banking | |||
Troubled debt restructurings | |||
Number of contracts | contract | 14 | 9 | 23 |
Total | $ 1,648 | $ 454 | $ 3,197 |
Number of re-modified TDRs | contract | 1 | 2 | |
Total | $ 192 | $ 128 | |
Personal Banking | Rate | |||
Troubled debt restructurings | |||
Total | 478 | 167 | |
Total | 0 | 83 | |
Personal Banking | Payment | |||
Troubled debt restructurings | |||
Total | 0 | 0 | |
Total | 0 | 0 | |
Personal Banking | Maturity date | |||
Troubled debt restructurings | |||
Total | 774 | 111 | |
Total | 0 | 0 | |
Personal Banking | Other | |||
Troubled debt restructurings | |||
Total | 396 | 176 | |
Total | $ 192 | $ 45 | |
Personal Banking | Residential mortgage loans | |||
Troubled debt restructurings | |||
Number of contracts | contract | 7 | 6 | 17 |
Total | $ 1,177 | $ 357 | $ 2,690 |
Number of re-modified TDRs | contract | 0 | 1 | |
Total | $ 0 | $ 45 | |
Personal Banking | Residential mortgage loans | Rate | |||
Troubled debt restructurings | |||
Total | 358 | 71 | |
Total | 0 | 0 | |
Personal Banking | Residential mortgage loans | Payment | |||
Troubled debt restructurings | |||
Total | 0 | 0 | |
Total | 0 | 0 | |
Personal Banking | Residential mortgage loans | Maturity date | |||
Troubled debt restructurings | |||
Total | 771 | 110 | |
Total | 0 | 0 | |
Personal Banking | Residential mortgage loans | Other | |||
Troubled debt restructurings | |||
Total | 48 | 176 | |
Total | $ 0 | $ 45 | |
Personal Banking | Home equity loans | |||
Troubled debt restructurings | |||
Number of contracts | contract | 7 | 3 | 6 |
Total | $ 471 | $ 97 | $ 507 |
Number of re-modified TDRs | contract | 1 | 1 | |
Total | $ 192 | $ 83 | |
Personal Banking | Home equity loans | Rate | |||
Troubled debt restructurings | |||
Total | 120 | 96 | |
Total | 0 | 83 | |
Personal Banking | Home equity loans | Payment | |||
Troubled debt restructurings | |||
Total | 0 | 0 | |
Total | 0 | 0 | |
Personal Banking | Home equity loans | Maturity date | |||
Troubled debt restructurings | |||
Total | 3 | 1 | |
Total | 0 | 0 | |
Personal Banking | Home equity loans | Other | |||
Troubled debt restructurings | |||
Total | 348 | 0 | |
Total | $ 192 | $ 0 | |
Personal Banking | Consumer loans | |||
Troubled debt restructurings | |||
Number of contracts | contract | 0 | 0 | 0 |
Total | $ 0 | $ 0 | $ 0 |
Number of re-modified TDRs | contract | 0 | 0 | |
Total | $ 0 | $ 0 | |
Personal Banking | Consumer loans | Rate | |||
Troubled debt restructurings | |||
Total | 0 | 0 | |
Total | 0 | 0 | |
Personal Banking | Consumer loans | Payment | |||
Troubled debt restructurings | |||
Total | 0 | 0 | |
Total | 0 | 0 | |
Personal Banking | Consumer loans | Maturity date | |||
Troubled debt restructurings | |||
Total | 0 | 0 | |
Total | 0 | 0 | |
Personal Banking | Consumer loans | Other | |||
Troubled debt restructurings | |||
Total | 0 | 0 | |
Total | $ 0 | $ 0 | |
Commercial Banking | |||
Troubled debt restructurings | |||
Number of contracts | contract | 27 | 20 | 34 |
Total | $ 5,861 | $ 14,427 | $ 8,611 |
Number of re-modified TDRs | contract | 6 | 1 | |
Total | $ 2,004 | $ 6,256 | |
Commercial Banking | Rate | |||
Troubled debt restructurings | |||
Total | 0 | 174 | |
Total | 0 | 0 | |
Commercial Banking | Payment | |||
Troubled debt restructurings | |||
Total | 753 | 0 | |
Total | 502 | 0 | |
Commercial Banking | Maturity date | |||
Troubled debt restructurings | |||
Total | 3,158 | 13,225 | |
Total | 1,329 | 6,256 | |
Commercial Banking | Other | |||
Troubled debt restructurings | |||
Total | 1,950 | 1,028 | |
Total | $ 173 | $ 0 | |
Commercial Banking | Commercial real estate loans | |||
Troubled debt restructurings | |||
Number of contracts | contract | 7 | 11 | 11 |
Total | $ 3,643 | $ 12,243 | $ 1,793 |
Number of re-modified TDRs | contract | 2 | 1 | |
Total | $ 1,502 | $ 6,256 | |
Commercial Banking | Commercial real estate loans | Rate | |||
Troubled debt restructurings | |||
Total | 0 | 174 | |
Total | 0 | 0 | |
Commercial Banking | Commercial real estate loans | Payment | |||
Troubled debt restructurings | |||
Total | 425 | 0 | |
Total | 0 | 0 | |
Commercial Banking | Commercial real estate loans | Maturity date | |||
Troubled debt restructurings | |||
Total | 1,980 | 11,961 | |
Total | 1,329 | 6,256 | |
Commercial Banking | Commercial real estate loans | Other | |||
Troubled debt restructurings | |||
Total | 1,238 | 108 | |
Total | $ 173 | $ 0 | |
Commercial Banking | Commercial loans | |||
Troubled debt restructurings | |||
Number of contracts | contract | 20 | 9 | 23 |
Total | $ 2,218 | $ 2,184 | $ 6,818 |
Number of re-modified TDRs | contract | 4 | 0 | |
Total | $ 502 | $ 0 | |
Commercial Banking | Commercial loans | Rate | |||
Troubled debt restructurings | |||
Total | 0 | 0 | |
Total | 0 | 0 | |
Commercial Banking | Commercial loans | Payment | |||
Troubled debt restructurings | |||
Total | 328 | 0 | |
Total | 502 | 0 | |
Commercial Banking | Commercial loans | Maturity date | |||
Troubled debt restructurings | |||
Total | 1,178 | 1,264 | |
Total | 0 | 0 | |
Commercial Banking | Commercial loans | Other | |||
Troubled debt restructurings | |||
Total | 712 | 920 | |
Total | $ 0 | $ 0 |
Loans Receivable and Allowanc78
Loans Receivable and Allowance for Loan Losses - Loan Delinquencies (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loan payment delinquencies | ||
Total delinquency | $ 121,594 | $ 135,228 |
Current | 7,435,753 | 7,086,893 |
Total loans | 7,557,347 | 7,222,121 |
90 days or greater delinquent and accruing | 2,824 | 3,750 |
Personal Banking | ||
Loan payment delinquencies | ||
Total loans | 4,686,497 | 4,448,287 |
Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total loans | 2,714,764 | 2,740,892 |
Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total loans | 1,328,772 | 1,187,106 |
Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total loans | 642,961 | 520,289 |
Commercial Banking | ||
Loan payment delinquencies | ||
Total loans | 2,870,850 | 2,773,834 |
Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total loans | 2,342,089 | 2,351,434 |
Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total loans | 528,761 | 422,400 |
Originated | ||
Loan payment delinquencies | ||
Total delinquency | 105,990 | 120,633 |
Current | 6,406,081 | 6,244,648 |
Total loans | 6,512,071 | 6,365,281 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 72,003 | 71,854 |
Current | 4,012,610 | 3,996,862 |
Total loans | 4,084,613 | 4,068,716 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 44,810 | 48,608 |
Current | 2,536,443 | 2,646,568 |
Total loans | 2,581,253 | 2,695,176 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 11,873 | 11,957 |
Current | 1,014,442 | 1,043,950 |
Total loans | 1,026,315 | 1,055,907 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 15,320 | 11,289 |
Current | 461,725 | 306,344 |
Total loans | 477,045 | 317,633 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 33,987 | 48,779 |
Current | 2,393,471 | 2,247,786 |
Total loans | 2,427,458 | 2,296,565 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 27,856 | 44,029 |
Current | 1,944,227 | 1,891,128 |
Total loans | 1,972,083 | 1,935,157 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 6,131 | 4,750 |
Current | 449,244 | 356,658 |
Total loans | 455,375 | 361,408 |
90 days or greater delinquent and accruing | 0 | 0 |
Acquired | ||
Loan payment delinquencies | ||
Total delinquency | 15,604 | 14,595 |
Current | 1,029,672 | 842,245 |
Total loans | 1,045,276 | 856,840 |
90 days or greater delinquent and accruing | 2,824 | 3,750 |
Acquired | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 6,670 | 5,173 |
Current | 595,214 | 374,398 |
Total loans | 601,884 | 379,571 |
90 days or greater delinquent and accruing | 671 | 1,028 |
Acquired | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,424 | 1,475 |
Current | 131,087 | 44,241 |
Total loans | 133,511 | 45,716 |
90 days or greater delinquent and accruing | 452 | 540 |
Acquired | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,251 | 2,439 |
Current | 300,206 | 128,760 |
Total loans | 302,457 | 131,199 |
90 days or greater delinquent and accruing | 204 | 462 |
Acquired | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,995 | 1,259 |
Current | 163,921 | 201,397 |
Total loans | 165,916 | 202,656 |
90 days or greater delinquent and accruing | 15 | 26 |
Acquired | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 8,934 | 9,422 |
Current | 434,458 | 467,847 |
Total loans | 443,392 | 477,269 |
90 days or greater delinquent and accruing | 2,153 | 2,722 |
Acquired | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 8,286 | 8,107 |
Current | 361,720 | 408,170 |
Total loans | 370,006 | 416,277 |
90 days or greater delinquent and accruing | 2,006 | 2,582 |
Acquired | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 648 | 1,315 |
Current | 72,738 | 59,677 |
Total loans | 73,386 | 60,992 |
90 days or greater delinquent and accruing | 147 | 140 |
30-59 days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 55,614 | 66,595 |
30-59 days delinquent | Originated | ||
Loan payment delinquencies | ||
Total delinquency | 49,336 | 60,380 |
30-59 days delinquent | Originated | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 40,595 | 36,465 |
30-59 days delinquent | Originated | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 26,212 | 25,503 |
30-59 days delinquent | Originated | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 5,785 | 4,870 |
30-59 days delinquent | Originated | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 8,598 | 6,092 |
30-59 days delinquent | Originated | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 8,741 | 23,915 |
30-59 days delinquent | Originated | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 7,674 | 22,212 |
30-59 days delinquent | Originated | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,067 | 1,703 |
30-59 days delinquent | Acquired | ||
Loan payment delinquencies | ||
Total delinquency | 6,278 | 6,215 |
30-59 days delinquent | Acquired | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 3,464 | 2,385 |
30-59 days delinquent | Acquired | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,174 | 440 |
30-59 days delinquent | Acquired | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,020 | 936 |
30-59 days delinquent | Acquired | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,270 | 1,009 |
30-59 days delinquent | Acquired | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 2,814 | 3,830 |
30-59 days delinquent | Acquired | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,703 | 2,665 |
30-59 days delinquent | Acquired | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 111 | 1,165 |
60-89 days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 17,975 | 21,615 |
60-89 days delinquent | Originated | ||
Loan payment delinquencies | ||
Total delinquency | 15,946 | 19,190 |
60-89 days delinquent | Originated | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 10,315 | 11,717 |
60-89 days delinquent | Originated | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 5,806 | 7,541 |
60-89 days delinquent | Originated | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,305 | 1,836 |
60-89 days delinquent | Originated | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,204 | 2,340 |
60-89 days delinquent | Originated | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 5,631 | 7,473 |
60-89 days delinquent | Originated | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,674 | 6,875 |
60-89 days delinquent | Originated | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,957 | 598 |
60-89 days delinquent | Acquired | ||
Loan payment delinquencies | ||
Total delinquency | 2,029 | 2,425 |
60-89 days delinquent | Acquired | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 1,084 | 1,072 |
60-89 days delinquent | Acquired | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 421 | 249 |
60-89 days delinquent | Acquired | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 258 | 642 |
60-89 days delinquent | Acquired | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 405 | 181 |
60-89 days delinquent | Acquired | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 945 | 1,353 |
60-89 days delinquent | Acquired | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 821 | 1,353 |
60-89 days delinquent | Acquired | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 124 | 0 |
90 days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 48,005 | 47,018 |
90 days or greater delinquent | Originated | ||
Loan payment delinquencies | ||
Total delinquency | 40,708 | 41,063 |
90 days or greater delinquent | Originated | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 21,093 | 23,672 |
90 days or greater delinquent | Originated | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 12,792 | 15,564 |
90 days or greater delinquent | Originated | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 4,783 | 5,251 |
90 days or greater delinquent | Originated | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,518 | 2,857 |
90 days or greater delinquent | Originated | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 19,615 | 17,391 |
90 days or greater delinquent | Originated | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 16,508 | 14,942 |
90 days or greater delinquent | Originated | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,107 | 2,449 |
90 days or greater delinquent | Acquired | ||
Loan payment delinquencies | ||
Total delinquency | 7,297 | 5,955 |
90 days or greater delinquent | Acquired | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 2,122 | 1,716 |
90 days or greater delinquent | Acquired | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 829 | 786 |
90 days or greater delinquent | Acquired | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 973 | 861 |
90 days or greater delinquent | Acquired | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 320 | 69 |
90 days or greater delinquent | Acquired | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 5,175 | 4,239 |
90 days or greater delinquent | Acquired | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 4,762 | 4,089 |
90 days or greater delinquent | Acquired | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | $ 413 | $ 150 |
Loans Receivable and Allowanc79
Loans Receivable and Allowance for Loan Losses - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Credit quality indicators | ||
Total loans | $ 7,557,347 | $ 7,222,121 |
Pass | ||
Credit quality indicators | ||
Total loans | 7,278,068 | 6,952,327 |
Special mention | ||
Credit quality indicators | ||
Total loans | 60,916 | 77,120 |
Substandard | ||
Credit quality indicators | ||
Total loans | 218,363 | 190,109 |
Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 1,225 |
Loss | ||
Credit quality indicators | ||
Total loans | 0 | 1,340 |
Special mention or substandard | Minimum | ||
Credit quality indicators | ||
Total loans | 1,000 | |
Personal Banking | ||
Credit quality indicators | ||
Total loans | 4,686,497 | 4,448,287 |
Personal Banking | Residential mortgage loans | ||
Credit quality indicators | ||
Total loans | 2,714,764 | 2,740,892 |
Personal Banking | Home equity loans | ||
Credit quality indicators | ||
Total loans | 1,328,772 | 1,187,106 |
Personal Banking | Consumer loans | ||
Credit quality indicators | ||
Total loans | 642,961 | 520,289 |
Commercial Banking | ||
Credit quality indicators | ||
Total loans | 2,870,850 | 2,773,834 |
Commercial Banking | Commercial real estate loans | ||
Credit quality indicators | ||
Total loans | 2,342,089 | 2,351,434 |
Commercial Banking | Commercial loans | ||
Credit quality indicators | ||
Total loans | 528,761 | 422,400 |
Originated | ||
Credit quality indicators | ||
Total loans | 6,512,071 | 6,365,281 |
Originated | Pass | ||
Credit quality indicators | ||
Total loans | 6,281,250 | 6,121,713 |
Originated | Special mention | ||
Credit quality indicators | ||
Total loans | 51,524 | 69,541 |
Originated | Substandard | ||
Credit quality indicators | ||
Total loans | 179,297 | 171,462 |
Originated | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 1,225 |
Originated | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 1,340 |
Originated | Personal Banking | ||
Credit quality indicators | ||
Total loans | 4,084,613 | 4,068,716 |
Originated | Personal Banking | Pass | ||
Credit quality indicators | ||
Total loans | 4,057,836 | 4,044,118 |
Originated | Personal Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 26,777 | 23,258 |
Originated | Personal Banking | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 1,340 |
Originated | Personal Banking | Residential mortgage loans | ||
Credit quality indicators | ||
Total loans | 2,581,253 | 2,695,176 |
Originated | Personal Banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Total loans | 2,564,988 | 2,680,562 |
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 | 16,265 | 13,274 |
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 |
Originated | Personal Banking | Home equity loans | ||
Credit quality indicators | ||
Total loans | 1,026,315 | 1,055,907 |
Originated | Personal Banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Total loans | 1,018,898 | 1,048,397 |
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 | 7,417 | 7,510 |
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 | 477,045 | 317,633 |
Originated | Personal Banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Total loans | 473,950 | 315,159 |
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 | 3,095 | 2,474 |
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 | 2,427,458 | 2,296,565 |
Originated | Commercial Banking | Pass | ||
Credit quality indicators | ||
Total loans | 2,223,414 | 2,077,595 |
Originated | Commercial Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 51,524 | 69,541 |
Originated | Commercial Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 152,520 | 148,204 |
Originated | Commercial Banking | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 1,225 |
Originated | Commercial Banking | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Commercial Banking | Commercial real estate loans | ||
Credit quality indicators | ||
Total loans | 1,972,083 | 1,935,157 |
Originated | Commercial Banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Total loans | 1,821,548 | 1,778,140 |
Originated | Commercial Banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Total loans | 36,321 | 46,518 |
Originated | Commercial Banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Total loans | 114,214 | 110,384 |
Originated | Commercial Banking | Commercial real estate loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 115 |
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 | 455,375 | 361,408 |
Originated | Commercial Banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Total loans | 401,866 | 299,455 |
Originated | Commercial Banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Total loans | 15,203 | 23,023 |
Originated | Commercial Banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Total loans | 38,306 | 37,820 |
Originated | Commercial Banking | Commercial loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 1,110 |
Originated | Commercial Banking | Commercial loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | ||
Credit quality indicators | ||
Total loans | 1,045,276 | 856,840 |
Acquired | Pass | ||
Credit quality indicators | ||
Total loans | 996,818 | 830,614 |
Acquired | Special mention | ||
Credit quality indicators | ||
Total loans | 9,392 | 7,579 |
Acquired | Substandard | ||
Credit quality indicators | ||
Total loans | 39,066 | 18,647 |
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 | 601,884 | 379,571 |
Acquired | Personal Banking | Pass | ||
Credit quality indicators | ||
Total loans | 596,911 | 377,855 |
Acquired | Personal Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 4,973 | 1,716 |
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 | 133,511 | 45,716 |
Acquired | Personal Banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Total loans | 131,717 | 44,930 |
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 | 1,794 | 786 |
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 | 302,457 | 131,199 |
Acquired | Personal Banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Total loans | 300,100 | 130,338 |
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 | 2,357 | 861 |
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 | 165,916 | 202,656 |
Acquired | Personal Banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Total loans | 165,094 | 202,587 |
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 | 822 | 69 |
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 | 443,392 | 477,269 |
Acquired | Commercial Banking | Pass | ||
Credit quality indicators | ||
Total loans | 399,907 | 452,759 |
Acquired | Commercial Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 9,392 | 7,579 |
Acquired | Commercial Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 34,093 | 16,931 |
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 | 370,006 | 416,277 |
Acquired | Commercial Banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Total loans | 331,780 | 392,811 |
Acquired | Commercial Banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Total loans | 7,403 | 6,872 |
Acquired | Commercial Banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Total loans | 30,823 | 16,594 |
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 | 73,386 | 60,992 |
Acquired | Commercial Banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Total loans | 68,127 | 59,948 |
Acquired | Commercial Banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Total loans | 1,989 | 707 |
Acquired | Commercial Banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Total loans | 3,270 | 337 |
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 |
Loans Receivable and Allowanc80
Loans Receivable and Allowance for Loan Losses - Off-Balance Sheet Financial Instruments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financial instruments with off-balance-sheet risk | ||
Financial instruments with off-balance-sheet risk | $ 977,528,000 | $ 781,734,000 |
Recourse provisions for recovery of amounts from third parties | 0 | 0 |
Loan commitments | ||
Financial instruments with off-balance-sheet risk | ||
Financial instruments with off-balance-sheet risk | 109,032,000 | 186,731,000 |
Outstanding loan commitments for fixed rate loans | 51,000,000 | |
Outstanding loan commitments for adjustable rate loans | 58,000,000 | |
Undisbursed lines of credit | ||
Financial instruments with off-balance-sheet risk | ||
Financial instruments with off-balance-sheet risk | 843,457,000 | 562,284,000 |
Standby letters of credit | ||
Financial instruments with off-balance-sheet risk | ||
Financial instruments with off-balance-sheet risk | 25,039,000 | 32,719,000 |
Maximum potential amount of future payments | 25,000,000 | |
Maximum potential amount of future payments fully collateralized | 16,300,000 | |
Liability recognized for the obligations | $ 178,000 | $ 1,300,000 |
Accrued Interest Receivable (De
Accrued Interest Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Interest Receivable and Other Assets [Abstract] | ||
Investment securities | $ 1,613 | $ 1,852 |
Mortgage-backed securities | 910 | 960 |
Loans receivable | 19,176 | 18,260 |
Accrued interest receivable | $ 21,699 | $ 21,072 |
Federal Home Loan Bank Stock (D
Federal Home Loan Bank Stock (Details) - Federal Home Loan Bank of Pittsburgh $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)capital_stock | Dec. 31, 2015USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Number of subclasses of capital stock required to invest in for membership | capital_stock | 2 | |
Dividend received on capital stock | $ | $ 1.4 | $ 2.8 |
Subclass B-1 | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Investment in capital stock of FHLB, at cost, as a percent of member asset value, as defined by FHLB | 0.10% | |
Subclass B-1 | Minimum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Investment in capital stock of FHLB, at cost, as a percent of member asset value, as defined by FHLB | 0.05% | |
Subclass B-1 | Maximum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Investment in capital stock of FHLB, at cost, as a percent of member asset value, as defined by FHLB | 1.00% | |
Subclass B-2 | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Investment in capital stock of FHLB, at cost, as a percent of borrowings outstanding | 4.00% | |
Investment in capital stock of FHLB, at cost, as a percent of acquired member assets | 4.00% | |
Investment in capital stock of FHLB, at cost, as a percent of certain letters of credit | 0.75% | |
Investment in capital stock of FHLB, at cost, as a percent of outstanding advance commitments settling more than 30 days after trade | 0.00% | |
Subclass B-2 | Minimum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Investment in capital stock of FHLB, at cost, as a percent of borrowings outstanding | 2.00% | |
Investment in capital stock of FHLB, at cost, as a percent of acquired member assets | 0.00% | |
Investment in capital stock of FHLB, at cost, as a percent of certain letters of credit | 0.00% | |
Investment in capital stock of FHLB, at cost, as a percent of outstanding advance commitments settling more than 30 days after trade | 0.00% | |
Subclass B-2 | Maximum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Investment in capital stock of FHLB, at cost, as a percent of borrowings outstanding | 6.00% | |
Investment in capital stock of FHLB, at cost, as a percent of acquired member assets | 6.00% | |
Investment in capital stock of FHLB, at cost, as a percent of certain letters of credit | 4.00% | |
Investment in capital stock of FHLB, at cost, as a percent of outstanding advance commitments settling more than 30 days after trade | 6.00% |
Premises and Equipment - By Maj
Premises and Equipment - By Major Classification (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Premises and Equipment | |||
Total, at cost | $ 317,641 | $ 311,075 | |
Less accumulated depreciation and amortization | (156,456) | (156,724) | |
Premises and equipment, net | 161,185 | 154,351 | |
Depreciation and amortization expense | 13,700 | 13,300 | $ 12,000 |
Land and land improvements | |||
Premises and Equipment | |||
Total, at cost | 21,229 | 23,257 | |
Office buildings and improvements | |||
Premises and Equipment | |||
Total, at cost | 156,162 | 153,003 | |
Furniture, fixtures and equipment | |||
Premises and Equipment | |||
Total, at cost | 120,391 | 115,576 | |
Leasehold improvements | |||
Premises and Equipment | |||
Total, at cost | $ 19,859 | $ 19,239 |
Premises and Equipment - Minimu
Premises and Equipment - Minimum Annual Rentals by Fiscal Year (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Minimum annual rentals | |||
2,017 | $ 4,846 | ||
2,018 | 3,697 | ||
2,019 | 2,579 | ||
2,020 | 2,015 | ||
2,021 | 1,596 | ||
Thereafter | 5,595 | ||
Total | 20,328 | ||
Rental expense | $ 5,300 | $ 4,600 | $ 4,400 |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amortizable intangible assets: | |||
Amortization expense | $ 4,259 | $ 1,688 | $ 1,323 |
Estimated amortization expense | |||
For the year ending December 31, 2017 | 6,764 | ||
For the year ending December 31, 2018 | 5,848 | ||
For the year ending December 31, 2019 | 4,933 | ||
For the year ending December 31, 2020 | 4,017 | ||
For the year ending December 31, 2021 | 3,188 | ||
Core Deposits | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 37,953 | 30,578 | |
Acquisitions | 25,732 | 7,375 | |
Less: accumulated amortization | (34,378) | (31,192) | |
Intangible asset - net | 29,307 | 6,761 | |
Customer and Contract | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 8,496 | 8,234 | |
Acquisitions | 1,978 | 262 | |
Less: accumulated amortization | (7,348) | (6,275) | |
Intangible asset - net | $ 3,126 | $ 2,221 |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill | ||
Goodwill impaired | $ 0 | $ 0 |
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | 261,736,000 | 175,323,000 |
Balance at the end of the period | 307,420,000 | 261,736,000 |
Community Banks | ||
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | 260,123,000 | 173,710,000 |
Balance at the end of the period | 305,807,000 | 260,123,000 |
Consumer Finance | ||
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | 1,613,000 | 1,613,000 |
Balance at the end of the period | 1,613,000 | 1,613,000 |
LNB | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | 86,238,000 | |
LNB | Community Banks | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | 86,238,000 | |
LNB | Consumer Finance | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | 0 | |
Petruso Insurance Agency | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | 175,000 | |
Petruso Insurance Agency | Community Banks | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | 175,000 | |
Petruso Insurance Agency | Consumer Finance | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | $ 0 | |
FNFG | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | 45,167,000 | |
FNFG | Community Banks | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | 45,167,000 | |
FNFG | Consumer Finance | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | 0 | |
Best Insurance Agency | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | 404,000 | |
Best Insurance Agency | Community Banks | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | 404,000 | |
Best Insurance Agency | Consumer Finance | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | 0 | |
Winan Insurance Agency | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | 113,000 | |
Winan Insurance Agency | Community Banks | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | 113,000 | |
Winan Insurance Agency | Consumer Finance | ||
Changes in the carrying amount of goodwill | ||
Goodwill acquired | $ 0 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deposits [Abstract] | |||
Savings deposits | $ 1,622,879 | $ 1,386,017 | |
Interest-bearing demand deposits | 1,428,317 | 1,080,086 | |
Noninterest-bearing demand deposits | 1,448,972 | 1,177,256 | |
Money market demand accounts | 1,841,567 | 1,274,504 | |
Time deposits | 1,540,586 | 1,694,718 | |
Total deposits | 7,882,321 | 6,612,581 | |
Aggregate amount of certificates of deposit with a minimum denomination of $100,000 | 451,600 | 518,700 | |
Deposits in accounts exceeding $250,000 | 1,580,000 | ||
Contractual maturity of the certificate accounts | |||
Due within 12 months | 836,525 | 929,351 | |
Due between 12 and 24 months | 311,976 | 448,497 | |
Due between 24 and 36 months | 153,708 | 205,635 | |
Due between 36 and 48 months | 90,777 | 21,414 | |
Due between 48 and 60 months | 134,687 | 78,796 | |
After 60 months | 12,913 | 11,025 | |
Total time deposits | 1,540,586 | 1,694,718 | |
Interest expense incurred on deposits | |||
Savings deposits | 3,218 | 3,387 | $ 3,286 |
Interest-bearing demand deposits | 462 | 568 | 587 |
Money market demand accounts | 3,621 | 3,222 | 3,174 |
Time deposits | 16,164 | 16,878 | 18,275 |
Total interest expense | $ 23,465 | $ 24,055 | $ 25,322 |
Borrowed Funds (Details)
Borrowed Funds (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Total borrowed funds, Amount | $ 142,899,000 | $ 975,007,000 | |
Term notes payable to the FHLB of Pittsburgh: | |||
Debt Instrument [Line Items] | |||
Due within one year, Amount | 0 | 145,343,000 | |
Due between one and two years, Amount | 0 | 125,000,000 | |
Due between two and three years, Amount | 0 | 140,000,000 | |
Due between three and four years, Amount | 0 | 125,000,000 | |
Due between four and five years, Amount | 0 | 95,000,000 | |
Due between five and ten years, Amount | 0 | 120,000,000 | |
Total borrowed funds, Amount | $ 0 | $ 750,343,000 | |
Due within one year, Average rate | 0.00% | 3.24% | |
Due between one and two years, Average rate | 0.00% | 3.68% | |
Due between two and three years, Average rate | 0.00% | 3.73% | |
Due between three and four years, Average rate | 0.00% | 4.32% | |
Due between four and five years, Average rate | 0.00% | 3.65% | |
Due between five and ten years, Average rate | 0.00% | 3.68% | |
Revolving line of credit, FHLB of Pittsburgh | |||
Debt Instrument [Line Items] | |||
Revolving line of credit, FHLB of Pittsburgh, Amount | $ 0 | $ 106,000,000 | |
Revolving line of credit, FHLB of Pittsburgh, Average rate | 0.00% | 0.43% | |
Maximum commitment | $ 150,000,000 | ||
Collateralized borrowings, due within one year | |||
Debt Instrument [Line Items] | |||
Due within one year, Amount | $ 142,899,000 | $ 118,664,000 | |
Due within one year, Average rate | 0.17% | 0.22% | |
Average amount of agreements outstanding | $ 141,600,000 | $ 144,700,000 | $ 155,700,000 |
Maximum amount of outstanding security repurchase agreement | $ 158,400,000 | $ 166,400,000 | $ 174,200,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allocation of total income tax | |||||||||||||||
Income before income taxes | $ 12,361 | $ 4,697 | $ (3,491) | $ 8,081 | $ 8,684 | $ 5,238 | $ 7,213 | $ 6,825 | $ 6,190 | $ 5,926 | $ 4,435 | $ 5,244 | $ 21,648 | $ 27,960 | $ 21,795 |
Shareholders’ equity for unrealized (loss)/ gain on securities available-for-sale | (1,871) | (85) | 4,286 | ||||||||||||
Shareholders’ equity for tax benefit for excess of fair value above cost of stock benefit plans | (1,425) | (332) | (945) | ||||||||||||
Shareholders’ equity for pension adjustment | (2,455) | (848) | (12,985) | ||||||||||||
Shareholders’ equity for swap fair value adjustment | 539 | 699 | 618 | ||||||||||||
Unallocated income tax | 16,436 | 27,394 | 12,769 | ||||||||||||
Income tax expense applicable to income before taxes | |||||||||||||||
Current | 18,914 | 21,670 | 13,200 | ||||||||||||
Deferred | 2,734 | 6,290 | 8,595 | ||||||||||||
Total provision for income taxes | 12,361 | $ 4,697 | $ (3,491) | $ 8,081 | 8,684 | $ 5,238 | $ 7,213 | $ 6,825 | $ 6,190 | $ 5,926 | $ 4,435 | $ 5,244 | $ 21,648 | $ 27,960 | $ 21,795 |
Reconciliation of the expected federal statutory income tax rate to the effective rate | |||||||||||||||
Expected tax rate (as a percent) | 35.00% | 35.00% | 35.00% | ||||||||||||
Tax-exempt interest income (as a percent) | (3.30%) | (3.00%) | (4.10%) | ||||||||||||
State income tax, net of federal benefit (as a percent) | 1.20% | 2.90% | 1.70% | ||||||||||||
Bank-owned life insurance (as a percent) | (2.60%) | (1.70%) | (1.80%) | ||||||||||||
Dividends on stock plans (as a percent) | (2.00%) | (0.80%) | (4.00%) | ||||||||||||
Low income housing and historic tax credits (as a percent) | (1.00%) | (1.40%) | (0.90%) | ||||||||||||
Non-deductible acquisition expense (as a percent) | 0.00% | 0.50% | 0.00% | ||||||||||||
Effective Income Tax Rate Reconciliation, Employee Stock Ownership Plan Termination | 3.40% | 0.00% | 0.00% | ||||||||||||
Other (as a percent) | (0.30%) | 0.10% | 0.10% | ||||||||||||
Effective tax rate (as a percent) | 30.40% | 31.60% | 26.00% | ||||||||||||
Deferred tax assets: | |||||||||||||||
Deferred fee income | 187 | 189 | $ 187 | $ 189 | |||||||||||
Deferred compensation expense | 2,893 | 3,717 | 2,893 | 3,717 | |||||||||||
Bad debts | 18,823 | 19,478 | 18,823 | 19,478 | |||||||||||
Other reserves | 1,823 | 0 | 1,823 | 0 | |||||||||||
Accrued postretirement benefit cost | 641 | 644 | 641 | 644 | |||||||||||
Stock benefit plans | 1,085 | 1,626 | 1,085 | 1,626 | |||||||||||
Writedown of investment securities | 2,875 | 2,994 | 2,875 | 2,994 | |||||||||||
Accrued expenses | 348 | 228 | 348 | 228 | |||||||||||
Pension and postretirement benefits | 18,491 | 16,035 | 18,491 | 16,035 | |||||||||||
Unrealized loss on the fair value of derivatives | 958 | 1,496 | 958 | 1,496 | |||||||||||
Purchase accounting | 1,215 | 2,236 | 1,215 | 2,236 | |||||||||||
Other | 153 | 325 | 153 | 325 | |||||||||||
Total deferred tax assets | 49,492 | 48,968 | 49,492 | 48,968 | |||||||||||
Deferred tax liabilities: | |||||||||||||||
Pension expense | 8,689 | 7,557 | 8,689 | 7,557 | |||||||||||
Unrealized gain on the fair value of securities available-for-sale | 252 | 2,122 | 252 | 2,122 | |||||||||||
Intangible assets | 21,927 | 23,003 | 21,927 | 23,003 | |||||||||||
Mortgage servicing rights | 1,559 | 120 | 1,559 | 120 | |||||||||||
Fixed assets | 8,107 | 8,731 | 8,107 | 8,731 | |||||||||||
Other | 635 | 460 | 635 | 460 | |||||||||||
Total deferred tax liabilities | 41,169 | 41,993 | 41,169 | 41,993 | |||||||||||
Net deferred tax asset | $ 8,323 | $ 6,975 | $ 8,323 | $ 6,975 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance for deferred tax assets | $ 0 | |
Operating loss carryforwards | ||
Deferred tax liabilities related to acquisition | 8,323,000 | $ 6,975,000 |
Unrecognized tax benefits that would impact effective tax rate if recognized | 0 | |
Accrued interest on income taxes expense | 0 | |
Accrued amount of payment of interest or penalties | 0 | |
FNFG | ||
Operating loss carryforwards | ||
Deferred tax liabilities related to acquisition | 294,000 | |
Domestic Tax Authority | LNB | ||
Operating loss carryforwards | ||
Income income tax examination, additional tax liability | 0 | |
State and Local Jurisdiction | ||
Operating loss carryforwards | ||
Income income tax examination, additional tax liability | $ 444,000 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Stockholders' Equity Note [Abstract] | ||
Bad debt deductions for which no deferred income taxes have been provided | $ 39.1 | $ 39.1 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - Stock options - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive securities excluded from the calculation of earnings per share | |||
Options excluded from the calculation of earnings per share (in shares) | 524,250 | ||
Weighted average share price during the reporting period | $ 13.15 | ||
Average share price during the reporting period (in dollars per share) | $ 14.79 | $ 12.64 | $ 13.34 |
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 | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||||||
Net income available to common shareholders | $ 24,494 | $ 14,197 | $ (7,008) | $ 17,984 | $ 16,193 | $ 12,872 | $ 15,305 | $ 16,170 | $ 17,345 | $ 17,332 | $ 12,674 | $ 14,611 | $ 49,667 | $ 60,540 | $ 61,962 |
Weighted average common shares outstanding | 99,439,174 | 94,314,420 | 91,535,298 | ||||||||||||
Dilutive potential shares due to effect of stock options | 1,225,514 | 515,369 | 739,699 | ||||||||||||
Total weighted average common shares and dilutive potential shares | 100,664,688 | 94,829,789 | 92,274,997 | ||||||||||||
Basic earnings per share (in dollars per share) | $ 0.24 | $ 0.14 | $ (0.07) | $ 0.18 | $ 0.16 | $ 0.14 | $ 0.17 | $ 0.18 | $ 0.19 | $ 0.19 | $ 0.14 | $ 0.16 | $ 0.50 | $ 0.64 | $ 0.68 |
Diluted earnings per share (in dollars per share) | $ 0.24 | $ 0.14 | $ (0.07) | $ 0.18 | $ 0.16 | $ 0.13 | $ 0.17 | $ 0.18 | $ 0.19 | $ 0.19 | $ 0.14 | $ 0.16 | $ 0.49 | $ 0.64 | $ 0.67 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Plans, Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Total expense for all retirement plans | $ 5.8 | $ 4.6 | $ 1 |
Postretirement Healthcare Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching contribution | 50.00% | ||
Employee matching contribution | 6.00% |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Pension Cost and Other Amounts Recognized In OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components of net periodic pension cost | |||
Service cost | $ 0 | $ 0 | $ 0 |
Pension Plans | |||
Components of net periodic pension cost | |||
Service cost | 5,496 | 5,721 | 4,138 |
Interest cost | 6,781 | 6,125 | 5,827 |
Expected return on plan assets | (9,897) | (10,371) | (9,663) |
Net amortization and deferral | 1,388 | 1,375 | (897) |
Net periodic pension (benefit)/ cost | 3,768 | 2,850 | (595) |
Changes in the defined benefit pension plans’ plan assets and benefit obligations recognized in other comprehensive income | |||
Net loss/ (gain) | 1,550 | (420) | 30,779 |
Prior service cost/ (credit) | 0 | 0 | 0 |
Amortization of prior service cost | 2,323 | 2,323 | 2,322 |
Total recognized in other comprehensive income | 3,873 | 1,903 | 33,101 |
Total recognized in net periodic pension cost and other comprehensive income/ (loss) | $ 7,641 | 4,753 | 32,506 |
Postretirement Healthcare Plan | |||
Employee benefit plans | |||
Defined Benefit Plan, Requisite Service Age, Minimum | 55 years | ||
Components of net periodic pension cost | |||
Service cost | $ 0 | 0 | |
Interest cost | 70 | 58 | 65 |
Net amortization and deferral | 90 | 60 | 48 |
Net periodic pension (benefit)/ cost | 160 | 118 | 113 |
Changes in the defined benefit pension plans’ plan assets and benefit obligations recognized in other comprehensive income | |||
Net loss/ (gain) | 109 | 273 | 195 |
Total recognized in other comprehensive income | 109 | 273 | 195 |
Total recognized in net periodic pension cost and other comprehensive income/ (loss) | 270 | $ 391 | $ 308 |
Estimated net loss for the postretirement healthcare benefit plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | $ 108 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Pension Plans' Funded Status (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in benefit obligation: | |||
Service cost | $ 0 | $ 0 | $ 0 |
Pension Plans | |||
Estimated net loss and prior service cost that will be amortized from accumulated other comprehensive income into net periodic cost over the next year | |||
Estimated net loss that will be amortized from accumulated other comprehensive income into net periodic cost over the next year | 3,600,000 | ||
Prior service credit that will be amortized from accumulated other comprehensive income into net periodic cost over the next year | (2,300,000) | ||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 162,133,000 | 159,587,000 | |
Service cost | 5,496,000 | 5,721,000 | 4,138,000 |
Interest cost | 6,781,000 | 6,125,000 | 5,827,000 |
Acquisition | 0 | 5,662,000 | |
Actuarial loss | 4,267,000 | (9,357,000) | |
Benefits paid | (6,469,000) | (5,605,000) | |
Benefit obligation at end of year | 172,208,000 | 162,133,000 | 159,587,000 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 143,655,000 | 140,183,000 | |
Actual return on plan assets | 8,903,000 | (2,264,000) | |
Employer contributions | 6,536,000 | 6,460,000 | |
Acquisition | 0 | 4,881,000 | |
Benefits paid | (6,469,000) | (5,605,000) | |
Fair value of plan assets at end of period | 152,625,000 | 143,655,000 | $ 140,183,000 |
Funded status at end of year | $ (19,583,000) | $ (18,478,000) | |
Assumptions used to develop the net periodic pension cost | |||
Discount rate | 4.25% | 3.89% | 4.86% |
Expected long-term rate of return on assets | 7.00% | 7.50% | 7.50% |
Rate of increase in compensation levels | 3.00% | 3.00% | 3.00% |
Assumptions used to determine benefit obligations | |||
Discount rate | 4.06% | 4.25% | 3.89% |
Expected long-term rate of return on assets | 7.00% | 7.00% | 7.50% |
Rate of increase in compensation levels | 3.00% | 3.00% | 3.00% |
Postretirement Healthcare Plan | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 1,737,000 | $ 1,565,000 | |
Service cost | 0 | 0 | |
Interest cost | 70,000 | 58,000 | $ 65,000 |
Actuarial loss | 200,000 | 333,000 | |
Benefits paid | (228,000) | (219,000) | |
Benefit obligation at end of year | 1,779,000 | 1,737,000 | 1,565,000 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Employer contributions | 228,000 | 219,000 | |
Benefits paid | (228,000) | (219,000) | |
Fair value of plan assets at end of period | 0 | 0 | $ 0 |
Funded status at end of year | $ (1,779,000) | $ (1,737,000) | |
Assumptions used to develop the net periodic pension cost | |||
Discount rate | 4.25% | 3.89% | 4.86% |
Monthly cost of healthcare insurance per beneficiary | $ 539 | $ 470 | $ 384 |
Annual rate of increase in healthcare costs | 4.00% | 4.00% | 4.00% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plans | |||
Employee benefit plans | |||
Accumulated benefit obligation for funded defined benefit pension plan | $ 165,900 | $ 155,900 | $ 153,900 |
Accumulated benefit obligation for unfunded defined benefit pension plan | 6,300 | 6,300 | 5,600 |
Accumulated benefit obligation in excess of plan assets | |||
Projected benefit obligation | 172,208 | 162,133 | 159,587 |
Accumulated benefit obligation | 172,208 | 162,133 | |
Fair value of plan assets | $ 152,625 | $ 143,655 | 140,183 |
Target allocation of any one stock, maximum (as a percent) | 10.00% | ||
Maximum average maturity of bond portfolio | 10 years | ||
Target Allocation | |||
Total (as a percent) | 100.00% | 100.00% | |
Pension Plans | Debt securities | |||
Accumulated benefit obligation in excess of plan assets | |||
Target Allocation of securities, minimum (as a percent) | 20.00% | 20.00% | |
Target Allocation of securities, maximum (as a percent) | 50.00% | 50.00% | |
Target Allocation | |||
Target Allocation of securities, minimum (as a percent) | 20.00% | 20.00% | |
Target Allocation of securities, maximum (as a percent) | 50.00% | 50.00% | |
Total (as a percent) | 23.00% | 20.00% | |
Pension Plans | Equity securities | |||
Accumulated benefit obligation in excess of plan assets | |||
Target Allocation of securities, minimum (as a percent) | 30.00% | 30.00% | |
Target Allocation of securities, maximum (as a percent) | 60.00% | 60.00% | |
Target Allocation | |||
Target Allocation of securities, minimum (as a percent) | 30.00% | 30.00% | |
Target Allocation of securities, maximum (as a percent) | 60.00% | 60.00% | |
Total (as a percent) | 72.00% | 69.00% | |
Pension Plans | Other | |||
Accumulated benefit obligation in excess of plan assets | |||
Target Allocation of securities, minimum (as a percent) | 5.00% | 5.00% | |
Target Allocation of securities, maximum (as a percent) | 50.00% | 50.00% | |
Target Allocation | |||
Target Allocation of securities, minimum (as a percent) | 5.00% | 5.00% | |
Target Allocation of securities, maximum (as a percent) | 50.00% | 50.00% | |
Total (as a percent) | 5.00% | 11.00% | |
Pension Plans | Minimum | |||
Accumulated benefit obligation in excess of plan assets | |||
Anticipated contribution | $ 4,000 | ||
Pension Plans | Maximum | |||
Accumulated benefit obligation in excess of plan assets | |||
Anticipated contribution | 8,000 | ||
Postretirement Healthcare Plan | |||
Accumulated benefit obligation in excess of plan assets | |||
Projected benefit obligation | 1,779 | $ 1,737 | 1,565 |
Accumulated benefit obligation | 1,779 | 1,737 | |
Fair value of plan assets | $ 0 | $ 0 | $ 0 |
Employee Benefit Plans - Pens98
Employee Benefit Plans - Pension Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plans | |||
Employee benefit plans | |||
Fair value of plan assets | $ 152,625 | $ 143,655 | $ 140,183 |
Benefits expected to be paid in each year | |||
2,017 | 5,400 | ||
2,018 | 5,700 | ||
2,019 | 6,400 | ||
2,020 | 6,600 | ||
2,021 | 6,900 | ||
2021 to 2025 | 34,900 | ||
Pension Plans | Level 1 | Mutual funds — debt | |||
Employee benefit plans | |||
Fair value of plan assets | 35,224 | 28,316 | |
Pension Plans | Level 1 | Mutual funds — equity | |||
Employee benefit plans | |||
Fair value of plan assets | 110,078 | 98,517 | |
Pension Plans | Level 1 | Cash and cash equivalents | |||
Employee benefit plans | |||
Fair value of plan assets | 7,322 | 16,822 | |
Postretirement Healthcare Plan | |||
Employee benefit plans | |||
Fair value of plan assets | $ 0 | $ 0 | $ 0 |
Effect of 1-percent increase in the assumed health care cost trend rates | |||
Effect of 1-percent increase on health care cost percentage | 5.00% | ||
Annual rate of increase in healthcare costs | 4.00% | 4.00% | 4.00% |
Effect of 1-percent increase in assumed health care cost trend rates on interest cost in current period | $ 11 | ||
Effect of 1-percent increase in assumed health care cost trend rates on postretirement benefit obligation | $ 68 |
Employee Benefit Plans - Employ
Employee Benefit Plans - Employee Stock Ownership Plan (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Employee stock ownership plan | ||||
Employee Stock Ownership Plan (ESOP), number of unallocated shares distributed to employees (in shares) | 401,356 | |||
Compensation expense | $ 6,300 | |||
Employee Stock Ownership Plan | ||||
Employee stock ownership plan | ||||
Compensation expense | $ 6,300 | $ 335 | $ 3,000 | |
Stock options | ||||
Employee stock ownership plan | ||||
Employee Stock Ownership Plan (ESOP), number of shares retired (in shares) | 1,366,574 |
Employee Benefit Plans - Share-
Employee Benefit Plans - Share-Based Awards (Details) - USD ($) $ / shares in Units, $ in Millions | May 18, 2016 | May 17, 2016 | May 20, 2015 | May 19, 2015 | May 21, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 20, 2011 |
Restricted common shares | |||||||||
Recognition and Retention Plan and Stock Option Plans | |||||||||
Weighted average grant date fair value of shares issued (in dollars per share) | $ 14.51 | $ 12.31 | $ 13.22 | ||||||
Market value of shares issued | $ 4.9 | $ 3.8 | $ 3.6 | ||||||
Number of shares forfeited | 49,776 | ||||||||
Vesting period | 10 years | ||||||||
Restricted common shares | 2011 Equity Incentive Plan | |||||||||
Recognition and Retention Plan and Stock Option Plans | |||||||||
Number of shares authorized | 2,806,233 | ||||||||
Number of shares forfeited | 309,554 | ||||||||
Restricted common shares | 2013 issuance | |||||||||
Recognition and Retention Plan and Stock Option Plans | |||||||||
Percentage of granted awards which will vest | 30.00% | ||||||||
Restricted common shares | 2014 issuance | |||||||||
Recognition and Retention Plan and Stock Option Plans | |||||||||
Percentage of granted awards which will vest | 20.00% | ||||||||
Restricted common shares | 2015 issuance | |||||||||
Recognition and Retention Plan and Stock Option Plans | |||||||||
Percentage of granted awards which will vest | 10.00% | ||||||||
Stock options | |||||||||
Recognition and Retention Plan and Stock Option Plans | |||||||||
Vesting period | 10 years | ||||||||
Exercise period | 10 years | ||||||||
Number | |||||||||
Balance at beginning of year (in shares) | 6,306,496 | 6,402,407 | 6,816,294 | ||||||
Granted (in shares) | 725,400 | 665,370 | 592,550 | ||||||
Exercised (in shares) | (1,081,072) | (474,253) | (745,419) | ||||||
Forfeited/ expired (in shares) | (146,719) | (287,028) | (261,018) | ||||||
Balance at end of year (in shares) | 5,804,105 | 6,306,496 | 6,402,407 | ||||||
Exercisable at end of year (in shares) | 3,035,718 | 3,431,113 | 3,333,942 | ||||||
Weighted average exercise price | |||||||||
Balance at beginning of year (in dollars per share) | $ 11.81 | $ 11.65 | $ 11.46 | ||||||
Granted (in dollars per share) | $ 14.15 | $ 12.37 | 14.15 | 12.37 | 13.15 | ||||
Exercised (in dollars per share) | 11.01 | 10.27 | 10.86 | ||||||
Forfeited (in dollars per share) | 12.71 | 12.26 | 11.71 | ||||||
Balance at end of year (in dollars per share) | 12.25 | 11.81 | 11.65 | ||||||
Exercisable at end of year (in dollars per share) | 11.71 | 11.42 | 11.20 | ||||||
Additional disclosure | |||||||||
Weighted average fair value of options at grant date (in dollars per share) | $ 13.15 | $ 1.52 | $ 1.14 | $ 1.45 | |||||
Total intrinsic value of options exercised | $ 5.1 | $ 1.2 | $ 2.3 | ||||||
Aggregate intrinsic value of all options expected to vest | 14.4 | ||||||||
Aggregate intrinsic value of all options fully vested | $ 19.2 | ||||||||
Stock options | 2011 Equity Incentive Plan | |||||||||
Recognition and Retention Plan and Stock Option Plans | |||||||||
Number of shares authorized | 7,015,583 | ||||||||
Director | Restricted common shares | |||||||||
Recognition and Retention Plan and Stock Option Plans | |||||||||
Number of shares issued | 24,300 | 24,300 | 21,600 | 24,300 | |||||
Director | Stock options | |||||||||
Number | |||||||||
Granted (in shares) | 64,800 | 64,800 | 57,600 | 64,800 | |||||
Employees | Restricted common shares | |||||||||
Recognition and Retention Plan and Stock Option Plans | |||||||||
Number of shares issued | 310,160 | 282,050 | 251,030 | 310,160 | |||||
Employees | Stock options | |||||||||
Number | |||||||||
Granted (in shares) | 660,600 | 660,570 | 534,950 | 660,600 |
Employee Benefit Plans - Number
Employee Benefit Plans - Number of Options Outstanding and Exercisable and Weighted Average Remaining Life of All Option Grants (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Exercise price $7.48 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 7.48 |
Options outstanding: | |
Number of options (in shares) | 195,902 |
Weighted average remaining contract life (years) | 2 years 3 months |
Options exercisable: | |
Number of options (in shares) | 195,902 |
Weighted average remaining term - vested (years) | 2 years 3 months |
Exercise price $9.79 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 9.79 |
Options outstanding: | |
Number of options (in shares) | 207,156 |
Weighted average remaining contract life (years) | 2 years |
Options exercisable: | |
Number of options (in shares) | 207,156 |
Weighted average remaining term - vested (years) | 2 years |
Exercise price $11.12 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 11.12 |
Options outstanding: | |
Number of options (in shares) | 125,448 |
Weighted average remaining contract life (years) | 1 year 3 months |
Options exercisable: | |
Number of options (in shares) | 125,448 |
Weighted average remaining term - vested (years) | 1 year 3 months |
Exercise price $11.49 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 11.49 |
Options outstanding: | |
Number of options (in shares) | 320,045 |
Weighted average remaining contract life (years) | 3 years 3 months |
Options exercisable: | |
Number of options (in shares) | 298,473 |
Weighted average remaining term - vested (years) | 3 years 3 months |
Exercise price $11.51 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 11.51 |
Options outstanding: | |
Number of options (in shares) | 47,557 |
Weighted average remaining contract life (years) | 3 months |
Options exercisable: | |
Number of options (in shares) | 47,557 |
Weighted average remaining term - vested (years) | 3 months |
Exercise price $11.70 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 11.70 |
Options outstanding: | |
Number of options (in shares) | 432,941 |
Weighted average remaining contract life (years) | 5 years 6 months |
Options exercisable: | |
Number of options (in shares) | 226,915 |
Weighted average remaining term - vested (years) | 5 years 6 months |
Exercise price $12.12 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 12.12 |
Options outstanding: | |
Number of options (in shares) | 398,478 |
Weighted average remaining contract life (years) | 4 years 3 months |
Options exercisable: | |
Number of options (in shares) | 309,987 |
Weighted average remaining term - vested (years) | 4 years 3 months |
Exercise price $12.17 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 12.17 |
Options outstanding: | |
Number of options (in shares) | 21,500 |
Weighted average remaining contract life (years) | 4 years 6 months |
Options exercisable: | |
Number of options (in shares) | 12,931 |
Weighted average remaining term - vested (years) | 4 years 6 months |
Exercise price $12.32 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 12.32 |
Options outstanding: | |
Number of options (in shares) | 1,815,615 |
Weighted average remaining contract life (years) | 4 years 6 months |
Options exercisable: | |
Number of options (in shares) | 1,151,004 |
Weighted average remaining term - vested (years) | 4 years 6 months |
Exercise price $12.37 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 12.37 |
Options outstanding: | |
Number of options (in shares) | 577,405 |
Weighted average remaining contract life (years) | 8 years 6 months |
Options exercisable: | |
Number of options (in shares) | 81,759 |
Weighted average remaining term - vested (years) | 8 years 6 months |
Exercise price $12.44 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 12.44 |
Options outstanding: | |
Number of options (in shares) | 474,467 |
Weighted average remaining contract life (years) | 6 years 6 months |
Options exercisable: | |
Number of options (in shares) | 199,534 |
Weighted average remaining term - vested (years) | 6 years 6 months |
Exercise Price $13.15 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 13.15 |
Options outstanding: | |
Number of options (in shares) | 487,865 |
Weighted average remaining contract life (years) | 7 years 6 months |
Options exercisable: | |
Number of options (in shares) | 132,186 |
Weighted average remaining term - vested (years) | 7 years 6 months |
Exercise price $14.15 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 14.15 |
Options outstanding: | |
Number of options (in shares) | 699,726 |
Weighted average remaining contract life (years) | 9 years 6 months |
Options exercisable: | |
Number of options (in shares) | 46,866 |
Weighted average remaining term - vested (years) | 9 years 6 months |
$12.25 | |
Outstanding and exercisable options | |
Exercise price (in dollars per share) | $ / shares | $ 12.25 |
Options outstanding: | |
Number of options (in shares) | 5,804,105 |
Weighted average remaining contract life (years) | 5 years 7 months 2 days |
Options exercisable: | |
Number of options (in shares) | 3,035,718 |
Weighted average remaining term - vested (years) | 4 years 18 days |
Disclosures About Fair Value102
Disclosures About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Significant unrealized appreciation or depreciation in financial instruments | $ 0 | $ 0 |
Financial assets: | ||
Securities available-for-sale | 826,200,000 | 874,405,000 |
Securities held-to-maturity | 20,426,000 | 32,552,000 |
Accrued interest receivable | 21,699,000 | 21,072,000 |
Financial liabilities: | ||
Borrowed funds | 142,899,000 | 975,007,000 |
Junior subordinated debentures | 111,213,000 | 111,213,000 |
Assets transferred between Level 1 and Level 2 | 0 | |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 389,867,000 | 167,408,000 |
Securities available-for-sale | 4,440,000 | 1,894,000 |
Securities held-to-maturity | 0 | 0 |
Loans receivable, net | 9,625,000 | 0 |
Accrued interest receivable | 21,699,000 | 21,072,000 |
FHLB Stock | 0 | 0 |
Total assets and liabilities | 425,631,000 | 190,374,000 |
Financial liabilities: | ||
Savings and checking accounts | 6,341,735,000 | 4,917,863,000 |
Time deposits | 0 | 0 |
Borrowed funds | 142,899,000 | 118,664,000 |
Junior subordinated debentures | 0 | 0 |
Cash flow hedges - swaps | 0 | 0 |
Accrued interest payable | 643,000 | 1,993,000 |
Total financial liabilities | 6,485,277,000 | 5,038,520,000 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 812,394,000 | 863,556,000 |
Securities held-to-maturity | 20,426,000 | 32,552,000 |
Loans receivable, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
FHLB Stock | 0 | 0 |
Total assets and liabilities | 832,820,000 | 896,108,000 |
Financial liabilities: | ||
Savings and checking accounts | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Cash flow hedges - swaps | 2,736,000 | 4,276,000 |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 2,736,000 | 4,276,000 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 9,366,000 | 8,955,000 |
Securities held-to-maturity | 0 | 0 |
Loans receivable, net | 7,869,190,000 | 7,482,431,000 |
Accrued interest receivable | 0 | 0 |
FHLB Stock | 0 | 0 |
Total assets and liabilities | 7,878,556,000 | 7,491,386,000 |
Financial liabilities: | ||
Savings and checking accounts | 0 | 0 |
Time deposits | 1,626,434,000 | 1,710,388,000 |
Borrowed funds | 0 | 879,863,000 |
Junior subordinated debentures | 113,313,000 | 115,268,000 |
Cash flow hedges - swaps | 0 | 0 |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 1,739,747,000 | 2,705,519,000 |
Carrying amount | ||
Financial assets: | ||
Cash and cash equivalents | 389,867,000 | 167,408,000 |
Securities available-for-sale | 826,200,000 | 874,405,000 |
Securities held-to-maturity | 19,978,000 | 31,689,000 |
Loans receivable, net | 7,496,408,000 | 7,159,449,000 |
Accrued interest receivable | 21,699,000 | 21,072,000 |
FHLB Stock | 7,390,000 | 40,903,000 |
Total assets and liabilities | 8,761,542,000 | 8,294,926,000 |
Financial liabilities: | ||
Savings and checking accounts | 6,341,735,000 | 4,917,863,000 |
Time deposits | 1,540,586,000 | 1,694,718,000 |
Borrowed funds | 142,899,000 | 975,007,000 |
Junior subordinated debentures | 111,213,000 | 111,213,000 |
Cash flow hedges - swaps | 2,736,000 | 4,276,000 |
Accrued interest payable | 643,000 | 1,993,000 |
Total financial liabilities | 8,139,812,000 | 7,705,070,000 |
Estimated fair value | ||
Financial assets: | ||
Cash and cash equivalents | 389,867,000 | 167,408,000 |
Securities available-for-sale | 826,200,000 | 874,405,000 |
Securities held-to-maturity | 20,426,000 | 32,552,000 |
Loans receivable, net | 7,878,815,000 | 7,482,431,000 |
Accrued interest receivable | 21,699,000 | 21,072,000 |
FHLB Stock | 7,390,000 | 40,903,000 |
Total assets and liabilities | 9,144,397,000 | 8,618,771,000 |
Financial liabilities: | ||
Savings and checking accounts | 6,341,735,000 | 4,917,863,000 |
Time deposits | 1,626,434,000 | 1,710,388,000 |
Borrowed funds | 142,899,000 | 998,527,000 |
Junior subordinated debentures | 113,313,000 | 115,268,000 |
Cash flow hedges - swaps | 2,736,000 | 4,276,000 |
Accrued interest payable | 643,000 | 1,993,000 |
Total financial liabilities | $ 8,227,760,000 | $ 7,748,315,000 |
Disclosures About Fair Value103
Disclosures About Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | $ 826,200 | $ 874,405 |
Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 4,440 | 1,894 |
Cash flow hedges - swaps | 0 | 0 |
Total assets and liabilities | 425,631 | 190,374 |
Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 812,394 | 863,556 |
Cash flow hedges - swaps | (2,736) | (4,276) |
Total assets and liabilities | 832,820 | 896,108 |
Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 9,366 | 8,955 |
Cash flow hedges - swaps | 0 | 0 |
Total assets and liabilities | 7,878,556 | 7,491,386 |
Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total assets and liabilities | 823,464 | 870,129 |
Measured on recurring basis | Equity securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 4,440 | 1,894 |
Measured on recurring basis | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 374,226 | 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 | 6 | 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 | 294,170 | 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 | 63,070 | 82,868 |
Measured on recurring basis | Debt securities | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 16,980 | 16,475 |
Measured on recurring basis | Mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 447,534 | 478,717 |
Measured on recurring basis | Residential mortgage-backed securities | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 30,883 | 27,082 |
Measured on recurring basis | Residential mortgage-backed securities | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 106,578 | 99,170 |
Measured on recurring basis | Residential mortgage-backed securities | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 82,115 | 50,369 |
Measured on recurring basis | Residential mortgage-backed securities | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 579 | 606 |
Measured on recurring basis | Collateralized mortgage obligations | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 6,287 | 10,669 |
Measured on recurring basis | Collateralized mortgage obligations | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 95,186 | 122,528 |
Measured on recurring basis | Collateralized mortgage obligations | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 119,197 | 157,378 |
Measured on recurring basis | Collateralized mortgage obligations | SBA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 6,608 | 8,166 |
Measured on recurring basis | Collateralized mortgage obligations | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 101 | 2,749 |
Measured on recurring basis | Interest rate swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Cash flow hedges - swaps | (2,736) | (4,276) |
Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total assets and liabilities | 4,440 | 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 | 4,440 | 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 | Mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
Cash flow hedges - swaps | 0 | 0 |
Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total assets and liabilities | 809,658 | 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 | 364,860 | 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 | 6 | 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 | 294,170 | 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 | 63,070 | 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 | 7,614 | 7,520 |
Measured on recurring basis | Level 2 | Mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 447,534 | 478,717 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 30,883 | 27,082 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 106,578 | 99,170 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 82,115 | 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 | ||
Mortgage-backed securities | 579 | 606 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 6,287 | 10,669 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 95,186 | 122,528 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 119,197 | 157,378 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | SBA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 6,608 | 8,166 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Mortgage-backed securities | 101 | 2,749 |
Measured on recurring basis | Level 2 | Interest rate swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Cash flow hedges - swaps | (2,736) | (4,276) |
Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total assets and liabilities | 9,366 | 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 | 9,366 | 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 | 9,366 | 8,955 |
Measured on recurring basis | Level 3 | Mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
Cash flow hedges - swaps | $ 0 | $ 0 |
Disclosures About Fair Value104
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 | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||
Balance at the beginning of the period | $ 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 |
Included in other comprehensive income | 411 | (502) |
Purchases | 0 | 0 |
Sales/ calls | 0 | (1,140) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance at the end of the period | $ 9,366 | $ 8,955 |
Disclosures About Fair Value105
Disclosures About Fair Value of Financial Instruments - Nonrecurring Assets that had Fair Market Values Below the Carrying Amount (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | $ 47,068 | $ 56,906 |
Level 1 | ||
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 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 47,068 | 56,906 |
Loans evaluated for impairment | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 41,933 | 48,181 |
Loans evaluated for impairment | Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Loans evaluated for impairment | Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Loans evaluated for impairment | Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 41,933 | 48,181 |
Mortgage servicing rights | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 246 | |
Mortgage servicing rights | Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | |
Mortgage servicing rights | Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | |
Mortgage servicing rights | Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 246 | |
Real estate owned | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 4,889 | 8,725 |
Real estate owned | Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Real estate owned | Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Real estate owned | Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | $ 4,889 | $ 8,725 |
Disclosures About Fair Value106
Disclosures About Fair Value of Financial Instruments - Additional Quantitative Information, Assets Measured at Fair Value, Recurring and Nonrecurring Basis, Level 3 Input (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt securities | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 9,366,000 |
Debt securities | Discounted cash flow | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Default rates | 1.00% |
Prepayment speeds / rate | 1.00% |
Debt securities | Discounted cash flow | Minimum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount margin | 0.40% |
Debt securities | Discounted cash flow | Maximum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount margin | 2.10% |
Debt securities | Discounted cash flow | Weighted Average | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount margin | 0.70% |
Loans evaluated for impairment | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 41,933,000 |
Loans evaluated for impairment | Discounted cash flow | Minimum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount rate | 3.80% |
Loans evaluated for impairment | Discounted cash flow | Maximum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount rate | 20.00% |
Loans evaluated for impairment | Discounted cash flow | Weighted Average | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount rate | 11.00% |
Loans evaluated for impairment | Appraisal Value | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Estimated costs to sell | 10.00% |
Real estate owned | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 4,889,000 |
Mortgage servicing rights | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 246,000 |
Mortgage servicing rights | Discounted cash flow | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Expected life (in months), minimum | 66 months 6 days |
Expected life (in months) maximum | 68 months 27 days |
Expected life (in months), weighted average | 70 months 27 days |
Annual service cost | $ 80,000 |
Option adjusted spread | 8.00% |
Mortgage servicing rights | Discounted cash flow | Minimum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Prepayment speeds / rate | 6.00% |
Forward yield curve | 0.60% |
Mortgage servicing rights | Discounted cash flow | Maximum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Prepayment speeds / rate | 7.40% |
Forward yield curve | 2.20% |
Mortgage servicing rights | Discounted cash flow | Weighted Average | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Prepayment speeds / rate | 7.10% |
Forward yield curve | 1.30% |
Regulatory Capital Requireme107
Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total capital (to risk weighted assets) | ||
Minimum capital requirements amount | 0.625% | |
Northwest Bancshares, Inc. | ||
Total capital (to risk weighted assets) | ||
Actual amount | $ 1,051,582 | $ 1,102,468 |
Actual ratio (as a percent) | 14.873% | 16.63% |
Capital required for capital adequacy | $ 609,835 | $ 530,257 |
Minimum capital requirements ratio (as a percent) | 8.625% | 8.00% |
Well capitalized requirements amount | $ 751,246 | $ 662,821 |
Well capitalized requirements ratio (as a percent) | 10.625% | 10.00% |
Tier 1 capital (to risk weighted assets) | ||
Actual amount | $ 990,153 | $ 1,039,574 |
Actual ratio (as a percent) | 14.004% | 15.68% |
Minimum capital requirements amount | $ 468,424 | $ 397,693 |
Minimum capital requirements ratio (as a percent) | 6.625% | 6.00% |
Well capitalized requirements amount | $ 609,835 | $ 530,257 |
Well capitalized requirements ratio (as a percent) | 8.625% | 8.00% |
CET 1 capital (to risk weighted assets) | ||
Actual amount | $ 882,278 | $ 931,699 |
Actual ratio (as a percent) | 12.478% | 14.06% |
Minimum capital requirements amount | $ 362,366 | $ 298,269 |
Minimum capital requirements ratio (as a percent) | 5.125% | 4.50% |
Well capitalized requirements amount | $ 503,777 | $ 430,834 |
Well capitalized requirements ratio (as a percent) | 7.125% | 6.50% |
Tier 1 capital (leverage) (to average assets) | ||
Actual amount | $ 990,153 | $ 1,039,574 |
Actual ratio (as a percent) | 10.53% | 11.96% |
Minimum capital requirements amount | $ 376,116 | $ 347,582 |
Minimum capital requirements ratio (as a percent) | 4.00% | 4.00% |
Well capitalized requirements amount | $ 470,145 | $ 434,477 |
Well capitalized requirements ratio (as a percent) | 5.00% | 5.00% |
Northwest Bank | ||
Total capital (to risk weighted assets) | ||
Actual amount | $ 961,279 | $ 1,006,230 |
Actual ratio (as a percent) | 13.609% | 15.20% |
Capital required for capital adequacy | $ 609,248 | $ 529,498 |
Minimum capital requirements ratio (as a percent) | 8.625% | 8.00% |
Well capitalized requirements amount | $ 750,523 | $ 661,872 |
Well capitalized requirements ratio (as a percent) | 10.625% | 10.00% |
Tier 1 capital (to risk weighted assets) | ||
Actual amount | $ 900,328 | $ 943,554 |
Actual ratio (as a percent) | 12.746% | 14.26% |
Minimum capital requirements amount | $ 467,973 | $ 397,123 |
Minimum capital requirements ratio (as a percent) | 6.625% | 6.00% |
Well capitalized requirements amount | $ 609,248 | $ 529,498 |
Well capitalized requirements ratio (as a percent) | 8.625% | 8.00% |
CET 1 capital (to risk weighted assets) | ||
Actual amount | $ 900,328 | $ 943,554 |
Actual ratio (as a percent) | 12.746% | 14.26% |
Minimum capital requirements amount | $ 362,017 | $ 297,843 |
Minimum capital requirements ratio (as a percent) | 5.125% | 4.50% |
Well capitalized requirements amount | $ 503,292 | $ 430,217 |
Well capitalized requirements ratio (as a percent) | 7.125% | 6.50% |
Tier 1 capital (leverage) (to average assets) | ||
Actual amount | $ 900,328 | $ 943,554 |
Actual ratio (as a percent) | 9.585% | 10.87% |
Minimum capital requirements amount | $ 375,735 | $ 347,063 |
Minimum capital requirements ratio (as a percent) | 4.00% | 4.00% |
Well capitalized requirements amount | $ 469,669 | $ 433,829 |
Well capitalized requirements ratio (as a percent) | 5.00% | 5.00% |
Components of Accumulated Ot108
Components of Accumulated Other Comprehensive Income - (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated other comprehensive income (net of tax) | ||||
Shareholders’ equity | $ 1,170,663 | $ 1,163,163 | $ 1,062,647 | $ 1,155,185 |
Unrealized gain on marketable securities available-for-sale | ||||
Accumulated other comprehensive income (net of tax) | ||||
Shareholders’ equity | 395 | 3,325 | 3,461 | (3,233) |
Fair value of interest rate swaps | ||||
Accumulated other comprehensive income (net of tax) | ||||
Shareholders’ equity | (1,778) | (2,779) | (4,078) | (5,224) |
Defined benefit pension plans | ||||
Accumulated other comprehensive income (net of tax) | ||||
Shareholders’ equity | (26,608) | (25,081) | (23,753) | (3,443) |
Accumulated other comprehensive income | ||||
Accumulated other comprehensive income (net of tax) | ||||
Shareholders’ equity | $ (27,991) | $ (24,535) | $ (24,370) | $ (11,900) |
Components of Accumulated Ot109
Components of Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated other comprehensive income (net of tax) | |||
Reclassification adjustment for gains (losses) on securities, net of tax | $ 202 | $ 451 | $ 2,348 |
Income tax (expense) benefit related to (gain) loss on securities | 129 | 289 | 1,501 |
Amortization of prior service cost (compensation and employee benefits) | 872 | 875 | (552) |
Income tax expense (benefit) related to compensation and employee benefits | 606 | 560 | (335) |
Changes in accumulated other comprehensive income by component | |||
Balance at beginning of the period | 1,163,163 | 1,062,647 | 1,155,185 |
Other comprehensive loss | (3,456) | (165) | (12,470) |
Balance at end of the period | 1,170,663 | 1,163,163 | 1,062,647 |
Unrealized gain on marketable securities available-for-sale | |||
Accumulated other comprehensive income (net of tax) | |||
Reclassification adjustment for gains (losses) on securities, net of tax | 331 | 740 | (3,849) |
Income tax (expense) benefit related to (gain) loss on securities | (129) | (289) | 1,501 |
Changes in accumulated other comprehensive income by component | |||
Balance at beginning of the period | 3,325 | 3,461 | (3,233) |
Other comprehensive income/ (loss) before reclassification adjustments | (2,728) | 315 | 9,042 |
Amounts reclassified from accumulated other comprehensive income (1), (2) | (202) | (451) | (2,348) |
Other comprehensive loss | (2,930) | (136) | 6,694 |
Balance at end of the period | 395 | 3,325 | 3,461 |
Fair value of interest rate swaps | |||
Changes in accumulated other comprehensive income by component | |||
Balance at beginning of the period | (2,779) | (4,078) | (5,224) |
Other comprehensive income/ (loss) before reclassification adjustments | 1,001 | 1,299 | 1,146 |
Amounts reclassified from accumulated other comprehensive income (1), (2) | 0 | 0 | 0 |
Other comprehensive loss | 1,001 | 1,299 | 1,146 |
Balance at end of the period | (1,778) | (2,779) | (4,078) |
Defined benefit pension plans | |||
Accumulated other comprehensive income (net of tax) | |||
Amortization of prior service cost (compensation and employee benefits) | 2,323 | 2,323 | 2,323 |
Amortization of net loss (compensation and employee benefits) | (3,801) | (3,758) | (1,436) |
Income tax expense (benefit) related to compensation and employee benefits | 606 | 560 | (335) |
Changes in accumulated other comprehensive income by component | |||
Balance at beginning of the period | (25,081) | (23,753) | (3,443) |
Other comprehensive income/ (loss) before reclassification adjustments | (2,399) | (2,203) | (19,758) |
Amounts reclassified from accumulated other comprehensive income (1), (2) | 872 | 875 | (552) |
Other comprehensive loss | (1,527) | (1,328) | (20,310) |
Balance at end of the period | (26,608) | (25,081) | (23,753) |
Accumulated other comprehensive income | |||
Changes in accumulated other comprehensive income by component | |||
Balance at beginning of the period | (24,535) | (24,370) | (11,900) |
Other comprehensive income/ (loss) before reclassification adjustments | (4,126) | (589) | (9,604) |
Amounts reclassified from accumulated other comprehensive income (1), (2) | 670 | 424 | (2,866) |
Other comprehensive loss | (3,456) | (165) | (12,470) |
Balance at end of the period | $ (27,991) | $ (24,535) | $ (24,370) |
Parent Company Only Financia110
Parent Company Only Financial Statements - Condensed - Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Total cash and cash equivalents | $ 389,867 | $ 167,408 | $ 240,706 | $ 391,905 |
Marketable securities available-for-sale (amortized cost of $825,552 and $868,956) | 826,200 | 874,405 | ||
Other assets | 32,194 | 54,670 | ||
Total assets | 9,623,640 | 8,951,899 | 7,775,033 | |
Liabilities: | ||||
Debentures payable | 111,213 | 111,213 | ||
Other liabilities | 63,373 | 54,207 | ||
Total liabilities | 8,452,977 | 7,788,736 | ||
Shareholders’ equity | 1,170,663 | 1,163,163 | 1,062,647 | 1,155,185 |
Total liabilities and shareholders’ equity | 9,623,640 | 8,951,899 | ||
Parent Company | ||||
Assets | ||||
Total cash and cash equivalents | 34,521 | 91,056 | $ 110,699 | $ 188,775 |
Marketable securities available-for-sale (amortized cost of $825,552 and $868,956) | 4,413 | 1,884 | ||
Investment in bank subsidiary | 1,193,175 | 1,182,308 | ||
Other assets | 52,645 | 3,547 | ||
Total assets | 1,284,754 | 1,278,795 | ||
Liabilities: | ||||
Debentures payable | 111,213 | 111,213 | ||
Other liabilities | 2,878 | 4,419 | ||
Total liabilities | 114,091 | 115,632 | ||
Shareholders’ equity | 1,170,663 | 1,163,163 | ||
Total liabilities and shareholders’ equity | $ 1,284,754 | $ 1,278,795 |
Parent Company Only Financia111
Parent Company Only Financial Statements - Condensed - Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income: | |||||||||||||||
Interest income | $ 90,033 | $ 84,748 | $ 85,555 | $ 85,298 | $ 85,639 | $ 81,091 | $ 75,970 | $ 76,880 | $ 76,586 | $ 76,528 | $ 76,987 | $ 75,326 | $ 345,634 | $ 319,580 | $ 305,427 |
Expense: | |||||||||||||||
Other expense | 13,014 | 9,031 | 9,797 | ||||||||||||
Interest expense | 7,091 | 7,454 | 10,008 | 13,746 | 14,486 | 14,150 | 13,792 | 13,899 | 13,982 | 14,187 | 14,214 | 14,204 | 38,299 | 56,327 | 56,587 |
Income before income taxes | 36,855 | 18,894 | (10,499) | 26,065 | 24,877 | 18,110 | 22,518 | 22,995 | 23,535 | 23,258 | 17,109 | 19,855 | 71,315 | 88,500 | 83,757 |
Federal and state income taxes | 12,361 | 4,697 | (3,491) | 8,081 | 8,684 | 5,238 | 7,213 | 6,825 | 6,190 | 5,926 | 4,435 | 5,244 | 21,648 | 27,960 | 21,795 |
Net income | $ 24,494 | $ 14,197 | $ (7,008) | $ 17,984 | $ 16,193 | $ 12,872 | $ 15,305 | $ 16,170 | $ 17,345 | $ 17,332 | $ 12,674 | $ 14,611 | 49,667 | 60,540 | 61,962 |
Parent Company | |||||||||||||||
Income: | |||||||||||||||
Interest income | 737 | 1,258 | 1,248 | ||||||||||||
Other income | 709 | 659 | 3,424 | ||||||||||||
Dividends from bank subsidiary | 50,000 | 135,000 | 66,183 | ||||||||||||
Undistributed earnings from equity investment in bank subsidiary | 2,760 | (70,854) | (3,261) | ||||||||||||
Total income | 54,206 | 66,063 | 67,594 | ||||||||||||
Expense: | |||||||||||||||
Compensation and benefits | 1,129 | 1,061 | 962 | ||||||||||||
Other expense | 561 | 1,356 | 572 | ||||||||||||
Interest expense | 4,560 | 4,926 | 4,691 | ||||||||||||
Total expense | 6,250 | 7,343 | 6,225 | ||||||||||||
Income before income taxes | 47,956 | 58,720 | 61,369 | ||||||||||||
Federal and state income taxes | (1,711) | (1,820) | (593) | ||||||||||||
Net income | $ 49,667 | $ 60,540 | $ 61,962 |
Parent Company Only Financia112
Parent Company Only Financial Statements - Condensed - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||||||||||||||
Net Income | $ 24,494 | $ 14,197 | $ (7,008) | $ 17,984 | $ 16,193 | $ 12,872 | $ 15,305 | $ 16,170 | $ 17,345 | $ 17,332 | $ 12,674 | $ 14,611 | $ 49,667 | $ 60,540 | $ 61,962 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Noncash stock benefit plan compensation expense | 10,916 | 5,570 | 5,711 | ||||||||||||
Gain on sale of marketable securities | (625) | (1,037) | (4,930) | ||||||||||||
Net cash provided by operating activities | 136,902 | 113,202 | 90,572 | ||||||||||||
Investing activities: | |||||||||||||||
Proceeds from sale of marketable securities available-for-sale | 1,951 | 1,246 | 7,910 | ||||||||||||
Acquisition, net of cash received | 1,102,237 | (61,108) | (2,792) | ||||||||||||
Net cash provided by/ (used in) investing activities | 1,149,408 | (88,812) | (67,995) | ||||||||||||
Financing activities: | |||||||||||||||
Cash dividends paid | (60,156) | (52,825) | (149,932) | ||||||||||||
Share repurchases | (1,752) | (7,847) | (5,273) | ||||||||||||
Redemption of junior subordinated debt | 0 | (8,119) | 0 | ||||||||||||
Excess tax benefit from stock-based compensation | 1,425 | 332 | 945 | ||||||||||||
Proceeds from options exercised | 10,856 | 4,303 | 6,519 | ||||||||||||
Net cash used in financing activities | (1,063,851) | (97,688) | (173,776) | ||||||||||||
Net increase/ (decrease) in cash and cash equivalents | 222,459 | (73,298) | (151,199) | ||||||||||||
Cash and cash equivalents at beginning of period | 167,408 | 240,706 | 391,905 | 167,408 | 240,706 | 391,905 | |||||||||
Cash and cash equivalents at end of period | 389,867 | 167,408 | 240,706 | 389,867 | 167,408 | 240,706 | |||||||||
Parent Company | |||||||||||||||
Operating activities: | |||||||||||||||
Net Income | 49,667 | 60,540 | 61,962 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Undistributed earnings of subsidiary | (2,760) | 70,854 | 3,261 | ||||||||||||
Noncash stock benefit plan compensation expense | 10,916 | 5,654 | 5,714 | ||||||||||||
Gain on sale of marketable securities | (43) | (54) | (2,768) | ||||||||||||
Net change in other assets and liabilities | (63,533) | (5,824) | (2,352) | ||||||||||||
Net cash provided by operating activities | (5,753) | 131,170 | 65,817 | ||||||||||||
Investing activities: | |||||||||||||||
Proceeds from sale of marketable securities available-for-sale | (1,952) | 1,192 | 2,658 | ||||||||||||
Acquisition, net of cash received | 0 | (89,398) | 0 | ||||||||||||
Net cash provided by/ (used in) investing activities | (1,952) | (88,206) | 2,658 | ||||||||||||
Financing activities: | |||||||||||||||
Cash dividends paid | (60,156) | (52,825) | (149,932) | ||||||||||||
Share repurchases | (1,752) | (7,847) | (5,273) | ||||||||||||
Repayment of loan to ESOP | 797 | 1,549 | 1,190 | ||||||||||||
Redemption of junior subordinated debt | 0 | (8,119) | 0 | ||||||||||||
Excess tax benefit from stock-based compensation | 1,425 | 332 | 945 | ||||||||||||
Proceeds from options exercised | 10,856 | 4,303 | 6,519 | ||||||||||||
Net cash used in financing activities | (48,830) | (62,607) | (146,551) | ||||||||||||
Net increase/ (decrease) in cash and cash equivalents | (56,535) | (19,643) | (78,076) | ||||||||||||
Cash and cash equivalents at beginning of period | $ 91,056 | $ 110,699 | $ 188,775 | 91,056 | 110,699 | 188,775 | |||||||||
Cash and cash equivalents at end of period | $ 34,521 | $ 91,056 | $ 110,699 | $ 34,521 | $ 91,056 | $ 110,699 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting [Abstract] | |||||||||||||||
Number of reportable business segments | segment | 2 | ||||||||||||||
Business Segments | |||||||||||||||
Interest income | $ 90,033 | $ 84,748 | $ 85,555 | $ 85,298 | $ 85,639 | $ 81,091 | $ 75,970 | $ 76,880 | $ 76,586 | $ 76,528 | $ 76,987 | $ 75,326 | $ 345,634 | $ 319,580 | $ 305,427 |
Interest expense | 7,091 | 7,454 | 10,008 | 13,746 | 14,486 | 14,150 | 13,792 | 13,899 | 13,982 | 14,187 | 14,214 | 14,204 | 38,299 | 56,327 | 56,587 |
Provision for loan losses | 2,145 | 5,538 | 4,199 | 1,660 | 4,595 | 3,167 | 1,050 | 900 | 1,078 | 3,466 | 8,285 | 7,485 | 13,542 | 9,712 | 20,314 |
Noninterest income | 24,819 | 20,818 | 20,275 | 19,448 | 19,546 | 18,140 | 16,525 | 14,625 | 17,221 | 17,737 | 16,427 | 19,381 | 85,360 | 68,836 | 70,766 |
Noninterest expense | 68,761 | 73,680 | 102,122 | 63,275 | 61,227 | 63,804 | 55,135 | 53,711 | 55,212 | 53,354 | 53,806 | 53,163 | 307,838 | 233,877 | 215,535 |
Income tax expense/ (benefit) | 12,361 | 4,697 | (3,491) | 8,081 | 8,684 | 5,238 | 7,213 | 6,825 | 6,190 | 5,926 | 4,435 | 5,244 | 21,648 | 27,960 | 21,795 |
Net income | 24,494 | $ 14,197 | $ (7,008) | $ 17,984 | 16,193 | $ 12,872 | $ 15,305 | $ 16,170 | 17,345 | $ 17,332 | $ 12,674 | $ 14,611 | 49,667 | 60,540 | 61,962 |
Total assets | 9,623,640 | 8,951,899 | 7,775,033 | 9,623,640 | 8,951,899 | 7,775,033 | |||||||||
Intersegment | |||||||||||||||
Business Segments | |||||||||||||||
Interest income | 0 | 0 | 0 | ||||||||||||
Community Banks | |||||||||||||||
Business Segments | |||||||||||||||
Interest income | 327,855 | 300,746 | 285,635 | ||||||||||||
Interest expense | 33,883 | 51,895 | 52,291 | ||||||||||||
Provision for loan losses | 9,846 | 7,429 | 17,500 | ||||||||||||
Noninterest income | 83,631 | 67,167 | 66,431 | ||||||||||||
Noninterest expense | 295,023 | 219,793 | 202,489 | ||||||||||||
Income tax expense/ (benefit) | 23,023 | 28,642 | 21,097 | ||||||||||||
Net income | 52,275 | 62,547 | 61,095 | ||||||||||||
Total assets | 9,500,419 | 8,827,574 | 7,650,665 | 9,500,419 | 8,827,574 | 7,650,665 | |||||||||
Community Banks | Intersegment | |||||||||||||||
Business Segments | |||||||||||||||
Interest income | 2,564 | 2,393 | 2,406 | ||||||||||||
Consumer Finance | |||||||||||||||
Business Segments | |||||||||||||||
Interest income | 17,064 | 17,978 | 18,789 | ||||||||||||
Interest expense | 2,564 | 2,393 | 2,406 | ||||||||||||
Provision for loan losses | 3,696 | 2,283 | 2,814 | ||||||||||||
Noninterest income | 1,597 | 1,555 | 1,517 | ||||||||||||
Noninterest expense | 11,579 | 12,120 | 11,968 | ||||||||||||
Income tax expense/ (benefit) | 336 | 1,138 | 1,291 | ||||||||||||
Net income | 486 | 1,599 | 1,827 | ||||||||||||
Total assets | 109,744 | 110,670 | 107,216 | 109,744 | 110,670 | 107,216 | |||||||||
Consumer Finance | Intersegment | |||||||||||||||
Business Segments | |||||||||||||||
Interest income | 0 | 0 | 0 | ||||||||||||
All Other | |||||||||||||||
Business Segments | |||||||||||||||
Interest income | 715 | 856 | 1,003 | ||||||||||||
Interest expense | 1,852 | 2,039 | 1,890 | ||||||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||||||
Noninterest income | 132 | 114 | 2,818 | ||||||||||||
Noninterest expense | 1,236 | 1,964 | 1,078 | ||||||||||||
Income tax expense/ (benefit) | (1,711) | (1,820) | (593) | ||||||||||||
Net income | (3,094) | (3,606) | (960) | ||||||||||||
Total assets | $ 13,477 | $ 13,655 | $ 17,152 | 13,477 | 13,655 | 17,152 | |||||||||
All Other | Intersegment | |||||||||||||||
Business Segments | |||||||||||||||
Interest income | $ (2,564) | $ (2,393) | $ (2,406) |
Guaranteed Preferred Benefic114
Guaranteed Preferred Beneficial Interests in Company’s Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements - Narrative (Details) | Dec. 15, 2005USD ($)$ / sharesshares | Dec. 05, 2005USD ($)$ / sharesshares | Dec. 31, 2016USD ($)trustderivative | Dec. 31, 2015USD ($)trust$ / sharesshares |
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 | |||
Collateral posted | $ 3,005,000 | 4,705,000 | ||
Fair value, liability | $ 2,736,000 | 4,276,000 | ||
Northwest Bancorp Capital Trust III | Interest rate swaps | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Original term of swaps | 10 years | |||
Fixed rate (as a percent) | 4.61% | |||
Northwest Bancorp Capital Trust III | Interest rate swaps | Cash flow hedges | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Notional amount | $ 25,000,000 | |||
Northwest Bancorp Statutory Trust IV | Interest rate swaps | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Original term of swaps | 10 years | |||
Trust preferred investments | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Total value of cumulative trust preferred securities issued | $ 107,875,000 | |||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 111,213,000 | 111,213,000 | ||
Maximum period for which interest payment on the subordinated debentures can be deferred | 5 years | |||
Interest deferral | $ 0 | |||
Trust preferred investments | Northwest Bancorp Capital Trust III | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Cumulative trust preferred securities issued (in shares) | 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 | $ 50,000,000 | ||
Variable rate basis | three-month LIBOR | |||
Spread on variable rate basis (as a percent) | 1.38% | 1.38% | ||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 51,547,000 | 51,547,000 | ||
Effective interest rate (as a percent) | 2.38% | |||
Trust preferred investments | Northwest Bancorp Statutory Trust IV | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Cumulative trust preferred securities issued (in shares) | 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 | $ 50,000,000 | ||
Variable rate basis | three-month LIBOR | |||
Spread on variable rate basis (as a percent) | 1.38% | 1.38% | ||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 51,547,000 | 51,547,000 | ||
Effective interest rate (as a percent) | 2.34% | |||
Trust preferred investments | Northwest Bancorp Statutory Trust IV | Swap 4 | ||||
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% | |||
Trust preferred investments | Northwest Bancorp Statutory Trust IV | Swap 4 | Cash flow hedges | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Notional amount | $ 25,000,000 | |||
Trust preferred investments | LNB Trust I and LNB Trust II | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Fixed interest rate of securities | 6.64% | |||
Trust preferred investments | LNB Trust II | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
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 | $ 8,119,000 | ||
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 | |||
Cumulative Preferred Stock | Trust preferred investments | LNB Trust I and LNB Trust II | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Securities outstanding (in shares) | shares | 7,875 | |||
Liquidation value per preferred security (in dollars per security) | $ / shares | $ 1,000 | |||
Securities outstanding, liquidation value | $ 7,875,000 | |||
LIBOR | Trust preferred investments | LNB Trust I and LNB Trust II | ||||
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 Benefic115
Guaranteed Preferred Beneficial Interests in Company’s Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements - Liability Derivatives (Details) - Interest rate swaps - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Liability Derivatives, Included in Other Liabilities | ||
Fair value | $ 2,736 | $ 4,276 |
Notional amount | 50,000 | 50,000 |
Collateral posted | $ 3,005 | $ 4,705 |
Guaranteed Preferred Benefic116
Guaranteed Preferred Beneficial Interests in Company’s Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 15, 2005 | Dec. 05, 2005 |
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 111,213,000 | $ 111,213,000 | ||
Trust preferred investments | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Total value of cumulative trust preferred securities issued | 107,875,000 | |||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | 111,213,000 | 111,213,000 | ||
Trust preferred investments | Northwest Bancorp Capital Trust III | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Total value of cumulative trust preferred securities issued | 50,000,000 | $ 50,000,000 | ||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | 51,547,000 | 51,547,000 | ||
Trust preferred investments | Northwest Bancorp Statutory Trust IV | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Total value of cumulative trust preferred securities issued | 50,000,000 | $ 50,000,000 | ||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | 51,547,000 | 51,547,000 | ||
Trust preferred investments | LNB Trust II | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
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 | $ 8,119,000 |
Selected Quarterly Financial117
Selected Quarterly Financial Data - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Interest income | $ 90,033 | $ 84,748 | $ 85,555 | $ 85,298 | $ 85,639 | $ 81,091 | $ 75,970 | $ 76,880 | $ 76,586 | $ 76,528 | $ 76,987 | $ 75,326 | $ 345,634 | $ 319,580 | $ 305,427 |
Interest expense | 7,091 | 7,454 | 10,008 | 13,746 | 14,486 | 14,150 | 13,792 | 13,899 | 13,982 | 14,187 | 14,214 | 14,204 | 38,299 | 56,327 | 56,587 |
Net interest income | 82,942 | 77,294 | 75,547 | 71,552 | 71,153 | 66,941 | 62,178 | 62,981 | 62,604 | 62,341 | 62,773 | 61,122 | 307,335 | 263,253 | 248,840 |
Provision for loan losses | 2,145 | 5,538 | 4,199 | 1,660 | 4,595 | 3,167 | 1,050 | 900 | 1,078 | 3,466 | 8,285 | 7,485 | 13,542 | 9,712 | 20,314 |
Noninterest income | 24,819 | 20,818 | 20,275 | 19,448 | 19,546 | 18,140 | 16,525 | 14,625 | 17,221 | 17,737 | 16,427 | 19,381 | 85,360 | 68,836 | 70,766 |
Noninterest expenses | 68,761 | 73,680 | 102,122 | 63,275 | 61,227 | 63,804 | 55,135 | 53,711 | 55,212 | 53,354 | 53,806 | 53,163 | 307,838 | 233,877 | 215,535 |
Income before income taxes | 36,855 | 18,894 | (10,499) | 26,065 | 24,877 | 18,110 | 22,518 | 22,995 | 23,535 | 23,258 | 17,109 | 19,855 | 71,315 | 88,500 | 83,757 |
Income tax expense/ (benefit) | 12,361 | 4,697 | (3,491) | 8,081 | 8,684 | 5,238 | 7,213 | 6,825 | 6,190 | 5,926 | 4,435 | 5,244 | 21,648 | 27,960 | 21,795 |
Net income | $ 24,494 | $ 14,197 | $ (7,008) | $ 17,984 | $ 16,193 | $ 12,872 | $ 15,305 | $ 16,170 | $ 17,345 | $ 17,332 | $ 12,674 | $ 14,611 | $ 49,667 | $ 60,540 | $ 61,962 |
Basic earnings per share (in dollars per share) | $ 0.24 | $ 0.14 | $ (0.07) | $ 0.18 | $ 0.16 | $ 0.14 | $ 0.17 | $ 0.18 | $ 0.19 | $ 0.19 | $ 0.14 | $ 0.16 | $ 0.50 | $ 0.64 | $ 0.68 |
Diluted earnings per share (in dollars per share) | $ 0.24 | $ 0.14 | $ (0.07) | $ 0.18 | $ 0.16 | $ 0.13 | $ 0.17 | $ 0.18 | $ 0.19 | $ 0.19 | $ 0.14 | $ 0.16 | $ 0.49 | $ 0.64 | $ 0.67 |
Compensation and employee benefits | $ (140,927) | $ (119,818) | $ (115,967) | ||||||||||||
Reclassification of Amortization of Broker Fees | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net interest income | $ (1,400) | $ (1,100) | |||||||||||||
Compensation and employee benefits | $ 1,400 | $ 1,100 |
Subsequent Events - Unaudited (
Subsequent Events - Unaudited (Details) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2017USD ($)branch | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||
Total deposits included in divestiture | $ 215,649 | ||
Total performing included in divestiture | 146,660 | ||
Assets held-for-sale: | |||
Performing Loans | 146,660 | ||
Accrued interest receivable | 416 | ||
Premises and equipment, net | 5,452 | ||
Total assets held-for-sale | 152,528 | $ 0 | |
Liabilities held-for-sale: | |||
Noninterest-bearing demand deposits | 34,657 | ||
Interest-bearing demand deposits | 17,181 | ||
Money market deposit accounts | 45,806 | ||
Savings deposits | 55,205 | ||
Time deposits | 62,800 | ||
Total deposits | 215,649 | ||
Accrued interest payable | 8 | ||
Total liabilities held-for-sale | 215,657 | $ 0 | |
Residential mortgage loans | |||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||
Total performing included in divestiture | 26,406 | ||
Assets held-for-sale: | |||
Performing Loans | 26,406 | ||
Home equity loans | |||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||
Total performing included in divestiture | 15,725 | ||
Assets held-for-sale: | |||
Performing Loans | 15,725 | ||
Consumer loans | |||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||
Total performing included in divestiture | 522 | ||
Assets held-for-sale: | |||
Performing Loans | 522 | ||
Commercial real estate loans | |||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||
Total performing included in divestiture | 101,123 | ||
Assets held-for-sale: | |||
Performing Loans | 101,123 | ||
Commercial loans | |||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||
Total performing included in divestiture | 2,884 | ||
Assets held-for-sale: | |||
Performing Loans | $ 2,884 | ||
Scenario, Forecast | |||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||
Number of branch locations to be sold | branch | 3 | ||
Total deposits included in divestiture | $ 216,000 | ||
Total performing included in divestiture | 147,000 | ||
Total cash included in divestiture | $ 40,000 | ||
Consideration receivable, deposit premium | 8.00% | ||
Anticipated gain on disposal | $ 17,000 | ||
Assets held-for-sale: | |||
Performing Loans | 147,000 | ||
Liabilities held-for-sale: | |||
Total deposits | $ 216,000 |