Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | Northwest Bancshares, Inc. | |
Entity Central Index Key | 1,471,265 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 102,494,924 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 111,772 | $ 119,403 |
Interest-earning deposits in other financial institutions | 44,355 | 266,902 |
Federal funds sold and other short-term investments | 640 | 3,562 |
Marketable securities available-for-sale (amortized cost of $949,161 and $825,552) | 952,802 | 826,200 |
Marketable securities held-to-maturity (fair value of $36,560 and $20,426) | 36,206 | 19,978 |
Total cash and investments | 1,145,775 | 1,236,045 |
Personal Banking loans: | ||
Residential mortgage loans held-for-sale | 10,297 | 9,625 |
Residential mortgage loans | 2,740,174 | 2,705,139 |
Home equity loans | 1,301,032 | 1,328,772 |
Consumer loans | 658,125 | 642,961 |
Total Personal Banking loans | 4,709,628 | 4,686,497 |
Commercial Banking loans: | ||
Commercial real estate loans | 2,396,663 | 2,342,089 |
Commercial loans | 580,446 | 528,761 |
Total Commercial Banking loans | 2,977,109 | 2,870,850 |
Total loans | 7,686,737 | 7,557,347 |
Allowance for loan losses | (62,885) | (60,939) |
Total loans, net | 7,623,852 | 7,496,408 |
Assets held-for-sale | 0 | 152,528 |
Federal Home Loan Bank stock, at cost | 8,142 | 7,390 |
Accrued interest receivable | 21,667 | 21,699 |
Real estate owned, net | 6,030 | 4,889 |
Premises and equipment, net | 154,785 | 161,185 |
Bank owned life insurance | 172,023 | 171,449 |
Goodwill | 307,420 | 307,420 |
Other intangible assets | 28,935 | 32,433 |
Other assets | 30,381 | 32,194 |
Total assets | 9,499,010 | 9,623,640 |
Liabilities: | ||
Noninterest-bearing checking deposits | 1,577,562 | 1,448,972 |
Interest-bearing checking deposits | 1,440,196 | 1,428,317 |
Money market deposit accounts | 1,800,261 | 1,841,567 |
Savings deposits | 1,685,282 | 1,622,879 |
Time deposits | 1,467,946 | 1,540,586 |
Total deposits | 7,971,247 | 7,882,321 |
Liabilities held-for-sale | 0 | 215,657 |
Borrowed funds | 110,441 | 142,899 |
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | 111,213 | 111,213 |
Advances by borrowers for taxes and insurance | 48,446 | 36,879 |
Accrued interest payable | 530 | 635 |
Other liabilities | 60,203 | 63,373 |
Total liabilities | 8,302,080 | 8,452,977 |
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, 102,478,146 and 101,699,406 shares issued, respectively | 1,025 | 1,017 |
Paid-in capital | 726,036 | 718,834 |
Retained earnings | 495,017 | 478,803 |
Accumulated other comprehensive loss | (25,148) | (27,991) |
Total shareholders’ equity | 1,196,930 | 1,170,663 |
Total liabilities and shareholders’ equity | $ 9,499,010 | $ 9,623,640 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Marketable securities available-for-sale, amortized cost | $ 949,161 | $ 825,552 |
Marketable securities held-to-maturity, fair value | $ 36,560 | $ 20,426 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 102,478,146 | 101,699,406 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest income: | ||||
Loans receivable | $ 84,714 | $ 81,506 | $ 167,465 | $ 162,287 |
Mortgage-backed securities | 2,987 | 2,115 | 5,209 | 4,344 |
Taxable investment securities | 981 | 756 | 1,987 | 1,794 |
Tax-free investment securities | 529 | 707 | 1,098 | 1,431 |
FHLB dividends | 50 | 401 | 109 | 868 |
Interest-earning deposits | 536 | 70 | 1,196 | 129 |
Total interest income | 89,797 | 85,555 | 177,064 | 170,853 |
Interest expense: | ||||
Deposits | 5,826 | 5,865 | 11,291 | 11,953 |
Borrowed funds | 1,240 | 4,143 | 2,465 | 11,801 |
Total interest expense | 7,066 | 10,008 | 13,756 | 23,754 |
Net interest income | 82,731 | 75,547 | 163,308 | 147,099 |
Provision for loan losses | 5,562 | 4,199 | 10,199 | 5,859 |
Net interest income after provision for loan losses | 77,169 | 71,348 | 153,109 | 141,240 |
Noninterest income: | ||||
Gain on sale of investments | 3 | 227 | 20 | 354 |
Service charges and fees | 12,749 | 10,630 | 24,466 | 20,695 |
Trust and other financial services income | 4,600 | 3,277 | 8,904 | 6,538 |
Insurance commission income | 2,353 | 2,768 | 5,147 | 5,482 |
Gain/ (loss) on real estate owned, net | (230) | 111 | (297) | 360 |
Income from bank owned life insurance | 1,652 | 1,105 | 2,720 | 2,700 |
Mortgage banking income | 434 | 446 | 674 | 664 |
Gain on sale of offices | 17,186 | 0 | 17,186 | 0 |
Other operating income | 2,730 | 1,711 | 4,161 | 2,930 |
Total noninterest income | 41,477 | 20,275 | 62,981 | 39,723 |
Noninterest expense: | ||||
Compensation and employee benefits | 37,658 | 33,210 | 75,413 | 66,243 |
Premises and occupancy costs | 7,103 | 6,275 | 14,619 | 12,812 |
Office operations | 4,170 | 3,343 | 8,392 | 6,803 |
Collections expense | 553 | 729 | 1,102 | 1,405 |
Processing expenses | 9,639 | 8,172 | 19,548 | 16,586 |
Marketing expenses | 2,846 | 2,541 | 4,994 | 4,432 |
Federal deposit insurance premiums | 856 | 1,442 | 2,023 | 2,945 |
Professional services | 2,452 | 2,129 | 5,027 | 3,962 |
Amortization of intangible assets | 1,749 | 710 | 3,498 | 1,385 |
Real estate owned expense | 217 | 295 | 499 | 606 |
Restructuring/ acquisition expense | 2,634 | 3,386 | 2,857 | 4,021 |
FHLB prepayment penalty | 0 | 36,978 | 0 | 36,978 |
Other expenses | 3,385 | 2,912 | 6,936 | 7,219 |
Total noninterest expense | 73,262 | 102,122 | 144,908 | 165,397 |
Income before income taxes | 45,384 | (10,499) | 71,182 | 15,566 |
Federal and state income taxes expense/ (benefit) | 14,402 | (3,491) | 22,454 | 4,590 |
Net income/ (loss) | $ 30,982 | $ (7,008) | $ 48,728 | $ 10,976 |
Basic earnings per share (in dollars per share) | $ 0.31 | $ (0.07) | $ 0.48 | $ 0.11 |
Diluted earnings per share (in dollars per share) | $ 0.30 | $ (0.07) | $ 0.48 | $ 0.11 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income/ (loss) | $ 30,982 | $ (7,008) | $ 48,728 | $ 10,976 |
Net unrealized holding gains on marketable securities: | ||||
Unrealized holding gains net of tax of $(845), $(659), $(1,159), and $(2,879), respectively | 1,290 | 1,027 | 1,948 | 4,502 |
Reclassification adjustment for (gains)/ losses included in net income, net of tax of $39, $(14), $47, and $(25), respectively | (56) | 22 | (67) | 39 |
Net unrealized holding gains on marketable securities | 1,234 | 1,049 | 1,881 | 4,541 |
Change in fair value of interest rate swaps, net of tax of $(118), $(90), $(281), and $(14), respectively | 218 | 166 | 521 | 26 |
Defined benefit plan: | ||||
Reclassification adjustment for prior period service costs included in net income, net of tax of $(154), $(144), $(307), and $(288), respectively | 221 | 226 | 441 | 451 |
Other comprehensive income | 1,673 | 1,441 | 2,843 | 5,018 |
Total comprehensive income/ (loss) | $ 32,655 | $ (5,567) | $ 51,571 | $ 15,994 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized holding gains, tax | $ (845) | $ (659) | $ (1,159) | $ (2,879) |
Reclassification adjustment for (gains)/losses included in net income, tax | 39 | (14) | 47 | (25) |
Change in fair value of interest rate swaps, tax | (118) | (90) | (281) | (14) |
Reclassification adjustment for prior period service costs included in net income, tax | $ (154) | $ (144) | $ (307) | $ (288) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income / (Loss) | Unallocated common stock of ESOP |
Balance beginning of the period (in shares) at Dec. 31, 2015 | 101,871,737 | |||||
Balance beginning of the period at Dec. 31, 2015 | $ 1,163,163 | $ 1,019 | $ 717,603 | $ 489,292 | $ (24,535) | $ (20,216) |
Comprehensive income: | ||||||
Net income/ (loss) | 10,976 | 10,976 | ||||
Other comprehensive income, net of tax | 5,018 | 5,018 | ||||
Total comprehensive income/ (loss) | 15,994 | 10,976 | 5,018 | |||
Exercise of stock options (in shares) | 423,393 | |||||
Exercise of stock options | 4,583 | $ 5 | 4,578 | |||
Stock-based compensation expense (in shares) | 323,717 | |||||
Stock-based compensation expense, including tax benefit | 3,398 | $ 3 | 2,549 | 846 | ||
Share repurchases (in shares) | (145,900) | |||||
Share repurchases | (1,752) | $ (2) | (1,750) | |||
Dividends paid | (29,931) | (29,931) | ||||
Balance end of period (in shares) at Jun. 30, 2016 | 102,472,947 | |||||
Balance end of the period at Jun. 30, 2016 | 1,155,455 | $ 1,025 | 722,980 | 470,337 | (19,517) | (19,370) |
Balance beginning of the period (in shares) at Mar. 31, 2016 | 101,848,509 | |||||
Balance beginning of the period at Mar. 31, 2016 | 1,170,588 | $ 1,018 | 718,027 | 492,316 | (20,958) | (19,815) |
Comprehensive income: | ||||||
Net income/ (loss) | (7,008) | (7,008) | ||||
Other comprehensive income, net of tax | 1,441 | 1,441 | ||||
Total comprehensive income/ (loss) | (5,567) | (7,008) | 1,441 | |||
Exercise of stock options (in shares) | 300,721 | |||||
Exercise of stock options | 3,266 | $ 4 | 3,262 | |||
Stock-based compensation expense (in shares) | 323,717 | |||||
Stock-based compensation expense, including tax benefit | 2,139 | $ 3 | 1,691 | 445 | ||
Dividends paid | (14,971) | (14,971) | ||||
Balance end of period (in shares) at Jun. 30, 2016 | 102,472,947 | |||||
Balance end of the period at Jun. 30, 2016 | 1,155,455 | $ 1,025 | 722,980 | 470,337 | (19,517) | $ (19,370) |
Balance beginning of the period (in shares) at Dec. 31, 2016 | 101,699,406 | |||||
Balance beginning of the period at Dec. 31, 2016 | 1,170,663 | $ 1,017 | 718,834 | 478,803 | (27,991) | |
Comprehensive income: | ||||||
Net income/ (loss) | 48,728 | 48,728 | ||||
Other comprehensive income, net of tax | 2,843 | 2,843 | ||||
Total comprehensive income/ (loss) | 51,571 | 48,728 | 2,843 | |||
Exercise of stock options (in shares) | 400,690 | |||||
Exercise of stock options | 4,582 | $ 4 | 4,578 | |||
Stock-based compensation expense (in shares) | 378,050 | |||||
Stock-based compensation expense, including tax benefit | 2,628 | $ 4 | 2,624 | |||
Dividends paid | (32,514) | (32,514) | ||||
Balance end of period (in shares) at Jun. 30, 2017 | 102,478,146 | |||||
Balance end of the period at Jun. 30, 2017 | 1,196,930 | $ 1,025 | 726,036 | 495,017 | (25,148) | |
Balance beginning of the period (in shares) at Mar. 31, 2017 | 101,987,942 | |||||
Balance beginning of the period at Mar. 31, 2017 | 1,177,563 | $ 1,020 | 723,055 | 480,309 | (26,821) | |
Comprehensive income: | ||||||
Net income/ (loss) | 30,982 | 30,982 | ||||
Other comprehensive income, net of tax | 1,673 | 1,673 | ||||
Total comprehensive income/ (loss) | 32,655 | 30,982 | 1,673 | |||
Exercise of stock options (in shares) | 112,154 | |||||
Exercise of stock options | 1,276 | $ 1 | 1,275 | |||
Stock-based compensation expense (in shares) | 378,050 | |||||
Stock-based compensation expense, including tax benefit | 1,710 | $ 4 | 1,706 | |||
Dividends paid | (16,274) | (16,274) | ||||
Balance end of period (in shares) at Jun. 30, 2017 | 102,478,146 | |||||
Balance end of the period at Jun. 30, 2017 | $ 1,196,930 | $ 1,025 | $ 726,036 | $ 495,017 | $ (25,148) |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||||
Other comprehensive income, tax | $ (1,078) | $ (907) | $ (1,700) | $ (3,206) |
Stock-based compensation expense, tax benefits | $ 187 | $ 206 | ||
Dividends paid, per share (in dollars per share) | $ 0.16 | $ 0.15 | $ 0.32 | $ 0.3 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES: | ||
Net Income | $ 48,728 | $ 10,976 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 10,199 | 5,859 |
Net gain on sale of assets | (361) | (2,127) |
Net gain on sale of offices | (17,186) | 0 |
Net depreciation, amortization and accretion | 8,115 | 5,332 |
Decrease in other assets | 20,922 | 23,505 |
Increase/ (decrease) in other liabilities | (1,734) | 2,284 |
Net amortization on marketable securities | 1,050 | 1,035 |
Noncash write-down of real estate owned | 719 | 927 |
FHLB prepayment penalty | 0 | 24,520 |
Deferred income tax benefit | 0 | (650) |
Origination of loans held for sale | (37,613) | (114,140) |
Proceeds from sale of loans held for sale | 37,199 | 74,042 |
Noncash compensation expense related to stock benefit plans | 2,628 | 3,192 |
Net cash provided by operating activities | 72,666 | 34,755 |
INVESTING ACTIVITIES: | ||
Purchase of marketable securities held-to-maturity | (23,621) | 0 |
Purchase of marketable securities available-for-sale | (208,850) | (2,000) |
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 7,385 | 6,544 |
Proceeds from maturities and principal reductions of marketable securities available-for-sale | 64,741 | 177,781 |
Proceeds from sale of marketable securities available-for-sale | 19,478 | 91 |
Loan originations | (1,337,829) | (1,221,930) |
Proceeds from loan maturities and principal reductions | 1,346,050 | 1,182,305 |
Net (purchase)/ sale of Federal Home Loan Bank stock | (752) | 582 |
Proceeds from sale of real estate owned | 2,372 | 5,989 |
Sale of real estate owned for investment, net | 304 | 304 |
Net (purchase)/ disposal of premises and equipment | 502 | (8,235) |
Acquisitions, net of cash received | 0 | (684) |
Net cash provided by/ (used in) investing activities | (130,220) | 140,747 |
FINANCING ACTIVITIES: | ||
Increase/ (decrease) in deposits, net | (126,723) | 23,420 |
Repayments of long-term borrowings, including prepayment penalty | 0 | (774,546) |
Net increase/ (decrease) in short-term borrowings | (32,458) | 734,988 |
Increase in advances by borrowers for taxes and insurance | 11,567 | 11,553 |
Cash dividends paid | (32,514) | (29,931) |
Purchase of common stock for retirement | 0 | (1,752) |
Proceeds from stock options exercised | 4,582 | 4,583 |
Excess tax benefit from stock-based compensation | 0 | 206 |
Net cash used in financing activities | (175,546) | (31,479) |
Net increase/ (decrease) in cash and cash equivalents | (233,100) | 144,023 |
Cash and cash equivalents at beginning of period | 389,867 | 167,408 |
Cash and cash equivalents at end of period | 156,767 | 311,431 |
Cash and cash equivalents: | ||
Total cash and cash equivalents | 389,867 | 167,408 |
Cash paid during the period for: | ||
Interest on deposits and borrowings (including interest credited to deposit accounts of $11,028 and $11,335, respectively) | 13,869 | 25,010 |
Income taxes | 9,805 | 1,502 |
Business acquisitions: | ||
Fair value of assets acquired, excluding cash received | 0 | 810 |
Cash paid, net | 0 | (684) |
Liabilities assumed | 0 | 126 |
Non-cash activities: | ||
Loans foreclosures and repossessions | 5,062 | 1,854 |
Sale of real estate owned financed by the Company | $ 168 | $ 1,260 |
CONSOLIDATED STATEMENTS OF CA10
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Cash Flows [Abstract] | ||
Interest on deposits and borrowings, interest credited to deposit accounts | $ 11,028 | $ 11,335 |
Basis of Presentation and Infor
Basis of Presentation and Informational Disclosures | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Informational Disclosures | Basis of Presentation and Informational Disclosures Northwest Bancshares, Inc. (the “Company”) or (“NWBI”), a Maryland corporation headquartered in Warren, Pennsylvania, is a savings and loan holding company regulated by the Board of Governors of the Federal Reserve System. The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest”). Northwest is regulated by the FDIC and the Pennsylvania Department of Banking. Northwest operates 173 community-banking offices throughout Pennsylvania, western New York, and eastern Ohio. The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiary, Northwest, and Northwest’s subsidiaries Northwest Settlement Agency, LLC, Northwest Consumer Discount Company, Northwest Financial Services, Inc., Northwest Advisors, Inc., Northwest Capital Group, Inc., Allegheny Services, Inc., Great Northwest Corporation, Boetger & Associates, Inc. and The Bert Company. The unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The consolidated statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 updated, as required, for any new pronouncements or changes. The results of operations for the quarter and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 , or any other period. Stock-Based Compensation On May 17, 2017, the Company awarded employees 754,210 stock options and directors 64,800 stock options with an exercise price of $15.57 and grant date fair value of $1.55 per stock option, and the Company awarded employees 353,750 restricted common shares and directors 24,300 restricted common shares with a grant date fair value of $15.24 . Awarded stock options and common shares vest over a ten -year period with the first vesting occurring on the grant date. Stock-based compensation expense of $1.7 million and $1.9 million for the quarters ended June 30, 2017 and 2016 , and $2.6 million and $3.2 million for the six months ended June 30, 2017 and 2016 , respectively, was recognized in compensation expense relating to stock benefit plans. At June 30, 2017 there was compensation expense of $4.7 million to be recognized for awarded but unvested stock options and $18.5 million for unvested common shares. Income Taxes- Uncertain Tax Positions Accounting standards prescribe a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. A tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. At June 30, 2017 the Company had no liability for unrecognized tax benefits. The Company recognizes interest accrued related to: (1) unrecognized tax benefits in other expenses and (2) refund claims in other operating income, and penalties (if any) in other expenses. We are subject to audit by the Internal Revenue Service and any state in which we conduct business for the tax periods ended December 31, 2016 , 2015 , 2014 and 2013 . Impact of New Accounting Standards In May 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-9, “Revenue from Contracts with Customers (Topic 606)”. This guidance supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of this guidance requires an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and provides five steps to be analyzed to accomplish the core principle. This guidance is effective retrospectively for annual reporting periods beginning after December 15, 2017, including interim periods within those years and early adoption is not permitted. We are continuing our overall assessment of revenue streams and reviewing contracts potentially affected by this guidance and other revenue streams associated with contracts with third parties to determine the potential impact to our results of operations, financial position, and disclosures. 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 do not believe this standard will have a material impact 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 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. In January 2017 the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" . This guidance eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under this guidance goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. This guidance is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. We are currently evaluating the impact this standard will have on our results of operations and financial position. In March 2017, the FASB issued ASU No. 2017-07, “Compensation Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Costs and Net Periodic Postretirement Benefit Costs. This guidance provides financial statement users with clearer and disaggregated information related to the components of net periodic benefit cost and improve transparency of the presentation of net periodic benefit cost in the financial statements. This guidance is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted and this guidance should be applied retrospectively. We are currently evaluating the impact this standard will have on our results of operations and financial position. In March 2017 the FASB issued ASU 2017-08, "Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities" . This guidance shortens the amortization period for certain callable debt securities held at a premium to the earliest call date from the maturity date. This guidance is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted in any interim period. We are currently evaluating the impact this standard will have on our results of operations and financial position. |
Branch Sale
Branch Sale | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Branch Sale | Branch Sale On May 19, 2017, Northwest Bank completed the sale of its three full-service offices in Maryland to Shore United Bank, a subsidiary of Shore Bancshares, Inc. The transaction included a deposit premium of 8.0% which resulted in a gain of $ 17.2 million . The following table provides information related to assets and liabilities sold: Cash from offices $ 1,104 Loans 124,832 Accrued interest 299 Fixed Assets 5,362 Other assets 1 Total assets sold 131,598 Deposits and other liabilities: Deposits 211,716 Other liabilities 8 Total liabilities sold 211,724 Payment to Shore United 62,940 Gain on sale of offices $ 17,186 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments We previously operated in two reportable business segments: Community Banking and Consumer Finance. The Community Banking segment provides services traditionally offered by full-service community banks, including business and personal deposit accounts and business and personal loans, as well as insurance, brokerage and investment management and trust services. The Consumer Finance segment, which was comprised of Northwest Consumer Discount Company ("NCDC"), a subsidiary of Northwest offered personal installment loans for a variety of consumer and real estate products. This activity was funded primarily through an intercompany borrowing relationship with Allegheny Services, Inc., a subsidiary of Northwest. As previously announced, all NCDC offices were closed on July 14, 2017; this closure eliminates our consumer finance segment. Net income is the primary measure used by management to measure segment performance. The following tables provide financial information for these reportable segments. The “All Other” column represents the parent company and elimination entries necessary to reconcile to the consolidated amounts presented in the financial statements. At or for the quarter ended (in thousands): Community Consumer June 30, 2017 Banking Finance All other (1) Consolidated External interest income $ 86,266 3,509 22 89,797 Intersegment interest income/ expense 679 — (679 ) — Interest expense 5,915 679 472 7,066 Provision for loan losses 4,548 1,014 — 5,562 Noninterest income 40,475 95 907 41,477 Noninterest expense 67,301 4,655 1,306 73,262 Income tax expense/ (benefit) 16,078 (1,138 ) (538 ) 14,402 Net income/ (loss) $ 33,578 (1,606 ) (990 ) 30,982 Total assets $ 9,386,087 99,806 13,117 9,499,010 Community Consumer June 30, 2016 Banking Finance All other (1) Consolidated External interest income $ 80,998 4,324 233 85,555 Intersegment interest income/ expense 631 — (631 ) — Interest expense 8,924 631 453 10,008 Provision for loan losses 3,365 834 — 4,199 Noninterest income 19,848 400 27 20,275 Noninterest expense 98,940 2,878 304 102,122 Income tax expense/ (benefit) (3,245 ) 158 (404 ) (3,491 ) Net income/ (loss) $ (6,507 ) 223 (724 ) (7,008 ) Total assets $ 8,839,334 108,282 16,359 8,963,975 (1) Consists of intercompany elimination entries and holding company income and expense. At or for the six months ended (in thousands): Community Consumer June 30, 2017 Banking Finance All other (1) Consolidated External interest income $ 169,449 7,533 82 177,064 Intersegment interest income 1,335 — (1,335 ) — Interest expense 11,473 1,335 948 13,756 Provision for loan losses 6,678 3,521 — 10,199 Noninterest income 61,731 321 929 62,981 Noninterest expense 135,732 7,517 1,659 144,908 Income tax expense/ (benefit) 25,372 (1,875 ) (1,043 ) 22,454 Net income/ (loss) $ 53,260 (2,644 ) (1,888 ) 48,728 Total assets $ 9,386,087 99,806 13,117 9,499,010 Community Consumer June 30, 2016 Banking Finance All other (1) Consolidated External interest income $ 161,836 8,567 450 170,853 Intersegment interest income 1,273 — (1,273 ) — Interest expense 21,605 1,273 876 23,754 Provision for loan losses 4,578 1,281 — 5,859 Noninterest income 38,854 780 89 39,723 Noninterest expense 158,912 5,807 678 165,397 Income tax expense/ (benefit) 4,997 409 (816 ) 4,590 Net income/ (loss) $ 11,871 577 (1,472 ) 10,976 Total assets $ 8,839,334 108,282 16,359 8,963,975 (1) Consists of intercompany elimination entries and holding company income and expense. |
Investment securities and impai
Investment securities and impairment of investment securities | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities and impairment of investment securities | Investment securities and impairment of investment securities The following table shows the portfolio of investment securities available-for-sale at June 30, 2017 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Debt issued by the U.S. government and agencies: Due in one year or less $ 3 — — 3 Debt issued by government sponsored enterprises: Due in one year or less 85,630 17 (85 ) 85,562 Due in one year through five years 198,564 75 (1,866 ) 196,773 Due in five years through ten years — — — — Due after ten years 5,782 — (56 ) 5,726 Equity securities 3,351 1,724 (6 ) 5,069 Municipal securities: Due in one year or less 2,529 8 — 2,537 Due in one year through five years 8,252 91 (2 ) 8,341 Due in five years through ten years 13,353 243 — 13,596 Due after ten years 30,238 713 (1 ) 30,950 Corporate debt issues: Due after ten years 14,398 4,457 (224 ) 18,631 Residential mortgage-backed securities: Fixed rate pass-through 149,196 1,554 (2,386 ) 148,364 Variable rate pass-through 37,855 1,667 (4 ) 39,518 Fixed rate non-agency CMOs 59 — — 59 Fixed rate agency CMOs 319,044 398 (2,910 ) 316,532 Variable rate agency CMOs 80,907 289 (55 ) 81,141 Total residential mortgage-backed securities 587,061 3,908 (5,355 ) 585,614 Total marketable securities available-for-sale $ 949,161 11,236 (7,595 ) 952,802 The following table shows the portfolio of investment securities available-for-sale at December 31, 2016 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Debt issued by the U.S. government and agencies: Due in one year or less $ 6 — — 6 Debt issued by government sponsored enterprises: 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 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 The following table shows the portfolio of investment securities held-to-maturity at June 30, 2017 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Municipal securities: Due after ten years 2,000 10 — 2,010 Residential mortgage-backed securities: Fixed rate pass-through 4,183 198 — 4,381 Variable rate pass-through 2,512 30 — 2,542 Fixed rate agency CMOs 26,723 121 (17 ) 26,827 Variable rate agency CMOs 788 12 — 800 Total residential mortgage-backed securities 34,206 361 (17 ) 34,550 Total marketable securities held-to-maturity $ 36,206 371 (17 ) 36,560 The following table shows the portfolio of investment securities held-to-maturity at December 31, 2016 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Municipal securities: 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 The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2017 (in thousands): Less than 12 months 12 months or more Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. government sponsored enterprises $ 248,390 (1,905 ) 27,926 (102 ) 276,316 (2,007 ) Municipal securities 4,115 (3 ) — — 4,115 (3 ) Corporate issues — — 2,207 (224 ) 2,207 (224 ) Equity securities — — 545 (6 ) 545 (6 ) Residential mortgage-backed securities - agency 295,550 (3,243 ) 82,318 (2,129 ) 377,868 (5,372 ) Total temporarily impaired securities $ 548,055 (5,151 ) 112,996 (2,461 ) 661,051 (7,612 ) The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2016 (in thousands): Less than 12 months 12 months or more Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. government sponsored enterprises $ 238,003 (2,448 ) 9,205 (92 ) 247,208 (2,540 ) Municipal securities 5,621 (37 ) 66 (1 ) 5,687 (38 ) Corporate debt issues — — 2,107 (322 ) 2,107 (322 ) Equity securities — — 544 (6 ) 544 (6 ) 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 ) We review our investment portfolio for indications of impairment. This review includes analyzing the length of time and the extent to which amortized costs have exceeded fair values, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer, and the intent and ability to hold the investments for a period of time sufficient to allow for a recovery in value. Certain investments are evaluated using our best estimate of future cash flows. If the estimate of cash flows indicates that an adverse change has occurred, other-than-temporary impairment is recognized for the amount of the unrealized loss that was deemed credit related. Credit related impairment on all debt securities is recognized in earnings while noncredit related impairment on available-for-sale debt securities, not expected to be sold, is recognized in other comprehensive income. The table below shows a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold for the quarter and six months ended June 30, 2017 (in thousands): 2017 2016 Beginning balance at April1, (1) $ 7,942 8,424 Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Reduction for losses realized during the quarter — (16 ) Reduction for securities sold/ called realized during the quarter — — Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized — — Ending balance at June 30, $ 7,942 8,408 (1) The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods 2017 2016 Beginning balance at January 1, (1) $ 7,942 8,436 Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Reduction for losses realized during the quarter — (28 ) Reduction for securities sold/ called realized during the nine months — — Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized — — Ending balance at June 30, $ 7,942 8,408 (1) The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. |
Loans receivable
Loans receivable | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans receivable | Loans receivable The following table shows a summary of our loans receivable at June 30, 2017 and December 31, 2016 (in thousands): June 30, 2017 December 31, 2016 Originated Acquired Total Originated Acquired Total Personal Banking: Residential mortgage loans (1) $ 2,625,450 124,394 2,749,844 2,582,218 133,511 2,715,729 Home equity loans 1,022,522 278,510 1,301,032 1,026,315 302,457 1,328,772 Consumer loans 519,659 125,773 645,432 467,637 163,622 631,259 Total Personal Banking 4,167,631 528,677 4,696,308 4,076,170 599,590 4,675,760 Commercial Banking: Commercial real estate loans 2,194,165 332,109 2,526,274 2,140,678 372,991 2,513,669 Commercial loans 537,429 75,290 612,719 481,543 75,676 557,219 Total Commercial Banking 2,731,594 407,399 3,138,993 2,622,221 448,667 3,070,888 Total loans receivable, gross 6,899,225 936,076 7,835,301 6,698,391 1,048,257 7,746,648 Deferred loan costs 22,470 2,131 24,601 20,081 2,294 22,375 Allowance for loan losses (56,627 ) (6,258 ) (62,885 ) (55,293 ) (5,646 ) (60,939 ) Undisbursed loan proceeds: Residential mortgage loans (11,281 ) — (11,281 ) (11,638 ) — (11,638 ) Commercial real estate loans (127,067 ) (2,544 ) (129,611 ) (168,595 ) (2,985 ) (171,580 ) Commercial loans (30,894 ) (1,379 ) (32,273 ) (26,168 ) (2,290 ) (28,458 ) Total loans receivable, net $ 6,695,826 928,026 7,623,852 6,456,778 1,039,630 7,496,408 (1) Includes $10.3 million and $9.6 million of loans held for sale at June 30, 2017 and December 31, 2016, respectively. Acquired loans were initially measured at fair value and subsequently accounted for under either Accounting Standards Codification (“ASC”) Topic 310-30 or ASC Topic 310-20. The following table provides information related to the outstanding principal balance and related carrying value of acquired loans for the dates indicated (in thousands): June 30, December 31, Acquired loans evaluated individually for future credit losses: Outstanding principal balance $ 13,099 16,108 Carrying value 10,054 12,665 Acquired loans evaluated collectively for future credit losses: Outstanding principal balance 931,526 1,040,378 Carrying value 924,230 1,032,611 Total acquired loans: Outstanding principal balance 944,625 1,056,486 Carrying value 934,284 1,045,276 The following table provides information related to the changes in the accretable discount, which includes income recognized from contractual cash flows for the dates indicated (in thousands): Total Balance at December 31, 2015 $ 2,019 Accretion (1,170 ) Net reclassification from nonaccretable yield 1,338 Balance at December 31, 2016 2,187 Accretion (883 ) Net reclassification from nonaccretable yield 289 Balance at June 30, 2017 $ 1,593 The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the six months ended June 30, 2017 (in thousands): Carrying value Outstanding principal balance Related impairment reserve Average recorded investment in impaired loans Interest income recognized Personal Banking: Residential mortgage loans $ 1,241 1,955 71 1,280 88 Home equity loans 1,174 2,288 9 1,268 96 Consumer loans 90 222 3 113 29 Total Personal Banking 2,505 4,465 83 2,661 213 Commercial Banking: Commercial real estate loans 7,445 8,519 101 8,521 658 Commercial loans 104 115 — 178 12 Total Commercial Banking 7,549 8,634 101 8,699 670 Total $ 10,054 13,099 184 11,360 883 The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2016 (in thousands): Carrying Outstanding Related Average Interest 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 allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended June 30, 2017 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,635 217 (314 ) 94 4,638 Home equity loans 2,957 295 (343 ) 16 2,989 Consumer loans 9,747 2,187 (3,393 ) 524 10,429 Total Personal Banking 17,339 2,699 (4,050 ) 634 18,056 Commercial Banking: Commercial real estate loans 22,584 1,488 (72 ) 533 20,635 Commercial loans 16,704 1,519 (708 ) 494 15,399 Total Commercial Banking 39,288 3,007 (780 ) 1,027 36,034 Total originated loans 56,627 5,706 (4,830 ) 1,661 54,090 Acquired loans: Personal Banking: Residential mortgage loans 85 26 (58 ) 39 78 Home equity loans 623 7 (346 ) 30 932 Consumer loans 628 (103 ) (124 ) 24 831 Total Personal Banking 1,336 (70 ) (528 ) 93 1,841 Commercial Banking: Commercial real estate loans 2,446 (1,266 ) (257 ) 256 3,713 Commercial loans 2,476 1,192 (221 ) 45 1,460 Total Commercial Banking 4,922 (74 ) (478 ) 301 5,173 Total acquired loans 6,258 (144 ) (1,006 ) 394 7,014 Total $ 62,885 5,562 (5,836 ) 2,055 61,104 The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended June 30, 2016 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 3,022 501 (1,803 ) 67 4,257 Home equity loans 3,335 230 (439 ) 135 3,409 Consumer loans 7,924 2,382 (2,146 ) 394 7,294 Total Personal Banking 14,281 3,113 (4,388 ) 596 14,960 Commercial Banking: Commercial real estate loans 25,686 (3,509 ) (1,317 ) 645 29,867 Commercial loans 15,356 901 (885 ) 417 14,923 Total Commercial Banking 41,042 (2,608 ) (2,202 ) 1,062 44,790 Total originated loans 55,323 505 (6,590 ) 1,658 59,750 Acquired loans: Personal Banking: Residential mortgage loans 61 35 (49 ) 67 8 Home equity loans 1,128 1,217 (507 ) 120 298 Consumer loans 552 501 (186 ) 38 199 Total Personal Banking 1,741 1,753 (742 ) 225 505 Commercial Banking: Commercial real estate loans 3,165 1,660 (414 ) 184 1,735 Commercial loans 552 281 (18 ) 1 288 Total Commercial Banking 3,717 1,941 (432 ) 185 2,023 Total acquired loans 5,458 3,694 (1,174 ) 410 2,528 Total $ 60,781 4,199 (7,764 ) 2,068 62,278 The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the six months ended June 30, 2017 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,635 184 (467 ) 262 4,656 Home equity loans 2,957 (112 ) (518 ) 101 3,486 Other consumer loans 9,747 7,537 (6,646 ) 882 7,974 Total Personal Banking 17,339 7,609 (7,631 ) 1,245 16,116 Commercial Banking: Commercial real estate loans 22,584 (1,459 ) (335 ) 711 23,667 Commercial loans 16,704 1,928 (1,654 ) 920 15,510 Total Commercial Banking 39,288 469 (1,989 ) 1,631 39,177 Total originated loans 56,627 8,078 (9,620 ) 2,876 55,293 Acquired loans: Personal Banking: Residential mortgage loans 85 141 (195 ) 68 71 Home equity loans 623 188 (820 ) 208 1,047 Other consumer loans 628 299 (531 ) 207 653 Total Personal Banking 1,336 628 (1,546 ) 483 1,771 Commercial Banking: Commercial real estate loans 2,446 (601 ) (468 ) 507 3,008 Commercial loans 2,476 2,094 (542 ) 57 867 Total Commercial Banking 4,922 1,493 (1,010 ) 564 3,875 Total acquired loans 6,258 2,121 (2,556 ) 1,047 5,646 Total $ 62,885 10,199 (12,176 ) 3,923 60,939 The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the six months ended June 30, 2016 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal banking: Residential mortgage loans $ 3,022 504 (2,292 ) 118 4,692 Home equity loans 3,335 (43 ) (737 ) 174 3,941 Other consumer loans 7,924 4,027 (4,373 ) 782 7,488 Total personal banking 14,281 4,488 (7,402 ) 1,074 16,121 Commercial banking: Commercial real estate loans 25,686 (7,715 ) (1,500 ) 2,553 32,348 Commercial loans 15,356 3,340 (996 ) 511 12,501 Total commercial banking 41,042 (4,375 ) (2,496 ) 3,064 44,849 Total originated loans 55,323 113 (9,898 ) 4,138 60,970 Acquired loans: Personal banking: Residential mortgage loans 61 72 (124 ) 95 18 Home equity loans 1,128 1,955 (1,193 ) 265 101 Other consumer loans 552 709 (362 ) 95 110 Total personal banking 1,741 2,736 (1,679 ) 455 229 Commercial banking: Commercial real estate loans 3,165 2,474 (1,128 ) 380 1,439 Commercial loans 552 536 (24 ) 6 34 Total commercial banking 3,717 3,010 (1,152 ) 386 1,473 Total acquired loans 5,458 5,746 (2,831 ) 841 1,702 Total $ 60,781 5,859 (12,729 ) 4,979 62,672 At June 30, 2017 , we expect to fully collect the carrying value of our purchased credit impaired loans and have determined that we can reasonably estimate their future cash flows including those loans that are 90 days or more delinquent. As a result, we do not consider our purchased credit impaired loans that are 90 days or more delinquent to be nonaccrual or impaired and continue to recognize interest income on these loans, including the loans’ accretable discount. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at June 30, 2017 (in thousands): Total loans receivable Allowance for loan losses Nonaccrual loans (1) Loans past due 90 days or more and still accruing (2) TDRs (3) Allowance related to TDRs Additional commitments to customers with loans classified as TDRs Personal Banking: Residential mortgage loans $ 2,750,471 4,720 13,555 — 7,684 811 — Home equity loans 1,301,032 3,580 6,392 — 1,725 425 5 Consumer loans 658,125 10,375 3,699 173 — — — Total Personal Banking 4,709,628 18,675 23,646 173 9,409 1,236 5 Commercial Banking: Commercial real estate loans 2,396,663 25,030 40,191 — 25,719 1,989 113 Commercial loans 580,446 19,180 8,936 9 6,732 778 67 Total Commercial Banking 2,977,109 44,210 49,127 9 32,451 2,767 180 Total $ 7,686,737 62,885 72,773 182 41,860 4,003 185 (1) Includes $17.9 million of nonaccrual TDRs. (2) Represents loans 90 days past maturity and still accruing. (3) Includes $17.9 million of nonaccrual, and $24.0 million of accruing TDRs. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2016 (in thousands): Total loans receivable Allowance for loan losses Nonaccrual loans (1) Loans past due 90 days or more and still accruing (2) TDRs (3) Allowance related to 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. (2) Represents loans 90 days past maturity and still accruing. (3) Includes $16.3 million of nonaccrual, and $26.6 million of accruing TDRs. The following table provides information related to the composition of originated impaired loans by portfolio segment and by class of financing receivable at and for the six months ended June 30, 2017 (in thousands): Nonaccrual loans 90 or more days delinquent Nonaccrual loans less than 90 days delinquent Loans less than 90 days delinquent reviewed for impairment TDRs less than 90 days delinquent not included elsewhere Total impaired loans Average recorded investment in impaired loans Interest income recognized on impaired loans Personal Banking: Residential mortgage loans $ 11,637 1,918 — 6,681 20,236 22,013 475 Home equity loans 5,744 648 — 1,363 7,755 8,924 216 Consumer loans 2,809 890 — — 3,699 4,412 94 Total Personal Banking 20,190 3,456 — 8,044 31,690 35,349 785 Commercial Banking: Commercial real estate loans 21,295 18,896 5,541 7,638 53,370 53,755 898 Commercial loans 3,642 5,294 982 2,581 12,499 12,868 389 Total Commercial Banking 24,937 24,190 6,523 10,219 65,869 66,623 1,287 Total $ 45,127 27,646 6,523 18,263 97,559 101,972 2,072 The following table provides information related to the composition of originated impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2016 (in thousands): Nonaccrual loans 90 or more days delinquent Nonaccrual loans less than 90 days delinquent Loans less than 90 days delinquent reviewed for impairment TDRs less than 90 days delinquent not included elsewhere Total impaired loans Average recorded investment in impaired loans Interest income recognized on impaired loans Personal Banking: Residential mortgage loans $ 13,169 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 evaluation of impaired loans by portfolio segment and by class of financing receivable at June 30, 2017 (in thousands): Loans collectively evaluated for impairment Loans individually evaluated for impairment Loans individually evaluated for impairment for which there is a related impairment reserve Related impairment reserve Loans individually evaluated for impairment for which there is no related reserve Personal Banking: Residential mortgage loans $ 2,742,121 8,350 8,350 812 — Home equity loans 1,299,307 1,725 1,725 425 — Consumer loans 658,008 117 117 31 — Total Personal Banking 4,699,436 10,192 10,192 1,268 — Commercial Banking: Commercial real estate loans 2,363,904 32,759 27,232 3,168 5,527 Commercial loans 570,713 9,733 9,215 1,295 518 Total Commercial Banking 2,934,617 42,492 36,447 4,463 6,045 Total $ 7,634,053 52,684 46,639 5,731 6,045 The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at December 31, 2016 (in thousands): Loans collectively evaluated for impairment Loans individually evaluated for impairment Loans individually evaluated for impairment for which there is a related impairment reserve Related impairment reserve Loans individually evaluated for impairment for which there is no related reserve Personal Banking: Residential mortgage loans $ 2,706,484 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 Our loan portfolios include loans that have been modified in a troubled debt restructuring ("TDR"), where concessions have been granted to borrowers who have experienced financial difficulties. These concessions typically result from our loss mitigation activities and could include: extending the note’s maturity date, permitting interest only payments, reducing the interest rate to a rate lower than current market rates for new debt with similar risk, reducing the principal payment, principal forbearance or other actions. These concessions are applicable to all loan segments and classes. Certain TDRs are classified as nonperforming at the time of restructuring and may be returned to performing status after considering the borrower’s sustained repayment performance for a period of at least six months. When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, the loan’s observable market price or the current fair value of the collateral, less selling costs, for collateral dependent loans. If we determine that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate all TDRs, including those that have payment defaults, for possible impairment, using ASC 310-10. As a result, loans modified in a TDR may have the financial effect of increasing the specific allowance associated with the loan. Loans modified in a TDR are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a TDR subsequently default, we evaluate the loan for possible further impairment. The allowance may be increased, adjustments may be made in the allocation of the allowance, partial charge-offs may be taken to further write-down the carrying value of the loan, or the loan may be charged-off completely. The following table provides a roll forward of troubled debt restructurings for the periods indicated (in thousands): For the quarters ended June 30, 2017 2016 Number of contracts Amount Number of contracts Amount Beginning TDR balance: 224 $ 43,578 227 $ 48,248 New TDRs 1 348 9 1,662 Re-modified TDRs 1 445 3 863 Net paydowns (1,458 ) (1,421 ) Charge-offs: Residential mortgage loans — — — — Home equity loans — — — — Commercial real estate loans — — — — Commercial loans 5 (158 ) — — Paid-off loans: Residential mortgage loans — — — — Home equity loans 4 (32 ) 1 (1 ) Commercial real estate loans 8 (480 ) 4 (41 ) Commercial loans 5 (383 ) 1 (197 ) Ending TDR balance: 203 $ 41,860 230 $ 49,113 Accruing TDRs $ 23,987 $ 31,015 Non-accrual TDRs 17,873 18,098 The following table provides a roll forward of troubled debt restructuring for the periods indicated (in thousands): For the six months ended June 30, 2017 2016 Number of contracts Number of contracts Beginning TDR balance: 225 $ 42,926 227 $ 51,115 New TDRs 7 4,139 18 5,011 Re-modified TDRs 1 445 4 1,063 Net paydowns (2,681 ) (2,904 ) Charge-offs: Residential mortgage loans — — — — Home equity loans — — — — Commercial real estate loans — — — — Commercial loans 6 (259 ) 1 (43 ) Paid-off loans: Residential mortgage loans — — — — Home equity loans 5 (32 ) 3 (232 ) Commercial real estate loans 10 (545 ) 8 (4,562 ) Commercial loans 8 (2,133 ) 3 (335 ) Ending TDR balance: 203 $ 41,860 230 $ 49,113 Accruing TDRs $ 23,987 $ 31,015 Non-accrual TDRs 17,873 18,098 The following table provides information related to troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (dollars in thousands): For the quarter ended For the six months ended June 30, 2017 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 1 $ 445 431 45 3 $ 894 877 92 Home equity loans — — — — — — — — Consumer loans — — — — — — — — Total Personal Banking 1 445 431 45 3 894 877 92 Commercial Banking: Commercial real estate loans 1 348 343 25 4 3,486 3,198 294 Commercial loans — — — — 1 204 192 14 Total Commercial Banking 1 348 343 25 5 3,690 3,390 308 Total 2 $ 793 774 70 8 $ 4,584 4,267 400 During the quarter and six months ended June 30, 2017 , no TDRs modified within the previous twelve months have 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 periods indicated (dollars in thousands): For the quarter ended For the six months ended June 30, 2016 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 2 $ 526 525 17 5 $ 1,033 1,028 49 Home equity loans 4 224 191 47 5 280 246 60 Consumer loans — — — — — — — — Total Personal Banking 6 750 716 64 10 1,313 1,274 109 Commercial Banking: Commercial real estate loans 2 812 807 31 4 2,096 2,076 297 Commercial loans 4 963 963 481 8 2,665 1,751 575 Total Commercial Banking 6 1,775 1,770 512 12 4,761 3,827 872 Total 12 $ 2,525 2,486 576 22 $ 6,074 5,101 981 During the quarter and six months ended June 30, 2016 , no TDRs modified within the previous twelve months have subsequently defaulted. The following table provides information as of June 30, 2017 for troubled debt restructuring (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended June 30, 2017 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — — 431 431 Home equity loans — — — — — — Consumer loans — — — — — — Total Personal Banking 1 — — — 431 431 Commercial Banking: Commercial real estate loans 1 — — 343 — 343 Commercial loans — — — — — — Total Commercial Banking 1 — — 343 — 343 Total 2 $ — — 343 431 774 The following table provides information as of June 30, 2016 for troubled debt restructuring (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended June 30, 2016 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 2 $ — — 525 — 525 Home equity loans 4 68 — — 123 191 Consumer loans — — — — — — Total Personal Banking 6 68 — 525 123 716 Commercial Banking: Commercial real estate loans 2 — 429 378 — 807 Commercial loans 4 — 963 — — 963 Total Commercial Banking 6 — 1,392 378 — 1,770 Total 12 $ 68 1,392 903 123 2,486 The following table provides information as of June 30, 2017 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the six months ended June 30, 2017 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 3 $ 111 — — 766 877 Home equity loans — — — — — — Other consumer loans — — — — — — Total Personal Banking 3 111 — — 766 877 Commercial Banking: Commercial real estate loans 4 — 2,732 466 — 3,198 Commercial loans 1 — — 192 — 192 Total Commercial Banking 5 — 2,732 658 — 3,390 Total 8 $ 111 2,732 658 766 4,267 The following table provides information as of June 30, 2016 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the six months ended June 30, 2016 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 5 $ 363 — 617 48 1,028 Home equity loans 5 123 — — 123 246 Other consumer loans — — — — — — Total Personal Banking 10 486 — 617 171 1,274 Commercial Banking: Commercial real estate loans 4 — 429 378 1,269 2,076 Commercial loans 8 — — 963 788 1,751 Total Commercial Banking 12 — 429 1,341 2,057 3,827 Total 22 $ 486 429 1,958 2,228 5,101 The following table provides information related to re-modified troubled debt restructuring by portfolio segment and by class of financing receivable for the quarter ended June 30, 2017 (dollars in thousands): Type of re-modification Number of re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — — 431 431 Home equity loans — — — — — — Consumer loans — — — — — — Total Personal Banking 1 — — — 431 431 Commercial Banking: Commercial real estate loans — — — — — — Commercial loans — — — — — — Total Commercial Banking — — — — — — Total 1 $ — — — 431 431 The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the quarter ended June 30, 2016 (dollars in thousands): Type of re-modification Number of re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans — — — — — — Consumer loans — — — — — — Total Personal Banking — — — — — — Commercial Banking: Commercial real estate loans — — — — — — Commercial loans 3 — 863 — — 863 Total Commercial Banking 3 — 863 — — 863 Total 3 $ — 863 — — 863 The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the six months ended June 30, 2017 (in thousands): Type of re-modification Number of re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — — 431 431 Home equity loans — — — — — — Other consumer loans — — — — — — Total Personal Banking 1 — — — 431 431 Commercial Banking: Commercial real estate loans — — — — — — Commercial loans — — — — — — Total Commercial Banking — — — — — — Total 1 $ — — — 431 431 The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the six months ended June 30, 2016 (dollars in thousands): Type of re-modification Number of re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans — — — — — — Other consumer loans — — — — — — Total Personal Banking — — — — — — Commercial Banking: Commercial real estate loans 1 — — — 191 191 Commercial loans 3 — 863 — — 863 Total Commercial Banking 4 — 863 — 191 1,054 Total 4 $ — 863 — 191 1,054 The following table provides information related to loan payment delinquencies at June 30, 2017 (in thousands): 30-59 Days delinquent 60-89 Days delinquent 90 Days or greater delinquent Total delinquency Current Total loans receivable 90 Days or greater delinquent and accruing (1) Originated loans: Personal Banking: Residential mortgage loans $ 2,892 5,847 11,158 19,897 2,606,180 2,626,077 — Home equity loans 3,698 1,193 4,405 9,296 1,013,226 1,022,522 — Consumer loans 7,770 2,970 2,549 13,289 516,932 530,221 — Total Personal Banking 14,360 10,010 18,112 42,482 4,136,338 4,178,820 — Commercial Banking: Commercial real estate loans 4,189 2,520 18,437 25,146 2,041,952 2,067,098 — Commercial loans 346 109 2,905 3,360 503,175 506,535 — Total Commercial Banking 4,535 2,629 21,342 28,506 2,545,127 2,573,633 — Total originated loans 18,895 12,639 39,454 70,988 6,681,465 6,752,453 — Acquired loans: Personal Banking: Residential mortgage loans 1 473 895 1,369 123,025 124,394 416 Home equity loans 360 329 1,395 2,084 276,426 278,510 56 Consumer loans 808 264 272 1,344 126,560 127,904 12 Total Personal Banking 1,169 1,066 2,562 4,797 526,011 530,808 484 Commercial Banking: Commercial real estate loans 440 848 3,607 4,895 324,670 329,565 749 Commercial loans 1,032 90 737 1,859 72,052 73,911 — Total Commercial Banking 1,472 938 4,344 6,754 396,722 403,476 749 Total acquired loans 2,641 2,004 6,906 11,551 922,733 934,284 1,233 Total loans $ 21,536 14,643 46,360 82,539 7,604,198 7,686,737 1,233 (1) Represents acquired loans that were originally recorded at fair value upon acquisition. These loans are considered to be accruing because we can reasonably estimate future cash flows on and expect to fully collect the carrying value of these loans. Therefore, we are accreting the difference between the carrying value and their expected cash flows into interest income. The following table provides information related to loan payment delinquencies at December 31, 2016 (in thousands): 30-59 Days delinquent 60-89 Days delinquent 90 Days or greater delinquent Total delinquency Current Total loans receivable 90 Days or 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 loan 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 loan 6,278 2,029 7,297 15,604 1,029,672 1,045,276 2,824 Total $ 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. Credit quality indicators : We categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We analyze loans individually by classifying the loans by credit risk. Credit relationships greater than or equal to $1.0 million classified as special mention or substandard are reviewed quarterly for deterioration or improvement to determine if the loan is appropriately classified. We use the following definitions for risk ratings other than pass: Special mention — Loans designated as special mention have specific, well-defined risk issues, which create a high level of uncertainty regarding the long-term viability of the business. Loans in this class are considered to have high-risk characteristics. A special mention loan exhibits material negative financial trends due to company-specific or systemic conditions. If these potential weaknesses are not mitigated, they threaten the borrower’s capacity to meet its debt obligations. Special mention loans still demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. Their potential weaknesses deserve our close attention and warrant enhanced monitoring. Substandard — Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, those weaknesses make collection or liquidation in full highly questionable and improbable. A loan classified as doubtful exhibits discernible loss potential, but a complet |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
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 as of the dates indicated (in thousands): June 30, December 31, Amortizable intangible assets: Core deposit intangibles — gross $ 63,685 37,953 Acquisitions — 25,732 Less: accumulated amortization (37,312 ) (34,378 ) Core deposit intangibles — net 26,373 29,307 Customer and Contract intangible assets — gross 10,474 8,496 Acquisitions — 1,978 Less: accumulated amortization (7,912 ) (7,348 ) Customer and Contract intangible assets — net $ 2,562 3,126 The following table shows the actual aggregate amortization expense for the quarters and six months ended June 30, 2017 and 2016 , as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands): For the quarter ended June 30, 2017 $ 1,749 For the quarter ended June 30, 2016 710 For the six months ended June 30, 2017 3,498 For the six months ended June 30, 2016 1,385 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 For the year ending December 31, 2022 2,456 The following table provides information for the changes in the carrying amount of goodwill (in thousands): Community Consumer Total Balance at December 31, 2015 $ 260,123 1,613 261,736 Goodwill acquired 45,684 — 45,684 Balance at December 31, 2016 305,807 1,613 307,420 Goodwill acquired — — — Impairment losses — — — Balance at June 30, 2017 $ 305,807 1,613 307,420 We performed our annual goodwill impairment test as of June 30, 2017 and concluded that goodwill was not impaired. See Note 1 of the Notes to Consolidated Financial Statements in Item 8 of Part II of our 2016 Annual Report on Form 10-K for a description of our testing procedures. |
Guarantees
Guarantees | 6 Months Ended |
Jun. 30, 2017 | |
Guarantees [Abstract] | |
Guarantees | Guarantees We issue standby letters of credit in the normal course of business. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. We are required to perform under a standby letter of credit when drawn upon by the guaranteed third party in the case of nonperformance by our customer. The credit risk associated with standby letters of credit is essentially the same as that involved in extending loans to customers and is subject to normal loan underwriting procedures. Collateral may be obtained based on management’s credit assessment of the customer. At June 30, 2017 , the maximum potential amount of future payments we could be required to make under these non-recourse standby letters of credit was $25.9 million , of which $17.2 million is fully collateralized. At June 30, 2017 , we had a liability, which represents deferred income, of $170,000 related to the standby letters of credit. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per common share (EPS) is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. All stock options outstanding during the quarter ended June 30, 2017 and 2016, were included in the computation of diluted earnings per share because the options’ exercise price was less than the average market price of the common shares of $15.97 and $14.15 , respectively. All stock options outstanding during the six months ended June 30, 2017 were included in the computation of diluted earnings per share because the options’ exercise price was less than the average market price of the common shares of $ 16.75 .Stock options to purchase 723,459 shares of common stock with a weighted average exercise price of $14.15 per share were outstanding during the six months ended June 30, 2016 but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares of $13.43 . The computation of basic and diluted earnings per share follows (in thousands, except share data and per share amounts): Quarter ended Six Months Ended 2017 2016 2017 2016 Reported net income/ (loss) $ 30,982 (7,008 ) 48,728 10,976 Weighted average common shares outstanding 100,950,772 99,177,609 100,798,209 99,033,676 Dilutive potential shares due to effect of stock options 1,498,921 1,065,833 1,726,849 778,049 Total weighted average common shares and dilutive potential shares 102,449,693 100,243,442 102,525,058 99,811,725 Basic earnings per share: $ 0.31 (0.07 ) 0.48 0.11 Diluted earnings per share: $ 0.30 (0.07 ) 0.48 0.11 |
Pension and Other Post-retireme
Pension and Other Post-retirement Benefits | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-retirement Benefits | Pension and Other Post-retirement Benefits The following table sets forth the net periodic costs for the defined benefit pension plans and post retirement healthcare plans for the periods indicated (in thousands): Components of net periodic benefit cost Quarter ended June 30, Pension benefits Other post-retirement benefits 2017 2016 2017 2016 Service cost $ 1,538 1,374 — — Interest cost 1,703 1,695 17 18 Expected return on plan assets (2,628 ) (2,475 ) — — Amortization of prior service cost (581 ) (580 ) — — Amortization of the net loss 927 928 27 22 Net periodic cost $ 959 942 44 40 Six Months Ended June 30, Pension benefits Other post-retirement benefits 2017 2016 2017 2016 Service cost $ 3,075 2,748 — — Interest cost 3,440 3,391 35 35 Expected return on plan assets (5,256 ) (4,949 ) — — Amortization of prior service cost (1,162 ) (1,161 ) — — Amortization of the net loss 1,855 1,855 54 45 Net periodic cost $ 1,952 1,884 89 80 We anticipate making a contribution to our defined benefit pension plan of $4.0 million to $5.0 million during the year ending December 31, 2017 . |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Disclosures About Fair Value of Financial Instruments | Disclosures About Fair Value of Financial Instruments Fair value information about financial instruments, whether or not recognized in the consolidated statement of financial condition, is required to be disclosed. These requirements exclude certain financial instruments and all nonfinancial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. Financial assets and liabilities recognized or disclosed at fair value on a recurring basis and certain financial assets and liabilities on a non-recurring basis are accounted for using a three-level hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. This hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest level input that has a significant impact on fair value measurement is used. Financial assets and liabilities are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 — Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in actively traded markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities. • Level 2 — Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets or liabilities that are actively traded. Level 2 also includes pricing models in which the inputs are corroborated by market data, for example, matrix pricing. • Level 3 — Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following: • Quotes from brokers or other external sources that are not considered binding; • Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price; • Quotes and other information from brokers or other external sources where the inputs are not deemed observable. We are responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. We perform due diligence to understand the inputs used or how the data was calculated or derived. We also corroborate the reasonableness of external inputs in the valuation process. The carrying amounts reported in the consolidated statement of financial condition approximate fair value for the following financial instruments: cash on hand, interest-earning deposits in other institutions, federal funds sold and other short-term investments, accrued interest receivable, accrued interest payable, and marketable securities available-for-sale. Marketable Securities Where available, market values are based on quoted market prices, dealer quotes, and prices obtained from independent pricing services. Debt securities - available for sale - Generally, debt securities are valued using pricing for similar securities, recently executed transactions and other pricing models utilizing observable inputs. The valuation for most debt securities is classified as Level 2. Securities within Level 2 include corporate bonds, municipal bonds, mortgage-backed securities and US government obligations. Certain corporate debt securities do not have an active market and as such the broker pricing received uses alternative methods. The fair value of these corporate debt securities is determined by using a discounted cash flow model using market assumptions, which generally include cash flow, collateral and other market assumptions. As such, these securities are included herein as Level 3 assets. Equity securities - available for sale - Level 1 securities include publicly traded securities valued using quoted market prices. We consider the financial condition of the issuer to determine if the securities have indicators of impairment. Debt securities - held to maturity - The fair value of debt securities held to maturity is determined in the same manner as debt securities available for sale. Loans Held for Sale The estimated fair value of loans held for sale is based on market bids obtained from potential buyers. Loans Held for Investment Loans with comparable characteristics including collateral and re-pricing structures are segregated for valuation purposes. Characteristics include remaining term, coupon interest, and estimated prepayment speeds. Delinquent loans are separately evaluated given the impact delinquency has on the projected future cash flow of the loan and the approximate discount or market rate. Each loan pool is separately valued utilizing a discounted cash flow analysis. Projected monthly cash flows are discounted to present value using a market rate for comparable loans, which is not considered an exit price. Federal Home Loan Bank (“FHLB”) Stock Due to the restrictions placed on the transferability of FHLB stock it is not practical to determine the fair value. Deposit Liabilities The estimated fair value of deposits with no stated maturity, which includes demand deposits, money market, and other savings accounts, is the amount payable on demand. Although market premiums paid for depository institutions reflect an additional value for these low-cost deposits, adjusting fair value for any value expected to be derived from retaining those deposits for a future period of time or from the benefit that results from the ability to fund interest-earning assets with these deposit liabilities is prohibited. The fair value estimates of deposit liabilities do not include the benefit that results from the low-cost funding provided by these deposits compared to the cost of borrowing funds in the market. Fair values for time deposits are estimated using a discounted cash flow calculation that applies contractual cost currently being offered in the existing portfolio to current market rates being offered locally for deposits of similar remaining maturities. The valuation adjustment for the portfolio consists of the present value of the difference of these two cash flows, discounted at the assumed market rate of the corresponding maturity. Borrowed Funds Fixed rate advances are valued by comparing their contractual cost to the prevailing market cost. The carrying amount of collateralized borrowings approximates the fair value. Junior Subordinated Debentures The fair value of junior subordinated debentures is calculated using the discounted cash flows at the prevailing rate of interest. Cash flow hedges — Interest rate swap agreements (“swaps”) The fair value of the swaps is the amount we would expect to pay to terminate the agreements and is based upon the present value of the expected future cash flows using the LIBOR swap curve, the basis for the underlying interest rate. Off-Balance Sheet Financial Instruments These financial instruments generally are not sold or traded, and estimated fair values are not readily available. However, the fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. Commitments to extend credit are generally short-term in nature and, if drawn upon, are issued under current market terms. At June 30, 2017 and December 31, 2016 , 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 June 30, 2017 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 156,767 156,767 156,767 — $ — Securities available-for-sale 952,802 952,802 5,069 937,095 10,638 Securities held-to-maturity 36,206 36,560 — 36,560 — Loans receivable, net 7,623,852 7,739,948 10,297 — 7,729,651 Accrued interest receivable 21,667 21,667 21,667 — — FHLB Stock 8,142 8,142 — — — Total financial assets $ 8,799,436 8,915,886 193,800 973,655 7,740,289 Financial liabilities: Savings and checking deposits $ 6,503,301 6,503,301 6,503,301 — — Time deposits 1,467,946 1,486,275 — — 1,486,275 Borrowed funds 110,441 110,441 110,240 — 201 Junior subordinated debentures 111,213 112,922 — — 112,922 Cash flow hedges - swaps 1,934 1,934 — 1,934 — Accrued interest payable 530 530 530 — — Total financial liabilities $ 8,195,365 8,215,403 6,614,071 1,934 1,599,398 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 (in thousands): Carrying amount Estimated 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 Assets held-for-sale 146,660 146,660 146,660 — — Accrued interest receivable 21,699 21,699 21,699 — — FHLB Stock 7,390 7,390 — — — Total financial assets $ 8,908,202 9,291,057 572,291 832,820 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 Liabilities held-for-sale 215,649 215,649 215,649 — — 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 $ 8,355,461 8,443,409 6,700,926 2,736 1,739,747 Fair value estimates are made at a point-in-time, based on relevant market data and information about the instrument. The methods and assumptions detailed above were used in estimating the fair value of financial instruments at both June 30, 2017 and December 31, 2016 . There were no transfers of financial instruments between Level 1 and Level 2 during the quarter ended June 30, 2017 . The following table represents assets and liabilities measured at fair value on a recurring basis at June 30, 2017 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Equity securities $ 5,069 — — 5,069 Debt securities: U.S. government and agencies — 3 — 3 Government sponsored enterprises — 288,061 — 288,061 States and political subdivisions — 55,424 — 55,424 Corporate — 7,993 10,638 18,631 Total debt securities — 351,481 10,638 362,119 Residential mortgage-backed securities: GNMA — 28,405 — 28,405 FNMA — 86,586 — 86,586 FHLMC — 72,323 — 72,323 Non-agency — 568 — 568 Collateralized mortgage obligations: GNMA — 5,484 — 5,484 FNMA — 213,144 — 213,144 FHLMC — 179,045 — 179,045 SBA — — — — Non-agency — 59 — 59 Total mortgage-backed securities — 585,614 — 585,614 Interest rate swaps — (1,934 ) — (1,934 ) Total assets and liabilities $ 5,069 935,161 10,638 950,868 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2016 (in thousands): Level 1 Level 2 Level 3 Total assets 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 table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated (in thousands): Quarter ended Six Months Ended June 30, June 30, June 30, June 30, Beginning balance $ 9,877 8,590 9,366 8,955 Total net realized investment gains/ (losses) and net change in unrealized appreciation/ (depreciation): Included in net income as OTTI — — — — Included in other comprehensive income 761 129 1,272 (236 ) Purchases — — — — Sales — — — — Transfers in to Level 3 — — — — Transfers out of Level 3 — — — — Ending balance $ 10,638 8,719 10,638 8,719 Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans measured for impairment and real estate owned. The following table represents the fair value measurement for nonrecurring assets at June 30, 2017 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 40,908 40,908 Mortgage servicing rights $ — — 131 131 Real estate owned — — 6,030 6,030 Total assets $ — — 47,069 47,069 Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans measured for impairment, mortgage servicing rights, and real estate owned. The following table represents the fair value measurement for nonrecurring assets at December 31, 2016 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 41,933 41,933 Mortgage loan servicing $ — — 246 246 Real estate owned — — 4,889 4,889 Total assets $ — — 47,068 47,068 Impaired loans — A loan is considered to be impaired as described in Note 1 of the Notes to Consolidated Financial Statements in Item 8 of Part II of our 2016 Annual Report on Form 10-K. We classify loans individually evaluated for impairment that require a specific reserve as nonrecurring Level 3. Mortgage servicing rights - Mortgage servicing rights represent the value of servicing residential mortgage loans, when the mortgage loans have been sold into the secondary market and the associated servicing has been retained. The value is determined through a discounted cash flow analysis, which uses interest rates, prepayment speeds and delinquency rate assumptions as inputs. All of these assumptions require a significant degree of management judgment. Servicing rights and the related mortgage loans are segregated into categories or homogeneous pools based upon common characteristics. Adjustments are only made when the estimated discounted future cash flows are less than the carrying value, as determined by individual pool. As such, mortgage servicing rights are classified as nonrecurring Level 3. Real Estate Owned — Real estate owned is comprised of property acquired through foreclosure or voluntarily conveyed by delinquent borrowers. These assets are recorded on the date acquired at the lower of the related loan balance or fair value, less estimated disposition costs, with the fair value being determined by appraisal. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or fair value, less estimated disposition costs. We classify all real estate owned as nonrecurring Level 3. The table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at June 30, 2017 (dollar amounts in thousands): Fair value Valuation techniques Significant unobservable inputs Range (weighted average) Debt securities $ 10,638 Discounted cash Discount margin 0.4% to 2.1% (0.7%) flow Default rates 1.0% Prepayment speeds 1.0 annually Loans measured for impairment 40,908 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 4.25% to 10.0% (7.50%) Mortgage servicing rights 131 Discounted cash Annual service cost $80 flow Prepayment rates 9.4% to 15.6% (11.2%) Expected life (months) 67.25 to 47.14 (60.9) Option adjusted spread 800 basis points Forward yield curve 1.05% to 2.1% (1.5%) Real estate owned 6,030 Appraisal value (1) Estimated cost to sell 10.0% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. The significant unobservable inputs used in the fair value measurement of our debt securities are discount margins, default rates and prepayment speeds. Significant increases in any of those rates would result in a significantly lower fair value measurement. |
Guaranteed Preferred Beneficial
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Derivatives | 6 Months Ended |
Jun. 30, 2017 | |
Guaranteed Preferred Beneficial Interests in Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Derivatives | |
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Derivatives | Guaranteed Preferred Beneficial Interests in the Company’s Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Derivatives We have two legacy statutory business trusts: Northwest Bancorp Capital Trust III, a Delaware statutory business trust and Northwest Bancorp Statutory Trust IV, a Connecticut statutory business trust (“Trusts”). These trusts exist solely to issue preferred securities to third parties for cash, issue common securities to the Company in exchange for capitalization of the Trusts, invest the proceeds from the sale of the trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. Northwest Bancorp Capital Trust III (Trust III) issued 50,000 cumulative trust preferred securities in a private transaction to a pooled investment vehicle on December 5, 2006 (liquidation value of $1,000 per preferred security or $50,000,000 ) with a stated maturity of December 30, 2035. These securities carry a floating interest rate, which is reset quarterly, equal to three-month LIBOR plus 1.38% . Northwest Bancorp Statutory Trust IV (Trust IV) issued 50,000 cumulative trust preferred securities in a private transaction to a pooled investment vehicle on December 15, 2006 (liquidation value of $1,000 per preferred security or $50,000,000 ) with a stated maturity of December 15, 2035. These securities carry a floating interest rate, which is reset quarterly, equal to three-month LIBOR plus 1.38% . The Trusts have invested the proceeds of the offerings in junior subordinated deferrable interest debentures issued by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. Trust III holds $51,547,000 of the Company’s junior subordinated debentures and Trust IV holds $51,547,000 of the Company’s junior subordinated debentures. These subordinated debentures are the sole assets of the Trusts. Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We have the right to defer payment of interest on the subordinated debentures at any time, or from time-to-time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust preferred securities are also deferred. Interest on the subordinated debentures and distributions on the trust securities is cumulative. To date, there have been no interest deferrals. Our obligation constitutes a full, irrevocable, and unconditional guarantee on a subordinated basis of the obligations of the trust under the preferred securities. As a result of the LNB acquisition we acquired two statutory business trusts: LNB Trust I and LNB Trust II; both are Delaware statutory business trusts. The outstanding stock issued by LNB Trust I was redeemed on December 15, 2015. At June 30, 2017 , 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 floating interest rate, which is reset quarterly, equal to three-month LIBOR plus 1.48% . LNB Trust II invested the proceeds of the offerings in junior subordinated deferrable interest debentures acquired by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. LNB Trust II holds $8,119,000 of junior subordinated debentures. The subordinated debentures are the sole assets of the Trusts. Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. Derivatives Designated as Hedging Instruments We are currently a counterparty to two interest rate swap agreements (swaps), designating the swaps as cash flow hedges. The swaps are intended to protect against the variability of cash flows associated with Trust III and Trust IV. The first swap modifies the re-pricing characteristics of Trust III, wherein for a ten year period expiring in September 2018, the Company receives interest of three-month LIBOR from a counterparty and pays a fixed rate of 4.61% to the same counterparty calculated on a notional amount of $ 25.0 million . The other swap modifies the re-pricing characteristics of Trust IV, wherein for a ten year period expiring in December 2018, the Company receives interest of three-month LIBOR from a counterparty and pays a fixed rate of 4.09% to the same counterparty calculated on a notional amount of $25.0 million . The swap agreements were entered into with a counterparty that met our credit standards and the agreements contain collateral provisions protecting the at-risk party. We believe that the credit risk inherent in the contracts is not significant. At June 30, 2017 , $ 2.6 million of cash was pledged as collateral to the counterparty. At June 30, 2017 , the fair value of the swap agreements was $(1.9) million and was the amount we would have expected to pay if the contracts were terminated. There was no material hedge ineffectiveness for these swaps. Derivatives Not Designated as Hedging Instruments We are currently a counterparty to foreign exchange contracts, which include spot and forward contracts, which are commitments to buy or sell foreign currency at an agreed-upon price on an agreed-upon settlement date. We use these instruments on a limited basis to eliminate exposure to fluctuations in currency exchange rates on certain commercial loans that are denominated in foreign currencies. As a result of fluctuations in foreign currencies, the U.S. dollar-equivalent value of the foreign currency denominated loans increase or decrease. Gains or losses on the foreign exchange contracts substantially offset the translation gains and losses on the related foreign currency denominated loans. The following table sets forth information related to derivatives at June 30, 2017 and December 31, 2016 (in thousands): June 30, December 31, Derivatives designed as hedging instruments: Fair value adjustment (1) $ 1,934 2,736 Notional amount 50,000 50,000 Collateral posted 2,555 3,005 Derivatives not designed as hedging instruments: Foreign exchange adjustment (2) (85 ) — Notional amount 4,324 — (1) Included in other liabilities. (2) Included in other asset s. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 we have not accrued for any legal proceedings based on our analysis of currently available information which is subject to significant judgment and a variety of assumptions and uncertainties. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances. Due to the inherent subjectivity of assessments and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate loss to us from legal proceedings. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income/ (Loss) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income/ (Loss) | Changes in Accumulated Other Comprehensive Income/ (Loss) The following table shows the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): For the quarter ended June 30, 2017 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 March 31, 2017 $ 1,042 (1,475 ) (26,388 ) (26,821 ) Other comprehensive income before reclassification adjustments 1,290 218 — 1,508 Amounts reclassified from accumulated other comprehensive income/ (loss) (1), (2) (56 ) — 221 165 Net other comprehensive income 1,234 218 221 1,673 Balance as of June 30, 2017 $ 2,276 (1,257 ) (26,167 ) (25,148 ) For the quarter ended June 30, 2016 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of March 31, 2016 $ 6,817 (2,919 ) (24,856 ) (20,958 ) Other comprehensive income before reclassification adjustments 1,027 166 — 1,193 Amounts reclassified from accumulated other comprehensive income (3), (4) 22 — 226 248 Net other comprehensive income 1,049 166 226 1,441 Balance as of June 30, 2016 $ 7,866 (2,753 ) (24,630 ) (19,517 ) (1) Consists of realized gain on securities (gain on sales of investments, net) of $95 , net of tax (income tax expense) of $(39) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(956) , net of tax (income tax expense) of $154 . See note 9. (3) Consists of realized loss on securities (gain on sales of investments, net) of $(36) , net of tax (income tax expense) of $14 . (4) Consists of amortization of prior service cost (compensation and employee benefits) of $580 and amortization of net loss (compensation and employee benefits) of $(950) , net of tax (income tax expense) of $144 . See note 9. For the six months ended June 30, 2017 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of December 31, 2016 $ 395 (1,778 ) (26,608 ) (27,991 ) Other comprehensive income before reclassification adjustments 1,948 521 — 2,469 Amounts reclassified from accumulated other comprehensive income/ (loss) (1), (2) (67 ) — 441 374 Net other comprehensive income 1,881 521 441 2,843 Balance as of June 30, 2017 $ 2,276 (1,257 ) (26,167 ) (25,148 ) For the six months ended June 30, 2016 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of December 31, 2015 $ 3,325 (2,779 ) (25,081 ) (24,535 ) Other comprehensive income before reclassification adjustments 4,502 26 — 4,528 Amounts reclassified from accumulated other comprehensive income (3), (4) 39 — 451 490 Net other comprehensive income 4,541 26 451 5,018 Balance as of June 30, 2016 $ 7,866 (2,753 ) (24,630 ) (19,517 ) (1) Consists of realized gains on securities (gain on sales of investments, net) of $114 , net of tax (income tax expense) of $(47) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $1,162 and amortization of net loss (compensation and employee benefits) of $(1,910) , net of tax (income tax expense) of $307 . See note 9. (3) Consists of realized gains on securities (gain on sales of investments, net) of $(64) , net of tax (income tax expense) of $25 . (4) Consists of amortization of prior service cost (compensation and employee benefits) of $1,161 and amortization of net loss (compensation and employee benefits) of $(1,900) , net of tax (income tax expense) of $288 . See note 9. |
Basis of Presentation and Inf24
Basis of Presentation and Informational Disclosures (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Income Taxes - Uncertain Tax Positions | Income Taxes- Uncertain Tax Positions Accounting standards prescribe a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. A tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. At June 30, 2017 the Company had no liability for unrecognized tax benefits. The Company recognizes interest accrued related to: (1) unrecognized tax benefits in other expenses and (2) refund claims in other operating income, and penalties (if any) in other expenses. We are subject to audit by the Internal Revenue Service and any state in which we conduct business for the tax periods ended December 31, 2016 , 2015 , 2014 |
Impact of New Accounting Standards | Impact of New Accounting Standards In May 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-9, “Revenue from Contracts with Customers (Topic 606)”. This guidance supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of this guidance requires an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and provides five steps to be analyzed to accomplish the core principle. This guidance is effective retrospectively for annual reporting periods beginning after December 15, 2017, including interim periods within those years and early adoption is not permitted. We are continuing our overall assessment of revenue streams and reviewing contracts potentially affected by this guidance and other revenue streams associated with contracts with third parties to determine the potential impact to our results of operations, financial position, and disclosures. 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 do not believe this standard will have a material impact 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 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. In January 2017 the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" . This guidance eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under this guidance goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. This guidance is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. We are currently evaluating the impact this standard will have on our results of operations and financial position. In March 2017, the FASB issued ASU No. 2017-07, “Compensation Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Costs and Net Periodic Postretirement Benefit Costs. This guidance provides financial statement users with clearer and disaggregated information related to the components of net periodic benefit cost and improve transparency of the presentation of net periodic benefit cost in the financial statements. This guidance is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted and this guidance should be applied retrospectively. We are currently evaluating the impact this standard will have on our results of operations and financial position. In March 2017 the FASB issued ASU 2017-08, "Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities" . This guidance shortens the amortization period for certain callable debt securities held at a premium to the earliest call date from the maturity date. This guidance is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted in any interim period. We are currently evaluating the impact this standard will have on our results of operations and financial position. |
Branch Sale (Tables)
Branch Sale (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities, Disposed Of | The following table provides information related to assets and liabilities sold: Cash from offices $ 1,104 Loans 124,832 Accrued interest 299 Fixed Assets 5,362 Other assets 1 Total assets sold 131,598 Deposits and other liabilities: Deposits 211,716 Other liabilities 8 Total liabilities sold 211,724 Payment to Shore United 62,940 Gain on sale of offices $ 17,186 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of financial information for reportable segments | The following tables provide financial information for these reportable segments. The “All Other” column represents the parent company and elimination entries necessary to reconcile to the consolidated amounts presented in the financial statements. At or for the quarter ended (in thousands): Community Consumer June 30, 2017 Banking Finance All other (1) Consolidated External interest income $ 86,266 3,509 22 89,797 Intersegment interest income/ expense 679 — (679 ) — Interest expense 5,915 679 472 7,066 Provision for loan losses 4,548 1,014 — 5,562 Noninterest income 40,475 95 907 41,477 Noninterest expense 67,301 4,655 1,306 73,262 Income tax expense/ (benefit) 16,078 (1,138 ) (538 ) 14,402 Net income/ (loss) $ 33,578 (1,606 ) (990 ) 30,982 Total assets $ 9,386,087 99,806 13,117 9,499,010 Community Consumer June 30, 2016 Banking Finance All other (1) Consolidated External interest income $ 80,998 4,324 233 85,555 Intersegment interest income/ expense 631 — (631 ) — Interest expense 8,924 631 453 10,008 Provision for loan losses 3,365 834 — 4,199 Noninterest income 19,848 400 27 20,275 Noninterest expense 98,940 2,878 304 102,122 Income tax expense/ (benefit) (3,245 ) 158 (404 ) (3,491 ) Net income/ (loss) $ (6,507 ) 223 (724 ) (7,008 ) Total assets $ 8,839,334 108,282 16,359 8,963,975 (1) Consists of intercompany elimination entries and holding company income and expense. At or for the six months ended (in thousands): Community Consumer June 30, 2017 Banking Finance All other (1) Consolidated External interest income $ 169,449 7,533 82 177,064 Intersegment interest income 1,335 — (1,335 ) — Interest expense 11,473 1,335 948 13,756 Provision for loan losses 6,678 3,521 — 10,199 Noninterest income 61,731 321 929 62,981 Noninterest expense 135,732 7,517 1,659 144,908 Income tax expense/ (benefit) 25,372 (1,875 ) (1,043 ) 22,454 Net income/ (loss) $ 53,260 (2,644 ) (1,888 ) 48,728 Total assets $ 9,386,087 99,806 13,117 9,499,010 Community Consumer June 30, 2016 Banking Finance All other (1) Consolidated External interest income $ 161,836 8,567 450 170,853 Intersegment interest income 1,273 — (1,273 ) — Interest expense 21,605 1,273 876 23,754 Provision for loan losses 4,578 1,281 — 5,859 Noninterest income 38,854 780 89 39,723 Noninterest expense 158,912 5,807 678 165,397 Income tax expense/ (benefit) 4,997 409 (816 ) 4,590 Net income/ (loss) $ 11,871 577 (1,472 ) 10,976 Total assets $ 8,839,334 108,282 16,359 8,963,975 (1) Consists of intercompany elimination entries and holding company income and expense. |
Investment securities and imp27
Investment securities and impairment of investment securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of the portfolio of investment securities available-for-sale | The following table shows the portfolio of investment securities available-for-sale at June 30, 2017 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Debt issued by the U.S. government and agencies: Due in one year or less $ 3 — — 3 Debt issued by government sponsored enterprises: Due in one year or less 85,630 17 (85 ) 85,562 Due in one year through five years 198,564 75 (1,866 ) 196,773 Due in five years through ten years — — — — Due after ten years 5,782 — (56 ) 5,726 Equity securities 3,351 1,724 (6 ) 5,069 Municipal securities: Due in one year or less 2,529 8 — 2,537 Due in one year through five years 8,252 91 (2 ) 8,341 Due in five years through ten years 13,353 243 — 13,596 Due after ten years 30,238 713 (1 ) 30,950 Corporate debt issues: Due after ten years 14,398 4,457 (224 ) 18,631 Residential mortgage-backed securities: Fixed rate pass-through 149,196 1,554 (2,386 ) 148,364 Variable rate pass-through 37,855 1,667 (4 ) 39,518 Fixed rate non-agency CMOs 59 — — 59 Fixed rate agency CMOs 319,044 398 (2,910 ) 316,532 Variable rate agency CMOs 80,907 289 (55 ) 81,141 Total residential mortgage-backed securities 587,061 3,908 (5,355 ) 585,614 Total marketable securities available-for-sale $ 949,161 11,236 (7,595 ) 952,802 The following table shows the portfolio of investment securities available-for-sale at December 31, 2016 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Debt issued by the U.S. government and agencies: Due in one year or less $ 6 — — 6 Debt issued by government sponsored enterprises: 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 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 |
Schedule of the portfolio of investment securities held-to-maturity | The following table shows the portfolio of investment securities held-to-maturity at June 30, 2017 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Municipal securities: Due after ten years 2,000 10 — 2,010 Residential mortgage-backed securities: Fixed rate pass-through 4,183 198 — 4,381 Variable rate pass-through 2,512 30 — 2,542 Fixed rate agency CMOs 26,723 121 (17 ) 26,827 Variable rate agency CMOs 788 12 — 800 Total residential mortgage-backed securities 34,206 361 (17 ) 34,550 Total marketable securities held-to-maturity $ 36,206 371 (17 ) 36,560 The following table shows the portfolio of investment securities held-to-maturity at December 31, 2016 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Municipal securities: 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 |
Schedule of the fair value and gross unrealized losses on investment securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position | The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2017 (in thousands): Less than 12 months 12 months or more Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. government sponsored enterprises $ 248,390 (1,905 ) 27,926 (102 ) 276,316 (2,007 ) Municipal securities 4,115 (3 ) — — 4,115 (3 ) Corporate issues — — 2,207 (224 ) 2,207 (224 ) Equity securities — — 545 (6 ) 545 (6 ) Residential mortgage-backed securities - agency 295,550 (3,243 ) 82,318 (2,129 ) 377,868 (5,372 ) Total temporarily impaired securities $ 548,055 (5,151 ) 112,996 (2,461 ) 661,051 (7,612 ) The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2016 (in thousands): Less than 12 months 12 months or more Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. government sponsored enterprises $ 238,003 (2,448 ) 9,205 (92 ) 247,208 (2,540 ) Municipal securities 5,621 (37 ) 66 (1 ) 5,687 (38 ) Corporate debt issues — — 2,107 (322 ) 2,107 (322 ) Equity securities — — 544 (6 ) 544 (6 ) 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 ) |
Schedule of the cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold | The table below shows a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold for the quarter and six months ended June 30, 2017 (in thousands): 2017 2016 Beginning balance at April1, (1) $ 7,942 8,424 Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Reduction for losses realized during the quarter — (16 ) Reduction for securities sold/ called realized during the quarter — — Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized — — Ending balance at June 30, $ 7,942 8,408 (1) The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods 2017 2016 Beginning balance at January 1, (1) $ 7,942 8,436 Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Reduction for losses realized during the quarter — (28 ) Reduction for securities sold/ called realized during the nine months — — Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized — — Ending balance at June 30, $ 7,942 8,408 (1) The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. |
Loans receivable (Tables)
Loans receivable (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Summary of loans receivable | The following table shows a summary of our loans receivable at June 30, 2017 and December 31, 2016 (in thousands): June 30, 2017 December 31, 2016 Originated Acquired Total Originated Acquired Total Personal Banking: Residential mortgage loans (1) $ 2,625,450 124,394 2,749,844 2,582,218 133,511 2,715,729 Home equity loans 1,022,522 278,510 1,301,032 1,026,315 302,457 1,328,772 Consumer loans 519,659 125,773 645,432 467,637 163,622 631,259 Total Personal Banking 4,167,631 528,677 4,696,308 4,076,170 599,590 4,675,760 Commercial Banking: Commercial real estate loans 2,194,165 332,109 2,526,274 2,140,678 372,991 2,513,669 Commercial loans 537,429 75,290 612,719 481,543 75,676 557,219 Total Commercial Banking 2,731,594 407,399 3,138,993 2,622,221 448,667 3,070,888 Total loans receivable, gross 6,899,225 936,076 7,835,301 6,698,391 1,048,257 7,746,648 Deferred loan costs 22,470 2,131 24,601 20,081 2,294 22,375 Allowance for loan losses (56,627 ) (6,258 ) (62,885 ) (55,293 ) (5,646 ) (60,939 ) Undisbursed loan proceeds: Residential mortgage loans (11,281 ) — (11,281 ) (11,638 ) — (11,638 ) Commercial real estate loans (127,067 ) (2,544 ) (129,611 ) (168,595 ) (2,985 ) (171,580 ) Commercial loans (30,894 ) (1,379 ) (32,273 ) (26,168 ) (2,290 ) (28,458 ) Total loans receivable, net $ 6,695,826 928,026 7,623,852 6,456,778 1,039,630 7,496,408 (1) Includes $10.3 million and $9.6 million of loans held for sale at June 30, 2017 and December 31, 2016, respectively. |
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 (in thousands): June 30, December 31, Acquired loans evaluated individually for future credit losses: Outstanding principal balance $ 13,099 16,108 Carrying value 10,054 12,665 Acquired loans evaluated collectively for future credit losses: Outstanding principal balance 931,526 1,040,378 Carrying value 924,230 1,032,611 Total acquired loans: Outstanding principal balance 944,625 1,056,486 Carrying value 934,284 1,045,276 |
Schedule of the changes in the accretable discount | The following table provides information related to the changes in the accretable discount, which includes income recognized from contractual cash flows for the dates indicated (in thousands): Total Balance at December 31, 2015 $ 2,019 Accretion (1,170 ) Net reclassification from nonaccretable yield 1,338 Balance at December 31, 2016 2,187 Accretion (883 ) Net reclassification from nonaccretable yield 289 Balance at June 30, 2017 $ 1,593 |
Schedule of the composition of impaired loans by portfolio segment and by class of financing receivable | The following table provides information related to the composition of originated impaired loans by portfolio segment and by class of financing receivable at and for the six months ended June 30, 2017 (in thousands): Nonaccrual loans 90 or more days delinquent Nonaccrual loans less than 90 days delinquent Loans less than 90 days delinquent reviewed for impairment TDRs less than 90 days delinquent not included elsewhere Total impaired loans Average recorded investment in impaired loans Interest income recognized on impaired loans Personal Banking: Residential mortgage loans $ 11,637 1,918 — 6,681 20,236 22,013 475 Home equity loans 5,744 648 — 1,363 7,755 8,924 216 Consumer loans 2,809 890 — — 3,699 4,412 94 Total Personal Banking 20,190 3,456 — 8,044 31,690 35,349 785 Commercial Banking: Commercial real estate loans 21,295 18,896 5,541 7,638 53,370 53,755 898 Commercial loans 3,642 5,294 982 2,581 12,499 12,868 389 Total Commercial Banking 24,937 24,190 6,523 10,219 65,869 66,623 1,287 Total $ 45,127 27,646 6,523 18,263 97,559 101,972 2,072 The following table provides information related to the composition of originated impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2016 (in thousands): Nonaccrual loans 90 or more days delinquent Nonaccrual loans less than 90 days delinquent Loans less than 90 days delinquent reviewed for impairment TDRs less than 90 days delinquent not included elsewhere Total impaired loans Average recorded investment in impaired loans Interest income recognized on impaired loans Personal Banking: Residential mortgage loans $ 13,169 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 acquired impaired loans by portfolio segment and by class of financing receivable at and for the six months ended June 30, 2017 (in thousands): Carrying value Outstanding principal balance Related impairment reserve Average recorded investment in impaired loans Interest income recognized Personal Banking: Residential mortgage loans $ 1,241 1,955 71 1,280 88 Home equity loans 1,174 2,288 9 1,268 96 Consumer loans 90 222 3 113 29 Total Personal Banking 2,505 4,465 83 2,661 213 Commercial Banking: Commercial real estate loans 7,445 8,519 101 8,521 658 Commercial loans 104 115 — 178 12 Total Commercial Banking 7,549 8,634 101 8,699 670 Total $ 10,054 13,099 184 11,360 883 The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2016 (in thousands): Carrying Outstanding Related Average Interest 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 |
Schedule of the changes in the allowance for losses on loans receivable | The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended June 30, 2017 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,635 217 (314 ) 94 4,638 Home equity loans 2,957 295 (343 ) 16 2,989 Consumer loans 9,747 2,187 (3,393 ) 524 10,429 Total Personal Banking 17,339 2,699 (4,050 ) 634 18,056 Commercial Banking: Commercial real estate loans 22,584 1,488 (72 ) 533 20,635 Commercial loans 16,704 1,519 (708 ) 494 15,399 Total Commercial Banking 39,288 3,007 (780 ) 1,027 36,034 Total originated loans 56,627 5,706 (4,830 ) 1,661 54,090 Acquired loans: Personal Banking: Residential mortgage loans 85 26 (58 ) 39 78 Home equity loans 623 7 (346 ) 30 932 Consumer loans 628 (103 ) (124 ) 24 831 Total Personal Banking 1,336 (70 ) (528 ) 93 1,841 Commercial Banking: Commercial real estate loans 2,446 (1,266 ) (257 ) 256 3,713 Commercial loans 2,476 1,192 (221 ) 45 1,460 Total Commercial Banking 4,922 (74 ) (478 ) 301 5,173 Total acquired loans 6,258 (144 ) (1,006 ) 394 7,014 Total $ 62,885 5,562 (5,836 ) 2,055 61,104 The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended June 30, 2016 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 3,022 501 (1,803 ) 67 4,257 Home equity loans 3,335 230 (439 ) 135 3,409 Consumer loans 7,924 2,382 (2,146 ) 394 7,294 Total Personal Banking 14,281 3,113 (4,388 ) 596 14,960 Commercial Banking: Commercial real estate loans 25,686 (3,509 ) (1,317 ) 645 29,867 Commercial loans 15,356 901 (885 ) 417 14,923 Total Commercial Banking 41,042 (2,608 ) (2,202 ) 1,062 44,790 Total originated loans 55,323 505 (6,590 ) 1,658 59,750 Acquired loans: Personal Banking: Residential mortgage loans 61 35 (49 ) 67 8 Home equity loans 1,128 1,217 (507 ) 120 298 Consumer loans 552 501 (186 ) 38 199 Total Personal Banking 1,741 1,753 (742 ) 225 505 Commercial Banking: Commercial real estate loans 3,165 1,660 (414 ) 184 1,735 Commercial loans 552 281 (18 ) 1 288 Total Commercial Banking 3,717 1,941 (432 ) 185 2,023 Total acquired loans 5,458 3,694 (1,174 ) 410 2,528 Total $ 60,781 4,199 (7,764 ) 2,068 62,278 The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the six months ended June 30, 2017 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,635 184 (467 ) 262 4,656 Home equity loans 2,957 (112 ) (518 ) 101 3,486 Other consumer loans 9,747 7,537 (6,646 ) 882 7,974 Total Personal Banking 17,339 7,609 (7,631 ) 1,245 16,116 Commercial Banking: Commercial real estate loans 22,584 (1,459 ) (335 ) 711 23,667 Commercial loans 16,704 1,928 (1,654 ) 920 15,510 Total Commercial Banking 39,288 469 (1,989 ) 1,631 39,177 Total originated loans 56,627 8,078 (9,620 ) 2,876 55,293 Acquired loans: Personal Banking: Residential mortgage loans 85 141 (195 ) 68 71 Home equity loans 623 188 (820 ) 208 1,047 Other consumer loans 628 299 (531 ) 207 653 Total Personal Banking 1,336 628 (1,546 ) 483 1,771 Commercial Banking: Commercial real estate loans 2,446 (601 ) (468 ) 507 3,008 Commercial loans 2,476 2,094 (542 ) 57 867 Total Commercial Banking 4,922 1,493 (1,010 ) 564 3,875 Total acquired loans 6,258 2,121 (2,556 ) 1,047 5,646 Total $ 62,885 10,199 (12,176 ) 3,923 60,939 The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the six months ended June 30, 2016 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal banking: Residential mortgage loans $ 3,022 504 (2,292 ) 118 4,692 Home equity loans 3,335 (43 ) (737 ) 174 3,941 Other consumer loans 7,924 4,027 (4,373 ) 782 7,488 Total personal banking 14,281 4,488 (7,402 ) 1,074 16,121 Commercial banking: Commercial real estate loans 25,686 (7,715 ) (1,500 ) 2,553 32,348 Commercial loans 15,356 3,340 (996 ) 511 12,501 Total commercial banking 41,042 (4,375 ) (2,496 ) 3,064 44,849 Total originated loans 55,323 113 (9,898 ) 4,138 60,970 Acquired loans: Personal banking: Residential mortgage loans 61 72 (124 ) 95 18 Home equity loans 1,128 1,955 (1,193 ) 265 101 Other consumer loans 552 709 (362 ) 95 110 Total personal banking 1,741 2,736 (1,679 ) 455 229 Commercial banking: Commercial real estate loans 3,165 2,474 (1,128 ) 380 1,439 Commercial loans 552 536 (24 ) 6 34 Total commercial banking 3,717 3,010 (1,152 ) 386 1,473 Total acquired loans 5,458 5,746 (2,831 ) 841 1,702 Total $ 60,781 5,859 (12,729 ) 4,979 62,672 |
Schedule of loan portfolio by portfolio segment and by class of financing receivable | The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at June 30, 2017 (in thousands): Total loans receivable Allowance for loan losses Nonaccrual loans (1) Loans past due 90 days or more and still accruing (2) TDRs (3) Allowance related to TDRs Additional commitments to customers with loans classified as TDRs Personal Banking: Residential mortgage loans $ 2,750,471 4,720 13,555 — 7,684 811 — Home equity loans 1,301,032 3,580 6,392 — 1,725 425 5 Consumer loans 658,125 10,375 3,699 173 — — — Total Personal Banking 4,709,628 18,675 23,646 173 9,409 1,236 5 Commercial Banking: Commercial real estate loans 2,396,663 25,030 40,191 — 25,719 1,989 113 Commercial loans 580,446 19,180 8,936 9 6,732 778 67 Total Commercial Banking 2,977,109 44,210 49,127 9 32,451 2,767 180 Total $ 7,686,737 62,885 72,773 182 41,860 4,003 185 (1) Includes $17.9 million of nonaccrual TDRs. (2) Represents loans 90 days past maturity and still accruing. (3) Includes $17.9 million of nonaccrual, and $24.0 million of accruing TDRs. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2016 (in thousands): Total loans receivable Allowance for loan losses Nonaccrual loans (1) Loans past due 90 days or more and still accruing (2) TDRs (3) Allowance related to 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. (2) Represents loans 90 days past maturity and still accruing. (3) Includes $16.3 million of nonaccrual, and $26.6 million of accruing TDRs. |
Schedule of the evaluation of impaired loans by portfolio segment and by class of financing receivable | The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at June 30, 2017 (in thousands): Loans collectively evaluated for impairment Loans individually evaluated for impairment Loans individually evaluated for impairment for which there is a related impairment reserve Related impairment reserve Loans individually evaluated for impairment for which there is no related reserve Personal Banking: Residential mortgage loans $ 2,742,121 8,350 8,350 812 — Home equity loans 1,299,307 1,725 1,725 425 — Consumer loans 658,008 117 117 31 — Total Personal Banking 4,699,436 10,192 10,192 1,268 — Commercial Banking: Commercial real estate loans 2,363,904 32,759 27,232 3,168 5,527 Commercial loans 570,713 9,733 9,215 1,295 518 Total Commercial Banking 2,934,617 42,492 36,447 4,463 6,045 Total $ 7,634,053 52,684 46,639 5,731 6,045 The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at December 31, 2016 (in thousands): Loans collectively evaluated for impairment Loans individually evaluated for impairment Loans individually evaluated for impairment for which there is a related impairment reserve Related impairment reserve Loans individually evaluated for impairment for which there is no related reserve Personal Banking: Residential mortgage loans $ 2,706,484 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 |
Schedule of roll forward of troubled debt restructurings | The following table provides a roll forward of troubled debt restructurings for the periods indicated (in thousands): For the quarters ended June 30, 2017 2016 Number of contracts Amount Number of contracts Amount Beginning TDR balance: 224 $ 43,578 227 $ 48,248 New TDRs 1 348 9 1,662 Re-modified TDRs 1 445 3 863 Net paydowns (1,458 ) (1,421 ) Charge-offs: Residential mortgage loans — — — — Home equity loans — — — — Commercial real estate loans — — — — Commercial loans 5 (158 ) — — Paid-off loans: Residential mortgage loans — — — — Home equity loans 4 (32 ) 1 (1 ) Commercial real estate loans 8 (480 ) 4 (41 ) Commercial loans 5 (383 ) 1 (197 ) Ending TDR balance: 203 $ 41,860 230 $ 49,113 Accruing TDRs $ 23,987 $ 31,015 Non-accrual TDRs 17,873 18,098 The following table provides a roll forward of troubled debt restructuring for the periods indicated (in thousands): For the six months ended June 30, 2017 2016 Number of contracts Number of contracts Beginning TDR balance: 225 $ 42,926 227 $ 51,115 New TDRs 7 4,139 18 5,011 Re-modified TDRs 1 445 4 1,063 Net paydowns (2,681 ) (2,904 ) Charge-offs: Residential mortgage loans — — — — Home equity loans — — — — Commercial real estate loans — — — — Commercial loans 6 (259 ) 1 (43 ) Paid-off loans: Residential mortgage loans — — — — Home equity loans 5 (32 ) 3 (232 ) Commercial real estate loans 10 (545 ) 8 (4,562 ) Commercial loans 8 (2,133 ) 3 (335 ) Ending TDR balance: 203 $ 41,860 230 $ 49,113 Accruing TDRs $ 23,987 $ 31,015 Non-accrual TDRs 17,873 18,098 |
Schedule of troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable | The following table provides information related to troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (dollars in thousands): For the quarter ended For the six months ended June 30, 2016 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 2 $ 526 525 17 5 $ 1,033 1,028 49 Home equity loans 4 224 191 47 5 280 246 60 Consumer loans — — — — — — — — Total Personal Banking 6 750 716 64 10 1,313 1,274 109 Commercial Banking: Commercial real estate loans 2 812 807 31 4 2,096 2,076 297 Commercial loans 4 963 963 481 8 2,665 1,751 575 Total Commercial Banking 6 1,775 1,770 512 12 4,761 3,827 872 Total 12 $ 2,525 2,486 576 22 $ 6,074 5,101 981 The following table provides information related to troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (dollars in thousands): For the quarter ended For the six months ended June 30, 2017 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 1 $ 445 431 45 3 $ 894 877 92 Home equity loans — — — — — — — — Consumer loans — — — — — — — — Total Personal Banking 1 445 431 45 3 894 877 92 Commercial Banking: Commercial real estate loans 1 348 343 25 4 3,486 3,198 294 Commercial loans — — — — 1 204 192 14 Total Commercial Banking 1 348 343 25 5 3,690 3,390 308 Total 2 $ 793 774 70 8 $ 4,584 4,267 400 |
Schedule of troubled debt restructurings (including re-modified TDRs) by type of modification by portfolio segment and by class of financing receivable | The following table provides information as of June 30, 2017 for troubled debt restructuring (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended June 30, 2017 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — — 431 431 Home equity loans — — — — — — Consumer loans — — — — — — Total Personal Banking 1 — — — 431 431 Commercial Banking: Commercial real estate loans 1 — — 343 — 343 Commercial loans — — — — — — Total Commercial Banking 1 — — 343 — 343 Total 2 $ — — 343 431 774 The following table provides information as of June 30, 2016 for troubled debt restructuring (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended June 30, 2016 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 2 $ — — 525 — 525 Home equity loans 4 68 — — 123 191 Consumer loans — — — — — — Total Personal Banking 6 68 — 525 123 716 Commercial Banking: Commercial real estate loans 2 — 429 378 — 807 Commercial loans 4 — 963 — — 963 Total Commercial Banking 6 — 1,392 378 — 1,770 Total 12 $ 68 1,392 903 123 2,486 The following table provides information as of June 30, 2017 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the six months ended June 30, 2017 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 3 $ 111 — — 766 877 Home equity loans — — — — — — Other consumer loans — — — — — — Total Personal Banking 3 111 — — 766 877 Commercial Banking: Commercial real estate loans 4 — 2,732 466 — 3,198 Commercial loans 1 — — 192 — 192 Total Commercial Banking 5 — 2,732 658 — 3,390 Total 8 $ 111 2,732 658 766 4,267 The following table provides information as of June 30, 2016 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the six months ended June 30, 2016 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 5 $ 363 — 617 48 1,028 Home equity loans 5 123 — — 123 246 Other consumer loans — — — — — — Total Personal Banking 10 486 — 617 171 1,274 Commercial Banking: Commercial real estate loans 4 — 429 378 1,269 2,076 Commercial loans 8 — — 963 788 1,751 Total Commercial Banking 12 — 429 1,341 2,057 3,827 Total 22 $ 486 429 1,958 2,228 5,101 |
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 restructuring by portfolio segment and by class of financing receivable for the quarter ended June 30, 2017 (dollars in thousands): Type of re-modification Number of re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — — 431 431 Home equity loans — — — — — — Consumer loans — — — — — — Total Personal Banking 1 — — — 431 431 Commercial Banking: Commercial real estate loans — — — — — — Commercial loans — — — — — — Total Commercial Banking — — — — — — Total 1 $ — — — 431 431 The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the quarter ended June 30, 2016 (dollars in thousands): Type of re-modification Number of re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans — — — — — — Consumer loans — — — — — — Total Personal Banking — — — — — — Commercial Banking: Commercial real estate loans — — — — — — Commercial loans 3 — 863 — — 863 Total Commercial Banking 3 — 863 — — 863 Total 3 $ — 863 — — 863 The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the six months ended June 30, 2017 (in thousands): Type of re-modification Number of re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 1 $ — — — 431 431 Home equity loans — — — — — — Other consumer loans — — — — — — Total Personal Banking 1 — — — 431 431 Commercial Banking: Commercial real estate loans — — — — — — Commercial loans — — — — — — Total Commercial Banking — — — — — — Total 1 $ — — — 431 431 The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the six months ended June 30, 2016 (dollars in thousands): Type of re-modification Number of re-modified TDRs Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans — $ — — — — — Home equity loans — — — — — — Other consumer loans — — — — — — Total Personal Banking — — — — — — Commercial Banking: Commercial real estate loans 1 — — — 191 191 Commercial loans 3 — 863 — — 863 Total Commercial Banking 4 — 863 — 191 1,054 Total 4 $ — 863 — 191 1,054 |
Schedule of loan delinquencies | The following table provides information related to loan payment delinquencies at June 30, 2017 (in thousands): 30-59 Days delinquent 60-89 Days delinquent 90 Days or greater delinquent Total delinquency Current Total loans receivable 90 Days or greater delinquent and accruing (1) Originated loans: Personal Banking: Residential mortgage loans $ 2,892 5,847 11,158 19,897 2,606,180 2,626,077 — Home equity loans 3,698 1,193 4,405 9,296 1,013,226 1,022,522 — Consumer loans 7,770 2,970 2,549 13,289 516,932 530,221 — Total Personal Banking 14,360 10,010 18,112 42,482 4,136,338 4,178,820 — Commercial Banking: Commercial real estate loans 4,189 2,520 18,437 25,146 2,041,952 2,067,098 — Commercial loans 346 109 2,905 3,360 503,175 506,535 — Total Commercial Banking 4,535 2,629 21,342 28,506 2,545,127 2,573,633 — Total originated loans 18,895 12,639 39,454 70,988 6,681,465 6,752,453 — Acquired loans: Personal Banking: Residential mortgage loans 1 473 895 1,369 123,025 124,394 416 Home equity loans 360 329 1,395 2,084 276,426 278,510 56 Consumer loans 808 264 272 1,344 126,560 127,904 12 Total Personal Banking 1,169 1,066 2,562 4,797 526,011 530,808 484 Commercial Banking: Commercial real estate loans 440 848 3,607 4,895 324,670 329,565 749 Commercial loans 1,032 90 737 1,859 72,052 73,911 — Total Commercial Banking 1,472 938 4,344 6,754 396,722 403,476 749 Total acquired loans 2,641 2,004 6,906 11,551 922,733 934,284 1,233 Total loans $ 21,536 14,643 46,360 82,539 7,604,198 7,686,737 1,233 (1) Represents acquired loans that were originally recorded at fair value upon acquisition. These loans are considered to be accruing because we can reasonably estimate future cash flows on and expect to fully collect the carrying value of these loans. Therefore, we are accreting the difference between the carrying value and their expected cash flows into interest income. The following table provides information related to loan payment delinquencies at December 31, 2016 (in thousands): 30-59 Days delinquent 60-89 Days delinquent 90 Days or greater delinquent Total delinquency Current Total loans receivable 90 Days or 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 loan 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 loan 6,278 2,029 7,297 15,604 1,029,672 1,045,276 2,824 Total $ 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. |
Schedule of credit quality indicators | The following table sets forth information about credit quality indicators updated during the quarter ended June 30, 2017 (in thousands): Pass Special mention Substandard Doubtful Loss Total loans receivable Originated loans: Personal Banking: Residential mortgage loans $ 2,610,917 — 15,160 — — 2,626,077 Home equity loans 1,016,418 — 6,104 — — 1,022,522 Consumer loans 527,952 — 2,269 — — 530,221 Total Personal Banking 4,155,287 — 23,533 — — 4,178,820 Commercial Banking: Commercial real estate loans 1,891,834 59,352 115,912 — — 2,067,098 Commercial loans 454,686 9,030 42,819 — — 506,535 Total Commercial Banking 2,346,520 68,382 158,731 — — 2,573,633 Total originated loans 6,501,807 68,382 182,264 — — 6,752,453 Acquired loans: Personal Banking: Residential mortgage loans 122,638 — 1,756 — — 124,394 Home equity loans 275,915 — 2,595 — — 278,510 Consumer loans 127,197 — 707 — — 127,904 Total Personal Banking 525,750 — 5,058 — — 530,808 Commercial Banking: Commercial real estate loans 287,162 8,474 33,929 — — 329,565 Commercial loans 66,834 1,239 5,838 — — 73,911 Total Commercial Banking 353,996 9,713 39,767 — — 403,476 Total acquired loans 879,746 9,713 44,825 — — 934,284 Total loans $ 7,381,553 78,095 227,089 — — 7,686,737 The following table sets forth information about credit quality indicators, which were updated during the year ended December 31, 2016 (in thousands): Pass Special mention Substandard Doubtful Loss Total loans receivable 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 $ 7,278,068 60,916 218,363 — — 7,557,347 |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets subject to amortization | The following table provides information for intangible assets subject to amortization as of the dates indicated (in thousands): June 30, December 31, Amortizable intangible assets: Core deposit intangibles — gross $ 63,685 37,953 Acquisitions — 25,732 Less: accumulated amortization (37,312 ) (34,378 ) Core deposit intangibles — net 26,373 29,307 Customer and Contract intangible assets — gross 10,474 8,496 Acquisitions — 1,978 Less: accumulated amortization (7,912 ) (7,348 ) Customer and Contract intangible assets — net $ 2,562 3,126 |
Schedule of the actual aggregate amortization expense as well as estimated aggregate amortization expense, based upon current levels of intangible assets | The following table shows the actual aggregate amortization expense for the quarters and six months ended June 30, 2017 and 2016 , as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands): For the quarter ended June 30, 2017 $ 1,749 For the quarter ended June 30, 2016 710 For the six months ended June 30, 2017 3,498 For the six months ended June 30, 2016 1,385 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 For the year ending December 31, 2022 2,456 |
Schedule of the changes in carrying amount of goodwill | The following table provides information for the changes in the carrying amount of goodwill (in thousands): Community Consumer Total Balance at December 31, 2015 $ 260,123 1,613 261,736 Goodwill acquired 45,684 — 45,684 Balance at December 31, 2016 305,807 1,613 307,420 Goodwill acquired — — — Impairment losses — — — Balance at June 30, 2017 $ 305,807 1,613 307,420 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The computation of basic and diluted earnings per share follows (in thousands, except share data and per share amounts): Quarter ended Six Months Ended 2017 2016 2017 2016 Reported net income/ (loss) $ 30,982 (7,008 ) 48,728 10,976 Weighted average common shares outstanding 100,950,772 99,177,609 100,798,209 99,033,676 Dilutive potential shares due to effect of stock options 1,498,921 1,065,833 1,726,849 778,049 Total weighted average common shares and dilutive potential shares 102,449,693 100,243,442 102,525,058 99,811,725 Basic earnings per share: $ 0.31 (0.07 ) 0.48 0.11 Diluted earnings per share: $ 0.30 (0.07 ) 0.48 0.11 |
Pension and Other Post-retire31
Pension and Other Post-retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of net periodic costs for the defined benefit pension plans and the post retirement healthcare plans | The following table sets forth the net periodic costs for the defined benefit pension plans and post retirement healthcare plans for the periods indicated (in thousands): Components of net periodic benefit cost Quarter ended June 30, Pension benefits Other post-retirement benefits 2017 2016 2017 2016 Service cost $ 1,538 1,374 — — Interest cost 1,703 1,695 17 18 Expected return on plan assets (2,628 ) (2,475 ) — — Amortization of prior service cost (581 ) (580 ) — — Amortization of the net loss 927 928 27 22 Net periodic cost $ 959 942 44 40 Six Months Ended June 30, Pension benefits Other post-retirement benefits 2017 2016 2017 2016 Service cost $ 3,075 2,748 — — Interest cost 3,440 3,391 35 35 Expected return on plan assets (5,256 ) (4,949 ) — — Amortization of prior service cost (1,162 ) (1,161 ) — — Amortization of the net loss 1,855 1,855 54 45 Net periodic cost $ 1,952 1,884 89 80 |
Disclosures About Fair Value 32
Disclosures About Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 156,767 156,767 156,767 — $ — Securities available-for-sale 952,802 952,802 5,069 937,095 10,638 Securities held-to-maturity 36,206 36,560 — 36,560 — Loans receivable, net 7,623,852 7,739,948 10,297 — 7,729,651 Accrued interest receivable 21,667 21,667 21,667 — — FHLB Stock 8,142 8,142 — — — Total financial assets $ 8,799,436 8,915,886 193,800 973,655 7,740,289 Financial liabilities: Savings and checking deposits $ 6,503,301 6,503,301 6,503,301 — — Time deposits 1,467,946 1,486,275 — — 1,486,275 Borrowed funds 110,441 110,441 110,240 — 201 Junior subordinated debentures 111,213 112,922 — — 112,922 Cash flow hedges - swaps 1,934 1,934 — 1,934 — Accrued interest payable 530 530 530 — — Total financial liabilities $ 8,195,365 8,215,403 6,614,071 1,934 1,599,398 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 (in thousands): Carrying amount Estimated 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 Assets held-for-sale 146,660 146,660 146,660 — — Accrued interest receivable 21,699 21,699 21,699 — — FHLB Stock 7,390 7,390 — — — Total financial assets $ 8,908,202 9,291,057 572,291 832,820 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 Liabilities held-for-sale 215,649 215,649 215,649 — — 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 $ 8,355,461 8,443,409 6,700,926 2,736 1,739,747 |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table represents assets and liabilities measured at fair value on a recurring basis at June 30, 2017 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Equity securities $ 5,069 — — 5,069 Debt securities: U.S. government and agencies — 3 — 3 Government sponsored enterprises — 288,061 — 288,061 States and political subdivisions — 55,424 — 55,424 Corporate — 7,993 10,638 18,631 Total debt securities — 351,481 10,638 362,119 Residential mortgage-backed securities: GNMA — 28,405 — 28,405 FNMA — 86,586 — 86,586 FHLMC — 72,323 — 72,323 Non-agency — 568 — 568 Collateralized mortgage obligations: GNMA — 5,484 — 5,484 FNMA — 213,144 — 213,144 FHLMC — 179,045 — 179,045 SBA — — — — Non-agency — 59 — 59 Total mortgage-backed securities — 585,614 — 585,614 Interest rate swaps — (1,934 ) — (1,934 ) Total assets and liabilities $ 5,069 935,161 10,638 950,868 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2016 (in thousands): Level 1 Level 2 Level 3 Total assets 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 |
Schedule of reconciliation of debt securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated (in thousands): Quarter ended Six Months Ended June 30, June 30, June 30, June 30, Beginning balance $ 9,877 8,590 9,366 8,955 Total net realized investment gains/ (losses) and net change in unrealized appreciation/ (depreciation): Included in net income as OTTI — — — — Included in other comprehensive income 761 129 1,272 (236 ) Purchases — — — — Sales — — — — Transfers in to Level 3 — — — — Transfers out of Level 3 — — — — Ending balance $ 10,638 8,719 10,638 8,719 |
Schedule of fair value measurement for nonrecurring assets | The following table represents the fair value measurement for nonrecurring assets at June 30, 2017 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 40,908 40,908 Mortgage servicing rights $ — — 131 131 Real estate owned — — 6,030 6,030 Total assets $ — — 47,069 47,069 The following table represents the fair value measurement for nonrecurring assets at December 31, 2016 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 41,933 41,933 Mortgage loan servicing $ — — 246 246 Real estate owned — — 4,889 4,889 Total assets $ — — 47,068 47,068 |
Schedule of quantitative information about assets measured at fair value on a recurring and nonrecurring basis for Level 3 Fair Value Measurements | The table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at June 30, 2017 (dollar amounts in thousands): Fair value Valuation techniques Significant unobservable inputs Range (weighted average) Debt securities $ 10,638 Discounted cash Discount margin 0.4% to 2.1% (0.7%) flow Default rates 1.0% Prepayment speeds 1.0 annually Loans measured for impairment 40,908 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 4.25% to 10.0% (7.50%) Mortgage servicing rights 131 Discounted cash Annual service cost $80 flow Prepayment rates 9.4% to 15.6% (11.2%) Expected life (months) 67.25 to 47.14 (60.9) Option adjusted spread 800 basis points Forward yield curve 1.05% to 2.1% (1.5%) Real estate owned 6,030 Appraisal value (1) Estimated cost to sell 10.0% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. |
Guaranteed Preferred Benefici33
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Guaranteed Preferred Beneficial Interests in Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Derivatives | |
Schedule of liability derivatives included in other liabilities | The following table sets forth information related to derivatives at June 30, 2017 and December 31, 2016 (in thousands): June 30, December 31, Derivatives designed as hedging instruments: Fair value adjustment (1) $ 1,934 2,736 Notional amount 50,000 50,000 Collateral posted 2,555 3,005 Derivatives not designed as hedging instruments: Foreign exchange adjustment (2) (85 ) — Notional amount 4,324 — (1) Included in other liabilities. (2) Included in other asset s. |
Changes in Accumulated Other 34
Changes in Accumulated Other Comprehensive Income/ (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Schedule of changes in accumulated other comprehensive income by component | The following table shows the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): For the quarter ended June 30, 2017 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 March 31, 2017 $ 1,042 (1,475 ) (26,388 ) (26,821 ) Other comprehensive income before reclassification adjustments 1,290 218 — 1,508 Amounts reclassified from accumulated other comprehensive income/ (loss) (1), (2) (56 ) — 221 165 Net other comprehensive income 1,234 218 221 1,673 Balance as of June 30, 2017 $ 2,276 (1,257 ) (26,167 ) (25,148 ) For the quarter ended June 30, 2016 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of March 31, 2016 $ 6,817 (2,919 ) (24,856 ) (20,958 ) Other comprehensive income before reclassification adjustments 1,027 166 — 1,193 Amounts reclassified from accumulated other comprehensive income (3), (4) 22 — 226 248 Net other comprehensive income 1,049 166 226 1,441 Balance as of June 30, 2016 $ 7,866 (2,753 ) (24,630 ) (19,517 ) (1) Consists of realized gain on securities (gain on sales of investments, net) of $95 , net of tax (income tax expense) of $(39) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(956) , net of tax (income tax expense) of $154 . See note 9. (3) Consists of realized loss on securities (gain on sales of investments, net) of $(36) , net of tax (income tax expense) of $14 . (4) Consists of amortization of prior service cost (compensation and employee benefits) of $580 and amortization of net loss (compensation and employee benefits) of $(950) , net of tax (income tax expense) of $144 . See note 9. For the six months ended June 30, 2017 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of December 31, 2016 $ 395 (1,778 ) (26,608 ) (27,991 ) Other comprehensive income before reclassification adjustments 1,948 521 — 2,469 Amounts reclassified from accumulated other comprehensive income/ (loss) (1), (2) (67 ) — 441 374 Net other comprehensive income 1,881 521 441 2,843 Balance as of June 30, 2017 $ 2,276 (1,257 ) (26,167 ) (25,148 ) For the six months ended June 30, 2016 Unrealized gains and (losses) on securities available- for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of December 31, 2015 $ 3,325 (2,779 ) (25,081 ) (24,535 ) Other comprehensive income before reclassification adjustments 4,502 26 — 4,528 Amounts reclassified from accumulated other comprehensive income (3), (4) 39 — 451 490 Net other comprehensive income 4,541 26 451 5,018 Balance as of June 30, 2016 $ 7,866 (2,753 ) (24,630 ) (19,517 ) (1) Consists of realized gains on securities (gain on sales of investments, net) of $114 , net of tax (income tax expense) of $(47) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $1,162 and amortization of net loss (compensation and employee benefits) of $(1,910) , net of tax (income tax expense) of $307 . See note 9. (3) Consists of realized gains on securities (gain on sales of investments, net) of $(64) , net of tax (income tax expense) of $25 . (4) Consists of amortization of prior service cost (compensation and employee benefits) of $1,161 and amortization of net loss (compensation and employee benefits) of $(1,900) , net of tax (income tax expense) of $288 . See note 9. |
Basis of Presentation and Inf35
Basis of Presentation and Informational Disclosures (Details) | May 17, 2017$ / sharesshares | Jun. 30, 2017USD ($)bank | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)bank | Jun. 30, 2016USD ($) |
Stock Related Compensation | |||||
Number of banking locations | bank | 173 | 173 | |||
Stock-Based Compensation | |||||
Options, grants in period (in shares) | shares | 754,210 | ||||
Options, grants in period, weighted average exercise price (in dollars per share) | $ / shares | $ 15.57 | ||||
Options, grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.55 | ||||
Options granted, award vesting period | 10 years | ||||
Stock-based compensation expense | $ | $ 1,700,000 | $ 1,900,000 | $ 2,600,000 | $ 3,200,000 | |
Income Taxes - Uncertain Tax Positions | |||||
Unrecognized tax benefits liability | $ | 0 | 0 | |||
Employee Stock Option | |||||
Stock-Based Compensation | |||||
Compensation expense yet to be recognized | $ | 4,700,000 | 4,700,000 | |||
Restricted common shares | |||||
Stock-Based Compensation | |||||
Restricted stock, grants in period (in shares) | shares | 353,750 | ||||
Restricted stock, grants in period, grant date fair value (in dollars per share) | $ / shares | $ 15.24 | ||||
Compensation expense yet to be recognized | $ | $ 18,500,000 | $ 18,500,000 | |||
Director | |||||
Stock-Based Compensation | |||||
Options, grants in period (in shares) | shares | 64,800 | ||||
Director | Restricted common shares | |||||
Stock-Based Compensation | |||||
Restricted stock, grants in period (in shares) | shares | 24,300 |
Branch Sale (Details)
Branch Sale (Details) $ in Thousands | May 19, 2017USD ($)branch |
Discontinued Operations and Disposal Groups [Abstract] | |
Number of branches sold | branch | 3 |
Deposit premium | 8.00% |
Gain on sale of offices | $ | $ 17,186 |
Branch Sale - Summary of Assets
Branch Sale - Summary of Assets and Liabilities Sold (Details) - USD ($) $ in Thousands | May 19, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Assets held-for-sale: | |||
Cash from offices | $ 1,104 | ||
Loans | 124,832 | ||
Accrued interest | 299 | ||
Fixed Assets | 5,362 | ||
Other assets | 1 | ||
Total assets sold | 131,598 | $ 0 | $ 152,528 |
Liabilities held-for-sale: | |||
Deposits | 211,716 | ||
Other liabilities | 8 | ||
Total liabilities sold | 211,724 | $ 0 | $ 215,657 |
Payment to Shore United | 62,940 | ||
Gain on sale of offices | $ 17,186 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017USD ($) | Mar. 31, 2017segment | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting [Abstract] | ||||||
Number of reportable business segments | segment | 2 | |||||
Business Segments | ||||||
External interest income | $ 89,797 | $ 85,555 | $ 177,064 | $ 170,853 | ||
Intersegment interest income/ expense | 0 | 0 | 0 | 0 | ||
Interest expense | 7,066 | 10,008 | 13,756 | 23,754 | ||
Provision for loan losses | 5,562 | 4,199 | 10,199 | 5,859 | ||
Noninterest income | 41,477 | 20,275 | 62,981 | 39,723 | ||
Noninterest expense | 73,262 | 102,122 | 144,908 | 165,397 | ||
Income tax expense/ (benefit) | 14,402 | (3,491) | 22,454 | 4,590 | ||
Net income/ (loss) | 30,982 | (7,008) | 48,728 | 10,976 | ||
Total assets | 9,499,010 | 8,963,975 | 9,499,010 | 8,963,975 | $ 9,623,640 | |
Corporate and Reconciling Items | ||||||
Business Segments | ||||||
External interest income | 22 | 233 | 82 | 450 | ||
Intersegment interest income/ expense | (679) | (631) | (1,335) | (1,273) | ||
Interest expense | 472 | 453 | 948 | 876 | ||
Provision for loan losses | 0 | 0 | 0 | 0 | ||
Noninterest income | 907 | 27 | 929 | 89 | ||
Noninterest expense | 1,306 | 304 | 1,659 | 678 | ||
Income tax expense/ (benefit) | (538) | (404) | (1,043) | (816) | ||
Net income/ (loss) | (990) | (724) | (1,888) | (1,472) | ||
Total assets | 13,117 | 16,359 | 13,117 | 16,359 | ||
Community Banking | Operating Segments | ||||||
Business Segments | ||||||
External interest income | 86,266 | 80,998 | 169,449 | 161,836 | ||
Intersegment interest income/ expense | 679 | 631 | 1,335 | 1,273 | ||
Interest expense | 5,915 | 8,924 | 11,473 | 21,605 | ||
Provision for loan losses | 4,548 | 3,365 | 6,678 | 4,578 | ||
Noninterest income | 40,475 | 19,848 | 61,731 | 38,854 | ||
Noninterest expense | 67,301 | 98,940 | 135,732 | 158,912 | ||
Income tax expense/ (benefit) | 16,078 | (3,245) | 25,372 | 4,997 | ||
Net income/ (loss) | 33,578 | (6,507) | 53,260 | 11,871 | ||
Total assets | 9,386,087 | 8,839,334 | 9,386,087 | 8,839,334 | ||
Consumer Finance | Operating Segments | ||||||
Business Segments | ||||||
External interest income | 3,509 | 4,324 | 7,533 | 8,567 | ||
Intersegment interest income/ expense | 0 | 0 | 0 | 0 | ||
Interest expense | 679 | 631 | 1,335 | 1,273 | ||
Provision for loan losses | 1,014 | 834 | 3,521 | 1,281 | ||
Noninterest income | 95 | 400 | 321 | 780 | ||
Noninterest expense | 4,655 | 2,878 | 7,517 | 5,807 | ||
Income tax expense/ (benefit) | (1,138) | 158 | (1,875) | 409 | ||
Net income/ (loss) | (1,606) | 223 | (2,644) | 577 | ||
Total assets | $ 99,806 | $ 108,282 | $ 99,806 | $ 108,282 |
Investment securities and imp39
Investment securities and impairment of investment securities - Available For Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Amortized cost | ||
Total | $ 949,161 | $ 825,552 |
Gross unrealized holding gains | ||
Total | 11,236 | 9,862 |
Gross unrealized holding losses | ||
Total | (7,595) | (9,214) |
Fair value | ||
Fair value | 952,802 | 826,200 |
U.S. government and agencies | ||
Amortized cost | ||
Due in one year or less | 3 | 6 |
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 | 3 | 6 |
Government sponsored enterprises | ||
Amortized cost | ||
Due in one year or less | 85,630 | 74,980 |
Due in one year through five years | 198,564 | 220,937 |
Due in five years through ten years | 0 | 585 |
Due after ten years | 5,782 | |
Gross unrealized holding gains | ||
Due in one year or less | 17 | 5 |
Due in one year through five years | 75 | 203 |
Due in five years through ten years | 0 | 0 |
Due after ten years | 0 | |
Gross unrealized holding losses | ||
Due in one year or less | (85) | (33) |
Due in one year through five years | (1,866) | (2,504) |
Due in five years through ten years | 0 | (3) |
Due after ten years | (56) | |
Fair value | ||
Due in one year or less | 85,562 | 74,952 |
Due in one year through five years | 196,773 | 218,636 |
Due in five years through ten years | 0 | 582 |
Due after ten years | 5,726 | |
Equity securities | ||
Amortized cost | ||
Total | 3,351 | 3,351 |
Gross unrealized holding gains | ||
Total | 1,724 | 1,095 |
Gross unrealized holding losses | ||
Total | (6) | (6) |
Fair value | ||
Fair value | 5,069 | 4,440 |
Municipal securities | ||
Amortized cost | ||
Due in one year or less | 2,529 | 2,449 |
Due in one year through five years | 8,252 | 9,448 |
Due in five years through ten years | 13,353 | 11,794 |
Due after ten years | 30,238 | 38,141 |
Gross unrealized holding gains | ||
Due in one year or less | 8 | 7 |
Due in one year through five years | 91 | 105 |
Due in five years through ten years | 243 | 137 |
Due after ten years | 713 | 1,027 |
Gross unrealized holding losses | ||
Due in one year or less | 0 | 0 |
Due in one year through five years | (2) | (21) |
Due in five years through ten years | 0 | (1) |
Due after ten years | (1) | (16) |
Fair value | ||
Due in one year or less | 2,537 | 2,456 |
Due in one year through five years | 8,341 | 9,532 |
Due in five years through ten years | 13,596 | 11,930 |
Due after ten years | 30,950 | 39,152 |
Corporate debt securities | ||
Amortized cost | ||
Due after ten years | 14,398 | 14,367 |
Gross unrealized holding gains | ||
Due after ten years | 4,457 | 2,935 |
Gross unrealized holding losses | ||
Due after ten years | (224) | (322) |
Fair value | ||
Due after ten years | 18,631 | 16,980 |
Residential mortgage-backed securities | ||
Amortized cost | ||
Total | 587,061 | 449,494 |
Gross unrealized holding gains | ||
Total | 3,908 | 4,348 |
Gross unrealized holding losses | ||
Total | (5,355) | (6,308) |
Fair value | ||
Fair value | 585,614 | 447,534 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Total | 149,196 | 175,398 |
Gross unrealized holding gains | ||
Total | 1,554 | 1,849 |
Gross unrealized holding losses | ||
Total | (2,386) | (2,680) |
Fair value | ||
Fair value | 148,364 | 174,567 |
Fixed rate | Non-agency CMOs | ||
Amortized cost | ||
Total | 59 | 100 |
Gross unrealized holding gains | ||
Total | 0 | 1 |
Gross unrealized holding losses | ||
Total | 0 | 0 |
Fair value | ||
Fair value | 59 | 101 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Total | 319,044 | 165,535 |
Gross unrealized holding gains | ||
Total | 398 | 185 |
Gross unrealized holding losses | ||
Total | (2,910) | (3,455) |
Fair value | ||
Fair value | 316,532 | 162,265 |
Variable rate | Pass-through | ||
Amortized cost | ||
Total | 37,855 | 43,587 |
Gross unrealized holding gains | ||
Total | 1,667 | 2,007 |
Gross unrealized holding losses | ||
Total | (4) | (6) |
Fair value | ||
Fair value | 39,518 | 45,588 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Total | 80,907 | 64,874 |
Gross unrealized holding gains | ||
Total | 289 | 306 |
Gross unrealized holding losses | ||
Total | (55) | (167) |
Fair value | ||
Fair value | $ 81,141 | $ 65,013 |
Investment securities and imp40
Investment securities and impairment of investment securities - Held To Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Amortized cost | ||
Total | $ 36,206 | $ 19,978 |
Gross unrealized holding gains | ||
Total | 371 | 448 |
Gross unrealized holding losses | ||
Total | (17) | 0 |
Fair value | ||
Total | 36,560 | 20,426 |
Municipal securities | ||
Amortized cost | ||
Due after ten years | 2,000 | 4,808 |
Gross unrealized holding gains | ||
Due after ten years | 10 | 65 |
Gross unrealized holding losses | ||
Due after ten years | 0 | 0 |
Fair value | ||
Due after ten years | 2,010 | 4,873 |
Residential mortgage-backed securities | ||
Amortized cost | ||
Total | 34,206 | 15,170 |
Gross unrealized holding gains | ||
Total | 361 | 383 |
Gross unrealized holding losses | ||
Total | (17) | 0 |
Fair value | ||
Total | 34,550 | 15,553 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Total | 4,183 | 4,807 |
Gross unrealized holding gains | ||
Total | 198 | 217 |
Gross unrealized holding losses | ||
Total | 0 | 0 |
Fair value | ||
Total | 4,381 | 5,024 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Total | 26,723 | 6,674 |
Gross unrealized holding gains | ||
Total | 121 | 94 |
Gross unrealized holding losses | ||
Total | (17) | 0 |
Fair value | ||
Total | 26,827 | 6,768 |
Variable rate | Pass-through | ||
Amortized cost | ||
Total | 2,512 | 2,848 |
Gross unrealized holding gains | ||
Total | 30 | 58 |
Gross unrealized holding losses | ||
Total | 0 | 0 |
Fair value | ||
Total | 2,542 | 2,906 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Total | 788 | 841 |
Gross unrealized holding gains | ||
Total | 12 | 14 |
Gross unrealized holding losses | ||
Total | 0 | 0 |
Fair value | ||
Total | $ 800 | $ 855 |
Investment securities and imp41
Investment securities and impairment of investment securities - Fair Value of and Gross Unrealized Losses on Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Marketable securities | ||
Less than 12 months - Fair value | $ 548,055 | $ 457,286 |
Less than 12 months - Unrealized loss | (5,151) | (6,322) |
12 months or more - Fair value | 112,996 | 99,645 |
12 months or more - Unrealized loss | (2,461) | (2,892) |
Total - Fair value | 661,051 | 556,931 |
Total - Unrealized loss | (7,612) | (9,214) |
U.S. government and agencies | ||
Marketable securities | ||
Less than 12 months - Fair value | 248,390 | 238,003 |
Less than 12 months - Unrealized loss | (1,905) | (2,448) |
12 months or more - Fair value | 27,926 | 9,205 |
12 months or more - Unrealized loss | (102) | (92) |
Total - Fair value | 276,316 | 247,208 |
Total - Unrealized loss | (2,007) | (2,540) |
Municipal securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 4,115 | 5,621 |
Less than 12 months - Unrealized loss | (3) | (37) |
12 months or more - Fair value | 0 | 66 |
12 months or more - Unrealized loss | 0 | (1) |
Total - Fair value | 4,115 | 5,687 |
Total - Unrealized loss | (3) | (38) |
Corporate debt securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 0 | 0 |
Less than 12 months - Unrealized loss | 0 | 0 |
12 months or more - Fair value | 2,207 | 2,107 |
12 months or more - Unrealized loss | (224) | (322) |
Total - Fair value | 2,207 | 2,107 |
Total - Unrealized loss | (224) | (322) |
Equity securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 0 | 0 |
Less than 12 months - Unrealized loss | 0 | 0 |
12 months or more - Fair value | 545 | 544 |
12 months or more - Unrealized loss | (6) | (6) |
Total - Fair value | 545 | 544 |
Total - Unrealized loss | (6) | (6) |
Residential mortgage-backed securities | Agency CMOs | ||
Marketable securities | ||
Less than 12 months - Fair value | 295,550 | 213,662 |
Less than 12 months - Unrealized loss | (3,243) | (3,837) |
12 months or more - Fair value | 82,318 | 87,723 |
12 months or more - Unrealized loss | (2,129) | (2,471) |
Total - Fair value | 377,868 | 301,385 |
Total - Unrealized loss | $ (5,372) | $ (6,308) |
Investment securities and imp42
Investment securities and impairment of investment securities - Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities Held and Not Intended to be Sold (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cumulative roll forward of credit related impairment losses recognized in earnings for debt securities held and not intended to be sold: | ||||
Beginning balance | $ 7,942 | $ 8,424 | $ 7,942 | $ 8,436 |
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | 0 | 0 | 0 | 0 |
Reduction for losses realized during the quarter | 0 | (16) | 0 | (28) |
Reduction for securities sold/ called realized during the quarter | 0 | 0 | 0 | 0 |
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized | 0 | 0 | 0 | 0 |
Ending balance | $ 7,942 | $ 8,408 | $ 7,942 | $ 8,408 |
Loans receivable - Summary of O
Loans receivable - Summary of Originated and Acquired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | $ 7,835,301 | $ 7,746,648 | ||||
Deferred loan costs | 24,601 | 22,375 | ||||
Allowance for loan losses | (62,885) | $ (61,104) | (60,939) | $ (60,781) | $ (62,278) | $ (62,672) |
Total loans, net | 7,623,852 | 7,496,408 | ||||
Residential mortgage loans held-for-sale | 10,297 | 9,625 | ||||
Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (11,281) | (11,638) | ||||
Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (129,611) | (171,580) | ||||
Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (32,273) | (28,458) | ||||
Personal Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 4,696,308 | 4,675,760 | ||||
Personal Banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,749,844 | 2,715,729 | ||||
Residential mortgage loans held-for-sale | 10,300 | 9,600 | ||||
Personal Banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,301,032 | 1,328,772 | ||||
Personal Banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 645,432 | 631,259 | ||||
Commercial Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 3,138,993 | 3,070,888 | ||||
Commercial Banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,526,274 | 2,513,669 | ||||
Commercial Banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 612,719 | 557,219 | ||||
Originated | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 6,899,225 | 6,698,391 | ||||
Deferred loan costs | 22,470 | 20,081 | ||||
Allowance for loan losses | (56,627) | (54,090) | (55,293) | (55,323) | (59,750) | (60,970) |
Total loans, net | 6,695,826 | 6,456,778 | ||||
Originated | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (11,281) | (11,638) | ||||
Originated | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (127,067) | (168,595) | ||||
Originated | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (30,894) | (26,168) | ||||
Originated | Personal Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 4,167,631 | 4,076,170 | ||||
Allowance for loan losses | (17,339) | (18,056) | (16,116) | (14,281) | (14,960) | (16,121) |
Originated | Personal Banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,625,450 | 2,582,218 | ||||
Allowance for loan losses | (4,635) | (4,638) | (4,656) | (3,022) | (4,257) | (4,692) |
Originated | Personal Banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 1,022,522 | 1,026,315 | ||||
Allowance for loan losses | (2,957) | (2,989) | (3,486) | (3,335) | (3,409) | (3,941) |
Originated | Personal Banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 519,659 | 467,637 | ||||
Allowance for loan losses | (9,747) | (10,429) | (7,974) | (7,924) | (7,294) | (7,488) |
Originated | Commercial Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,731,594 | 2,622,221 | ||||
Allowance for loan losses | (39,288) | (36,034) | (39,177) | (41,042) | (44,790) | (44,849) |
Originated | Commercial Banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 2,194,165 | 2,140,678 | ||||
Allowance for loan losses | (22,584) | (20,635) | (23,667) | (25,686) | (29,867) | (32,348) |
Originated | Commercial Banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 537,429 | 481,543 | ||||
Allowance for loan losses | (16,704) | (15,399) | (15,510) | (15,356) | (14,923) | (12,501) |
Acquired | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 936,076 | 1,048,257 | ||||
Deferred loan costs | 2,131 | 2,294 | ||||
Allowance for loan losses | (6,258) | (7,014) | (5,646) | (5,458) | (2,528) | (1,702) |
Total loans, net | 928,026 | 1,039,630 | ||||
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 | (2,544) | (2,985) | ||||
Acquired | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Undisbursed loan proceeds | (1,379) | (2,290) | ||||
Acquired | Personal Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 528,677 | 599,590 | ||||
Allowance for loan losses | (1,336) | (1,841) | (1,771) | (1,741) | (505) | (229) |
Acquired | Personal Banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 124,394 | 133,511 | ||||
Allowance for loan losses | (85) | (78) | (71) | (61) | (8) | (18) |
Acquired | Personal Banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 278,510 | 302,457 | ||||
Allowance for loan losses | (623) | (932) | (1,047) | (1,128) | (298) | (101) |
Acquired | Personal Banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 125,773 | 163,622 | ||||
Allowance for loan losses | (628) | (831) | (653) | (552) | (199) | (110) |
Acquired | Commercial Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 407,399 | 448,667 | ||||
Allowance for loan losses | (4,922) | (5,173) | (3,875) | (3,717) | (1,473) | |
Acquired | Commercial Banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | (3,165) | (1,735) | ||||
Acquired | Commercial Banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | (552) | (288) | ||||
Acquired | Commercial Banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | (3,717) | $ (2,023) | ||||
Acquired | Commercial Banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 332,109 | 372,991 | ||||
Allowance for loan losses | (2,446) | (3,713) | (3,008) | (3,165) | (1,439) | |
Acquired | Commercial Banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable, gross | 75,290 | 75,676 | ||||
Allowance for loan losses | $ (2,476) | $ (1,460) | $ (867) | $ (552) | $ (34) |
Loans receivable - Outstanding
Loans receivable - Outstanding Principal Balance and Related Carrying Value of Acquired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | $ 944,625 | $ 1,056,486 |
Carrying value | 934,284 | 1,045,276 |
Acquired loans evaluated individually for future credit losses | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 13,099 | 16,108 |
Carrying value | 10,054 | 12,665 |
Acquired loans evaluated collectively for future credit losses | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 931,526 | 1,040,378 |
Carrying value | $ 924,230 | $ 1,032,611 |
Loans receivable - Changes in t
Loans receivable - Changes in the Accretable Discount (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Changes in accretable yield | ||
Beginning balance | $ 2,187 | $ 2,019 |
Accretion | (883) | (1,170) |
Net reclassification from nonaccretable yield | 289 | 1,338 |
Ending balance | $ 1,593 | $ 2,187 |
Loans receivable - Composition
Loans receivable - Composition of Acquired Impaired Loans by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | $ 97,559 | $ 108,061 |
Average recorded investment in impaired loans | 101,972 | 118,675 |
Interest income recognized | 2,072 | 5,596 |
Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 31,690 | 38,606 |
Average recorded investment in impaired loans | 35,349 | 37,420 |
Interest income recognized | 785 | 1,741 |
Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 20,236 | 24,193 |
Average recorded investment in impaired loans | 22,013 | 24,483 |
Interest income recognized | 475 | 1,079 |
Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 7,755 | 9,304 |
Average recorded investment in impaired loans | 8,924 | 9,234 |
Interest income recognized | 216 | 496 |
Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 3,699 | 5,109 |
Average recorded investment in impaired loans | 4,412 | 3,703 |
Interest income recognized | 94 | 166 |
Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 65,869 | 69,455 |
Average recorded investment in impaired loans | 66,623 | 81,255 |
Interest income recognized | 1,287 | 3,855 |
Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 53,370 | 53,928 |
Average recorded investment in impaired loans | 53,755 | 64,350 |
Interest income recognized | 898 | 2,864 |
Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 12,499 | 15,527 |
Average recorded investment in impaired loans | 12,868 | 16,905 |
Interest income recognized | 389 | 991 |
Acquired loans evaluated individually for future credit losses | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 10,054 | 12,665 |
Outstanding principal balance | 13,099 | 16,108 |
Related impairment reserve | 184 | 267 |
Average recorded investment in impaired loans | 11,360 | 14,766 |
Interest income recognized | 883 | 1,170 |
Acquired loans evaluated individually for future credit losses | Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 2,505 | 2,818 |
Outstanding principal balance | 4,465 | 5,034 |
Related impairment reserve | 83 | 215 |
Average recorded investment in impaired loans | 2,661 | 3,575 |
Interest income recognized | 213 | 438 |
Acquired loans evaluated individually for future credit losses | Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 1,241 | 1,319 |
Outstanding principal balance | 1,955 | 2,062 |
Related impairment reserve | 71 | 204 |
Average recorded investment in impaired loans | 1,280 | 1,650 |
Interest income recognized | 88 | 202 |
Acquired loans evaluated individually for future credit losses | Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 1,174 | 1,363 |
Outstanding principal balance | 2,288 | 2,669 |
Related impairment reserve | 9 | 8 |
Average recorded investment in impaired loans | 1,268 | 1,724 |
Interest income recognized | 96 | 185 |
Acquired loans evaluated individually for future credit losses | Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 90 | 136 |
Outstanding principal balance | 222 | 303 |
Related impairment reserve | 3 | 3 |
Average recorded investment in impaired loans | 113 | 201 |
Interest income recognized | 29 | 51 |
Acquired loans evaluated individually for future credit losses | Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 7,549 | 9,847 |
Outstanding principal balance | 8,634 | 11,074 |
Related impairment reserve | 101 | 52 |
Average recorded investment in impaired loans | 8,699 | 11,191 |
Interest income recognized | 670 | 732 |
Acquired loans evaluated individually for future credit losses | Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 7,445 | 9,596 |
Outstanding principal balance | 8,519 | 10,809 |
Related impairment reserve | 101 | 52 |
Average recorded investment in impaired loans | 8,521 | 10,942 |
Interest income recognized | 658 | 721 |
Acquired loans evaluated individually for future credit losses | Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 104 | 251 |
Outstanding principal balance | 115 | 265 |
Related impairment reserve | 0 | 0 |
Average recorded investment in impaired loans | 178 | 249 |
Interest income recognized | $ 12 | $ 11 |
Loans receivable - Changes in47
Loans receivable - Changes in the Allowance for Losses on Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | $ 61,104 | $ 62,278 | $ 60,939 | $ 62,672 |
Current period provision | 5,562 | 4,199 | 10,199 | 5,859 |
Charge-offs | (5,836) | (7,764) | (12,176) | (12,729) |
Recoveries | 2,055 | 2,068 | 3,923 | 4,979 |
Balance at the end of the period | 62,885 | 60,781 | 62,885 | 60,781 |
Originated | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 54,090 | 59,750 | 55,293 | 60,970 |
Current period provision | 5,706 | 505 | 8,078 | 113 |
Charge-offs | (4,830) | (6,590) | (9,620) | (9,898) |
Recoveries | 1,661 | 1,658 | 2,876 | 4,138 |
Balance at the end of the period | 56,627 | 55,323 | 56,627 | 55,323 |
Originated | Personal Banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 18,056 | 14,960 | 16,116 | 16,121 |
Current period provision | 2,699 | 3,113 | 7,609 | 4,488 |
Charge-offs | (4,050) | (4,388) | (7,631) | (7,402) |
Recoveries | 634 | 596 | 1,245 | 1,074 |
Balance at the end of the period | 17,339 | 14,281 | 17,339 | 14,281 |
Originated | Personal Banking | Residential mortgage loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 4,638 | 4,257 | 4,656 | 4,692 |
Current period provision | 217 | 501 | 184 | 504 |
Charge-offs | (314) | (1,803) | (467) | (2,292) |
Recoveries | 94 | 67 | 262 | 118 |
Balance at the end of the period | 4,635 | 3,022 | 4,635 | 3,022 |
Originated | Personal Banking | Home equity loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 2,989 | 3,409 | 3,486 | 3,941 |
Current period provision | 295 | 230 | (112) | (43) |
Charge-offs | (343) | (439) | (518) | (737) |
Recoveries | 16 | 135 | 101 | 174 |
Balance at the end of the period | 2,957 | 3,335 | 2,957 | 3,335 |
Originated | Personal Banking | Consumer loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 10,429 | 7,294 | 7,974 | 7,488 |
Current period provision | 2,187 | 2,382 | 7,537 | 4,027 |
Charge-offs | (3,393) | (2,146) | (6,646) | (4,373) |
Recoveries | 524 | 394 | 882 | 782 |
Balance at the end of the period | 9,747 | 7,924 | 9,747 | 7,924 |
Originated | Commercial Banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 36,034 | 44,790 | 39,177 | 44,849 |
Current period provision | 3,007 | (2,608) | 469 | (4,375) |
Charge-offs | (780) | (2,202) | (1,989) | (2,496) |
Recoveries | 1,027 | 1,062 | 1,631 | 3,064 |
Balance at the end of the period | 39,288 | 41,042 | 39,288 | 41,042 |
Originated | Commercial Banking | Commercial real estate loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 20,635 | 29,867 | 23,667 | 32,348 |
Current period provision | 1,488 | (3,509) | (1,459) | (7,715) |
Charge-offs | (72) | (1,317) | (335) | (1,500) |
Recoveries | 533 | 645 | 711 | 2,553 |
Balance at the end of the period | 22,584 | 25,686 | 22,584 | 25,686 |
Originated | Commercial Banking | Commercial loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 15,399 | 14,923 | 15,510 | 12,501 |
Current period provision | 1,519 | 901 | 1,928 | 3,340 |
Charge-offs | (708) | (885) | (1,654) | (996) |
Recoveries | 494 | 417 | 920 | 511 |
Balance at the end of the period | 16,704 | 15,356 | 16,704 | 15,356 |
Acquired | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 7,014 | 2,528 | 5,646 | 1,702 |
Current period provision | (144) | 3,694 | 2,121 | 5,746 |
Charge-offs | (1,006) | (1,174) | (2,556) | (2,831) |
Recoveries | 394 | 410 | 1,047 | 841 |
Balance at the end of the period | 6,258 | 5,458 | 6,258 | 5,458 |
Acquired | Personal Banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 1,841 | 505 | 1,771 | 229 |
Current period provision | (70) | 1,753 | 628 | 2,736 |
Charge-offs | (528) | (742) | (1,546) | (1,679) |
Recoveries | 93 | 225 | 483 | 455 |
Balance at the end of the period | 1,336 | 1,741 | 1,336 | 1,741 |
Acquired | Personal Banking | Residential mortgage loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 78 | 8 | 71 | 18 |
Current period provision | 26 | 35 | 141 | 72 |
Charge-offs | (58) | (49) | (195) | (124) |
Recoveries | 39 | 67 | 68 | 95 |
Balance at the end of the period | 85 | 61 | 85 | 61 |
Acquired | Personal Banking | Home equity loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 932 | 298 | 1,047 | 101 |
Current period provision | 7 | 1,217 | 188 | 1,955 |
Charge-offs | (346) | (507) | (820) | (1,193) |
Recoveries | 30 | 120 | 208 | 265 |
Balance at the end of the period | 623 | 1,128 | 623 | 1,128 |
Acquired | Personal Banking | Consumer loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 831 | 199 | 653 | 110 |
Current period provision | (103) | 501 | 299 | 709 |
Charge-offs | (124) | (186) | (531) | (362) |
Recoveries | 24 | 38 | 207 | 95 |
Balance at the end of the period | 628 | 552 | 628 | 552 |
Acquired | Commercial Banking | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 5,173 | 3,875 | 1,473 | |
Current period provision | (74) | 1,493 | 3,010 | |
Charge-offs | (478) | (1,010) | (1,152) | |
Recoveries | 301 | 564 | 386 | |
Balance at the end of the period | 4,922 | 3,717 | 4,922 | 3,717 |
Acquired | Commercial Banking | Residential mortgage loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 1,735 | |||
Current period provision | 1,660 | |||
Charge-offs | (414) | |||
Recoveries | 184 | |||
Balance at the end of the period | 3,165 | 3,165 | ||
Acquired | Commercial Banking | Home equity loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 288 | |||
Current period provision | 281 | |||
Charge-offs | (18) | |||
Recoveries | 1 | |||
Balance at the end of the period | 552 | 552 | ||
Acquired | Commercial Banking | Consumer loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 2,023 | |||
Current period provision | 1,941 | |||
Charge-offs | (432) | |||
Recoveries | 185 | |||
Balance at the end of the period | 3,717 | 3,717 | ||
Acquired | Commercial Banking | Commercial real estate loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 3,713 | 3,008 | 1,439 | |
Current period provision | (1,266) | (601) | 2,474 | |
Charge-offs | (257) | (468) | (1,128) | |
Recoveries | 256 | 507 | 380 | |
Balance at the end of the period | 2,446 | 3,165 | 2,446 | 3,165 |
Acquired | Commercial Banking | Commercial loans | ||||
Changes in allowance for losses on allocated loans receivable | ||||
Balance at the beginning of the period | 1,460 | 867 | 34 | |
Current period provision | 1,192 | 2,094 | 536 | |
Charge-offs | (221) | (542) | (24) | |
Recoveries | 45 | 57 | 6 | |
Balance at the end of the period | $ 2,476 | $ 552 | $ 2,476 | $ 552 |
Loans receivable - Loan Portfol
Loans receivable - Loan Portfolio by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | $ 7,686,737 | $ 7,557,347 | ||||
Allowance for loan losses | 62,885 | 60,939 | ||||
Nonaccrual loans | 72,773 | 79,536 | ||||
Loans past due 90 days or more and still accruing | 182 | 649 | ||||
TDRs (3) | 41,860 | $ 43,578 | 42,926 | $ 49,113 | $ 48,248 | $ 51,115 |
Allowance related to TDRs | 4,003 | 4,590 | ||||
Additional commitments to customers with loans classified as TDRs | 185 | 438 | ||||
Nonaccrual TDRs | 17,873 | 16,300 | 18,098 | |||
Accruing TDRs | 23,987 | 26,600 | $ 31,015 | |||
Personal Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 4,709,628 | 4,686,497 | ||||
Allowance for loan losses | 18,675 | 17,887 | ||||
Nonaccrual loans | 23,646 | 31,238 | ||||
Loans past due 90 days or more and still accruing | 173 | 85 | ||||
TDRs (3) | 9,409 | 9,112 | ||||
Allowance related to TDRs | 1,236 | 1,158 | ||||
Additional commitments to customers with loans classified as TDRs | 5 | 4 | ||||
Personal Banking | Residential mortgage loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 2,750,471 | 2,714,764 | ||||
Allowance for loan losses | 4,720 | 4,727 | ||||
Nonaccrual loans | 13,555 | 18,264 | ||||
Loans past due 90 days or more and still accruing | 0 | 0 | ||||
TDRs (3) | 7,684 | 7,299 | ||||
Allowance related to TDRs | 811 | 708 | ||||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||||
Personal Banking | Home equity loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 1,301,032 | 1,328,772 | ||||
Allowance for loan losses | 3,580 | 4,533 | ||||
Nonaccrual loans | 6,392 | 7,865 | ||||
Loans past due 90 days or more and still accruing | 0 | 0 | ||||
TDRs (3) | 1,725 | 1,813 | ||||
Allowance related to TDRs | 425 | 450 | ||||
Additional commitments to customers with loans classified as TDRs | 5 | 4 | ||||
Personal Banking | Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 658,125 | 642,961 | ||||
Allowance for loan losses | 10,375 | 8,627 | ||||
Nonaccrual loans | 3,699 | 5,109 | ||||
Loans past due 90 days or more and still accruing | 173 | 85 | ||||
TDRs (3) | 0 | 0 | ||||
Allowance related to TDRs | 0 | 0 | ||||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||||
Commercial Banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 2,977,109 | 2,870,850 | ||||
Allowance for loan losses | 44,210 | 43,052 | ||||
Nonaccrual loans | 49,127 | 48,298 | ||||
Loans past due 90 days or more and still accruing | 9 | 564 | ||||
TDRs (3) | 32,451 | 33,814 | ||||
Allowance related to TDRs | 2,767 | 3,432 | ||||
Additional commitments to customers with loans classified as TDRs | 180 | 434 | ||||
Commercial Banking | Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 2,396,663 | 2,342,089 | ||||
Allowance for loan losses | 25,030 | 26,675 | ||||
Nonaccrual loans | 40,191 | 38,724 | ||||
Loans past due 90 days or more and still accruing | 0 | 564 | ||||
TDRs (3) | 25,719 | 24,483 | ||||
Allowance related to TDRs | 1,989 | 2,072 | ||||
Additional commitments to customers with loans classified as TDRs | 113 | 417 | ||||
Commercial Banking | Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 580,446 | 528,761 | ||||
Allowance for loan losses | 19,180 | 16,377 | ||||
Nonaccrual loans | 8,936 | 9,574 | ||||
Loans past due 90 days or more and still accruing | 9 | 0 | ||||
TDRs (3) | 6,732 | 9,331 | ||||
Allowance related to TDRs | 778 | 1,360 | ||||
Additional commitments to customers with loans classified as TDRs | $ 67 | $ 17 |
Loans receivable - Compositio49
Loans receivable - Composition of Impaired Loans by Portfolio Segment and Class of Financing Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | $ 72,773 | $ 79,536 |
Total impaired loans | 97,559 | 108,061 |
Average recorded investment in impaired loans | 101,972 | 118,675 |
Interest income recognized on impaired loans | 2,072 | 5,596 |
Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 23,646 | 31,238 |
Total impaired loans | 31,690 | 38,606 |
Average recorded investment in impaired loans | 35,349 | 37,420 |
Interest income recognized on impaired loans | 785 | 1,741 |
Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 13,555 | 18,264 |
Total impaired loans | 20,236 | 24,193 |
Average recorded investment in impaired loans | 22,013 | 24,483 |
Interest income recognized on impaired loans | 475 | 1,079 |
Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 6,392 | 7,865 |
Total impaired loans | 7,755 | 9,304 |
Average recorded investment in impaired loans | 8,924 | 9,234 |
Interest income recognized on impaired loans | 216 | 496 |
Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 3,699 | 5,109 |
Total impaired loans | 3,699 | 5,109 |
Average recorded investment in impaired loans | 4,412 | 3,703 |
Interest income recognized on impaired loans | 94 | 166 |
Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 49,127 | 48,298 |
Total impaired loans | 65,869 | 69,455 |
Average recorded investment in impaired loans | 66,623 | 81,255 |
Interest income recognized on impaired loans | 1,287 | 3,855 |
Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 40,191 | 38,724 |
Total impaired loans | 53,370 | 53,928 |
Average recorded investment in impaired loans | 53,755 | 64,350 |
Interest income recognized on impaired loans | 898 | 2,864 |
Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 8,936 | 9,574 |
Total impaired loans | 12,499 | 15,527 |
Average recorded investment in impaired loans | 12,868 | 16,905 |
Interest income recognized on impaired loans | 389 | 991 |
90 Days or greater delinquent | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 45,127 | 45,181 |
90 Days or greater delinquent | Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 20,190 | 22,544 |
90 Days or greater delinquent | Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 11,637 | 13,169 |
90 Days or greater delinquent | Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 5,744 | 5,552 |
90 Days or greater delinquent | Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 2,809 | 3,823 |
90 Days or greater delinquent | Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 24,937 | 22,637 |
90 Days or greater delinquent | Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 21,295 | 19,264 |
90 Days or greater delinquent | Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 3,642 | 3,373 |
Less than 90 days delinquent | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 27,646 | 34,355 |
Loans less than 90 days delinquent reviewed for impairment | 6,523 | 6,459 |
TDRs less than 90 days delinquent not included elsewhere | 18,263 | 22,066 |
Less than 90 days delinquent | Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 3,456 | 8,694 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 8,044 | 7,368 |
Less than 90 days delinquent | Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 1,918 | 5,095 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 6,681 | 5,929 |
Less than 90 days delinquent | Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 648 | 2,313 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 1,363 | 1,439 |
Less than 90 days delinquent | Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 890 | 1,286 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 0 | 0 |
Less than 90 days delinquent | Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 24,190 | 25,661 |
Loans less than 90 days delinquent reviewed for impairment | 6,523 | 6,459 |
TDRs less than 90 days delinquent not included elsewhere | 10,219 | 14,698 |
Less than 90 days delinquent | Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 18,896 | 19,460 |
Loans less than 90 days delinquent reviewed for impairment | 5,541 | 3,622 |
TDRs less than 90 days delinquent not included elsewhere | 7,638 | 11,582 |
Less than 90 days delinquent | Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 5,294 | 6,201 |
Loans less than 90 days delinquent reviewed for impairment | 982 | 2,837 |
TDRs less than 90 days delinquent not included elsewhere | $ 2,581 | $ 3,116 |
Loans receivable - Evaluation o
Loans receivable - Evaluation of Impaired Loans by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | $ 7,634,053 | $ 7,503,912 |
Loans individually evaluated for impairment | 52,684 | 53,435 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 46,639 | 48,056 |
Related impairment reserve | 5,731 | 6,123 |
Loans individually evaluated for impairment for which there is no related reserve | 6,045 | 5,379 |
Personal Banking | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 4,699,436 | 4,676,277 |
Loans individually evaluated for impairment | 10,192 | 10,220 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 10,192 | 10,220 |
Related impairment reserve | 1,268 | 1,188 |
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 | 2,742,121 | 2,706,484 |
Loans individually evaluated for impairment | 8,350 | 8,280 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 8,350 | 8,280 |
Related impairment reserve | 812 | 709 |
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 | 1,299,307 | 1,326,958 |
Loans individually evaluated for impairment | 1,725 | 1,814 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 1,725 | 1,814 |
Related impairment reserve | 425 | 450 |
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 | 658,008 | 642,835 |
Loans individually evaluated for impairment | 117 | 126 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 117 | 126 |
Related impairment reserve | 31 | 29 |
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 | 2,934,617 | 2,827,635 |
Loans individually evaluated for impairment | 42,492 | 43,215 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 36,447 | 37,836 |
Related impairment reserve | 4,463 | 4,935 |
Loans individually evaluated for impairment for which there is no related reserve | 6,045 | 5,379 |
Commercial Banking | Commercial real estate loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 2,363,904 | 2,309,186 |
Loans individually evaluated for impairment | 32,759 | 32,903 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 27,232 | 27,594 |
Related impairment reserve | 3,168 | 3,545 |
Loans individually evaluated for impairment for which there is no related reserve | 5,527 | 5,309 |
Commercial Banking | Commercial loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 570,713 | 518,449 |
Loans individually evaluated for impairment | 9,733 | 10,312 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 9,215 | 10,242 |
Related impairment reserve | 1,295 | 1,390 |
Loans individually evaluated for impairment for which there is no related reserve | $ 518 | $ 70 |
Loans receivable - Roll Forward
Loans receivable - Roll Forward of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | Dec. 31, 2016USD ($) | |
Number of contracts | |||||
Beginning balance | contract | 224 | 227 | 225 | 227 | |
Number of contracts new TDRs | contract | 1 | 9 | 7 | 18 | |
Number of re-modified TDRs | contract | 1 | 3 | 1 | 4 | |
Ending balance | contract | 203 | 230 | 203 | 230 | |
Amount | |||||
Beginning TDR balance | $ 43,578 | $ 48,248 | $ 42,926 | $ 51,115 | |
New TDRs | 348 | 1,662 | 4,139 | 5,011 | |
Re-modified TDRs | 445 | 863 | 445 | 1,063 | |
Net paydowns | (1,458) | (1,421) | (2,681) | (2,904) | |
Ending TDR balance | 41,860 | 49,113 | 41,860 | 49,113 | |
Accruing TDRs | 23,987 | 31,015 | 23,987 | 31,015 | $ 26,600 |
Non-accrual TDRs | $ 17,873 | $ 18,098 | $ 17,873 | $ 18,098 | $ 16,300 |
Residential mortgage loans | |||||
Number of contracts | |||||
Number of contracts charged off | contract | 0 | 0 | 0 | 0 | |
Number of contracts paid off | contract | 0 | 0 | 0 | 0 | |
Amount | |||||
Amount of contracts charged off | $ 0 | $ 0 | $ 0 | $ 0 | |
Amount of contracts paid off | $ 0 | $ 0 | $ 0 | $ 0 | |
Home equity loans | |||||
Number of contracts | |||||
Number of contracts charged off | contract | 0 | 0 | 0 | 0 | |
Number of contracts paid off | contract | 4 | 1 | 5 | 3 | |
Amount | |||||
Amount of contracts charged off | $ 0 | $ 0 | $ 0 | $ 0 | |
Amount of contracts paid off | $ (32) | $ (1) | $ (32) | $ (232) | |
Commercial real estate loans | |||||
Number of contracts | |||||
Number of contracts charged off | contract | 0 | 0 | 0 | 0 | |
Number of contracts paid off | contract | 8 | 4 | 10 | 8 | |
Amount | |||||
Amount of contracts charged off | $ 0 | $ 0 | $ 0 | $ 0 | |
Amount of contracts paid off | $ (480) | $ (41) | $ (545) | $ (4,562) | |
Commercial loans | |||||
Number of contracts | |||||
Number of contracts charged off | contract | 5 | 0 | 6 | 1 | |
Number of contracts paid off | contract | 5 | 1 | 8 | 3 | |
Amount | |||||
Amount of contracts charged off | $ (158) | $ 0 | $ (259) | $ (43) | |
Amount of contracts paid off | $ (383) | $ (197) | $ (2,133) | $ (335) |
Loans receivable - Troubled Deb
Loans receivable - Troubled Debt Restructuring (Including Re-Modified TDRs) by Portfolio Segment and by Class of Financing Receivable (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 2 | 12 | 8 | 22 |
Recorded investment at the time of modification | $ 793 | $ 2,525 | $ 4,584 | $ 6,074 |
Current recorded investment | 774 | 2,486 | 4,267 | 5,101 |
Current allowance | $ 70 | $ 576 | $ 400 | $ 981 |
Personal Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 1 | 6 | 3 | 10 |
Recorded investment at the time of modification | $ 445 | $ 750 | $ 894 | $ 1,313 |
Current recorded investment | 431 | 716 | 877 | 1,274 |
Current allowance | $ 45 | $ 64 | $ 92 | $ 109 |
Personal Banking | Residential mortgage loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 1 | 2 | 3 | 5 |
Recorded investment at the time of modification | $ 445 | $ 526 | $ 894 | $ 1,033 |
Current recorded investment | 431 | 525 | 877 | 1,028 |
Current allowance | $ 45 | $ 17 | $ 92 | $ 49 |
Personal Banking | Home equity loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 0 | 4 | 0 | 5 |
Recorded investment at the time of modification | $ 0 | $ 224 | $ 0 | $ 280 |
Current recorded investment | 0 | 191 | 0 | 246 |
Current allowance | $ 0 | $ 47 | $ 0 | $ 60 |
Personal Banking | Consumer loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 0 | 0 | 0 | 0 |
Recorded investment at the time of modification | $ 0 | $ 0 | $ 0 | $ 0 |
Current recorded investment | 0 | 0 | 0 | 0 |
Current allowance | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Banking | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 1 | 6 | 5 | 12 |
Recorded investment at the time of modification | $ 348 | $ 1,775 | $ 3,690 | $ 4,761 |
Current recorded investment | 343 | 1,770 | 3,390 | 3,827 |
Current allowance | $ 25 | $ 512 | $ 308 | $ 872 |
Commercial Banking | Commercial real estate loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 1 | 2 | 4 | 4 |
Recorded investment at the time of modification | $ 348 | $ 812 | $ 3,486 | $ 2,096 |
Current recorded investment | 343 | 807 | 3,198 | 2,076 |
Current allowance | $ 25 | $ 31 | $ 294 | $ 297 |
Commercial Banking | Commercial loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | contract | 0 | 4 | 1 | 8 |
Recorded investment at the time of modification | $ 0 | $ 963 | $ 204 | $ 2,665 |
Current recorded investment | 0 | 963 | 192 | 1,751 |
Current allowance | $ 0 | $ 481 | $ 14 | $ 575 |
Loans receivable - Troubled D53
Loans receivable - Troubled Debt Restructurings by Type of Modification (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | |
Troubled debt restructurings | ||||
Number of contracts | contract | 2 | 12 | 8 | 22 |
Troubled debt restructurings | $ 774 | $ 2,486 | $ 4,267 | $ 5,101 |
Number of re-modified TDRs | contract | 1 | 3 | 1 | 4 |
Re-modified troubled debt restructurings | $ 431 | $ 863 | $ 431 | $ 1,054 |
Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 68 | 111 | 486 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 1,392 | 2,732 | 429 |
Re-modified troubled debt restructurings | 0 | 863 | 0 | 863 |
Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 343 | 903 | 658 | 1,958 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 431 | 123 | 766 | 2,228 |
Re-modified troubled debt restructurings | $ 431 | $ 0 | $ 431 | $ 191 |
Personal Banking | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 1 | 6 | 3 | 10 |
Troubled debt restructurings | $ 431 | $ 716 | $ 877 | $ 1,274 |
Number of re-modified TDRs | contract | 1 | 0 | 1 | 0 |
Re-modified troubled debt restructurings | $ 431 | $ 0 | $ 431 | $ 0 |
Personal Banking | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 68 | 111 | 486 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 525 | 0 | 617 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 431 | 123 | 766 | 171 |
Re-modified troubled debt restructurings | $ 431 | $ 0 | $ 431 | $ 0 |
Personal Banking | Residential mortgage loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 1 | 2 | 3 | 5 |
Troubled debt restructurings | $ 431 | $ 525 | $ 877 | $ 1,028 |
Number of re-modified TDRs | contract | 1 | 0 | 1 | 0 |
Re-modified troubled debt restructurings | $ 431 | $ 0 | $ 431 | $ 0 |
Personal Banking | Residential mortgage loans | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 111 | 363 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Residential mortgage loans | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Residential mortgage loans | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 525 | 0 | 617 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Residential mortgage loans | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 431 | 0 | 766 | 48 |
Re-modified troubled debt restructurings | $ 431 | $ 0 | $ 431 | $ 0 |
Personal Banking | Home equity loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 0 | 4 | 0 | 5 |
Troubled debt restructurings | $ 0 | $ 191 | $ 0 | $ 246 |
Number of re-modified TDRs | contract | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 0 |
Personal Banking | Home equity loans | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 68 | 0 | 123 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Home equity loans | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Home equity loans | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Home equity loans | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 123 | 0 | 123 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 0 |
Personal Banking | Consumer loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 0 |
Number of re-modified TDRs | contract | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 0 |
Personal Banking | Consumer loans | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Consumer loans | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Consumer loans | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Personal Banking | Consumer loans | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Banking | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 1 | 6 | 5 | 12 |
Troubled debt restructurings | $ 343 | $ 1,770 | $ 3,390 | $ 3,827 |
Number of re-modified TDRs | contract | 0 | 3 | 0 | 4 |
Re-modified troubled debt restructurings | $ 0 | $ 863 | $ 0 | $ 1,054 |
Commercial Banking | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Commercial Banking | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 1,392 | 2,732 | 429 |
Re-modified troubled debt restructurings | 0 | 863 | 0 | 863 |
Commercial Banking | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 343 | 378 | 658 | 1,341 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Commercial Banking | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 2,057 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 191 |
Commercial Banking | Commercial real estate loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 1 | 2 | 4 | 4 |
Troubled debt restructurings | $ 343 | $ 807 | $ 3,198 | $ 2,076 |
Number of re-modified TDRs | contract | 0 | 0 | 0 | 1 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 191 |
Commercial Banking | Commercial real estate loans | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Commercial Banking | Commercial real estate loans | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 429 | 2,732 | 429 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Commercial Banking | Commercial real estate loans | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 343 | 378 | 466 | 378 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Commercial Banking | Commercial real estate loans | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 1,269 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 191 |
Commercial Banking | Commercial loans | ||||
Troubled debt restructurings | ||||
Number of contracts | contract | 0 | 4 | 1 | 8 |
Troubled debt restructurings | $ 0 | $ 963 | $ 192 | $ 1,751 |
Number of re-modified TDRs | contract | 0 | 3 | 0 | 3 |
Re-modified troubled debt restructurings | $ 0 | $ 863 | $ 0 | $ 863 |
Commercial Banking | Commercial loans | Rate | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Commercial Banking | Commercial loans | Payment | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 963 | 0 | 0 |
Re-modified troubled debt restructurings | 0 | 863 | 0 | 863 |
Commercial Banking | Commercial loans | Maturity date | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 192 | 963 |
Re-modified troubled debt restructurings | 0 | 0 | 0 | 0 |
Commercial Banking | Commercial loans | Other | ||||
Troubled debt restructurings | ||||
Troubled debt restructurings | 0 | 0 | 0 | 788 |
Re-modified troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 0 |
Loans receivable - Loan Delinqu
Loans receivable - Loan Delinquencies (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Loan payment delinquencies | ||
Total delinquency | $ 82,539 | $ 121,594 |
Current | 7,604,198 | 7,435,753 |
Total loans | 7,686,737 | 7,557,347 |
90 days or greater delinquent and accruing | 1,233 | 2,824 |
30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 21,536 | 55,614 |
60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 14,643 | 17,975 |
90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 46,360 | 48,005 |
Personal Banking | ||
Loan payment delinquencies | ||
Total loans | 4,709,628 | 4,686,497 |
Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total loans | 2,750,471 | 2,714,764 |
Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total loans | 1,301,032 | 1,328,772 |
Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total loans | 658,125 | 642,961 |
Commercial Banking | ||
Loan payment delinquencies | ||
Total loans | 2,977,109 | 2,870,850 |
Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total loans | 2,396,663 | 2,342,089 |
Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total loans | 580,446 | 528,761 |
Originated | ||
Loan payment delinquencies | ||
Total delinquency | 70,988 | 105,990 |
Current | 6,681,465 | 6,406,081 |
Total loans | 6,752,453 | 6,512,071 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 18,895 | 49,336 |
Originated | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 12,639 | 15,946 |
Originated | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 39,454 | 40,708 |
Originated | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 42,482 | 72,003 |
Current | 4,136,338 | 4,012,610 |
Total loans | 4,178,820 | 4,084,613 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 19,897 | 44,810 |
Current | 2,606,180 | 2,536,443 |
Total loans | 2,626,077 | 2,581,253 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 9,296 | 11,873 |
Current | 1,013,226 | 1,014,442 |
Total loans | 1,022,522 | 1,026,315 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 13,289 | 15,320 |
Current | 516,932 | 461,725 |
Total loans | 530,221 | 477,045 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 14,360 | 40,595 |
Originated | Personal Banking | 30-59 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,892 | 26,212 |
Originated | Personal Banking | 30-59 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,698 | 5,785 |
Originated | Personal Banking | 30-59 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 7,770 | 8,598 |
Originated | Personal Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 10,010 | 10,315 |
Originated | Personal Banking | 60-89 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 5,847 | 5,806 |
Originated | Personal Banking | 60-89 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,193 | 1,305 |
Originated | Personal Banking | 60-89 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,970 | 3,204 |
Originated | Personal Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 18,112 | 21,093 |
Originated | Personal Banking | 90 Days or greater delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 11,158 | 12,792 |
Originated | Personal Banking | 90 Days or greater delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 4,405 | 4,783 |
Originated | Personal Banking | 90 Days or greater delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,549 | 3,518 |
Originated | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 28,506 | 33,987 |
Current | 2,545,127 | 2,393,471 |
Total loans | 2,573,633 | 2,427,458 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 25,146 | 27,856 |
Current | 2,041,952 | 1,944,227 |
Total loans | 2,067,098 | 1,972,083 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,360 | 6,131 |
Current | 503,175 | 449,244 |
Total loans | 506,535 | 455,375 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 4,535 | 8,741 |
Originated | Commercial Banking | 30-59 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 4,189 | 7,674 |
Originated | Commercial Banking | 30-59 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 346 | 1,067 |
Originated | Commercial Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 2,629 | 5,631 |
Originated | Commercial Banking | 60-89 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,520 | 3,674 |
Originated | Commercial Banking | 60-89 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 109 | 1,957 |
Originated | Commercial Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 21,342 | 19,615 |
Originated | Commercial Banking | 90 Days or greater delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 18,437 | 16,508 |
Originated | Commercial Banking | 90 Days or greater delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,905 | 3,107 |
Acquired | ||
Loan payment delinquencies | ||
Total delinquency | 11,551 | 15,604 |
Current | 922,733 | 1,029,672 |
Total loans | 934,284 | 1,045,276 |
90 days or greater delinquent and accruing | 1,233 | 2,824 |
Acquired | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 2,641 | 6,278 |
Acquired | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 2,004 | 2,029 |
Acquired | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 6,906 | 7,297 |
Acquired | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 4,797 | 6,670 |
Current | 526,011 | 595,214 |
Total loans | 530,808 | 601,884 |
90 days or greater delinquent and accruing | 484 | 671 |
Acquired | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,369 | 2,424 |
Current | 123,025 | 131,087 |
Total loans | 124,394 | 133,511 |
90 days or greater delinquent and accruing | 416 | 452 |
Acquired | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,084 | 2,251 |
Current | 276,426 | 300,206 |
Total loans | 278,510 | 302,457 |
90 days or greater delinquent and accruing | 56 | 204 |
Acquired | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,344 | 1,995 |
Current | 126,560 | 163,921 |
Total loans | 127,904 | 165,916 |
90 days or greater delinquent and accruing | 12 | 15 |
Acquired | Personal Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 1,169 | 3,464 |
Acquired | Personal Banking | 30-59 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 1 | 1,174 |
Acquired | Personal Banking | 30-59 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 360 | 1,020 |
Acquired | Personal Banking | 30-59 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 808 | 1,270 |
Acquired | Personal Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 1,066 | 1,084 |
Acquired | Personal Banking | 60-89 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 473 | 421 |
Acquired | Personal Banking | 60-89 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 329 | 258 |
Acquired | Personal Banking | 60-89 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 264 | 405 |
Acquired | Personal Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 2,562 | 2,122 |
Acquired | Personal Banking | 90 Days or greater delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 895 | 829 |
Acquired | Personal Banking | 90 Days or greater delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,395 | 973 |
Acquired | Personal Banking | 90 Days or greater delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 272 | 320 |
Acquired | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 6,754 | 8,934 |
Current | 396,722 | 434,458 |
Total loans | 403,476 | 443,392 |
90 days or greater delinquent and accruing | 749 | 2,153 |
Acquired | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 4,895 | 8,286 |
Current | 324,670 | 361,720 |
Total loans | 329,565 | 370,006 |
90 days or greater delinquent and accruing | 749 | 2,006 |
Acquired | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,859 | 648 |
Current | 72,052 | 72,738 |
Total loans | 73,911 | 73,386 |
90 days or greater delinquent and accruing | 0 | 147 |
Acquired | Commercial Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 1,472 | 2,814 |
Acquired | Commercial Banking | 30-59 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 440 | 2,703 |
Acquired | Commercial Banking | 30-59 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,032 | 111 |
Acquired | Commercial Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 938 | 945 |
Acquired | Commercial Banking | 60-89 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 848 | 821 |
Acquired | Commercial Banking | 60-89 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 90 | 124 |
Acquired | Commercial Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 4,344 | 5,175 |
Acquired | Commercial Banking | 90 Days or greater delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,607 | 4,762 |
Acquired | Commercial Banking | 90 Days or greater delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | $ 737 | $ 413 |
Loans receivable - Credit Quali
Loans receivable - Credit Quality Indicators (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Credit quality indicators | ||
Total loans | $ 7,686,737,000 | $ 7,557,347,000 |
Pass | ||
Credit quality indicators | ||
Total loans | 7,381,553,000 | 7,278,068,000 |
Special mention | ||
Credit quality indicators | ||
Total loans | 78,095,000 | 60,916,000 |
Substandard | ||
Credit quality indicators | ||
Total loans | 227,089,000 | 218,363,000 |
Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Special mention or substandard | Minimum | ||
Credit quality indicators | ||
Total loans | 1,000,000 | |
Personal Banking | ||
Credit quality indicators | ||
Total loans | 4,709,628,000 | 4,686,497,000 |
Personal Banking | Residential mortgage loans | ||
Credit quality indicators | ||
Total loans | 2,750,471,000 | 2,714,764,000 |
Personal Banking | Home equity loans | ||
Credit quality indicators | ||
Total loans | 1,301,032,000 | 1,328,772,000 |
Personal Banking | Consumer loans | ||
Credit quality indicators | ||
Total loans | 658,125,000 | 642,961,000 |
Commercial Banking | ||
Credit quality indicators | ||
Total loans | 2,977,109,000 | 2,870,850,000 |
Commercial Banking | Commercial real estate loans | ||
Credit quality indicators | ||
Total loans | 2,396,663,000 | 2,342,089,000 |
Commercial Banking | Commercial loans | ||
Credit quality indicators | ||
Total loans | 580,446,000 | 528,761,000 |
Originated | ||
Credit quality indicators | ||
Total loans | 6,752,453,000 | 6,512,071,000 |
Originated | Pass | ||
Credit quality indicators | ||
Total loans | 6,501,807,000 | 6,281,250,000 |
Originated | Special mention | ||
Credit quality indicators | ||
Total loans | 68,382,000 | 51,524,000 |
Originated | Substandard | ||
Credit quality indicators | ||
Total loans | 182,264,000 | 179,297,000 |
Originated | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | ||
Credit quality indicators | ||
Total loans | 4,178,820,000 | 4,084,613,000 |
Originated | Personal Banking | Pass | ||
Credit quality indicators | ||
Total loans | 4,155,287,000 | 4,057,836,000 |
Originated | Personal Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 23,533,000 | 26,777,000 |
Originated | Personal Banking | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Residential mortgage loans | ||
Credit quality indicators | ||
Total loans | 2,626,077,000 | 2,581,253,000 |
Originated | Personal Banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Total loans | 2,610,917,000 | 2,564,988,000 |
Originated | Personal Banking | Residential mortgage loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Residential mortgage loans | Substandard | ||
Credit quality indicators | ||
Total loans | 15,160,000 | 16,265,000 |
Originated | Personal Banking | Residential mortgage loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Residential mortgage loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Home equity loans | ||
Credit quality indicators | ||
Total loans | 1,022,522,000 | 1,026,315,000 |
Originated | Personal Banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Total loans | 1,016,418,000 | 1,018,898,000 |
Originated | Personal Banking | Home equity loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Home equity loans | Substandard | ||
Credit quality indicators | ||
Total loans | 6,104,000 | 7,417,000 |
Originated | Personal Banking | Home equity loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Home equity loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Consumer loans | ||
Credit quality indicators | ||
Total loans | 530,221,000 | 477,045,000 |
Originated | Personal Banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Total loans | 527,952,000 | 473,950,000 |
Originated | Personal Banking | Consumer loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Consumer loans | Substandard | ||
Credit quality indicators | ||
Total loans | 2,269,000 | 3,095,000 |
Originated | Personal Banking | Consumer loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Consumer loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Commercial Banking | ||
Credit quality indicators | ||
Total loans | 2,573,633,000 | 2,427,458,000 |
Originated | Commercial Banking | Pass | ||
Credit quality indicators | ||
Total loans | 2,346,520,000 | 2,223,414,000 |
Originated | Commercial Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 68,382,000 | 51,524,000 |
Originated | Commercial Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 158,731,000 | 152,520,000 |
Originated | Commercial Banking | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Commercial Banking | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Commercial Banking | Commercial real estate loans | ||
Credit quality indicators | ||
Total loans | 2,067,098,000 | 1,972,083,000 |
Originated | Commercial Banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Total loans | 1,891,834,000 | 1,821,548,000 |
Originated | Commercial Banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Total loans | 59,352,000 | 36,321,000 |
Originated | Commercial Banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Total loans | 115,912,000 | 114,214,000 |
Originated | Commercial Banking | Commercial real estate loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
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 | 506,535,000 | 455,375,000 |
Originated | Commercial Banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Total loans | 454,686,000 | 401,866,000 |
Originated | Commercial Banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Total loans | 9,030,000 | 15,203,000 |
Originated | Commercial Banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Total loans | 42,819,000 | 38,306,000 |
Originated | Commercial Banking | Commercial loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Commercial Banking | Commercial loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | ||
Credit quality indicators | ||
Total loans | 934,284,000 | 1,045,276,000 |
Acquired | Pass | ||
Credit quality indicators | ||
Total loans | 879,746,000 | 996,818,000 |
Acquired | Special mention | ||
Credit quality indicators | ||
Total loans | 9,713,000 | 9,392,000 |
Acquired | Substandard | ||
Credit quality indicators | ||
Total loans | 44,825,000 | 39,066,000 |
Acquired | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | ||
Credit quality indicators | ||
Total loans | 530,808,000 | 601,884,000 |
Acquired | Personal Banking | Pass | ||
Credit quality indicators | ||
Total loans | 525,750,000 | 596,911,000 |
Acquired | Personal Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 5,058,000 | 4,973,000 |
Acquired | Personal Banking | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Residential mortgage loans | ||
Credit quality indicators | ||
Total loans | 124,394,000 | 133,511,000 |
Acquired | Personal Banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Total loans | 122,638,000 | 131,717,000 |
Acquired | Personal Banking | Residential mortgage loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Residential mortgage loans | Substandard | ||
Credit quality indicators | ||
Total loans | 1,756,000 | 1,794,000 |
Acquired | Personal Banking | Residential mortgage loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Residential mortgage loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Home equity loans | ||
Credit quality indicators | ||
Total loans | 278,510,000 | 302,457,000 |
Acquired | Personal Banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Total loans | 275,915,000 | 300,100,000 |
Acquired | Personal Banking | Home equity loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Home equity loans | Substandard | ||
Credit quality indicators | ||
Total loans | 2,595,000 | 2,357,000 |
Acquired | Personal Banking | Home equity loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Home equity loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Consumer loans | ||
Credit quality indicators | ||
Total loans | 127,904,000 | 165,916,000 |
Acquired | Personal Banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Total loans | 127,197,000 | 165,094,000 |
Acquired | Personal Banking | Consumer loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Consumer loans | Substandard | ||
Credit quality indicators | ||
Total loans | 707,000 | 822,000 |
Acquired | Personal Banking | Consumer loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Consumer loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Commercial Banking | ||
Credit quality indicators | ||
Total loans | 403,476,000 | 443,392,000 |
Acquired | Commercial Banking | Pass | ||
Credit quality indicators | ||
Total loans | 353,996,000 | 399,907,000 |
Acquired | Commercial Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 9,713,000 | 9,392,000 |
Acquired | Commercial Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 39,767,000 | 34,093,000 |
Acquired | Commercial Banking | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Commercial Banking | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Commercial Banking | Commercial real estate loans | ||
Credit quality indicators | ||
Total loans | 329,565,000 | 370,006,000 |
Acquired | Commercial Banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Total loans | 287,162,000 | 331,780,000 |
Acquired | Commercial Banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Total loans | 8,474,000 | 7,403,000 |
Acquired | Commercial Banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Total loans | 33,929,000 | 30,823,000 |
Acquired | Commercial Banking | Commercial real estate loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Commercial Banking | Commercial real estate loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Commercial Banking | Commercial loans | ||
Credit quality indicators | ||
Total loans | 73,911,000 | 73,386,000 |
Acquired | Commercial Banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Total loans | 66,834,000 | 68,127,000 |
Acquired | Commercial Banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Total loans | 1,239,000 | 1,989,000 |
Acquired | Commercial Banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Total loans | 5,838,000 | 3,270,000 |
Acquired | Commercial Banking | Commercial loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Commercial Banking | Commercial loans | Loss | ||
Credit quality indicators | ||
Total loans | $ 0 | $ 0 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Amortizable intangible assets: | |||||
Amortization expense | $ 1,749 | $ 710 | $ 3,498 | $ 1,385 | |
Estimated amortization expense | |||||
For the year ending December 31, 2017 | 6,764 | 6,764 | |||
For the year ending December 31, 2018 | 5,848 | 5,848 | |||
For the year ending December 31, 2019 | 4,933 | 4,933 | |||
For the year ending December 31, 2020 | 4,017 | 4,017 | |||
For the year ending December 31, 2021 | 3,188 | 3,188 | |||
For the year ending December 31, 2022 | 2,456 | 2,456 | |||
Core Deposits | |||||
Amortizable intangible assets: | |||||
Intangible asset - gross | 63,685 | 63,685 | $ 37,953 | ||
Acquisitions | 0 | 25,732 | |||
Less: accumulated amortization | (37,312) | (37,312) | (34,378) | ||
Intangible asset - net | 26,373 | 26,373 | 29,307 | ||
Customer and Contract | |||||
Amortizable intangible assets: | |||||
Intangible asset - gross | 10,474 | 10,474 | 8,496 | ||
Acquisitions | 0 | 1,978 | |||
Less: accumulated amortization | (7,912) | (7,912) | (7,348) | ||
Intangible asset - net | $ 2,562 | $ 2,562 | $ 3,126 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | $ 307,420 | $ 261,736 |
Goodwill acquired | 0 | 45,684 |
Impairment losses | 0 | |
Balance at the end of the period | 307,420 | 307,420 |
Community Banking | ||
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | 305,807 | 260,123 |
Goodwill acquired | 0 | 45,684 |
Impairment losses | 0 | |
Balance at the end of the period | 305,807 | 305,807 |
Consumer Finance | ||
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | 1,613 | 1,613 |
Goodwill acquired | 0 | 0 |
Impairment losses | 0 | |
Balance at the end of the period | $ 1,613 | $ 1,613 |
Guarantees (Details)
Guarantees (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Guarantor Obligations [Line Items] | |
Liability recognized for the obligations | $ 170 |
Letter of Credit | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | 25,900 |
Maximum potential amount of future payments fully collateralized | $ 17,200 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - Stock options - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive securities excluded from the calculation of earnings per share | ||||
Average share price during the reporting period (in dollars per share) | $ 15.97 | $ 14.15 | $ 16.75 | $ 13.43 |
Options excluded from the calculation of earnings per share (in shares) | 723,459 | |||
Weighted average share price during the reporting period (in dollars per share) | $ 14.15 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Reported net income/ (loss) | $ 30,982 | $ (7,008) | $ 48,728 | $ 10,976 |
Weighted average common shares outstanding (in shares) | 100,950,772 | 99,177,609 | 100,798,209 | 99,033,676 |
Dilutive potential shares due to effect of stock options (in shares) | 1,498,921 | 1,065,833 | 1,726,849 | 778,049 |
Total weighted average common shares and dilutive potential shares (in shares) | 102,449,693 | 100,243,442 | 102,525,058 | 99,811,725 |
Basic earnings per share (in dollars per share) | $ 0.31 | $ (0.07) | $ 0.48 | $ 0.11 |
Diluted earnings per share (in dollars per share) | $ 0.30 | $ (0.07) | $ 0.48 | $ 0.11 |
Pension and Other Post-retire61
Pension and Other Post-retirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension benefits | ||||
Components of net periodic benefit cost | ||||
Service cost | $ 1,538 | $ 1,374 | $ 3,075 | $ 2,748 |
Interest cost | 1,703 | 1,695 | 3,440 | 3,391 |
Expected return on plan assets | (2,628) | (2,475) | (5,256) | (4,949) |
Amortization of prior service cost | (581) | (580) | (1,162) | (1,161) |
Amortization of the net loss | 927 | 928 | 1,855 | 1,855 |
Net periodic cost | 959 | 942 | 1,952 | 1,884 |
Pension benefits | Minimum | ||||
Components of net periodic benefit cost | ||||
Estimated contribution for the current year | 4,000 | 4,000 | ||
Pension benefits | Maximum | ||||
Components of net periodic benefit cost | ||||
Estimated contribution for the current year | 5,000 | 5,000 | ||
Other post-retirement benefits | ||||
Components of net periodic benefit cost | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 17 | 18 | 35 | 35 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of the net loss | 27 | 22 | 54 | 45 |
Net periodic cost | $ 44 | $ 40 | $ 89 | $ 80 |
Disclosures About Fair Value 62
Disclosures About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | May 19, 2017 | |
Fair Value Disclosures [Abstract] | |||
Significant unrealized appreciation or depreciation in financial instruments | $ 0 | $ 0 | |
Financial assets: | |||
Securities available-for-sale | 952,802 | 826,200 | |
Securities held-to-maturity | 36,560 | 20,426 | |
Assets held-for-sale | 0 | 152,528 | $ 131,598 |
Accrued interest receivable | 21,667 | 21,699 | |
Financial liabilities: | |||
Liabilities held-for-sale | 0 | 215,657 | $ 211,724 |
Borrowed funds | 110,441 | 142,899 | |
Junior subordinated debentures | 111,213 | 111,213 | |
Level 1 | |||
Financial assets: | |||
Cash and cash equivalents | 156,767 | 389,867 | |
Securities available-for-sale | 5,069 | 4,440 | |
Securities held-to-maturity | 0 | 0 | |
Loans receivable, net | 10,297 | 9,625 | |
Assets held-for-sale | 146,660 | ||
Accrued interest receivable | 21,667 | 21,699 | |
FHLB Stock | 0 | 0 | |
Total financial assets | 193,800 | 572,291 | |
Financial liabilities: | |||
Savings and checking deposits | 6,503,301 | 6,341,735 | |
Time deposits | 0 | 0 | |
Liabilities held-for-sale | 215,649 | ||
Borrowed funds | 110,240 | 142,899 | |
Junior subordinated debentures | 0 | 0 | |
Cash flow hedges - swaps | 0 | 0 | |
Accrued interest payable | 530 | 643 | |
Total financial liabilities | 6,614,071 | 6,700,926 | |
Level 2 | |||
Financial assets: | |||
Cash and cash equivalents | 0 | 0 | |
Securities available-for-sale | 937,095 | 812,394 | |
Securities held-to-maturity | 36,560 | 20,426 | |
Loans receivable, net | 0 | 0 | |
Assets held-for-sale | 0 | ||
Accrued interest receivable | 0 | 0 | |
FHLB Stock | 0 | 0 | |
Total financial assets | 973,655 | 832,820 | |
Financial liabilities: | |||
Savings and checking deposits | 0 | 0 | |
Time deposits | 0 | 0 | |
Liabilities held-for-sale | 0 | ||
Borrowed funds | 0 | 0 | |
Junior subordinated debentures | 0 | 0 | |
Cash flow hedges - swaps | 1,934 | 2,736 | |
Accrued interest payable | 0 | 0 | |
Total financial liabilities | 1,934 | 2,736 | |
Level 3 | |||
Financial assets: | |||
Cash and cash equivalents | 0 | 0 | |
Securities available-for-sale | 10,638 | 9,366 | |
Securities held-to-maturity | 0 | 0 | |
Loans receivable, net | 7,729,651 | 7,869,190 | |
Assets held-for-sale | 0 | ||
Accrued interest receivable | 0 | 0 | |
FHLB Stock | 0 | 0 | |
Total financial assets | 7,740,289 | 7,878,556 | |
Financial liabilities: | |||
Savings and checking deposits | 0 | 0 | |
Time deposits | 1,486,275 | 1,626,434 | |
Liabilities held-for-sale | 0 | ||
Borrowed funds | 201 | 0 | |
Junior subordinated debentures | 112,922 | 113,313 | |
Cash flow hedges - swaps | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Total financial liabilities | 1,599,398 | 1,739,747 | |
Carrying amount | |||
Financial assets: | |||
Cash and cash equivalents | 156,767 | 389,867 | |
Securities available-for-sale | 952,802 | 826,200 | |
Securities held-to-maturity | 36,206 | 19,978 | |
Loans receivable, net | 7,623,852 | 7,496,408 | |
Assets held-for-sale | 146,660 | ||
Accrued interest receivable | 21,667 | 21,699 | |
FHLB Stock | 8,142 | 7,390 | |
Total financial assets | 8,799,436 | 8,908,202 | |
Financial liabilities: | |||
Savings and checking deposits | 6,503,301 | 6,341,735 | |
Time deposits | 1,467,946 | 1,540,586 | |
Liabilities held-for-sale | 215,649 | ||
Borrowed funds | 110,441 | 142,899 | |
Junior subordinated debentures | 111,213 | 111,213 | |
Cash flow hedges - swaps | 1,934 | 2,736 | |
Accrued interest payable | 530 | 643 | |
Total financial liabilities | 8,195,365 | 8,355,461 | |
Estimated fair value | |||
Financial assets: | |||
Cash and cash equivalents | 156,767 | 389,867 | |
Securities available-for-sale | 952,802 | 826,200 | |
Securities held-to-maturity | 36,560 | 20,426 | |
Loans receivable, net | 7,739,948 | 7,878,815 | |
Assets held-for-sale | 146,660 | ||
Accrued interest receivable | 21,667 | 21,699 | |
FHLB Stock | 8,142 | 7,390 | |
Total financial assets | 8,915,886 | 9,291,057 | |
Financial liabilities: | |||
Savings and checking deposits | 6,503,301 | 6,341,735 | |
Time deposits | 1,486,275 | 1,626,434 | |
Liabilities held-for-sale | 215,649 | ||
Borrowed funds | 110,441 | 142,899 | |
Junior subordinated debentures | 112,922 | 113,313 | |
Cash flow hedges - swaps | 1,934 | 2,736 | |
Accrued interest payable | 530 | 643 | |
Total financial liabilities | $ 8,215,403 | $ 8,443,409 |
Disclosures About Fair Value 63
Disclosures About Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | $ 952,802 | $ 826,200 |
Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 5,069 | 4,440 |
Interest rate swaps | 0 | 0 |
Total financial assets | 193,800 | 572,291 |
Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 937,095 | 812,394 |
Interest rate swaps | (1,934) | (2,736) |
Total financial assets | 973,655 | 832,820 |
Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 10,638 | 9,366 |
Interest rate swaps | 0 | 0 |
Total financial assets | 7,740,289 | 7,878,556 |
Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 950,868 | 823,464 |
Measured on recurring basis | Equity securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 5,069 | 4,440 |
Measured on recurring basis | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 362,119 | 374,226 |
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 | 3 | 6 |
Measured on recurring basis | Debt securities | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 288,061 | 294,170 |
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 | 55,424 | 63,070 |
Measured on recurring basis | Debt securities | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 18,631 | 16,980 |
Measured on recurring basis | Total mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 585,614 | 447,534 |
Measured on recurring basis | Residential mortgage-backed securities | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 28,405 | 30,883 |
Measured on recurring basis | Residential mortgage-backed securities | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 86,586 | 106,578 |
Measured on recurring basis | Residential mortgage-backed securities | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 72,323 | 82,115 |
Measured on recurring basis | Residential mortgage-backed securities | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 568 | 579 |
Measured on recurring basis | Collateralized mortgage obligations | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 5,484 | 6,287 |
Measured on recurring basis | Collateralized mortgage obligations | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 213,144 | 95,186 |
Measured on recurring basis | Collateralized mortgage obligations | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 179,045 | 119,197 |
Measured on recurring basis | Collateralized mortgage obligations | SBA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 6,608 |
Measured on recurring basis | Collateralized mortgage obligations | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 59 | 101 |
Measured on recurring basis | Interest rate swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | (1,934) | (2,736) |
Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 5,069 | 4,440 |
Measured on recurring basis | Level 1 | Equity securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 5,069 | 4,440 |
Measured on recurring basis | Level 1 | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 1 | Debt securities | U.S. government and agencies | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 1 | Debt securities | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 1 | Debt securities | States and political subdivisions | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 1 | Debt securities | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Measured on recurring basis | Level 1 | Total mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Residential mortgage-backed securities | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Residential mortgage-backed securities | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Residential mortgage-backed securities | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Residential mortgage-backed securities | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Collateralized mortgage obligations | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Collateralized mortgage obligations | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Collateralized mortgage obligations | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Collateralized mortgage obligations | SBA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Collateralized mortgage obligations | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 1 | Interest rate swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | 0 | 0 |
Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 935,161 | 809,658 |
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 | 351,481 | 364,860 |
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 | 3 | 6 |
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 | 288,061 | 294,170 |
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 | 55,424 | 63,070 |
Measured on recurring basis | Level 2 | Debt securities | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 7,993 | 7,614 |
Measured on recurring basis | Level 2 | Total mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 585,614 | 447,534 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 28,405 | 30,883 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 86,586 | 106,578 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 72,323 | 82,115 |
Measured on recurring basis | Level 2 | Residential mortgage-backed securities | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 568 | 579 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 5,484 | 6,287 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 213,144 | 95,186 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 179,045 | 119,197 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | SBA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 6,608 |
Measured on recurring basis | Level 2 | Collateralized mortgage obligations | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 59 | 101 |
Measured on recurring basis | Level 2 | Interest rate swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | (1,934) | (2,736) |
Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 10,638 | 9,366 |
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 | 10,638 | 9,366 |
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 | 10,638 | 9,366 |
Measured on recurring basis | Level 3 | Total mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Residential mortgage-backed securities | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Residential mortgage-backed securities | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Residential mortgage-backed securities | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Residential mortgage-backed securities | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Collateralized mortgage obligations | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Collateralized mortgage obligations | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Collateralized mortgage obligations | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Collateralized mortgage obligations | SBA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Collateralized mortgage obligations | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Measured on recurring basis | Level 3 | Interest rate swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | $ 0 | $ 0 |
Disclosures About Fair Value 64
Disclosures About Fair Value of Financial Instruments - Reconciliation of all Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - Level 3 - Debt securities - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||||
Beginning balance | $ 9,877 | $ 8,590 | $ 9,366 | $ 8,955 |
Total net realized investment gains/ (losses) and net change in unrealized appreciation/ (depreciation): | ||||
Included in net income as OTTI | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 761 | 129 | 1,272 | (236) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | $ 10,638 | $ 8,719 | $ 10,638 | $ 8,719 |
Disclosures About Fair Value 65
Disclosures About Fair Value of Financial Instruments - Nonrecurring Assets that had Fair Market Values Below the Carrying Amount (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | $ 47,069 | $ 47,068 |
Loans measured for impairment | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 40,908 | 41,933 |
Mortgage servicing rights | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 131 | 246 |
Real estate owned | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 6,030 | 4,889 |
Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 1 | Loans measured for impairment | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 1 | Mortgage servicing rights | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 1 | Real estate owned | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 2 | Loans measured for impairment | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 2 | Mortgage servicing rights | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 2 | Real estate owned | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 0 | 0 |
Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 47,069 | 47,068 |
Level 3 | Loans measured for impairment | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 40,908 | 41,933 |
Level 3 | Mortgage servicing rights | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 131 | 246 |
Level 3 | Real estate owned | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | $ 6,030 | $ 4,889 |
Disclosures About Fair Value 66
Disclosures About Fair Value of Financial Instruments - Additional Quantitative Information, Assets Measured at Fair Value, Recurring and Nonrecurring Basis, Level 3 Input (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Debt securities | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 10,638,000 |
Debt securities | Discounted cash flow | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Default rates | 1.00% |
Prepayment rates | 1.00% |
Debt securities | Discounted cash flow | Minimum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount margin / rate | 0.40% |
Debt securities | Discounted cash flow | Maximum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount margin / rate | 2.10% |
Debt securities | Discounted cash flow | Weighted Average | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount margin / rate | 0.70% |
Loans measured for impairment | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 40,908,000 |
Estimated cost to sell | 10.00% |
Loans measured for impairment | Discounted cash flow | Minimum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount margin / rate | 4.25% |
Loans measured for impairment | Discounted cash flow | Maximum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount margin / rate | 10.00% |
Loans measured for impairment | Discounted cash flow | Weighted Average | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount margin / rate | 7.50% |
Mortgage servicing rights | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 131,000 |
Mortgage servicing rights | Discounted cash flow | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Annual service cost | $ 80 |
Option adjusted spread | 8.00% |
Mortgage servicing rights | Discounted cash flow | Minimum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Prepayment rates | 9.40% |
Expected life (months) | 67 years 3 months |
Forward yield curve | 1.05% |
Mortgage servicing rights | Discounted cash flow | Maximum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Prepayment rates | 15.60% |
Expected life (months) | 47 years 1 month 21 days |
Forward yield curve | 2.10% |
Mortgage servicing rights | Discounted cash flow | Weighted Average | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Prepayment rates | 11.20% |
Expected life (months) | 60 years 10 months 24 days |
Forward yield curve | 1.50% |
Real estate owned | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 6,030,000 |
Estimated cost to sell | 10.00% |
Guaranteed Preferred Benefici67
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Derivatives - Narrative (Details) | Dec. 15, 2006USD ($)$ / sharesshares | Dec. 05, 2006USD ($)$ / sharesshares | Jun. 30, 2017USD ($)trustderivative$ / sharesshares | Dec. 31, 2016USD ($) |
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 | ||
Cash pledged as collateral to the counterparty | $ 3,005,000 | |||
Hedge ineffectiveness for swaps | $ 0 | |||
Interest rate swaps | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Number of agreements | derivative | 2 | |||
Cash pledged as collateral to the counterparty | $ 2,555,000 | |||
Fair value of the swap agreements | $ (1,900,000) | |||
LNB | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Number of statutory business trusts owned | trust | 2 | |||
Trust preferred investments | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Maximum period for which interest payment on the subordinated debentures can be deferred | 5 years | |||
Interest deferral | $ 0 | |||
Northwest Bancorp Capital Trust III | Trust preferred investments | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Cumulative trust preferred securities issued (in shares) | shares | 50,000 | |||
Cumulative trust preferred securities issued, liquidation value per preferred security (in dollars per security) | $ / shares | $ 1,000 | |||
Total value of cumulative trust preferred securities issued | $ 50,000,000 | |||
Variable rate basis | three-month LIBOR | |||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 51,547,000 | |||
Northwest Bancorp Capital Trust III | Trust preferred investments | Interest rate swaps | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Fixed rate (as a percent) | 4.61% | |||
Original term of swaps | 10 years | |||
Northwest Bancorp Capital Trust III | Trust preferred investments | LIBOR | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Spread on variable rate basis (as a percent) | 1.38% | |||
Northwest Bancorp Statutory Trust IV | Trust preferred investments | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Cumulative trust preferred securities issued (in shares) | shares | 50,000 | |||
Cumulative trust preferred securities issued, liquidation value per preferred security (in dollars per security) | $ / shares | $ 1,000 | |||
Total value of cumulative trust preferred securities issued | $ 50,000,000 | |||
Variable rate basis | three-month LIBOR | |||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 51,547,000 | |||
Northwest Bancorp Statutory Trust IV | Trust preferred investments | Interest rate swaps | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Fixed rate (as a percent) | 4.09% | |||
Original term of swaps | 10 years | |||
Notional amount | $ 25,000,000 | |||
Northwest Bancorp Statutory Trust IV | Trust preferred investments | LIBOR | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Spread on variable rate basis (as a percent) | 1.38% | |||
LNB Trust II | Interest rate swaps | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Cumulative trust preferred securities issued (in shares) | shares | 7,875 | |||
Cumulative trust preferred securities issued, liquidation value per preferred security (in dollars per security) | $ / shares | $ 1,000 | |||
Total value of cumulative trust preferred securities issued | $ 7,875,000 | |||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 8,119,000 | |||
LNB Trust II | LIBOR | Interest rate swaps | ||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | ||||
Spread on variable rate basis (as a percent) | 1.48% |
Guaranteed Preferred Benefici68
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Derivatives - Liability Derivatives (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Liability Derivatives, Included in Other Liabilities | ||
Collateral posted | $ 3,005 | |
Designated as Hedging Instrument | Foreign exchange contract | ||
Liability Derivatives, Included in Other Liabilities | ||
Fair value and Foreign exchange adjustment | $ 1,934 | 2,736 |
Notional amount | 50,000 | 50,000 |
Not Designated as Hedging Instrument | Foreign exchange contract | ||
Liability Derivatives, Included in Other Liabilities | ||
Fair value and Foreign exchange adjustment | (85) | 0 |
Notional amount | $ 4,324 | $ 0 |
Changes in Accumulated Other 69
Changes in Accumulated Other Comprehensive Income/ (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Changes in accumulated other comprehensive income by component | ||||
Balance beginning of the period | $ 1,177,563 | $ 1,170,588 | $ 1,170,663 | $ 1,163,163 |
Other comprehensive income | 1,673 | 1,441 | 2,843 | 5,018 |
Balance end of the period | 1,196,930 | 1,155,455 | 1,196,930 | 1,155,455 |
Reclassification adjustment for gains included in net income, net of tax | 56 | (22) | 67 | (39) |
Reclassification adjustment for gains included in net income, tax | (39) | 14 | (47) | 25 |
Reclassification adjustment for prior period service costs included in net income, net of tax | 221 | 226 | 441 | 451 |
Reclassification adjustment for prior period service costs included in net income, tax | 154 | 144 | 307 | 288 |
Unrealized gains and (losses) on securities available- for-sale | ||||
Changes in accumulated other comprehensive income by component | ||||
Balance beginning of the period | 1,042 | 6,817 | 395 | 3,325 |
Other comprehensive income before reclassification adjustments | 1,290 | 1,027 | 1,948 | 4,502 |
Amounts reclassified from accumulated other comprehensive income/ (loss) | (56) | 22 | (67) | 39 |
Other comprehensive income | 1,234 | 1,049 | 1,881 | 4,541 |
Balance end of the period | 2,276 | 7,866 | 2,276 | 7,866 |
Reclassification adjustment for gains included in net income, net of tax | 95 | (36) | 114 | (64) |
Reclassification adjustment for gains included in net income, tax | (39) | 14 | (47) | 25 |
Change in fair value of interest rate swaps | ||||
Changes in accumulated other comprehensive income by component | ||||
Balance beginning of the period | (1,475) | (2,919) | (1,778) | (2,779) |
Other comprehensive income before reclassification adjustments | 218 | 166 | 521 | 26 |
Amounts reclassified from accumulated other comprehensive income/ (loss) | 0 | 0 | 0 | 0 |
Other comprehensive income | 218 | 166 | 521 | 26 |
Balance end of the period | (1,257) | (2,753) | (1,257) | (2,753) |
Change in defined benefit pension plans | ||||
Changes in accumulated other comprehensive income by component | ||||
Balance beginning of the period | (26,388) | (24,856) | (26,608) | (25,081) |
Other comprehensive income before reclassification adjustments | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income/ (loss) | 221 | 226 | 441 | 451 |
Other comprehensive income | 221 | 226 | 441 | 451 |
Balance end of the period | (26,167) | (24,630) | (26,167) | (24,630) |
Reclassification adjustment for prior period service costs included in net income, net of tax | 581 | 580 | 1,162 | 1,161 |
Reclassification adjustment for prior period service costs included in net income, tax | (956) | (950) | (1,910) | (1,900) |
Reclassification adjustment for prior period service costs included in net income, tax | 154 | 144 | 307 | 288 |
Accumulated other comprehensive income | ||||
Changes in accumulated other comprehensive income by component | ||||
Balance beginning of the period | (26,821) | (20,958) | (27,991) | (24,535) |
Other comprehensive income before reclassification adjustments | 1,508 | 1,193 | 2,469 | 4,528 |
Amounts reclassified from accumulated other comprehensive income/ (loss) | 165 | 248 | 374 | 490 |
Other comprehensive income | 1,673 | 1,441 | 2,843 | 5,018 |
Balance end of the period | $ (25,148) | $ (19,517) | $ (25,148) | $ (19,517) |