Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
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 | Mar. 31, 2018 | |
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) | 102,603,615 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 192,158 | $ 77,710 |
Marketable securities (amortized cost of $771,110) | 757,976 | |
Marketable securities available-for-sale (amortized cost of $800,094) | 792,535 | |
Marketable securities held-to-maturity (fair value of $27,324 and $29,667) | 27,709 | 29,678 |
Total cash and cash equivalents and marketable securities | 977,843 | 899,923 |
Personal Banking loans: | ||
Residential mortgage loans held-for-sale | 0 | 3,128 |
Residential mortgage loans | 2,772,148 | 2,773,075 |
Home equity loans | 1,288,361 | 1,310,355 |
Consumer loans | 686,038 | 671,389 |
Total Personal Banking loans | 4,746,547 | 4,757,947 |
Commercial Banking loans: | ||
Commercial real estate loans | 2,512,257 | 2,454,726 |
Commercial loans | 623,463 | 580,736 |
Total Commercial Banking loans | 3,135,720 | 3,035,462 |
Total loans | 7,882,267 | 7,793,409 |
Allowance for loan losses | (55,211) | (56,795) |
Total loans, net | 7,827,056 | 7,736,614 |
Federal Home Loan Bank stock, at cost | 7,694 | 11,733 |
Accrued interest receivable | 23,051 | 23,352 |
Real estate owned, net | 4,041 | 5,666 |
Premises and equipment, net | 148,184 | 151,944 |
Bank owned life insurance | 172,537 | 171,547 |
Goodwill | 307,420 | 307,420 |
Other intangible assets | 24,149 | 25,669 |
Other assets | 29,004 | 30,066 |
Total assets | 9,520,979 | 9,363,934 |
Liabilities: | ||
Noninterest-bearing checking deposits | 1,679,853 | 1,610,409 |
Interest-bearing checking deposits | 1,476,177 | 1,442,928 |
Money market deposit accounts | 1,707,837 | 1,707,450 |
Savings deposits | 1,701,022 | 1,653,579 |
Time deposits | 1,420,600 | 1,412,623 |
Total deposits | 7,985,489 | 7,826,989 |
Borrowed funds | 104,558 | 108,238 |
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 | 43,654 | 40,825 |
Accrued interest payable | 528 | 460 |
Other liabilities | 60,283 | 68,485 |
Total liabilities | 8,305,725 | 8,156,210 |
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, 102,599,662 and 102,394,828 shares issued, respectively | 1,026 | 1,027 |
Paid-in capital | 734,065 | 730,719 |
Retained earnings | 522,384 | 508,058 |
Accumulated other comprehensive loss | (42,221) | (32,080) |
Total shareholders’ equity | 1,215,254 | 1,207,724 |
Total liabilities and shareholders’ equity | $ 9,520,979 | $ 9,363,934 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Marketable securities available-for-sale, amortized cost | $ 771,110 | $ 800,094 |
Marketable securities held-to-maturity, fair value | $ 27,324 | $ 29,667 |
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) | 102,599,662 | 102,394,828 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest income: | ||
Loans receivable | $ 85,220 | $ 82,751 |
Mortgage-backed securities | 3,013 | 2,222 |
Taxable investment securities | 678 | 1,006 |
Tax-free investment securities | 390 | 569 |
FHLB dividends | 97 | 59 |
Interest-earning deposits | 135 | 660 |
Total interest income | 89,533 | 87,267 |
Interest expense: | ||
Deposits | 6,458 | 5,465 |
Borrowed funds | 1,308 | 1,225 |
Total interest expense | 7,766 | 6,690 |
Net interest income | 81,767 | 80,577 |
Provision for loan losses | 4,209 | 4,637 |
Net interest income after provision for loan losses | 77,558 | 75,940 |
Noninterest income: | ||
Gain on sale of investments | 153 | 17 |
Service charges and fees | 11,899 | 11,717 |
Trust and other financial services income | 4,031 | 4,304 |
Insurance commission income | 2,749 | 2,794 |
(Loss)/ gain on real estate owned, net | (546) | (67) |
Income from bank owned life insurance | 990 | 1,068 |
Mortgage banking income | 224 | 240 |
Other operating income | 2,288 | 1,431 |
Total noninterest income | 21,788 | 21,504 |
Noninterest expense: | ||
Compensation and employee benefits | 36,510 | 38,272 |
Premises and occupancy costs | 7,307 | 7,516 |
Office operations | 3,408 | 4,222 |
Collections expense | 512 | 549 |
Processing expenses | 9,706 | 9,909 |
Marketing expenses | 2,140 | 2,148 |
Federal deposit insurance premiums | 717 | 1,167 |
Professional services | 2,277 | 2,575 |
Amortization of intangible assets | 1,520 | 1,749 |
Real estate owned expense | 292 | 282 |
Restructuring/ acquisition expense | 0 | 223 |
Other expenses | 3,032 | 3,034 |
Total noninterest expense | 67,421 | 71,646 |
Income before income taxes | 31,925 | 25,798 |
Federal and state income taxes expense | 6,940 | 8,052 |
Net income | $ 24,985 | $ 17,746 |
Basic earnings per share (in dollars per share) | $ 0.25 | $ 0.18 |
Diluted earnings per share (in dollars per share) | $ 0.24 | $ 0.17 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 24,985 | $ 17,746 |
Net unrealized holding gains/ (losses) on marketable securities: | ||
Unrealized holding losses net of tax of $1,587 and $(314), respectively | (3,955) | 658 |
Reclassification adjustment for gains included in net income, net of tax of $7 and $8, respectively | (26) | (11) |
Net unrealized holding gains on marketable securities | (3,981) | 647 |
Change in fair value of interest rate swaps, net of tax of $(95) and $(163), respectively | 360 | 303 |
Defined benefit plan: | ||
Reclassification adjustments for prior period service costs and net losses included in net income, net of tax of $(90) and $(153), respectively | 226 | 220 |
Other comprehensive income/ (loss) | (3,395) | 1,170 |
Total comprehensive income | $ 21,590 | $ 18,916 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized holding losses, tax | $ 1,587 | $ (314) |
Reclassification adjustment for gains included in net income, tax | 7 | 8 |
Change in fair value of interest rate swaps, tax | (95) | (163) |
Reclassification adjustments for prior period service costs and net losses included in net income, tax | $ (90) | $ (153) |
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) |
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 | 17,746 | 17,746 | |||
Other comprehensive income, net | 1,170 | 1,170 | |||
Total comprehensive income | 18,916 | 17,746 | 1,170 | ||
Exercise of stock options (in shares) | 288,536 | ||||
Exercise of stock options | 3,306 | $ 3 | 3,303 | ||
Stock-based compensation expense, including tax benefit | 918 | 918 | |||
Dividends paid, per share amount | (16,240) | (16,240) | |||
Balance end of period (in shares) at Mar. 31, 2017 | 101,987,942 | ||||
Balance end of the period at Mar. 31, 2017 | 1,177,563 | $ 1,020 | 723,055 | 480,309 | (26,821) |
Balance beginning of the period (in shares) at Dec. 31, 2017 | 102,394,828 | ||||
Balance beginning of the period at Dec. 31, 2017 | 1,207,724 | $ 1,027 | 730,719 | 508,058 | (32,080) |
Increase (Decrease) in Stockholders' Equity | |||||
Reclassification due to adoption of ASU No. 2018-02 | (6,746) | 6,746 | (6,746) | ||
Comprehensive income: | |||||
Net income | 24,985 | 24,985 | |||
Other comprehensive income, net | (3,395) | (3,395) | |||
Total comprehensive income | 21,590 | 31,731 | (10,141) | ||
Exercise of stock options (in shares) | 204,834 | ||||
Exercise of stock options | 2,367 | $ 2 | 2,365 | ||
Stock-based compensation expense, including tax benefit | 978 | 978 | |||
Stock-based compensation forfeited | $ (3) | 3 | |||
Dividends paid, per share amount | (17,405) | (17,405) | |||
Balance end of period (in shares) at Mar. 31, 2018 | 102,599,662 | ||||
Balance end of the period at Mar. 31, 2018 | $ 1,215,254 | $ 1,026 | $ 734,065 | $ 522,384 | $ (42,221) |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Other comprehensive income, tax | $ 1,409 | $ (622) |
Dividends paid, per share (in dollars per share) | $ 0.17 | $ 0.16 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
OPERATING ACTIVITIES: | ||
Net income | $ 24,985 | $ 17,746 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 4,209 | 4,637 |
Net (gain)/ loss on sale of assets | 1,009 | (410) |
Net depreciation, amortization and accretion | 3,753 | 5,582 |
Decrease in other assets | 1,294 | 7,634 |
Decrease in other liabilities | (7,364) | (4,465) |
Net amortization on marketable securities | 466 | 518 |
Noncash write-down of real estate owned | 774 | 418 |
Origination of loans held for sale | (1,297) | (18,579) |
Proceeds from sale of loans held for sale | 4,501 | 26,653 |
Noncash compensation expense related to stock benefit plans | 978 | 918 |
Net increase in assets and liabilities held-for-sale | 0 | 3,382 |
Net cash provided by operating activities | 33,308 | 44,034 |
INVESTING ACTIVITIES: | ||
Purchase of marketable securities held-to-maturity | 0 | (23,621) |
Purchase of marketable securities available-for-sale | (14,250) | (80,346) |
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 1,965 | 1,708 |
Proceeds from maturities and principal reductions of marketable securities available-for-sale | 37,721 | 30,955 |
Proceeds from sale of marketable securities available-for-sale | 5,206 | 0 |
Loan originations | (723,096) | (619,637) |
Proceeds from loan maturities and principal reductions | 624,663 | 601,464 |
Net sale of Federal Home Loan Bank stock | 4,039 | 28 |
Proceeds from sale of real estate owned | 2,618 | 1,217 |
Sale of real estate owned for investment, net | 152 | 152 |
Purchase of premises and equipment | (489) | (2,256) |
Net cash used in investing activities | (61,471) | (90,336) |
FINANCING ACTIVITIES: | ||
Increase in deposits, net | 158,500 | 103,434 |
Net decrease in short-term borrowings | (3,680) | (5,708) |
Increase in advances by borrowers for taxes and insurance | 2,829 | 3,591 |
Cash dividends paid | (17,405) | (16,240) |
Proceeds from stock options exercised | 2,367 | 3,306 |
Net cash provided by financing activities | 142,611 | 88,383 |
Net increase in cash and cash equivalents | 114,448 | 42,081 |
Cash and cash equivalents at beginning of period | 77,710 | 389,867 |
Net increase in cash and cash equivalents | 114,448 | 42,081 |
Cash and cash equivalents at end of period | 192,158 | 431,948 |
Cash paid during the period for: | ||
Interest on deposits and borrowings (including interest credited to deposit accounts of $6,171 and $5,412, respectively) | 7,698 | 6,747 |
Income taxes | 1,367 | 0 |
Non-cash activities: | ||
Loans foreclosures and repossessions | 2,396 | 3,251 |
Sale of real estate owned financed by the Company | $ 183 | $ 168 |
CONSOLIDATED STATEMENTS OF CA10
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Cash Flows [Abstract] | ||
Interest on deposits and borrowings, interest credited to deposit accounts | $ 6,171 | $ 5,412 |
Basis of Presentation and Infor
Basis of Presentation and Informational Disclosures | 3 Months Ended |
Mar. 31, 2018 | |
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 172 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 Capital Group, Inc., Allegheny Services, Inc., Great Northwest Corporation, 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, 2017 updated, as required, for any new pronouncements or changes. Certain items previously reported have been reclassified to conform to the current year's reporting format. The results of operations for the quarter ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 , or any other period. Stock-Based Compensation Stock-based compensation expense of $978,000 and $918,000 for the quarters ended March 31, 2018 and 2017 , respectively, was recognized in compensation expense relating to our stock benefit plans. At March 31, 2018 there was compensation expense of $3.7 million to be recognized for awarded but unvested stock options and $14.6 million for unvested common shares. Income Taxes- Uncertain Tax Positions Accounting standards prescribe a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. A tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. At March 31, 2018 we had no liability for unrecognized tax benefits. We recognize interest accrued related to: (1) unrecognized tax benefits in other expenses and (2) refund claims in other operating income. We recognize penalties (if any) in other expenses. We are subject to audit by the Internal Revenue Service and any state in which we conduct business for the tax periods ended December 31, 2017 , 2016 , 2015 and 2014. Recently Adopted Accounting Standards In May 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers (Topic 606) ”. On January 1, 2018, we adopted ASC 606, Revenue from Contracts with Customers and all related amendments to all contracts using the modified retrospective approach, with the cumulative effect recorded as an adjustment to opening retained earnings. Due to immateriality, we had no cumulative effect to record. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis. Our revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, and non-interest income. The services that fall within the scope of ASC 606 include service charges and fees, trust and other financial services income, insurance commission income, sale of OREO and other operating income. Revenue is recognized when performance obligations under the terms of a contract with our customer are satisfied. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. The majority of our revenue continues to be recognized at the point in time when the services are provided to our customers. Service charges and fees represents income earned on both loan and deposit accounts as well as interchange income. Service charges on deposit accounts primarily consist of overdraft, non-sufficient funds, ATM transaction fees and account management fees. Revenue is recognized at the point in time the transaction occurs or the service is provided to the customer. We earn interchange income from debit and credit cardholders transactions processed through payment networks. Interchange fees represent a percentage of the underlying transaction value and are generally set by the credit card associations. Interchange fees are recognized as transactions occur. We provide trust management services and investment management services to our customers and recognize revenue as these management services are provided. Trust and investment management services are billed and paid on a monthly or quarterly basis. Additionally, we earn commissions on investment products that are sold to our customers. These commissions are recognized at the time of the sale of the third party’s product or services to our customers. Our insurance subsidiary is an employee benefits and property and casualty insurance agency specializing in commercial and personal insurance as well as retirement benefit plans. Insurance commission income is earned at the time of sale of the third party’s product or service to our customer. Loss on real estate owned represents gain and losses on real estate acquired by Northwest through the foreclosure process. Proceeds from the sale of these properties are recognized when control of the property transfer to the buyer. In certain instances the Bank may finance a portion of the purchase price paid by the buyer and an additional evaluation of whether all of the contract criteria are met is required. If it is not probable that we will collect substantially all of the consideration to which we expect, the transaction would not be accounted for as a sale until the concerns about collectability are resolved. Other operating income consists primarily of revenues earned for providing transaction services to our deposit customers. The revenue is earned at the point in time the transaction occurs. We have evaluated the nature of our contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. 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. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We adopted this guidance as of January 1, 2018 which did not have a material impact on our results of operations and financial position. 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. Accordingly, we refined the calculation used to determine the disclosed fair value of our loans held for investment portfolio as part of adopting this standard. The refined calculation did not have a significant impact on our fair value disclosures. Refer to note 9, "Disclosures About Fair Value of Financial Instruments". In August 2016, the FASB issued ASU No. 2016-15, “ Classification of Certain Cash Receipts and Cash Payments ”. The main objective of this ASU is to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The amendments in this Update provide guidance on the following eight specific cash flow issues: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of bank-owned life insurance (BOLI) policies, distributions received from equity method investments, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this guidance on January 1, 2018 and are required to apply it on a retrospective basis. No reclassifications were made for the quarter and we do not expect the reclassifications to be material for the full year. 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. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017.We have elected to early adopt this standard as of January 1, 2018, the amendments were applied on a prospective basis and the adoption did not have a significant impact on the consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. This guidance provides a more robust framework to use in determining when a set of assets and activities (“set”) is a business and to address stakeholder feedback that the definition of a business in current GAAP is applied too broadly. The primary amendments in the ASU provide a screen to exclude transactions where substantially all of the fair value of the transferred set is concentrated in a single asset, or group of similar assets, from being evaluated as a business. We adopted this standard on January 1, 2018 and will apply the guidance to future transactions. 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. Employers will present the service cost component of net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. Employers will present the other components of the net periodic benefit cost separately from the line items that includes the service cost outside of any subtotal of operating income, if one is presented. This guidance is effective for annual and interim periods beginning after December 15, 2017 and should be applied retrospectively. We adopted this standard as of January 1, 2018. The other components of the net periodic benefit cost for the quarter ended March 31, 2017 totaled $517,000 and were reclassified from compensation and employee benefits to other expense. 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 have elected to early adopt this standard as of January 1, 2018. The adoption did not have a material impact on our results of operations or financial position. In May 2017 the FASB issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718) - Scope of Modification Accounting”. This guidance clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under ASU 2017-09, an entity will not apply modification accounting to a share-based payment award if all of the following are the same immediately before and after the change: (i) the award's fair value, (ii) the award's vesting conditions and (iii) the award's classification as an equity or liability instrument. This guidance is effective for annual and interim periods beginning after December 15, 2017 and should be applied on a prospective basis to an award modified on or after the adoption date. We adopted this standard as of January 1, 2018 and will apply the guidance to future modifications. In February 2018 the FASB issued ASU 2018-02, " Income Statement - Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This guidance permits a reclassification from accumulated other comprehensive income to retained earnings of the stranded tax effects resulting from the Tax Cuts and Jobs Act. This guidance is effective for annual or interim reporting periods beginning after December 15, 2018 but permits early adoption in a period for which financial statements have not been issued. We have elected to early adopt the ASU as of January 1, 2018. The reclassification from accumulated other comprehensive income to retained earnings was $6.7 million for the release of standard income tax effects relating to the unrealized gains and losses on available for sale securities and the change in fair value of our interest rate swaps and our pension plan. Our policy for releasing income tax effects from accumulated other comprehensive income is to release them as investments are sold or matured and liabilities are extinguished. Recently Issued Accounting Standards 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 lease certain branch and office facilities or land under operating leases. While we are currently evaluating the impact this guidance will have on our results of operations and financial position, we expect the primary impact on the consolidated statement of financial position will be the recognition of right-to-use assets and lease obligations under the ASU as a result of our minimum commitments under non-cancellable operating lease. Our current minimum commitments under non-cancellable operating leases are disclosed in Note 7, “Premises and Equipment” on our 2017 Annual Report on Form 10-K. 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 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. Management created a formal working group to govern the implementation of these amendments consisting of key stakeholders from finance, risk, and accounting. We are currently in the process of designing current expected credit loss estimation methodologies and systems, and collecting data to be able to comply with the standard. We are also evaluating the effect this guidance will have on our results of operations, financial position and related disclosures. The impact of the ASU will depend upon the state of the economy and the nature of our portfolios, among other items, at the date of adoption. |
Investment securities and impai
Investment securities and impairment of investment securities | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 (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 $ 1 — — 1 Debt issued by government sponsored enterprises: Due in one year or less 66,007 1 (241 ) 65,767 Due after one year through five years 135,355 — (3,139 ) 132,216 Due after ten years 4,381 — (69 ) 4,312 Municipal securities: Due in one year or less 2,487 10 — 2,497 Due after one year through five years 5,115 59 (10 ) 5,164 Due after five years through ten years 15,168 95 (15 ) 15,248 Due after ten years 18,085 113 (6 ) 18,192 Corporate debt issues: Due after ten years 910 — — 910 Residential mortgage-backed securities: Fixed rate pass-through 142,425 843 (4,605 ) 138,663 Variable rate pass-through 31,270 1,301 (6 ) 32,565 Fixed rate non-agency CMOs 1 — — 1 Fixed rate agency CMOs 278,288 21 (7,833 ) 270,476 Variable rate agency CMOs 71,617 381 (34 ) 71,964 Total residential mortgage-backed securities 523,601 2,546 (12,478 ) 513,669 Total marketable securities available-for-sale $ 771,110 2,824 (15,958 ) 757,976 The following table shows the portfolio of investment securities available-for-sale at December 31, 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 $ 1 — — 1 Debt issued by government sponsored enterprises: Due in one year or less 66,566 14 (289 ) 66,291 Due after one year through five years 140,624 — (2,402 ) 138,222 Due after ten years 4,833 — (77 ) 4,756 Equity securities 551 29 (6 ) 574 Municipal securities: Due in one year or less 2,492 7 (1 ) 2,498 Due after one year through five years 7,072 82 (6 ) 7,148 Due after five years through ten years 14,576 171 — 14,747 Due after ten years 26,371 292 — 26,663 Corporate debt issues: Due after ten years 909 — — 909 Residential mortgage-backed securities: Fixed rate pass-through 144,411 1,108 (2,817 ) 142,702 Variable rate pass-through 33,079 1,464 (6 ) 34,537 Fixed rate non-agency CMOs 15 — — 15 Fixed rate agency CMOs 284,320 37 (5,271 ) 279,086 Variable rate agency CMOs 74,274 249 (137 ) 74,386 Total residential mortgage-backed securities 536,099 2,858 (8,231 ) 530,726 Total marketable securities available-for-sale $ 800,094 3,453 (11,012 ) 792,535 The following table shows the portfolio of investment securities held-to-maturity at March 31, 2018 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Residential mortgage-backed securities: Fixed rate pass-through 3,489 98 — 3,587 Variable rate pass-through 2,185 58 — 2,243 Fixed rate agency CMOs 21,363 4 (556 ) 20,811 Variable rate agency CMOs 672 11 — 683 Total residential mortgage-backed securities 27,709 171 (556 ) 27,324 Total marketable securities held-to-maturity $ 27,709 171 (556 ) 27,324 The following table shows the portfolio of investment securities held-to-maturity at December 31, 2017 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Residential mortgage-backed securities: Fixed rate pass-through 3,760 140 — 3,900 Variable rate pass-through 2,283 64 — 2,347 Fixed rate agency CMOs 22,906 20 (248 ) 22,678 Variable rate agency CMOs 729 13 — 742 Total residential mortgage-backed securities 29,678 237 (248 ) 29,667 Total marketable securities held-to-maturity $ 29,678 237 (248 ) 29,667 The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2018 (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 $ 4,982 (29 ) 191,381 (3,420 ) 196,363 (3,449 ) Municipal securities 7,127 (31 ) — — 7,127 (31 ) Residential mortgage-backed securities - agency 250,025 (5,178 ) 190,659 (7,856 ) 440,684 (13,034 ) Total temporarily impaired securities $ 262,134 (5,238 ) 382,040 (11,276 ) 644,174 (16,514 ) 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, 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 $ 5,006 (7 ) 197,695 (2,761 ) 202,701 (2,768 ) Equity Securities — — 544 (6 ) 544 (6 ) Municipal Securities 4,563 (7 ) — — 4,563 (7 ) Residential mortgage-backed securities - agency 239,703 (2,522 ) 202,344 (5,957 ) 442,047 (8,479 ) Total temporarily impaired securities $ 249,272 (2,536 ) 400,583 (8,724 ) 649,855 (11,260 ) 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. We do not have the intent to sell these securities and it is more likely than not that we will not have to sell these securities before a recovery of our cost basis. For these reasons, we consider the unrealized losses to be temporary impairment losses. 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 ended March 31 : 2018 2017 Beginning balance at January 1, (1) $ 352 7,942 Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Reduction for securities sold/ called realized during the quarter (352 ) — Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized — — Ending balance at March 31, $ — 7,942 (1) The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. |
Loans receivable
Loans receivable | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Loans receivable | Loans receivable The following table shows a summary of our loans receivable at March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, Originated Acquired Total Originated Acquired Total Personal Banking: Residential mortgage loans (1) $ 2,658,404 108,570 2,766,974 2,658,726 113,823 2,772,549 Home equity loans 1,040,328 248,033 1,288,361 1,051,558 258,797 1,310,355 Consumer finance loans (2) 12,453 — 12,453 18,619 — 18,619 Consumer loans 574,054 84,147 658,201 540,832 97,877 638,709 Total Personal Banking 4,285,239 440,750 4,725,989 4,269,735 470,497 4,740,232 Commercial Banking: Commercial real estate loans 2,383,303 279,640 2,662,943 2,303,179 296,161 2,599,340 Commercial loans 626,821 60,498 687,319 572,341 60,822 633,163 Total Commercial Banking 3,010,124 340,138 3,350,262 2,875,520 356,983 3,232,503 Total loans receivable, gross 7,295,363 780,888 8,076,251 7,145,255 827,480 7,972,735 Deferred loan costs 27,291 1,293 28,584 26,255 1,527 27,782 Allowance for loan losses (49,123 ) (6,088 ) (55,211 ) (50,572 ) (6,223 ) (56,795 ) Undisbursed loan proceeds: Residential mortgage loans (8,026 ) — (8,026 ) (10,067 ) — (10,067 ) Commercial real estate loans (148,059 ) (2,627 ) (150,686 ) (141,967 ) (2,647 ) (144,614 ) Commercial loans (62,572 ) (1,284 ) (63,856 ) (51,143 ) (1,284 ) (52,427 ) Total loans receivable, net $ 7,054,874 772,182 7,827,056 6,917,761 818,853 7,736,614 (1) Includes $0 and $3.1 million of loans held for sale at March 31, 2018 and December 31, 2017 , respectively. (2) Represents loans from our consumer finance subsidiary that was closed in 2017, which are no longer being originated. 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): March 31, December 31, Acquired loans evaluated individually for future credit losses: Outstanding principal balance $ 9,453 9,735 Carrying value 6,720 6,875 Acquired loans evaluated collectively for future credit losses: Outstanding principal balance 776,923 824,205 Carrying value 771,550 818,201 Total acquired loans: Outstanding principal balance 786,376 833,940 Carrying value 778,270 825,076 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, 2016 $ 2,187 Accretion (1,318 ) Net reclassification from nonaccretable yield 671 Balance at December 31, 2017 1,540 Accretion (185 ) Net reclassification from nonaccretable yield — Balance at March 31, 2018 $ 1,355 The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the three months ended March 31, 2018 (in thousands): Carrying value Outstanding principal balance Related impairment reserve Average recorded investment in impaired loans Interest income recognized Personal Banking: Residential mortgage loans $ 1,167 1,858 18 1,175 39 Home equity loans 1,104 2,123 20 1,124 36 Consumer loans 44 125 4 51 16 Total Personal Banking 2,315 4,106 42 2,350 91 Commercial Banking: Commercial real estate loans 4,327 5,262 39 4,358 89 Commercial loans 78 85 — 90 5 Total Commercial Banking 4,405 5,347 39 4,448 94 Total $ 6,720 9,453 81 6,798 185 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, 2017 (in thousands): Carrying Outstanding Related Average Interest Personal Banking: Residential mortgage loans $ 1,182 1,880 24 1,251 181 Home equity loans 1,143 2,219 21 1,253 157 Consumer loans 59 160 4 97 51 Total Personal Banking 2,384 4,259 49 2,601 389 Commercial Banking: Commercial real estate loans 4,388 5,363 39 6,992 914 Commercial loans 103 113 — 177 15 Total Commercial Banking 4,491 5,476 39 7,169 929 Total $ 6,875 9,735 88 9,770 1,318 The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2018 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 3,724 31 (196 ) 65 3,824 Home equity loans 3,717 (85 ) (301 ) 31 4,072 Consumer finance loans 3,031 338 (1,553 ) 278 3,968 Consumer loans 9,140 3,279 (3,177 ) 563 8,475 Total Personal Banking 19,612 3,563 (5,227 ) 937 20,339 Commercial Banking: Commercial real estate loans 20,218 703 (540 ) 144 19,911 Commercial loans 9,293 (340 ) (828 ) 139 10,322 Total Commercial Banking 29,511 363 (1,368 ) 283 30,233 Total originated loans 49,123 3,926 (6,595 ) 1,220 50,572 Acquired loans: Personal Banking: Residential mortgage loans 89 (43 ) (5 ) 6 131 Home equity loans 728 202 (310 ) 74 762 Consumer loans 807 (54 ) (72 ) 43 890 Total Personal Banking 1,624 105 (387 ) 123 1,783 Commercial Banking: Commercial real estate loans 3,430 (130 ) (11 ) 22 3,549 Commercial loans 1,034 308 (197 ) 32 891 Total Commercial Banking 4,464 178 (208 ) 54 4,440 Total acquired loans 6,088 283 (595 ) 177 6,223 Total $ 55,211 4,209 (7,190 ) 1,397 56,795 The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2017 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,638 (33 ) (153 ) 168 4,656 Home equity loans 2,989 (406 ) (176 ) 85 3,486 Consumer finance loans 3,957 1,202 (796 ) 106 3,445 Consumer loans 6,472 4,147 (2,456 ) 252 4,529 Total Personal Banking 18,056 4,910 (3,581 ) 611 16,116 Commercial Banking: Commercial real estate loans 20,635 (2,948 ) (263 ) 179 23,667 Commercial loans 15,399 409 (946 ) 426 15,510 Total Commercial Banking 36,034 (2,539 ) (1,209 ) 605 39,177 Total originated loans 54,090 2,371 (4,790 ) 1,216 55,293 Acquired loans: Personal Banking: Residential mortgage loans 78 115 (137 ) 29 71 Home equity loans 932 180 (473 ) 178 1,047 Consumer loans 831 403 (408 ) 183 653 Total Personal Banking 1,841 698 (1,018 ) 390 1,771 Commercial Banking: Commercial real estate loans 3,713 666 (211 ) 250 3,008 Commercial loans 1,460 902 (321 ) 12 867 Total Commercial Banking 5,173 1,568 (532 ) 262 3,875 Total acquired loans 7,014 2,266 (1,550 ) 652 5,646 Total $ 61,104 4,637 (6,340 ) 1,868 60,939 The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2018 (in thousands): Total loans receivable Allowance for loan losses Nonaccrual loans (1) Loans past due 90 days or more and still accruing (2) TDRs Allowance related to TDRs Additional commitments to customers with loans classified as TDRs Personal Banking: Residential mortgage loans $ 2,772,148 3,813 12,828 — 7,756 762 — Home equity loans 1,288,361 4,445 7,673 89 1,824 467 5 Consumer finance loans 12,453 3,031 3 — — — — Consumer loans 673,585 9,947 3,557 121 — — — Total Personal Banking 4,746,547 21,236 24,061 210 9,580 1,229 5 Commercial Banking: Commercial real estate loans 2,512,257 23,648 28,874 — 16,285 977 328 Commercial loans 623,463 10,327 5,745 — 5,101 367 38 Total Commercial Banking 3,135,720 33,975 34,619 — 21,386 1,344 366 Total $ 7,882,267 55,211 58,680 210 30,966 2,573 371 (1) Includes $11.2 million of nonaccrual TDRs. (2) Represents loans 90 days or more past maturity and still accruing. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 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 Allowance related to TDRs Additional commitments to customers with loans classified as TDRs Personal Banking: Residential mortgage loans $ 2,776,203 3,955 14,791 — 8,000 815 — Home equity loans 1,310,355 4,834 8,907 120 1,716 462 4 Consumer finance loans 18,619 3,968 199 3 — — — Consumer loans 652,770 9,365 4,673 379 — — — Total Personal Banking 4,757,947 22,122 28,570 502 9,716 1,277 4 Commercial Banking: Commercial real estate loans 2,454,726 23,460 28,473 — 15,691 1,125 235 Commercial loans 580,736 11,213 7,412 — 6,697 742 8 Total Commercial Banking 3,035,462 34,673 35,885 — 22,388 1,867 243 Total $ 7,793,409 56,795 64,455 502 32,104 3,144 247 (1) Includes $12.3 million of nonaccrual TDRs. (2) Represents loans 90 days or more past maturity and still accruing. The following table provides information related to the composition of originated impaired loans by portfolio segment and by class of financing receivable at and for the three months ended March 31, 2018 (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 $ 10,660 2,168 505 6,398 19,731 19,912 236 Home equity loans 6,707 966 — 1,560 9,233 9,873 127 Consumer finance loan 3 — — — 3 41 2 Consumer loans 2,931 626 — — 3,557 4,161 55 Total Personal Banking 20,301 3,760 505 7,958 32,524 33,987 420 Commercial Banking: Commercial real estate loans 16,145 12,729 4,398 4,035 37,307 36,467 379 Commercial loans 3,144 2,601 720 2,361 8,826 9,595 115 Total Commercial Banking 19,289 15,330 5,118 6,396 46,133 46,062 494 Total $ 39,590 19,090 5,623 14,354 78,657 80,049 914 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, 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 $ 13,509 1,282 — 6,814 21,605 21,531 892 Home equity loans 7,251 1,656 — 1,449 10,356 9,150 452 Consumer finance loans 199 — — — 199 379 20 Consumer loans 3,617 1,056 — — 4,673 4,042 188 Total Personal Banking 24,576 3,994 — 8,263 36,833 35,102 1,552 Commercial Banking: Commercial real estate loans 15,361 13,112 4,431 4,123 37,027 49,981 1,758 Commercial loans 3,140 4,272 906 2,447 10,765 12,110 672 Total Commercial Banking 18,501 17,384 5,337 6,570 47,792 62,091 2,430 Total $ 43,077 21,378 5,337 14,833 84,625 97,193 3,982 At March 31, 2018 , 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 evaluation of impaired loans by portfolio segment and by class of financing receivable at March 31, 2018 (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 $ 2,763,824 8,324 8,324 780 — Home equity loans 1,286,538 1,823 1,823 458 — Consumer finance loans 12,453 — — — — Consumer loans 673,525 60 60 16 — Total Personal Banking 4,736,340 10,207 10,207 1,254 — Commercial Banking: Commercial real estate loans 2,490,757 21,500 16,786 1,668 4,714 Commercial loans 616,142 7,321 5,136 456 2,185 Total Commercial Banking 3,106,899 28,821 21,922 2,124 6,899 Total $ 7,843,239 39,028 32,129 3,378 6,899 The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at December 31, 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 $ 2,767,635 8,568 8,568 816 — Home equity loans 1,308,639 1,716 1,716 461 — Consumer finance loans 18,619 — — — — Consumer loans 652,685 85 85 25 — Total Personal Banking 4,747,578 10,369 10,369 1,302 — Commercial Banking: Commercial real estate loans 2,433,755 20,971 18,470 1,859 2,501 Commercial loans 571,412 9,324 8,572 829 752 Total Commercial Banking 3,005,167 30,295 27,042 2,688 3,253 Total $ 7,752,745 40,664 37,411 3,990 3,253 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 (dollars in thousands): For the quarter ended March 31, 2018 2017 Number of contracts Amount Number of contracts Amount Beginning TDR balance: 205 $ 32,104 225 $ 42,926 New TDRs 9 4,935 6 3,790 Re-modified TDRs — — — — Net paydowns (947 ) (1,222 ) Charge-offs: Residential mortgage loans 1 (135 ) — — Home equity loans — — — — Commercial real estate loans 1 (203 ) — — Commercial loans 1 (721 ) 1 (101 ) Paid-off loans: Residential mortgage loans 1 (249 ) — — Home equity loans 1 (12 ) 1 — Commercial real estate loans 4 (1,574 ) 2 (65 ) Commercial loans 5 (2,232 ) 3 (1,750 ) Ending TDR balance: 200 $ 30,966 224 $ 43,578 Accruing TDRs $ 19,749 $ 25,305 Non-accrual TDRs 11,217 18,273 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 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 2 $ 214 213 21 Home equity loans 3 140 139 36 Total Personal Banking 5 354 352 57 Commercial Banking: Commercial real estate loans 1 2,401 2,385 — Commercial loans 3 2,180 1,431 — Total Commercial Banking 4 4,581 3,816 — Total 9 $ 4,935 4,168 57 During the quarter ended March 31, 2018 , 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 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 2 $ 448 447 48 Home equity loans — — — — Total Personal Banking 2 448 447 48 Commercial Banking: Commercial real estate loans 3 3,138 3,119 225 Commercial loans 1 204 199 14 Total Commercial Banking 4 3,342 3,318 239 Total 6 $ 3,790 3,765 287 During the quarter ended March 31, 2017 , no TDRs modified within the previous twelve months have subsequently defaulted. The following table provides information as of March 31, 2018 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 March 31, 2018 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 2 $ — — 178 35 213 Home equity loans 3 30 — — 109 139 Total Personal Banking 5 30 — 178 144 352 Commercial Banking: Commercial real estate loans 1 — — — 2,385 2,385 Commercial loans 3 — — — 1,431 1,431 Total Commercial Banking 4 — — — 3,816 3,816 Total 9 $ 30 — 178 3,960 4,168 The following table provides information as of March 31, 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 March 31, 2017 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 2 $ 112 — — 335 447 Home equity loans — — — — — — Total Personal Banking 2 112 — — 335 447 Commercial Banking: Commercial real estate loans 3 — 2,755 364 — 3,119 Commercial loans 1 — — 199 — 199 Total Commercial Banking 4 — 2,755 563 — 3,318 Total 6 $ 112 2,755 563 335 3,765 During the quarters ended March 31, 2018 and 2017, no TDRs were re-modified. The following table provides information related to loan payment delinquencies at March 31, 2018 (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 $ 26,001 811 10,237 37,049 2,626,529 2,663,578 — Home equity loans 5,850 1,664 5,621 13,135 1,027,193 1,040,328 — Consumer finance loans 1,288 233 3 1,524 10,929 12,453 — Consumer loans 7,477 2,122 2,487 12,086 576,059 588,145 — Total Personal Banking 40,616 4,830 18,348 63,794 4,240,710 4,304,504 — Commercial Banking: Commercial real estate loans 18,030 1,536 11,957 31,523 2,203,721 2,235,244 — Commercial loans 2,541 92 2,826 5,459 558,790 564,249 — Total Commercial Banking 20,571 1,628 14,783 36,982 2,762,511 2,799,493 — Total originated loans 61,187 6,458 33,131 100,776 7,003,221 7,103,997 — Acquired loans: Personal Banking: Residential mortgage loans 1,402 1,132 554 3,088 105,482 108,570 131 Home equity loans 1,556 376 1,129 3,061 244,972 248,033 43 Consumer loans 775 137 452 1,364 84,076 85,440 8 Total Personal Banking 3,733 1,645 2,135 7,513 434,530 442,043 182 Commercial Banking: Commercial real estate loans 2,273 273 4,766 7,312 269,701 277,013 578 Commercial loans 371 104 318 793 58,421 59,214 — Total Commercial Banking 2,644 377 5,084 8,105 328,122 336,227 578 Total acquired loans 6,377 2,022 7,219 15,618 762,652 778,270 760 Total loans $ 67,564 8,480 40,350 116,394 7,765,873 7,882,267 760 (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, 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 Originated loans: Personal Banking: Residential mortgage loans $ 23,786 6,030 12,613 42,429 2,619,951 2,662,380 — Home equity loans 6,094 2,333 6,043 14,470 1,037,088 1,051,558 — Consumer finance loans 2,128 1,113 199 3,440 15,179 18,619 — Consumer loans 9,762 2,834 3,274 15,870 537,496 553,366 — Total Personal Banking 41,770 12,310 22,129 76,209 4,209,714 4,285,923 — Commercial Banking: Commercial real estate loans 5,520 2,133 10,629 18,282 2,142,930 2,161,212 — Commercial loans 1,469 204 2,806 4,479 516,719 521,198 — Total Commercial Banking 6,989 2,337 13,435 22,761 2,659,649 2,682,410 — Total originated loan 48,759 14,647 35,564 98,970 6,869,363 6,968,333 — Acquired loans: Personal Banking: Residential mortgage loans 1,998 205 1,277 3,480 110,343 113,823 381 Home equity loans 1,367 538 1,306 3,211 255,586 258,797 98 Consumer loans 1,150 517 353 2,020 97,384 99,404 10 Total Personal Banking 4,515 1,260 2,936 8,711 463,313 472,024 489 Commercial Banking: Commercial real estate loans 2,795 406 5,655 8,856 284,658 293,514 923 Commercial loans 396 237 334 967 58,571 59,538 — Total Commercial Banking 3,191 643 5,989 9,823 343,229 353,052 923 Total acquired loan 7,706 1,903 8,925 18,534 806,542 825,076 1,412 Total $ 56,465 16,550 44,489 117,504 7,675,905 7,793,409 1,412 (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 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 complete loss seems very unlikely. The possibility of a loss on a doubtful loan is high, but because of certain important and reasonably specific pending factors that may strengthen the loan, its classification as an estimated loss is deferred until a more exact status can be determined. Loss — Loans classified as loss are considered uncollectible and of such value that the continuance as a loan is not warranted. A loss classification does not mean that the loan has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off all or a portion of a basically worthless loan even though partial recovery may be possible in the future. The following table sets forth information about credit quality indicators updated during the quarter ended March 31, 2018 (in thousands): Pass Special mention Substandard Doubtful Loss Total loans receivable Originated loans: Personal Banking: Residential mortgage loans $ 2,646,948 — 16,630 — — 2,663,578 Home equity loans 1,032,575 — 7,753 — — 1,040,328 Consumer finance loans 12,450 — 3 — — 12,453 Consumer loans 585,080 — 3,065 — — 588,145 Total Personal Banking 4,277,053 — 27,451 — — 4,304,504 Commercial Banking: Commercial real estate loans 2,018,908 53,377 162,959 — — 2,235,244 Commercial loans 509,145 15,582 39,522 — — 564,249 Total Commercial Banking 2,528,053 68,959 202,481 — — 2,799,493 Total originated loans 6,805,106 68,959 229,932 — — 7,103,997 Acquired loans: Personal Banking: Residential mortgage loans 108,130 — 440 — — 108,570 Home equity loans 246,562 — 1,471 — — 248,033 Consumer loans 84,903 — 537 — — 85,440 Total Personal Banking 439,595 — 2,448 — — 442,043 Commercial Banking: Commercial real estate loans 237,146 4,313 35,554 — — 277,013 Commercial loans 48,468 3,565 7,181 — — 59,214 Total Commercial Banking 285,614 7,878 42,735 — — 336,227 Total acquired loans 725,209 7,878 45,183 — — 778,270 Total loans $ 7,530,315 76,837 275,115 — — 7,882,267 The following table sets forth information about credit quality indicators, which were updated during the year ended December 31, 2017 (in thousands): Pass Special mention Substandard Doubtful Loss Total loans receivable Originated loans: Personal Banking: Residential mortgage loans $ 2,645,475 — 16,905 — — 2,662,380 Home equity loans 1,042,965 — 8,593 — — 1,051,558 Consumer finance loans 18,420 — 199 — — 18,619 Consumer loans 549,550 — 3,816 — — 553,366 Total Personal Banking 4,256,410 — 29,513 — — 4,285,923 Commercial Banking: Commercial real estate loans 1,964,565 78,699 117,948 — — 2,161,212 Commercial loans 461,962 15,510 43,726 — — 521,198 Total Commercial Banking 2,426,527 94,209 161,674 — — 2,682,410 Total originated loans 6,682,937 94,209 191,187 — — 6,968,333 Acquired loans: Personal Banking: Residential mortgage loans 112,990 — 833 — — 113,823 Home equity loans 257,312 — 1,485 — — 258,797 Consumer loans 98,659 — 745 — — 99,404 Total Personal Banking 468,961 — 3,063 — — 472,024 Commercial Banking: Commercial real estate loans 251,761 4,838 36,915 — — 293,514 Commercial loans 49,073 3,787 6,678 — — 59,538 Total Commercial Banking 300,834 8,625 43,593 — — 353,052 Total acquired loans 769,795 8,625 46,656 — — 825,076 Total $ 7,452,732 102,834 237,843 — — 7,793,409 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands): March 31, December 31, Amortizable intangible assets: Core deposit intangibles — gross $ 63,685 63,685 Less: accumulated amortization (41,333 ) (40,029 ) Core deposit intangibles — net 22,352 23,656 Customer and Contract intangible assets — gross 10,474 10,474 Less: accumulated amortization (8,677 ) (8,461 ) Customer and Contract intangible assets — net $ 1,797 2,013 The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2018 and 2017 , as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands): For the quarter ended March 31, 2018 $ 1,520 For the quarter ended March 31, 2017 1,749 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 For the year ending December 31, 2023 1,847 The following table provides information for the changes in the carrying amount of goodwill (in thousands): Total Balance at December 31, 2016 $ 307,420 Goodwill from acquisition — Balance at December 31, 2017 307,420 Goodwill from acquisition — Balance at March 31, 2018 $ 307,420 We performed our annual goodwill impairment test as of June 30, 2017 using ASU 2011-08, Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment ("Step 0") and concluded that goodwill was not impaired. At March 31, 2018, there were no factors that would cause us to update that test. |
Borrowed Funds
Borrowed Funds | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Borrowings Borrowings from the FHLB of Pittsburgh, if any, are secured by our residential first mortgage and other qualifying loans. Certain of these borrowings are subject to restrictions or penalties in the event of prepayment. The revolving line of credit with the FHLB of Pittsburgh carries a commitment of $150.0 million . The rate is adjusted daily by the FHLB of Pittsburgh, and any borrowings on this line may be repaid at any time without penalty. At March 31, 2018 and December 31, 2017 the revolving line of credit was undrawn. At March 31, 2018 and December 31, 2017 collateralized borrowings, due within one year, were $104.6 million , and $108.2 million , respectively. These borrowings are collateralized by various securities held in safekeeping by the FHLB of Pittsburgh. Trust Preferred Securities We have 3 statutory business trusts: Northwest Bancorp Capital Trust III, a Delaware statutory business trust, Northwest Bancorp Statutory Trust IV, a Connecticut statutory business trust and LNB Trust II, a Delaware statutory business trusts (the Trusts). The trusts exist solely to issue preferred securities to third parties for cash, issue common securities to the Company in exchange for capitalization of the Trusts, invest the proceeds from the sale of trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. Northwest Bancorp Capital Trust III issued 50,000 cumulative trust preferred securities in a private transaction to a pooled investment vehicle on December 5, 2005 (liquidation value of $1,000 per preferred security or $50,000,000 ) with a stated maturity of December 30, 2035 and a floating rate of interest, which is reset quarterly, equal to three-month LIBOR plus 1.38% . Northwest Bancorp Statutory Trust IV issued 50,000 cumulative trust preferred securities in a private transaction to a pooled investment vehicle on December 15, 2005 (liquidation value of $1,000 per preferred security or $50,000,000 ) with a stated maturity of December 15, 2035 and a floating rate of interest, which is reset quarterly, equal to three-month LIBOR plus 1.38% . 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 and a floating rate of interest, which resets quarterly, equal to three-month LIBOR plus 1.48% . As the shareholders of the trust preferred securities are the primary beneficiaries of the Trusts, the Trusts are not consolidated in our financial statements. The Trusts have invested the proceeds of the offerings in junior subordinated deferrable interest debentures issued by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. Northwest Bancorp Capital Trust III holds $51,547,000 of the Company’s junior subordinated debentures due December 30, 2035 with a floating rate of interest, reset quarterly, of three-month LIBOR plus 1.38% . The rate in effect at March 31, 2018 was 3.69% . Northwest Bancorp Statutory Trust IV holds $51,547,000 of the Company’s junior subordinated debentures due December 15, 2035 with a floating rate of interest, reset quarterly, of three-month LIBOR plus 1.38% . The rate in effect at March 31, 2018 was 3.50% . LNB Trust II holds $8,119,000 of the Company's junior subordinated debentures due June 15, 2037, with a floating rate of interest, reset quarterly, of three-month LIBOR plus 1.48% . The rate in effect at March 31, 2018 was 3.60% . Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We have the right to defer payment of interest on the subordinated debentures at any time, or from time-to-time, for periods not exceeding 5 years . If interest payments on the subordinated debentures are deferred, the distributions on the trust securities also are deferred. To date there have been no interest deferrals. Interest on the subordinated debentures and distributions on the trust securities is cumulative. Our obligation constitutes a full, irrevocable, and unconditional guarantee on a subordinated basis of the obligations of the trust under the preferred securities. The Trusts must redeem the preferred securities when the debentures are paid at maturity or upon an earlier redemption of the debentures to the extent the debentures are redeemed. All or part of the debentures may be redeemed at any time. Also, the debentures may be redeemed at any time if existing laws or regulations, or the interpretation or application of these laws or regulations, change causing: • the interest on the debentures to no longer be deductible by the Company for federal income tax purposes; • the trust to become subject to federal income tax or to certain other taxes or governmental charges; • the trust to register as an investment company; or • the preferred securities do not qualify as Tier I capital. We may, at any time, dissolve any of the Trusts and distribute the debentures to the trust security holders, subject to receipt of any required regulatory approval(s). |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 , the maximum potential amount of future payments we could be required to make under these non-recourse standby letters of credit was $23.8 million , of which $15.1 million is fully collateralized. At March 31, 2018 , we had a liability, which represents deferred income, of $152,000 related to the standby letters of credit. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 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 $16.83 . All stock options outstanding during the quarter ended March 31, 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 $17.54 . The computation of basic and diluted earnings per share follows (in thousands, except share data and per share amounts): Quarter ended 2018 2017 Reported net income $ 24,985 17,746 Weighted average common shares outstanding 101,598,928 100,653,277 Dilutive potential shares due to effect of stock options 1,537,569 1,827,272 Total weighted average common shares and dilutive potential shares 103,136,497 102,480,549 Basic earnings per share: $ 0.25 0.18 Diluted earnings per share: $ 0.24 0.17 |
Pension and Other Post-retireme
Pension and Other Post-retirement Benefits | 3 Months Ended |
Mar. 31, 2018 | |
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): Quarter ended March 31, Pension benefits Other post-retirement benefits 2018 2017 2018 2017 Service cost $ 1,716 1,537 — — Interest cost 1,678 1,737 14 18 Expected return on plan assets (2,992 ) (2,628 ) — — Amortization of prior service cost (581 ) (581 ) — — Amortization of the net loss 873 928 24 27 Net periodic cost $ 694 993 38 45 We anticipate making a contribution to our defined benefit pension plan of $4.0 million to $6.0 million during the year ending December 31, 2018 . |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Disclosures About Fair Value of Financial Instruments | Disclosures About Fair Value of Financial Instruments We are required to disclose fair value information about financial instruments whether or not recognized in the consolidated statement of financial condition. Fair value information of certain financial instruments and all nonfinancial instruments is not required to be disclosed. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. Financial assets and liabilities recognized or disclosed at fair value on a recurring basis and certain financial assets and liabilities on a non-recurring basis are accounted for using a three-level hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. This hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest level input that has a significant impact on fair value measurement is used. Financial assets and liabilities are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 - Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in actively traded markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities. • Level 2 - Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets or liabilities that are actively traded. Level 2 also includes pricing models in which the inputs are corroborated by market data, for example, matrix pricing. • Level 3 - Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following: • Quotes from brokers or other external sources that are not considered binding; • Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price; • Quotes and other information from brokers or other external sources where the inputs are not deemed observable. We are responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. We perform due diligence to understand the inputs used or how the data was calculated or derived. We also corroborate the reasonableness of external inputs in the valuation process. The carrying amounts reported in the consolidated statement of financial condition approximate fair value for the following financial instruments: cash on hand, interest-earning deposits in other institutions, federal funds sold and other short term investments, accrued interest receivable, accrued interest payable, and marketable securities available-for-sale. Marketable Securities Where available, market values are based on quoted market prices, dealer quotes, and prices obtained from independent pricing services. Debt securities - available for sale - Generally, debt securities are valued using pricing for similar securities, recently executed transactions and other pricing models utilizing observable inputs. The valuation for most debt securities is classified as Level 2. Securities within Level 2 include corporate bonds, municipal bonds, mortgage-backed securities and US government obligations. Certain debt securities which were AAA rated at purchase do not have an active market and as such we have used an alternative method to determine the fair value of these securities. The fair value has been determined using a discounted cash flow model using market assumptions, which generally include cash flow, collateral and other market assumptions. As such, securities which otherwise would have been classified as level 2 securities if an active market for those assets or similar assets existed are included herein as level 3 assets. Other debt securities, pooled trust preferred securities rated below AA at purchase, have a fair value based on a discounted cash flow model using similar assumptions to those noted above and accordingly are classified as level 3 assets. Equity securities - available for sale - Level 1 securities include publicly traded securities valued using quoted market prices. We consider the financial condition of the issuer to determine if the securities have indicators of impairment. Debt securities - held to maturity - The fair value of debt securities held to maturity is determined in the same manner as debt securities available for sale. Loans 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 With the adoption of ASU 2016-01 on January 1, 2018, we refined our methodology to estimate the fair value of our loan portfolio to use the exit price notion as required by the guidance, which was applied on a prospective basis resulting in prior-periods no longer being comparable. The fair value of the loans is estimated using a discounted cash flow analysis that utilizes interest rates currently being offered for similar loans adjusted for liquidity and credit risk. 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. 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 and Foreign Exchange Swap Agreements ("swaps") The fair value of the interest rate swaps is based upon the present value of the expected future cash flows using the LIBOR swap curve, the basis for the underlying interest rate. To price interest rate swaps, cash flows are first projected for each payment date using the fixed rate for the fixed side of the swap and the forward rates for the floating side of the swap. These swap cash flows are then discounted to time zero using LIBOR zero-coupon interest rates. The sum of the present value of both legs is the fair market value of the interest rate swap. These valuations have been derived from our third party vendor’s proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. The fair value of the foreign exchange swap is derived from proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions we believe to be reasonable. Off-Balance Sheet Financial Instruments These financial instruments generally are not sold or traded, and estimated fair values are not readily available. However, the fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. Commitments to extend credit are generally short-term in nature and, if drawn upon, are issued under current market terms. At March 31, 2018 and December 31, 2017 , there was no significant unrealized appreciation or depreciation on these financial instruments. The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the consolidated statement of financial condition at March 31, 2018 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 192,158 192,158 192,158 — — Securities available-for-sale 757,976 757,976 — 757,976 — Securities held-to-maturity 27,709 27,324 — 27,324 — Loans receivable, net 7,827,056 7,677,596 — — 7,677,596 Accrued interest receivable 23,051 23,051 23,051 — — Interest rate swaps 2,971 2,971 — 2,971 — FHLB Stock 7,694 7,694 — — — Total financial assets $ 8,838,615 8,688,770 215,209 788,271 7,677,596 Financial liabilities: Savings and checking deposits $ 6,564,889 6,564,889 6,564,889 — — Time deposits 1,420,600 1,444,841 — — 1,444,841 Borrowed funds 104,558 104,558 104,558 — — Junior subordinated debentures 111,213 111,670 — — 111,670 Foreign exchange swaps 13 13 — 13 — Interest rate swaps 3,580 3,580 — 3,580 — Accrued interest payable 528 528 528 — — Total financial liabilities $ 8,205,381 8,230,079 6,669,975 3,593 1,556,511 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, 2017 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 77,710 77,710 77,710 — — Securities available-for-sale 792,535 792,535 574 791,961 — Securities held-to-maturity 29,678 29,667 — 29,667 — Loans receivable, net 7,736,614 7,762,562 3,128 — 7,759,434 Accrued Interest Receivable 23,352 23,352 23,352 — — Interest rate swaps 214 214 — 214 — FHLB Stock 11,733 11,733 — — — Total financial assets $ 8,671,836 8,697,773 104,764 821,842 7,759,434 Financial liabilities: Savings and checking accounts $ 6,414,366 6,414,366 6,414,366 — — Time deposits 1,412,623 1,433,380 — — 1,433,380 Borrowed funds 108,238 108,238 108,238 — — Junior subordinated debentures 111,213 110,954 — — 110,954 Interest rate swaps 1,278 1,278 — 1,278 — Foreign exchange swaps 61 61 — 61 — Accrued interest payable 460 460 460 — — Total financial liabilities $ 8,048,239 8,068,737 6,523,064 1,339 1,544,334 Fair value estimates are made at a point-in-time, based on relevant market data and information about the instrument. The methods and assumptions detailed above were used in estimating the fair value of financial instruments at both March 31, 2018 and December 31, 2017 . There were no transfers of financial instruments between Level 1 and Level 2 during the quarter ended March 31, 2018 . The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Equity securities $ — — — — Debt securities: U.S. government and agencies — 1 — 1 Government sponsored enterprises — 202,295 — 202,295 States and political subdivisions — 41,101 — 41,101 Corporate — — Total debt securities — 243,397 — 243,397 Residential mortgage-backed securities: GNMA — 30,605 — 30,605 FNMA — 78,733 — 78,733 FHLMC — 61,342 — 61,342 Non-agency — 548 — 548 Collateralized mortgage obligations: GNMA — 4,548 — 4,548 FNMA — 180,538 — 180,538 FHLMC — 157,354 — 157,354 Non-agency — 1 — 1 Total mortgage-backed securities — 513,669 — 513,669 Interest rate swaps — 2,971 — 2,971 Total Assets $ — 760,037 — 760,037 Interest rate swaps $ — 3,580 — 3,580 Foreign exchange swaps — 13 — 13 Total Liabilities $ — 3,593 — 3,593 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2017 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Equity securities $ 574 — — 574 Debt securities: U.S. government and agencies — 1 — 1 Government sponsored enterprises — 209,269 — 209,269 States and political subdivisions — 51,056 — 51,056 Corporate — 909 — 909 Total debt securities — 261,235 — 261,235 Residential mortgage-backed securities: GNMA — 29,695 — 29,695 FNMA — 82,969 — 82,969 FHLMC — 64,021 — 64,021 Non-agency — 555 — 555 Collateralized mortgage obligations: GNMA — 4,769 — 4,769 FNMA — 191,512 — 191,512 FHLMC — 157,190 — 157,190 Non-agency — 15 — 15 Total mortgage-backed securities — 530,726 — 530,726 Interest rate swaps — 214 — 214 Total Assets $ 574 792,175 — 792,749 Interest rate swaps $ — 1,278 — 1,278 Foreign exchange swaps — 61 — 61 Total Liabilities $ — 1,339 — 1,339 The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated (in thousands): Quarter ended March 31, March 31, Beginning balance January 1, $ — 9,366 Total net realized investment gains/ (losses) and net change in unrealized appreciation/ (depreciation): Included in net income as OTTI — — Included in other comprehensive income — 511 Purchases — — Sales — — Transfers in to Level 3 — — Transfers out of Level 3 — — Ending balance March 31, $ — 9,877 Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans held for sale, loans measured for impairment, real estate owned, and mortgage servicing rights. The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of March 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 28,751 28,751 Real estate owned — — 4,041 4,041 Total assets $ — — 32,792 32,792 The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2017 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 33,421 33,421 Real estate owned — — 5,666 5,666 Total assets $ — — 39,087 39,087 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 2017 Annual Report on Form 10-K. We classify loans individually evaluated for impairment that require a specific reserve as nonrecurring Level 3. Real Estate Owned — Real estate owned is comprised of property acquired through foreclosure or voluntarily conveyed by borrowers. These assets are recorded on the date acquired at the lower of the related loan balance or fair value, less estimated disposition costs, with the fair value being determined by appraisal. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or fair value, less estimated disposition costs. We classify real estate owned as nonrecurring Level 3. The table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2018 (dollar amounts in thousands): Fair value Valuation techniques Significant unobservable inputs Range (weighted average) Loans measured for impairment 28,751 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 4.25% to 10.0% (7.50%) Real estate owned 4,041 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We are a party to derivative financial instruments in the normal course of business to manage our own exposure to fluctuations in interest rates and to meet the needs of our customers. The primary derivatives that we use are interest rate swaps and caps and foreign exchange contracts, which are entered into with counterparties that meet established credit standards. We believe that the credit risk inherent in all of our derivative contracts is minimal based on our credit standards and the netting and collateral provisions of the interest rate swap agreements. 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 Northwest Bancorp Capital Trust III and Northwest Bancorp Capital Trust IV. The first swap modifies the re-pricing characteristics of Northwest Bancorp Capital Trust III, wherein for a 10 years period expiring in September 2018, the Company receives interest of three-month LIBOR from a counterparty and pays a fixed rate of 4.61% to the same counterparty calculated on a notional amount of $ 25.0 million . The second swap modifies the re-pricing characteristics of Northwest Bancorp Trust IV, wherein for a ten years 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 March 31, 2018 , $ 1.1 million of cash was pledged as collateral to the counterparty. These cash flow hedges are recorded within other liabilities on the consolidated statement of financial condition at their estimated fair value. At March 31, 2018 , the fair value of the swap agreements was $609,000 . There was no material hedge ineffectiveness for any of the swaps discussed above. Derivatives Not Designated as Hedging Instruments In addition to our derivatives designated in hedge relationships, we act as an interest rate or foreign exchange swap counterparty for certain commercial borrowers in the normal course of servicing our customers, which are accounted for at fair value. We manage our exposure to such interest rate or foreign exchange swaps by entering into corresponding and offsetting interest rate swaps with third parties that mirror the terms of the swaps we have with the commercial borrowers. These positions (referred to as “customer swaps”) directly offset each other and our exposure is fair value of the derivatives due to changes in credit risk of our commercial borrowers and third parties. Customer swaps are recorded within other assets or other liabilities on the consolidated statement of financial condition at their estimated fair value. Changes to the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income in the consolidated statement of income The following table presents information regarding our derivative financial instruments for the periods indicated: Asset Derivatives Liability Derivatives Notional Amount Fair Value Notional Amount Fair Value At March 31, 2018 Derivatives designed as hedging instruments: Interest rate swap agreements $ — — 50,000 609 Derivatives not designed as hedging instruments: Interest rate swap agreements 125,394 2,971 125,394 2,971 Foreign exchange swap agreements — — 5,558 13 Total derivatives $ 125,394 2,971 180,952 3,593 At December 31, 2017 Derivatives designed as hedging instruments: Interest rate swap agreements $ — — 50,000 1,064 Derivatives not designed as hedging instruments: Interest rate swap agreements 92,631 214 92,631 214 Foreign exchange swap agreements — — 12,344 61 Total derivatives $ 92,631 214 154,975 1,339 The following table presents income or expense recognized on derivatives for the periods indicated: For the quarter ended March 31, 2018 2017 Non-hedging swap derivatives: Increase/ (decrease) in other income $ 129 (34 ) Hedging interest rate derivatives: Increase in interest expense 332 419 |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 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) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 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, 2017 $ (4,409 ) (691 ) (26,980 ) (32,080 ) Reclassification due to adoption of ASU No. 2018-02 (991 ) (149 ) (5,606 ) (6,746 ) Other comprehensive income before reclassification adjustments (3,955 ) 360 — (3,595 ) Amounts reclassified from accumulated other comprehensive income (1), (2) (26 ) — 226 200 Net other comprehensive income (4,972 ) 211 (5,380 ) (10,141 ) Balance as of March 31, 2018 $ (9,381 ) (480 ) (32,360 ) (42,221 ) For the quarter ended March 31, 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 658 303 — 961 Amounts reclassified from accumulated other comprehensive income (3), (4) (11 ) — 220 209 Net other comprehensive income 647 303 220 1,170 Balance as of March 31, 2017 $ 1,042 (1,475 ) (26,388 ) (26,821 ) (1) Consists of realized gain on securities (gain on sales of investments, net) of $33 , net of tax (income tax expense) of $(7) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(897) , net of tax (income tax expense) of $90 . (3) Consists of realized loss on securities (gain on sales of investments, net) of $19 , net of tax (income tax expense) of $(8) . (4) Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(954) , net of tax (income tax expense) of $153 . |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition | Revenue Recognition Our revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, and non-interest income. The services that fall within the scope of ASC 606 include service charges and fees, trust and other financial services income, insurance commission income, sale of OREO and other operating income. Revenue is recognized when performance obligations under the terms of a contract with our customer are satisfied. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. The majority of our revenue continues to be recognized at the point in time when the services are provided to our customers. All revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. The following table presents sources of non-interest income for the periods indicated. Items outside the scope of ASC 606 are noted as such. For the quarter ended March 31, 2018 2017 Service charges on deposits $ 4,920 5,197 Loan servicing fees (1) 565 411 Interchange income 6,414 6,109 Total service charges and fees 11,899 11,717 Gain/(loss) on the sale of investments (1) 153 17 Trust and other financial services income 4,031 4,304 Insurance commission income 2,749 2,794 Loss on real estate owned, net (546 ) (67 ) Income from bank owned life insurance (1) 990 1,068 Mortgage banking income (1) 224 240 Other operating income (2) 2,288 1,431 Total non-interest income $ 21,788 21,504 (1) Not within the scope of ASC 606. (2) Other operating income includes of $621 and $212 for the periods ended March 31, 2018 and March 31, 2017 , respectively, which was explicitly excluded from the scope of ASU 2014-09. Service Charges and Fees. Service charges and fees represents income earned on both loan and deposit accounts as well as interchange income. Service charges on deposit accounts primarily consist of overdraft, non-sufficient funds, ATM transaction fees and account management fees. Revenue is recognized at the point in time the transaction occurs or the service is provided to the customer. We earn interchange income from debit and credit cardholders transactions processed through payment networks. Interchange fees represent a percentage of the underlying transaction value and are generally set by the credit card associations. Interchange fees are recognized as transactions occur. Trust and Other Financial Services Income. We provide trust management services and investment management services to our customers and recognize revenue as these management services are provided. Trust and investment management services are billed and paid on a monthly or quarterly basis. Additionally, we earn commissions on investment products that are sold to our customers. These commissions are recognized at the time of the sale of the third party’s product or services to our customers. Insurance Commission Income. Our insurance subsidiary is an employee benefits and property and casualty insurance agency specializing in commercial and personal insurance as well as retirement benefit plans. Insurance commission income is earned at the time of sale of the third party’s product or service to our customer. Loss on Real Estate Owned, Net. Loss on real estate owned represents gain and losses on real estate acquired by Northwest through the foreclosure process. Proceeds from the sale of these properties are recognized when control of the property transfer to the buyer. In certain instances the Bank may finance a portion of the purchase price paid by the buyer and an additional evaluation of whether all of the contract criteria are met is required. If it is not probable that we will collect substantially all of the consideration to which we expect, the transaction would not be accounted for as a sale until the concerns about collectability are resolved. Other operating Income. Other operating income consists primarily of revenues earned for providing transaction services to our deposit customers. The revenue is earned at the point in time the transaction occurs. |
Basis of Presentation and Inf24
Basis of Presentation and Informational Disclosures (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 we had no liability for unrecognized tax benefits. We recognize interest accrued related to: (1) unrecognized tax benefits in other expenses and (2) refund claims in other operating income. We recognize penalties (if any) in other expenses. We are subject to audit by the Internal Revenue Service and any state in which we conduct business for the tax periods ended December 31, 2017 , 2016 , 2015 and 2014. |
Recently Adopted Accounting Standards and Impact of New Accounting Standards | Recently Adopted Accounting Standards In May 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers (Topic 606) ”. On January 1, 2018, we adopted ASC 606, Revenue from Contracts with Customers and all related amendments to all contracts using the modified retrospective approach, with the cumulative effect recorded as an adjustment to opening retained earnings. Due to immateriality, we had no cumulative effect to record. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis. Our revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, and non-interest income. The services that fall within the scope of ASC 606 include service charges and fees, trust and other financial services income, insurance commission income, sale of OREO and other operating income. Revenue is recognized when performance obligations under the terms of a contract with our customer are satisfied. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. The majority of our revenue continues to be recognized at the point in time when the services are provided to our customers. Service charges and fees represents income earned on both loan and deposit accounts as well as interchange income. Service charges on deposit accounts primarily consist of overdraft, non-sufficient funds, ATM transaction fees and account management fees. Revenue is recognized at the point in time the transaction occurs or the service is provided to the customer. We earn interchange income from debit and credit cardholders transactions processed through payment networks. Interchange fees represent a percentage of the underlying transaction value and are generally set by the credit card associations. Interchange fees are recognized as transactions occur. We provide trust management services and investment management services to our customers and recognize revenue as these management services are provided. Trust and investment management services are billed and paid on a monthly or quarterly basis. Additionally, we earn commissions on investment products that are sold to our customers. These commissions are recognized at the time of the sale of the third party’s product or services to our customers. Our insurance subsidiary is an employee benefits and property and casualty insurance agency specializing in commercial and personal insurance as well as retirement benefit plans. Insurance commission income is earned at the time of sale of the third party’s product or service to our customer. Loss on real estate owned represents gain and losses on real estate acquired by Northwest through the foreclosure process. Proceeds from the sale of these properties are recognized when control of the property transfer to the buyer. In certain instances the Bank may finance a portion of the purchase price paid by the buyer and an additional evaluation of whether all of the contract criteria are met is required. If it is not probable that we will collect substantially all of the consideration to which we expect, the transaction would not be accounted for as a sale until the concerns about collectability are resolved. Other operating income consists primarily of revenues earned for providing transaction services to our deposit customers. The revenue is earned at the point in time the transaction occurs. We have evaluated the nature of our contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. 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. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We adopted this guidance as of January 1, 2018 which did not have a material impact on our results of operations and financial position. 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. Accordingly, we refined the calculation used to determine the disclosed fair value of our loans held for investment portfolio as part of adopting this standard. The refined calculation did not have a significant impact on our fair value disclosures. Refer to note 9, "Disclosures About Fair Value of Financial Instruments". In August 2016, the FASB issued ASU No. 2016-15, “ Classification of Certain Cash Receipts and Cash Payments ”. The main objective of this ASU is to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The amendments in this Update provide guidance on the following eight specific cash flow issues: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of bank-owned life insurance (BOLI) policies, distributions received from equity method investments, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this guidance on January 1, 2018 and are required to apply it on a retrospective basis. No reclassifications were made for the quarter and we do not expect the reclassifications to be material for the full year. 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. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017.We have elected to early adopt this standard as of January 1, 2018, the amendments were applied on a prospective basis and the adoption did not have a significant impact on the consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. This guidance provides a more robust framework to use in determining when a set of assets and activities (“set”) is a business and to address stakeholder feedback that the definition of a business in current GAAP is applied too broadly. The primary amendments in the ASU provide a screen to exclude transactions where substantially all of the fair value of the transferred set is concentrated in a single asset, or group of similar assets, from being evaluated as a business. We adopted this standard on January 1, 2018 and will apply the guidance to future transactions. 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. Employers will present the service cost component of net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. Employers will present the other components of the net periodic benefit cost separately from the line items that includes the service cost outside of any subtotal of operating income, if one is presented. This guidance is effective for annual and interim periods beginning after December 15, 2017 and should be applied retrospectively. We adopted this standard as of January 1, 2018. The other components of the net periodic benefit cost for the quarter ended March 31, 2017 totaled $517,000 and were reclassified from compensation and employee benefits to other expense. 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 have elected to early adopt this standard as of January 1, 2018. The adoption did not have a material impact on our results of operations or financial position. In May 2017 the FASB issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718) - Scope of Modification Accounting”. This guidance clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under ASU 2017-09, an entity will not apply modification accounting to a share-based payment award if all of the following are the same immediately before and after the change: (i) the award's fair value, (ii) the award's vesting conditions and (iii) the award's classification as an equity or liability instrument. This guidance is effective for annual and interim periods beginning after December 15, 2017 and should be applied on a prospective basis to an award modified on or after the adoption date. We adopted this standard as of January 1, 2018 and will apply the guidance to future modifications. In February 2018 the FASB issued ASU 2018-02, " Income Statement - Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This guidance permits a reclassification from accumulated other comprehensive income to retained earnings of the stranded tax effects resulting from the Tax Cuts and Jobs Act. This guidance is effective for annual or interim reporting periods beginning after December 15, 2018 but permits early adoption in a period for which financial statements have not been issued. We have elected to early adopt the ASU as of January 1, 2018. The reclassification from accumulated other comprehensive income to retained earnings was $6.7 million for the release of standard income tax effects relating to the unrealized gains and losses on available for sale securities and the change in fair value of our interest rate swaps and our pension plan. Our policy for releasing income tax effects from accumulated other comprehensive income is to release them as investments are sold or matured and liabilities are extinguished. Recently Issued Accounting Standards 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 lease certain branch and office facilities or land under operating leases. While we are currently evaluating the impact this guidance will have on our results of operations and financial position, we expect the primary impact on the consolidated statement of financial position will be the recognition of right-to-use assets and lease obligations under the ASU as a result of our minimum commitments under non-cancellable operating lease. Our current minimum commitments under non-cancellable operating leases are disclosed in Note 7, “Premises and Equipment” on our 2017 Annual Report on Form 10-K. 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 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. Management created a formal working group to govern the implementation of these amendments consisting of key stakeholders from finance, risk, and accounting. We are currently in the process of designing current expected credit loss estimation methodologies and systems, and collecting data to be able to comply with the standard. We are also evaluating the effect this guidance will have on our results of operations, financial position and related disclosures. The impact of the ASU will depend upon the state of the economy and the nature of our portfolios, among other items, at the date of adoption. Revenue Recognition Our revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, and non-interest income. The services that fall within the scope of ASC 606 include service charges and fees, trust and other financial services income, insurance commission income, sale of OREO and other operating income. Revenue is recognized when performance obligations under the terms of a contract with our customer are satisfied. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. The majority of our revenue continues to be recognized at the point in time when the services are provided to our customers. All revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. The following table presents sources of non-interest income for the periods indicated. Items outside the scope of ASC 606 are noted as such. For the quarter ended March 31, 2018 2017 Service charges on deposits $ 4,920 5,197 Loan servicing fees (1) 565 411 Interchange income 6,414 6,109 Total service charges and fees 11,899 11,717 Gain/(loss) on the sale of investments (1) 153 17 Trust and other financial services income 4,031 4,304 Insurance commission income 2,749 2,794 Loss on real estate owned, net (546 ) (67 ) Income from bank owned life insurance (1) 990 1,068 Mortgage banking income (1) 224 240 Other operating income (2) 2,288 1,431 Total non-interest income $ 21,788 21,504 (1) Not within the scope of ASC 606. (2) Other operating income includes of $621 and $212 for the periods ended March 31, 2018 and March 31, 2017 , respectively, which was explicitly excluded from the scope of ASU 2014-09. Service Charges and Fees. Service charges and fees represents income earned on both loan and deposit accounts as well as interchange income. Service charges on deposit accounts primarily consist of overdraft, non-sufficient funds, ATM transaction fees and account management fees. Revenue is recognized at the point in time the transaction occurs or the service is provided to the customer. We earn interchange income from debit and credit cardholders transactions processed through payment networks. Interchange fees represent a percentage of the underlying transaction value and are generally set by the credit card associations. Interchange fees are recognized as transactions occur. Trust and Other Financial Services Income. We provide trust management services and investment management services to our customers and recognize revenue as these management services are provided. Trust and investment management services are billed and paid on a monthly or quarterly basis. Additionally, we earn commissions on investment products that are sold to our customers. These commissions are recognized at the time of the sale of the third party’s product or services to our customers. Insurance Commission Income. Our insurance subsidiary is an employee benefits and property and casualty insurance agency specializing in commercial and personal insurance as well as retirement benefit plans. Insurance commission income is earned at the time of sale of the third party’s product or service to our customer. Loss on Real Estate Owned, Net. Loss on real estate owned represents gain and losses on real estate acquired by Northwest through the foreclosure process. Proceeds from the sale of these properties are recognized when control of the property transfer to the buyer. In certain instances the Bank may finance a portion of the purchase price paid by the buyer and an additional evaluation of whether all of the contract criteria are met is required. If it is not probable that we will collect substantially all of the consideration to which we expect, the transaction would not be accounted for as a sale until the concerns about collectability are resolved. Other operating Income. Other operating income consists primarily of revenues earned for providing transaction services to our deposit customers. The revenue is earned at the point in time the transaction occurs. |
Investment securities and imp25
Investment securities and impairment of investment securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 (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 $ 1 — — 1 Debt issued by government sponsored enterprises: Due in one year or less 66,007 1 (241 ) 65,767 Due after one year through five years 135,355 — (3,139 ) 132,216 Due after ten years 4,381 — (69 ) 4,312 Municipal securities: Due in one year or less 2,487 10 — 2,497 Due after one year through five years 5,115 59 (10 ) 5,164 Due after five years through ten years 15,168 95 (15 ) 15,248 Due after ten years 18,085 113 (6 ) 18,192 Corporate debt issues: Due after ten years 910 — — 910 Residential mortgage-backed securities: Fixed rate pass-through 142,425 843 (4,605 ) 138,663 Variable rate pass-through 31,270 1,301 (6 ) 32,565 Fixed rate non-agency CMOs 1 — — 1 Fixed rate agency CMOs 278,288 21 (7,833 ) 270,476 Variable rate agency CMOs 71,617 381 (34 ) 71,964 Total residential mortgage-backed securities 523,601 2,546 (12,478 ) 513,669 Total marketable securities available-for-sale $ 771,110 2,824 (15,958 ) 757,976 The following table shows the portfolio of investment securities available-for-sale at December 31, 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 $ 1 — — 1 Debt issued by government sponsored enterprises: Due in one year or less 66,566 14 (289 ) 66,291 Due after one year through five years 140,624 — (2,402 ) 138,222 Due after ten years 4,833 — (77 ) 4,756 Equity securities 551 29 (6 ) 574 Municipal securities: Due in one year or less 2,492 7 (1 ) 2,498 Due after one year through five years 7,072 82 (6 ) 7,148 Due after five years through ten years 14,576 171 — 14,747 Due after ten years 26,371 292 — 26,663 Corporate debt issues: Due after ten years 909 — — 909 Residential mortgage-backed securities: Fixed rate pass-through 144,411 1,108 (2,817 ) 142,702 Variable rate pass-through 33,079 1,464 (6 ) 34,537 Fixed rate non-agency CMOs 15 — — 15 Fixed rate agency CMOs 284,320 37 (5,271 ) 279,086 Variable rate agency CMOs 74,274 249 (137 ) 74,386 Total residential mortgage-backed securities 536,099 2,858 (8,231 ) 530,726 Total marketable securities available-for-sale $ 800,094 3,453 (11,012 ) 792,535 |
Schedule of the portfolio of investment securities held-to-maturity | The following table shows the portfolio of investment securities held-to-maturity at March 31, 2018 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Residential mortgage-backed securities: Fixed rate pass-through 3,489 98 — 3,587 Variable rate pass-through 2,185 58 — 2,243 Fixed rate agency CMOs 21,363 4 (556 ) 20,811 Variable rate agency CMOs 672 11 — 683 Total residential mortgage-backed securities 27,709 171 (556 ) 27,324 Total marketable securities held-to-maturity $ 27,709 171 (556 ) 27,324 The following table shows the portfolio of investment securities held-to-maturity at December 31, 2017 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Residential mortgage-backed securities: Fixed rate pass-through 3,760 140 — 3,900 Variable rate pass-through 2,283 64 — 2,347 Fixed rate agency CMOs 22,906 20 (248 ) 22,678 Variable rate agency CMOs 729 13 — 742 Total residential mortgage-backed securities 29,678 237 (248 ) 29,667 Total marketable securities held-to-maturity $ 29,678 237 (248 ) 29,667 |
Schedule of the fair value and gross unrealized losses on investment securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position | The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2018 (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 $ 4,982 (29 ) 191,381 (3,420 ) 196,363 (3,449 ) Municipal securities 7,127 (31 ) — — 7,127 (31 ) Residential mortgage-backed securities - agency 250,025 (5,178 ) 190,659 (7,856 ) 440,684 (13,034 ) Total temporarily impaired securities $ 262,134 (5,238 ) 382,040 (11,276 ) 644,174 (16,514 ) 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, 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 $ 5,006 (7 ) 197,695 (2,761 ) 202,701 (2,768 ) Equity Securities — — 544 (6 ) 544 (6 ) Municipal Securities 4,563 (7 ) — — 4,563 (7 ) Residential mortgage-backed securities - agency 239,703 (2,522 ) 202,344 (5,957 ) 442,047 (8,479 ) Total temporarily impaired securities $ 249,272 (2,536 ) 400,583 (8,724 ) 649,855 (11,260 ) |
Schedule of the cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold | The table below shows a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold for the quarter ended March 31 : 2018 2017 Beginning balance at January 1, (1) $ 352 7,942 Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Reduction for securities sold/ called realized during the quarter (352 ) — Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized — — Ending balance at March 31, $ — 7,942 (1) The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. |
Loans receivable (Tables)
Loans receivable (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Summary of loans receivable | The following table shows a summary of our loans receivable at March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, Originated Acquired Total Originated Acquired Total Personal Banking: Residential mortgage loans (1) $ 2,658,404 108,570 2,766,974 2,658,726 113,823 2,772,549 Home equity loans 1,040,328 248,033 1,288,361 1,051,558 258,797 1,310,355 Consumer finance loans (2) 12,453 — 12,453 18,619 — 18,619 Consumer loans 574,054 84,147 658,201 540,832 97,877 638,709 Total Personal Banking 4,285,239 440,750 4,725,989 4,269,735 470,497 4,740,232 Commercial Banking: Commercial real estate loans 2,383,303 279,640 2,662,943 2,303,179 296,161 2,599,340 Commercial loans 626,821 60,498 687,319 572,341 60,822 633,163 Total Commercial Banking 3,010,124 340,138 3,350,262 2,875,520 356,983 3,232,503 Total loans receivable, gross 7,295,363 780,888 8,076,251 7,145,255 827,480 7,972,735 Deferred loan costs 27,291 1,293 28,584 26,255 1,527 27,782 Allowance for loan losses (49,123 ) (6,088 ) (55,211 ) (50,572 ) (6,223 ) (56,795 ) Undisbursed loan proceeds: Residential mortgage loans (8,026 ) — (8,026 ) (10,067 ) — (10,067 ) Commercial real estate loans (148,059 ) (2,627 ) (150,686 ) (141,967 ) (2,647 ) (144,614 ) Commercial loans (62,572 ) (1,284 ) (63,856 ) (51,143 ) (1,284 ) (52,427 ) Total loans receivable, net $ 7,054,874 772,182 7,827,056 6,917,761 818,853 7,736,614 (1) Includes $0 and $3.1 million of loans held for sale at March 31, 2018 and December 31, 2017 , respectively. (2) Represents loans from our consumer finance subsidiary that was closed in 2017, which are no longer being originated. |
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): March 31, December 31, Acquired loans evaluated individually for future credit losses: Outstanding principal balance $ 9,453 9,735 Carrying value 6,720 6,875 Acquired loans evaluated collectively for future credit losses: Outstanding principal balance 776,923 824,205 Carrying value 771,550 818,201 Total acquired loans: Outstanding principal balance 786,376 833,940 Carrying value 778,270 825,076 |
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, 2016 $ 2,187 Accretion (1,318 ) Net reclassification from nonaccretable yield 671 Balance at December 31, 2017 1,540 Accretion (185 ) Net reclassification from nonaccretable yield — Balance at March 31, 2018 $ 1,355 |
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 three months ended March 31, 2018 (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 $ 10,660 2,168 505 6,398 19,731 19,912 236 Home equity loans 6,707 966 — 1,560 9,233 9,873 127 Consumer finance loan 3 — — — 3 41 2 Consumer loans 2,931 626 — — 3,557 4,161 55 Total Personal Banking 20,301 3,760 505 7,958 32,524 33,987 420 Commercial Banking: Commercial real estate loans 16,145 12,729 4,398 4,035 37,307 36,467 379 Commercial loans 3,144 2,601 720 2,361 8,826 9,595 115 Total Commercial Banking 19,289 15,330 5,118 6,396 46,133 46,062 494 Total $ 39,590 19,090 5,623 14,354 78,657 80,049 914 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, 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 $ 13,509 1,282 — 6,814 21,605 21,531 892 Home equity loans 7,251 1,656 — 1,449 10,356 9,150 452 Consumer finance loans 199 — — — 199 379 20 Consumer loans 3,617 1,056 — — 4,673 4,042 188 Total Personal Banking 24,576 3,994 — 8,263 36,833 35,102 1,552 Commercial Banking: Commercial real estate loans 15,361 13,112 4,431 4,123 37,027 49,981 1,758 Commercial loans 3,140 4,272 906 2,447 10,765 12,110 672 Total Commercial Banking 18,501 17,384 5,337 6,570 47,792 62,091 2,430 Total $ 43,077 21,378 5,337 14,833 84,625 97,193 3,982 The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the three months ended March 31, 2018 (in thousands): Carrying value Outstanding principal balance Related impairment reserve Average recorded investment in impaired loans Interest income recognized Personal Banking: Residential mortgage loans $ 1,167 1,858 18 1,175 39 Home equity loans 1,104 2,123 20 1,124 36 Consumer loans 44 125 4 51 16 Total Personal Banking 2,315 4,106 42 2,350 91 Commercial Banking: Commercial real estate loans 4,327 5,262 39 4,358 89 Commercial loans 78 85 — 90 5 Total Commercial Banking 4,405 5,347 39 4,448 94 Total $ 6,720 9,453 81 6,798 185 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, 2017 (in thousands): Carrying Outstanding Related Average Interest Personal Banking: Residential mortgage loans $ 1,182 1,880 24 1,251 181 Home equity loans 1,143 2,219 21 1,253 157 Consumer loans 59 160 4 97 51 Total Personal Banking 2,384 4,259 49 2,601 389 Commercial Banking: Commercial real estate loans 4,388 5,363 39 6,992 914 Commercial loans 103 113 — 177 15 Total Commercial Banking 4,491 5,476 39 7,169 929 Total $ 6,875 9,735 88 9,770 1,318 |
Schedule of the changes in the allowance for losses on loans receivable | The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2018 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 3,724 31 (196 ) 65 3,824 Home equity loans 3,717 (85 ) (301 ) 31 4,072 Consumer finance loans 3,031 338 (1,553 ) 278 3,968 Consumer loans 9,140 3,279 (3,177 ) 563 8,475 Total Personal Banking 19,612 3,563 (5,227 ) 937 20,339 Commercial Banking: Commercial real estate loans 20,218 703 (540 ) 144 19,911 Commercial loans 9,293 (340 ) (828 ) 139 10,322 Total Commercial Banking 29,511 363 (1,368 ) 283 30,233 Total originated loans 49,123 3,926 (6,595 ) 1,220 50,572 Acquired loans: Personal Banking: Residential mortgage loans 89 (43 ) (5 ) 6 131 Home equity loans 728 202 (310 ) 74 762 Consumer loans 807 (54 ) (72 ) 43 890 Total Personal Banking 1,624 105 (387 ) 123 1,783 Commercial Banking: Commercial real estate loans 3,430 (130 ) (11 ) 22 3,549 Commercial loans 1,034 308 (197 ) 32 891 Total Commercial Banking 4,464 178 (208 ) 54 4,440 Total acquired loans 6,088 283 (595 ) 177 6,223 Total $ 55,211 4,209 (7,190 ) 1,397 56,795 The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2017 (in thousands): Balance Current period provision Charge-offs Recoveries Balance Originated loans: Personal Banking: Residential mortgage loans $ 4,638 (33 ) (153 ) 168 4,656 Home equity loans 2,989 (406 ) (176 ) 85 3,486 Consumer finance loans 3,957 1,202 (796 ) 106 3,445 Consumer loans 6,472 4,147 (2,456 ) 252 4,529 Total Personal Banking 18,056 4,910 (3,581 ) 611 16,116 Commercial Banking: Commercial real estate loans 20,635 (2,948 ) (263 ) 179 23,667 Commercial loans 15,399 409 (946 ) 426 15,510 Total Commercial Banking 36,034 (2,539 ) (1,209 ) 605 39,177 Total originated loans 54,090 2,371 (4,790 ) 1,216 55,293 Acquired loans: Personal Banking: Residential mortgage loans 78 115 (137 ) 29 71 Home equity loans 932 180 (473 ) 178 1,047 Consumer loans 831 403 (408 ) 183 653 Total Personal Banking 1,841 698 (1,018 ) 390 1,771 Commercial Banking: Commercial real estate loans 3,713 666 (211 ) 250 3,008 Commercial loans 1,460 902 (321 ) 12 867 Total Commercial Banking 5,173 1,568 (532 ) 262 3,875 Total acquired loans 7,014 2,266 (1,550 ) 652 5,646 Total $ 61,104 4,637 (6,340 ) 1,868 60,939 |
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 March 31, 2018 (in thousands): Total loans receivable Allowance for loan losses Nonaccrual loans (1) Loans past due 90 days or more and still accruing (2) TDRs Allowance related to TDRs Additional commitments to customers with loans classified as TDRs Personal Banking: Residential mortgage loans $ 2,772,148 3,813 12,828 — 7,756 762 — Home equity loans 1,288,361 4,445 7,673 89 1,824 467 5 Consumer finance loans 12,453 3,031 3 — — — — Consumer loans 673,585 9,947 3,557 121 — — — Total Personal Banking 4,746,547 21,236 24,061 210 9,580 1,229 5 Commercial Banking: Commercial real estate loans 2,512,257 23,648 28,874 — 16,285 977 328 Commercial loans 623,463 10,327 5,745 — 5,101 367 38 Total Commercial Banking 3,135,720 33,975 34,619 — 21,386 1,344 366 Total $ 7,882,267 55,211 58,680 210 30,966 2,573 371 (1) Includes $11.2 million of nonaccrual TDRs. (2) Represents loans 90 days or more past maturity and still accruing. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 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 Allowance related to TDRs Additional commitments to customers with loans classified as TDRs Personal Banking: Residential mortgage loans $ 2,776,203 3,955 14,791 — 8,000 815 — Home equity loans 1,310,355 4,834 8,907 120 1,716 462 4 Consumer finance loans 18,619 3,968 199 3 — — — Consumer loans 652,770 9,365 4,673 379 — — — Total Personal Banking 4,757,947 22,122 28,570 502 9,716 1,277 4 Commercial Banking: Commercial real estate loans 2,454,726 23,460 28,473 — 15,691 1,125 235 Commercial loans 580,736 11,213 7,412 — 6,697 742 8 Total Commercial Banking 3,035,462 34,673 35,885 — 22,388 1,867 243 Total $ 7,793,409 56,795 64,455 502 32,104 3,144 247 (1) Includes $12.3 million of nonaccrual TDRs. (2) Represents loans 90 days or more past maturity and still accruing. |
Schedule of the evaluation of impaired loans by portfolio segment and by class of financing receivable | The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at March 31, 2018 (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 $ 2,763,824 8,324 8,324 780 — Home equity loans 1,286,538 1,823 1,823 458 — Consumer finance loans 12,453 — — — — Consumer loans 673,525 60 60 16 — Total Personal Banking 4,736,340 10,207 10,207 1,254 — Commercial Banking: Commercial real estate loans 2,490,757 21,500 16,786 1,668 4,714 Commercial loans 616,142 7,321 5,136 456 2,185 Total Commercial Banking 3,106,899 28,821 21,922 2,124 6,899 Total $ 7,843,239 39,028 32,129 3,378 6,899 The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at December 31, 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 $ 2,767,635 8,568 8,568 816 — Home equity loans 1,308,639 1,716 1,716 461 — Consumer finance loans 18,619 — — — — Consumer loans 652,685 85 85 25 — Total Personal Banking 4,747,578 10,369 10,369 1,302 — Commercial Banking: Commercial real estate loans 2,433,755 20,971 18,470 1,859 2,501 Commercial loans 571,412 9,324 8,572 829 752 Total Commercial Banking 3,005,167 30,295 27,042 2,688 3,253 Total $ 7,752,745 40,664 37,411 3,990 3,253 |
Schedule of roll forward of troubled debt restructurings | The following table provides a roll forward of troubled debt restructurings for the periods indicated (dollars in thousands): For the quarter ended March 31, 2018 2017 Number of contracts Amount Number of contracts Amount Beginning TDR balance: 205 $ 32,104 225 $ 42,926 New TDRs 9 4,935 6 3,790 Re-modified TDRs — — — — Net paydowns (947 ) (1,222 ) Charge-offs: Residential mortgage loans 1 (135 ) — — Home equity loans — — — — Commercial real estate loans 1 (203 ) — — Commercial loans 1 (721 ) 1 (101 ) Paid-off loans: Residential mortgage loans 1 (249 ) — — Home equity loans 1 (12 ) 1 — Commercial real estate loans 4 (1,574 ) 2 (65 ) Commercial loans 5 (2,232 ) 3 (1,750 ) Ending TDR balance: 200 $ 30,966 224 $ 43,578 Accruing TDRs $ 19,749 $ 25,305 Non-accrual TDRs 11,217 18,273 |
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 Number of contracts Recorded investment at the time of modification Current recorded investment Current allowance Troubled debt restructurings: Personal Banking: Residential mortgage loans 2 $ 448 447 48 Home equity loans — — — — Total Personal Banking 2 448 447 48 Commercial Banking: Commercial real estate loans 3 3,138 3,119 225 Commercial loans 1 204 199 14 Total Commercial Banking 4 3,342 3,318 239 Total 6 $ 3,790 3,765 287 |
Schedule of troubled debt restructurings (including re-modified TDRs) by type of modification by portfolio segment and by class of financing receivable | The following table provides information as of March 31, 2018 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 March 31, 2018 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 2 $ — — 178 35 213 Home equity loans 3 30 — — 109 139 Total Personal Banking 5 30 — 178 144 352 Commercial Banking: Commercial real estate loans 1 — — — 2,385 2,385 Commercial loans 3 — — — 1,431 1,431 Total Commercial Banking 4 — — — 3,816 3,816 Total 9 $ 30 — 178 3,960 4,168 The following table provides information as of March 31, 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 March 31, 2017 (dollars in thousands): Type of modification Number of contracts Rate Payment Maturity date Other Total Personal Banking: Residential mortgage loans 2 $ 112 — — 335 447 Home equity loans — — — — — — Total Personal Banking 2 112 — — 335 447 Commercial Banking: Commercial real estate loans 3 — 2,755 364 — 3,119 Commercial loans 1 — — 199 — 199 Total Commercial Banking 4 — 2,755 563 — 3,318 Total 6 $ 112 2,755 563 335 3,765 |
Schedule of re-modified troubled debt restructurings by portfolio segment and by class of financing receivable | The following table provides information related to loan payment delinquencies at March 31, 2018 (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 $ 26,001 811 10,237 37,049 2,626,529 2,663,578 — Home equity loans 5,850 1,664 5,621 13,135 1,027,193 1,040,328 — Consumer finance loans 1,288 233 3 1,524 10,929 12,453 — Consumer loans 7,477 2,122 2,487 12,086 576,059 588,145 — Total Personal Banking 40,616 4,830 18,348 63,794 4,240,710 4,304,504 — Commercial Banking: Commercial real estate loans 18,030 1,536 11,957 31,523 2,203,721 2,235,244 — Commercial loans 2,541 92 2,826 5,459 558,790 564,249 — Total Commercial Banking 20,571 1,628 14,783 36,982 2,762,511 2,799,493 — Total originated loans 61,187 6,458 33,131 100,776 7,003,221 7,103,997 — Acquired loans: Personal Banking: Residential mortgage loans 1,402 1,132 554 3,088 105,482 108,570 131 Home equity loans 1,556 376 1,129 3,061 244,972 248,033 43 Consumer loans 775 137 452 1,364 84,076 85,440 8 Total Personal Banking 3,733 1,645 2,135 7,513 434,530 442,043 182 Commercial Banking: Commercial real estate loans 2,273 273 4,766 7,312 269,701 277,013 578 Commercial loans 371 104 318 793 58,421 59,214 — Total Commercial Banking 2,644 377 5,084 8,105 328,122 336,227 578 Total acquired loans 6,377 2,022 7,219 15,618 762,652 778,270 760 Total loans $ 67,564 8,480 40,350 116,394 7,765,873 7,882,267 760 (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 loan delinquencies | The following table provides information related to loan payment delinquencies at March 31, 2018 (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 $ 26,001 811 10,237 37,049 2,626,529 2,663,578 — Home equity loans 5,850 1,664 5,621 13,135 1,027,193 1,040,328 — Consumer finance loans 1,288 233 3 1,524 10,929 12,453 — Consumer loans 7,477 2,122 2,487 12,086 576,059 588,145 — Total Personal Banking 40,616 4,830 18,348 63,794 4,240,710 4,304,504 — Commercial Banking: Commercial real estate loans 18,030 1,536 11,957 31,523 2,203,721 2,235,244 — Commercial loans 2,541 92 2,826 5,459 558,790 564,249 — Total Commercial Banking 20,571 1,628 14,783 36,982 2,762,511 2,799,493 — Total originated loans 61,187 6,458 33,131 100,776 7,003,221 7,103,997 — Acquired loans: Personal Banking: Residential mortgage loans 1,402 1,132 554 3,088 105,482 108,570 131 Home equity loans 1,556 376 1,129 3,061 244,972 248,033 43 Consumer loans 775 137 452 1,364 84,076 85,440 8 Total Personal Banking 3,733 1,645 2,135 7,513 434,530 442,043 182 Commercial Banking: Commercial real estate loans 2,273 273 4,766 7,312 269,701 277,013 578 Commercial loans 371 104 318 793 58,421 59,214 — Total Commercial Banking 2,644 377 5,084 8,105 328,122 336,227 578 Total acquired loans 6,377 2,022 7,219 15,618 762,652 778,270 760 Total loans $ 67,564 8,480 40,350 116,394 7,765,873 7,882,267 760 (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, 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 Originated loans: Personal Banking: Residential mortgage loans $ 23,786 6,030 12,613 42,429 2,619,951 2,662,380 — Home equity loans 6,094 2,333 6,043 14,470 1,037,088 1,051,558 — Consumer finance loans 2,128 1,113 199 3,440 15,179 18,619 — Consumer loans 9,762 2,834 3,274 15,870 537,496 553,366 — Total Personal Banking 41,770 12,310 22,129 76,209 4,209,714 4,285,923 — Commercial Banking: Commercial real estate loans 5,520 2,133 10,629 18,282 2,142,930 2,161,212 — Commercial loans 1,469 204 2,806 4,479 516,719 521,198 — Total Commercial Banking 6,989 2,337 13,435 22,761 2,659,649 2,682,410 — Total originated loan 48,759 14,647 35,564 98,970 6,869,363 6,968,333 — Acquired loans: Personal Banking: Residential mortgage loans 1,998 205 1,277 3,480 110,343 113,823 381 Home equity loans 1,367 538 1,306 3,211 255,586 258,797 98 Consumer loans 1,150 517 353 2,020 97,384 99,404 10 Total Personal Banking 4,515 1,260 2,936 8,711 463,313 472,024 489 Commercial Banking: Commercial real estate loans 2,795 406 5,655 8,856 284,658 293,514 923 Commercial loans 396 237 334 967 58,571 59,538 — Total Commercial Banking 3,191 643 5,989 9,823 343,229 353,052 923 Total acquired loan 7,706 1,903 8,925 18,534 806,542 825,076 1,412 Total $ 56,465 16,550 44,489 117,504 7,675,905 7,793,409 1,412 (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 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 March 31, 2018 (in thousands): Pass Special mention Substandard Doubtful Loss Total loans receivable Originated loans: Personal Banking: Residential mortgage loans $ 2,646,948 — 16,630 — — 2,663,578 Home equity loans 1,032,575 — 7,753 — — 1,040,328 Consumer finance loans 12,450 — 3 — — 12,453 Consumer loans 585,080 — 3,065 — — 588,145 Total Personal Banking 4,277,053 — 27,451 — — 4,304,504 Commercial Banking: Commercial real estate loans 2,018,908 53,377 162,959 — — 2,235,244 Commercial loans 509,145 15,582 39,522 — — 564,249 Total Commercial Banking 2,528,053 68,959 202,481 — — 2,799,493 Total originated loans 6,805,106 68,959 229,932 — — 7,103,997 Acquired loans: Personal Banking: Residential mortgage loans 108,130 — 440 — — 108,570 Home equity loans 246,562 — 1,471 — — 248,033 Consumer loans 84,903 — 537 — — 85,440 Total Personal Banking 439,595 — 2,448 — — 442,043 Commercial Banking: Commercial real estate loans 237,146 4,313 35,554 — — 277,013 Commercial loans 48,468 3,565 7,181 — — 59,214 Total Commercial Banking 285,614 7,878 42,735 — — 336,227 Total acquired loans 725,209 7,878 45,183 — — 778,270 Total loans $ 7,530,315 76,837 275,115 — — 7,882,267 The following table sets forth information about credit quality indicators, which were updated during the year ended December 31, 2017 (in thousands): Pass Special mention Substandard Doubtful Loss Total loans receivable Originated loans: Personal Banking: Residential mortgage loans $ 2,645,475 — 16,905 — — 2,662,380 Home equity loans 1,042,965 — 8,593 — — 1,051,558 Consumer finance loans 18,420 — 199 — — 18,619 Consumer loans 549,550 — 3,816 — — 553,366 Total Personal Banking 4,256,410 — 29,513 — — 4,285,923 Commercial Banking: Commercial real estate loans 1,964,565 78,699 117,948 — — 2,161,212 Commercial loans 461,962 15,510 43,726 — — 521,198 Total Commercial Banking 2,426,527 94,209 161,674 — — 2,682,410 Total originated loans 6,682,937 94,209 191,187 — — 6,968,333 Acquired loans: Personal Banking: Residential mortgage loans 112,990 — 833 — — 113,823 Home equity loans 257,312 — 1,485 — — 258,797 Consumer loans 98,659 — 745 — — 99,404 Total Personal Banking 468,961 — 3,063 — — 472,024 Commercial Banking: Commercial real estate loans 251,761 4,838 36,915 — — 293,514 Commercial loans 49,073 3,787 6,678 — — 59,538 Total Commercial Banking 300,834 8,625 43,593 — — 353,052 Total acquired loans 769,795 8,625 46,656 — — 825,076 Total $ 7,452,732 102,834 237,843 — — 7,793,409 |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets subject to amortization | The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands): March 31, December 31, Amortizable intangible assets: Core deposit intangibles — gross $ 63,685 63,685 Less: accumulated amortization (41,333 ) (40,029 ) Core deposit intangibles — net 22,352 23,656 Customer and Contract intangible assets — gross 10,474 10,474 Less: accumulated amortization (8,677 ) (8,461 ) Customer and Contract intangible assets — net $ 1,797 2,013 |
Schedule of the actual aggregate amortization expense as well as estimated aggregate amortization expense, based upon current levels of intangible assets | The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2018 and 2017 , as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands): For the quarter ended March 31, 2018 $ 1,520 For the quarter ended March 31, 2017 1,749 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 For the year ending December 31, 2023 1,847 |
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): Total Balance at December 31, 2016 $ 307,420 Goodwill from acquisition — Balance at December 31, 2017 307,420 Goodwill from acquisition — Balance at March 31, 2018 $ 307,420 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 2018 2017 Reported net income $ 24,985 17,746 Weighted average common shares outstanding 101,598,928 100,653,277 Dilutive potential shares due to effect of stock options 1,537,569 1,827,272 Total weighted average common shares and dilutive potential shares 103,136,497 102,480,549 Basic earnings per share: $ 0.25 0.18 Diluted earnings per share: $ 0.24 0.17 |
Pension and Other Post-retire29
Pension and Other Post-retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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): Quarter ended March 31, Pension benefits Other post-retirement benefits 2018 2017 2018 2017 Service cost $ 1,716 1,537 — — Interest cost 1,678 1,737 14 18 Expected return on plan assets (2,992 ) (2,628 ) — — Amortization of prior service cost (581 ) (581 ) — — Amortization of the net loss 873 928 24 27 Net periodic cost $ 694 993 38 45 |
Disclosures About Fair Value 30
Disclosures About Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 192,158 192,158 192,158 — — Securities available-for-sale 757,976 757,976 — 757,976 — Securities held-to-maturity 27,709 27,324 — 27,324 — Loans receivable, net 7,827,056 7,677,596 — — 7,677,596 Accrued interest receivable 23,051 23,051 23,051 — — Interest rate swaps 2,971 2,971 — 2,971 — FHLB Stock 7,694 7,694 — — — Total financial assets $ 8,838,615 8,688,770 215,209 788,271 7,677,596 Financial liabilities: Savings and checking deposits $ 6,564,889 6,564,889 6,564,889 — — Time deposits 1,420,600 1,444,841 — — 1,444,841 Borrowed funds 104,558 104,558 104,558 — — Junior subordinated debentures 111,213 111,670 — — 111,670 Foreign exchange swaps 13 13 — 13 — Interest rate swaps 3,580 3,580 — 3,580 — Accrued interest payable 528 528 528 — — Total financial liabilities $ 8,205,381 8,230,079 6,669,975 3,593 1,556,511 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, 2017 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 77,710 77,710 77,710 — — Securities available-for-sale 792,535 792,535 574 791,961 — Securities held-to-maturity 29,678 29,667 — 29,667 — Loans receivable, net 7,736,614 7,762,562 3,128 — 7,759,434 Accrued Interest Receivable 23,352 23,352 23,352 — — Interest rate swaps 214 214 — 214 — FHLB Stock 11,733 11,733 — — — Total financial assets $ 8,671,836 8,697,773 104,764 821,842 7,759,434 Financial liabilities: Savings and checking accounts $ 6,414,366 6,414,366 6,414,366 — — Time deposits 1,412,623 1,433,380 — — 1,433,380 Borrowed funds 108,238 108,238 108,238 — — Junior subordinated debentures 111,213 110,954 — — 110,954 Interest rate swaps 1,278 1,278 — 1,278 — Foreign exchange swaps 61 61 — 61 — Accrued interest payable 460 460 460 — — Total financial liabilities $ 8,048,239 8,068,737 6,523,064 1,339 1,544,334 |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Equity securities $ — — — — Debt securities: U.S. government and agencies — 1 — 1 Government sponsored enterprises — 202,295 — 202,295 States and political subdivisions — 41,101 — 41,101 Corporate — — Total debt securities — 243,397 — 243,397 Residential mortgage-backed securities: GNMA — 30,605 — 30,605 FNMA — 78,733 — 78,733 FHLMC — 61,342 — 61,342 Non-agency — 548 — 548 Collateralized mortgage obligations: GNMA — 4,548 — 4,548 FNMA — 180,538 — 180,538 FHLMC — 157,354 — 157,354 Non-agency — 1 — 1 Total mortgage-backed securities — 513,669 — 513,669 Interest rate swaps — 2,971 — 2,971 Total Assets $ — 760,037 — 760,037 Interest rate swaps $ — 3,580 — 3,580 Foreign exchange swaps — 13 — 13 Total Liabilities $ — 3,593 — 3,593 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2017 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Equity securities $ 574 — — 574 Debt securities: U.S. government and agencies — 1 — 1 Government sponsored enterprises — 209,269 — 209,269 States and political subdivisions — 51,056 — 51,056 Corporate — 909 — 909 Total debt securities — 261,235 — 261,235 Residential mortgage-backed securities: GNMA — 29,695 — 29,695 FNMA — 82,969 — 82,969 FHLMC — 64,021 — 64,021 Non-agency — 555 — 555 Collateralized mortgage obligations: GNMA — 4,769 — 4,769 FNMA — 191,512 — 191,512 FHLMC — 157,190 — 157,190 Non-agency — 15 — 15 Total mortgage-backed securities — 530,726 — 530,726 Interest rate swaps — 214 — 214 Total Assets $ 574 792,175 — 792,749 Interest rate swaps $ — 1,278 — 1,278 Foreign exchange swaps — 61 — 61 Total Liabilities $ — 1,339 — 1,339 |
Schedule of reconciliation of debt securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated (in thousands): Quarter ended March 31, March 31, Beginning balance January 1, $ — 9,366 Total net realized investment gains/ (losses) and net change in unrealized appreciation/ (depreciation): Included in net income as OTTI — — Included in other comprehensive income — 511 Purchases — — Sales — — Transfers in to Level 3 — — Transfers out of Level 3 — — Ending balance March 31, $ — 9,877 |
Schedule of fair value measurement for nonrecurring assets | The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of March 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 28,751 28,751 Real estate owned — — 4,041 4,041 Total assets $ — — 32,792 32,792 The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2017 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 33,421 33,421 Real estate owned — — 5,666 5,666 Total assets $ — — 39,087 39,087 |
Schedule of quantitative information about assets measured at fair value on a recurring and nonrecurring basis for Level 3 fair value measurements | The table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2018 (dollar amounts in thousands): Fair value Valuation techniques Significant unobservable inputs Range (weighted average) Loans measured for impairment 28,751 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 4.25% to 10.0% (7.50%) Real estate owned 4,041 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. |
Derivative Financial Instrume31
Derivative Financial Instruments - (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative financial instruments | The following table presents information regarding our derivative financial instruments for the periods indicated: Asset Derivatives Liability Derivatives Notional Amount Fair Value Notional Amount Fair Value At March 31, 2018 Derivatives designed as hedging instruments: Interest rate swap agreements $ — — 50,000 609 Derivatives not designed as hedging instruments: Interest rate swap agreements 125,394 2,971 125,394 2,971 Foreign exchange swap agreements — — 5,558 13 Total derivatives $ 125,394 2,971 180,952 3,593 At December 31, 2017 Derivatives designed as hedging instruments: Interest rate swap agreements $ — — 50,000 1,064 Derivatives not designed as hedging instruments: Interest rate swap agreements 92,631 214 92,631 214 Foreign exchange swap agreements — — 12,344 61 Total derivatives $ 92,631 214 154,975 1,339 |
Derivative instruments gain (loss) | The following table presents income or expense recognized on derivatives for the periods indicated: For the quarter ended March 31, 2018 2017 Non-hedging swap derivatives: Increase/ (decrease) in other income $ 129 (34 ) Hedging interest rate derivatives: Increase in interest expense 332 419 |
Changes in Accumulated Other 32
Changes in Accumulated Other Comprehensive Income/ (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 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, 2017 $ (4,409 ) (691 ) (26,980 ) (32,080 ) Reclassification due to adoption of ASU No. 2018-02 (991 ) (149 ) (5,606 ) (6,746 ) Other comprehensive income before reclassification adjustments (3,955 ) 360 — (3,595 ) Amounts reclassified from accumulated other comprehensive income (1), (2) (26 ) — 226 200 Net other comprehensive income (4,972 ) 211 (5,380 ) (10,141 ) Balance as of March 31, 2018 $ (9,381 ) (480 ) (32,360 ) (42,221 ) For the quarter ended March 31, 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 658 303 — 961 Amounts reclassified from accumulated other comprehensive income (3), (4) (11 ) — 220 209 Net other comprehensive income 647 303 220 1,170 Balance as of March 31, 2017 $ 1,042 (1,475 ) (26,388 ) (26,821 ) (1) Consists of realized gain on securities (gain on sales of investments, net) of $33 , net of tax (income tax expense) of $(7) . (2) Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(897) , net of tax (income tax expense) of $90 . (3) Consists of realized loss on securities (gain on sales of investments, net) of $19 , net of tax (income tax expense) of $(8) . (4) Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(954) , net of tax (income tax expense) of $153 . |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Schedule of revenue sources of non-interest income | All revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. The following table presents sources of non-interest income for the periods indicated. Items outside the scope of ASC 606 are noted as such. For the quarter ended March 31, 2018 2017 Service charges on deposits $ 4,920 5,197 Loan servicing fees (1) 565 411 Interchange income 6,414 6,109 Total service charges and fees 11,899 11,717 Gain/(loss) on the sale of investments (1) 153 17 Trust and other financial services income 4,031 4,304 Insurance commission income 2,749 2,794 Loss on real estate owned, net (546 ) (67 ) Income from bank owned life insurance (1) 990 1,068 Mortgage banking income (1) 224 240 Other operating income (2) 2,288 1,431 Total non-interest income $ 21,788 21,504 (1) Not within the scope of ASC 606. (2) Other operating income includes of $621 and $212 for the periods ended March 31, 2018 and March 31, 2017 , respectively, which was explicitly excluded from the scope of ASU 2014-09. |
Basis of Presentation and Inf34
Basis of Presentation and Informational Disclosures (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($)bank | Mar. 31, 2017USD ($) | |
Stock Related Compensation | ||
Number of banking locations | bank | 172 | |
Compensation and employee benefits | $ (36,510,000) | $ (38,272,000) |
Other expenses | 3,032,000 | 3,034,000 |
Reclassification due to adoption of ASU No. 2018-02 | 6,746,000 | |
Stock-Based Compensation | ||
Stock-based compensation expense | 978,000 | 918,000 |
Income Taxes - Uncertain Tax Positions | ||
Unrecognized tax benefits liability | 0 | |
Employee Stock Ownership Plan | ||
Stock-Based Compensation | ||
Compensation expense yet to be recognized | 3,700,000 | |
Restricted common shares | ||
Stock-Based Compensation | ||
Compensation expense yet to be recognized | $ 14,600,000 | |
Accounting Standards Update 2017-07 | ||
Stock Related Compensation | ||
Compensation and employee benefits | 517,000 | |
Other expenses | $ 517,000 |
Investment securities and imp35
Investment securities and impairment of investment securities - Available For Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Amortized cost | ||
Total debt securities | $ 771,110 | |
Total available for sale securities | 771,110 | $ 800,094 |
Gross unrealized holding gains | ||
Total debt securities | 2,824 | |
Total | 3,453 | |
Gross unrealized holding losses | ||
Total debt securities | (15,958) | |
Total | (11,012) | |
Fair value | ||
Fair value debt securities | 757,976 | |
Fair value available for sale securities | 792,535 | |
U.S. government and agencies | ||
Amortized cost | ||
Due in one year or less | 1 | 1 |
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 | 1 | 1 |
Debt issued by government sponsored enterprises: | ||
Amortized cost | ||
Due in one year or less | 66,007 | 66,566 |
Due after one year through five years | 135,355 | 140,624 |
Due after ten years | 4,381 | 4,833 |
Gross unrealized holding gains | ||
Due in one year or less | 1 | 14 |
Due after one year through five years | 0 | 0 |
Due after ten years | 0 | 0 |
Gross unrealized holding losses | ||
Due in one year or less | (241) | (289) |
Due after one year through five years | (3,139) | (2,402) |
Due after ten years | (69) | (77) |
Fair value | ||
Due in one year or less | 65,767 | 66,291 |
Due after one year through five years | 132,216 | 138,222 |
Due after ten years | 4,312 | 4,756 |
Equity securities | ||
Amortized cost | ||
Total available for sale securities | 551 | |
Gross unrealized holding gains | ||
Total | 29 | |
Gross unrealized holding losses | ||
Total | (6) | |
Fair value | ||
Fair value available for sale securities | 574 | |
Municipal securities | ||
Amortized cost | ||
Due in one year or less | 2,487 | 2,492 |
Due after one year through five years | 5,115 | 7,072 |
Due after five years through ten years | 15,168 | 14,576 |
Due after ten years | 18,085 | 26,371 |
Gross unrealized holding gains | ||
Due in one year or less | 10 | 7 |
Due after one year through five years | 59 | 82 |
Due after five years through ten years | 95 | 171 |
Due after ten years | 113 | 292 |
Gross unrealized holding losses | ||
Due in one year or less | 0 | (1) |
Due after one year through five years | (10) | (6) |
Due after five years through ten years | (15) | 0 |
Due after ten years | (6) | 0 |
Fair value | ||
Due in one year or less | 2,497 | 2,498 |
Due after one year through five years | 5,164 | 7,148 |
Due after five years through ten years | 15,248 | 14,747 |
Due after ten years | 18,192 | 26,663 |
Corporate debt securities | ||
Amortized cost | ||
Due after ten years | 910 | 909 |
Gross unrealized holding gains | ||
Due after ten years | 0 | 0 |
Gross unrealized holding losses | ||
Due after ten years | 0 | 0 |
Fair value | ||
Due after ten years | 910 | 909 |
Residential mortgage-backed securities | ||
Amortized cost | ||
Total debt securities | 523,601 | |
Total available for sale securities | 536,099 | |
Gross unrealized holding gains | ||
Total debt securities | 2,546 | |
Total | 2,858 | |
Gross unrealized holding losses | ||
Total debt securities | (12,478) | |
Total | (8,231) | |
Fair value | ||
Fair value debt securities | 513,669 | |
Fair value available for sale securities | 530,726 | |
Fixed rate | Pass-through | ||
Amortized cost | ||
Total debt securities | 142,425 | |
Total available for sale securities | 144,411 | |
Gross unrealized holding gains | ||
Total debt securities | 843 | |
Total | 1,108 | |
Gross unrealized holding losses | ||
Total debt securities | (4,605) | |
Total | (2,817) | |
Fair value | ||
Fair value debt securities | 138,663 | |
Fair value available for sale securities | 142,702 | |
Fixed rate | Non-agency CMOs | ||
Amortized cost | ||
Total debt securities | 1 | |
Total available for sale securities | 15 | |
Gross unrealized holding gains | ||
Total debt securities | 0 | |
Total | 0 | |
Gross unrealized holding losses | ||
Total debt securities | 0 | |
Total | 0 | |
Fair value | ||
Fair value debt securities | 1 | |
Fair value available for sale securities | 15 | |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Total debt securities | 278,288 | |
Total available for sale securities | 284,320 | |
Gross unrealized holding gains | ||
Total debt securities | 21 | |
Total | 37 | |
Gross unrealized holding losses | ||
Total debt securities | (7,833) | |
Total | (5,271) | |
Fair value | ||
Fair value debt securities | 270,476 | |
Fair value available for sale securities | 279,086 | |
Variable rate | Pass-through | ||
Amortized cost | ||
Total debt securities | 31,270 | |
Total available for sale securities | 33,079 | |
Gross unrealized holding gains | ||
Total debt securities | 1,301 | |
Total | 1,464 | |
Gross unrealized holding losses | ||
Total debt securities | (6) | |
Total | (6) | |
Fair value | ||
Fair value debt securities | 32,565 | |
Fair value available for sale securities | 34,537 | |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Total debt securities | 71,617 | |
Total available for sale securities | 74,274 | |
Gross unrealized holding gains | ||
Total debt securities | 381 | |
Total | 249 | |
Gross unrealized holding losses | ||
Total debt securities | (34) | |
Total | (137) | |
Fair value | ||
Fair value debt securities | $ 71,964 | |
Fair value available for sale securities | $ 74,386 |
Investment securities and imp36
Investment securities and impairment of investment securities - Held To Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Amortized cost | ||
Marketable securities held-to-maturity, amortized cost | $ 27,709 | $ 29,678 |
Gross unrealized holding gains | ||
Marketable securities held-to-maturity, gross unrealized holding gains | 171 | 237 |
Gross unrealized holding losses | ||
Marketable securities held-to-maturity, gross unrealized holding losses | (556) | (248) |
Fair value | ||
Marketable securities held-to-maturity, fair value | 27,324 | 29,667 |
Residential mortgage-backed securities | ||
Amortized cost | ||
Marketable securities held-to-maturity, amortized cost | 27,709 | 29,678 |
Gross unrealized holding gains | ||
Marketable securities held-to-maturity, gross unrealized holding gains | 171 | 237 |
Gross unrealized holding losses | ||
Marketable securities held-to-maturity, gross unrealized holding losses | (556) | (248) |
Fair value | ||
Marketable securities held-to-maturity, fair value | 27,324 | 29,667 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Marketable securities held-to-maturity, amortized cost | 3,489 | 3,760 |
Gross unrealized holding gains | ||
Marketable securities held-to-maturity, gross unrealized holding gains | 98 | 140 |
Gross unrealized holding losses | ||
Marketable securities held-to-maturity, gross unrealized holding losses | 0 | 0 |
Fair value | ||
Marketable securities held-to-maturity, fair value | 3,587 | 3,900 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Marketable securities held-to-maturity, amortized cost | 21,363 | 22,906 |
Gross unrealized holding gains | ||
Marketable securities held-to-maturity, gross unrealized holding gains | 4 | 20 |
Gross unrealized holding losses | ||
Marketable securities held-to-maturity, gross unrealized holding losses | (556) | (248) |
Fair value | ||
Marketable securities held-to-maturity, fair value | 20,811 | 22,678 |
Variable rate | Pass-through | ||
Amortized cost | ||
Marketable securities held-to-maturity, amortized cost | 2,185 | 2,283 |
Gross unrealized holding gains | ||
Marketable securities held-to-maturity, gross unrealized holding gains | 58 | 64 |
Gross unrealized holding losses | ||
Marketable securities held-to-maturity, gross unrealized holding losses | 0 | 0 |
Fair value | ||
Marketable securities held-to-maturity, fair value | 2,243 | 2,347 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Marketable securities held-to-maturity, amortized cost | 672 | 729 |
Gross unrealized holding gains | ||
Marketable securities held-to-maturity, gross unrealized holding gains | 11 | 13 |
Gross unrealized holding losses | ||
Marketable securities held-to-maturity, gross unrealized holding losses | 0 | 0 |
Fair value | ||
Marketable securities held-to-maturity, fair value | $ 683 | $ 742 |
Investment securities and imp37
Investment securities and impairment of investment securities - Fair Value of and Gross Unrealized Losses on Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Marketable securities | ||
Less than 12 months - Fair value | $ 262,134 | $ 249,272 |
Less than 12 months - Unrealized loss | (5,238) | (2,536) |
12 months or more - Fair value | 382,040 | 400,583 |
12 months or more - Unrealized loss | (11,276) | (8,724) |
Total - Fair value | 644,174 | 649,855 |
Total - Unrealized loss | (16,514) | (11,260) |
U.S. government and agencies | ||
Marketable securities | ||
Less than 12 months - Fair value | 4,982 | 5,006 |
Less than 12 months - Unrealized loss | (29) | (7) |
12 months or more - Fair value | 191,381 | 197,695 |
12 months or more - Unrealized loss | (3,420) | (2,761) |
Total - Fair value | 196,363 | 202,701 |
Total - Unrealized loss | (3,449) | (2,768) |
Municipal securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 7,127 | 4,563 |
Less than 12 months - Unrealized loss | (31) | (7) |
12 months or more - Fair value | 0 | 0 |
12 months or more - Unrealized loss | 0 | 0 |
Total - Fair value | 7,127 | 4,563 |
Total - Unrealized loss | (31) | (7) |
Equity securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 0 | |
Less than 12 months - Unrealized loss | 0 | |
12 months or more - Fair value | 544 | |
12 months or more - Unrealized loss | (6) | |
Total - Fair value | 544 | |
Total - Unrealized loss | (6) | |
Residential mortgage-backed securities | Agency CMOs | ||
Marketable securities | ||
Less than 12 months - Fair value | 250,025 | 239,703 |
Less than 12 months - Unrealized loss | (5,178) | (2,522) |
12 months or more - Fair value | 190,659 | 202,344 |
12 months or more - Unrealized loss | (7,856) | (5,957) |
Total - Fair value | 440,684 | 442,047 |
Total - Unrealized loss | $ (13,034) | $ (8,479) |
Investment securities and imp38
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cumulative roll forward of credit related impairment losses recognized in earnings for debt securities held and not intended to be sold: | ||
Beginning balance | $ 352 | $ 7,942 |
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | 0 | 0 |
Reduction for losses realized during the quarter | (352) | |
Reduction for securities sold/ called realized during the quarter | 0 | |
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized | 0 | 0 |
Ending balance | $ 0 | $ 7,942 |
Loans receivable - Summary of O
Loans receivable - Summary of Originated and Acquired Loans (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | $ 8,076,251,000 | $ 7,972,735,000 | ||
Deferred loan costs | 28,584,000 | 27,782,000 | ||
Allowance for loan losses | (55,211,000) | (56,795,000) | $ (61,104,000) | $ (60,939,000) |
Total loans receivable, net | 7,827,056,000 | 7,736,614,000 | ||
Residential mortgage loans held-for-sale | 0 | 3,128,000 | ||
Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (8,026,000) | (10,067,000) | ||
Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (150,686,000) | (144,614,000) | ||
Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (63,856,000) | (52,427,000) | ||
Personal Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 4,725,989,000 | 4,740,232,000 | ||
Personal Banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,766,974,000 | 2,772,549,000 | ||
Residential mortgage loans held-for-sale | 0 | 3,100,000 | ||
Personal Banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,288,361,000 | 1,310,355,000 | ||
Personal Banking | Consumer finance loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 12,453,000 | 18,619,000 | ||
Personal Banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 658,201,000 | 638,709,000 | ||
Commercial Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 3,350,262,000 | 3,232,503,000 | ||
Commercial Banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,662,943,000 | 2,599,340,000 | ||
Commercial Banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 687,319,000 | 633,163,000 | ||
Originated | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 7,295,363,000 | 7,145,255,000 | ||
Deferred loan costs | 27,291,000 | 26,255,000 | ||
Allowance for loan losses | (49,123,000) | (50,572,000) | (54,090,000) | (55,293,000) |
Total loans receivable, net | 7,054,874,000 | 6,917,761,000 | ||
Originated | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (8,026,000) | (10,067,000) | ||
Originated | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (148,059,000) | (141,967,000) | ||
Originated | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (62,572,000) | (51,143,000) | ||
Originated | Personal Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 4,285,239,000 | 4,269,735,000 | ||
Allowance for loan losses | (19,612,000) | (20,339,000) | (18,056,000) | (16,116,000) |
Originated | Personal Banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,658,404,000 | 2,658,726,000 | ||
Allowance for loan losses | (3,724,000) | (3,824,000) | (4,638,000) | (4,656,000) |
Originated | Personal Banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,040,328,000 | 1,051,558,000 | ||
Allowance for loan losses | (3,717,000) | (4,072,000) | (2,989,000) | (3,486,000) |
Originated | Personal Banking | Consumer finance loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 12,453,000 | 18,619,000 | ||
Allowance for loan losses | (3,031,000) | (3,968,000) | (3,957,000) | (3,445,000) |
Originated | Personal Banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 574,054,000 | 540,832,000 | ||
Allowance for loan losses | (9,140,000) | (8,475,000) | (6,472,000) | (4,529,000) |
Originated | Commercial Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 3,010,124,000 | 2,875,520,000 | ||
Allowance for loan losses | (29,511,000) | (30,233,000) | (36,034,000) | (39,177,000) |
Originated | Commercial Banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,383,303,000 | 2,303,179,000 | ||
Allowance for loan losses | (20,218,000) | (19,911,000) | (20,635,000) | (23,667,000) |
Originated | Commercial Banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 626,821,000 | 572,341,000 | ||
Allowance for loan losses | (9,293,000) | (10,322,000) | (15,399,000) | (15,510,000) |
Acquired | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 780,888,000 | 827,480,000 | ||
Deferred loan costs | 1,293,000 | 1,527,000 | ||
Allowance for loan losses | (6,088,000) | (6,223,000) | (7,014,000) | (5,646,000) |
Total loans receivable, net | 772,182,000 | 818,853,000 | ||
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 | (2,627,000) | (2,647,000) | ||
Acquired | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (1,284,000) | (1,284,000) | ||
Acquired | Personal Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 440,750,000 | 470,497,000 | ||
Allowance for loan losses | (1,624,000) | (1,783,000) | (1,841,000) | (1,771,000) |
Acquired | Personal Banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 108,570,000 | 113,823,000 | ||
Allowance for loan losses | (89,000) | (131,000) | (78,000) | (71,000) |
Acquired | Personal Banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 248,033,000 | 258,797,000 | ||
Allowance for loan losses | (728,000) | (762,000) | (932,000) | (1,047,000) |
Acquired | Personal Banking | Consumer finance loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 0 | 0 | ||
Acquired | Personal Banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 84,147,000 | 97,877,000 | ||
Allowance for loan losses | (807,000) | (890,000) | (831,000) | (653,000) |
Acquired | Commercial Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 340,138,000 | 356,983,000 | ||
Allowance for loan losses | (4,464,000) | (4,440,000) | ||
Acquired | Commercial Banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | (3,713,000) | (3,008,000) | ||
Acquired | Commercial Banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | (1,460,000) | (867,000) | ||
Acquired | Commercial Banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ (5,173,000) | $ (3,875,000) | ||
Acquired | Commercial Banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 279,640,000 | 296,161,000 | ||
Allowance for loan losses | (3,430,000) | (3,549,000) | ||
Acquired | Commercial Banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 60,498,000 | 60,822,000 | ||
Allowance for loan losses | $ (1,034,000) | $ (891,000) |
Loans receivable - Outstanding
Loans receivable - Outstanding Principal Balance and Related Carrying Value of Acquired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | $ 786,376 | $ 833,940 |
Carrying value | 778,270 | 825,076 |
Acquired loans evaluated individually for future credit losses | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 9,453 | 9,735 |
Carrying value | 6,720 | 6,875 |
Acquired loans evaluated collectively for future credit losses | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 776,923 | 824,205 |
Carrying value | $ 771,550 | $ 818,201 |
Loans receivable - Changes in t
Loans receivable - Changes in the Accretable Discount (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Changes in accretable yield | ||
Beginning balance | $ 1,540 | $ 2,187 |
Accretion | (185) | (1,318) |
Net reclassification from nonaccretable yield | 0 | 671 |
Ending balance | $ 1,355 | $ 1,540 |
Loans receivable - Composition
Loans receivable - Composition of Acquired Impaired Loans by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | $ 78,657 | $ 84,625 |
Average recorded investment in impaired loans | 80,049 | 97,193 |
Interest income recognized | 914 | 3,982 |
Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 32,524 | 36,833 |
Average recorded investment in impaired loans | 33,987 | 35,102 |
Interest income recognized | 420 | 1,552 |
Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 19,731 | 21,605 |
Average recorded investment in impaired loans | 19,912 | 21,531 |
Interest income recognized | 236 | 892 |
Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 9,233 | 10,356 |
Average recorded investment in impaired loans | 9,873 | 9,150 |
Interest income recognized | 127 | 452 |
Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 3,557 | 4,673 |
Average recorded investment in impaired loans | 4,161 | 4,042 |
Interest income recognized | 55 | 188 |
Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 46,133 | 47,792 |
Average recorded investment in impaired loans | 46,062 | 62,091 |
Interest income recognized | 494 | 2,430 |
Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 37,307 | 37,027 |
Average recorded investment in impaired loans | 36,467 | 49,981 |
Interest income recognized | 379 | 1,758 |
Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 8,826 | 10,765 |
Average recorded investment in impaired loans | 9,595 | 12,110 |
Interest income recognized | 115 | 672 |
Acquired loans evaluated individually for future credit losses | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 6,720 | 6,875 |
Outstanding principal balance | 9,453 | 9,735 |
Related impairment reserve | 81 | 88 |
Average recorded investment in impaired loans | 6,798 | 9,770 |
Interest income recognized | 185 | 1,318 |
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 | 2,315 | 2,384 |
Outstanding principal balance | 4,106 | 4,259 |
Related impairment reserve | 42 | 49 |
Average recorded investment in impaired loans | 2,350 | 2,601 |
Interest income recognized | 91 | 389 |
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 | 1,167 | 1,182 |
Outstanding principal balance | 1,858 | 1,880 |
Related impairment reserve | 18 | 24 |
Average recorded investment in impaired loans | 1,175 | 1,251 |
Interest income recognized | 39 | 181 |
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 | 1,104 | 1,143 |
Outstanding principal balance | 2,123 | 2,219 |
Related impairment reserve | 20 | 21 |
Average recorded investment in impaired loans | 1,124 | 1,253 |
Interest income recognized | 36 | 157 |
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 | 44 | 59 |
Outstanding principal balance | 125 | 160 |
Related impairment reserve | 4 | 4 |
Average recorded investment in impaired loans | 51 | 97 |
Interest income recognized | 16 | 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 | 4,405 | 4,491 |
Outstanding principal balance | 5,347 | 5,476 |
Related impairment reserve | 39 | 39 |
Average recorded investment in impaired loans | 4,448 | 7,169 |
Interest income recognized | 94 | 929 |
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 | 4,327 | 4,388 |
Outstanding principal balance | 5,262 | 5,363 |
Related impairment reserve | 39 | 39 |
Average recorded investment in impaired loans | 4,358 | 6,992 |
Interest income recognized | 89 | 914 |
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 | 78 | 103 |
Outstanding principal balance | 85 | 113 |
Related impairment reserve | 0 | 0 |
Average recorded investment in impaired loans | 90 | 177 |
Interest income recognized | $ 5 | $ 15 |
Loans receivable - Changes in43
Loans receivable - Changes in the Allowance for Losses on Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | $ 56,795 | $ 60,939 |
Current period provision | 4,209 | 4,637 |
Charge-offs | (7,190) | (6,340) |
Recoveries | 1,397 | 1,868 |
Balance at the end of the period | 55,211 | 61,104 |
Originated | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 50,572 | 55,293 |
Current period provision | 3,926 | 2,371 |
Charge-offs | (6,595) | (4,790) |
Recoveries | 1,220 | 1,216 |
Balance at the end of the period | 49,123 | 54,090 |
Originated | Personal Banking | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 20,339 | 16,116 |
Current period provision | 3,563 | 4,910 |
Charge-offs | (5,227) | (3,581) |
Recoveries | 937 | 611 |
Balance at the end of the period | 19,612 | 18,056 |
Originated | Personal Banking | Residential mortgage loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 3,824 | 4,656 |
Current period provision | 31 | (33) |
Charge-offs | (196) | (153) |
Recoveries | 65 | 168 |
Balance at the end of the period | 3,724 | 4,638 |
Originated | Personal Banking | Home equity loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 4,072 | 3,486 |
Current period provision | (85) | (406) |
Charge-offs | (301) | (176) |
Recoveries | 31 | 85 |
Balance at the end of the period | 3,717 | 2,989 |
Originated | Personal Banking | Consumer finance loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 3,968 | 3,445 |
Current period provision | 338 | 1,202 |
Charge-offs | (1,553) | (796) |
Recoveries | 278 | 106 |
Balance at the end of the period | 3,031 | 3,957 |
Originated | Personal Banking | Consumer loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 8,475 | 4,529 |
Current period provision | 3,279 | 4,147 |
Charge-offs | (3,177) | (2,456) |
Recoveries | 563 | 252 |
Balance at the end of the period | 9,140 | 6,472 |
Originated | Commercial Banking | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 30,233 | 39,177 |
Current period provision | 363 | (2,539) |
Charge-offs | (1,368) | (1,209) |
Recoveries | 283 | 605 |
Balance at the end of the period | 29,511 | 36,034 |
Originated | Commercial Banking | Commercial real estate loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 19,911 | 23,667 |
Current period provision | 703 | (2,948) |
Charge-offs | (540) | (263) |
Recoveries | 144 | 179 |
Balance at the end of the period | 20,218 | 20,635 |
Originated | Commercial Banking | Commercial loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 10,322 | 15,510 |
Current period provision | (340) | 409 |
Charge-offs | (828) | (946) |
Recoveries | 139 | 426 |
Balance at the end of the period | 9,293 | 15,399 |
Acquired | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 6,223 | 5,646 |
Current period provision | 283 | 2,266 |
Charge-offs | (595) | (1,550) |
Recoveries | 177 | 652 |
Balance at the end of the period | 6,088 | 7,014 |
Acquired | Personal Banking | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 1,783 | 1,771 |
Current period provision | 105 | 698 |
Charge-offs | (387) | (1,018) |
Recoveries | 123 | 390 |
Balance at the end of the period | 1,624 | 1,841 |
Acquired | Personal Banking | Residential mortgage loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 131 | 71 |
Current period provision | (43) | 115 |
Charge-offs | (5) | (137) |
Recoveries | 6 | 29 |
Balance at the end of the period | 89 | 78 |
Acquired | Personal Banking | Home equity loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 762 | 1,047 |
Current period provision | 202 | 180 |
Charge-offs | (310) | (473) |
Recoveries | 74 | 178 |
Balance at the end of the period | 728 | 932 |
Acquired | Personal Banking | Consumer loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 890 | 653 |
Current period provision | (54) | 403 |
Charge-offs | (72) | (408) |
Recoveries | 43 | 183 |
Balance at the end of the period | 807 | 831 |
Acquired | Commercial Banking | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 4,440 | |
Current period provision | 178 | |
Charge-offs | (208) | |
Recoveries | 54 | |
Balance at the end of the period | 4,464 | |
Acquired | Commercial Banking | Residential mortgage loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 3,008 | |
Current period provision | 666 | |
Charge-offs | (211) | |
Recoveries | 250 | |
Balance at the end of the period | 3,713 | |
Acquired | Commercial Banking | Home equity loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 867 | |
Current period provision | 902 | |
Charge-offs | (321) | |
Recoveries | 12 | |
Balance at the end of the period | 1,460 | |
Acquired | Commercial Banking | Consumer loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 3,875 | |
Current period provision | 1,568 | |
Charge-offs | (532) | |
Recoveries | 262 | |
Balance at the end of the period | $ 5,173 | |
Acquired | Commercial Banking | Commercial real estate loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 3,549 | |
Current period provision | (130) | |
Charge-offs | (11) | |
Recoveries | 22 | |
Balance at the end of the period | 3,430 | |
Acquired | Commercial Banking | Commercial loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 891 | |
Current period provision | 308 | |
Charge-offs | (197) | |
Recoveries | 32 | |
Balance at the end of the period | $ 1,034 |
Loans receivable - Loan Portfol
Loans receivable - Loan Portfolio by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | $ 7,882,267 | $ 7,793,409 | ||
Allowance for loan losses | 55,211 | 56,795 | ||
Nonaccrual loans | 58,680 | 64,455 | ||
Loans past due 90 days or more and still accruing | 210 | 502 | ||
TDRs | 30,966 | 32,104 | $ 43,578 | $ 42,926 |
Allowance related to TDRs | 2,573 | 3,144 | ||
Additional commitments to customers with loans classified as TDRs | 371 | 247 | ||
Nonaccrual TDRs | 11,217 | 12,300 | $ 18,273 | |
Personal Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 4,746,547 | 4,757,947 | ||
Allowance for loan losses | 21,236 | 22,122 | ||
Nonaccrual loans | 24,061 | 28,570 | ||
Loans past due 90 days or more and still accruing | 210 | 502 | ||
TDRs | 9,580 | 9,716 | ||
Allowance related to TDRs | 1,229 | 1,277 | ||
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 | 2,772,148 | 2,776,203 | ||
Allowance for loan losses | 3,813 | 3,955 | ||
Nonaccrual loans | 12,828 | 14,791 | ||
Loans past due 90 days or more and still accruing | 0 | 0 | ||
TDRs | 7,756 | 8,000 | ||
Allowance related to TDRs | 762 | 815 | ||
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 | 1,288,361 | 1,310,355 | ||
Allowance for loan losses | 4,445 | 4,834 | ||
Nonaccrual loans | 7,673 | 8,907 | ||
Loans past due 90 days or more and still accruing | 89 | 120 | ||
TDRs | 1,824 | 1,716 | ||
Allowance related to TDRs | 467 | 462 | ||
Additional commitments to customers with loans classified as TDRs | 5 | 4 | ||
Personal Banking | Consumer finance loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 12,453 | 18,619 | ||
Allowance for loan losses | 3,031 | 3,968 | ||
Nonaccrual loans | 3 | 199 | ||
Loans past due 90 days or more and still accruing | 0 | 3 | ||
TDRs | 0 | 0 | ||
Allowance related to TDRs | 0 | 0 | ||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||
Personal Banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 673,585 | 652,770 | ||
Allowance for loan losses | 9,947 | 9,365 | ||
Nonaccrual loans | 3,557 | 4,673 | ||
Loans past due 90 days or more and still accruing | 121 | 379 | ||
TDRs | 0 | 0 | ||
Allowance related to TDRs | 0 | 0 | ||
Additional commitments to customers with loans classified as TDRs | 0 | 0 | ||
Commercial Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 3,135,720 | 3,035,462 | ||
Allowance for loan losses | 33,975 | 34,673 | ||
Nonaccrual loans | 34,619 | 35,885 | ||
Loans past due 90 days or more and still accruing | 0 | 0 | ||
TDRs | 21,386 | 22,388 | ||
Allowance related to TDRs | 1,344 | 1,867 | ||
Additional commitments to customers with loans classified as TDRs | 366 | 243 | ||
Commercial Banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 2,512,257 | 2,454,726 | ||
Allowance for loan losses | 23,648 | 23,460 | ||
Nonaccrual loans | 28,874 | 28,473 | ||
Loans past due 90 days or more and still accruing | 0 | 0 | ||
TDRs | 16,285 | 15,691 | ||
Allowance related to TDRs | 977 | 1,125 | ||
Additional commitments to customers with loans classified as TDRs | 328 | 235 | ||
Commercial Banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 623,463 | 580,736 | ||
Allowance for loan losses | 10,327 | 11,213 | ||
Nonaccrual loans | 5,745 | 7,412 | ||
Loans past due 90 days or more and still accruing | 0 | 0 | ||
TDRs | 5,101 | 6,697 | ||
Allowance related to TDRs | 367 | 742 | ||
Additional commitments to customers with loans classified as TDRs | $ 38 | $ 8 |
Loans receivable - Compositio45
Loans receivable - Composition of Impaired Loans by Portfolio Segment and Class of Financing Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | $ 58,680 | $ 64,455 |
Total impaired loans | 78,657 | 84,625 |
Average recorded investment in impaired loans | 80,049 | 97,193 |
Interest income recognized on impaired loans | 914 | 3,982 |
Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 24,061 | 28,570 |
Total impaired loans | 32,524 | 36,833 |
Average recorded investment in impaired loans | 33,987 | 35,102 |
Interest income recognized on impaired loans | 420 | 1,552 |
Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 12,828 | 14,791 |
Total impaired loans | 19,731 | 21,605 |
Average recorded investment in impaired loans | 19,912 | 21,531 |
Interest income recognized on impaired loans | 236 | 892 |
Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 7,673 | 8,907 |
Total impaired loans | 9,233 | 10,356 |
Average recorded investment in impaired loans | 9,873 | 9,150 |
Interest income recognized on impaired loans | 127 | 452 |
Personal Banking | Consumer finance loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 3 | 199 |
Total impaired loans | 3 | 199 |
Average recorded investment in impaired loans | 41 | 379 |
Interest income recognized on impaired loans | 2 | 20 |
Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 3,557 | 4,673 |
Total impaired loans | 3,557 | 4,673 |
Average recorded investment in impaired loans | 4,161 | 4,042 |
Interest income recognized on impaired loans | 55 | 188 |
Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 34,619 | 35,885 |
Total impaired loans | 46,133 | 47,792 |
Average recorded investment in impaired loans | 46,062 | 62,091 |
Interest income recognized on impaired loans | 494 | 2,430 |
Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 28,874 | 28,473 |
Total impaired loans | 37,307 | 37,027 |
Average recorded investment in impaired loans | 36,467 | 49,981 |
Interest income recognized on impaired loans | 379 | 1,758 |
Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 5,745 | 7,412 |
Total impaired loans | 8,826 | 10,765 |
Average recorded investment in impaired loans | 9,595 | 12,110 |
Interest income recognized on impaired loans | 115 | 672 |
90 Days or greater delinquent | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 39,590 | 43,077 |
90 Days or greater delinquent | Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 20,301 | 24,576 |
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 | 10,660 | 13,509 |
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 | 6,707 | 7,251 |
90 Days or greater delinquent | Personal Banking | Consumer finance loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 3 | 199 |
90 Days or greater delinquent | Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 2,931 | 3,617 |
90 Days or greater delinquent | Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 19,289 | 18,501 |
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 | 16,145 | 15,361 |
90 Days or greater delinquent | Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 3,144 | 3,140 |
Less than 90 days delinquent | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 19,090 | 21,378 |
Loans less than 90 days delinquent reviewed for impairment | 5,623 | 5,337 |
TDRs less than 90 days delinquent not included elsewhere | 14,354 | 14,833 |
Less than 90 days delinquent | Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 3,760 | 3,994 |
Loans less than 90 days delinquent reviewed for impairment | 505 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 7,958 | 8,263 |
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 | 2,168 | 1,282 |
Loans less than 90 days delinquent reviewed for impairment | 505 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 6,398 | 6,814 |
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 | 966 | 1,656 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 1,560 | 1,449 |
Less than 90 days delinquent | Personal Banking | Consumer finance loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 0 | 0 |
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 | Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 626 | 1,056 |
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 | 15,330 | 17,384 |
Loans less than 90 days delinquent reviewed for impairment | 5,118 | 5,337 |
TDRs less than 90 days delinquent not included elsewhere | 6,396 | 6,570 |
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 | 12,729 | 13,112 |
Loans less than 90 days delinquent reviewed for impairment | 4,398 | 4,431 |
TDRs less than 90 days delinquent not included elsewhere | 4,035 | 4,123 |
Less than 90 days delinquent | Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 2,601 | 4,272 |
Loans less than 90 days delinquent reviewed for impairment | 720 | 906 |
TDRs less than 90 days delinquent not included elsewhere | $ 2,361 | $ 2,447 |
Loans receivable - Evaluation o
Loans receivable - Evaluation of Impaired Loans by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | $ 7,843,239 | $ 7,752,745 |
Loans individually evaluated for impairment | 39,028 | 40,664 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 32,129 | 37,411 |
Related impairment reserve | 3,378 | 3,990 |
Loans individually evaluated for impairment for which there is no related reserve | 6,899 | 3,253 |
Personal Banking | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 4,736,340 | 4,747,578 |
Loans individually evaluated for impairment | 10,207 | 10,369 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 10,207 | 10,369 |
Related impairment reserve | 1,254 | 1,302 |
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 | 2,763,824 | 2,767,635 |
Loans individually evaluated for impairment | 8,324 | 8,568 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 8,324 | 8,568 |
Related impairment reserve | 780 | 816 |
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 | 1,286,538 | 1,308,639 |
Loans individually evaluated for impairment | 1,823 | 1,716 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 1,823 | 1,716 |
Related impairment reserve | 458 | 461 |
Loans individually evaluated for impairment for which there is no related reserve | 0 | 0 |
Personal Banking | Consumer finance loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 12,453 | 18,619 |
Loans individually evaluated for impairment | 0 | 0 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 0 | 0 |
Related impairment reserve | 0 | 0 |
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 | 673,525 | 652,685 |
Loans individually evaluated for impairment | 60 | 85 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 60 | 85 |
Related impairment reserve | 16 | 25 |
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 | 3,106,899 | 3,005,167 |
Loans individually evaluated for impairment | 28,821 | 30,295 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 21,922 | 27,042 |
Related impairment reserve | 2,124 | 2,688 |
Loans individually evaluated for impairment for which there is no related reserve | 6,899 | 3,253 |
Commercial Banking | Commercial real estate loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 2,490,757 | 2,433,755 |
Loans individually evaluated for impairment | 21,500 | 20,971 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 16,786 | 18,470 |
Related impairment reserve | 1,668 | 1,859 |
Loans individually evaluated for impairment for which there is no related reserve | 4,714 | 2,501 |
Commercial Banking | Commercial loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 616,142 | 571,412 |
Loans individually evaluated for impairment | 7,321 | 9,324 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 5,136 | 8,572 |
Related impairment reserve | 456 | 829 |
Loans individually evaluated for impairment for which there is no related reserve | $ 2,185 | $ 752 |
Loans receivable - Roll Forward
Loans receivable - Roll Forward of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($)contract | Mar. 31, 2017USD ($)contract | Dec. 31, 2017USD ($) | |
Number of contracts | |||
Beginning balance | contract | 205 | 225 | |
Number of contracts new TDRs | contract | 9 | 6 | |
Number of re-modified TDRs | contract | 0 | 0 | |
Ending balance | contract | 200 | 224 | |
Amount | |||
Beginning TDR balance | $ 32,104 | $ 42,926 | |
New TDRs | 4,935 | 3,790 | |
Re-modified TDRs | 0 | 0 | |
Net paydowns | (947) | (1,222) | |
Ending TDR balance | 30,966 | 43,578 | |
Accruing TDRs | 19,749 | 25,305 | |
Non-accrual TDRs | $ 11,217 | $ 18,273 | $ 12,300 |
Residential mortgage loans | |||
Number of contracts | |||
Number of contracts charged off | contract | 1 | 0 | |
Number of contracts paid off | contract | 1 | 0 | |
Amount | |||
Amount of contracts charged off | $ (135) | $ 0 | |
Amount of contracts paid off | $ (249) | $ 0 | |
Home equity loans | |||
Number of contracts | |||
Number of contracts charged off | contract | 0 | 0 | |
Number of contracts paid off | contract | 1 | 1 | |
Amount | |||
Amount of contracts charged off | $ 0 | $ 0 | |
Amount of contracts paid off | $ (12) | $ 0 | |
Commercial real estate loans | |||
Number of contracts | |||
Number of contracts charged off | contract | 1 | 0 | |
Number of contracts paid off | contract | 4 | 2 | |
Amount | |||
Amount of contracts charged off | $ (203) | $ 0 | |
Amount of contracts paid off | $ (1,574) | $ (65) | |
Commercial loans | |||
Number of contracts | |||
Number of contracts charged off | contract | 1 | 1 | |
Number of contracts paid off | contract | 5 | 3 | |
Amount | |||
Amount of contracts charged off | $ (721) | $ (101) | |
Amount of contracts paid off | $ (2,232) | $ (1,750) |
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 | |
Mar. 31, 2018USD ($)contract | Mar. 31, 2017USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 9 | 6 |
Recorded investment at the time of modification | $ 4,935 | $ 3,790 |
Current recorded investment | 4,168 | 3,765 |
Current allowance | $ 57 | $ 287 |
Number of modified TDRs that have subsequently defaulted | contract | 0 | 0 |
Personal Banking | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 5 | 2 |
Recorded investment at the time of modification | $ 354 | $ 448 |
Current recorded investment | 352 | 447 |
Current allowance | $ 57 | $ 48 |
Personal Banking | Residential mortgage loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 2 | 2 |
Recorded investment at the time of modification | $ 214 | $ 448 |
Current recorded investment | 213 | 447 |
Current allowance | $ 21 | $ 48 |
Personal Banking | Home equity loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 3 | 0 |
Recorded investment at the time of modification | $ 140 | $ 0 |
Current recorded investment | 139 | 0 |
Current allowance | $ 36 | $ 0 |
Commercial Banking | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 4 | 4 |
Recorded investment at the time of modification | $ 4,581 | $ 3,342 |
Current recorded investment | 3,816 | 3,318 |
Current allowance | $ 0 | $ 239 |
Commercial Banking | Commercial real estate loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 3 |
Recorded investment at the time of modification | $ 2,401 | $ 3,138 |
Current recorded investment | 2,385 | 3,119 |
Current allowance | $ 0 | $ 225 |
Commercial Banking | Commercial loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 3 | 1 |
Recorded investment at the time of modification | $ 2,180 | $ 204 |
Current recorded investment | 1,431 | 199 |
Current allowance | $ 0 | $ 14 |
Loans receivable - Troubled D49
Loans receivable - Troubled Debt Restructurings by Type of Modification (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)contract | Mar. 31, 2017USD ($)contract | |
Troubled debt restructurings | ||
Number of contracts | contract | 9 | 6 |
Troubled debt restructurings | $ 4,168 | $ 3,765 |
Number of re-modified TDRs | contract | 0 | 0 |
Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 30 | $ 112 |
Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 2,755 |
Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 178 | 563 |
Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 3,960 | $ 335 |
Personal Banking | ||
Troubled debt restructurings | ||
Number of contracts | contract | 5 | 2 |
Troubled debt restructurings | $ 352 | $ 447 |
Personal Banking | Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 30 | 112 |
Personal Banking | Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 0 |
Personal Banking | Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 178 | 0 |
Personal Banking | Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 144 | $ 335 |
Personal Banking | Residential mortgage loans | ||
Troubled debt restructurings | ||
Number of contracts | contract | 2 | 2 |
Troubled debt restructurings | $ 213 | $ 447 |
Personal Banking | Residential mortgage loans | Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 112 |
Personal Banking | Residential mortgage loans | Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 0 |
Personal Banking | Residential mortgage loans | Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 178 | 0 |
Personal Banking | Residential mortgage loans | Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 35 | $ 335 |
Personal Banking | Home equity loans | ||
Troubled debt restructurings | ||
Number of contracts | contract | 3 | 0 |
Troubled debt restructurings | $ 139 | $ 0 |
Personal Banking | Home equity loans | Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 30 | 0 |
Personal Banking | Home equity loans | Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 0 |
Personal Banking | Home equity loans | Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 0 |
Personal Banking | Home equity loans | Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 109 | $ 0 |
Commercial Banking | ||
Troubled debt restructurings | ||
Number of contracts | contract | 4 | 4 |
Troubled debt restructurings | $ 3,816 | $ 3,318 |
Commercial Banking | Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 0 |
Commercial Banking | Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 2,755 |
Commercial Banking | Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 563 |
Commercial Banking | Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 3,816 | $ 0 |
Commercial Banking | Commercial real estate loans | ||
Troubled debt restructurings | ||
Number of contracts | contract | 1 | 3 |
Troubled debt restructurings | $ 2,385 | $ 3,119 |
Commercial Banking | Commercial real estate loans | Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 0 |
Commercial Banking | Commercial real estate loans | Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 2,755 |
Commercial Banking | Commercial real estate loans | Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 364 |
Commercial Banking | Commercial real estate loans | Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 2,385 | $ 0 |
Commercial Banking | Commercial loans | ||
Troubled debt restructurings | ||
Number of contracts | contract | 3 | 1 |
Troubled debt restructurings | $ 1,431 | $ 199 |
Commercial Banking | Commercial loans | Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 0 |
Commercial Banking | Commercial loans | Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 0 |
Commercial Banking | Commercial loans | Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | 199 |
Commercial Banking | Commercial loans | Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 1,431 | $ 0 |
Loans receivable - Loan Delinqu
Loans receivable - Loan Delinquencies (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Loan payment delinquencies | ||
Total delinquency | $ 116,394 | $ 117,504 |
Current | 7,765,873 | 7,675,905 |
Total loans | 7,882,267 | 7,793,409 |
90 days or greater delinquent and accruing | 760 | 1,412 |
30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 67,564 | 56,465 |
60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 8,480 | 16,550 |
90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 40,350 | 44,489 |
Personal Banking | ||
Loan payment delinquencies | ||
Total loans | 4,746,547 | 4,757,947 |
Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total loans | 2,772,148 | 2,776,203 |
Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total loans | 1,288,361 | 1,310,355 |
Personal Banking | Consumer finance loans | ||
Loan payment delinquencies | ||
Total loans | 12,453 | 18,619 |
Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total loans | 673,585 | 652,770 |
Commercial Banking | ||
Loan payment delinquencies | ||
Total loans | 3,135,720 | 3,035,462 |
Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total loans | 2,512,257 | 2,454,726 |
Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total loans | 623,463 | 580,736 |
Originated | ||
Loan payment delinquencies | ||
Total delinquency | 100,776 | 98,970 |
Current | 7,003,221 | 6,869,363 |
Total loans | 7,103,997 | 6,968,333 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 61,187 | 48,759 |
Originated | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 6,458 | 14,647 |
Originated | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 33,131 | 35,564 |
Originated | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 63,794 | 76,209 |
Current | 4,240,710 | 4,209,714 |
Total loans | 4,304,504 | 4,285,923 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 37,049 | 42,429 |
Current | 2,626,529 | 2,619,951 |
Total loans | 2,663,578 | 2,662,380 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 13,135 | 14,470 |
Current | 1,027,193 | 1,037,088 |
Total loans | 1,040,328 | 1,051,558 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Consumer finance loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,524 | 3,440 |
Current | 10,929 | 15,179 |
Total loans | 12,453 | 18,619 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 12,086 | 15,870 |
Current | 576,059 | 537,496 |
Total loans | 588,145 | 553,366 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 40,616 | 41,770 |
Originated | Personal Banking | 30-59 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 26,001 | 23,786 |
Originated | Personal Banking | 30-59 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 5,850 | 6,094 |
Originated | Personal Banking | 30-59 Days delinquent | Consumer finance loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,288 | 2,128 |
Originated | Personal Banking | 30-59 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 7,477 | 9,762 |
Originated | Personal Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 4,830 | 12,310 |
Originated | Personal Banking | 60-89 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 811 | 6,030 |
Originated | Personal Banking | 60-89 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,664 | 2,333 |
Originated | Personal Banking | 60-89 Days delinquent | Consumer finance loans | ||
Loan payment delinquencies | ||
Total delinquency | 233 | 1,113 |
Originated | Personal Banking | 60-89 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,122 | 2,834 |
Originated | Personal Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 18,348 | 22,129 |
Originated | Personal Banking | 90 Days or greater delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 10,237 | 12,613 |
Originated | Personal Banking | 90 Days or greater delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 5,621 | 6,043 |
Originated | Personal Banking | 90 Days or greater delinquent | Consumer finance loans | ||
Loan payment delinquencies | ||
Total delinquency | 3 | 199 |
Originated | Personal Banking | 90 Days or greater delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,487 | 3,274 |
Originated | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 36,982 | 22,761 |
Current | 2,762,511 | 2,659,649 |
Total loans | 2,799,493 | 2,682,410 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 31,523 | 18,282 |
Current | 2,203,721 | 2,142,930 |
Total loans | 2,235,244 | 2,161,212 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 5,459 | 4,479 |
Current | 558,790 | 516,719 |
Total loans | 564,249 | 521,198 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 20,571 | 6,989 |
Originated | Commercial Banking | 30-59 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 18,030 | 5,520 |
Originated | Commercial Banking | 30-59 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,541 | 1,469 |
Originated | Commercial Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 1,628 | 2,337 |
Originated | Commercial Banking | 60-89 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,536 | 2,133 |
Originated | Commercial Banking | 60-89 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 92 | 204 |
Originated | Commercial Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 14,783 | 13,435 |
Originated | Commercial Banking | 90 Days or greater delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 11,957 | 10,629 |
Originated | Commercial Banking | 90 Days or greater delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,826 | 2,806 |
Acquired | ||
Loan payment delinquencies | ||
Total delinquency | 15,618 | 18,534 |
Current | 762,652 | 806,542 |
Total loans | 778,270 | 825,076 |
90 days or greater delinquent and accruing | 760 | 1,412 |
Acquired | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 6,377 | 7,706 |
Acquired | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 2,022 | 1,903 |
Acquired | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 7,219 | 8,925 |
Acquired | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 7,513 | 8,711 |
Current | 434,530 | 463,313 |
Total loans | 442,043 | 472,024 |
90 days or greater delinquent and accruing | 182 | 489 |
Acquired | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,088 | 3,480 |
Current | 105,482 | 110,343 |
Total loans | 108,570 | 113,823 |
90 days or greater delinquent and accruing | 131 | 381 |
Acquired | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,061 | 3,211 |
Current | 244,972 | 255,586 |
Total loans | 248,033 | 258,797 |
90 days or greater delinquent and accruing | 43 | 98 |
Acquired | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,364 | 2,020 |
Current | 84,076 | 97,384 |
Total loans | 85,440 | 99,404 |
90 days or greater delinquent and accruing | 8 | 10 |
Acquired | Personal Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 3,733 | 4,515 |
Acquired | Personal Banking | 30-59 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,402 | 1,998 |
Acquired | Personal Banking | 30-59 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,556 | 1,367 |
Acquired | Personal Banking | 30-59 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 775 | 1,150 |
Acquired | Personal Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 1,645 | 1,260 |
Acquired | Personal Banking | 60-89 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,132 | 205 |
Acquired | Personal Banking | 60-89 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 376 | 538 |
Acquired | Personal Banking | 60-89 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 137 | 517 |
Acquired | Personal Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 2,135 | 2,936 |
Acquired | Personal Banking | 90 Days or greater delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 554 | 1,277 |
Acquired | Personal Banking | 90 Days or greater delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,129 | 1,306 |
Acquired | Personal Banking | 90 Days or greater delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 452 | 353 |
Acquired | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 8,105 | 9,823 |
Current | 328,122 | 343,229 |
Total loans | 336,227 | 353,052 |
90 days or greater delinquent and accruing | 578 | 923 |
Acquired | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 7,312 | 8,856 |
Current | 269,701 | 284,658 |
Total loans | 277,013 | 293,514 |
90 days or greater delinquent and accruing | 578 | 923 |
Acquired | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 793 | 967 |
Current | 58,421 | 58,571 |
Total loans | 59,214 | 59,538 |
90 days or greater delinquent and accruing | 0 | 0 |
Acquired | Commercial Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 2,644 | 3,191 |
Acquired | Commercial Banking | 30-59 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,273 | 2,795 |
Acquired | Commercial Banking | 30-59 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 371 | 396 |
Acquired | Commercial Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 377 | 643 |
Acquired | Commercial Banking | 60-89 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 273 | 406 |
Acquired | Commercial Banking | 60-89 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 104 | 237 |
Acquired | Commercial Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 5,084 | 5,989 |
Acquired | Commercial Banking | 90 Days or greater delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 4,766 | 5,655 |
Acquired | Commercial Banking | 90 Days or greater delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | $ 318 | $ 334 |
Loans receivable - Credit Quali
Loans receivable - Credit Quality Indicators (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Credit quality indicators | ||
Total loans | $ 7,882,267,000 | $ 7,793,409,000 |
Pass | ||
Credit quality indicators | ||
Total loans | 7,530,315,000 | 7,452,732,000 |
Special mention | ||
Credit quality indicators | ||
Total loans | 76,837,000 | 102,834,000 |
Substandard | ||
Credit quality indicators | ||
Total loans | 275,115,000 | 237,843,000 |
Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Personal Banking | ||
Credit quality indicators | ||
Total loans | 4,746,547,000 | 4,757,947,000 |
Personal Banking | Residential mortgage loans | ||
Credit quality indicators | ||
Total loans | 2,772,148,000 | 2,776,203,000 |
Personal Banking | Home equity loans | ||
Credit quality indicators | ||
Total loans | 1,288,361,000 | 1,310,355,000 |
Personal Banking | Consumer finance loans | ||
Credit quality indicators | ||
Total loans | 12,453,000 | 18,619,000 |
Personal Banking | Consumer loans | ||
Credit quality indicators | ||
Total loans | 673,585,000 | 652,770,000 |
Commercial Banking | ||
Credit quality indicators | ||
Total loans | 3,135,720,000 | 3,035,462,000 |
Commercial Banking | Commercial real estate loans | ||
Credit quality indicators | ||
Total loans | 2,512,257,000 | 2,454,726,000 |
Commercial Banking | Commercial loans | ||
Credit quality indicators | ||
Total loans | 623,463,000 | 580,736,000 |
Originated | ||
Credit quality indicators | ||
Total loans | 7,103,997,000 | 6,968,333,000 |
Originated | Pass | ||
Credit quality indicators | ||
Total loans | 6,805,106,000 | 6,682,937,000 |
Originated | Special mention | ||
Credit quality indicators | ||
Total loans | 68,959,000 | 94,209,000 |
Originated | Substandard | ||
Credit quality indicators | ||
Total loans | 229,932,000 | 191,187,000 |
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 | 4,304,504,000 | 4,285,923,000 |
Originated | Personal Banking | Pass | ||
Credit quality indicators | ||
Total loans | 4,277,053,000 | 4,256,410,000 |
Originated | Personal Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 27,451,000 | 29,513,000 |
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 | 2,663,578,000 | 2,662,380,000 |
Originated | Personal Banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Total loans | 2,646,948,000 | 2,645,475,000 |
Originated | Personal Banking | Residential mortgage loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Residential mortgage loans | Substandard | ||
Credit quality indicators | ||
Total loans | 16,630,000 | 16,905,000 |
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 | 1,040,328,000 | 1,051,558,000 |
Originated | Personal Banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Total loans | 1,032,575,000 | 1,042,965,000 |
Originated | Personal Banking | Home equity loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Home equity loans | Substandard | ||
Credit quality indicators | ||
Total loans | 7,753,000 | 8,593,000 |
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 finance loans | ||
Credit quality indicators | ||
Total loans | 12,453,000 | 18,619,000 |
Originated | Personal Banking | Consumer finance loans | Pass | ||
Credit quality indicators | ||
Total loans | 12,450,000 | 18,420,000 |
Originated | Personal Banking | Consumer finance loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Consumer finance loans | Substandard | ||
Credit quality indicators | ||
Total loans | 3,000 | 199,000 |
Originated | Personal Banking | Consumer finance loans | Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Consumer finance loans | Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Consumer loans | ||
Credit quality indicators | ||
Total loans | 588,145,000 | 553,366,000 |
Originated | Personal Banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Total loans | 585,080,000 | 549,550,000 |
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 | 3,065,000 | 3,816,000 |
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 | 2,799,493,000 | 2,682,410,000 |
Originated | Commercial Banking | Pass | ||
Credit quality indicators | ||
Total loans | 2,528,053,000 | 2,426,527,000 |
Originated | Commercial Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 68,959,000 | 94,209,000 |
Originated | Commercial Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 202,481,000 | 161,674,000 |
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 | 2,235,244,000 | 2,161,212,000 |
Originated | Commercial Banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Total loans | 2,018,908,000 | 1,964,565,000 |
Originated | Commercial Banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Total loans | 53,377,000 | 78,699,000 |
Originated | Commercial Banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Total loans | 162,959,000 | 117,948,000 |
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 | 564,249,000 | 521,198,000 |
Originated | Commercial Banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Total loans | 509,145,000 | 461,962,000 |
Originated | Commercial Banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Total loans | 15,582,000 | 15,510,000 |
Originated | Commercial Banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Total loans | 39,522,000 | 43,726,000 |
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 | 778,270,000 | 825,076,000 |
Acquired | Pass | ||
Credit quality indicators | ||
Total loans | 725,209,000 | 769,795,000 |
Acquired | Special mention | ||
Credit quality indicators | ||
Total loans | 7,878,000 | 8,625,000 |
Acquired | Substandard | ||
Credit quality indicators | ||
Total loans | 45,183,000 | 46,656,000 |
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 | 442,043,000 | 472,024,000 |
Acquired | Personal Banking | Pass | ||
Credit quality indicators | ||
Total loans | 439,595,000 | 468,961,000 |
Acquired | Personal Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 2,448,000 | 3,063,000 |
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 | 108,570,000 | 113,823,000 |
Acquired | Personal Banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Total loans | 108,130,000 | 112,990,000 |
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 | 440,000 | 833,000 |
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 | 248,033,000 | 258,797,000 |
Acquired | Personal Banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Total loans | 246,562,000 | 257,312,000 |
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 | 1,471,000 | 1,485,000 |
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 | 85,440,000 | 99,404,000 |
Acquired | Personal Banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Total loans | 84,903,000 | 98,659,000 |
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 | 537,000 | 745,000 |
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 | 336,227,000 | 353,052,000 |
Acquired | Commercial Banking | Pass | ||
Credit quality indicators | ||
Total loans | 285,614,000 | 300,834,000 |
Acquired | Commercial Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 7,878,000 | 8,625,000 |
Acquired | Commercial Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 42,735,000 | 43,593,000 |
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 | 277,013,000 | 293,514,000 |
Acquired | Commercial Banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Total loans | 237,146,000 | 251,761,000 |
Acquired | Commercial Banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Total loans | 4,313,000 | 4,838,000 |
Acquired | Commercial Banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Total loans | 35,554,000 | 36,915,000 |
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 | 59,214,000 | 59,538,000 |
Acquired | Commercial Banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Total loans | 48,468,000 | 49,073,000 |
Acquired | Commercial Banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Total loans | 3,565,000 | 3,787,000 |
Acquired | Commercial Banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Total loans | 7,181,000 | 6,678,000 |
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 |
Minimum | Special mention or substandard | ||
Credit quality indicators | ||
Total loans | $ 1,000,000 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Amortizable intangible assets: | |||
Amortization expense | $ 1,520 | $ 1,749 | |
Estimated amortization expense | |||
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 | ||
For the year ending December 31, 2023 | 1,847 | ||
Core Deposits | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 63,685 | $ 63,685 | |
Less: accumulated amortization | (41,333) | (40,029) | |
Intangible asset - net | 22,352 | 23,656 | |
Customer and Contract | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 10,474 | 10,474 | |
Less: accumulated amortization | (8,677) | (8,461) | |
Intangible asset - net | $ 1,797 | $ 2,013 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | $ 307,420 | $ 307,420 |
Goodwill from acquisition | 0 | 0 |
Balance at the end of the period | $ 307,420 | $ 307,420 |
Borrowed Funds (Details)
Borrowed Funds (Details) | Dec. 15, 2005USD ($)$ / sharesshares | Dec. 05, 2005USD ($)$ / sharesshares | Mar. 31, 2018USD ($)trust$ / sharesshares | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | ||||
Number of statutory business trusts owned | trust | 3 | |||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 111,213,000 | $ 111,213,000 | ||
Trust preferred investments | ||||
Debt Instrument [Line Items] | ||||
Maximum period for which interest payment on the subordinated debentures can be deferred | 5 years | |||
Interest deferral | $ 0 | |||
Trust preferred investments | Northwest Bancorp Capital Trust III | ||||
Debt Instrument [Line Items] | ||||
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 | |||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 51,547,000 | |||
Trust preferred investments | Northwest Bancorp Capital Trust III | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on variable rate basis (as a percent) | 1.38% | 1.38% | ||
Effective rate (as a percent) | 3.69% | |||
Trust preferred investments | Northwest Bancorp Statutory Trust IV | ||||
Debt Instrument [Line Items] | ||||
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 | |||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | $ 51,547,000 | |||
Trust preferred investments | Northwest Bancorp Statutory Trust IV | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on variable rate basis (as a percent) | 1.38% | 1.38% | ||
Effective rate (as a percent) | 3.50% | |||
Interest rate swaps | LNB Trust II | ||||
Debt Instrument [Line Items] | ||||
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 | |||
Interest rate swaps | LNB Trust II | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Spread on variable rate basis (as a percent) | 1.48% | |||
Effective rate (as a percent) | 3.60% | |||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 150,000,000 | |||
Securities Sold under Agreements to Repurchase | ||||
Debt Instrument [Line Items] | ||||
Securities sold under agreements to repurchase | $ 104,600,000 | $ 108,200,000 |
Guarantees (Details)
Guarantees (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Guarantor Obligations [Line Items] | |
Liability recognized for the obligations | $ 152 |
Letter of Credit | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | 23,800 |
Maximum exposure collateralized | $ 15,100 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock options | ||
Antidilutive securities excluded from the calculation of earnings per share | ||
Average share price during the reporting period (in dollars per share) | $ 16.83 | $ 17.54 |
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Reported net income | $ 24,985 | $ 17,746 |
Weighted average common shares outstanding (in shares) | 101,598,928 | 100,653,277 |
Dilutive potential shares due to effect of stock options (in shares) | 1,537,569 | 1,827,272 |
Total weighted average common shares and dilutive potential shares (in shares) | 103,136,497 | 102,480,549 |
Basic earnings per share (in dollars per share) | $ 0.25 | $ 0.18 |
Diluted earnings per share (in dollars per share) | $ 0.24 | $ 0.17 |
Pension and Other Post-retire58
Pension and Other Post-retirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Pension benefits | ||
Components of net periodic benefit cost | ||
Service cost | $ 1,716 | $ 1,537 |
Interest cost | 1,678 | 1,737 |
Expected return on plan assets | (2,992) | (2,628) |
Amortization of prior service cost | (581) | (581) |
Amortization of the net loss | (873) | (928) |
Net periodic cost | 694 | 993 |
Pension benefits | Minimum | ||
Components of net periodic benefit cost | ||
Estimated contribution for the current year | 4,000 | |
Pension benefits | Maximum | ||
Components of net periodic benefit cost | ||
Estimated contribution for the current year | 6,000 | |
Other post-retirement benefits | ||
Components of net periodic benefit cost | ||
Service cost | 0 | 0 |
Interest cost | 14 | 18 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss | (24) | (27) |
Net periodic cost | $ 38 | $ 45 |
Disclosures About Fair Value 59
Disclosures About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Significant unrealized appreciation or depreciation in financial instruments | $ 0 | $ 0 |
Financial assets: | ||
Securities available-for-sale | 792,535 | |
Securities held-to-maturity | 27,324 | 29,667 |
Accrued interest receivable | 23,051 | 23,352 |
Interest rate swaps | 2,971 | 214 |
Financial liabilities: | ||
Borrowed funds | 104,558 | 108,238 |
Junior subordinated debentures | 111,213 | 111,213 |
Cash flow hedges | 3,593 | 1,339 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 192,158 | 77,710 |
Securities available-for-sale | 0 | 574 |
Securities held-to-maturity | 0 | 0 |
Loans receivable, net | 0 | 3,128 |
Accrued interest receivable | 23,051 | 23,352 |
Interest rate swaps | 0 | |
FHLB Stock | 0 | 0 |
Total financial assets | 215,209 | 104,764 |
Financial liabilities: | ||
Savings and checking deposits | 6,564,889 | 6,414,366 |
Time deposits | 0 | 0 |
Borrowed funds | 104,558 | 108,238 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 528 | 460 |
Total financial liabilities | 6,669,975 | 6,523,064 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 757,976 | 791,961 |
Securities held-to-maturity | 27,324 | 29,667 |
Loans receivable, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Interest rate swaps | 214 | |
FHLB Stock | 0 | 0 |
Total financial assets | 788,271 | 821,842 |
Financial liabilities: | ||
Savings and checking deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 3,593 | 1,339 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Loans receivable, net | 7,677,596 | 7,759,434 |
Accrued interest receivable | 0 | 0 |
Interest rate swaps | 0 | |
FHLB Stock | 0 | 0 |
Total financial assets | 7,677,596 | 7,759,434 |
Financial liabilities: | ||
Savings and checking deposits | 0 | 0 |
Time deposits | 1,444,841 | 1,433,380 |
Borrowed funds | 0 | 0 |
Junior subordinated debentures | 111,670 | 110,954 |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 1,556,511 | 1,544,334 |
Carrying amount | ||
Financial assets: | ||
Cash and cash equivalents | 192,158 | 77,710 |
Securities available-for-sale | 757,976 | 792,535 |
Securities held-to-maturity | 27,709 | 29,678 |
Loans receivable, net | 7,827,056 | 7,736,614 |
Accrued interest receivable | 23,051 | 23,352 |
Interest rate swaps | 214 | |
FHLB Stock | 7,694 | 11,733 |
Total financial assets | 8,838,615 | 8,671,836 |
Financial liabilities: | ||
Savings and checking deposits | 6,564,889 | 6,414,366 |
Time deposits | 1,420,600 | 1,412,623 |
Borrowed funds | 104,558 | 108,238 |
Junior subordinated debentures | 111,213 | 111,213 |
Accrued interest payable | 528 | 460 |
Total financial liabilities | 8,205,381 | 8,048,239 |
Estimated fair value | ||
Financial assets: | ||
Cash and cash equivalents | 192,158 | 77,710 |
Securities available-for-sale | 757,976 | 792,535 |
Securities held-to-maturity | 27,324 | 29,667 |
Loans receivable, net | 7,677,596 | 7,762,562 |
Accrued interest receivable | 23,051 | 23,352 |
Interest rate swaps | 214 | |
FHLB Stock | 7,694 | 11,733 |
Total financial assets | 8,688,770 | 8,697,773 |
Financial liabilities: | ||
Savings and checking deposits | 6,564,889 | 6,414,366 |
Time deposits | 1,444,841 | 1,433,380 |
Borrowed funds | 104,558 | 108,238 |
Junior subordinated debentures | 111,670 | 110,954 |
Accrued interest payable | 528 | 460 |
Total financial liabilities | 8,230,079 | 8,068,737 |
Foreign exchange swaps | Level 1 | ||
Financial liabilities: | ||
Cash flow hedges | 0 | 0 |
Foreign exchange swaps | Level 2 | ||
Financial liabilities: | ||
Cash flow hedges | 13 | 61 |
Foreign exchange swaps | Level 3 | ||
Financial liabilities: | ||
Cash flow hedges | 0 | 0 |
Foreign exchange swaps | Carrying amount | ||
Financial liabilities: | ||
Cash flow hedges | 13 | 61 |
Foreign exchange swaps | Estimated fair value | ||
Financial liabilities: | ||
Cash flow hedges | 13 | 61 |
Interest rate swaps | ||
Financial liabilities: | ||
Cash flow hedges | 609 | |
Interest rate swaps | Level 1 | ||
Financial assets: | ||
Interest rate swaps | 0 | |
Financial liabilities: | ||
Cash flow hedges | 0 | 0 |
Interest rate swaps | Level 2 | ||
Financial assets: | ||
Interest rate swaps | 2,971 | |
Financial liabilities: | ||
Cash flow hedges | 3,580 | 1,278 |
Interest rate swaps | Level 3 | ||
Financial assets: | ||
Interest rate swaps | 0 | |
Financial liabilities: | ||
Cash flow hedges | 0 | 0 |
Interest rate swaps | Carrying amount | ||
Financial assets: | ||
Interest rate swaps | 2,971 | |
Financial liabilities: | ||
Cash flow hedges | 3,580 | 1,278 |
Interest rate swaps | Estimated fair value | ||
Financial assets: | ||
Interest rate swaps | 2,971 | |
Financial liabilities: | ||
Cash flow hedges | $ 3,580 | $ 1,278 |
Disclosures About Fair Value 60
Disclosures About Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | $ 792,535 | |
Interest rate swaps | $ 2,971 | 214 |
Cash flow hedges | 3,593 | 1,339 |
Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 0 | 574 |
Interest rate swaps | 0 | |
Total financial assets | 215,209 | 104,764 |
Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 757,976 | 791,961 |
Interest rate swaps | 214 | |
Total financial assets | 788,271 | 821,842 |
Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 0 | 0 |
Interest rate swaps | 0 | |
Total financial assets | 7,677,596 | 7,759,434 |
Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 760,037 | 792,749 |
Total Liabilities | 3,593 | 1,339 |
Measured on recurring basis | Equity securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 0 | 574 |
Measured on recurring basis | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 243,397 | 261,235 |
Measured on recurring basis | Debt securities | U.S. government and agencies | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 1 | 1 |
Measured on recurring basis | Debt securities | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 202,295 | 209,269 |
Measured on recurring basis | Debt securities | States and political subdivisions | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 41,101 | 51,056 |
Measured on recurring basis | Debt securities | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 0 | 909 |
Measured on recurring basis | Total mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 513,669 | 530,726 |
Measured on recurring basis | Residential mortgage-backed securities | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 30,605 | 29,695 |
Measured on recurring basis | Residential mortgage-backed securities | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 78,733 | 82,969 |
Measured on recurring basis | Residential mortgage-backed securities | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 61,342 | 64,021 |
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: | 548 | 555 |
Measured on recurring basis | Collateralized mortgage obligations | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 4,548 | 4,769 |
Measured on recurring basis | Collateralized mortgage obligations | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 180,538 | 191,512 |
Measured on recurring basis | Collateralized mortgage obligations | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 157,354 | 157,190 |
Measured on recurring basis | Collateralized mortgage obligations | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 1 | 15 |
Measured on recurring basis | Interest rate swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | 2,971 | 214 |
Cash flow hedges | 3,580 | 1,278 |
Measured on recurring basis | Foreign exchange swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Cash flow hedges | 13 | 61 |
Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 0 | 574 |
Total Liabilities | 0 | 0 |
Measured on recurring basis | Level 1 | Equity securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 0 | 574 |
Measured on recurring basis | Level 1 | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 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 | ||
Fair value available for sale securities | 0 | 0 |
Measured on recurring basis | Level 1 | Debt securities | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 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 | ||
Fair value available for sale securities | 0 | 0 |
Measured on recurring basis | Level 1 | Debt securities | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 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 | 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 |
Cash flow hedges | 0 | 0 |
Measured on recurring basis | Level 1 | Foreign exchange swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Cash flow hedges | 0 | 0 |
Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 760,037 | 792,175 |
Total Liabilities | 3,593 | 1,339 |
Measured on recurring basis | Level 2 | Equity securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 0 | 0 |
Measured on recurring basis | Level 2 | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 243,397 | 261,235 |
Measured on recurring basis | Level 2 | Debt securities | U.S. government and agencies | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 1 | 1 |
Measured on recurring basis | Level 2 | Debt securities | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 202,295 | 209,269 |
Measured on recurring basis | Level 2 | Debt securities | States and political subdivisions | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 41,101 | 51,056 |
Measured on recurring basis | Level 2 | Debt securities | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 909 | |
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: | 513,669 | 530,726 |
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: | 30,605 | 29,695 |
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: | 78,733 | 82,969 |
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: | 61,342 | 64,021 |
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: | 548 | 555 |
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: | 4,548 | 4,769 |
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: | 180,538 | 191,512 |
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: | 157,354 | 157,190 |
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: | 1 | 15 |
Measured on recurring basis | Level 2 | Interest rate swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | 2,971 | 214 |
Cash flow hedges | 3,580 | 1,278 |
Measured on recurring basis | Level 2 | Foreign exchange swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Cash flow hedges | 13 | 61 |
Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 0 | 0 |
Total Liabilities | 0 | 0 |
Measured on recurring basis | Level 3 | Equity securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 0 | 0 |
Measured on recurring basis | Level 3 | Debt securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 0 | 0 |
Measured on recurring basis | Level 3 | Debt securities | U.S. government and agencies | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 0 | 0 |
Measured on recurring basis | Level 3 | Debt securities | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 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 | ||
Fair value available for sale securities | 0 | 0 |
Measured on recurring basis | Level 3 | Debt securities | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Fair value available for sale securities | 0 | |
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 | 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 |
Cash flow hedges | 0 | 0 |
Measured on recurring basis | Level 3 | Foreign exchange swaps | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Cash flow hedges | $ 0 | $ 0 |
Disclosures About Fair Value 61
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||
Beginning balance January 1, | $ 0 | $ 9,366 |
Total net realized investment gains/ (losses) and net change in unrealized appreciation/ (depreciation): | ||
Included in net income as OTTI | 0 | 0 |
Included in other comprehensive income | 0 | 511 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending balance March 31, | $ 0 | $ 9,877 |
Disclosures About Fair Value 62
Disclosures About Fair Value of Financial Instruments - Nonrecurring Assets that had Fair Market Values Below the Carrying Amount (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | $ 32,792 | $ 39,087 |
Loans measured for impairment | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 28,751 | 33,421 |
Real estate owned | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 4,041 | 5,666 |
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 | 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 | 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 | 32,792 | 39,087 |
Level 3 | Loans measured for impairment | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | 28,751 | 33,421 |
Level 3 | Real estate owned | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Total assets | $ 4,041 | $ 5,666 |
Disclosures About Fair Value 63
Disclosures About Fair Value of Financial Instruments - Additional Quantitative Information, Assets Measured at Fair Value, Recurring and Nonrecurring Basis, Level 3 Input (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Loans measured for impairment | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 28,751 |
Estimated cost to sell | 10.00% |
Loans measured for impairment | Discounted cash flow | Minimum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount rate | 4.25% |
Loans measured for impairment | Discounted cash flow | Maximum | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount rate | 10.00% |
Loans measured for impairment | Discounted cash flow | Weighted Average | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Discount rate | 7.50% |
Real estate owned | |
Quantitative information for Level 3 Fair Value Measurements Assets | |
Fair value | $ 4,041 |
Estimated cost to sell | 10.00% |
Derivative Financial Instrume64
Derivative Financial Instruments - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($)derivative | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | ||
Cash flow hedges | $ 3,593,000 | $ 1,339,000 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Number of agreements | derivative | 2 | |
Cash pledged as collateral to the counterparty | $ 1,100,000 | |
Cash flow hedges | $ 609,000 | |
Trust preferred investments | Northwest Bancorp Capital Trust III | Interest rate swaps | ||
Derivative [Line Items] | ||
Original term of swaps | 10 years | |
Fixed rate (as a percent) | 4.61% | |
Trust preferred investments | Northwest Bancorp Statutory Trust IV | Interest rate swaps | ||
Derivative [Line Items] | ||
Original term of swaps | 10 years | |
Fixed rate (as a percent) | 4.09% | |
Notional amount | $ 25,000,000 |
Derivative Financial Instrume65
Derivative Financial Instruments - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Asset Derivatives, Notional Amount | $ 125,394 | $ 92,631 |
Asset Derivatives, Fair Value | 2,971 | 214 |
Liability Derivatives, Notional Amount | 180,952 | 154,975 |
Liability Derivatives, Fair Value | 3,593 | 1,339 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Liability Derivatives, Fair Value | 609 | |
Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Asset Derivatives, Notional Amount | 0 | 0 |
Asset Derivatives, Fair Value | 0 | 0 |
Liability Derivatives, Notional Amount | 50,000 | 50,000 |
Liability Derivatives, Fair Value | 609 | 1,064 |
Not Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Asset Derivatives, Notional Amount | 125,394 | 92,631 |
Asset Derivatives, Fair Value | 2,971 | 214 |
Liability Derivatives, Notional Amount | 125,394 | 92,631 |
Liability Derivatives, Fair Value | 2,971 | 214 |
Not Designated as Hedging Instrument | Foreign exchange swaps | ||
Derivative [Line Items] | ||
Asset Derivatives, Notional Amount | 0 | 0 |
Asset Derivatives, Fair Value | 0 | 0 |
Liability Derivatives, Notional Amount | 5,558 | 12,344 |
Liability Derivatives, Fair Value | $ 13 | $ 61 |
Derivative Financial Instrume66
Derivative Financial Instruments - Gain (Loss) on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Non-hedging swap derivatives: | ||
Increase/ (decrease) in other income | $ 129 | $ (34) |
Hedging interest rate derivatives: | ||
Increase in interest expense | $ 332 | $ 419 |
Changes in Accumulated Other 67
Changes in Accumulated Other Comprehensive Income/ (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Changes in accumulated other comprehensive income by component | ||
Balance beginning of the period | $ 1,207,724 | $ 1,170,663 |
Reclassification due to adoption of ASU No. 2018-02 | 6,746 | |
Other comprehensive income before reclassification adjustments | (3,595) | 961 |
Amounts reclassified from accumulated other comprehensive income | 200 | 209 |
Other comprehensive income/ (loss) | (10,141) | 1,170 |
Balance end of the period | 1,215,254 | 1,177,563 |
Reclassification adjustment for gains included in net income, net of tax | 26 | 11 |
Reclassification adjustment for gains included in net income, tax | (7) | (8) |
Reclassification adjustment for prior period service costs included in net income, net of tax | 226 | 220 |
Reclassification adjustment for prior period service costs included in net income, tax | 90 | 153 |
Unrealized gains and (losses) on securities available- for-sale | ||
Changes in accumulated other comprehensive income by component | ||
Balance beginning of the period | (4,409) | 395 |
Reclassification due to adoption of ASU No. 2018-02 | 991 | |
Other comprehensive income before reclassification adjustments | (3,955) | 658 |
Amounts reclassified from accumulated other comprehensive income | (26) | (11) |
Other comprehensive income/ (loss) | (4,972) | 647 |
Balance end of the period | (9,381) | 1,042 |
Reclassification adjustment for gains included in net income, net of tax | 33 | 19 |
Reclassification adjustment for gains included in net income, tax | (7) | (8) |
Change in fair value of interest rate swaps | ||
Changes in accumulated other comprehensive income by component | ||
Balance beginning of the period | (691) | (1,778) |
Reclassification due to adoption of ASU No. 2018-02 | 149 | |
Other comprehensive income before reclassification adjustments | 360 | 303 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income/ (loss) | 211 | 303 |
Balance end of the period | (480) | (1,475) |
Change in defined benefit pension plans | ||
Changes in accumulated other comprehensive income by component | ||
Balance beginning of the period | (26,980) | (26,608) |
Reclassification due to adoption of ASU No. 2018-02 | 5,606 | |
Other comprehensive income before reclassification adjustments | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 226 | 220 |
Other comprehensive income/ (loss) | (5,380) | 220 |
Balance end of the period | (32,360) | (26,388) |
Reclassification adjustment for prior period service costs included in net income, net of tax | 581 | 581 |
Reclassification adjustment for defined benefit plan loss included in net income, net of tax | (897) | (954) |
Reclassification adjustment for prior period service costs included in net income, tax | 90 | 153 |
Total | ||
Changes in accumulated other comprehensive income by component | ||
Balance beginning of the period | (32,080) | (27,991) |
Reclassification due to adoption of ASU No. 2018-02 | 6,746 | |
Balance end of the period | $ (42,221) | $ (26,821) |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Sources of Non-Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Service charges and fees | $ 11,899 | $ 11,717 |
Gain on sale of investments | 153 | 17 |
Trust and other financial services income | 4,031 | 4,304 |
Insurance commission income | 2,749 | 2,794 |
(Loss)/ gain on real estate owned, net | (546) | (67) |
Income from bank owned life insurance | 990 | 1,068 |
Mortgage banking income | 224 | 240 |
Other operating income | 2,288 | 1,431 |
Total noninterest income | 21,788 | 21,504 |
Service charges on deposits | ||
Disaggregation of Revenue [Line Items] | ||
Service charges and fees | 4,920 | 5,197 |
Loan servicing fees | ||
Disaggregation of Revenue [Line Items] | ||
Service charges and fees | 565 | 411 |
Interchange income | ||
Disaggregation of Revenue [Line Items] | ||
Service charges and fees | 6,414 | 6,109 |
Excluded From Scope Of ASU 2014-09 | ||
Disaggregation of Revenue [Line Items] | ||
Other operating income | $ 621 | $ 212 |