Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document and Entity Information | ||
Entity Registrant Name | Northwest Bancshares, Inc. | |
Entity Central Index Key | 0001471265 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 106,251,814 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 92,923 | $ 68,789 |
Marketable securities available-for-sale (amortized cost of $845,989 and $811,015) | 842,657 | 801,450 |
Marketable securities held-to-maturity (fair value of $21,597 and $22,446) | 21,671 | 22,765 |
Total cash and cash equivalents and marketable securities | 957,251 | 893,004 |
Personal Banking: | ||
Residential mortgage loans | 2,867,161 | 2,864,470 |
Home equity loans | 1,324,405 | 1,258,422 |
Consumer loans | 931,062 | 859,713 |
Total Personal Banking loans | 5,122,628 | 4,982,605 |
Commercial Banking: | ||
Commercial real estate loans | 2,799,309 | 2,471,821 |
Commercial loans | 647,938 | 597,013 |
Total Commercial Banking loans | 3,447,247 | 3,068,834 |
Total loans | 8,569,875 | 8,051,439 |
Allowance for loan losses | (55,721) | (55,214) |
Total loans, net | 8,514,154 | 7,996,225 |
Federal Home Loan Bank stock, at cost | 12,533 | 15,635 |
Accrued interest receivable | 28,107 | 24,490 |
Real estate owned, net | 2,345 | 2,498 |
Premises and equipment, net | 149,623 | 143,390 |
Bank-owned life insurance | 186,251 | 171,079 |
Goodwill | 344,720 | 307,420 |
Other intangible assets | 25,872 | 19,821 |
Other assets | 76,232 | 34,211 |
Total assets | 10,297,088 | 9,607,773 |
Liabilities: | ||
Noninterest-bearing demand deposits | 1,992,126 | 1,736,156 |
Interest-bearing demand deposits | 1,583,049 | 1,455,460 |
Money market deposit accounts | 1,778,806 | 1,661,623 |
Savings deposits | 1,711,216 | 1,636,099 |
Time deposits | 1,527,327 | 1,404,841 |
Total deposits | 8,592,524 | 7,894,179 |
Borrowed funds | 114,081 | 234,389 |
Junior subordinated debentures | 121,757 | 111,213 |
Advances by borrowers for taxes and insurance | 44,905 | 43,298 |
Accrued interest payable | 1,111 | 744 |
Other liabilities | 106,434 | 66,312 |
Total liabilities | 8,980,812 | 8,350,135 |
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, 106,220,030 and 103,354,030 shares issued, respectively | 1,062 | 1,034 |
Paid-in capital | 795,044 | 745,926 |
Retained earnings | 555,205 | 550,374 |
Accumulated other comprehensive loss | (35,035) | (39,696) |
Total shareholders’ equity | 1,316,276 | 1,257,638 |
Total liabilities and shareholders’ equity | $ 10,297,088 | $ 9,607,773 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Marketable securities available-for-sale, amortized cost | $ 845,989 | $ 811,015 |
Marketable securities held-to-maturity, fair value | $ 21,597 | $ 22,446 |
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) | 106,220,030 | 103,354,030 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income | ||
Loans receivable | $ 94,935 | $ 85,220 |
Mortgage-backed securities | 3,965 | 3,013 |
Taxable investment securities | 936 | 678 |
Tax-free investment securities | 182 | 390 |
Federal Home Loan Bank stock dividends | 171 | 97 |
Interest-earning deposits | 100 | 135 |
Total interest income | 100,289 | 89,533 |
Interest expense | ||
Deposits | 10,145 | 6,458 |
Borrowed funds | 2,162 | 1,308 |
Total interest expense | 12,307 | 7,766 |
Net interest income | 87,982 | 81,767 |
Provision for loan losses | 6,467 | 4,209 |
Net interest income after provision for loan losses | 81,515 | 77,558 |
Noninterest income: | ||
Gain/(loss) on sale of investments | (6) | 153 |
Service charges and fees | 12,043 | 11,899 |
Trust and other financial services income | 4,195 | 4,031 |
Insurance commission income | 2,178 | 2,749 |
Loss on real estate owned, net | (3) | (546) |
Income from bank-owned life insurance | 1,005 | 990 |
Mortgage banking income | 216 | 224 |
Other operating income | 2,034 | 2,288 |
Total noninterest income | 21,662 | 21,788 |
Noninterest expense | ||
Compensation and employee benefits | 38,188 | 36,510 |
Premises and occupancy costs | 7,218 | 7,307 |
Office operations | 3,131 | 3,408 |
Collections expense | 308 | 512 |
Processing expenses | 10,434 | 9,706 |
Marketing expenses | 1,886 | 2,140 |
Federal deposit insurance premiums | 706 | 717 |
Professional services | 2,524 | 2,277 |
Amortization of intangible assets | 1,447 | 1,520 |
Real estate owned expense | 159 | 292 |
Restructuring/acquisition expense | 1,926 | 0 |
Other expenses | 3,497 | 3,032 |
Total noninterest expense | 71,424 | 67,421 |
Income before income taxes | 31,753 | 31,925 |
Federal and state income taxes expense | 6,709 | 6,940 |
Net income | $ 25,044 | $ 24,985 |
Basic earnings per share (in dollars per share) | $ 0.24 | $ 0.25 |
Diluted earnings per share (in dollars per share) | $ 0.24 | $ 0.24 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 25,044 | $ 24,985 |
Net unrealized holding gains/(losses) on marketable securities: | ||
Unrealized holding gains/(losses) net of tax of $(1,781), and $1,587, respectively | 4,452 | (3,955) |
Reclassification adjustment for gains included in net income, net of tax of $0 and $7, respectively | 0 | (26) |
Net unrealized holding gains/(losses) on marketable securities | 4,452 | (3,981) |
Change in fair value of interest rate swaps, net of tax of $0, and $(95), respectively | 0 | |
Change in fair value of interest rate swaps, net of tax of $0, and $(95), respectively | 360 | |
Defined benefit plan: | ||
Reclassification adjustments for prior period service costs and net losses included in net income, net of tax of $(82) and $(90), respectively | 209 | 226 |
Other comprehensive income/(loss) | 4,661 | (3,395) |
Total comprehensive income | $ 29,705 | $ 21,590 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized holding losses, tax | $ (1,781) | $ 1,587 |
Reclassification adjustment for gains included in net income, tax | 0 | 7 |
Change in fair value of interest rate swaps. tax | 0 | |
Change in fair value of interest rate swaps, tax | (95) | |
Reclassification adjustments for prior period service costs and net losses included in net income, tax | $ (82) | $ (90) |
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 loss |
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. 2016-02 | (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 | 0 | $ (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) |
Balance beginning of the period (in shares) at Dec. 31, 2018 | 103,354,030 | ||||
Balance beginning of the period at Dec. 31, 2018 | 1,257,638 | $ 1,034 | 745,926 | 550,374 | (39,696) |
Comprehensive income: | |||||
Net income | 25,044 | 25,044 | |||
Other comprehensive income, net | 4,661 | 4,661 | |||
Total comprehensive income | 29,705 | 25,044 | 4,661 | ||
Acquisition of Union Community Bank ('UCB') (in shares) | 2,462,373 | ||||
Acquisition of Union Community Bank (UCB) | 43,288 | $ 24 | 43,264 | ||
Exercise of stock options (in shares) | 431,782 | ||||
Exercise of stock options | 4,658 | $ 4 | 4,654 | ||
Stock-based compensation expense, including tax benefit | 1,200 | 1,200 | |||
Stock-based compensation forfeited (in shares) | (28,155) | ||||
Stock-based compensation forfeited | 0 | ||||
Dividends paid, per share amount | (18,643) | (18,643) | |||
Balance end of period (in shares) at Mar. 31, 2019 | 106,220,030 | ||||
Balance end of the period at Mar. 31, 2019 | $ 1,316,276 | $ 1,062 | $ 795,044 | $ 555,205 | $ (35,035) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Other comprehensive income, tax | $ (1,863) | $ 1,409 |
Dividends paid, per share (in dollars per share) | $ 0.18 | $ 0.17 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities: | ||
Net income | $ 25,044 | $ 24,985 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 6,467 | 4,209 |
Net loss on sale of assets | 810 | 1,009 |
Net depreciation, amortization and accretion | 1,285 | 3,753 |
(Increase)/decrease in other assets | (41,336) | 1,294 |
Increase/(decrease) in other liabilities | 36,106 | (7,364) |
Net amortization on marketable securities | 236 | 466 |
Noncash write-down of real estate owned | 160 | 774 |
Origination of loans held for sale | 0 | (1,297) |
Proceeds from sale of loans held for sale | 0 | 4,501 |
Noncash compensation expense related to stock benefit plans | 1,200 | 978 |
Net cash provided by operating activities | 29,972 | 33,308 |
Investing activities: | ||
Purchase of marketable securities available-for-sale | (20,219) | (14,250) |
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 1,090 | 1,965 |
Proceeds from maturities and principal reductions of marketable securities available-for-sale | 31,282 | 37,721 |
Proceeds from sale of marketable securities available-for-sale | 32,319 | 5,206 |
Proceeds from bank-owned life insurance | 2,207 | 0 |
Loan originations | (763,848) | (723,096) |
Proceeds from loan maturities and principal reductions | 649,597 | 624,663 |
Net proceeds of Federal Home Loan Bank stock | 3,555 | 4,039 |
Proceeds from sale of real estate owned | 1,078 | 2,618 |
Sale of real estate owned for investment, net | 152 | 152 |
Purchase of premises and equipment | (3,478) | (489) |
Acquisitions, net of cash received | (25,833) | 0 |
Net cash used in investing activities | (92,098) | (61,471) |
Financing activities: | ||
Increase in deposits, net | 218,966 | 158,500 |
Net decrease in short-term borrowings | (120,308) | (3,680) |
Increase in advances by borrowers for taxes and insurance | 1,587 | 2,829 |
Cash dividends paid | (18,643) | (17,405) |
Proceeds from stock options exercised | 4,658 | 2,367 |
Net cash provided by financing activities | 86,260 | 142,611 |
Net increase in cash and cash equivalents | 24,134 | 114,448 |
Cash and cash equivalents at beginning of period | 68,789 | 77,710 |
Cash and cash equivalents at end of period | 92,923 | 192,158 |
Cash paid during the period for: | ||
Interest on deposits and borrowings (including interest credited to deposit accounts of $9,364 and $6,171, respectively) | 11,940 | 7,698 |
Income taxes | 1,747 | 1,367 |
Business acquisitions: | ||
Fair value of assets acquired | 580,407 | 0 |
Northwest Bancshares, Inc. common stock issued | (43,288) | 0 |
Cash paid | (42,500) | 0 |
Liabilities assumed | 494,619 | 0 |
Non-cash activities: | ||
Loan foreclosures and repossessions | 1,492 | 2,396 |
Sale of real estate owned financed by the Company | $ 0 | $ 183 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Cash Flows [Abstract] | ||
Interest on deposits and borrowings, interest credited to deposit accounts | $ 9,364 | $ 6,171 |
Basis of Presentation and Infor
Basis of Presentation and Informational Disclosures | 3 Months Ended |
Mar. 31, 2019 | |
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 182 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 (doing business as Northwest Insurance Services). 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, 2018 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, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 , or any other period. Stock-Based Compensation Stock-based compensation expense of $1.2 million and $978,000 for the quarters ended March 31, 2019 and 2018 , respectively, was recognized in compensation expense relating to our stock benefit plans. At March 31, 2019 , there was compensation expense of $3.8 million to be recognized for awarded but unvested stock options and $16.6 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, 2019 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, 2018 , 2017 , 2016 and 2015 . Recent Accounting Pronouncements (a) Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842), which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Accounting Standards Codification ("ASC") Topic 842 establishes a right of use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company has elected not to recognize ROU assets and lease liabilities for short-term leases of all classes of underlying assets that have a lease term of 12 months or less and we recognize lease expense for these leases on a straight-line basis over the term of the lease. On January 1, 2019, the Company adopted ASU 2016-02 using a modified retrospective transition approach as of the effective date, January 1, 2019. As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required lease disclosures for periods before the date of adoption (i.e. January 1, 2017). The Company has elected to adopt the package of transition practical expedients and, therefore, has not reassessed (1) whether existing or expired contracts contain a lease, (2) lease classification for existing or expired leases or (3) the accounting for initial direct costs that were previously capitalized. The Company also elected the practical expedient to use hindsight for leases existing at the adoption date. As a result of the adoption of ASU 2016-02, we recognized an operating lease ROU asset of $40.2 million , an operating lease liability of approximately $42.2 million and a cumulative-effect adjustment on retained earnings of $1.6 million on the consolidated statements of financial condition as of January 1, 2019, with no impact on our consolidated statement of income or consolidated statement of cash flows compared to the prior lease accounting model. (b) Recently Issued Accounting Standards 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 and instead requires 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 assets 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 has created a formal working group to govern the implementation of these amendments, consisting of key stakeholders from finance, risk, credit 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 have engaged with a third party to assist in the development of certain portfolio-level estimation methodologies and have chosen a third-party software platform provider. 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. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This guidance removes, modifies and adds disclosure requirements for fair value measurements. This guidance is effective for annual periods beginning after December 15, 2019, including interim periods within those years, with early adoption permitted for any removed or modified disclosure requirements. Transition is on a prospective basis for the new and modified disclosures, and on a retrospective basis for disclosures that have been eliminated. We do not expect this guidance to have a material impact on our financial statements. In August 2018, the FASB issued ASU 2018-14, “ Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) - Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” This guidance removes and adds disclosure requirements for defined benefit pension or other post-retirement plans. This guidance is effective for annual periods beginning after December 15, 2020, with early adoption permitted, and requires retrospective adoption for all periods presented. We do not expect this guidance to have a material impact on our financial statements. In August 2018, the FASB issued ASU 2018-15, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This guidance aligns the requirements for capitalization of implementation costs incurred in a hosting arrangement that is a service contract with the existing guidance for internal-use software. This guidance is effective for annual periods beginning after December 15, 2019, including interim periods within those years, with early adoption permitted. Transition can either be on a retrospective basis or a prospective basis on all implementation costs incurred after the date of adoption. We are evaluating the impact this new accounting guidance will have on our financial statements. |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition On March 8, 2019, the Company completed the merger with Donegal Financial Services Corporation ("DFSC"), the holding company for Union Community Bank ("UCB"), for total consideration of $85.8 million . The transaction has expanded Northwest’s franchise by 12 offices in Lancaster County in eastern Pennsylvania. The result of UCB's operations are included in the Consolidated Statements of Income from the date of acquisition. Under the terms of the merger agreement, the two shareholders of DFSC, Donegal Mutual Insurance Company and Donegal Group Inc., received payment in the form of 50% cash and 50% stock, or a total of $42.5 million and 2,462,373 shares of common stock of the Company, valued at $43.3 million , based on the $17.58 closing price of the Company's stock on March 8, 2019. The following table shows the assets acquired and the liabilities assumed that were recorded at fair value on the date of acquisition (in thousands): Consideration paid: Northwest Bancshares, Inc. common stock issued $ 43,288 Cash paid to DFSC 42,500 Total consideration paid 85,788 Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value (1) Cash and cash equivalents $ 16,667 Investment securities available-for-sale 78,594 Loans 407,840 Federal Home Loan Bank stock 453 Premises and equipment 6,520 Core deposit intangible 7,498 Other assets 25,535 Deposits (479,379 ) Other liabilities (15,240 ) Total identifiable net assets $ 48,488 Goodwill $ 37,300 (1) Amounts are estimates and subject to adjustment. Actual amounts are not expected to differ materially from the amounts shown. We estimated the fair value of loans acquired from UCB by utilizing a methodology wherein similar loans were aggregated into pools. Cash flows for each pool were determined by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value based on a market rate for similar loans. There was no carryover of UCB’s allowance for loan losses associated with the loans we acquired as the loans were initially recorded at fair value. Loans acquired with evidence of credit quality deterioration were evaluated and not considered to be significant. The core deposit intangible asset recognized as part of the UCB merger is being amortized over its estimated useful life of approximately seven years utilizing an accelerated method. The goodwill, which is not amortized for book purposes, was assigned to our Community Banking segment and is not deductible for tax purposes. The fair values of savings and transaction deposit accounts acquired from UCB were assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. Certificates of deposit were valued by projecting out the expected cash flows based on the contractual terms of the certificates of deposit. These cash flows were discounted based on a market rate for a certificate of deposit with a corresponding maturity. Direct costs related to the UCB merger were expensed as incurred and were $1.9 million during the three months ended March 31, 2019, which includes technology and communications costs, professional services, marketing and advertising, and other noninterest expenses. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification of a finance or operating lease. Operating lease ROU assets represent our right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments. ROU assets are further adjusted for lease incentives and initial direct costs. The Company has operating leases for certain branch and office facilities or land with lease terms up to 35 years . These leases generally contain renewal options for periods ranging from one to ten years . These options are included in the lease term when it is reasonably certain that the options will be exercised. Some of the Company’s lease arrangements contain lease components (e.g., minimum rent payments) and non-lease components (e.g., common area maintenance, taxes, etc.). The Company elected the option of not separating lease and non-lease components and instead we account for them as a single lease component. Certain lease agreements include rental payments that are adjusted periodically for an index or rate. The leases are initially measured using the projected adjustment for the index or rate in effect at the commencement date. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Generally, the Company cannot practically determine the interest rate implicit in the lease. Therefore, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Lease expense for these leases is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred. The components of lease cost recognized within our consolidated statements of income were as follows (in thousands): For the quarter ended March 31, 2019 Operating lease costs (office operations) $ 1,299 Variable lease costs (office operations) 134 Total operating lease costs $ 1,433 Amounts reported in the consolidated statements of financial condition were as follows: Operating leases: For the quarter ended March 31, 2019 Operating lease ROU assets (other assets) $ 43,479 Operating lease liabilities (other liabilities) 46,147 Other information related to leases as of March 31, 2019 was as follows: Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 1,441 ROU assets obtained in exchange for lease obligations $ 4,126 Weighted average remaining lease term 15.5 years Weighted average discount rate 3.8 % Amounts disclosed for ROU assets obtained in exchange for lease obligations include amounts added to the carrying amount of ROU assets resulting from lease modifications and reassessments. Maturities of lease liabilities by fiscal year for our operating leases are as follows (in thousands): As of March 31, 2019 2019 $ 4,112 2020 4,940 2021 4,604 2022 4,297 2023 4,035 Thereafter 40,973 Total lease payments 62,961 Less amount of lease payments representing interest 16,814 Total present value of lease payments $ 46,147 As of December 31, 2018 2019 $ 4,677 2020 3,884 2021 3,179 2022 2,465 2023 2,040 Thereafter 7,784 Total lease payments $ 24,029 The Company has an additional operating lease with undiscounted payments of $ 3.4 million which has not commenced as of March 31, 2019 , and as such, has not been recognized in the Company’s consolidated statement of financial condition. We anticipate this lease to commence during 2019 . |
Investment securities and impai
Investment securities and impairment of investment securities | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 (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 $ 14,804 44 — 14,848 Debt issued by government sponsored enterprises: Due in one year or less 85,092 — (457 ) 84,635 Due in one year through five years 101,060 204 (1,104 ) 100,160 Due in five years through ten years 987 15 — 1,002 Due after ten years 3,295 — (132 ) 3,163 Municipal securities: Due in one year or less 974 2 — 976 Due in one year through five years 3,990 73 — 4,063 Due in five years through ten years 12,086 100 — 12,186 Due after ten years 14,716 87 — 14,803 Corporate debt issues: Due in one year or less 41 — — 41 Due in five years through ten years 915 — — 915 Residential mortgage-backed securities: Fixed rate pass-through 154,338 1,224 (2,585 ) 152,977 Variable rate pass-through 22,782 899 (6 ) 23,675 Fixed rate agency CMOs 368,622 1,958 (3,680 ) 366,900 Variable rate agency CMOs 62,287 198 (172 ) 62,313 Total residential mortgage-backed securities 608,029 4,279 (6,443 ) 605,865 Total marketable securities available-for-sale $ 845,989 4,804 (8,136 ) 842,657 The following table shows the portfolio of investment securities available-for-sale at December 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 through five years $ 14,756 24 — 14,780 Debt issued by government sponsored enterprises: Due in one year or less 85,089 — (795 ) 84,294 Due in one year through five years 101,078 71 (1,512 ) 99,637 Due after ten years 3,546 — (142 ) 3,404 Municipal securities: Due in one year or less 1,333 2 (6 ) 1,329 Due in one year through five years 3,985 54 (4 ) 4,035 Due in five years through ten years 10,603 60 — 10,663 Due after ten years 5,105 31 — 5,136 Corporate debt issues: Due in five years through ten years 914 — — 914 Residential mortgage-backed securities: Fixed rate pass-through 130,172 568 (4,113 ) 126,627 Variable rate pass-through 24,761 1,003 (5 ) 25,759 Fixed rate agency CMOs 365,427 865 (5,921 ) 360,371 Variable rate agency CMOs 64,246 280 (25 ) 64,501 Total residential mortgage-backed securities 584,606 2,716 (10,064 ) 577,258 Total marketable securities available-for-sale $ 811,015 2,958 (12,523 ) 801,450 The following table shows the portfolio of investment securities held-to-maturity at March 31, 2019 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Residential mortgage-backed securities: Fixed rate pass-through $ 2,734 81 — 2,815 Variable rate pass-through 1,588 42 — 1,630 Fixed rate agency CMOs 16,698 6 (213 ) 16,491 Variable rate agency CMOs 651 10 — 661 Total residential mortgage-backed securities 21,671 139 (213 ) 21,597 Total marketable securities held-to-maturity $ 21,671 139 (213 ) 21,597 The following table shows the portfolio of investment securities held-to-maturity at December 31, 2018 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Residential mortgage-backed securities: Fixed rate pass-through $ 2,896 53 — 2,949 Variable rate pass-through 1,666 39 — 1,705 Fixed rate agency CMOs 17,552 — (422 ) 17,130 Variable rate agency CMOs 651 11 — 662 Total residential mortgage-backed securities 22,765 103 (422 ) 22,446 Total marketable securities held-to-maturity $ 22,765 103 (422 ) 22,446 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, 2019 (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 $ — — 136,932 (1,692 ) 136,932 (1,692 ) Residential mortgage-backed securities - agency 31,340 (165 ) 322,681 (6,492 ) 354,021 (6,657 ) Total temporarily impaired securities $ 31,340 (165 ) 459,613 (8,184 ) 490,953 (8,349 ) 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, 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 $ — — 136,425 (2,449 ) 136,425 (2,449 ) Municipal securities 929 (1 ) 1,709 (10 ) 2,638 (11 ) Residential mortgage-backed securities - agency 34,031 (30 ) 346,675 (10,456 ) 380,706 (10,486 ) Total temporarily impaired securities $ 34,960 (31 ) 484,809 (12,915 ) 519,769 (12,946 ) 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 (in thousands): 2019 2018 Beginning balance at January 1, (1) $ — 352 Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Reduction for losses realized during the quarter — — 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, $ — — (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, 2019 | |
Receivables [Abstract] | |
Loans receivable | Loans receivable The following table shows a summary of our loans receivable at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Originated Acquired Total Originated Acquired Total Personal Banking: Residential mortgage loans (1) $ 2,763,192 96,319 2,859,511 2,766,430 93,782 2,860,212 Home equity loans 1,035,189 289,216 1,324,405 1,043,878 214,544 1,258,422 Consumer finance loans (2) 2,292 — 2,292 3,817 — 3,817 Consumer loans 852,608 51,520 904,128 775,378 58,671 834,049 Total Personal Banking 4,653,281 437,055 5,090,336 4,589,503 366,997 4,956,500 Commercial Banking: Commercial real estate loans 2,443,717 507,294 2,951,011 2,416,047 223,327 2,639,374 Commercial loans 634,417 68,599 703,016 612,962 48,816 661,778 Total Commercial Banking 3,078,134 575,893 3,654,027 3,029,009 272,143 3,301,152 Total loans receivable, gross 7,731,415 1,012,948 8,744,363 7,618,512 639,140 8,257,652 Deferred loan costs 40,043 689 40,732 36,820 798 37,618 Allowance for loan losses (51,711 ) (4,010 ) (55,721 ) (51,751 ) (3,463 ) (55,214 ) Undisbursed loan proceeds: Residential mortgage loans (8,440 ) — (8,440 ) (11,513 ) — (11,513 ) Commercial real estate loans (138,241 ) (13,461 ) (151,702 ) (167,029 ) (524 ) (167,553 ) Commercial loans (53,918 ) (1,160 ) (55,078 ) (63,605 ) (1,160 ) (64,765 ) Total loans receivable, net $ 7,519,148 995,006 8,514,154 7,361,434 634,791 7,996,225 (1) There were no loans held for sale at March 31, 2019 and December 31, 2018 . (2) Represents loans from our consumer finance subsidiary that was closed in 2017. Such loans are no longer being originated. Acquired loans were initially measured at fair value and subsequently accounted for under either 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, 2019 December 31, 2018 Acquired loans evaluated individually for future credit losses: Outstanding principal balance $ 8,068 8,189 Carrying value 5,607 5,690 Acquired loans evaluated collectively for future credit losses: Outstanding principal balance 1,005,356 637,170 Carrying value 993,409 632,564 Total acquired loans: Outstanding principal balance 1,013,424 645,359 Carrying value 999,016 638,254 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, 2017 $ 1,540 Accretion (785 ) Net reclassification from nonaccretable yield — Balance at December 31, 2018 755 Accretion (132 ) Net reclassification from nonaccretable yield — Balance at March 31, 2019 $ 623 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, 2019 (in thousands): Carrying value Outstanding principal balance Related impairment reserve Average recorded investment in impaired loans Interest income recognized Personal Banking: Residential mortgage loans $ 975 1,579 6 982 32 Home equity loans 997 1,960 7 1,003 28 Consumer loans 17 36 4 24 3 Total Personal Banking 1,989 3,575 17 2,009 63 Commercial Banking: Commercial real estate loans 3,539 4,408 1 3,561 67 Commercial loans 79 85 — 79 2 Total Commercial Banking 3,618 4,493 1 3,640 69 Total $ 5,607 8,068 18 5,649 132 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, 2018 (in thousands): Carrying Outstanding Related Average Interest Personal Banking: Residential mortgage loans $ 990 1,598 6 1,294 226 Home equity loans 1,008 1,959 7 1,483 157 Consumer loans 29 76 4 53 35 Total Personal Banking 2,027 3,633 17 2,830 418 Commercial Banking: Commercial real estate loans 3,584 4,471 1 4,028 358 Commercial loans 79 85 — 82 9 Total Commercial Banking 3,663 4,556 1 4,110 367 Total $ 5,690 8,189 18 6,940 785 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, 2019 (in thousands): Balance as of Current period provision Charge-offs Recoveries Balance as of Originated loans: Personal Banking: Residential mortgage loans $ 4,005 186 (349 ) 114 4,054 Home equity loans 3,062 (35 ) (112 ) 25 3,184 Consumer finance loans 405 (229 ) (179 ) 137 676 Consumer loans 11,130 3,051 (2,809 ) 484 10,404 Total Personal Banking 18,602 2,973 (3,449 ) 760 18,318 Commercial Banking: Commercial real estate loans 25,470 (464 ) (569 ) 124 26,379 Commercial loans 7,639 874 (457 ) 168 7,054 Total Commercial Banking 33,109 410 (1,026 ) 292 33,433 Total originated loans 51,711 3,383 (4,475 ) 1,052 51,751 Acquired loans: Personal Banking: Residential mortgage loans 92 8 (8 ) 9 83 Home equity loans 399 45 (42 ) 48 348 Consumer loans 454 34 (32 ) 33 419 Total Personal Banking 945 87 (82 ) 90 850 Commercial Banking: Commercial real estate loans 2,467 255 (35 ) 251 1,996 Commercial loans 598 2,742 (2,813 ) 52 617 Total Commercial Banking 3,065 2,997 (2,848 ) 303 2,613 Total acquired loans 4,010 3,084 (2,930 ) 393 3,463 Total $ 55,721 6,467 (7,405 ) 1,445 55,214 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 as of Current period provision Charge-offs Recoveries Balance as of December 31, 2017 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 loan portfolio by portfolio segment and by class of financing receivable at March 31, 2019 (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 $ 2,867,161 4,097 13,052 — 7,517 813 — Home equity loans 1,324,405 3,462 7,299 166 2,125 510 31 Consumer finance loans 2,292 405 — — — — — Consumer loans 928,770 11,583 4,128 — — — — Total Personal Banking 5,122,628 19,547 24,479 166 9,642 1,323 31 Commercial Banking: Commercial real estate loans 2,799,309 27,937 41,278 — 19,372 1,568 491 Commercial loans 647,938 8,237 7,022 — 3,798 330 6 Total Commercial Banking 3,447,247 36,174 48,300 — 23,170 1,898 497 Total $ 8,569,875 55,721 72,779 166 32,812 3,221 528 (1) Includes $15.0 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, 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 $ 2,864,470 4,137 15,848 — 5,382 993 — Home equity loans 1,258,422 3,532 7,075 136 4,502 1,520 4 Consumer finance loans 3,817 676 22 3 — — — Consumer loans 855,896 10,823 4,300 27 — — — Total Personal Banking 4,982,605 19,168 27,245 166 9,884 2,513 4 Commercial Banking: Commercial real estate loans 2,471,821 28,375 36,935 — 19,859 313 310 Commercial loans 597,013 7,671 8,101 — 3,865 263 74 Total Commercial Banking 3,068,834 36,046 45,036 — 23,724 576 384 Total $ 8,051,439 55,214 72,281 166 33,608 3,089 388 (1) Includes $15.3 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, 2019 (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 $ 10,781 2,271 505 6,318 19,875 19,696 258 Home equity loans 5,542 1,757 — 1,780 9,079 8,698 166 Consumer loans 3,215 913 — — 4,128 3,992 92 Total Personal Banking 19,538 4,941 505 8,098 33,082 32,386 516 Commercial Banking: Commercial real estate loans 24,528 16,750 3,390 7,460 52,128 48,887 486 Commercial loans 2,027 4,995 232 2,303 9,557 8,877 111 Total Commercial Banking 26,555 21,745 3,622 9,763 61,685 57,764 597 Total $ 46,093 26,686 4,127 17,861 94,767 90,150 1,113 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, 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 $ 12,965 2,883 — 6,660 22,508 20,733 910 Home equity loans 5,996 1,079 — 1,818 8,893 9,075 511 Consumer finance loans 22 — — — 22 24 — Consumer loans 3,228 1,072 — — 4,300 3,992 235 Total Personal Banking 22,211 5,034 — 8,478 35,723 33,824 1,656 Commercial Banking: Commercial real estate loans 25,509 11,426 8,549 4,435 49,919 41,328 1,599 Commercial loans 3,010 5,091 2,453 2,087 12,641 9,186 507 Total Commercial Banking 28,519 16,517 11,002 6,522 62,560 50,514 2,106 Total $ 50,730 21,551 11,002 15,000 98,283 84,338 3,762 At March 31, 2019 , 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, 2019 (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 $ 2,859,252 7,909 7,909 813 — Home equity loans 1,322,279 2,126 2,126 510 — Consumer finance loans 2,292 — — — — Consumer loans 928,747 23 23 6 — Total Personal Banking 5,112,570 10,058 10,058 1,329 — Commercial Banking: Commercial real estate loans 2,764,907 34,402 31,264 6,249 3,138 Commercial loans 640,264 7,674 6,399 746 1,275 Total Commercial Banking 3,405,171 42,076 37,663 6,995 4,413 Total $ 8,517,741 52,134 47,721 8,324 4,413 The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at December 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 $ 2,856,359 8,111 8,111 747 — Home equity loans 1,256,255 2,167 2,167 523 — Consumer finance loans 3,817 — — — — Consumer loans 855,867 29 29 6 — Total Personal Banking 4,972,298 10,307 10,307 1,276 — Commercial Banking: Commercial real estate loans 2,436,605 35,216 31,830 6,499 3,386 Commercial loans 588,932 8,081 6,738 767 1,343 Total Commercial Banking 3,025,537 43,297 38,568 7,266 4,729 Total $ 7,997,835 53,604 48,875 8,542 4,729 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 nine 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 premiums or discounts), 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 in accordance with 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, 2019 2018 Number of contracts Amount Number of contracts Amount Beginning TDR balance: 195 $ 33,608 205 $ 32,104 New TDRs — — 9 4,935 Re-modified TDRs — — — — Net paydowns (796 ) (947 ) Charge-offs: Residential mortgage loans — — 1 (135 ) Home equity loans — — — — Commercial real estate loans — — 1 (203 ) Commercial loans — — 1 (721 ) Paid-off loans: Residential mortgage loans — — 1 (249 ) Home equity loans — — 1 (12 ) Commercial real estate loans — — 4 (1,574 ) Commercial loans — — 5 (2,232 ) Ending TDR balance: 195 $ 32,812 200 $ 30,966 Accruing TDRs $ 17,861 $ 19,749 Non-accrual TDRs 14,951 11,217 During the quarter ended March 31, 2019 , there were no new TDRs. Additionally, no TDRs modified within the previous twelve months of March 31, 2019 have subsequently defaulted. The following tables provide information related to troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable during the period indicated (dollars in thousands): For the quarter ended March 31, 2018 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 of March 31, 2018 subsequently defaulted. The following table provides information as of March 31, 2018 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 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 No TDRs were re-modified during the quarters ended March 31, 2018 and March 31, 2019 . The following table provides information related to loan payment delinquencies at March 31, 2019 (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 $ 25,013 2,427 9,332 36,772 2,734,070 2,770,842 — Home equity loans 6,440 1,880 4,263 12,583 1,022,606 1,035,189 — Consumer finance loans 295 47 — 342 1,950 2,292 — Consumer loans 7,032 2,021 3,001 12,054 864,507 876,561 — Total Personal Banking 38,780 6,375 16,596 61,751 4,623,133 4,684,884 — Commercial Banking: Commercial real estate loans 28,064 859 21,205 50,128 2,255,348 2,305,476 — Commercial loans 2,318 117 1,525 3,960 576,539 580,499 — Total Commercial Banking 30,382 976 22,730 54,088 2,831,887 2,885,975 — Total originated loans 69,162 7,351 39,326 115,839 7,455,020 7,570,859 — Acquired loans: Personal Banking: Residential mortgage loans 2,996 175 1,469 4,640 91,679 96,319 20 Home equity loans 1,186 664 1,279 3,129 286,087 289,216 — Consumer loans 196 109 220 525 51,684 52,209 6 Total Personal Banking 4,378 948 2,968 8,294 429,450 437,744 26 Commercial Banking: Commercial real estate loans 901 3,205 3,384 7,490 486,343 493,833 61 Commercial loans 1,041 621 502 2,164 65,275 67,439 — Total Commercial Banking 1,942 3,826 3,886 9,654 551,618 561,272 61 Total acquired loans 6,320 4,774 6,854 17,948 981,068 999,016 87 Total loans $ 75,482 12,125 46,180 133,787 8,436,088 8,569,875 87 (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, 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 Originated loans: Personal Banking: Residential mortgage loans $ 27,245 5,732 11,668 44,645 2,714,474 2,759,119 — Home equity loans 6,810 1,771 4,825 13,406 1,030,472 1,043,878 — Consumer finance loans 661 172 21 854 2,963 3,817 — Consumer loans 9,000 2,867 3,037 14,904 793,092 807,996 — Total Personal Banking 43,716 10,542 19,551 73,809 4,541,001 4,614,810 — Commercial Banking: Commercial real estate loans 5,391 4,801 21,721 31,913 2,217,105 2,249,018 — Commercial loans 609 560 2,714 3,883 545,474 549,357 — Total Commercial Banking 6,000 5,361 24,435 35,796 2,762,579 2,798,375 — Total originated loan 49,716 15,903 43,986 109,605 7,303,580 7,413,185 — Acquired loans: Personal Banking: Residential mortgage loans 532 693 1,317 2,542 91,240 93,782 19 Home equity loans 1,839 294 1,212 3,345 211,199 214,544 40 Consumer loans 447 175 196 818 58,651 59,469 6 Total Personal Banking 2,818 1,162 2,725 6,705 361,090 367,795 65 Commercial Banking: Commercial real estate loans 112 586 3,866 4,564 218,239 222,803 78 Commercial loans 364 — 296 660 46,996 47,656 — Total Commercial Banking 476 586 4,162 5,224 265,235 270,459 78 Total acquired loan 3,294 1,748 6,887 11,929 626,325 638,254 143 Total $ 53,010 17,651 50,873 121,534 7,929,905 8,051,439 143 (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 three months ended March 31, 2019 (in thousands): Pass Special mention Substandard Doubtful Loss Total loans receivable Originated loans: Personal Banking: Residential mortgage loans $ 2,762,876 — 7,966 — — 2,770,842 Home equity loans 1,029,941 — 5,248 — — 1,035,189 Consumer finance loans 2,292 — — — — 2,292 Consumer loans 872,778 — 3,783 — — 876,561 Total Personal Banking 4,667,887 — 16,997 — — 4,684,884 Commercial Banking: Commercial real estate loans 2,113,010 84,164 108,302 — — 2,305,476 Commercial loans 513,805 34,096 32,598 — — 580,499 Total Commercial Banking 2,626,815 118,260 140,900 — — 2,885,975 Total originated loans 7,294,702 118,260 157,897 — — 7,570,859 Acquired loans: Personal Banking: Residential mortgage loans 95,131 — 1,188 — — 96,319 Home equity loans 287,382 — 1,834 — — 289,216 Consumer loans 51,762 — 447 — — 52,209 Total Personal Banking 434,275 — 3,469 — — 437,744 Commercial Banking: Commercial real estate loans 464,166 2,889 26,778 — — 493,833 Commercial loans 59,355 514 7,570 — — 67,439 Total Commercial Banking 523,521 3,403 34,348 — — 561,272 Total acquired loans 957,796 3,403 37,817 — — 999,016 Total loans $ 8,252,498 121,663 195,714 — — 8,569,875 The following table sets forth information about credit quality indicators, which were updated during the year ended December 31, 2018 (in thousands): Pass Special mention Substandard Doubtful Loss Total loans receivable Originated loans: Personal Banking: Residential mortgage loans $ 2,749,266 — 9,853 — — 2,759,119 Home equity loans 1,038,245 — 5,633 — — 1,043,878 Consumer finance loans 3,817 — — — — 3,817 Consumer loans 804,075 — 3,921 — — 807,996 Total Personal Banking 4,595,403 — 19,407 — — 4,614,810 Commercial Banking: Commercial real estate loans 2,062,728 91,142 95,148 — — 2,249,018 Commercial loans 503,665 15,760 29,932 — — 549,357 Total Commercial Banking 2,566,393 106,902 125,080 — — 2,798,375 Total originated loans 7,161,796 106,902 144,487 — — 7,413,185 Acquired loans: Personal Banking: Residential mortgage loans 92,625 — 1,157 — — 93,782 Home equity loans 213,273 — 1,271 — — 214,544 Consumer loans 58,954 — 515 — — 59,469 Total Personal Banking 364,852 — 2,943 — — 367,795 Commercial Banking: Commercial real estate loans 191,622 3,546 27,635 — — 222,803 Commercial loans 35,397 3,521 8,738 — — 47,656 Total Commercial Banking 227,019 7,067 36,373 — — 270,459 Total acquired loans 591,871 7,067 39,316 — — 638,254 Total $ 7,753,667 113,969 183,803 — — 8,051,439 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 December 31, 2018 Amortizable intangible assets: Core deposit intangibles - gross $ 63,685 63,685 Acquisitions 7,498 — Less: accumulated amortization (46,324 ) (45,027 ) Core deposit intangibles - net 24,859 18,658 Customer and Contract intangible assets - gross 10,474 10,474 Less: accumulated amortization (9,461 ) (9,311 ) Customer and Contract intangible assets - net $ 1,013 1,163 The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2019 and 2018 , 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, 2019 $ 1,447 For the quarter ended March 31, 2018 1,520 For the year ending December 31, 2019 6,718 For the year ending December 31, 2020 5,535 For the year ending December 31, 2021 4,438 For the year ending December 31, 2022 3,438 For the year ending December 31, 2023 2,561 For the year ending December 31, 2024 1,876 The following table provides information for the changes in the carrying amount of goodwill (in thousands): Total Balance at December 31, 2017 $ 307,420 Goodwill from acquisition — Balance at December 31, 2018 307,420 Goodwill from acquisition 37,300 Balance at March 31, 2019 $ 344,720 We performed our annual goodwill impairment test as of June 30, 2018 in accordance with ASC 350, ("Step 0"), as updated by ASU 2017-04 and concluded that goodwill was not impaired. As of March 31, 2019 , there were no events or changes in circumstances that would cause us to update that goodwill impairment test. |
Borrowed Funds
Borrowed Funds | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds (a) Borrowings Borrowings from the Federal Home Loan Bank of Pittsburgh ("FHLB"), 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 carries a commitment of $250.0 million . The rate is adjusted daily by the FHLB, and any borrowings on this line may be repaid at any time without penalty. At March 31, 2019 and December 31, 2018 the balance of the revolving line of credit was $16.3 million and $128.6 million , respectively. At March 31, 2019 and December 31, 2018 collateralized borrowings, due within one year, were $97.8 million , and $105.8 million , respectively. These borrowings are collateralized by cash or various securities held in safekeeping by the FHLB. (b) Trust Preferred Securities Prior to our merger with DFSC, we owned three 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 trust (the Trusts). The Trusts exist solely to issue preferred securities to third parties for cash, issue common securities to the Company in exchange for capitalization of the Trusts, invest the proceeds from the sale of trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. 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 has 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, 2019 was 3.97% . 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, 2019 was 3.99% . 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, 2019 was 4.09% . As a result of the merger with DFSC, we acquired two additional statutory business trusts: Union National Capital Trust I ("UNCT I") and Union National Capital Trust II ("UNCT II"); both are Delaware statutory business trusts. At March 31, 2019, UNCT I had 8,000 cumulative trust preferred securities outstanding (liquidation value of $1,000 per preferred security or $8,000,000 ) with a stated maturity of December 19, 2034. These securities carry a floating interest rate, which is reset quarterly, equal to three-month LIBOR plus 2.85% . At March 31, 2019, UNCT II had 3,000 cumulative trust preferred securities outstanding (liquidation value of $1,000 per preferred security or $3,000,000 ) with a stated maturity of October 14, 2034. These securities carry a floating interest rate, which is reset quarterly, equal to three-month LIBOR plus 2.0% . The Trusts have invested the proceeds of the offerings in junior subordinated deferrable interest debentures held by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. UNCT I holds $8,248,000 of junior subordinated debentures and UNCT II holds $3,093,000 of junior subordinated debentures. These subordinated debentures are the sole assets of the Trusts. Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We have the right to defer payment of interest on the subordinated debentures at any time, or from time-to-time, for periods not exceeding five years . If interest payments on the subordinated debentures are deferred, the distributions on the trust 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. |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 , the maximum potential amount of future payments we could be required to make under these non-recourse standby letters of credit was $39.3 million , of which $32.5 million is fully collateralized. At March 31, 2019 , we had a liability, which represents deferred income, of $287,000 related to the standby letters of credit. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 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 $ 17.74 and $ 16.83 , respectively. The computation of basic and diluted earnings per share follows (in thousands, except share data and per share amounts): Quarter ended March 31, 2019 2018 Reported net income $ 25,044 24,985 Weighted average common shares outstanding 103,101,789 101,598,928 Dilutive potential shares due to effect of stock options 1,394,803 1,537,569 Total weighted average common shares and dilutive potential shares 104,496,592 103,136,497 Basic earnings per share: $ 0.24 0.25 Diluted earnings per share: $ 0.24 0.24 |
Pension and Other Post-retireme
Pension and Other Post-retirement Benefits | 3 Months Ended |
Mar. 31, 2019 | |
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 2019 2018 2019 2018 Service cost $ 1,274 1,716 — — Interest cost 1,827 1,678 11 14 Expected return on plan assets (2,759 ) (2,992 ) — — Amortization of prior service cost (581 ) (581 ) — — Amortization of the net loss 855 873 17 24 Net periodic cost $ 616 694 28 38 We anticipate making a contribution to our defined benefit pension plan of $2.0 million to $4.0 million during the year ending December 31, 2019 . |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
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. Equity securities - available-for-sale - Publicly traded securities valued using quoted market prices are classified as Level 1. 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 Investment 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. FHLB Stock Due to the restrictions placed on 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 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, 2019 and December 31, 2018 , 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, 2019 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 92,924 92,924 92,924 — — Securities available-for-sale 842,657 842,657 — 842,657 — Securities held-to-maturity 21,671 21,597 — 21,597 — Loans receivable, net 8,514,154 8,423,354 — — 8,423,354 Accrued interest receivable 28,107 28,107 28,107 — — Interest rate swaps 10,537 10,537 — 10,537 — FHLB stock 12,533 12,533 — — — Total financial assets $ 9,522,583 9,431,709 121,031 874,791 8,423,354 Financial liabilities: Savings and checking deposits $ 7,065,197 7,065,197 7,065,197 — — Time deposits 1,527,327 1,517,324 — — 1,517,324 Borrowed funds 114,081 114,081 114,081 — — Junior subordinated debentures 121,757 109,880 — — 109,880 Interest rate swaps 10,537 10,537 — 10,537 — Accrued interest payable 1,111 1,111 1,111 — — Total financial liabilities $ 8,840,010 8,818,130 7,180,389 10,537 1,627,204 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, 2018 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 68,789 68,789 68,789 — — Securities available-for-sale 801,450 801,450 — 801,450 — Securities held-to-maturity 22,765 22,446 — 22,446 — Loans receivable, net 7,996,225 7,845,313 — — 7,845,313 Accrued interest receivable 24,490 24,490 24,490 — — Interest rate swaps 6,445 6,445 — 6,445 — FHLB stock 15,635 15,635 — — — Total financial assets $ 8,935,799 8,784,568 93,279 830,341 7,845,313 Financial liabilities: Savings and checking accounts $ 6,489,338 6,489,338 6,489,338 — — Time deposits 1,404,841 1,434,410 — — 1,434,410 Borrowed funds 234,389 234,389 234,389 — — Junior subordinated debentures 111,213 102,572 — — 102,572 Interest rate swaps 6,445 6,445 — 6,445 — Accrued interest payable 744 744 744 — — Total financial liabilities $ 8,246,970 8,267,898 6,724,471 6,445 1,536,982 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, 2019 and December 31, 2018 . There were no transfers of financial instruments between Level 1 and Level 2 during the quarter ended March 31, 2019 . The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2019 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Debt securities: U.S. government and agencies $ — 14,848 — 14,848 Government sponsored enterprises — 188,960 — 188,960 States and political subdivisions — 32,028 — 32,028 Corporate — 956 — 956 Total debt securities — 236,792 — 236,792 Residential mortgage-backed securities: GNMA — 26,379 — 26,379 FNMA — 90,852 — 90,852 FHLMC — 58,900 — 58,900 Non-agency — 521 — 521 Collateralized mortgage obligations: GNMA — 50,410 — 50,410 FNMA — 222,774 — 222,774 FHLMC — 156,029 — 156,029 Non-agency — — — — Total mortgage-backed securities — 605,865 — 605,865 Interest rate swaps — 10,537 — 10,537 Total assets $ — 853,194 — 853,194 Interest rate swaps $ — 10,537 — 10,537 Total liabilities $ — 10,537 — 10,537 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Debt securities: U.S. government and agencies $ — 14,780 — 14,780 Government sponsored enterprises — 187,335 — 187,335 States and political subdivisions — 21,163 — 21,163 Corporate — 914 — 914 Total debt securities — 224,192 — 224,192 Residential mortgage-backed securities: GNMA — 27,041 — 27,041 FNMA — 73,196 — 73,196 FHLMC — 51,621 — 51,621 Non-agency — 528 — 528 Collateralized mortgage obligations: GNMA — 52,331 52,331 FNMA — 207,033 — 207,033 FHLMC — 165,508 — 165,508 Non-agency — — — — Total mortgage-backed securities — 577,258 — 577,258 Interest rate swaps — 6,445 — 6,445 Total assets $ — 807,895 — 807,895 Interest rate swaps $ — 6,445 — 6,445 Total liabilities $ — 6,445 — 6,445 There were no assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the quarters ended March 31, 2019 and March 31, 2018 . 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, 2019 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 39,397 39,397 Real estate owned — — 2,345 2,345 Total assets $ — — 41,742 41,742 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, 2018 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 40,333 40,333 Real estate owned — — 2,498 2,498 Total assets $ — — 42,831 42,831 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 2018 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 following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2019 (dollar amounts in thousands): Fair value Valuation techniques Significant unobservable inputs Range (weighted average) Loans measured for impairment $ 39,397 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 4.25% to 10.0% (7.50%) Real estate owned $ 2,345 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, 2019 | |
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 With the expiration of the $50.0 million in notional of interest rate swap agreements (swaps) previously designated in hedging relationships, we are no longer a counterparty to any interest rate swap agreements designated as cash flow hedges. Previously, the swaps were intended to protect against the variability of cash flows associated with Northwest Bancorp Capital Trust III and Northwest Bancorp Capital Trust IV. In 2018, the swaps matured without replacement. Derivatives Not Designated as Hedging Instruments 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 the 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 (in thousands): Asset derivatives Liability derivatives Notional amount Fair value Notional amount Fair value At March 31, 2019 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 261,604 10,537 258,871 10,537 Total derivatives $ 261,604 10,537 258,871 10,537 At December 31, 2018 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 221,919 6,445 221,919 6,445 Total derivatives $ 221,919 6,445 221,919 6,445 The following table presents income or expense recognized on derivatives for the periods indicated (in thousands): For the quarter ended March 31, 2019 2018 Hedging interest rate derivatives: Increase in interest expense $ — 332 Non-hedging swap derivatives: Increase in other income — 129 |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 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. During the year-ended December 31, 2018, Northwest and our subsidiary, Northwest Insurance Services (“NWIS”), were involved in a lawsuit against, among others, First National Bank of Pennsylvania (“FNB”) and their insurance subsidiary, First National Insurance Agency, LLC (“FNIA”). All counterclaims against Northwest were discontinued and, on Friday, December 21, 2018, a verdict was rendered in favor of NWIS on several of its claims. Post-trial proceedings continue and, due to the inherent uncertainties with respect to these proceedings, we have not accrued any awards associated with this verdict within our consolidated financial statements as of March 31, 2019. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income | Changes in Accumulated Other Comprehensive Income The following table shows the changes in accumulated other comprehensive income/(loss) by component for the periods indicated (in thousands): For the quarter ended March 31, 2019 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, 2018 $ (6,832 ) — (32,864 ) (39,696 ) Other comprehensive income before reclassification adjustments 4,452 — — 4,452 Amounts reclassified from accumulated other comprehensive income (1), (2) — — 209 209 Net other comprehensive income 4,452 — 209 4,661 Balance as of March 31, 2019 $ (2,380 ) — (32,655 ) (35,035 ) 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/(loss) before reclassification adjustments (3,955 ) 360 — (3,595 ) Amounts reclassified from accumulated other comprehensive income (3), (4) (26 ) — 226 200 Net other comprehensive income/(loss) (4,972 ) 211 (5,380 ) (10,141 ) Balance as of March 31, 2018 $ (9,381 ) (480 ) (32,360 ) (42,221 ) (1) There were no realized gains on securities reclassified from accumulated other comprehensive income. (2) Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(872) , net of tax (income tax expense) of $82 . (3) Consists of realized gains on securities (gain on sales of investments, net) of $33 , net of tax (income tax expense) of $(7) . (4) 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 . |
Basis of Presentation and Inf_2
Basis of Presentation and Informational Disclosures (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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 182 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 (doing business as Northwest Insurance Services). 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, 2018 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. |
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, 2019 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, 2018 , 2017 , 2016 and 2015 . |
Recently Adopted Accounting Standards and Impact of New Accounting Standards | Recent Accounting Pronouncements (a) Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842), which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Accounting Standards Codification ("ASC") Topic 842 establishes a right of use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company has elected not to recognize ROU assets and lease liabilities for short-term leases of all classes of underlying assets that have a lease term of 12 months or less and we recognize lease expense for these leases on a straight-line basis over the term of the lease. On January 1, 2019, the Company adopted ASU 2016-02 using a modified retrospective transition approach as of the effective date, January 1, 2019. As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required lease disclosures for periods before the date of adoption (i.e. January 1, 2017). The Company has elected to adopt the package of transition practical expedients and, therefore, has not reassessed (1) whether existing or expired contracts contain a lease, (2) lease classification for existing or expired leases or (3) the accounting for initial direct costs that were previously capitalized. The Company also elected the practical expedient to use hindsight for leases existing at the adoption date. As a result of the adoption of ASU 2016-02, we recognized an operating lease ROU asset of $40.2 million , an operating lease liability of approximately $42.2 million and a cumulative-effect adjustment on retained earnings of $1.6 million on the consolidated statements of financial condition as of January 1, 2019, with no impact on our consolidated statement of income or consolidated statement of cash flows compared to the prior lease accounting model. (b) Recently Issued Accounting Standards 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 and instead requires 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 assets 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 has created a formal working group to govern the implementation of these amendments, consisting of key stakeholders from finance, risk, credit 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 have engaged with a third party to assist in the development of certain portfolio-level estimation methodologies and have chosen a third-party software platform provider. 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. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This guidance removes, modifies and adds disclosure requirements for fair value measurements. This guidance is effective for annual periods beginning after December 15, 2019, including interim periods within those years, with early adoption permitted for any removed or modified disclosure requirements. Transition is on a prospective basis for the new and modified disclosures, and on a retrospective basis for disclosures that have been eliminated. We do not expect this guidance to have a material impact on our financial statements. In August 2018, the FASB issued ASU 2018-14, “ Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) - Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” This guidance removes and adds disclosure requirements for defined benefit pension or other post-retirement plans. This guidance is effective for annual periods beginning after December 15, 2020, with early adoption permitted, and requires retrospective adoption for all periods presented. We do not expect this guidance to have a material impact on our financial statements. In August 2018, the FASB issued ASU 2018-15, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This guidance aligns the requirements for capitalization of implementation costs incurred in a hosting arrangement that is a service contract with the existing guidance for internal-use software. This guidance is effective for annual periods beginning after December 15, 2019, including interim periods within those years, with early adoption permitted. Transition can either be on a retrospective basis or a prospective basis on all implementation costs incurred after the date of adoption. We are evaluating the impact this new accounting guidance will have on our financial statements. |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table shows the assets acquired and the liabilities assumed that were recorded at fair value on the date of acquisition (in thousands): Consideration paid: Northwest Bancshares, Inc. common stock issued $ 43,288 Cash paid to DFSC 42,500 Total consideration paid 85,788 Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value (1) Cash and cash equivalents $ 16,667 Investment securities available-for-sale 78,594 Loans 407,840 Federal Home Loan Bank stock 453 Premises and equipment 6,520 Core deposit intangible 7,498 Other assets 25,535 Deposits (479,379 ) Other liabilities (15,240 ) Total identifiable net assets $ 48,488 Goodwill $ 37,300 (1) Amounts are estimates and subject to adjustment. Actual amounts are not expected to differ materially from the amounts shown. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The components of lease cost recognized within our consolidated statements of income were as follows (in thousands): For the quarter ended March 31, 2019 Operating lease costs (office operations) $ 1,299 Variable lease costs (office operations) 134 Total operating lease costs $ 1,433 Other information related to leases as of March 31, 2019 was as follows: Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 1,441 ROU assets obtained in exchange for lease obligations $ 4,126 Weighted average remaining lease term 15.5 years Weighted average discount rate 3.8 % |
Assets And Liabilities, Lessee | Amounts reported in the consolidated statements of financial condition were as follows: Operating leases: For the quarter ended March 31, 2019 Operating lease ROU assets (other assets) $ 43,479 Operating lease liabilities (other liabilities) 46,147 |
Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities by fiscal year for our operating leases are as follows (in thousands): As of March 31, 2019 2019 $ 4,112 2020 4,940 2021 4,604 2022 4,297 2023 4,035 Thereafter 40,973 Total lease payments 62,961 Less amount of lease payments representing interest 16,814 Total present value of lease payments $ 46,147 |
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2018 2019 $ 4,677 2020 3,884 2021 3,179 2022 2,465 2023 2,040 Thereafter 7,784 Total lease payments $ 24,029 |
Investment securities and imp_2
Investment securities and impairment of investment securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 (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 $ 14,804 44 — 14,848 Debt issued by government sponsored enterprises: Due in one year or less 85,092 — (457 ) 84,635 Due in one year through five years 101,060 204 (1,104 ) 100,160 Due in five years through ten years 987 15 — 1,002 Due after ten years 3,295 — (132 ) 3,163 Municipal securities: Due in one year or less 974 2 — 976 Due in one year through five years 3,990 73 — 4,063 Due in five years through ten years 12,086 100 — 12,186 Due after ten years 14,716 87 — 14,803 Corporate debt issues: Due in one year or less 41 — — 41 Due in five years through ten years 915 — — 915 Residential mortgage-backed securities: Fixed rate pass-through 154,338 1,224 (2,585 ) 152,977 Variable rate pass-through 22,782 899 (6 ) 23,675 Fixed rate agency CMOs 368,622 1,958 (3,680 ) 366,900 Variable rate agency CMOs 62,287 198 (172 ) 62,313 Total residential mortgage-backed securities 608,029 4,279 (6,443 ) 605,865 Total marketable securities available-for-sale $ 845,989 4,804 (8,136 ) 842,657 The following table shows the portfolio of investment securities available-for-sale at December 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 through five years $ 14,756 24 — 14,780 Debt issued by government sponsored enterprises: Due in one year or less 85,089 — (795 ) 84,294 Due in one year through five years 101,078 71 (1,512 ) 99,637 Due after ten years 3,546 — (142 ) 3,404 Municipal securities: Due in one year or less 1,333 2 (6 ) 1,329 Due in one year through five years 3,985 54 (4 ) 4,035 Due in five years through ten years 10,603 60 — 10,663 Due after ten years 5,105 31 — 5,136 Corporate debt issues: Due in five years through ten years 914 — — 914 Residential mortgage-backed securities: Fixed rate pass-through 130,172 568 (4,113 ) 126,627 Variable rate pass-through 24,761 1,003 (5 ) 25,759 Fixed rate agency CMOs 365,427 865 (5,921 ) 360,371 Variable rate agency CMOs 64,246 280 (25 ) 64,501 Total residential mortgage-backed securities 584,606 2,716 (10,064 ) 577,258 Total marketable securities available-for-sale $ 811,015 2,958 (12,523 ) 801,450 |
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, 2019 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Residential mortgage-backed securities: Fixed rate pass-through $ 2,734 81 — 2,815 Variable rate pass-through 1,588 42 — 1,630 Fixed rate agency CMOs 16,698 6 (213 ) 16,491 Variable rate agency CMOs 651 10 — 661 Total residential mortgage-backed securities 21,671 139 (213 ) 21,597 Total marketable securities held-to-maturity $ 21,671 139 (213 ) 21,597 The following table shows the portfolio of investment securities held-to-maturity at December 31, 2018 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Residential mortgage-backed securities: Fixed rate pass-through $ 2,896 53 — 2,949 Variable rate pass-through 1,666 39 — 1,705 Fixed rate agency CMOs 17,552 — (422 ) 17,130 Variable rate agency CMOs 651 11 — 662 Total residential mortgage-backed securities 22,765 103 (422 ) 22,446 Total marketable securities held-to-maturity $ 22,765 103 (422 ) 22,446 |
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, 2019 (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 $ — — 136,932 (1,692 ) 136,932 (1,692 ) Residential mortgage-backed securities - agency 31,340 (165 ) 322,681 (6,492 ) 354,021 (6,657 ) Total temporarily impaired securities $ 31,340 (165 ) 459,613 (8,184 ) 490,953 (8,349 ) 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, 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 $ — — 136,425 (2,449 ) 136,425 (2,449 ) Municipal securities 929 (1 ) 1,709 (10 ) 2,638 (11 ) Residential mortgage-backed securities - agency 34,031 (30 ) 346,675 (10,456 ) 380,706 (10,486 ) Total temporarily impaired securities $ 34,960 (31 ) 484,809 (12,915 ) 519,769 (12,946 ) |
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 (in thousands): 2019 2018 Beginning balance at January 1, (1) $ — 352 Credit losses on debt securities for which other-than-temporary impairment was not previously recognized — — Reduction for losses realized during the quarter — — 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, $ — — (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, 2019 | |
Receivables [Abstract] | |
Summary of loans receivable | The following table shows a summary of our loans receivable at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Originated Acquired Total Originated Acquired Total Personal Banking: Residential mortgage loans (1) $ 2,763,192 96,319 2,859,511 2,766,430 93,782 2,860,212 Home equity loans 1,035,189 289,216 1,324,405 1,043,878 214,544 1,258,422 Consumer finance loans (2) 2,292 — 2,292 3,817 — 3,817 Consumer loans 852,608 51,520 904,128 775,378 58,671 834,049 Total Personal Banking 4,653,281 437,055 5,090,336 4,589,503 366,997 4,956,500 Commercial Banking: Commercial real estate loans 2,443,717 507,294 2,951,011 2,416,047 223,327 2,639,374 Commercial loans 634,417 68,599 703,016 612,962 48,816 661,778 Total Commercial Banking 3,078,134 575,893 3,654,027 3,029,009 272,143 3,301,152 Total loans receivable, gross 7,731,415 1,012,948 8,744,363 7,618,512 639,140 8,257,652 Deferred loan costs 40,043 689 40,732 36,820 798 37,618 Allowance for loan losses (51,711 ) (4,010 ) (55,721 ) (51,751 ) (3,463 ) (55,214 ) Undisbursed loan proceeds: Residential mortgage loans (8,440 ) — (8,440 ) (11,513 ) — (11,513 ) Commercial real estate loans (138,241 ) (13,461 ) (151,702 ) (167,029 ) (524 ) (167,553 ) Commercial loans (53,918 ) (1,160 ) (55,078 ) (63,605 ) (1,160 ) (64,765 ) Total loans receivable, net $ 7,519,148 995,006 8,514,154 7,361,434 634,791 7,996,225 (1) There were no loans held for sale at March 31, 2019 and December 31, 2018 . (2) Represents loans from our consumer finance subsidiary that was closed in 2017. Such loans 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, 2019 December 31, 2018 Acquired loans evaluated individually for future credit losses: Outstanding principal balance $ 8,068 8,189 Carrying value 5,607 5,690 Acquired loans evaluated collectively for future credit losses: Outstanding principal balance 1,005,356 637,170 Carrying value 993,409 632,564 Total acquired loans: Outstanding principal balance 1,013,424 645,359 Carrying value 999,016 638,254 |
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, 2017 $ 1,540 Accretion (785 ) Net reclassification from nonaccretable yield — Balance at December 31, 2018 755 Accretion (132 ) Net reclassification from nonaccretable yield — Balance at March 31, 2019 $ 623 |
Schedule of the composition of impaired loans by portfolio segment and by class of financing receivable | The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the three months ended March 31, 2019 (in thousands): Carrying value Outstanding principal balance Related impairment reserve Average recorded investment in impaired loans Interest income recognized Personal Banking: Residential mortgage loans $ 975 1,579 6 982 32 Home equity loans 997 1,960 7 1,003 28 Consumer loans 17 36 4 24 3 Total Personal Banking 1,989 3,575 17 2,009 63 Commercial Banking: Commercial real estate loans 3,539 4,408 1 3,561 67 Commercial loans 79 85 — 79 2 Total Commercial Banking 3,618 4,493 1 3,640 69 Total $ 5,607 8,068 18 5,649 132 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, 2018 (in thousands): Carrying Outstanding Related Average Interest Personal Banking: Residential mortgage loans $ 990 1,598 6 1,294 226 Home equity loans 1,008 1,959 7 1,483 157 Consumer loans 29 76 4 53 35 Total Personal Banking 2,027 3,633 17 2,830 418 Commercial Banking: Commercial real estate loans 3,584 4,471 1 4,028 358 Commercial loans 79 85 — 82 9 Total Commercial Banking 3,663 4,556 1 4,110 367 Total $ 5,690 8,189 18 6,940 785 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, 2019 (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 $ 10,781 2,271 505 6,318 19,875 19,696 258 Home equity loans 5,542 1,757 — 1,780 9,079 8,698 166 Consumer loans 3,215 913 — — 4,128 3,992 92 Total Personal Banking 19,538 4,941 505 8,098 33,082 32,386 516 Commercial Banking: Commercial real estate loans 24,528 16,750 3,390 7,460 52,128 48,887 486 Commercial loans 2,027 4,995 232 2,303 9,557 8,877 111 Total Commercial Banking 26,555 21,745 3,622 9,763 61,685 57,764 597 Total $ 46,093 26,686 4,127 17,861 94,767 90,150 1,113 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, 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 $ 12,965 2,883 — 6,660 22,508 20,733 910 Home equity loans 5,996 1,079 — 1,818 8,893 9,075 511 Consumer finance loans 22 — — — 22 24 — Consumer loans 3,228 1,072 — — 4,300 3,992 235 Total Personal Banking 22,211 5,034 — 8,478 35,723 33,824 1,656 Commercial Banking: Commercial real estate loans 25,509 11,426 8,549 4,435 49,919 41,328 1,599 Commercial loans 3,010 5,091 2,453 2,087 12,641 9,186 507 Total Commercial Banking 28,519 16,517 11,002 6,522 62,560 50,514 2,106 Total $ 50,730 21,551 11,002 15,000 98,283 84,338 3,762 |
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, 2019 (in thousands): Balance as of Current period provision Charge-offs Recoveries Balance as of Originated loans: Personal Banking: Residential mortgage loans $ 4,005 186 (349 ) 114 4,054 Home equity loans 3,062 (35 ) (112 ) 25 3,184 Consumer finance loans 405 (229 ) (179 ) 137 676 Consumer loans 11,130 3,051 (2,809 ) 484 10,404 Total Personal Banking 18,602 2,973 (3,449 ) 760 18,318 Commercial Banking: Commercial real estate loans 25,470 (464 ) (569 ) 124 26,379 Commercial loans 7,639 874 (457 ) 168 7,054 Total Commercial Banking 33,109 410 (1,026 ) 292 33,433 Total originated loans 51,711 3,383 (4,475 ) 1,052 51,751 Acquired loans: Personal Banking: Residential mortgage loans 92 8 (8 ) 9 83 Home equity loans 399 45 (42 ) 48 348 Consumer loans 454 34 (32 ) 33 419 Total Personal Banking 945 87 (82 ) 90 850 Commercial Banking: Commercial real estate loans 2,467 255 (35 ) 251 1,996 Commercial loans 598 2,742 (2,813 ) 52 617 Total Commercial Banking 3,065 2,997 (2,848 ) 303 2,613 Total acquired loans 4,010 3,084 (2,930 ) 393 3,463 Total $ 55,721 6,467 (7,405 ) 1,445 55,214 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 as of Current period provision Charge-offs Recoveries Balance as of December 31, 2017 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 |
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, 2019 (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 $ 2,867,161 4,097 13,052 — 7,517 813 — Home equity loans 1,324,405 3,462 7,299 166 2,125 510 31 Consumer finance loans 2,292 405 — — — — — Consumer loans 928,770 11,583 4,128 — — — — Total Personal Banking 5,122,628 19,547 24,479 166 9,642 1,323 31 Commercial Banking: Commercial real estate loans 2,799,309 27,937 41,278 — 19,372 1,568 491 Commercial loans 647,938 8,237 7,022 — 3,798 330 6 Total Commercial Banking 3,447,247 36,174 48,300 — 23,170 1,898 497 Total $ 8,569,875 55,721 72,779 166 32,812 3,221 528 (1) Includes $15.0 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, 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 $ 2,864,470 4,137 15,848 — 5,382 993 — Home equity loans 1,258,422 3,532 7,075 136 4,502 1,520 4 Consumer finance loans 3,817 676 22 3 — — — Consumer loans 855,896 10,823 4,300 27 — — — Total Personal Banking 4,982,605 19,168 27,245 166 9,884 2,513 4 Commercial Banking: Commercial real estate loans 2,471,821 28,375 36,935 — 19,859 313 310 Commercial loans 597,013 7,671 8,101 — 3,865 263 74 Total Commercial Banking 3,068,834 36,046 45,036 — 23,724 576 384 Total $ 8,051,439 55,214 72,281 166 33,608 3,089 388 (1) Includes $15.3 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, 2019 (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 $ 2,859,252 7,909 7,909 813 — Home equity loans 1,322,279 2,126 2,126 510 — Consumer finance loans 2,292 — — — — Consumer loans 928,747 23 23 6 — Total Personal Banking 5,112,570 10,058 10,058 1,329 — Commercial Banking: Commercial real estate loans 2,764,907 34,402 31,264 6,249 3,138 Commercial loans 640,264 7,674 6,399 746 1,275 Total Commercial Banking 3,405,171 42,076 37,663 6,995 4,413 Total $ 8,517,741 52,134 47,721 8,324 4,413 The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at December 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 $ 2,856,359 8,111 8,111 747 — Home equity loans 1,256,255 2,167 2,167 523 — Consumer finance loans 3,817 — — — — Consumer loans 855,867 29 29 6 — Total Personal Banking 4,972,298 10,307 10,307 1,276 — Commercial Banking: Commercial real estate loans 2,436,605 35,216 31,830 6,499 3,386 Commercial loans 588,932 8,081 6,738 767 1,343 Total Commercial Banking 3,025,537 43,297 38,568 7,266 4,729 Total $ 7,997,835 53,604 48,875 8,542 4,729 |
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, 2019 2018 Number of contracts Amount Number of contracts Amount Beginning TDR balance: 195 $ 33,608 205 $ 32,104 New TDRs — — 9 4,935 Re-modified TDRs — — — — Net paydowns (796 ) (947 ) Charge-offs: Residential mortgage loans — — 1 (135 ) Home equity loans — — — — Commercial real estate loans — — 1 (203 ) Commercial loans — — 1 (721 ) Paid-off loans: Residential mortgage loans — — 1 (249 ) Home equity loans — — 1 (12 ) Commercial real estate loans — — 4 (1,574 ) Commercial loans — — 5 (2,232 ) Ending TDR balance: 195 $ 32,812 200 $ 30,966 Accruing TDRs $ 17,861 $ 19,749 Non-accrual TDRs 14,951 11,217 |
Schedule of troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable | During the quarter ended March 31, 2019 , there were no new TDRs. Additionally, no TDRs modified within the previous twelve months of March 31, 2019 have subsequently defaulted. The following tables provide information related to troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable during the period indicated (dollars in thousands): For the quarter ended March 31, 2018 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 |
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 restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 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 |
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, 2019 (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 $ 25,013 2,427 9,332 36,772 2,734,070 2,770,842 — Home equity loans 6,440 1,880 4,263 12,583 1,022,606 1,035,189 — Consumer finance loans 295 47 — 342 1,950 2,292 — Consumer loans 7,032 2,021 3,001 12,054 864,507 876,561 — Total Personal Banking 38,780 6,375 16,596 61,751 4,623,133 4,684,884 — Commercial Banking: Commercial real estate loans 28,064 859 21,205 50,128 2,255,348 2,305,476 — Commercial loans 2,318 117 1,525 3,960 576,539 580,499 — Total Commercial Banking 30,382 976 22,730 54,088 2,831,887 2,885,975 — Total originated loans 69,162 7,351 39,326 115,839 7,455,020 7,570,859 — Acquired loans: Personal Banking: Residential mortgage loans 2,996 175 1,469 4,640 91,679 96,319 20 Home equity loans 1,186 664 1,279 3,129 286,087 289,216 — Consumer loans 196 109 220 525 51,684 52,209 6 Total Personal Banking 4,378 948 2,968 8,294 429,450 437,744 26 Commercial Banking: Commercial real estate loans 901 3,205 3,384 7,490 486,343 493,833 61 Commercial loans 1,041 621 502 2,164 65,275 67,439 — Total Commercial Banking 1,942 3,826 3,886 9,654 551,618 561,272 61 Total acquired loans 6,320 4,774 6,854 17,948 981,068 999,016 87 Total loans $ 75,482 12,125 46,180 133,787 8,436,088 8,569,875 87 (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, 2019 (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 $ 25,013 2,427 9,332 36,772 2,734,070 2,770,842 — Home equity loans 6,440 1,880 4,263 12,583 1,022,606 1,035,189 — Consumer finance loans 295 47 — 342 1,950 2,292 — Consumer loans 7,032 2,021 3,001 12,054 864,507 876,561 — Total Personal Banking 38,780 6,375 16,596 61,751 4,623,133 4,684,884 — Commercial Banking: Commercial real estate loans 28,064 859 21,205 50,128 2,255,348 2,305,476 — Commercial loans 2,318 117 1,525 3,960 576,539 580,499 — Total Commercial Banking 30,382 976 22,730 54,088 2,831,887 2,885,975 — Total originated loans 69,162 7,351 39,326 115,839 7,455,020 7,570,859 — Acquired loans: Personal Banking: Residential mortgage loans 2,996 175 1,469 4,640 91,679 96,319 20 Home equity loans 1,186 664 1,279 3,129 286,087 289,216 — Consumer loans 196 109 220 525 51,684 52,209 6 Total Personal Banking 4,378 948 2,968 8,294 429,450 437,744 26 Commercial Banking: Commercial real estate loans 901 3,205 3,384 7,490 486,343 493,833 61 Commercial loans 1,041 621 502 2,164 65,275 67,439 — Total Commercial Banking 1,942 3,826 3,886 9,654 551,618 561,272 61 Total acquired loans 6,320 4,774 6,854 17,948 981,068 999,016 87 Total loans $ 75,482 12,125 46,180 133,787 8,436,088 8,569,875 87 (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, 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 Originated loans: Personal Banking: Residential mortgage loans $ 27,245 5,732 11,668 44,645 2,714,474 2,759,119 — Home equity loans 6,810 1,771 4,825 13,406 1,030,472 1,043,878 — Consumer finance loans 661 172 21 854 2,963 3,817 — Consumer loans 9,000 2,867 3,037 14,904 793,092 807,996 — Total Personal Banking 43,716 10,542 19,551 73,809 4,541,001 4,614,810 — Commercial Banking: Commercial real estate loans 5,391 4,801 21,721 31,913 2,217,105 2,249,018 — Commercial loans 609 560 2,714 3,883 545,474 549,357 — Total Commercial Banking 6,000 5,361 24,435 35,796 2,762,579 2,798,375 — Total originated loan 49,716 15,903 43,986 109,605 7,303,580 7,413,185 — Acquired loans: Personal Banking: Residential mortgage loans 532 693 1,317 2,542 91,240 93,782 19 Home equity loans 1,839 294 1,212 3,345 211,199 214,544 40 Consumer loans 447 175 196 818 58,651 59,469 6 Total Personal Banking 2,818 1,162 2,725 6,705 361,090 367,795 65 Commercial Banking: Commercial real estate loans 112 586 3,866 4,564 218,239 222,803 78 Commercial loans 364 — 296 660 46,996 47,656 — Total Commercial Banking 476 586 4,162 5,224 265,235 270,459 78 Total acquired loan 3,294 1,748 6,887 11,929 626,325 638,254 143 Total $ 53,010 17,651 50,873 121,534 7,929,905 8,051,439 143 (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 three months ended March 31, 2019 (in thousands): Pass Special mention Substandard Doubtful Loss Total loans receivable Originated loans: Personal Banking: Residential mortgage loans $ 2,762,876 — 7,966 — — 2,770,842 Home equity loans 1,029,941 — 5,248 — — 1,035,189 Consumer finance loans 2,292 — — — — 2,292 Consumer loans 872,778 — 3,783 — — 876,561 Total Personal Banking 4,667,887 — 16,997 — — 4,684,884 Commercial Banking: Commercial real estate loans 2,113,010 84,164 108,302 — — 2,305,476 Commercial loans 513,805 34,096 32,598 — — 580,499 Total Commercial Banking 2,626,815 118,260 140,900 — — 2,885,975 Total originated loans 7,294,702 118,260 157,897 — — 7,570,859 Acquired loans: Personal Banking: Residential mortgage loans 95,131 — 1,188 — — 96,319 Home equity loans 287,382 — 1,834 — — 289,216 Consumer loans 51,762 — 447 — — 52,209 Total Personal Banking 434,275 — 3,469 — — 437,744 Commercial Banking: Commercial real estate loans 464,166 2,889 26,778 — — 493,833 Commercial loans 59,355 514 7,570 — — 67,439 Total Commercial Banking 523,521 3,403 34,348 — — 561,272 Total acquired loans 957,796 3,403 37,817 — — 999,016 Total loans $ 8,252,498 121,663 195,714 — — 8,569,875 The following table sets forth information about credit quality indicators, which were updated during the year ended December 31, 2018 (in thousands): Pass Special mention Substandard Doubtful Loss Total loans receivable Originated loans: Personal Banking: Residential mortgage loans $ 2,749,266 — 9,853 — — 2,759,119 Home equity loans 1,038,245 — 5,633 — — 1,043,878 Consumer finance loans 3,817 — — — — 3,817 Consumer loans 804,075 — 3,921 — — 807,996 Total Personal Banking 4,595,403 — 19,407 — — 4,614,810 Commercial Banking: Commercial real estate loans 2,062,728 91,142 95,148 — — 2,249,018 Commercial loans 503,665 15,760 29,932 — — 549,357 Total Commercial Banking 2,566,393 106,902 125,080 — — 2,798,375 Total originated loans 7,161,796 106,902 144,487 — — 7,413,185 Acquired loans: Personal Banking: Residential mortgage loans 92,625 — 1,157 — — 93,782 Home equity loans 213,273 — 1,271 — — 214,544 Consumer loans 58,954 — 515 — — 59,469 Total Personal Banking 364,852 — 2,943 — — 367,795 Commercial Banking: Commercial real estate loans 191,622 3,546 27,635 — — 222,803 Commercial loans 35,397 3,521 8,738 — — 47,656 Total Commercial Banking 227,019 7,067 36,373 — — 270,459 Total acquired loans 591,871 7,067 39,316 — — 638,254 Total $ 7,753,667 113,969 183,803 — — 8,051,439 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 December 31, 2018 Amortizable intangible assets: Core deposit intangibles - gross $ 63,685 63,685 Acquisitions 7,498 — Less: accumulated amortization (46,324 ) (45,027 ) Core deposit intangibles - net 24,859 18,658 Customer and Contract intangible assets - gross 10,474 10,474 Less: accumulated amortization (9,461 ) (9,311 ) Customer and Contract intangible assets - net $ 1,013 1,163 |
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, 2019 and 2018 , 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, 2019 $ 1,447 For the quarter ended March 31, 2018 1,520 For the year ending December 31, 2019 6,718 For the year ending December 31, 2020 5,535 For the year ending December 31, 2021 4,438 For the year ending December 31, 2022 3,438 For the year ending December 31, 2023 2,561 For the year ending December 31, 2024 1,876 |
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, 2017 $ 307,420 Goodwill from acquisition — Balance at December 31, 2018 307,420 Goodwill from acquisition 37,300 Balance at March 31, 2019 $ 344,720 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 2018 Reported net income $ 25,044 24,985 Weighted average common shares outstanding 103,101,789 101,598,928 Dilutive potential shares due to effect of stock options 1,394,803 1,537,569 Total weighted average common shares and dilutive potential shares 104,496,592 103,136,497 Basic earnings per share: $ 0.24 0.25 Diluted earnings per share: $ 0.24 0.24 |
Pension and Other Post-retire_2
Pension and Other Post-retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 2019 2018 2019 2018 Service cost $ 1,274 1,716 — — Interest cost 1,827 1,678 11 14 Expected return on plan assets (2,759 ) (2,992 ) — — Amortization of prior service cost (581 ) (581 ) — — Amortization of the net loss 855 873 17 24 Net periodic cost $ 616 694 28 38 |
Disclosures About Fair Value _2
Disclosures About Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 92,924 92,924 92,924 — — Securities available-for-sale 842,657 842,657 — 842,657 — Securities held-to-maturity 21,671 21,597 — 21,597 — Loans receivable, net 8,514,154 8,423,354 — — 8,423,354 Accrued interest receivable 28,107 28,107 28,107 — — Interest rate swaps 10,537 10,537 — 10,537 — FHLB stock 12,533 12,533 — — — Total financial assets $ 9,522,583 9,431,709 121,031 874,791 8,423,354 Financial liabilities: Savings and checking deposits $ 7,065,197 7,065,197 7,065,197 — — Time deposits 1,527,327 1,517,324 — — 1,517,324 Borrowed funds 114,081 114,081 114,081 — — Junior subordinated debentures 121,757 109,880 — — 109,880 Interest rate swaps 10,537 10,537 — 10,537 — Accrued interest payable 1,111 1,111 1,111 — — Total financial liabilities $ 8,840,010 8,818,130 7,180,389 10,537 1,627,204 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, 2018 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 68,789 68,789 68,789 — — Securities available-for-sale 801,450 801,450 — 801,450 — Securities held-to-maturity 22,765 22,446 — 22,446 — Loans receivable, net 7,996,225 7,845,313 — — 7,845,313 Accrued interest receivable 24,490 24,490 24,490 — — Interest rate swaps 6,445 6,445 — 6,445 — FHLB stock 15,635 15,635 — — — Total financial assets $ 8,935,799 8,784,568 93,279 830,341 7,845,313 Financial liabilities: Savings and checking accounts $ 6,489,338 6,489,338 6,489,338 — — Time deposits 1,404,841 1,434,410 — — 1,434,410 Borrowed funds 234,389 234,389 234,389 — — Junior subordinated debentures 111,213 102,572 — — 102,572 Interest rate swaps 6,445 6,445 — 6,445 — Accrued interest payable 744 744 744 — — Total financial liabilities $ 8,246,970 8,267,898 6,724,471 6,445 1,536,982 |
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, 2019 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Debt securities: U.S. government and agencies $ — 14,848 — 14,848 Government sponsored enterprises — 188,960 — 188,960 States and political subdivisions — 32,028 — 32,028 Corporate — 956 — 956 Total debt securities — 236,792 — 236,792 Residential mortgage-backed securities: GNMA — 26,379 — 26,379 FNMA — 90,852 — 90,852 FHLMC — 58,900 — 58,900 Non-agency — 521 — 521 Collateralized mortgage obligations: GNMA — 50,410 — 50,410 FNMA — 222,774 — 222,774 FHLMC — 156,029 — 156,029 Non-agency — — — — Total mortgage-backed securities — 605,865 — 605,865 Interest rate swaps — 10,537 — 10,537 Total assets $ — 853,194 — 853,194 Interest rate swaps $ — 10,537 — 10,537 Total liabilities $ — 10,537 — 10,537 The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2018 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Debt securities: U.S. government and agencies $ — 14,780 — 14,780 Government sponsored enterprises — 187,335 — 187,335 States and political subdivisions — 21,163 — 21,163 Corporate — 914 — 914 Total debt securities — 224,192 — 224,192 Residential mortgage-backed securities: GNMA — 27,041 — 27,041 FNMA — 73,196 — 73,196 FHLMC — 51,621 — 51,621 Non-agency — 528 — 528 Collateralized mortgage obligations: GNMA — 52,331 52,331 FNMA — 207,033 — 207,033 FHLMC — 165,508 — 165,508 Non-agency — — — — Total mortgage-backed securities — 577,258 — 577,258 Interest rate swaps — 6,445 — 6,445 Total assets $ — 807,895 — 807,895 Interest rate swaps $ — 6,445 — 6,445 Total liabilities $ — 6,445 — 6,445 |
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, 2019 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 39,397 39,397 Real estate owned — — 2,345 2,345 Total assets $ — — 41,742 41,742 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, 2018 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans measured for impairment $ — — 40,333 40,333 Real estate owned — — 2,498 2,498 Total assets $ — — 42,831 42,831 |
Schedule of quantitative information about assets measured at fair value on a recurring and nonrecurring basis for Level 3 fair value measurements | The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2019 (dollar amounts in thousands): Fair value Valuation techniques Significant unobservable inputs Range (weighted average) Loans measured for impairment $ 39,397 Appraisal value (1) Estimated cost to sell 10.0% Discounted cash flow Discount rate 4.25% to 10.0% (7.50%) Real estate owned $ 2,345 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 Instrume_2
Derivative Financial Instruments - (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 (in thousands): Asset derivatives Liability derivatives Notional amount Fair value Notional amount Fair value At March 31, 2019 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 261,604 10,537 258,871 10,537 Total derivatives $ 261,604 10,537 258,871 10,537 At December 31, 2018 Derivatives not designated as hedging instruments: Interest rate swap agreements $ 221,919 6,445 221,919 6,445 Total derivatives $ 221,919 6,445 221,919 6,445 |
Derivative instruments gain (loss) | The following table presents income or expense recognized on derivatives for the periods indicated (in thousands): For the quarter ended March 31, 2019 2018 Hedging interest rate derivatives: Increase in interest expense $ — 332 Non-hedging swap derivatives: Increase in other income — 129 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Schedule of changes in accumulated other comprehensive income by component | The following table shows the changes in accumulated other comprehensive income/(loss) by component for the periods indicated (in thousands): For the quarter ended March 31, 2019 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, 2018 $ (6,832 ) — (32,864 ) (39,696 ) Other comprehensive income before reclassification adjustments 4,452 — — 4,452 Amounts reclassified from accumulated other comprehensive income (1), (2) — — 209 209 Net other comprehensive income 4,452 — 209 4,661 Balance as of March 31, 2019 $ (2,380 ) — (32,655 ) (35,035 ) 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/(loss) before reclassification adjustments (3,955 ) 360 — (3,595 ) Amounts reclassified from accumulated other comprehensive income (3), (4) (26 ) — 226 200 Net other comprehensive income/(loss) (4,972 ) 211 (5,380 ) (10,141 ) Balance as of March 31, 2018 $ (9,381 ) (480 ) (32,360 ) (42,221 ) (1) There were no realized gains on securities reclassified from accumulated other comprehensive income. (2) Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(872) , net of tax (income tax expense) of $82 . (3) Consists of realized gains on securities (gain on sales of investments, net) of $33 , net of tax (income tax expense) of $(7) . (4) 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 $90 . |
Basis of Presentation and Inf_3
Basis of Presentation and Informational Disclosures (Details) | 3 Months Ended | |||
Mar. 31, 2019USD ($)bank | Mar. 31, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Stock Related Compensation | ||||
Number of banking locations | bank | 182 | |||
Stock-based compensation expense | $ 1,200,000 | $ 978,000 | ||
Unrecognized tax benefits liability | 0 | |||
Operating lease ROU assets (other assets) | 43,479,000 | |||
Operating lease liability | 46,147,000 | |||
Retained earnings | 555,205,000 | $ 550,374,000 | ||
Accounting Standards Update 2016-02 | ||||
Stock Related Compensation | ||||
Operating lease ROU assets (other assets) | $ 40,200,000 | |||
Operating lease liability | 42,200,000 | |||
Retained earnings | $ 1,600,000 | |||
Employee Stock Option | ||||
Stock Related Compensation | ||||
Compensation expense yet to be recognized | 3,800,000 | |||
Common stock | ||||
Stock Related Compensation | ||||
Compensation expense yet to be recognized | $ 16,600,000 |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) $ / shares in Units, $ in Thousands | Mar. 08, 2019USD ($)shareholderoffice$ / sharesshares | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) |
Acquisition | |||
Cash paid to DFSC | $ 42,500 | $ 0 | |
Donegal Financial Services Corporation | |||
Acquisition | |||
Total consideration | $ 85,788 | ||
Number of offices acquired | office | 12 | ||
Number of counterparty shareholders | shareholder | 2 | ||
Cash as percent of total consideration | 50.00% | ||
Stock as percent of total consideration | 50.00% | ||
Cash paid to DFSC | $ 42,500 | ||
Stock issued for acquisition (in shares) | shares | 2,462,373 | ||
Value of stock issued for purchase | $ 43,288 | ||
Closing price of Company's stock issued for purchase (in dollars per share) | $ / shares | $ 17.58 | ||
Additional cost expensed | $ 1,900 | ||
Core Deposits | Donegal Financial Services Corporation | |||
Acquisition | |||
Acquired finite-lived intangible assets weighted average useful life | 7 years |
Acquisition - Assets Acquired a
Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 08, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Consideration paid: | |||||
Cash paid to DFSC | $ 42,500 | $ 0 | |||
Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value | |||||
Goodwill | $ 344,720 | $ 307,420 | $ 307,420 | ||
Donegal Financial Services Corporation | |||||
Consideration paid: | |||||
Northwest Bancshares, Inc. common stock issued | $ 43,288 | ||||
Cash paid to DFSC | 42,500 | ||||
Total consideration paid | 85,788 | ||||
Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value | |||||
Cash and cash equivalents | 16,667 | ||||
Investment securities available-for-sale | 78,594 | ||||
Loans | 407,840 | ||||
Federal Home Loan Bank stock | 453 | ||||
Premises and equipment | 6,520 | ||||
Core deposit intangible | 7,498 | ||||
Other assets | 25,535 | ||||
Deposits | (479,379) | ||||
Other liabilities | (15,240) | ||||
Total identifiable net assets | 48,488 | ||||
Goodwill | $ 37,300 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | Mar. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Undiscounted payments for leases not yet commenced | $ 3.4 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessor, Operating Lease, Renewal Term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term of contract (up to) | 35 years |
Lessor, Operating Lease, Renewal Term | 10 years |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease costs (office operations) | $ 1,299 |
Variable lease costs (office operations) | 134 |
Total operating lease costs | $ 1,433 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease ROU assets (other assets) | $ 43,479 |
Operating lease liability | $ 46,147 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flow from operating leases | $ 1,441 |
ROU assets obtained in exchange for lease obligations | $ 4,126 |
Weighted average remaining lease term | 15 years 6 months |
Weighted average discount rate | 3.80% |
Leases - Schedule of Lease Matu
Leases - Schedule of Lease Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
2019 | $ 4,112 | |
2020 | 4,940 | |
2021 | 4,604 | |
2022 | 4,297 | |
2023 | 4,035 | |
Thereafter | 40,973 | |
Total lease payments | 62,961 | |
Less amount of lease payments representing interest | 16,814 | |
Total present value of lease payments | $ 46,147 | |
Lease Maturities Before Topic 842 | ||
2019 | $ 4,677 | |
2020 | 3,884 | |
2021 | 3,179 | |
2022 | 2,465 | |
2023 | 2,040 | |
Thereafter | 7,784 | |
Total lease payments | $ 24,029 |
Investment securities and imp_3
Investment securities and impairment of investment securities - Available For Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Amortized cost | ||
Residential mortgage-backed securities | $ 845,989 | $ 811,015 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 4,804 | 2,958 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (8,136) | (12,523) |
Fair value | ||
Securities available-for-sale | 842,657 | 801,450 |
U.S. government and agencies | ||
Amortized cost | ||
Due in one year or less | 14,804 | |
Due in one year through five years | 14,756 | |
Gross unrealized holding gains | ||
Due in one year or less | 44 | |
Due in one year through five years | 24 | |
Gross unrealized holding losses | ||
Due in one year or less | 0 | |
Due in one year through five years | 0 | |
Fair value | ||
Due in one year or less | 14,848 | |
Due in one year through five years | 14,780 | |
Debt issued by government sponsored enterprises: | ||
Amortized cost | ||
Due in one year or less | 85,092 | 85,089 |
Due in one year through five years | 101,060 | 101,078 |
Due in five years through ten years | 987 | |
Due after ten years | 3,295 | 3,546 |
Gross unrealized holding gains | ||
Due in one year or less | 0 | 0 |
Due in one year through five years | 204 | 71 |
Due in five years through ten years | 15 | |
Due after ten years | 0 | 0 |
Gross unrealized holding losses | ||
Due in one year or less | (457) | (795) |
Due in one year through five years | (1,104) | (1,512) |
Due in five years through ten years | 0 | |
Due after ten years | (132) | (142) |
Fair value | ||
Due in one year or less | 84,635 | 84,294 |
Due in one year through five years | 100,160 | 99,637 |
Due in five years through ten years | 1,002 | |
Due after ten years | 3,163 | 3,404 |
Municipal securities | ||
Amortized cost | ||
Due in one year or less | 974 | 1,333 |
Due in one year through five years | 3,990 | 3,985 |
Due in five years through ten years | 12,086 | 10,603 |
Due after ten years | 14,716 | 5,105 |
Gross unrealized holding gains | ||
Due in one year or less | 2 | 2 |
Due in one year through five years | 73 | 54 |
Due in five years through ten years | 100 | 60 |
Due after ten years | 87 | 31 |
Gross unrealized holding losses | ||
Due in one year or less | 0 | (6) |
Due in one year through five years | 0 | (4) |
Due in five years through ten years | 0 | 0 |
Due after ten years | 0 | 0 |
Fair value | ||
Due in one year or less | 976 | 1,329 |
Due in one year through five years | 4,063 | 4,035 |
Due in five years through ten years | 12,186 | 10,663 |
Due after ten years | 14,803 | 5,136 |
Corporate debt securities | ||
Amortized cost | ||
Due in one year or less | 41 | |
Due in five years through ten years | 915 | 914 |
Gross unrealized holding gains | ||
Due in one year or less | 0 | |
Due in five years through ten years | 0 | 0 |
Gross unrealized holding losses | ||
Due in one year or less | 0 | |
Due in five years through ten years | 0 | 0 |
Fair value | ||
Due in one year or less | 41 | |
Due in five years through ten years | 915 | 914 |
Residential mortgage-backed securities | ||
Amortized cost | ||
Residential mortgage-backed securities | 608,029 | 584,606 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 4,279 | 2,716 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (6,443) | (10,064) |
Fair value | ||
Securities available-for-sale | 605,865 | 577,258 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Residential mortgage-backed securities | 154,338 | 130,172 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 1,224 | 568 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (2,585) | (4,113) |
Fair value | ||
Securities available-for-sale | 152,977 | 126,627 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Residential mortgage-backed securities | 368,622 | 365,427 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 1,958 | 865 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (3,680) | (5,921) |
Fair value | ||
Securities available-for-sale | 366,900 | 360,371 |
Variable rate | Pass-through | ||
Amortized cost | ||
Residential mortgage-backed securities | 22,782 | 24,761 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 899 | 1,003 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (6) | (5) |
Fair value | ||
Securities available-for-sale | 23,675 | 25,759 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Residential mortgage-backed securities | 62,287 | 64,246 |
Gross unrealized holding gains | ||
Residential mortgage-backed securities, gross unrealized holding gains | 198 | 280 |
Gross unrealized holding losses | ||
Residential mortgage-backed securities, gross unrealized holding losses | (172) | (25) |
Fair value | ||
Securities available-for-sale | $ 62,313 | $ 64,501 |
Investment securities and imp_4
Investment securities and impairment of investment securities - Held To Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Amortized cost | ||
Marketable securities held-to-maturity, amortized cost | $ 21,671 | $ 22,765 |
Gross unrealized holding gains | ||
Marketable securities held-to-maturity, gross unrealized holding gains | 139 | 103 |
Gross unrealized holding losses | ||
Marketable securities held-to-maturity, gross unrealized holding losses | (213) | (422) |
Fair value | ||
Marketable securities held-to-maturity, fair value | 21,597 | 22,446 |
Residential mortgage-backed securities | ||
Amortized cost | ||
Marketable securities held-to-maturity, amortized cost | 21,671 | 22,765 |
Gross unrealized holding gains | ||
Marketable securities held-to-maturity, gross unrealized holding gains | 139 | 103 |
Gross unrealized holding losses | ||
Marketable securities held-to-maturity, gross unrealized holding losses | (213) | (422) |
Fair value | ||
Marketable securities held-to-maturity, fair value | 21,597 | 22,446 |
Fixed rate | Pass-through | ||
Amortized cost | ||
Marketable securities held-to-maturity, amortized cost | 2,734 | 2,896 |
Gross unrealized holding gains | ||
Marketable securities held-to-maturity, gross unrealized holding gains | 81 | 53 |
Gross unrealized holding losses | ||
Marketable securities held-to-maturity, gross unrealized holding losses | 0 | 0 |
Fair value | ||
Marketable securities held-to-maturity, fair value | 2,815 | 2,949 |
Fixed rate | Agency CMOs | ||
Amortized cost | ||
Marketable securities held-to-maturity, amortized cost | 16,698 | 17,552 |
Gross unrealized holding gains | ||
Marketable securities held-to-maturity, gross unrealized holding gains | 6 | 0 |
Gross unrealized holding losses | ||
Marketable securities held-to-maturity, gross unrealized holding losses | (213) | (422) |
Fair value | ||
Marketable securities held-to-maturity, fair value | 16,491 | 17,130 |
Variable rate | Pass-through | ||
Amortized cost | ||
Marketable securities held-to-maturity, amortized cost | 1,588 | 1,666 |
Gross unrealized holding gains | ||
Marketable securities held-to-maturity, gross unrealized holding gains | 42 | 39 |
Gross unrealized holding losses | ||
Marketable securities held-to-maturity, gross unrealized holding losses | 0 | 0 |
Fair value | ||
Marketable securities held-to-maturity, fair value | 1,630 | 1,705 |
Variable rate | Agency CMOs | ||
Amortized cost | ||
Marketable securities held-to-maturity, amortized cost | 651 | 651 |
Gross unrealized holding gains | ||
Marketable securities held-to-maturity, gross unrealized holding gains | 10 | 11 |
Gross unrealized holding losses | ||
Marketable securities held-to-maturity, gross unrealized holding losses | 0 | 0 |
Fair value | ||
Marketable securities held-to-maturity, fair value | $ 661 | $ 662 |
Investment securities and imp_5
Investment securities and impairment of investment securities - Fair Value of and Gross Unrealized Losses on Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Marketable securities | ||
Less than 12 months - Fair value | $ 31,340 | $ 34,960 |
Less than 12 months - Unrealized loss | (165) | (31) |
12 months or more - Fair value | 459,613 | 484,809 |
12 months or more - Unrealized loss | (8,184) | (12,915) |
Total - Fair value | 490,953 | 519,769 |
Total - Unrealized loss | (8,349) | (12,946) |
U.S. government and agencies | ||
Marketable securities | ||
Less than 12 months - Fair value | 0 | 0 |
Less than 12 months - Unrealized loss | 0 | 0 |
12 months or more - Fair value | 136,932 | 136,425 |
12 months or more - Unrealized loss | (1,692) | (2,449) |
Total - Fair value | 136,932 | 136,425 |
Total - Unrealized loss | (1,692) | (2,449) |
Municipal securities | ||
Marketable securities | ||
Less than 12 months - Fair value | 929 | |
Less than 12 months - Unrealized loss | (1) | |
12 months or more - Fair value | 1,709 | |
12 months or more - Unrealized loss | (10) | |
Total - Fair value | 2,638 | |
Total - Unrealized loss | (11) | |
Residential mortgage-backed securities | Agency CMOs | ||
Marketable securities | ||
Less than 12 months - Fair value | 31,340 | 34,031 |
Less than 12 months - Unrealized loss | (165) | (30) |
12 months or more - Fair value | 322,681 | 346,675 |
12 months or more - Unrealized loss | (6,492) | (10,456) |
Total - Fair value | 354,021 | 380,706 |
Total - Unrealized loss | $ (6,657) | $ (10,486) |
Investment securities and imp_6
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, 2019 | Mar. 31, 2018 | |
Cumulative roll forward of credit related impairment losses recognized in earnings for debt securities held and not intended to be sold: | ||
Beginning balance | $ 0 | $ 352 |
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | 0 | 0 |
Reduction for losses realized during the quarter | 0 | 0 |
Reduction for securities sold/called realized during the quarter | 0 | (352) |
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized | 0 | 0 |
Ending balance | $ 0 | $ 0 |
Loans receivable - Summary of O
Loans receivable - Summary of Originated and Acquired Loans (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | $ 8,744,363,000 | $ 8,257,652,000 | ||
Deferred loan costs | 40,732,000 | 37,618,000 | ||
Allowance for loan losses | (55,721,000) | (55,214,000) | $ (55,211,000) | $ (56,795,000) |
Total loans receivable, net | 8,514,154,000 | 7,996,225,000 | ||
Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (8,440,000) | (11,513,000) | ||
Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (151,702,000) | (167,553,000) | ||
Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (55,078,000) | (64,765,000) | ||
Personal Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 5,090,336,000 | 4,956,500,000 | ||
Personal Banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,859,511,000 | 2,860,212,000 | ||
Residential mortgage loans held-for-sale | 0 | 0 | ||
Personal Banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,324,405,000 | 1,258,422,000 | ||
Personal Banking | Consumer finance loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,292,000 | 3,817,000 | ||
Personal Banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 904,128,000 | 834,049,000 | ||
Commercial Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 3,654,027,000 | 3,301,152,000 | ||
Commercial Banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,951,011,000 | 2,639,374,000 | ||
Commercial Banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 703,016,000 | 661,778,000 | ||
Originated | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 7,731,415,000 | 7,618,512,000 | ||
Deferred loan costs | 40,043,000 | 36,820,000 | ||
Allowance for loan losses | (51,711,000) | (51,751,000) | (49,123,000) | (50,572,000) |
Total loans receivable, net | 7,519,148,000 | 7,361,434,000 | ||
Originated | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (8,440,000) | (11,513,000) | ||
Originated | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (138,241,000) | (167,029,000) | ||
Originated | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (53,918,000) | (63,605,000) | ||
Originated | Personal Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 4,653,281,000 | 4,589,503,000 | ||
Allowance for loan losses | (18,602,000) | (18,318,000) | (19,612,000) | (20,339,000) |
Originated | Personal Banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,763,192,000 | 2,766,430,000 | ||
Allowance for loan losses | (4,005,000) | (4,054,000) | (3,724,000) | (3,824,000) |
Originated | Personal Banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,035,189,000 | 1,043,878,000 | ||
Allowance for loan losses | (3,062,000) | (3,184,000) | (3,717,000) | (4,072,000) |
Originated | Personal Banking | Consumer finance loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,292,000 | 3,817,000 | ||
Allowance for loan losses | (405,000) | (676,000) | (3,031,000) | (3,968,000) |
Originated | Personal Banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 852,608,000 | 775,378,000 | ||
Allowance for loan losses | (11,130,000) | (10,404,000) | (9,140,000) | (8,475,000) |
Originated | Commercial Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 3,078,134,000 | 3,029,009,000 | ||
Allowance for loan losses | (33,109,000) | (33,433,000) | (29,511,000) | (30,233,000) |
Originated | Commercial Banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 2,443,717,000 | 2,416,047,000 | ||
Allowance for loan losses | (25,470,000) | (26,379,000) | (20,218,000) | (19,911,000) |
Originated | Commercial Banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 634,417,000 | 612,962,000 | ||
Allowance for loan losses | (7,639,000) | (7,054,000) | (9,293,000) | (10,322,000) |
Acquired | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 1,012,948,000 | 639,140,000 | ||
Deferred loan costs | 689,000 | 798,000 | ||
Allowance for loan losses | (4,010,000) | (3,463,000) | (6,088,000) | (6,223,000) |
Total loans receivable, net | 995,006,000 | 634,791,000 | ||
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 | (13,461,000) | (524,000) | ||
Acquired | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Undisbursed loan proceeds | (1,160,000) | (1,160,000) | ||
Acquired | Personal Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 437,055,000 | 366,997,000 | ||
Allowance for loan losses | (945,000) | (850,000) | (1,624,000) | (1,783,000) |
Acquired | Personal Banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 96,319,000 | 93,782,000 | ||
Allowance for loan losses | (92,000) | (83,000) | (89,000) | (131,000) |
Acquired | Personal Banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 289,216,000 | 214,544,000 | ||
Allowance for loan losses | (399,000) | (348,000) | (728,000) | (762,000) |
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 | 51,520,000 | 58,671,000 | ||
Allowance for loan losses | (454,000) | (419,000) | (807,000) | (890,000) |
Acquired | Commercial Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 575,893,000 | 272,143,000 | ||
Allowance for loan losses | (3,065,000) | (2,613,000) | ||
Acquired | Commercial Banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | (3,430,000) | (3,549,000) | ||
Acquired | Commercial Banking | Home equity loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | (1,034,000) | (891,000) | ||
Acquired | Commercial Banking | Consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ (4,464,000) | $ (4,440,000) | ||
Acquired | Commercial Banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 507,294,000 | 223,327,000 | ||
Allowance for loan losses | (2,467,000) | (1,996,000) | ||
Acquired | Commercial Banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable, gross | 68,599,000 | 48,816,000 | ||
Allowance for loan losses | $ (598,000) | $ (617,000) |
Loans receivable - Outstanding
Loans receivable - Outstanding Principal Balance and Related Carrying Value of Acquired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | $ 1,013,424 | $ 645,359 |
Carrying value | 999,016 | 638,254 |
Acquired loans evaluated individually for future credit losses | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 8,068 | 8,189 |
Carrying value | 5,607 | 5,690 |
Acquired loans evaluated collectively for future credit losses | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 1,005,356 | 637,170 |
Carrying value | $ 993,409 | $ 632,564 |
Loans receivable - Changes in t
Loans receivable - Changes in the Accretable Discount (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Changes in accretable yield | ||
Beginning balance | $ 755 | $ 1,540 |
Accretion | (132) | (785) |
Net reclassification from nonaccretable yield | 0 | 0 |
Ending balance | $ 623 | $ 755 |
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, 2019 | Dec. 31, 2018 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | $ 94,767 | $ 98,283 |
Average recorded investment in impaired loans | 90,150 | 84,338 |
Interest income recognized | 1,113 | 3,762 |
Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 33,082 | 35,723 |
Average recorded investment in impaired loans | 32,386 | 33,824 |
Interest income recognized | 516 | 1,656 |
Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 19,875 | 22,508 |
Average recorded investment in impaired loans | 19,696 | 20,733 |
Interest income recognized | 258 | 910 |
Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 9,079 | 8,893 |
Average recorded investment in impaired loans | 8,698 | 9,075 |
Interest income recognized | 166 | 511 |
Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 4,128 | 4,300 |
Average recorded investment in impaired loans | 3,992 | 3,992 |
Interest income recognized | 92 | 235 |
Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 61,685 | 62,560 |
Average recorded investment in impaired loans | 57,764 | 50,514 |
Interest income recognized | 597 | 2,106 |
Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 52,128 | 49,919 |
Average recorded investment in impaired loans | 48,887 | 41,328 |
Interest income recognized | 486 | 1,599 |
Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 9,557 | 12,641 |
Average recorded investment in impaired loans | 8,877 | 9,186 |
Interest income recognized | 111 | 507 |
Acquired loans evaluated individually for future credit losses | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Carrying value | 5,607 | 5,690 |
Outstanding principal balance | 8,068 | 8,189 |
Related impairment reserve | 18 | 18 |
Average recorded investment in impaired loans | 5,649 | 6,940 |
Interest income recognized | 132 | 785 |
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 | 1,989 | 2,027 |
Outstanding principal balance | 3,575 | 3,633 |
Related impairment reserve | 17 | 17 |
Average recorded investment in impaired loans | 2,009 | 2,830 |
Interest income recognized | 63 | 418 |
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 | 975 | 990 |
Outstanding principal balance | 1,579 | 1,598 |
Related impairment reserve | 6 | 6 |
Average recorded investment in impaired loans | 982 | 1,294 |
Interest income recognized | 32 | 226 |
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 | 997 | 1,008 |
Outstanding principal balance | 1,960 | 1,959 |
Related impairment reserve | 7 | 7 |
Average recorded investment in impaired loans | 1,003 | 1,483 |
Interest income recognized | 28 | 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 | 17 | 29 |
Outstanding principal balance | 36 | 76 |
Related impairment reserve | 4 | 4 |
Average recorded investment in impaired loans | 24 | 53 |
Interest income recognized | 3 | 35 |
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 | 3,618 | 3,663 |
Outstanding principal balance | 4,493 | 4,556 |
Related impairment reserve | 1 | 1 |
Average recorded investment in impaired loans | 3,640 | 4,110 |
Interest income recognized | 69 | 367 |
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 | 3,539 | 3,584 |
Outstanding principal balance | 4,408 | 4,471 |
Related impairment reserve | 1 | 1 |
Average recorded investment in impaired loans | 3,561 | 4,028 |
Interest income recognized | 67 | 358 |
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 | 79 | 79 |
Outstanding principal balance | 85 | 85 |
Related impairment reserve | 0 | 0 |
Average recorded investment in impaired loans | 79 | 82 |
Interest income recognized | $ 2 | $ 9 |
Loans receivable - Changes in_2
Loans receivable - Changes in the Allowance for Losses on Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | $ 55,214 | $ 56,795 |
Current period provision | 6,467 | 4,209 |
Charge-offs | (7,405) | (7,190) |
Recoveries | 1,445 | 1,397 |
Balance at the end of the period | 55,721 | 55,211 |
Originated | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 51,751 | 50,572 |
Current period provision | 3,383 | 3,926 |
Charge-offs | (4,475) | (6,595) |
Recoveries | 1,052 | 1,220 |
Balance at the end of the period | 51,711 | 49,123 |
Originated | Personal Banking | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 18,318 | 20,339 |
Current period provision | 2,973 | 3,563 |
Charge-offs | (3,449) | (5,227) |
Recoveries | 760 | 937 |
Balance at the end of the period | 18,602 | 19,612 |
Originated | Personal Banking | Residential mortgage loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 4,054 | 3,824 |
Current period provision | 186 | 31 |
Charge-offs | (349) | (196) |
Recoveries | 114 | 65 |
Balance at the end of the period | 4,005 | 3,724 |
Originated | Personal Banking | Home equity loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 3,184 | 4,072 |
Current period provision | (35) | (85) |
Charge-offs | (112) | (301) |
Recoveries | 25 | 31 |
Balance at the end of the period | 3,062 | 3,717 |
Originated | Personal Banking | Consumer finance loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 676 | 3,968 |
Current period provision | (229) | 338 |
Charge-offs | (179) | (1,553) |
Recoveries | 137 | 278 |
Balance at the end of the period | 405 | 3,031 |
Originated | Personal Banking | Consumer loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 10,404 | 8,475 |
Current period provision | 3,051 | 3,279 |
Charge-offs | (2,809) | (3,177) |
Recoveries | 484 | 563 |
Balance at the end of the period | 11,130 | 9,140 |
Originated | Commercial Banking | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 33,433 | 30,233 |
Current period provision | 410 | 363 |
Charge-offs | (1,026) | (1,368) |
Recoveries | 292 | 283 |
Balance at the end of the period | 33,109 | 29,511 |
Originated | Commercial Banking | Commercial real estate loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 26,379 | 19,911 |
Current period provision | (464) | 703 |
Charge-offs | (569) | (540) |
Recoveries | 124 | 144 |
Balance at the end of the period | 25,470 | 20,218 |
Originated | Commercial Banking | Commercial loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 7,054 | 10,322 |
Current period provision | 874 | (340) |
Charge-offs | (457) | (828) |
Recoveries | 168 | 139 |
Balance at the end of the period | 7,639 | 9,293 |
Acquired | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 3,463 | 6,223 |
Current period provision | 3,084 | 283 |
Charge-offs | (2,930) | (595) |
Recoveries | 393 | 177 |
Balance at the end of the period | 4,010 | 6,088 |
Acquired | Personal Banking | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 850 | 1,783 |
Current period provision | 87 | 105 |
Charge-offs | (82) | (387) |
Recoveries | 90 | 123 |
Balance at the end of the period | 945 | 1,624 |
Acquired | Personal Banking | Residential mortgage loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 83 | 131 |
Current period provision | 8 | (43) |
Charge-offs | (8) | (5) |
Recoveries | 9 | 6 |
Balance at the end of the period | 92 | 89 |
Acquired | Personal Banking | Home equity loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 348 | 762 |
Current period provision | 45 | 202 |
Charge-offs | (42) | (310) |
Recoveries | 48 | 74 |
Balance at the end of the period | 399 | 728 |
Acquired | Personal Banking | Consumer loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 419 | 890 |
Current period provision | 34 | (54) |
Charge-offs | (32) | (72) |
Recoveries | 33 | 43 |
Balance at the end of the period | 454 | 807 |
Acquired | Commercial Banking | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 2,613 | |
Current period provision | 2,997 | |
Charge-offs | (2,848) | |
Recoveries | 303 | |
Balance at the end of the period | 3,065 | |
Acquired | Commercial Banking | Residential mortgage 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 | Home equity 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 | |
Acquired | Commercial Banking | Consumer loans | ||
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 | Commercial real estate loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 1,996 | |
Current period provision | 255 | |
Charge-offs | (35) | |
Recoveries | 251 | |
Balance at the end of the period | 2,467 | |
Acquired | Commercial Banking | Commercial loans | ||
Changes in allowance for losses on allocated loans receivable | ||
Balance at the beginning of the period | 617 | |
Current period provision | 2,742 | |
Charge-offs | (2,813) | |
Recoveries | 52 | |
Balance at the end of the period | $ 598 |
Loans receivable - Loan Portfol
Loans receivable - Loan Portfolio by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | $ 8,569,875 | $ 8,051,439 | ||
Allowance for loan losses | 55,721 | 55,214 | ||
Nonaccrual loans | 72,779 | 72,281 | ||
Loans past due 90 days or more and still accruing | 166 | 166 | ||
TDRs | 32,812 | 33,608 | $ 30,966 | $ 32,104 |
Allowance related to TDRs | 3,221 | 3,089 | ||
Additional commitments to customers with loans classified as TDRs | 528 | 388 | ||
Nonaccrual TDRs | 14,951 | 15,300 | $ 11,217 | |
Personal Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 5,122,628 | 4,982,605 | ||
Allowance for loan losses | 19,547 | 19,168 | ||
Nonaccrual loans | 24,479 | 27,245 | ||
Loans past due 90 days or more and still accruing | 166 | 166 | ||
TDRs | 9,642 | 9,884 | ||
Allowance related to TDRs | 1,323 | 2,513 | ||
Additional commitments to customers with loans classified as TDRs | 31 | 4 | ||
Personal Banking | Residential mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 2,867,161 | 2,864,470 | ||
Allowance for loan losses | 4,097 | 4,137 | ||
Nonaccrual loans | 13,052 | 15,848 | ||
Loans past due 90 days or more and still accruing | 0 | 0 | ||
TDRs | 7,517 | 5,382 | ||
Allowance related to TDRs | 813 | 993 | ||
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 | 1,324,405 | 1,258,422 | ||
Allowance for loan losses | 3,462 | 3,532 | ||
Nonaccrual loans | 7,299 | 7,075 | ||
Loans past due 90 days or more and still accruing | 166 | 136 | ||
TDRs | 2,125 | 4,502 | ||
Allowance related to TDRs | 510 | 1,520 | ||
Additional commitments to customers with loans classified as TDRs | 31 | 4 | ||
Personal Banking | Consumer finance loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 2,292 | 3,817 | ||
Allowance for loan losses | 405 | 676 | ||
Nonaccrual loans | 0 | 22 | ||
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 | 928,770 | 855,896 | ||
Allowance for loan losses | 11,583 | 10,823 | ||
Nonaccrual loans | 4,128 | 4,300 | ||
Loans past due 90 days or more and still accruing | 0 | 27 | ||
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 | 3,447,247 | 3,068,834 | ||
Allowance for loan losses | 36,174 | 36,046 | ||
Nonaccrual loans | 48,300 | 45,036 | ||
Loans past due 90 days or more and still accruing | 0 | 0 | ||
TDRs | 23,170 | 23,724 | ||
Allowance related to TDRs | 1,898 | 576 | ||
Additional commitments to customers with loans classified as TDRs | 497 | 384 | ||
Commercial Banking | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 2,799,309 | 2,471,821 | ||
Allowance for loan losses | 27,937 | 28,375 | ||
Nonaccrual loans | 41,278 | 36,935 | ||
Loans past due 90 days or more and still accruing | 0 | 0 | ||
TDRs | 19,372 | 19,859 | ||
Allowance related to TDRs | 1,568 | 313 | ||
Additional commitments to customers with loans classified as TDRs | 491 | 310 | ||
Commercial Banking | Commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 647,938 | 597,013 | ||
Allowance for loan losses | 8,237 | 7,671 | ||
Nonaccrual loans | 7,022 | 8,101 | ||
Loans past due 90 days or more and still accruing | 0 | 0 | ||
TDRs | 3,798 | 3,865 | ||
Allowance related to TDRs | 330 | 263 | ||
Additional commitments to customers with loans classified as TDRs | $ 6 | $ 74 |
Loans receivable - Compositio_2
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, 2019 | Dec. 31, 2018 | |
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | $ 72,779 | $ 72,281 |
Total impaired loans | 94,767 | 98,283 |
Average recorded investment in impaired loans | 90,150 | 84,338 |
Interest income recognized on impaired loans | 1,113 | 3,762 |
Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 24,479 | 27,245 |
Total impaired loans | 33,082 | 35,723 |
Average recorded investment in impaired loans | 32,386 | 33,824 |
Interest income recognized on impaired loans | 516 | 1,656 |
Personal Banking | Residential mortgage loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 13,052 | 15,848 |
Total impaired loans | 19,875 | 22,508 |
Average recorded investment in impaired loans | 19,696 | 20,733 |
Interest income recognized on impaired loans | 258 | 910 |
Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 7,299 | 7,075 |
Total impaired loans | 9,079 | 8,893 |
Average recorded investment in impaired loans | 8,698 | 9,075 |
Interest income recognized on impaired loans | 166 | 511 |
Personal Banking | Consumer finance loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 0 | 22 |
Total impaired loans | 22 | |
Average recorded investment in impaired loans | 24 | |
Interest income recognized on impaired loans | 0 | |
Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 4,128 | 4,300 |
Total impaired loans | 4,128 | 4,300 |
Average recorded investment in impaired loans | 3,992 | 3,992 |
Interest income recognized on impaired loans | 92 | 235 |
Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 48,300 | 45,036 |
Total impaired loans | 61,685 | 62,560 |
Average recorded investment in impaired loans | 57,764 | 50,514 |
Interest income recognized on impaired loans | 597 | 2,106 |
Commercial Banking | Commercial real estate loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 41,278 | 36,935 |
Total impaired loans | 52,128 | 49,919 |
Average recorded investment in impaired loans | 48,887 | 41,328 |
Interest income recognized on impaired loans | 486 | 1,599 |
Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 7,022 | 8,101 |
Total impaired loans | 9,557 | 12,641 |
Average recorded investment in impaired loans | 8,877 | 9,186 |
Interest income recognized on impaired loans | 111 | 507 |
90 Days or greater delinquent | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 46,093 | 50,730 |
90 Days or greater delinquent | Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 19,538 | 22,211 |
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 | 10,781 | 12,965 |
90 Days or greater delinquent | Personal Banking | Home equity loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 5,542 | 5,996 |
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 | 22 | |
90 Days or greater delinquent | Personal Banking | Consumer loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 3,215 | 3,228 |
90 Days or greater delinquent | Commercial Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 26,555 | 28,519 |
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 | 24,528 | 25,509 |
90 Days or greater delinquent | Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 2,027 | 3,010 |
Less than 90 days delinquent | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 26,686 | 21,551 |
Loans less than 90 days delinquent reviewed for impairment | 4,127 | 11,002 |
TDRs less than 90 days delinquent not included elsewhere | 17,861 | 15,000 |
Less than 90 days delinquent | Personal Banking | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 4,941 | 5,034 |
Loans less than 90 days delinquent reviewed for impairment | 505 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 8,098 | 8,478 |
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 | 2,271 | 2,883 |
Loans less than 90 days delinquent reviewed for impairment | 505 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 6,318 | 6,660 |
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 | 1,757 | 1,079 |
Loans less than 90 days delinquent reviewed for impairment | 0 | 0 |
TDRs less than 90 days delinquent not included elsewhere | 1,780 | 1,818 |
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 | |
Loans less than 90 days delinquent reviewed for impairment | 0 | |
TDRs less than 90 days delinquent not included elsewhere | 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 | 913 | 1,072 |
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 | 21,745 | 16,517 |
Loans less than 90 days delinquent reviewed for impairment | 3,622 | 11,002 |
TDRs less than 90 days delinquent not included elsewhere | 9,763 | 6,522 |
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 | 16,750 | 11,426 |
Loans less than 90 days delinquent reviewed for impairment | 3,390 | 8,549 |
TDRs less than 90 days delinquent not included elsewhere | 7,460 | 4,435 |
Less than 90 days delinquent | Commercial Banking | Commercial loans | ||
Composition of impaired loans by portfolio segment and by class of financing receivable | ||
Nonaccrual loans | 4,995 | 5,091 |
Loans less than 90 days delinquent reviewed for impairment | 232 | 2,453 |
TDRs less than 90 days delinquent not included elsewhere | $ 2,303 | $ 2,087 |
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, 2019 | Dec. 31, 2018 |
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | $ 8,517,741 | $ 7,997,835 |
Loans individually evaluated for impairment | 52,134 | 53,604 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 47,721 | 48,875 |
Related impairment reserve | 8,324 | 8,542 |
Loans individually evaluated for impairment for which there is no related reserve | 4,413 | 4,729 |
Personal Banking | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 5,112,570 | 4,972,298 |
Loans individually evaluated for impairment | 10,058 | 10,307 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 10,058 | 10,307 |
Related impairment reserve | 1,329 | 1,276 |
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 | 2,859,252 | 2,856,359 |
Loans individually evaluated for impairment | 7,909 | 8,111 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 7,909 | 8,111 |
Related impairment reserve | 813 | 747 |
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 | 1,322,279 | 1,256,255 |
Loans individually evaluated for impairment | 2,126 | 2,167 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 2,126 | 2,167 |
Related impairment reserve | 510 | 523 |
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 | 2,292 | 3,817 |
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 | 928,747 | 855,867 |
Loans individually evaluated for impairment | 23 | 29 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 23 | 29 |
Related impairment reserve | 6 | 6 |
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 | 3,405,171 | 3,025,537 |
Loans individually evaluated for impairment | 42,076 | 43,297 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 37,663 | 38,568 |
Related impairment reserve | 6,995 | 7,266 |
Loans individually evaluated for impairment for which there is no related reserve | 4,413 | 4,729 |
Commercial Banking | Commercial real estate loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 2,764,907 | 2,436,605 |
Loans individually evaluated for impairment | 34,402 | 35,216 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 31,264 | 31,830 |
Related impairment reserve | 6,249 | 6,499 |
Loans individually evaluated for impairment for which there is no related reserve | 3,138 | 3,386 |
Commercial Banking | Commercial loans | ||
Evaluation of impaired loans by portfolio segment and by class of financing receivable | ||
Loans collectively evaluated for impairment | 640,264 | 588,932 |
Loans individually evaluated for impairment | 7,674 | 8,081 |
Loans individually evaluated for impairment for which there is a related impairment reserve | 6,399 | 6,738 |
Related impairment reserve | 746 | 767 |
Loans individually evaluated for impairment for which there is no related reserve | $ 1,275 | $ 1,343 |
Loans receivable - Roll Forward
Loans receivable - Roll Forward of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($)contract | Mar. 31, 2018USD ($)contract | Dec. 31, 2018USD ($) | |
Number of contracts | |||
Beginning balance | contract | 195 | 205 | |
Number of contracts new TDRs | contract | 0 | 9 | |
Number of re-modified TDRs | contract | 0 | 0 | |
Ending balance | contract | 195 | 200 | |
Amount | |||
Beginning TDR balance | $ 33,608 | $ 32,104 | |
New TDRs | 0 | 4,935 | |
Re-modified TDRs | 0 | 0 | |
Net paydowns | (796) | (947) | |
Ending TDR balance | 32,812 | 30,966 | |
Accruing TDRs | 17,861 | 19,749 | |
Non-accrual TDRs | $ 14,951 | $ 11,217 | $ 15,300 |
Remodified TDRs | contract | 0 | ||
Residential mortgage loans | |||
Number of contracts | |||
Number of contracts charged off | contract | 0 | 1 | |
Number of contracts paid off | contract | 0 | 1 | |
Amount | |||
Amount of contracts charged off | $ 0 | $ (135) | |
Amount of contracts paid off | $ 0 | $ (249) | |
Home equity loans | |||
Number of contracts | |||
Number of contracts charged off | contract | 0 | 0 | |
Number of contracts paid off | contract | 0 | 1 | |
Amount | |||
Amount of contracts charged off | $ 0 | $ 0 | |
Amount of contracts paid off | $ 0 | $ (12) | |
Commercial real estate loans | |||
Number of contracts | |||
Number of contracts charged off | contract | 0 | 1 | |
Number of contracts paid off | contract | 0 | 4 | |
Amount | |||
Amount of contracts charged off | $ 0 | $ (203) | |
Amount of contracts paid off | $ 0 | $ (1,574) | |
Commercial loans | |||
Number of contracts | |||
Number of contracts charged off | contract | 0 | 1 | |
Number of contracts paid off | contract | 0 | 5 | |
Amount | |||
Amount of contracts charged off | $ 0 | $ (721) | |
Amount of contracts paid off | $ 0 | $ (2,232) |
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 | |
Financing Receivable, Modifications [Line Items] | |
Number of contracts | contract | 9 |
Recorded investment at the time of modification | $ 4,935 |
Current recorded investment | 4,168 |
Current allowance | $ 57 |
Personal Banking | |
Financing Receivable, Modifications [Line Items] | |
Number of contracts | contract | 5 |
Recorded investment at the time of modification | $ 354 |
Current recorded investment | 352 |
Current allowance | $ 57 |
Personal Banking | Residential mortgage loans | |
Financing Receivable, Modifications [Line Items] | |
Number of contracts | contract | 2 |
Recorded investment at the time of modification | $ 214 |
Current recorded investment | 213 |
Current allowance | $ 21 |
Personal Banking | Home equity loans | |
Financing Receivable, Modifications [Line Items] | |
Number of contracts | contract | 3 |
Recorded investment at the time of modification | $ 140 |
Current recorded investment | 139 |
Current allowance | $ 36 |
Commercial Banking | |
Financing Receivable, Modifications [Line Items] | |
Number of contracts | contract | 4 |
Recorded investment at the time of modification | $ 4,581 |
Current recorded investment | 3,816 |
Current allowance | $ 0 |
Commercial Banking | Commercial real estate loans | |
Financing Receivable, Modifications [Line Items] | |
Number of contracts | contract | 1 |
Recorded investment at the time of modification | $ 2,401 |
Current recorded investment | 2,385 |
Current allowance | $ 0 |
Commercial Banking | Commercial loans | |
Financing Receivable, Modifications [Line Items] | |
Number of contracts | contract | 3 |
Recorded investment at the time of modification | $ 2,180 |
Current recorded investment | 1,431 |
Current allowance | $ 0 |
Loans receivable - Troubled D_2
Loans receivable - Troubled Debt Restructurings by Type of Modification (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019contract | Mar. 31, 2018USD ($)contract | |
Troubled debt restructurings | ||
Number of contracts | contract | 9 | |
Troubled debt restructurings | $ 4,168 | |
Number of re-modified TDRs | contract | 0 | 0 |
Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 30 | |
Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 178 | |
Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 3,960 | |
Personal Banking | ||
Troubled debt restructurings | ||
Number of contracts | contract | 5 | |
Troubled debt restructurings | $ 352 | |
Personal Banking | Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 30 | |
Personal Banking | Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Personal Banking | Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 178 | |
Personal Banking | Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 144 | |
Personal Banking | Residential mortgage loans | ||
Troubled debt restructurings | ||
Number of contracts | contract | 2 | |
Troubled debt restructurings | $ 213 | |
Personal Banking | Residential mortgage loans | Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Personal Banking | Residential mortgage loans | Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Personal Banking | Residential mortgage loans | Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 178 | |
Personal Banking | Residential mortgage loans | Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 35 | |
Personal Banking | Home equity loans | ||
Troubled debt restructurings | ||
Number of contracts | contract | 3 | |
Troubled debt restructurings | $ 139 | |
Personal Banking | Home equity loans | Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 30 | |
Personal Banking | Home equity loans | Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Personal Banking | Home equity loans | Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Personal Banking | Home equity loans | Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 109 | |
Commercial Banking | ||
Troubled debt restructurings | ||
Number of contracts | contract | 4 | |
Troubled debt restructurings | $ 3,816 | |
Commercial Banking | Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Commercial Banking | Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Commercial Banking | Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Commercial Banking | Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 3,816 | |
Commercial Banking | Commercial real estate loans | ||
Troubled debt restructurings | ||
Number of contracts | contract | 1 | |
Troubled debt restructurings | $ 2,385 | |
Commercial Banking | Commercial real estate loans | Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Commercial Banking | Commercial real estate loans | Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Commercial Banking | Commercial real estate loans | Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Commercial Banking | Commercial real estate loans | Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 2,385 | |
Commercial Banking | Commercial loans | ||
Troubled debt restructurings | ||
Number of contracts | contract | 3 | |
Troubled debt restructurings | $ 1,431 | |
Commercial Banking | Commercial loans | Rate | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Commercial Banking | Commercial loans | Payment | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Commercial Banking | Commercial loans | Maturity date | ||
Troubled debt restructurings | ||
Troubled debt restructurings | 0 | |
Commercial Banking | Commercial loans | Other | ||
Troubled debt restructurings | ||
Troubled debt restructurings | $ 1,431 |
Loans receivable - Loan Delinqu
Loans receivable - Loan Delinquencies (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Loan payment delinquencies | ||
Total delinquency | $ 133,787 | $ 121,534 |
Current | 8,436,088 | 7,929,905 |
Total loans | 8,569,875 | 8,051,439 |
90 days or greater delinquent and accruing | 87 | 143 |
30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 75,482 | 53,010 |
60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 12,125 | 17,651 |
90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 46,180 | 50,873 |
Personal Banking | ||
Loan payment delinquencies | ||
Total loans | 5,122,628 | 4,982,605 |
Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total loans | 2,867,161 | 2,864,470 |
Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total loans | 1,324,405 | 1,258,422 |
Personal Banking | Consumer finance loans | ||
Loan payment delinquencies | ||
Total loans | 2,292 | 3,817 |
Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total loans | 928,770 | 855,896 |
Commercial Banking | ||
Loan payment delinquencies | ||
Total loans | 3,447,247 | 3,068,834 |
Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total loans | 2,799,309 | 2,471,821 |
Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total loans | 647,938 | 597,013 |
Originated | ||
Loan payment delinquencies | ||
Total delinquency | 115,839 | 109,605 |
Current | 7,455,020 | 7,303,580 |
Total loans | 7,570,859 | 7,413,185 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 69,162 | 49,716 |
Originated | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 7,351 | 15,903 |
Originated | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 39,326 | 43,986 |
Originated | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 61,751 | 73,809 |
Current | 4,623,133 | 4,541,001 |
Total loans | 4,684,884 | 4,614,810 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 36,772 | 44,645 |
Current | 2,734,070 | 2,714,474 |
Total loans | 2,770,842 | 2,759,119 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 12,583 | 13,406 |
Current | 1,022,606 | 1,030,472 |
Total loans | 1,035,189 | 1,043,878 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Consumer finance loans | ||
Loan payment delinquencies | ||
Total delinquency | 342 | 854 |
Current | 1,950 | 2,963 |
Total loans | 2,292 | 3,817 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 12,054 | 14,904 |
Current | 864,507 | 793,092 |
Total loans | 876,561 | 807,996 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Personal Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 38,780 | 43,716 |
Originated | Personal Banking | 30-59 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 25,013 | 27,245 |
Originated | Personal Banking | 30-59 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 6,440 | 6,810 |
Originated | Personal Banking | 30-59 Days delinquent | Consumer finance loans | ||
Loan payment delinquencies | ||
Total delinquency | 295 | 661 |
Originated | Personal Banking | 30-59 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 7,032 | 9,000 |
Originated | Personal Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 6,375 | 10,542 |
Originated | Personal Banking | 60-89 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,427 | 5,732 |
Originated | Personal Banking | 60-89 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,880 | 1,771 |
Originated | Personal Banking | 60-89 Days delinquent | Consumer finance loans | ||
Loan payment delinquencies | ||
Total delinquency | 47 | 172 |
Originated | Personal Banking | 60-89 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,021 | 2,867 |
Originated | Personal Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 16,596 | 19,551 |
Originated | Personal Banking | 90 Days or greater delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 9,332 | 11,668 |
Originated | Personal Banking | 90 Days or greater delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 4,263 | 4,825 |
Originated | Personal Banking | 90 Days or greater delinquent | Consumer finance loans | ||
Loan payment delinquencies | ||
Total delinquency | 0 | 21 |
Originated | Personal Banking | 90 Days or greater delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,001 | 3,037 |
Originated | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 54,088 | 35,796 |
Current | 2,831,887 | 2,762,579 |
Total loans | 2,885,975 | 2,798,375 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 50,128 | 31,913 |
Current | 2,255,348 | 2,217,105 |
Total loans | 2,305,476 | 2,249,018 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,960 | 3,883 |
Current | 576,539 | 545,474 |
Total loans | 580,499 | 549,357 |
90 days or greater delinquent and accruing | 0 | 0 |
Originated | Commercial Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 30,382 | 6,000 |
Originated | Commercial Banking | 30-59 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 28,064 | 5,391 |
Originated | Commercial Banking | 30-59 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,318 | 609 |
Originated | Commercial Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 976 | 5,361 |
Originated | Commercial Banking | 60-89 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 859 | 4,801 |
Originated | Commercial Banking | 60-89 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 117 | 560 |
Originated | Commercial Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 22,730 | 24,435 |
Originated | Commercial Banking | 90 Days or greater delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 21,205 | 21,721 |
Originated | Commercial Banking | 90 Days or greater delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,525 | 2,714 |
Acquired | ||
Loan payment delinquencies | ||
Total delinquency | 17,948 | 11,929 |
Current | 981,068 | 626,325 |
Total loans | 999,016 | 638,254 |
90 days or greater delinquent and accruing | 87 | 143 |
Acquired | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 6,320 | 3,294 |
Acquired | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 4,774 | 1,748 |
Acquired | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 6,854 | 6,887 |
Acquired | Personal Banking | ||
Loan payment delinquencies | ||
Total delinquency | 8,294 | 6,705 |
Current | 429,450 | 361,090 |
Total loans | 437,744 | 367,795 |
90 days or greater delinquent and accruing | 26 | 65 |
Acquired | Personal Banking | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 4,640 | 2,542 |
Current | 91,679 | 91,240 |
Total loans | 96,319 | 93,782 |
90 days or greater delinquent and accruing | 20 | 19 |
Acquired | Personal Banking | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,129 | 3,345 |
Current | 286,087 | 211,199 |
Total loans | 289,216 | 214,544 |
90 days or greater delinquent and accruing | 0 | 40 |
Acquired | Personal Banking | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 525 | 818 |
Current | 51,684 | 58,651 |
Total loans | 52,209 | 59,469 |
90 days or greater delinquent and accruing | 6 | 6 |
Acquired | Personal Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 4,378 | 2,818 |
Acquired | Personal Banking | 30-59 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,996 | 532 |
Acquired | Personal Banking | 30-59 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,186 | 1,839 |
Acquired | Personal Banking | 30-59 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 196 | 447 |
Acquired | Personal Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 948 | 1,162 |
Acquired | Personal Banking | 60-89 Days delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 175 | 693 |
Acquired | Personal Banking | 60-89 Days delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 664 | 294 |
Acquired | Personal Banking | 60-89 Days delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 109 | 175 |
Acquired | Personal Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 2,968 | 2,725 |
Acquired | Personal Banking | 90 Days or greater delinquent | Residential mortgage loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,469 | 1,317 |
Acquired | Personal Banking | 90 Days or greater delinquent | Home equity loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,279 | 1,212 |
Acquired | Personal Banking | 90 Days or greater delinquent | Consumer loans | ||
Loan payment delinquencies | ||
Total delinquency | 220 | 196 |
Acquired | Commercial Banking | ||
Loan payment delinquencies | ||
Total delinquency | 9,654 | 5,224 |
Current | 551,618 | 265,235 |
Total loans | 561,272 | 270,459 |
90 days or greater delinquent and accruing | 61 | 78 |
Acquired | Commercial Banking | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 7,490 | 4,564 |
Current | 486,343 | 218,239 |
Total loans | 493,833 | 222,803 |
90 days or greater delinquent and accruing | 61 | 78 |
Acquired | Commercial Banking | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 2,164 | 660 |
Current | 65,275 | 46,996 |
Total loans | 67,439 | 47,656 |
90 days or greater delinquent and accruing | 0 | 0 |
Acquired | Commercial Banking | 30-59 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 1,942 | 476 |
Acquired | Commercial Banking | 30-59 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 901 | 112 |
Acquired | Commercial Banking | 30-59 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 1,041 | 364 |
Acquired | Commercial Banking | 60-89 Days delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 3,826 | 586 |
Acquired | Commercial Banking | 60-89 Days delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,205 | 586 |
Acquired | Commercial Banking | 60-89 Days delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | 621 | 0 |
Acquired | Commercial Banking | 90 Days or greater delinquent | ||
Loan payment delinquencies | ||
Total delinquency | 3,886 | 4,162 |
Acquired | Commercial Banking | 90 Days or greater delinquent | Commercial real estate loans | ||
Loan payment delinquencies | ||
Total delinquency | 3,384 | 3,866 |
Acquired | Commercial Banking | 90 Days or greater delinquent | Commercial loans | ||
Loan payment delinquencies | ||
Total delinquency | $ 502 | $ 296 |
Loans receivable - Credit Quali
Loans receivable - Credit Quality Indicators (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Credit quality indicators | ||
Total loans | $ 8,569,875,000 | $ 8,051,439,000 |
Pass | ||
Credit quality indicators | ||
Total loans | 8,252,498,000 | 7,753,667,000 |
Special mention | ||
Credit quality indicators | ||
Total loans | 121,663,000 | 113,969,000 |
Substandard | ||
Credit quality indicators | ||
Total loans | 195,714,000 | 183,803,000 |
Doubtful | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Loss | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Personal Banking | ||
Credit quality indicators | ||
Total loans | 5,122,628,000 | 4,982,605,000 |
Personal Banking | Residential mortgage loans | ||
Credit quality indicators | ||
Total loans | 2,867,161,000 | 2,864,470,000 |
Personal Banking | Home equity loans | ||
Credit quality indicators | ||
Total loans | 1,324,405,000 | 1,258,422,000 |
Personal Banking | Consumer finance loans | ||
Credit quality indicators | ||
Total loans | 2,292,000 | 3,817,000 |
Personal Banking | Consumer loans | ||
Credit quality indicators | ||
Total loans | 928,770,000 | 855,896,000 |
Commercial Banking | ||
Credit quality indicators | ||
Total loans | 3,447,247,000 | 3,068,834,000 |
Commercial Banking | Commercial real estate loans | ||
Credit quality indicators | ||
Total loans | 2,799,309,000 | 2,471,821,000 |
Commercial Banking | Commercial loans | ||
Credit quality indicators | ||
Total loans | 647,938,000 | 597,013,000 |
Originated | ||
Credit quality indicators | ||
Total loans | 7,570,859,000 | 7,413,185,000 |
Originated | Pass | ||
Credit quality indicators | ||
Total loans | 7,294,702,000 | 7,161,796,000 |
Originated | Special mention | ||
Credit quality indicators | ||
Total loans | 118,260,000 | 106,902,000 |
Originated | Substandard | ||
Credit quality indicators | ||
Total loans | 157,897,000 | 144,487,000 |
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 | 4,684,884,000 | 4,614,810,000 |
Originated | Personal Banking | Pass | ||
Credit quality indicators | ||
Total loans | 4,667,887,000 | 4,595,403,000 |
Originated | Personal Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Originated | Personal Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 16,997,000 | 19,407,000 |
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 | 2,770,842,000 | 2,759,119,000 |
Originated | Personal Banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Total loans | 2,762,876,000 | 2,749,266,000 |
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 | 7,966,000 | 9,853,000 |
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 | 1,035,189,000 | 1,043,878,000 |
Originated | Personal Banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Total loans | 1,029,941,000 | 1,038,245,000 |
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 | 5,248,000 | 5,633,000 |
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 | 2,292,000 | 3,817,000 |
Originated | Personal Banking | Consumer finance loans | Pass | ||
Credit quality indicators | ||
Total loans | 2,292,000 | 3,817,000 |
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 | 0 | 0 |
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 | 876,561,000 | 807,996,000 |
Originated | Personal Banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Total loans | 872,778,000 | 804,075,000 |
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 | 3,783,000 | 3,921,000 |
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 | 2,885,975,000 | 2,798,375,000 |
Originated | Commercial Banking | Pass | ||
Credit quality indicators | ||
Total loans | 2,626,815,000 | 2,566,393,000 |
Originated | Commercial Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 118,260,000 | 106,902,000 |
Originated | Commercial Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 140,900,000 | 125,080,000 |
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 | 2,305,476,000 | 2,249,018,000 |
Originated | Commercial Banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Total loans | 2,113,010,000 | 2,062,728,000 |
Originated | Commercial Banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Total loans | 84,164,000 | 91,142,000 |
Originated | Commercial Banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Total loans | 108,302,000 | 95,148,000 |
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 | 580,499,000 | 549,357,000 |
Originated | Commercial Banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Total loans | 513,805,000 | 503,665,000 |
Originated | Commercial Banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Total loans | 34,096,000 | 15,760,000 |
Originated | Commercial Banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Total loans | 32,598,000 | 29,932,000 |
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 | 999,016,000 | 638,254,000 |
Acquired | Pass | ||
Credit quality indicators | ||
Total loans | 957,796,000 | 591,871,000 |
Acquired | Special mention | ||
Credit quality indicators | ||
Total loans | 3,403,000 | 7,067,000 |
Acquired | Substandard | ||
Credit quality indicators | ||
Total loans | 37,817,000 | 39,316,000 |
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 | 437,744,000 | 367,795,000 |
Acquired | Personal Banking | Pass | ||
Credit quality indicators | ||
Total loans | 434,275,000 | 364,852,000 |
Acquired | Personal Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 3,469,000 | 2,943,000 |
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 | 96,319,000 | 93,782,000 |
Acquired | Personal Banking | Residential mortgage loans | Pass | ||
Credit quality indicators | ||
Total loans | 95,131,000 | 92,625,000 |
Acquired | Personal Banking | Residential mortgage loans | Special mention | ||
Credit quality indicators | ||
Total loans | 0 | 0 |
Acquired | Personal Banking | Residential mortgage loans | Substandard | ||
Credit quality indicators | ||
Total loans | 1,188,000 | 1,157,000 |
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 | 289,216,000 | 214,544,000 |
Acquired | Personal Banking | Home equity loans | Pass | ||
Credit quality indicators | ||
Total loans | 287,382,000 | 213,273,000 |
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 | 1,834,000 | 1,271,000 |
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 | 52,209,000 | 59,469,000 |
Acquired | Personal Banking | Consumer loans | Pass | ||
Credit quality indicators | ||
Total loans | 51,762,000 | 58,954,000 |
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 | 447,000 | 515,000 |
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 | 561,272,000 | 270,459,000 |
Acquired | Commercial Banking | Pass | ||
Credit quality indicators | ||
Total loans | 523,521,000 | 227,019,000 |
Acquired | Commercial Banking | Special mention | ||
Credit quality indicators | ||
Total loans | 3,403,000 | 7,067,000 |
Acquired | Commercial Banking | Substandard | ||
Credit quality indicators | ||
Total loans | 34,348,000 | 36,373,000 |
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 | 493,833,000 | 222,803,000 |
Acquired | Commercial Banking | Commercial real estate loans | Pass | ||
Credit quality indicators | ||
Total loans | 464,166,000 | 191,622,000 |
Acquired | Commercial Banking | Commercial real estate loans | Special mention | ||
Credit quality indicators | ||
Total loans | 2,889,000 | 3,546,000 |
Acquired | Commercial Banking | Commercial real estate loans | Substandard | ||
Credit quality indicators | ||
Total loans | 26,778,000 | 27,635,000 |
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 | 67,439,000 | 47,656,000 |
Acquired | Commercial Banking | Commercial loans | Pass | ||
Credit quality indicators | ||
Total loans | 59,355,000 | 35,397,000 |
Acquired | Commercial Banking | Commercial loans | Special mention | ||
Credit quality indicators | ||
Total loans | 514,000 | 3,521,000 |
Acquired | Commercial Banking | Commercial loans | Substandard | ||
Credit quality indicators | ||
Total loans | 7,570,000 | 8,738,000 |
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 Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Amortizable intangible assets: | |||
Amortization expense | $ 1,447 | $ 1,520 | |
Estimated amortization expense | |||
For the year ending December 31, 2019 | 6,718 | ||
For the year ending December 31, 2020 | 5,535 | ||
For the year ending December 31, 2021 | 4,438 | ||
For the year ending December 31, 2022 | 3,438 | ||
For the year ending December 31, 2023 | 2,561 | ||
For the year ending December 31, 2024 | 1,876 | ||
Core Deposits | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 63,685 | $ 63,685 | |
Acquisitions | 7,498 | 0 | |
Less: accumulated amortization | (46,324) | (45,027) | |
Intangible asset - net | 24,859 | 18,658 | |
Customer and Contract | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 10,474 | 10,474 | |
Less: accumulated amortization | (9,461) | (9,311) | |
Intangible asset - net | $ 1,013 | $ 1,163 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | $ 307,420 | $ 307,420 |
Goodwill from acquisition | 37,300 | 0 |
Balance at the end of the period | $ 344,720 | $ 307,420 |
Borrowed Funds (Details)
Borrowed Funds (Details) | Dec. 15, 2005USD ($)$ / sharesshares | Dec. 05, 2005USD ($)$ / sharesshares | Mar. 31, 2019USD ($)$ / sharesshares | Mar. 08, 2019trust | Mar. 07, 2019trust | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||||
Number of statutory business trusts owned | trust | 3 | |||||
Junior subordinated debentures | $ 121,757,000 | $ 111,213,000 | ||||
Number of additional business trusts owned | trust | 2 | |||||
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 debentures | $ 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) | 3.97% | |||||
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 debentures | $ 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) | 3.99% | |||||
Trust preferred investments | Union National Capital Trust I | ||||||
Debt Instrument [Line Items] | ||||||
Cumulative trust preferred securities issued (in shares) | shares | 8,000 | |||||
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 | $ 8,000,000 | |||||
Trust preferred investments | Union National Capital Trust I | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Spread on variable rate basis (as a percent) | 2.85% | |||||
Trust preferred investments | Union National Capital Trust II | ||||||
Debt Instrument [Line Items] | ||||||
Cumulative trust preferred securities issued (in shares) | shares | 3,000 | |||||
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 | $ 3,000,000 | |||||
Trust preferred investments | Union National Capital Trust II | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Spread on variable rate basis (as a percent) | 2.00% | |||||
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 debentures | $ 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) | 4.09% | |||||
Interest rate swaps | Union National Capital Trust I | ||||||
Debt Instrument [Line Items] | ||||||
Junior subordinated debentures | $ 8,248,000 | |||||
Interest rate swaps | Union National Capital Trust II | ||||||
Debt Instrument [Line Items] | ||||||
Junior subordinated debentures | 3,093,000 | |||||
Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 250,000,000 | |||||
Revolving line of credit | 16,300,000 | 128,600,000 | ||||
Securities Sold under Agreements to Repurchase | ||||||
Debt Instrument [Line Items] | ||||||
Securities sold under agreements to repurchase | $ 97,800,000 | $ 105,800,000 |
Guarantees (Details)
Guarantees (Details) - Letter of Credit $ in Thousands | Mar. 31, 2019USD ($) |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 39,300 |
Maximum exposure collateralized | 32,500 |
Liability recognized for the obligations | $ 287 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Stock options | ||
Antidilutive securities excluded from the calculation of earnings per share | ||
Average share price during the reporting period (in dollars per share) | $ 17.74 | $ 16.83 |
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, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Reported net income | $ 25,044 | $ 24,985 |
Weighted average common shares outstanding (in shares) | 103,101,789 | 101,598,928 |
Dilutive potential shares due to effect of stock options (in shares) | 1,394,803 | 1,537,569 |
Total weighted average common shares and dilutive potential shares (in shares) | 104,496,592 | 103,136,497 |
Basic earnings per share (in dollars per share) | $ 0.24 | $ 0.25 |
Diluted earnings per share (in dollars per share) | $ 0.24 | $ 0.24 |
Pension and Other Post-retire_3
Pension and Other Post-retirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension benefits | ||
Components of net periodic benefit cost | ||
Service cost | $ 1,274 | $ 1,716 |
Interest cost | 1,827 | 1,678 |
Expected return on plan assets | (2,759) | (2,992) |
Amortization of prior service cost | (581) | (581) |
Amortization of the net loss | 855 | 873 |
Net periodic cost | 616 | 694 |
Pension benefits | Minimum | ||
Components of net periodic benefit cost | ||
Estimated contribution for the current year | 2,000 | |
Pension benefits | Maximum | ||
Components of net periodic benefit cost | ||
Estimated contribution for the current year | 4,000 | |
Other post-retirement benefits | ||
Components of net periodic benefit cost | ||
Service cost | 0 | 0 |
Interest cost | 11 | 14 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss | 17 | 24 |
Net periodic cost | $ 28 | $ 38 |
Disclosures About Fair Value _3
Disclosures About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Significant unrealized appreciation or depreciation in financial instruments | $ 0 | $ 0 |
Financial assets: | ||
Securities available-for-sale | 842,657,000 | 801,450,000 |
Securities held-to-maturity | 21,597,000 | 22,446,000 |
Accrued interest receivable | 28,107,000 | 24,490,000 |
Interest rate swaps | 10,537,000 | 6,445,000 |
Financial liabilities: | ||
Borrowed funds | 114,081,000 | 234,389,000 |
Junior subordinated debentures | 121,757,000 | 111,213,000 |
Interest rate swaps | 10,537,000 | 6,445,000 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 92,924,000 | 68,789,000 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Loans receivable, net | 0 | 0 |
Accrued interest receivable | 28,107,000 | 24,490,000 |
Interest rate swaps | 0 | |
FHLB stock | 0 | 0 |
Total financial assets | 121,031,000 | 93,279,000 |
Financial liabilities: | ||
Savings and checking deposits | 7,065,197,000 | 6,489,338,000 |
Time deposits | 0 | 0 |
Borrowed funds | 114,081,000 | 234,389,000 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 1,111,000 | 744,000 |
Total financial liabilities | 7,180,389,000 | 6,724,471,000 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 842,657,000 | 801,450,000 |
Securities held-to-maturity | 21,597,000 | 22,446,000 |
Loans receivable, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Interest rate swaps | 6,445,000 | |
FHLB stock | 0 | 0 |
Total financial assets | 874,791,000 | 830,341,000 |
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 | 10,537,000 | 6,445,000 |
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 | 8,423,354,000 | 7,845,313,000 |
Accrued interest receivable | 0 | 0 |
Interest rate swaps | 0 | |
FHLB stock | 0 | 0 |
Total financial assets | 8,423,354,000 | 7,845,313,000 |
Financial liabilities: | ||
Savings and checking deposits | 0 | 0 |
Time deposits | 1,517,324,000 | 1,434,410,000 |
Borrowed funds | 0 | 0 |
Junior subordinated debentures | 109,880,000 | 102,572,000 |
Accrued interest payable | 0 | 0 |
Total financial liabilities | 1,627,204,000 | 1,536,982,000 |
Carrying amount | ||
Financial assets: | ||
Cash and cash equivalents | 92,924,000 | 68,789,000 |
Securities available-for-sale | 842,657,000 | 801,450,000 |
Securities held-to-maturity | 21,671,000 | 22,765,000 |
Loans receivable, net | 8,514,154,000 | 7,996,225,000 |
Accrued interest receivable | 28,107,000 | 24,490,000 |
Interest rate swaps | 6,445,000 | |
FHLB stock | 12,533,000 | 15,635,000 |
Total financial assets | 9,522,583,000 | 8,935,799,000 |
Financial liabilities: | ||
Savings and checking deposits | 7,065,197,000 | 6,489,338,000 |
Time deposits | 1,527,327,000 | 1,404,841,000 |
Borrowed funds | 114,081,000 | 234,389,000 |
Junior subordinated debentures | 121,757,000 | 111,213,000 |
Accrued interest payable | 1,111,000 | 744,000 |
Total financial liabilities | 8,840,010,000 | 8,246,970,000 |
Estimated fair value | ||
Financial assets: | ||
Cash and cash equivalents | 92,924,000 | 68,789,000 |
Securities available-for-sale | 842,657,000 | 801,450,000 |
Securities held-to-maturity | 21,597,000 | 22,446,000 |
Loans receivable, net | 8,423,354,000 | 7,845,313,000 |
Accrued interest receivable | 28,107,000 | 24,490,000 |
Interest rate swaps | 6,445,000 | |
FHLB stock | 12,533,000 | 15,635,000 |
Total financial assets | 9,431,709,000 | 8,784,568,000 |
Financial liabilities: | ||
Savings and checking deposits | 7,065,197,000 | 6,489,338,000 |
Time deposits | 1,517,324,000 | 1,434,410,000 |
Borrowed funds | 114,081,000 | 234,389,000 |
Junior subordinated debentures | 109,880,000 | 102,572,000 |
Accrued interest payable | 1,111,000 | 744,000 |
Total financial liabilities | 8,818,130,000 | 8,267,898,000 |
Interest rate swaps | Level 1 | ||
Financial assets: | ||
Interest rate swaps | 0 | |
Financial liabilities: | ||
Interest rate swaps | 0 | 0 |
Interest rate swaps | Level 2 | ||
Financial assets: | ||
Interest rate swaps | 10,537,000 | |
Financial liabilities: | ||
Interest rate swaps | 10,537,000 | 6,445,000 |
Interest rate swaps | Level 3 | ||
Financial assets: | ||
Interest rate swaps | 0 | |
Financial liabilities: | ||
Interest rate swaps | 0 | 0 |
Interest rate swaps | Carrying amount | ||
Financial assets: | ||
Interest rate swaps | 10,537,000 | |
Financial liabilities: | ||
Interest rate swaps | 10,537,000 | 6,445,000 |
Interest rate swaps | Estimated fair value | ||
Financial assets: | ||
Interest rate swaps | 10,537,000 | |
Financial liabilities: | ||
Interest rate swaps | $ 10,537,000 | $ 6,445,000 |
Disclosures About Fair Value _4
Disclosures About Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | $ 842,657 | $ 801,450 |
Interest rate swaps | 10,537 | 6,445 |
Interest rate swaps | 10,537 | 6,445 |
Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Interest rate swaps | 0 | |
Total financial assets | 121,031 | 93,279 |
Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 842,657 | 801,450 |
Interest rate swaps | 6,445 | |
Total financial assets | 874,791 | 830,341 |
Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Interest rate swaps | 0 | |
Total financial assets | 8,423,354 | 7,845,313 |
Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 853,194 | 807,895 |
Total liabilities | 10,537 | 6,445 |
Measured on recurring basis | Level 1 | ||
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 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Total financial assets | 853,194 | 807,895 |
Total liabilities | 10,537 | 6,445 |
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 |
Debt securities | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 236,792 | 224,192 |
Debt securities | Measured on recurring basis | U.S. government and agencies | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 14,848 | 14,780 |
Debt securities | Measured on recurring basis | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 188,960 | 187,335 |
Debt securities | Measured on recurring basis | States and political subdivisions | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 32,028 | 21,163 |
Debt securities | Measured on recurring basis | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 956 | 914 |
Debt securities | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Debt securities | Measured on recurring basis | Level 1 | U.S. government and agencies | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Debt securities | Measured on recurring basis | Level 1 | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Debt securities | Measured on recurring basis | Level 1 | States and political subdivisions | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Debt securities | Measured on recurring basis | Level 1 | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Debt securities | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 236,792 | 224,192 |
Debt securities | Measured on recurring basis | Level 2 | U.S. government and agencies | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 14,848 | 14,780 |
Debt securities | Measured on recurring basis | Level 2 | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 188,960 | 187,335 |
Debt securities | Measured on recurring basis | Level 2 | States and political subdivisions | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 32,028 | 21,163 |
Debt securities | Measured on recurring basis | Level 2 | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 956 | 914 |
Debt securities | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Debt securities | Measured on recurring basis | Level 3 | U.S. government and agencies | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Debt securities | Measured on recurring basis | Level 3 | Government sponsored enterprises | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Debt securities | Measured on recurring basis | Level 3 | States and political subdivisions | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Debt securities | Measured on recurring basis | Level 3 | Corporate | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 0 | 0 |
Total mortgage-backed securities | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 605,865 | 577,258 |
Total mortgage-backed securities | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Total mortgage-backed securities | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 605,865 | 577,258 |
Total mortgage-backed securities | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Residential mortgage-backed securities | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Securities available-for-sale | 605,865 | 577,258 |
Residential mortgage-backed securities | Measured on recurring basis | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 26,379 | 27,041 |
Residential mortgage-backed securities | Measured on recurring basis | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 90,852 | 73,196 |
Residential mortgage-backed securities | Measured on recurring basis | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 58,900 | 51,621 |
Residential mortgage-backed securities | Measured on recurring basis | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 521 | 528 |
Residential mortgage-backed securities | Measured on recurring basis | Level 1 | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Residential mortgage-backed securities | Measured on recurring basis | Level 1 | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Residential mortgage-backed securities | Measured on recurring basis | Level 1 | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Residential mortgage-backed securities | Measured on recurring basis | Level 1 | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Residential mortgage-backed securities | Measured on recurring basis | Level 2 | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 26,379 | 27,041 |
Residential mortgage-backed securities | Measured on recurring basis | Level 2 | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 90,852 | 73,196 |
Residential mortgage-backed securities | Measured on recurring basis | Level 2 | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 58,900 | 51,621 |
Residential mortgage-backed securities | Measured on recurring basis | Level 2 | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 521 | 528 |
Residential mortgage-backed securities | Measured on recurring basis | Level 3 | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Residential mortgage-backed securities | Measured on recurring basis | Level 3 | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Residential mortgage-backed securities | Measured on recurring basis | Level 3 | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Residential mortgage-backed securities | Measured on recurring basis | Level 3 | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations | Measured on recurring basis | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 50,410 | 52,331 |
Collateralized mortgage obligations | Measured on recurring basis | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 222,774 | 207,033 |
Collateralized mortgage obligations | Measured on recurring basis | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 156,029 | 165,508 |
Collateralized mortgage obligations | Measured on recurring basis | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations | Measured on recurring basis | Level 1 | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations | Measured on recurring basis | Level 1 | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations | Measured on recurring basis | Level 1 | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | |
Collateralized mortgage obligations | Measured on recurring basis | Level 1 | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations | Measured on recurring basis | Level 2 | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 50,410 | 52,331 |
Collateralized mortgage obligations | Measured on recurring basis | Level 2 | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 222,774 | 207,033 |
Collateralized mortgage obligations | Measured on recurring basis | Level 2 | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 156,029 | 165,508 |
Collateralized mortgage obligations | Measured on recurring basis | Level 2 | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations | Measured on recurring basis | Level 3 | GNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | |
Collateralized mortgage obligations | Measured on recurring basis | Level 3 | FNMA | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Collateralized mortgage obligations | Measured on recurring basis | Level 3 | FHLMC | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | |
Collateralized mortgage obligations | Measured on recurring basis | Level 3 | Non-agency | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Residential mortgage-backed securities: | 0 | 0 |
Interest rate swaps | Measured on recurring basis | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | 10,537 | 6,445 |
Interest rate swaps | 10,537 | 6,445 |
Interest rate swaps | Measured on recurring basis | Level 1 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | 0 | 0 |
Interest rate swaps | 0 | 0 |
Interest rate swaps | Measured on recurring basis | Level 2 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | 10,537 | 6,445 |
Interest rate swaps | 10,537 | 6,445 |
Interest rate swaps | Measured on recurring basis | Level 3 | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swaps | 0 | 0 |
Interest rate swaps | $ 0 | $ 0 |
Disclosures About Fair Value _5
Disclosures About Fair Value of Financial Instruments - Nonrecurring Assets that had Fair Market Values Below the Carrying Amount (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans measured for impairment | $ 0 | $ 0 |
Total financial assets | 121,031 | 93,279 |
Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans measured for impairment | 0 | 0 |
Total financial assets | 874,791 | 830,341 |
Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans measured for impairment | 8,423,354 | 7,845,313 |
Total financial assets | 8,423,354 | 7,845,313 |
Fair Value, Measurements, Nonrecurring | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Real estate owned | 2,345 | 2,498 |
Total financial assets | 41,742 | 42,831 |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Real estate owned | 0 | 0 |
Total financial assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Real estate owned | 0 | 0 |
Total financial assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Real estate owned | 2,345 | 2,498 |
Total financial assets | 41,742 | 42,831 |
Loans measured for impairment | Fair Value, Measurements, Nonrecurring | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans measured for impairment | 39,397 | 40,333 |
Loans measured for impairment | Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans measured for impairment | 0 | 0 |
Loans measured for impairment | Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans measured for impairment | 0 | 0 |
Loans measured for impairment | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount | ||
Loans measured for impairment | $ 39,397 | $ 40,333 |
Disclosures About Fair Value _6
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 | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Estimated cost to sell | Loans measured for impairment | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated cost to sell loans measured for impairment | 0.100 | |
Estimated cost to sell | Real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated cost to sell | 0.100 | |
Discount rate | Loans measured for impairment | Discounted cash flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated cost to sell loans measured for impairment | 0.0425 | |
Discount rate | Loans measured for impairment | Discounted cash flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated cost to sell loans measured for impairment | 0.100 | |
Discount rate | Loans measured for impairment | Discounted cash flow | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated cost to sell loans measured for impairment | 0.0750 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate owned | $ 2,345 | $ 2,498 |
Loans measured for impairment | Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans measured for impairment | $ 39,397 | $ 40,333 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Interest rate swaps | $ 10,537 | $ 6,445 |
Cash Flow Hedging | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 50,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Asset Derivatives, Notional Amount | $ 261,604 | $ 221,919 |
Asset Derivatives, Fair Value | 10,537 | 6,445 |
Liability Derivatives, Notional Amount | 258,871 | 221,919 |
Liability Derivatives, Fair Value | 10,537 | 6,445 |
Not Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Asset Derivatives, Notional Amount | 261,604 | 221,919 |
Asset Derivatives, Fair Value | 10,537 | 6,445 |
Liability Derivatives, Notional Amount | 258,871 | 221,919 |
Liability Derivatives, Fair Value | $ 10,537 | $ 6,445 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Gain (Loss) on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Hedging interest rate derivatives: | ||
Increase in interest expense | $ 0 | |
Increase in interest expense | $ 332 | |
Non-hedging swap derivatives: | ||
Increase in other income | $ 0 | $ 129 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Changes in accumulated other comprehensive income by component | ||
Balance beginning of the period | $ 1,257,638 | $ 1,207,724 |
Reclassification due to adoption of ASU No. 2016-02 | (6,746) | |
Other comprehensive income before reclassification adjustments | 4,452 | (3,595) |
Amounts reclassified from accumulated other comprehensive income | 209 | 200 |
Other comprehensive income/(loss) | 4,661 | (3,395) |
Net other comprehensive income/(loss) | (10,141) | |
Balance end of the period | 1,316,276 | 1,215,254 |
Reclassification adjustment for gains included in net income, net of tax | 0 | 26 |
Reclassification adjustment for gains included in net income, tax | 0 | (7) |
Reclassification adjustment for prior period service costs included in net income, tax | 82 | 90 |
Unrealized gains and (losses) on securities available- for-sale | ||
Changes in accumulated other comprehensive income by component | ||
Balance beginning of the period | (6,832) | (4,409) |
Reclassification due to adoption of ASU No. 2016-02 | (991) | |
Other comprehensive income before reclassification adjustments | 4,452 | (3,955) |
Amounts reclassified from accumulated other comprehensive income | 0 | (26) |
Other comprehensive income/(loss) | 4,452 | |
Net other comprehensive income/(loss) | (4,972) | |
Balance end of the period | (2,380) | (9,381) |
Reclassification adjustment for gains included in net income, net of tax | 33 | |
Reclassification adjustment for gains included in net income, tax | (7) | |
Change in fair value of interest rate swaps | ||
Changes in accumulated other comprehensive income by component | ||
Balance beginning of the period | 0 | |
Other comprehensive income before reclassification adjustments | 0 | |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Other comprehensive income/(loss) | 0 | |
Balance end of the period | 0 | |
Change in fair value of interest rate swaps | ||
Changes in accumulated other comprehensive income by component | ||
Balance beginning of the period | (691) | |
Reclassification due to adoption of ASU No. 2016-02 | (149) | |
Other comprehensive income before reclassification adjustments | 360 | |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Net other comprehensive income/(loss) | 211 | |
Balance end of the period | (480) | |
Change in defined benefit pension plans | ||
Changes in accumulated other comprehensive income by component | ||
Balance beginning of the period | (32,864) | (26,980) |
Reclassification due to adoption of ASU No. 2016-02 | (5,606) | |
Other comprehensive income before reclassification adjustments | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 209 | 226 |
Other comprehensive income/(loss) | 209 | |
Net other comprehensive income/(loss) | (5,380) | |
Balance end of the period | (32,655) | (32,360) |
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 | (872) | (897) |
Reclassification adjustment for prior period service costs included in net income, tax | 82 | 90 |
Total | ||
Changes in accumulated other comprehensive income by component | ||
Balance beginning of the period | (39,696) | (32,080) |
Reclassification due to adoption of ASU No. 2016-02 | (6,746) | |
Other comprehensive income/(loss) | 4,661 | (3,395) |
Balance end of the period | $ (35,035) | $ (42,221) |
Uncategorized Items - nwbi-2019
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,570,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,570,000) |