Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | UBNK | |
Entity Registrant Name | United Financial Bancorp, Inc. | |
Entity Central Index Key | 1,501,364 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 50,791,943 |
Consolidated Statements of Cond
Consolidated Statements of Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 57,137 | $ 47,248 |
Short-term investments | 17,714 | 43,696 |
Total cash and cash equivalents | 74,851 | 90,944 |
Available-for-sale securities - at fair value | 1,073,384 | 1,043,411 |
Held-to-maturity securities - at amortized cost | 13,792 | 14,038 |
Loans held for sale | 157,487 | 62,517 |
Loans receivable (net of allowance for loan losses of $45,062 at June 30, 2017 and $42,798 at December 31, 2016) | 5,024,532 | 4,870,552 |
Federal Home Loan Bank of Boston stock | 54,760 | 53,476 |
Accrued interest receivable | 19,751 | 18,771 |
Deferred tax asset, net | 27,034 | 39,962 |
Premises and equipment, net | 54,480 | 51,757 |
Goodwill | 115,281 | 115,281 |
Core deposit intangible | 5,164 | 5,902 |
Cash surrender value of bank-owned life insurance | 170,144 | 167,823 |
Other assets | 85,503 | 65,086 |
Total assets | 6,876,163 | 6,599,520 |
Deposits: | ||
Non-interest-bearing | 721,917 | 708,050 |
Interest-bearing | 4,271,562 | 4,003,122 |
Total deposits | 4,993,479 | 4,711,172 |
Mortgagors’ and investors’ escrow accounts | 15,045 | 13,354 |
Advances from the Federal Home Loan Bank | 990,206 | 1,046,712 |
Other borrowings | 148,611 | 122,907 |
Accrued expenses and other liabilities | 49,358 | 49,509 |
Total liabilities | 6,196,699 | 5,943,654 |
Stockholders’ equity: | ||
Preferred stock (no par value; 2,000,000 authorized; no shares issued) | 0 | 0 |
Common stock (no par value; authorized 120,000,000 shares; 50,768,032 and 50,786,671 shares issued and outstanding, at June 30, 2017 and December 31, 2016, respectively) | 531,918 | 531,848 |
Additional paid-in capital | 7,990 | 7,227 |
Unearned compensation - ESOP | (5,580) | (5,694) |
Retained earnings | 155,580 | 137,838 |
Accumulated other comprehensive loss, net of tax | (10,444) | (15,353) |
Total stockholders’ equity | 679,464 | 655,866 |
Total liabilities and stockholders’ equity | $ 6,876,163 | $ 6,599,520 |
Consolidated Statements of Con3
Consolidated Statements of Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses, loans receivable | $ 45,062 | $ 42,798 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 50,768,032 | 50,786,671 |
Common stock, shares outstanding (in shares) | 50,768,032 | 50,786,671 |
Consolidated Statements of Net
Consolidated Statements of Net Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and dividend income: | ||||
Loans | $ 49,674 | $ 43,556 | $ 96,167 | $ 89,028 |
Securities - taxable interest | 5,793 | 4,926 | 11,303 | 10,022 |
Securities - non-taxable interest | 2,355 | 2,051 | 4,609 | 4,061 |
Securities - dividends | 689 | 1,021 | 1,497 | 1,944 |
Interest-bearing deposits | 51 | 67 | 152 | 140 |
Total interest and dividend income | 58,562 | 51,621 | 113,728 | 105,195 |
Interest expense: | ||||
Deposits | 7,603 | 6,382 | 14,422 | 12,648 |
Borrowed funds | 4,631 | 3,743 | 8,681 | 7,649 |
Total interest expense | 12,234 | 10,125 | 23,103 | 20,297 |
Net interest income | 46,328 | 41,496 | 90,625 | 84,898 |
Provision for loan losses | 2,292 | 3,624 | 4,580 | 6,312 |
Net interest income after provision for loan losses | 44,036 | 37,872 | 86,045 | 78,586 |
Non-interest income: | ||||
Service charges and fees | 6,834 | 4,359 | 12,252 | 8,953 |
Gain on sales of securities, net | 95 | 367 | 552 | 1,819 |
Income from mortgage banking activities | 1,830 | 2,331 | 3,151 | 3,191 |
Bank-owned life insurance income | 1,149 | 814 | 2,356 | 1,632 |
Net loss on limited partnership investments | (638) | (1,504) | (718) | (2,440) |
Other income | 206 | 165 | 388 | 104 |
Total non-interest income | 9,476 | 6,532 | 17,981 | 13,259 |
Non-interest expense: | ||||
Salaries and employee benefits | 19,574 | 20,013 | 39,304 | 37,804 |
Service bureau fees | 1,943 | 2,230 | 4,046 | 4,259 |
Occupancy and equipment | 3,657 | 3,850 | 8,126 | 7,750 |
Professional fees | 952 | 887 | 2,261 | 1,768 |
Marketing and promotions | 1,237 | 1,023 | 1,949 | 1,615 |
FDIC insurance assessments | 796 | 1,042 | 1,475 | 1,981 |
Core deposit intangible amortization | 353 | 401 | 738 | 834 |
FHLBB prepayment penalties | 0 | 0 | 0 | 1,454 |
Other | 6,467 | 5,235 | 11,775 | 10,979 |
Total non-interest expense | 34,979 | 34,681 | 69,674 | 68,444 |
Income before income taxes | 18,533 | 9,723 | 34,352 | 23,401 |
Provision for income taxes | 2,333 | 665 | 4,426 | 2,449 |
Net income | $ 16,200 | $ 9,058 | $ 29,926 | $ 20,952 |
Net income per share: | ||||
Basic (in usd per share) | $ 0.32 | $ 0.18 | $ 0.60 | $ 0.42 |
Diluted (in usd per share) | $ 0.32 | $ 0.18 | $ 0.59 | $ 0.42 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 50,217,212 | 49,623,472 | 50,237,406 | 49,523,345 |
Diluted (in shares) | 50,839,091 | 49,946,639 | 50,887,124 | 49,802,679 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 16,200 | $ 9,058 | $ 29,926 | $ 20,952 | |
Securities available for sale: | |||||
Unrealized holding gains | 5,082 | 12,955 | 9,062 | 23,524 | |
Reclassification adjustment for gains realized in operations | [1] | (95) | (367) | (552) | (1,819) |
Net unrealized gains | 4,987 | 12,588 | 8,510 | 21,705 | |
Tax effect - expense | (1,792) | (4,524) | (3,057) | (7,808) | |
Net-of-tax amount - securities available for sale | 3,195 | 8,064 | 5,453 | 13,897 | |
Interest rate swaps designated as cash flow hedges: | |||||
Unrealized losses | (2,100) | (3,139) | (1,942) | (11,436) | |
Reclassification adjustment for expense (benefit) recognized in interest expense | [2] | 363 | (561) | 803 | (1,180) |
Net unrealized losses | (1,737) | (3,700) | (1,139) | (12,616) | |
Tax effect - benefit | 625 | 1,333 | 410 | 4,545 | |
Net-of-tax amount - interest rate swaps | (1,112) | (2,367) | (729) | (8,071) | |
Pension and Post-retirement plans: | |||||
Reclassification adjustment for prior service costs recognized in net periodic benefit cost | 1 | 3 | 3 | 3 | |
Reclassification adjustment for losses recognized in net periodic benefit cost | [3] | 143 | 123 | 286 | 248 |
Net change in losses and prior service costs | 144 | 126 | 289 | 251 | |
Tax effect - expense | (52) | (45) | (104) | (90) | |
Net-of-tax amount - pension and post-retirement plans | 92 | 81 | 185 | 161 | |
Total other comprehensive income | 2,175 | 5,778 | 4,909 | 5,987 | |
Comprehensive income | $ 18,375 | $ 14,836 | $ 34,835 | $ 26,939 | |
[1] | Amounts are included in gain on sales of securities, net in the unaudited Consolidated Statements of Net Income. Income tax expense associated with the reclassification adjustment was $34 and $132 for the three months ended June 30, 2017 and 2016, respectively. Income tax expense associated with the reclassification adjustment was $199 and $655 for the six months ended June 30, 2017 and 2016, respectively. | ||||
[2] | Amounts are included in borrowed funds expense in the unaudited Consolidated Statements of Net Income. Income tax expense (benefit) associated with the reclassification adjustment for three months ended June 30, 2017 and 2016 was $(131) and $202, respectively. Income tax expense (benefit) associated with the reclassification adjustment for the six months ended June 30, 2017 and 2016 was $(289) and $425, respectively. | ||||
[3] | Amounts are included in salaries and employee benefits expense in the unaudited Consolidated Statements of Net Income. Income tax benefit associated with the reclassification adjustment for losses recognized in net periodic benefit cost for the three months ended June 30, 2017 and 2016 was $52 and $44 , respectively. Income tax benefit associated with the reclassification adjustment for losses recognized in the net periodic benefit cost for the six months ended June 30, 2017 and 2016 was $103 and $89, respectively. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Income tax expense associated with the reclassification adjustment realized in net income for sale of securities | $ 34 | $ 132 | $ 199 | $ 655 |
Income tax expense (benefit) associated with the reclassification adjustment for expense realized in net income for interest rate swaps | (131) | 202 | (289) | 425 |
Income tax benefit associated with the reclassification adjustment for losses (gains) recognized in net periodic benefit cost | $ 52 | $ 44 | $ 103 | $ 89 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Unearned Compensation - ESOP | Retained Earnings | Accumulated Other Comprehensive Loss |
Balance (in shares) at Dec. 31, 2015 | 49,941,428 | |||||
Balance at Dec. 31, 2015 | $ 625,521 | $ 519,587 | $ 10,722 | $ (5,922) | $ 112,013 | $ (10,879) |
Increase (Decrease) in Stockholders' Equity | ||||||
Comprehensive income | 26,939 | 20,952 | 5,987 | |||
Stock-based compensation expense | 1,023 | 1,023 | ||||
ESOP shares released or committed to be released | 140 | 26 | 114 | |||
Shares issued for stock options exercised (in shares) | 296,525 | |||||
Shares issued for stock options exercised | 2,528 | $ 3,752 | (1,224) | |||
Shares issued for restricted stock grants (in shares) | 39,328 | |||||
Shares issued for restricted stock grants | 0 | $ 460 | (460) | |||
Cancellation of shares for tax withholding (in shares) | (6,700) | |||||
Cancellation of shares for tax withholding | (48) | $ 0 | (48) | |||
Tax benefit from stock-based awards | 106 | 106 | ||||
Dividends paid ($0.24 per common share) | (12,016) | (12,016) | ||||
Balance (in shares) at Jun. 30, 2016 | 50,270,581 | |||||
Balance at Jun. 30, 2016 | $ 644,193 | $ 523,799 | 10,145 | (5,808) | 120,949 | (4,892) |
Balance (in shares) at Dec. 31, 2016 | 50,786,671 | 50,786,671 | ||||
Balance at Dec. 31, 2016 | $ 655,866 | $ 531,848 | 7,227 | (5,694) | 137,838 | (15,353) |
Increase (Decrease) in Stockholders' Equity | ||||||
Comprehensive income | 34,835 | 29,926 | 4,909 | |||
Common stock repurchased (in shares) | (80,000) | |||||
Common stock repurchased | (1,312) | $ (1,312) | ||||
Stock-based compensation expense | 1,486 | 1,486 | ||||
ESOP shares released or committed to be released | $ 197 | 83 | 114 | |||
Shares issued for stock options exercised (in shares) | 74,522 | 74,522 | ||||
Shares issued for stock options exercised | $ 773 | $ 1,337 | (564) | |||
Shares issued for restricted stock grants (in shares) | 1,098 | |||||
Shares issued for restricted stock grants | 0 | $ 45 | (45) | |||
Cancellation of shares for tax withholding (in shares) | (14,259) | |||||
Cancellation of shares for tax withholding | (197) | $ 0 | (197) | |||
Dividends paid ($0.24 per common share) | $ (12,184) | (12,184) | ||||
Balance (in shares) at Jun. 30, 2017 | 50,768,032 | 50,768,032 | ||||
Balance at Jun. 30, 2017 | $ 679,464 | $ 531,918 | $ 7,990 | $ (5,580) | $ 155,580 | $ (10,444) |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Retained Earnings | ||
Dividends paid per common share (in usd per share) | $ 0.24 | $ 0.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 29,926 | $ 20,952 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Amortization of premiums and discounts on investments, net | 2,053 | 2,756 |
Amortization (accretion) of intangible assets and purchase accounting marks, net | 654 | (1,015) |
Amortization of subordinated debt issuance costs | 63 | 63 |
Stock-based compensation expense | 1,486 | 1,023 |
ESOP expense | 197 | 140 |
Loss on extinguishment of debt | 0 | 1,454 |
Tax benefit from stock-based awards | 0 | (106) |
Provision for loan losses | 4,580 | 6,312 |
Gain on sales of securities, net | (552) | (1,819) |
Loans originated for sale | (208,158) | (203,547) |
Principal balance of loans sold | 113,188 | 183,125 |
(Increase) decrease in mortgage servicing asset | (68) | 485 |
Gain on sales of other real estate owned | (107) | (134) |
Net gain in mortgage banking fair value adjustments | (3,139) | (756) |
Gain on disposal of equipment | (42) | (16) |
Write-downs of other real estate owned | 231 | 4 |
Depreciation and amortization | 2,792 | 2,705 |
Net loss on limited partnership investments | 718 | 2,440 |
Deferred income tax expense (benefit) | 10,177 | (1,654) |
Increase in cash surrender value of bank-owned life insurance | (2,348) | (1,632) |
Income recognized from death benefit on BOLI | (8) | 0 |
Net change in: | ||
Deferred loan fees and premiums | (3,777) | (2,385) |
Accrued interest receivable | (980) | (895) |
Other assets | (23,086) | (47,356) |
Accrued expenses and other liabilities | 144 | 26,345 |
Net cash used in operating activities | (76,056) | (13,511) |
Cash flows from investing activities: | ||
Proceeds from sales of available-for-sale securities | 184,484 | 201,636 |
Proceeds from calls and maturities of available-for-sale securities | 64,840 | 7,328 |
Principal payments on available-for-sale securities | 35,325 | 38,946 |
Principal payments on held-to-maturity securities | 228 | 261 |
Purchases of available-for-sale securities | (308,423) | (241,196) |
Redemption of FHLBB and other restricted stock | 2,512 | 0 |
Purchase of FHLBB stock | (2,179) | (4,793) |
Proceeds from sale of other real estate owned | 761 | 1,236 |
Purchases of loans | (72,035) | (64,727) |
Loan originations, net of principal repayments | (81,360) | (54,536) |
Purchases of premises and equipment | (6,208) | (963) |
Proceeds from sale of equipment | 707 | 1 |
Net cash used in investing activities | (181,348) | (116,807) |
Cash flows from financing activities: | ||
Net increase in non-interest-bearing deposits | 13,867 | 15,906 |
Net increase in interest-bearing deposits | 268,829 | 3,081 |
Net increase in mortgagors’ and investors’ escrow accounts | 1,691 | 514 |
Net decrease in short-term FHLBB advances | (105,000) | 85,000 |
Repayments of long-term FHLBB advances | (757) | (1,934) |
Repayments of called FHLBB advances | (45,000) | 0 |
Prepayments of long-term FHLBB borrowings and penalty | 0 | (37,796) |
Proceeds from long-term FHLBB advances | 95,000 | 105,000 |
Net change in other borrowings | 25,601 | (27,758) |
Proceeds from exercise of stock options | 773 | 2,528 |
Common stock repurchased | (1,312) | 0 |
Cancellation of shares for tax withholding | (197) | (48) |
Tax benefit from stock-based awards | 0 | 106 |
Cash dividend paid on common stock | (12,184) | (12,016) |
Net cash provided by financing activities | 241,311 | 132,583 |
Net (decrease) increase in cash and cash equivalents | (16,093) | 2,265 |
Cash and cash equivalents, beginning of period | 90,944 | 95,176 |
Cash and cash equivalents, end of period | 74,851 | 97,441 |
Cash paid during the year for: | ||
Interest | 23,802 | 21,681 |
Income taxes, net | 3,003 | 2,300 |
Transfer of loans to other real estate owned | 765 | 1,074 |
Decrease in due to broker, investment purchases | $ (6) | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Nature of Operations United Financial Bancorp, Inc. (the “Company” or “United”) is headquartered in Glastonbury, Connecticut, and through United Bank (the “Bank”) and various subsidiaries, delivers financial services to individuals, families and businesses primarily throughout Connecticut and Massachusetts through 53 banking offices, its commercial loan production offices, its mortgage loan production offices, 65 ATMs, telephone banking, mobile banking and online banking ( www.bankatunited.com ). Basis of Presentation The consolidated interim financial statements and the accompanying notes presented in this report include the accounts of the Company, the Bank and the Bank’s wholly-owned subsidiaries, United Bank Mortgage Company, United Bank Investment Corp., Inc., United Bank Commercial Properties, Inc., United Bank Residential Properties, Inc., United Northeast Financial Advisors, Inc., United Bank Investment Sub, Inc., UCB Securities, Inc. II, UB Properties, LLC, United Financial Realty HC, Inc. and United Financial Business Trust I. The consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included in the interim unaudited consolidated financial statements. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 or any future period. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s 2016 audited consolidated financial statements and notes thereto included in United Financial Bancorp, Inc.’s Annual Report on Form 10-K as of and for the year ended December 31, 2016 . Common Share Repurchases The Company is chartered in the state of Connecticut. Connecticut law does not provide for treasury shares, rather shares repurchased by the Company constitute authorized, but unissued shares. GAAP states that accounting for treasury stock shall conform to state law. Therefore, the cost of shares repurchased by the Company has been allocated to common stock balances. Reclassifications Certain reclassifications have been made in prior periods’ consolidated financial statements to conform to the 2017 presentation. These reclassifications had no impact on the Company’s consolidated financial position, results of operations or net change in cash equivalents. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results in the future could vary from the amounts derived from management’s estimates and assumptions. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the realizability of deferred tax assets, the evaluation of securities for other-than-temporary impairment, the valuation of derivative instruments and hedging activities, and goodwill impairment valuations. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Note 2. Recent Accounting Pronouncements Accounting Standards Issued but Not Yet Adopted The following list identifies Account Standards Updates (“ASUs”) applicable to the Company that have been issued but are not yet effective: Compensation In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-09 Compensation, Stock Compensation (Topic 718): Scope of Modified Accounting . This update amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Accounting Standards Codification (“ASC”) 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions and classification of the awards are the same immediately before and after the modification. This ASU is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted for entities whose financial statements have not yet been issued or made available for issuance. This ASU is not expected to have an impact on the Company’s Consolidated Financial Statements. In March 2017, the FASB issued ASU No. 2017-07 Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Under the new guidance, employers will present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. Employers are required to include all other components of net benefit cost in a separate line item from the service cost. Employers will have to disclose the line used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. ASU 2017-07 is effective for public companies for fiscal years beginning after December 15, 2017. Early adoption is permitted in the first financial statements issued for a fiscal year, provided all provisions of the ASU are adopted. This ASU is not expected to have a significant impact on the Company’s Consolidated Financial Statements. Receivables In March 2017, the FASB issued ASU No. 2017-08 Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Under the new guidance, the premium on bonds purchased at a premium will be amortized to the bond’s call date rather than the date of maturity to more closely align interest income recorded on bonds held at a premium or a discount with the economics of the underlying instrument. This ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. As of June 30, 2017, this ASU is expected to have an impact of reducing approximately $6.9 million of premiums to the Company’s Consolidated Financial Statements, with the offset being a reduction in retained earnings upon initial adoption. Intangibles In January 2017, the FASB issued ASU No. 2017-04 Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the Goodwill Impairment Test, which requires hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The new guidance will simplify financial reporting since it eliminates that need to determine the fair value of individual assets and liabilities of a reporting unit to measure the goodwill impairment. Currently, failing Step 1 of the goodwill impairment test did not necessarily result in impairment. However, under the new guidance, failing Step 1 will always result in impairment. This ASU will be applied prospectively, and is effective for public business entities that are U.S. Securities and Exchange Commission filers for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for any impairment test performed after January 1, 2017. This ASU is not expected to have an impact on the Company’s Consolidated Financial Statements. Income Taxes In October 2016, the FASB issued ASU No. 2016-16 Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory as a part of the Board’s simplification initiative. Currently, the tax effects of intra-entity asset transfers (intercompany sales) are deferred until the transferred asset is sold to third party or otherwise recovered through use. Under the new ASU, the selling (transferring) entity is required to recognize a current tax expense or benefit upon transfer of the asset. Similarly, the purchasing (receiving) entity is required to recognize a deferred tax asset (DTA) or deferred tax liability (DTL), as well as the related deferred tax benefit or expense, upon receipt of the asset. The new guidance does not apply to intra-entity transfers of inventory. The new guidance will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those years (i.e., in the first quarter of 2018 for calendar year-end companies). Early adoption is permitted. The modified retrospective approach will be required for transition to the new guidance, with a cumulative-effect adjustment recorded in retained earnings as of the beginning of the period of adoption. The cumulative-effect adjustment would consist of the net impact from (1) the write-off of any unamortized tax expense previously deferred and (2) recognition of any previously unrecognized deferred tax assets, net of any necessary valuation allowance. This ASU is expected to have an impact on the Company’s deferred tax recognition due to transfers between separate companies in the consolidated group however it is not expected to have a material financial statement impact on the Company’s Consolidated Financial Statements. Statement of Cash Flows In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments as part of the consensus of the Emerging Issues Task Force. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This ASU clarifies whether the following items should be categorized as operating, investing or financing on the statement of cash flows; 1) debt prepayments and extinguishment costs, 2) settlement of zero-coupon debt, 3) settlement of contingent consideration. 4) insurance proceeds, 5) settlement of corporate-owned like insurance (COLI) and bank-owned life insurance (BOLI) policies, 6) distributions from equity method investees, 7) beneficial interests in securitization transactions, and 8) receipts and payments with aspects of more than one class of cash flows. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustment should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. This ASU is expected to have an impact on the disclosures in the Company’s Consolidated Statement of Cash Flows. Financial Instruments In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the Board’s guidance on the impairment of financial instruments. The ASU adds to US GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The ASU is also intended to reduce the complexity of US GAAP by decreasing the number of credit impairment models that entities use to account for debt instruments. For public business entities that are US Securities and Exchange Commission filers, this ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The amendments in this Update may be adopted earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the provisions of ASU 2016-13 and will closely monitor developments and additional guidance to determine the potential impact on the Company’s Consolidated Financial Statements. The Company expects the change in loss methodologies from an incurred loss model to an expected loss model to result in changes to the Consolidated Financial Statements. The expected credit loss model will require a financial asset to be presented at the net amount expected to be collected. The Company is in the process of identifying and implementing required changes to loan loss estimation models and processes and evaluating the impact of this new accounting guidance, which at the date of adoption will impact retained earnings through a one-time adjustment. Leases In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) . This ASU consists of three sections: Section A- Leases: Amendments to the FASB Accounting Standards Codification ; Section B - Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification ; and Section C - Background Information and Basis for Conclusions. This ASU introduces a lessee model that brings most leases on the balance sheet and aligns many of the underlying principles of the new lessor model with those in the new revenue recognition standard, ASC 606, Revenue From Contracts with Customers . The new leases standard represents a whole-sale change to lease accounting and will most likely result in significant implementation challenges during the transition period and beyond. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018 (i.e. calendar periods beginning on January 1, 2019), and interim periods therein. Early adoption will be permitted for all entities. It is required that to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. As of June 30, 2017, the future minimum lease commitments totaled $43.1 million . The Company does not expect the present value of the future lease payments to have a material impact on the Company’s Consolidated Financial Statements. Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09 Revenue From Contracts with Customers (Topic 606). This ASU consists of three sections: Section A- Summary and Amendments That Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs-Contracts with Customers (Subtopic 340-40); Section B- Conforming Amendments to Other Topics and Subtopics in the Codification and Status Tables ; and Section C- Background Information and Basis for Conclusions . This ASU provides a revenue recognition framework for entities that either enter into a contract with customers to transfer goods or services or enter into a contract for the transfer of non-financial assets (unless the contracts are outside the scope of the standard). The standard permits the use of either the retrospective or cumulative effect transition method. Many amendments were made to help clarify the intention and scope of this ASU. This ASU is currently effective for periods after December 15, 2017, and interim and annual reporting periods thereafter. Since many of the Company’s revenue streams are scoped out of this revenue standard, the Company does not expect a material impact on its Consolidated Financial Statements. This ASU will continue to be evaluated as more issues relevant to the Banking Industry are addressed. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 3. Securities The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities at June 30, 2017 and December 31, 2016 are as follows: Amortized Gross Gross Fair (In thousands) June 30, 2017 Available for sale: Debt securities: Government-sponsored residential mortgage-backed securities $ 223,169 $ 773 $ (1,080 ) $ 222,862 Government-sponsored residential collateralized debt obligations 188,610 808 (515 ) 188,903 Government-sponsored commercial mortgage-backed securities 25,663 37 (132 ) 25,568 Government-sponsored commercial collateralized debt obligations 155,798 239 (2,420 ) 153,617 Asset-backed securities 149,883 1,984 (271 ) 151,596 Corporate debt securities 85,198 988 (1,620 ) 84,566 Obligations of states and political subdivisions 239,735 1,084 (5,593 ) 235,226 Total debt securities 1,068,056 5,913 (11,631 ) 1,062,338 Marketable equity securities, by sector: Banks 9,422 1,260 — 10,682 Industrial 109 70 — 179 Oil and gas 132 53 — 185 Total marketable equity securities 9,663 1,383 — 11,046 Total available-for-sale securities $ 1,077,719 $ 7,296 $ (11,631 ) $ 1,073,384 Held to maturity: Debt securities: Obligations of states and political subdivisions $ 12,301 $ 867 $ (45 ) $ 13,123 Government-sponsored residential mortgage-backed securities 1,491 139 — 1,630 Total held-to-maturity securities $ 13,792 $ 1,006 $ (45 ) $ 14,753 Amortized Gross Gross Fair (In thousands) December 31, 2016 Available for sale: Debt securities: Government-sponsored residential mortgage-backed securities $ 181,419 $ 365 $ (2,236 ) $ 179,548 Government-sponsored residential collateralized debt obligations 184,185 438 (1,363 ) 183,260 Government-sponsored commercial mortgage-backed securities 26,949 23 (442 ) 26,530 Government-sponsored commercial collateralized debt obligations 164,433 296 (1,802 ) 162,927 Asset-backed securities 166,336 1,619 (988 ) 166,967 Corporate debt securities 76,787 533 (2,305 ) 75,015 Obligations of states and political subdivisions 223,733 127 (7,484 ) 216,376 Total debt securities 1,023,842 3,401 (16,620 ) 1,010,623 Marketable equity securities, by sector: Banks 32,174 482 (243 ) 32,413 Industrial 109 58 — 167 Oil and gas 131 77 — 208 Total marketable equity securities 32,414 617 (243 ) 32,788 Total available-for-sale securities $ 1,056,256 $ 4,018 $ (16,863 ) $ 1,043,411 Held to maturity: Debt securities: Obligations of states and political subdivisions $ 12,321 $ 654 $ (35 ) $ 12,940 Government-sponsored residential mortgage-backed securities 1,717 172 — 1,889 Total held-to-maturity securities $ 14,038 $ 826 $ (35 ) $ 14,829 At June 30, 2017 , the net unrealized loss on securities available for sale of $4.3 million , net of an income tax benefit of $1.5 million , or $2.8 million , was included in accumulated other comprehensive loss in the unaudited Consolidated Statement of Condition. The amortized cost and fair value of debt securities at June 30, 2017 by contractual maturities are presented below. Actual maturities may differ from contractual maturities because some securities may be called or repaid without any penalties. Also, because mortgage-backed securities require periodic principal paydowns, they are not included in the maturity categories in the following maturity summary. Available for Sale Held to Maturity Amortized Fair Amortized Fair (In thousands) Maturity: Within 1 year $ — $ — $ — $ — After 1 year through 5 years 8,924 9,098 1,175 1,195 After 5 years through 10 years 82,258 82,376 1,100 1,055 After 10 years 233,751 228,318 10,026 10,873 324,933 319,792 12,301 13,123 Government-sponsored residential mortgage-backed securities 223,169 222,862 1,491 1,630 Government-sponsored residential collateralized debt obligations 188,610 188,903 — — Government-sponsored commercial mortgage-backed securities 25,663 25,568 — — Government-sponsored commercial collateralized debt obligations 155,798 153,617 — — Asset-backed securities 149,883 151,596 — — Total debt securities $ 1,068,056 $ 1,062,338 $ 13,792 $ 14,753 At June 30, 2017 , the Company had securities with a fair value of $515.6 million pledged as derivative collateral, collateral for reverse repurchase borrowings, collateral for municipal deposit exposure, and collateral for Federal Home Loan Bank of Boston (“FHLBB”) borrowing capacity. At December 31, 2016 , the Company had securities with a fair value of $510.0 million pledged as derivative collateral, collateral for reverse repurchase borrowings, collateral for municipal deposit exposure, and collateral for FHLBB borrowing capacity. For the three months ended June 30, 2017 and 2016 , gross gains of $521,000 and $630,000 were realized on the sales of available-for-sale securities, respectively. There were gross losses of $426,000 and $263,000 realized on the sales of available-for-sale securities for the three months ended June 30, 2017 and 2016 , respectively. For both the six months ended June 30, 2017 and 2016 , gross gains of $2.3 million were realized on the sales of available-for-sale securities. There were gross losses of $ 1.7 million and $466,000 realized on the sale of available-for-sale securities for the six months ended June 30, 2017 and 2016 , respectively. As of June 30, 2017 , the Company did not have any exposure to private-label mortgage-backed securities. The Company also did not own any single security with an aggregate book value in excess of 10% of the Company’s stockholders’ equity. As of June 30, 2017 , the fair value of the obligations of states and political subdivisions portfolio was $248.3 million , with no significant geographic or issuer exposure concentrations. Of the total state and political obligations of $248.3 million , $107.8 million were representative of general obligation bonds for which $64.8 million are general obligations of political subdivisions of the respective state, rather than general obligations of the state itself. The following table summarizes gross unrealized losses and fair value, aggregated by category and length of time the securities have been in a continuous unrealized loss position, as of June 30, 2017 and December 31, 2016 : Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) June 30, 2017 Available for sale: Debt securities: Government-sponsored residential mortgage-backed securities $ 138,389 $ (1,080 ) $ — $ — $ 138,389 $ (1,080 ) Government-sponsored residential collateralized debt obligations 71,192 (489 ) 3,137 (26 ) 74,329 (515 ) Government-sponsored commercial mortgage-backed securities 18,818 (132 ) — — 18,818 (132 ) Government-sponsored commercial collateralized debt obligations 119,622 (2,247 ) 6,802 (173 ) 126,424 (2,420 ) Asset-backed securities 33,231 (174 ) 2,326 (97 ) 35,557 (271 ) Corporate debt securities 31,343 (483 ) 1,584 (1,137 ) 32,927 (1,620 ) Obligations of states and political subdivisions 104,850 (3,233 ) 46,607 (2,360 ) 151,457 (5,593 ) Total available-for-sale securities $ 517,445 $ (7,838 ) $ 60,456 $ (3,793 ) $ 577,901 $ (11,631 ) Held to Maturity: Debt securities: Obligations of states and political subdivisions $ — $ — $ 1,055 $ (45 ) $ 1,055 $ (45 ) Total held to maturity securities $ — $ — $ 1,055 $ (45 ) $ 1,055 $ (45 ) December 31, 2016 Available for sale: Debt securities: Government-sponsored residential mortgage-backed securities $ 156,000 $ (2,236 ) $ — $ — $ 156,000 $ (2,236 ) Government-sponsored residential collateralized debt obligations 109,468 (1,082 ) 6,691 (281 ) 116,159 (1,363 ) Government-sponsored commercial mortgage-backed securities 23,808 (442 ) — — 23,808 (442 ) Government-sponsored commercial collateralized debt obligations 128,238 (1,802 ) — — 128,238 (1,802 ) Asset-backed securities 23,415 (163 ) 20,326 (825 ) 43,741 (988 ) Corporate debt securities 43,990 (885 ) 3,335 (1,420 ) 47,325 (2,305 ) Obligations of states and political subdivisions 156,891 (5,620 ) 41,136 (1,864 ) 198,027 (7,484 ) Total debt securities 641,810 (12,230 ) 71,488 (4,390 ) 713,298 (16,620 ) Marketable equity securities 19,002 (243 ) — — 19,002 (243 ) Total available-for-sale securities $ 660,812 $ (12,473 ) $ 71,488 $ (4,390 ) $ 732,300 $ (16,863 ) Held to Maturity: Debt securities: Obligations of states and political subdivisions $ — $ — $ 1,070 $ (35 ) $ 1,070 $ (35 ) Total held to maturity securities $ — $ — $ 1,070 $ (35 ) $ 1,070 $ (35 ) Of the available-for-sale securities summarized above as of June 30, 2017 , 129 issues had unrealized losses equaling 1.5% of the amortized cost basis for less than twelve months and 26 issues had unrealized losses of 5.9% of the amortized cost basis for twelve months or more. There was one unrealized loss of $45,000 on a debt security held to maturity at June 30, 2017 . As of December 31, 2016 , 170 issues had unrealized losses equaling 1.9% of the cost basis for less than twelve months and 31 issues had unrealized losses equaling 5.8% of the amortized cost basis for twelve months or more. Based on its detailed quarterly review of the securities portfolio, management believes that no individual unrealized loss as of June 30, 2017 represents an other-than-temporary impairment. Among other things, the other-than-temporary impairment review of the investment securities portfolio focuses on the combined factors of percentage and length of time by which an issue is below book value as well as consideration of issuer specific information (present value of cash flows expected to be collected, issuer rating changes and trends, credit worthiness and review of underlying collateral), broad market details and the Company’s intent to sell the security or if it is more likely than not that the Company will be required to sell the debt security before recovering its cost. The Company also considers whether the depreciation is due to interest rates, market changes, or credit risk. The following paragraphs outline the Company’s position related to unrealized losses in its investment securities portfolio at June 30, 2017 . Government-sponsored residential mortgage backed securities, residential collateralized debt obligations, commercial mortgage-backed securities, and commercial collateralized debt obligations. The unrealized losses on certain securities within the Company’s government-sponsored mortgage-backed and collateralized debt obligation portfolios were caused by the continued increase in prepayment speeds relative to the prepayment expectations at the time of purchase. The Company monitors this risk, and therefore, strives to minimize premiums within this security class. The Company does not expect these securities to settle at a price less than the par value of the securities. Asset-backed securities . The unrealized losses on certain securities within the Company’s asset-backed securities portfolio were largely driven by slight increases in the spreads of certain managers over comparable securities’ managers relative to the time of purchase. Based on the credit profiles and asset qualities of the individual securities, management does not believe that the securities have suffered from any credit related losses at this time. The Company does not expect these securities to settle at a price less than the par value of the securities. Corporate debt securities. The unrealized losses on corporate debt securities is primarily related to one pooled trust preferred security, Preferred Term Security XXVIII, Ltd (“PRETSL XXVIII”). The unrealized loss on this security is caused by the low interest rate environment; the security reprices quarterly at the 3-month LIBOR rate and the security’s spread is low, as compared to market spreads on similar newly issued securities that have increased. No loss of principal is projected. Based on the existing credit profile, management does not believe that this security has suffered from any credit related losses. The unrealized loss on the remainder of the corporate credit portfolio has been driven primarily by an upward shift in rates relative to the time of purchase. Obligations of states and political subdivisions. The unrealized loss on obligations of states and political subdivisions relates to 69 securities, with no geographic concentration. The unrealized loss was largely due to an upward shift in the rates relative to the time of purchase of certain securities. The Company will continue to review its entire portfolio for other-than-temporarily impaired securities. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Note 4. Loans Receivable and Allowance for Loan Losses A summary of the Company’s loan portfolio is as follows: June 30, 2017 December 31, 2016 Amount Percent Amount Percent (Dollars in thousands) Commercial real estate loans: Owner-occupied $ 429,848 8.5 % $ 416,718 8.5 % Investor non-owner occupied 1,761,940 34.9 1,705,319 34.8 Construction 74,980 1.5 98,794 2.0 Total commercial real estate loans 2,266,768 44.9 2,220,831 45.3 Commercial business loans 792,918 15.7 724,557 14.8 Consumer loans: Residential real estate 1,172,540 23.2 1,156,227 23.6 Home equity 538,130 10.6 536,772 11.0 Residential construction 46,117 0.9 53,934 1.1 Other consumer 237,708 4.7 209,393 4.2 Total consumer loans 1,994,495 39.4 1,956,326 39.9 Total loans 5,054,181 100.0 % 4,901,714 100.0 % Net deferred loan costs and premiums 15,413 11,636 Allowance for loan losses (45,062 ) (42,798 ) Loans - net $ 5,024,532 $ 4,870,552 Allowance for Loan Losses Management has established a methodology to determine the adequacy of the allowance for loan losses (“ALL”) that assesses the risks and losses inherent in the loan portfolio. The ALL is established as embedded losses are estimated to have occurred through the provisions for losses charged against operations and is maintained at a level that management considers adequate to absorb losses in the loan portfolio. Management’s judgment in determining the adequacy of the allowance is inherently subjective and is based on past loan loss experience, known and inherent losses and size of the loan portfolios, an assessment of current economic and real estate market conditions, estimates of the current value of underlying collateral, review of regulatory authority examination reports and other relevant factors. An allowance is maintained for impaired loans to reflect the difference, if any, between the carrying value of the loan and the present value of the projected cash flows, observable fair value or collateral value. Loans are charged-off against the ALL when management believes that the uncollectibility of principal is confirmed. Any subsequent recoveries are credited to the ALL when received. In connection with the determination of the ALL, management obtains independent appraisals for significant properties, when considered necessary. The ALL is maintained at a level estimated by management to provide for probable losses inherent within the loan portfolio. Probable losses are estimated based upon a quarterly review of the loan portfolio, which includes historic default and loss experience, specific problem loans, risk rating profile, economic conditions and other pertinent factors which, in management’s judgment, warrant current recognition in the loss estimation process. The adequacy of the ALL is subject to considerable assumptions and judgment used in its determination. Therefore, actual losses could differ materially from management’s estimate if actual conditions differ significantly from the assumptions utilized. These conditions include economic factors in the Company’s market and nationally, industry trends and concentrations, real estate values and trends, and the financial condition and performance of individual borrowers. The Company’s general practice is to identify problem credits early and recognize full or partial charge-offs as promptly as practicable when it is determined that the collection of loan principal is unlikely. The Company recognizes full or partial charge-offs on collateral dependent impaired loans when the collateral is deemed to be insufficient to support the carrying value of the loan. The Company does not recognize a recovery when an updated appraisal indicates a subsequent increase in value. At June 30, 2017 , the Company had a loan loss allowance of $45.1 million , or 0.89% , of total loans as compared to a loan loss allowance of $42.8 million , or 0.87% , of total loans at December 31, 2016 . Management believes that the allowance for loan losses is adequate and consistent with asset quality indicators and that it represents the best estimate of probable losses inherent in the loan portfolio. There are three components for the allowance for loan loss calculation: General component The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: owner-occupied and investor non-owner occupied commercial real estate, commercial and residential construction, commercial business, residential real estate, home equity, and other consumer. Management uses a rolling average of historical losses based on a three -year loss history to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels and trends in delinquencies; level and trend of charge-offs and recoveries; trends in volume and types of loans; effects of changes in risk selection and underwriting standards; experience and depth of lending; changes in weighted average risk ratings; and national and local economic trends and conditions. The general component of the allowance for loan losses also includes a reserve based upon historical loss experience for loans which were acquired and have subsequently evidenced measured credit deterioration following initial acquisition. Our acquired loan portfolio is comprised of purchased loans that show no evidence of deterioration subsequent to acquisition and therefore are not covered by the allowance for loan losses. Acquired impaired loans are loans with evidence of deterioration subsequent to acquisition and are considered in establishing the allowance for loan losses. There were no changes in the Company’s methodology pertaining to the general component of the allowance for loan losses during 2017. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate and home equity loans – The Bank establishes maximum loan-to-value and debt-to-income ratios and minimum credit scores as an integral component of the underwriting criteria. Loans in these segments are collateralized by owner-occupied residential real estate and repayment is dependent on the income and credit quality of the individual borrower. Within the qualitative allowance factors, national and local economic trends including unemployment rates and potential declines in property value, are key elements reviewed as a component of establishing the appropriate allocation. Overall economic conditions, unemployment rates and housing price trends will influence the underlying credit quality of these segments. Owner-occupied and investor non-owner occupied commercial real estate (“Owner-occupied CRE” and “Investor CRE”) – Loans in these segments are primarily income-producing properties throughout Connecticut, western Massachusetts, and other select markets in the Northeast. The underlying cash flows generated by the properties could be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management obtains rent rolls annually, continually monitors the cash flows of these loans and performs stress testing. Commercial and residential construction loans – Loans in this segment primarily include commercial real estate development and residential subdivision loans for which payment is derived from the sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Commercial business loans – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy and its effect on business profitability and cash flow could have an effect on the credit quality in this segment. Other Consumer – Loans in this segment are secured or unsecured and repayment is dependent on the credit quality of the individual borrower. A significant portion of these loans are secured by boats. For acquired loans accounted for under ASC 310-30, our accretable discount is estimated based upon our expected cash flows for these loans. To the extent that we experience a deterioration in borrower credit quality resulting in a decrease in our expected cash flows subsequent to the acquisition of the loans, an allowance for loan losses would be established through a provision based on our estimate of future credit losses over the remaining life of the loans. Allocated component The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for commercial, commercial real estate and construction loans by either the present value of expected future cash flows discounted at the loan's effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Updated property evaluations are obtained at the time of impairment and serve as the basis for the loss allocation if foreclosure is probable or the loan is collateral dependent. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Loans which are placed on non-accrual status, or deemed troubled debt restructures, are considered impaired by the Company and subject to impairment testing for possible partial or full charge-off when loss can be reasonably determined. Generally, when all contractual payments on a loan are not expected to be collected, or the loan has failed to make contractual payments for a period of 90 days or more, a loan is placed on non-accrual status. In accordance with the Company's loan policy, losses on open and closed end consumer loans are recognized within a period of 120 days past due. For commercial loans, there is no threshold in terms of days past due for losses to be recognized as a result of the complexity in reasonably determining losses within a set time frame. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. When a loan is determined to be impaired, the Company makes a determination if the repayment of the obligation is collateral dependent. As a majority of impaired loans are collateralized by real estate, appraisals on the underlying value of the property securing the obligation are utilized in determining the specific impairment amount that is allocated to the loan as a component of the allowance calculation. If the loan is collateral dependent, an updated appraisal is obtained within a short period of time from the date the loan is determined to be impaired; typically no longer than 30 days for a residential property and 90 days for a commercial real estate property. The appraisal and the appraised value are reviewed for adequacy and then further discounted for estimated disposition costs and the period of time until resolution, in order to determine the impairment amount. The Company updates the appraised value at least annually and on a more frequent basis if current market factors indicate a potential change in valuation. The majority of the Company’s loans are collateralized by real estate located in central and eastern Connecticut and western Massachusetts in addition to a portion of the commercial real estate loan portfolio located in the Northeast region of the United States. Accordingly, the collateral value of a substantial portion of the Company’s loan portfolio and real estate acquired through foreclosure is susceptible to changes in market conditions in these areas. Unallocated component An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. Credit Quality Information The Company utilizes a nine -grade internal loan rating system for residential and commercial real estate, construction, commercial and other consumer loans as follows: Loans rated 1 – 5: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 6: Loans in this category are considered “special mention.” These loans reflect signs of potential weakness and are being closely monitored by management. Loans rated 7: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligor and there is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 8: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 9: Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. At the time of loan origination, a risk rating based on this nine point grading system is assigned to each loan based on the loan officer’s assessment of risk. For residential real estate and other consumer loans, the Company considers factors such as updated FICO scores, employment status, home prices, loan to value and geography. Residential real estate and other consumer loans are pass rated unless their payment history reveals signs of deterioration, which may result in modifications to the original contractual terms. In situations which require modification to the loan terms, the internal loan grade will typically be reduced to substandard. More complex loans, such as commercial business loans and commercial real estate loans require that our internal credit area further evaluate the risk rating of the individual loan, with the credit area and Chief Credit Officer having final determination of the appropriate risk rating. These more complex loans and relationships receive an in-depth analysis and periodic review to assess the appropriate risk rating on a post-closing basis with changes made to the risk rating as the borrower’s and economic conditions warrant. The credit quality of the Company’s loan portfolio is reviewed by a third-party risk assessment firm throughout the year and by the Company’s internal credit management function. The internal and external analysis of the loan portfolio is utilized to identify and quantify loans with higher than normal risk. Loans having a higher risk profile are assigned a risk rating corresponding to the level of weakness identified in the loan. All loans risk rated Special Mention, Substandard or Doubtful are reviewed by management not less than on a quarterly basis to assess the level of risk and to ensure that appropriate actions are being taken to minimize potential loss exposure. Loans identified as being loss are normally fully charged off. The following table presents the Company’s loans by risk rating at June 30, 2017 and December 31, 2016 : Owner-Occupied CRE Investor CRE Construction Commercial Business Residential Real Estate Home Equity Other Consumer (In thousands) June 30, 2017 Loans rated 1-5 $ 405,894 $ 1,723,572 $ 119,345 $ 769,539 $ 1,156,057 $ 531,565 $ 236,790 Loans rated 6 2,800 10,004 1,465 3,117 942 — — Loans rated 7 21,154 28,364 287 20,262 15,541 6,565 918 Loans rated 8 — — — — — — — Loans rated 9 — — — — — — — $ 429,848 $ 1,761,940 $ 121,097 $ 792,918 $ 1,172,540 $ 538,130 $ 237,708 December 31, 2016 Loans rated 1-5 $ 388,389 $ 1,656,256 $ 150,411 $ 698,458 $ 1,139,662 $ 531,359 $ 207,193 Loans rated 6 7,139 18,040 204 7,466 1,267 — — Loans rated 7 21,190 31,023 2,113 18,633 15,298 5,413 2,200 Loans rated 8 — — — — — — — Loans rated 9 — — — — — — — $ 416,718 $ 1,705,319 $ 152,728 $ 724,557 $ 1,156,227 $ 536,772 $ 209,393 Activity in the allowance for loan losses for the periods ended June 30, 2017 and 2016 were as follows: Owner-Occupied CRE Investor CRE Construction Commercial Residential Real Estate Home Equity Other Consumer Unallocated Total (In thousands) Three Months Ended June 30, 2017 Balance, beginning of period $ 3,818 $ 14,715 $ 1,857 $ 9,151 $ 7,629 $ 2,910 $ 1,788 $ 1,436 $ 43,304 Provision (credit) for loan losses (33 ) 907 (125 ) 651 336 142 314 100 2,292 Loans charged off (99 ) (175 ) (30 ) (250 ) (177 ) (59 ) (252 ) — (1,042 ) Recoveries of loans previously charged off — 90 — 307 40 13 58 — 508 Balance, end of period $ 3,686 $ 15,537 $ 1,702 $ 9,859 $ 7,828 $ 3,006 $ 1,908 $ 1,536 $ 45,062 Three Months Ended June 30, 2016 Balance, beginning of period $ 2,841 $ 13,257 $ 1,838 $ 6,374 $ 7,773 $ 2,413 $ 179 $ 825 $ 35,500 Provision for loan losses 426 569 176 647 471 270 881 184 3,624 Loans charged off (56 ) (254 ) — (335 ) (337 ) (166 ) (417 ) — (1,565 ) Recoveries of loans previously charged off 56 74 — 208 — 15 49 — 402 Balance, end of period $ 3,267 $ 13,646 $ 2,014 $ 6,894 $ 7,907 $ 2,532 $ 692 $ 1,009 $ 37,961 Six Months Ended June 30, 2017 Balance, beginning of period $ 3,765 $ 14,869 $ 1,913 $ 8,730 $ 7,854 $ 2,858 $ 1,353 $ 1,456 $ 42,798 Provision (credit) for loan losses 20 986 (49 ) 1,692 302 398 1,151 80 4,580 Loans charged off (99 ) (417 ) (162 ) (953 ) (368 ) (278 ) (739 ) — (3,016 ) Recoveries of loans previously charged off — 99 — 390 40 28 143 — 700 Balance, end of period $ 3,686 $ 15,537 $ 1,702 $ 9,859 $ 7,828 $ 3,006 $ 1,908 $ 1,536 $ 45,062 Six Months Ended June 30, 2016 Balance, beginning of period $ 2,174 $ 12,859 $ 1,895 $ 5,827 $ 7,801 $ 2,391 $ 146 $ 794 $ 33,887 Provision for loan losses 1,175 1,505 119 1,287 570 447 994 215 6,312 Loans charged off (138 ) (796 ) — (556 ) (517 ) (357 ) (539 ) — (2,903 ) Recoveries of loans previously charged off 56 78 — 336 53 51 91 — 665 Balance, end of period $ 3,267 $ 13,646 $ 2,014 $ 6,894 $ 7,907 $ 2,532 $ 692 $ 1,009 $ 37,961 Further information pertaining to the allowance for loan losses and impaired loans at June 30, 2017 and December 31, 2016 follows: Owner-Occupied CRE Investor CRE Construction Commercial Residential Real Estate Home Equity Other Consumer Unallocated Total (In thousands) June 30, 2017 Allowance related to loans individually evaluated and deemed impaired $ — $ — $ — $ 511 $ 123 $ 1 $ — $ — $ 635 Allowance related to loans collectively evaluated and not deemed impaired 3,686 15,537 1,702 9,125 7,705 3,005 1,908 1,536 44,204 Allowance related to loans acquired with deteriorated credit quality — — — 223 — — — — 223 Total allowance for loan losses $ 3,686 $ 15,537 $ 1,702 $ 9,859 $ 7,828 $ 3,006 $ 1,908 $ 1,536 $ 45,062 Loans deemed impaired $ 2,847 $ 11,066 $ 1,206 $ 8,249 $ 17,338 $ 8,347 $ 1,130 $ — $ 50,183 Loans not deemed impaired 427,001 1,750,617 119,891 783,360 1,155,202 529,783 234,789 — 5,000,643 Loans acquired with deteriorated credit quality — 257 — 1,309 — — 1,789 — 3,355 Total loans $ 429,848 $ 1,761,940 $ 121,097 $ 792,918 $ 1,172,540 $ 538,130 $ 237,708 $ — $ 5,054,181 December 31, 2016 Allowance related to loans individually evaluated and deemed impaired $ — $ — $ — $ 646 $ 68 $ — $ — $ — $ 714 Allowance related to loans collectively evaluated and not deemed impaired 3,765 14,869 1,913 7,862 7,786 2,858 1,353 1,456 41,862 Allowance related to loans acquired with deteriorated credit quality — — — 222 — — — — 222 Total allowance for loan losses $ 3,765 $ 14,869 $ 1,913 $ 8,730 $ 7,854 $ 2,858 $ 1,353 $ 1,456 $ 42,798 Loans deemed impaired $ 3,331 $ 9,949 $ 3,325 $ 7,812 $ 16,563 $ 6,910 $ 2,220 $ — $ 50,110 Loans not deemed impaired 413,387 1,694,190 149,403 715,436 1,139,664 529,862 205,136 — 4,847,078 Loans acquired with deteriorated credit quality — 1,180 — 1,309 — — 2,037 — 4,526 Total loans $ 416,718 $ 1,705,319 $ 152,728 $ 724,557 $ 1,156,227 $ 536,772 $ 209,393 $ — $ 4,901,714 Management has established the allowance for loan loss in accordance with GAAP at June 30, 2017 based on the current risk assessment and level of loss that is believed to exist within the portfolio. This level of reserve is deemed an appropriate estimate of probable loan losses inherent in the loan portfolio as of June 30, 2017 based upon the analysis conducted and given the portfolio composition, delinquencies, charge offs and risk rating changes experienced during the first six months of 2017 and the three -year evaluation period utilized in the analysis. Based on the qualitative assessment of the portfolio and in thorough consideration of non-performing loans, management believes that the allowance for loan losses properly supports the level of associated loss and risk. The following is a summary of past due and non-accrual loans at June 30, 2017 and December 31, 2016 , including purchased credit impaired loans: 30-59 Days Past Due 60-89 Days Past Due Past Due 90 Total Past Due Past Due Loans on (In thousands) June 30, 2017 Owner-occupied CRE $ 705 $ 282 $ 1,513 $ 2,500 $ — $ 2,265 Investor CRE 1,143 539 2,665 4,347 — 4,422 Construction — — 287 287 — 287 Commercial business loans 1,132 1,909 3,862 6,903 1,831 3,542 Residential real estate 28 1,549 6,094 7,671 — 14,559 Home equity 2,500 380 3,451 6,331 — 6,529 Other consumer 1,238 120 1,158 2,516 241 919 Total $ 6,746 $ 4,779 $ 19,030 $ 30,555 $ 2,072 $ 32,523 December 31, 2016 Owner-occupied CRE $ 482 $ 15 $ 1,667 $ 2,164 $ — $ 2,733 Investor CRE 2,184 697 3,260 6,141 — 4,858 Construction 709 — 1,933 2,642 — 2,138 Commercial business loans 3,289 41 2,373 5,703 38 2,409 Residential real estate 2,826 22 7,863 10,711 308 14,393 Home equity 2,232 722 2,797 5,751 56 5,330 Other consumer 838 379 1,095 2,312 348 2,202 Total $ 12,560 $ 1,876 $ 20,988 $ 35,424 $ 750 $ 34,063 Loans reported as past due 90 days or more and still accruing represent loans that were evaluated by management and maintained on accrual status based on an evaluation of the borrower. At June 30, 2017 and December 31, 2016, loans reported as past due 90 days or more and still accruing represent loans which carry a U.S. Government guarantee and therefore, all contractual amounts have been determined to be collectible in full. The following is a summary of impaired loans with and without a valuation allowance as of June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 Recorded Unpaid Related Recorded Unpaid Related (In thousands) Impaired loans without a valuation allowance: Owner-occupied CRE $ 2,847 $ 3,621 $ — $ 3,331 $ 4,107 $ — Investor CRE 11,066 11,531 — 9,949 10,601 — Construction 1,206 1,247 — 3,325 5,051 — Commercial business loans 6,249 7,701 — 3,742 4,856 — Residential real estate 15,715 18,998 — 15,312 18,440 — Home equity 8,095 9,084 — 6,910 7,864 — Other consumer 1,130 1,866 — 2,220 2,220 — Total 46,308 54,048 — 44,789 53,139 — Impaired loans with a valuation allowance: Commercial business loans 2,000 2,000 511 4,070 4,168 646 Residential real estate 1,623 1,657 123 1,251 1,267 68 Home equity 252 256 1 — — — Total 3,875 3,913 635 5,321 5,435 714 Total impaired loans $ 50,183 $ 57,961 $ 635 $ 50,110 $ 58,574 $ 714 The following is a summary of average recorded investment in impaired loans and interest income recognized on those loans for the periods indicated: For the Three Months For the Three Months Average Interest Average Interest (In thousands) Owner-occupied CRE $ 2,919 $ 29 $ 4,358 $ 77 Investor CRE 10,370 118 11,598 160 Construction 1,950 10 4,737 54 Commercial business loans 8,276 90 14,085 221 Residential real estate 17,707 184 16,799 261 Home equity 7,893 59 5,291 55 Other consumer 1,229 — 767 1 Total $ 50,344 $ 490 $ 57,635 $ 829 For the Six Months For the Six Months Average Interest Average Interest (In thousands) Owner-occupied CRE $ 3,056 $ 60 $ 4,251 $ 241 Investor CRE 10,230 206 12,373 107 Construction 2,408 22 4,711 74 Commercial business loans 8,121 234 13,735 337 Residential real estate 17,326 396 16,310 371 Home equity 7,565 117 5,280 85 Other consumer 1,559 — 514 1 Total $ 50,265 $ 1,035 $ 57,174 $ 1,216 Troubled Debt Restructurings The restructuring of a loan is considered a troubled debt restructuring (“TDR”) if both (i) the restructuring constitutes a concession by the creditor and (ii) the debtor is experiencing financial difficulties. A TDR may include (i) a transfer from the debtor to the creditor of receivables from third parties, real estate, or other assets to satisfy fully or partially a debt, (ii) issuance or other granting of an equity interest to the creditor by the debtor to satisfy fully or partially a debt unless the equity interest is granted pursuant to existing terms for converting debt into an equity interest, and (iii) modifications of terms of a debt. The following table provides detail of TDR balances for the periods presented: At June 30, At December 31, (In thousands) Recorded investment in TDRs: Accrual status $ 17,660 $ 16,048 Non-accrual status 7,475 7,304 Total recorded investment in TDRs $ 25,135 $ 23,352 Accruing TDRs performing under modified terms more than one year $ 7,266 $ 10,020 Specific reserves for TDRs included in the balance of allowance for loan losses $ 635 $ 714 Additional funds committed to borrowers in TDR status $ — $ 3 Loans restructured as TDRs during the three and six months ended June 30, 2017 and 2016 are set forth in the following table: Three Months Ended Six Months Ended Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification (Dollars in thousands) June 30, 2017 Investor CRE 1 $ 5,038 $ 5,038 1 $ 5,038 $ 5,038 Commercial business 1 — — 3 247 247 Residential real estate 3 522 522 3 522 522 Home equity 4 176 176 14 1,472 1,479 Total TDRs 9 $ 5,736 $ 5,736 21 $ 7,279 $ 7,286 June 30, 2016 Owner-occupied CRE — $ — $ — 5 $ 654 $ 666 Construction — — — 2 67 67 Commercial business 2 93 82 5 2,584 2,573 Residential real estate 5 549 550 9 943 944 Home equity 1 46 46 9 452 454 Total TDRs 8 $ 688 $ 678 30 $ 4,700 $ 4,704 The following table provides information on loan balances modified as TDRs during the period: Three Months Ended June 30, 2017 2016 Extended Maturity Adjusted Rate and Extended Maturity Payment Deferral Other Extended Maturity Adjusted Rate and Extended Maturity Payment Deferral Other (In thousands) Investor CRE $ — $ — $ — $ 5,038 $ — $ — $ 46 $ — Commercial business — — — — — — — 93 Residential real estate 155 220 147 — — 361 188 — Home equity — 149 27 — — — — — Total $ 155 $ 369 $ 174 $ 5,038 $ — $ 361 $ 234 $ 93 Six Months Ended June 30, 2017 2016 Extended Adjusted Rate and Extended Maturity Payment Deferral Other Extended Adjusted Rate and Extended Maturity Payment Deferral Other (In thousands) Owner-occupied CRE $ — $ — $ — $ — $ 510 $ 86 $ — $ 58 Investor CRE — — — 5,038 — — — — Construction — — — — 23 44 — — Commercial business — — — 247 2,000 143 348 93 Residential real estate 155 220 147 — — 382 561 — Home equity 312 446 714 — — 336 116 — $ 467 $ 666 $ 861 $ 5,285 $ 2,533 $ 991 $ 1,025 $ 151 The following table provides information on loans modified as TDRs within the previous 12 months and for which there was a payment default during the periods presented: June 30, 2017 June 30, 2016 Number of Recorded Number of Recorded (In thousands) Commercial business — $ — 1 $ 442 Residential real estate — — 2 437 Home equity 1 63 — — Total 1 $ 63 3 $ 879 The majority of restructured loans were on accrual status as of June 30, 2017 and December 31, 2016 . Typically, residential loans are restructured with a modification and extension of the loan amortization and maturity at substantially the same interest rate as contained in the original credit extension. As part of the TDR process, the current value of the property is compared to the general ledger loan balance and if not fully supported, a charge-off is processed through the allowance for loan losses. Commercial real estate loans, commercial construction loans and commercial business loans also contain payment modification agreements and a like assessment of the underlying collateral value if the borrower’s cash flow may be inadequate to service the entire obligation. Loan Servicing The Company services certain loans for third parties. The aggregate balance of loans serviced for others was $1.10 billion and $1.05 billion as of June 30, 2017 and December 31, 2016 , respectively. The balances of these loans are not included on the accompanying Consolidated Statements of Condition. The risks inherent in mortgage servicing rights relate primarily to changes in prepayments that result from shifts in mortgage interest rates. The fair value of mortgage servicing rights at June 30, 2017 and December 31, 2016 was determined using pretax internal rates of return ranging from 9.4% to 11.5% and the Public Securities Association Standard Prepayment model to estimate prepayments on the portfolio with an average prepayment speed of 175 and 166 , respectively. The fair value of mortgage servicing rights is obtained from a third party provider. During the three and six months ended June 30, 2017 , the Company received servicing income of $534,000 and $1.1 million, compared to $ 437,000 and $877,000 , for the same periods in 2016, respectively. This income is included in income from mortgage banking activities in the Consolidated Statements of Net Income. Mortgage servicing rights are included in other assets on the Consolidated Statements of Condition. Changes in the fair value of mortgage servicing rights are included in income from mortgage banking activities in the Consolidated Statements of Net Income. The following table summarizes mortgage servicing rights activity for the three and six months ended June 30, 2017 and 2016 . For the Three Months For the Six Months 2017 2016 2017 2016 (In thousands) Mortgage servicing rights: Balance at beginning of period $ 10,284 $ 6,271 $ 10,104 $ 7,074 Change in fair value recognized in net income (670 ) (371 ) (930 ) (1,686 ) Issuances 558 689 998 1,201 Fair value of mortgage servicing rights at end of period $ 10,172 $ 6,589 $ 10,172 $ 6,589 |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangibles | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangibles | Note 5. Goodwill and Core Deposit Intangibles The changes in the carrying amount of goodwill and core deposit intangible assets are summarized as follows: Goodwill Core Deposit Intangibles (In thousands) Balance at December 31, 2015 $ 115,281 $ 7,506 Amortization expense — (1,604 ) Balance at December 31, 2016 $ 115,281 $ 5,902 Amortization expense — (738 ) Balance at June 30, 2017 $ 115,281 $ 5,164 Estimated amortization expense for the years ending December 31, 2017 (remaining six months) $ 673 2018 1,219 2019 1,026 2020 834 2021 642 2022 and thereafter 770 Total remaining $ 5,164 On April 30, 2014, Rockville Financial, Inc. completed its merger with United Financial Bancorp, Inc. (“Legacy United”). Discussions throughout this report related to the merger with Legacy United are referred to as the “Merger”. The goodwill associated with the Merger is not tax deductible. In accordance with ASC 350, Intangibles – Goodwill and Other, goodwill is not amortized, but will be subject to an annual review of qualitative factors to determine if an impairment test is required. The amortizing intangible asset associated with the acquisition consists of the core deposit intangible. The core deposit intangible is being amortized using the sum of the years’ digits method over its estimated life of 10 years. Amortization expense of the core deposit intangible was $353,000 and $401,000 for the three months ended June 30, 2017 and 2016 , respectively, and was $738,000 and $834,000 for the six months ended June 30, 2017 and 2016 , respectively. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Borrowings | Note 6. Borrowings Federal Home Loan Bank of Boston (“FHLBB”) Advances The Company is a member of the FHLBB. Contractual maturities and weighted-average rates of outstanding advances from the FHLBB as of June 30, 2017 and December 31, 2016 are summarized below: June 30, 2017 December 31, 2016 Amount Weighted- Amount Weighted- (Dollars in thousands) 2017 $ 678,000 1.28 % $ 803,000 0.94 % 2018 199,285 1.44 139,792 1.48 2019 45,000 1.57 20,000 1.45 2020 33,000 1.79 33,000 0.86 2021 — — 30,000 0.59 Thereafter 33,933 1.15 19,182 0.89 $ 989,218 1.34 % $ 1,044,974 1.01 % The total carrying value of FHLBB advances at June 30, 2017 was $990.2 million , which includes a remaining fair value adjustment of $989,000 on acquired advances. At December 31, 2016 , the total carrying value of FHLBB advances was $1.05 billion , with a remaining fair value adjustment of $1.7 million . At June 30, 2017 , five advances totaling $73.0 million with interest rates ranging from 0.99% to 4.39% , which are scheduled to mature between 2017 and 2032 , are callable by the FHLBB. Advances are collateralized by first and second mortgage loans, as well as investment securities with an estimated eligible collateral value of $1.52 billion and $1.41 billion at June 30, 2017 and December 31, 2016 , respectively. In addition to the outstanding advances, the Company has access to an unused line of credit with the FHLBB amounting to $10.0 million at June 30, 2017 and December 31, 2016 . In accordance with an agreement with the FHLBB, the qualified collateral must be free and clear of liens, pledges and have a discounted value equal to the aggregate amount of the line of credit and outstanding advances. At June 30, 2017 , the Company could borrow immediately an additional $445.3 million from the FHLBB, inclusive of the line of credit. Other Borrowings The following table presents other borrowings by category as of the dates indicated: June 30, 2017 December 31, 2016 (In thousands) Subordinated debentures $ 79,835 $ 79,716 Wholesale repurchase agreements 50,000 20,000 Customer repurchase agreements 14,603 18,897 Other 4,173 4,294 Total other borrowings $ 148,611 $ 122,907 Subordinated Debentures On September 23, 2014, the Company closed its public offering of $75.0 million of its 5.75% Subordinated Notes due October 1, 2024 (the “Notes”). The Notes were offered to the public at par. Interest on the Notes is payable semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2015. Issuance costs totaled $1.3 million and are being amortized over the life of the Notes as a component of interest expense. In connection with the Merger, the Company has assumed junior subordinated debt in the form of trust preferred securities issued through a private placement offering with a face amount of $7.7 million . The Company recorded a fair value acquisition discount of $2.3 million on May 1, 2014. The remaining unamortized discount was $2.0 million at June 30, 2017 . This issue has a maturity date of March 15, 2036 and bears a floating rate of interest that reprices quarterly at the 3-month LIBOR rate plus 1.85% . A special redemption provision allows the Company to redeem this issue at par on March 15, June 15, September 15, or December 15 of any year subsequent to March 15, 2011. Repurchase Agreements The following table presents the Company’s outstanding borrowings under repurchase agreements as of June 30, 2017 and December 31, 2016 : Remaining Contractual Maturity of the Agreements Overnight Up to 1 Year 1 - 3 Years Greater than 3 Years Total (In thousands) June 30, 2017 Repurchase Agreements U.S. Agency Securities $ 14,603 $ 30,000 $ 20,000 $ — $ 64,603 December 31, 2016 Repurchase Agreements U.S. Agency Securities $ 18,897 $ — $ 20,000 $ — $ 38,897 As of June 30, 2017 and December 31, 2016 , advances outstanding under wholesale reverse repurchase agreements totaled $50.0 million and $20.0 million , respectively. The outstanding advances at June 30, 2017 consisted of three individual borrowings with remaining terms of two years or less and a weighted average cost of 1.86% . The outstanding advances at December 31, 2016 consisted of two individual borrowings with remaining terms of three years or less and had a weighted average cost of 2.59% . The Company pledged investment securities with a market value of $54.4 million and $23.8 million as collateral for these borrowings at June 30, 2017 and December 31, 2016 , respectively. Retail repurchase agreements primarily consist of transactions with commercial and municipal customers, are for a term of one day and are backed by the purchasers’ interest in certain U.S. Government Agency securities or government-sponsored securities. As of June 30, 2017 and December 31, 2016 , retail repurchase agreements totaled $14.6 million and $18.9 million , respectively. The Company pledged investment securities with a market value of $30.0 million and $28.5 million as collateral for these borrowings at June 30, 2017 and December 31, 2016 , respectively. Given that the repurchase agreements are secured by investment securities valued at market value, the collateral position is susceptible to change based upon variation in the market value of the securities that can arise due to fluctuations in interest rates, among other things. In the event that the interest rate changes result in a decrease in the value of the pledged securities, additional securities will be required to be pledged in order to secure the borrowings. Due to the short term nature of the majority of the repurchase agreements, Management believes the risk of further encumbered securities pose a minimal impact to the Company’s liquidity position. Other At June 30, 2017 and December 31, 2016 other borrowings consist of capital lease obligations. The Company has capital lease obligations for three of its leased banking branches. Other Sources of Wholesale Funding The Company has relationships with brokered sweep deposit providers by which funds are deposited by the counterparties at the Company’s request. Amounts outstanding under these agreements are reported as interest-bearing deposits and totaled $361.4 million at a cost of 1.06% at June 30, 2017 and $367.4 million at a cost of 0.58% at December 31, 2016 . The Company maintains open dialogue with the brokered sweep providers and has the ability to increase the deposit balances upon request, up to certain limits based upon internal policy requirements. Additionally, the Company has unused federal funds lines of credit with four counterparties totaling $107.5 million at June 30, 2017 and December 31, 2016. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Note 7. Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposure to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. The Company also has interest rate derivatives that result from a service provided to certain qualifying customers. The Company manages a matched book with respect to these derivative instruments in order to minimize its net risk exposure resulting from such transactions. Information about interest rate swap agreements and non-hedging derivative assets and liabilities as of June 30, 2017 and December 31, 2016 is as follows: Notional Amount Weighted-Average Remaining Maturity Weighted-Average Rate Estimated Fair Value, Net Asset (Liability) Received Paid (In thousands) (In years) (In thousands) June 30, 2017 Cash flow hedges: Forward starting interest rate swaps on future borrowings $ 100,000 6.86 TBD (1) 2.43 % $ (1,517 ) Interest rate swaps 215,000 3.08 1.20 % 1.83 % (2,824 ) Fair value hedges: Interest rate swaps 20,000 0.52 1.10 % 1.27 % (2) (38 ) Non-hedging derivatives: Forward loan sale commitments 198,156 0.00 199 Derivative loan commitments 45,122 0.00 656 Interest rate swap 7,500 9.04 (574 ) Loan level swaps - dealer(3) 562,009 6.65 2.54 % 3.38 % (7,902 ) Loan level swaps - borrowers(3) 562,009 6.65 3.38 % 2.54 % 7,883 Total $ 1,709,796 $ (4,117 ) December 31, 2016 Cash flow hedges: Forward starting interest rate swaps on future borrowings $ 100,000 7.36 TBD (1) 2.43 % $ (483 ) Interest rate swaps 240,000 3.24 0.91 % 1.74 % (2,719 ) Fair value hedges: Interest rate swaps 35,000 0.72 1.04 % 0.82 % (2) 1 Non-hedging derivatives: Forward loan sale commitments 61,991 0.00 153 Derivative loan commitments 30,239 0.00 421 Interest rate swap 7,500 9.54 (660 ) Loan level swaps - dealer(3) 468,417 7.75 2.42 % 3.84 % (4,888 ) Loan level swaps - borrowers(3) 468,417 7.75 3.84 % 2.42 % 4,869 Total $ 1,411,564 $ (3,306 ) (1) The receiver leg of the cash flow hedges is floating rate and indexed to the 3-month USD-LIBOR-BBA, as determined two London banking days prior to the first day of each calendar quarter, commencing with the earliest effective trade. The earliest effective trade date for these forward starting cash flow hedges is October 16, 2017 . (2) The paying leg is one month LIBOR plus a fixed spread; above rate in effect as of the date indicated. (3) The Company offers a loan level hedging product to qualifying commercial borrowers that seek to mitigate risk to rising interest rates. As such, the Company enters into equal and offsetting trades with dealer counterparties. The Company may also enter into risk participation agreements with counterparties related to credit enhancements provided to the borrowers. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and six months ended June 30, 2017 , the Company did not record any hedge ineffectiveness. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The Company expects to reclassify $1.4 million from accumulated other comprehensive loss to interest expense during the next 12 months. The Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a period of approximately 60 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). As of June 30, 2017 , the Company had eight outstanding interest rate derivatives with a notional value of $315.0 million that were designated as cash flow hedges of interest rate risk. Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its fixed rate obligations due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the benchmark interest rate. Interest rate swaps designated as fair value hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in earnings. The Company includes the gain or loss on the hedged items in the same line item as the offsetting gain or loss on the related derivatives. For the three and six months ended June 30, 2017 and 2016 , the Company recognized a negligible net reduction to interest expense. As of June 30, 2017 , the Company had two outstanding interest rate derivatives with a notional amount of $20.0 million that were designated as a fair value hedge of interest rate risk. Non-Designated Hedges Loan Level Interest Rate Swaps Qualifying derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. The Company executes interest rate derivatives with commercial banking customers to facilitate their respective risk management strategies. Those interest rate derivatives are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. As of June 30, 2017 , the Company had eighty-one borrower-facing interest rate derivatives with an aggregate notional amount of $562.0 million and eighty-one broker derivatives with an aggregate notional value amount of $562.0 million related to this program. As of June 30, 2017 , the Company had four risk participation agreements with three counterparties related to a loan level interest rate swap with four of its commercial banking customers. Of these agreements, three were entered into in conjunction with credit enhancements provided to the borrowers by the counterparties; therefore, if the borrowers default, the counterparties are responsible for a percentage of the exposure. One agreement has credit enhancements provided to the borrower by the Company, whereby the Company is responsible for a percentage of the exposure to the counterparty. At June 30, 2017 , the notional amount of this risk participation agreement was $6.0 million , reflecting the counterparty participation of 33.1% . The risk participation agreements are a guarantee of performance on a derivative and accordingly, are recorded at fair value on the Company’s Consolidated Statements of Condition. At June 30, 2017 , the notional amount of the remaining three risk participation agreements was $25.0 million , reflecting the counterparty participation level of 36.52% . Mortgage Servicing Rights Interest Rate Swap As of June 30, 2017 , the Company had one receive-fixed interest rate derivative with a notional amount of $7.5 million and a maturity date in July 2026. The derivative was executed to protect against a portion of the devaluation of the Company’s mortgage servicing right asset that occurs in a falling rate environment. The instrument is marked to market through the Company’s Consolidated Statements of Net Income. Derivative Loan Commitments Additionally, the Company enters into mortgage loan commitments that are also referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified rates and times in the future, with the intention that these loans will subsequently be sold in the secondary market. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of the rate lock to funding of the loan due to increases in mortgage interest rates. If interest rates increase, the value of these loan commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. Forward Loan Sale Commitments To protect against the price risk inherent in derivative loan commitments, the Company utilizes To Be Announced (“TBA”) as well as cash (“mandatory delivery” and “best efforts”) forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. With TBA and mandatory cash contracts, the Company commits to deliver a certain principal amount of mortgage loans to an investor/counterparty at a specified price on or before a specified date. If the market improves (rate decline) and the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay a “pair-off” fee, based on then-current market prices, to the investor/counterparty to compensate the investor for the shortfall. Conversely if the market declines (rates worsen) the investor/counterparty is obligated to pay a “pair-off” fee to the Company based on then-current market prices. The Company expects that these forward loan sale commitments, TBA and mandatory, will experience changes in fair value opposite to the change in fair value of derivative loan commitments. With best effort cash contracts, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. Generally best efforts cash contracts have no pair off risk regardless of market movement. The price the investor will pay the seller for an individual loan is specified prior to the loan being funded (e.g., on the same day the lender commits to lend funds to a potential borrower). The Company expects that these forward loan sale commitments, best efforts, will experience a net neutral shift in fair value of derivative loan commitments. Fair Values of Derivative Instruments on the Statement of Condition The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Condition as of June 30, 2017 and December 31, 2016 : Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location Jun 30, 2017 Dec 31, Balance Sheet Location Jun 30, 2017 Dec 31, (In thousands) Derivatives designated as hedging instruments: Interest rate swap - cash flow hedge Other Assets $ 118 $ 246 Other Liabilities $ 4,459 $ 3,448 Interest rate swap - fair value hedge Other Assets — 18 Other Liabilities 38 17 Total derivatives designated as hedging instruments $ 118 $ 264 $ 4,497 $ 3,465 Derivatives not designated as hedging instruments: Forward loan sale commitments Other Assets $ 310 $ 204 Other Liabilities $ 111 $ 51 Derivative loan commitments Other Assets 656 421 — — Interest rate swap — — Other Liabilities 574 660 Interest rate swap - with customers Other Assets 10,582 7,864 Other Liabilities 2,699 2,995 Interest rate swap - with counterparties Other Assets 2,686 2,981 Other Liabilities 10,588 7,869 Total derivatives not designated as hedging $ 14,234 $ 11,470 $ 13,972 $ 11,575 Effect of Derivative Instruments in the Company’s Consolidated Statements of Net Income and Changes in Stockholders’ Equity The tables below presents the effect of derivative instruments in the Company’s Statements of Changes in Stockholders’ Equity designated as hedging instruments for the three and six months ended June 30, 2017 and 2016 : Cash Flow Hedges Amount of Gain (Loss) Recognized in AOCI (Effective Portion) Derivatives Designated as Cash Flow Hedging Instruments Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Interest rate swaps $ (2,100 ) $ (3,139 ) $ (1,942 ) $ (11,436 ) Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Derivatives Designated as Cash Flow Hedging Instruments Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Interest rate swaps $ (363 ) $ 561 $ (803 ) $ 1,180 The tables below present information pertaining to the Company’s derivatives in the Consolidated Statements of Net Income designated as hedging instruments for the three and six months ended June 30, 2017 and 2016 : Fair Value Hedges Amount of Gain (Loss) Recognized in Income from Derivatives Derivatives Designated as Fair Value Location of Gain (Loss) Recognized in Income Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Interest Rate Swaps Interest income $ (3 ) $ 24 $ (39 ) $ 173 Amount of Gain (Loss) Recognized in Income from Hedged Items Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Interest Rate Swaps Interest income $ — $ (24 ) $ 37 $ (173 ) The table below presents information pertaining to the Company’s derivatives not designated as hedging instruments in the Consolidated Statements of Net Income as of June 30, 2017 and 2016 : Amount of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Derivatives not designated as hedging instruments: Derivative loan commitments $ (102 ) $ 637 $ 236 $ 1,316 Mortgage servicing rights derivative 94 — 86 — Forward loan sale commitments 884 (332 ) 46 (601 ) Interest rate swaps (2 ) (8 ) — 40 $ 874 $ 297 $ 368 $ 755 Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the counterparty defaults on any of its indebtedness or fails to maintain a well-capitalized rating, then the counterparty could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. As of June 30, 2017 , the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $16.2 million . As of June 30, 2017 , the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $198.1 million against its obligations under these agreements. A degree of netting occurs on occasions where the Company has exposure to a counterparty and the counterparty has exposure to the Company. If the Company had breached any of these provisions at June 30, 2017 , it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Note 8. Stock-Based Compensation Plans The Company maintains and operates several stock incentive award plans to attract, retain and reward performance of qualified employees and directors who contribute to the success of the Company. These plans include those assumed by the Company in 2014 as a result of merger activity. Active plans, as of January 1, 2017 are: • Rockville Financial, Inc. 2006 Stock Incentive Award Plan (the “2006 Plan”); • Rockville Financial, Inc. 2012 Stock Incentive Plan (the “2012 Plan”); • United Financial Bancorp, Inc. 2008 Equity Incentive Plan; and • 2015 Omnibus Stock Incentive Plan (the “2015 Plan”). The 2015 Plan became effective on October 29, 2015 upon approval by the Company’s Shareholders. As of the effective date of the 2015 Plan, no other awards may be granted from the previously approved or assumed plans. The 2015 Plan allows the Company to use stock options, stock awards, and performance awards to attract, retain and reward performance of qualified employees and directors who contribute to the success of the Company. The 2015 Plan reserves a total of up to 4,050,000 shares (the “Cap”) of Company common stock for issuance upon the grant or exercise of awards made pursuant to the 2015 Plan. Of these shares, the Company may grant shares in the form of restricted stock, performance shares and other share-based awards and may grant stock options. However, the number of shares issuable will be adjusted by a “fungible ratio” of 2.35 . This means that for each share award other than a stock option share or a stock appreciation right share, each 1 share awarded shall be deemed to be 2.35 shares awarded. As of June 30, 2017 , there were 2,910,144 shares available for future grants under the 2015 Plan. For the six-month period ended June 30, 2017 , total employee and Director stock-based compensation expense recognized for stock options and restricted stock was $71,000 with a related tax benefit of $26,000 and $ 1.4 million with a related tax benefit of $510,000 , respectively. Of the total expense amount for the six -month period, the amount for Director stock-based compensation expense recognized (in the Consolidated Statements of Net Income as other non-interest expense) was $279,000 , and the amount for officer stock-based compensation expense recognized (in the Consolidated Statements of Net Income as salaries and employee benefit expense) was $1.2 million. For the six-month period ended June 30, 2016 , total employee and Director stock-based compensation expense recognized for stock options and restricted stock was $59,000 with a related tax benefit of $21,000 and $964,000 with a related tax benefit of $347,000 , respectively. For the three-month period ended June 30, 2017 , total employee and Director stock-based compensation expense recognized for stock options and restricted stock was $34,000 with a related tax benefit of $12,000 and $754,000 with a related tax benefit of $272,000 , respectively. Of the total expense amount for the three-month period ended June 30, 2017 , the amount of Director stock-based compensation expense recognized (in the Consolidated Statements of Net Income as other non-interest expense) was $176,000 , and the amount for officer stock-based compensation expense recognized ( in the Consolidated Statement of Net Income as salaries and employee benefit expense) was $613,000 . For the three-month period ended June 30, 2016 , total employee and Director stock-based compensation expense recognized for stock options and restricted stock was $28,000 with a related tax benefit of $10,000 and $495,000 with a related tax benefit of $178,000 , respectively. The fair values of stock option and restricted stock awards, measured at grant date, are amortized to compensation expense on a straight-line basis over the vesting period. Stock Options The following table presents the activity related to stock options outstanding, including options that have stock appreciation rights (“SARs”), under the Plans for the six months ended June 30, 2017 : Number of Weighted- Weighted-Average Aggregate Outstanding at December 31, 2016 1,936,453 $ 11.21 Granted — — Exercised (74,522 ) 10.38 $ 0.6 Forfeited or expired — — Outstanding at June 30, 2017 1,861,931 $ 11.24 4.7 $ 10.1 Stock options vested and exercisable at June 30, 2017 1,841,828 $ 11.22 4.7 $ 10.1 As of June 30, 2017 , the unrecognized cost related to outstanding stock options was $37,000 and will be recognized over a weighted-average period of 2.0 years . There were no stock options granted during the six months ended June 30, 2017 and 2016 . Options exercised may include awards that were originally granted as tandem SARs. Therefore, if the SAR component is exercised, it will not equate to the number of shares issued due to the conversion of the SAR option value to the actual share value at exercise date. There were no options with a SAR component included in total options exercised during the six months ended June 30, 2017 . Restricted Stock Restricted stock provides grantees with rights to shares of common stock upon completion of a service period. During the restriction period, all shares are considered outstanding and dividends are paid on the restricted stock. During the six months ended June 30, 2017 , the Company issued 2,517 shares of restricted stock from shares available under the Company’s 2015 Plan to certain employees. During the six months ended June 30, 2017 , the weighted-average grant date fair value was $17.86 per share and the restricted stock awards vest in equal annual installments on the anniversary date over a 3 year period. The following table presents the activity for restricted stock for the six months ended June 30, 2017 : Number Weighted-Average Unvested as of December 31, 2016 438,806 $ 14.23 Granted 2,517 17.86 Vested (35,744 ) 13.29 Forfeited (1,419 ) 13.22 Unvested as of June 30, 2017 404,160 $ 14.34 As of June 30, 2017 , there was $3.4 million of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted-average period of 2.2 years . Employee Stock Ownership Plan As part of the second-step conversion and stock offering completed in 2011, the Employee Stock Ownership Plan (“ESOP”)borrowed an additional $7.1 million from the Company to purchase 684,395 shares of common stock during the initial public offering and in the open market. The outstanding loan balance of $6.2 million at June 30, 2017 will be repaid principally from the Bank’s discretionary contributions to the ESOP over a remaining period of 24 years . The loan bears an interest rate of prime plus one percent . The unallocated ESOP shares are pledged as collateral on the loans. As the loans are repaid to the Company, shares will be released from collateral and will be allocated to the accounts of the participants. For the three months ended June 30, 2017 and 2016 , ESOP compensation expense was $97,000 and $74,000 . For the six months ended June 30, 2017 and 2016 , ESOP compensation expense was $197,000 and $140,000 , respectively. The Company accounts for its ESOP in accordance with FASB ASC 718-40, Compensation – Stock Compensation . Under this guidance, unearned ESOP shares are not considered outstanding and are shown as a reduction of stockholders’ equity as unearned compensation. The Company will recognize compensation cost equal to the fair value of the ESOP shares during the periods in which they are committed to be allocated. To the extent that the fair value of the Company’s ESOP shares differs from the cost of such shares, this difference will be credited or debited to equity. As the loan is internally leveraged, the loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP shown as a liability in the Company’s consolidated financial statements. Dividends on unallocated shares are used to pay the ESOP debt. The ESOP shares as of the period indicated below were as follows: June 30, 2017 Allocated shares 1,198,052 Shares allocated for release 11,407 Unreleased shares 536,109 Total ESOP shares 1,745,568 Market value of unreleased shares (in thousands) $ 9,138 |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Note 9. Regulatory Matters Minimum regulatory capital requirements The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve qualitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Federal banking regulators include minimum capital ratios as displayed in the following table. Additionally, community banking institutions must maintain a capital conservation buffer of common equity Tier I capital in an amount greater than 2.5% of total risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonuses. The capital conservation buffer is being phased in over three years, beginning on January 1, 2016, with an initial phase-in of 0.625%. Also, certain deductions from and adjustments to regulatory capital are being phased in over several years. Management believes that the Company capital levels will remain characterized as “well capitalized” throughout the phase in periods. As of June 30, 2017 , the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework from prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum ratios as set forth in the following tables. There are no conditions or events since the notification that management believes have changed the Bank’s category. Management believes, as of June 30, 2017 and December 31, 2016 , that the Company and the Bank meet all capital adequacy requirements to which they are subject. The Company’s and the Bank’s actual capital amounts and ratios as of June 30, 2017 and December 31, 2016 are also presented in the following table: Actual Minimum For Minimum To Be Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) United Bank June 30, 2017 Total capital to risk weighted assets $ 638,997 12.0 % $ 425,998 8.0 % $ 532,498 10.0 % Common equity tier 1 capital to risk weighted assets 592,155 11.1 240,063 4.5 346,757 6.5 Tier 1 capital to risk weighted assets 592,155 11.1 320,084 6.0 426,778 8.0 Tier 1 capital to total average assets 592,155 8.9 266,137 4.0 332,671 5.0 December 31, 2016 Total capital to risk weighted assets $ 619,020 12.1 % $ 409,269 8.0 % $ 511,587 10.0 % Common equity tier 1 capital to risk weighted assets 574,632 11.2 230,879 4.5 333,492 6.5 Tier 1 capital to risk weighted assets 574,632 11.2 307,839 6.0 410,451 8.0 Tier 1 capital to total average assets 574,632 9.0 255,392 4.0 319,240 5.0 United Financial Bancorp, Inc. June 30, 2017 Total capital to risk weighted assets $ 691,222 12.9 % $ 428,665 8.0 % N/A N/A Common equity tier 1 capital to risk weighted assets 569,380 10.6 241,718 4.5 N/A N/A Tier 1 capital to risk weighted assets 569,380 10.6 322,291 6.0 N/A N/A Tier 1 capital to total average assets 569,380 8.5 267,944 4.0 N/A N/A December 31, 2016 Total capital to risk weighted assets $ 668,816 13.0 % $ 411,579 8.0 % N/A N/A Common equity tier 1 capital to risk weighted assets 549,428 10.7 231,068 4.5 N/A N/A Tier 1 capital to risk weighted assets 549,428 10.7 308,090 6.0 N/A N/A Tier 1 capital to total average assets 549,428 8.6 255,548 4.0 N/A N/A Our ability to pay dividends to our stockholders is substantially dependent upon the Bank’s ability to pay dividends to the Company. The Federal Reserve guidance sets forth the supervisory expectation that bank holding companies will inform and consult with Federal Reserve staff in advance of issuing a dividend that exceeds earnings for the quarter and should not pay dividends in a rolling four quarter period in an amount that exceeds net income for that period. Federal law also prohibits the Bank from paying dividends that would be greater than its undivided profits after deducting statutory bad debt in excess of its allowance for loan losses. The FDIC may limit a savings bank’s ability to pay dividends. No dividends may be paid to the Company’s shareholder if such dividends would reduce stockholders’ equity below the amount of the liquidation account required by the Connecticut conversion regulations. Connecticut law restricts the amount of dividends that the Bank can pay based on net income included in retained earnings for the current year and the preceding two years. As of June 30, 2017 and December 31, 2016 , $96.8 million and $79.8 million , respectively, was available for the payment of dividends. Connecticut banking laws grant banks broad lending authority. With certain limited exceptions, any one obligor under this statutory authority may not exceed 10% and 15%, respectively, of a bank’s capital and allowance for loan losses. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 10. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, included in stockholders’ equity, are as follows: June 30, 2017 December 31, 2016 (In thousands) Benefit plans: Unrecognized net actuarial loss $ (7,647 ) $ (7,936 ) Tax effect 2,755 2,859 Net-of-tax amount (4,892 ) (5,077 ) Securities available for sale: Net unrealized loss (4,335 ) (12,845 ) Tax effect 1,560 4,617 Net-of-tax amount (2,775 ) (8,228 ) Interest rate swaps: Net unrealized loss (4,341 ) (3,202 ) Tax effect 1,564 1,154 Net-of-tax amount (2,777 ) (2,048 ) $ (10,444 ) $ (15,353 ) |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Note 11. Net Income Per Share The following table sets forth the calculation of basic and diluted net income per share for the three and six months ended June 30, 2017 and 2016 : For the Three Months For the Six Months 2017 2016 2017 2016 (In thousands, except share data) Net income available to common stockholders $ 16,200 $ 9,058 $ 29,926 $ 20,952 Weighted-average common shares outstanding 50,757,061 50,186,134 50,780,091 50,088,859 Less: average number of unallocated ESOP award shares (539,849 ) (562,662 ) (542,685 ) (565,514 ) Weighted-average basic shares outstanding 50,217,212 49,623,472 50,237,406 49,523,345 Dilutive effect of stock options 621,879 323,167 649,718 279,334 Weighted-average diluted shares 50,839,091 49,946,639 50,887,124 49,802,679 Net income per share: Basic $ 0.32 $ 0.18 $ 0.60 $ 0.42 Diluted $ 0.32 $ 0.18 $ 0.59 $ 0.42 There were no anti-dilutive stock options during the three months and six months ended June 30, 2017. For the three and six months ended June 30, 2016, the weighted-average number of anti-dilutive stock options excluded from diluted net income per share were 625,273 and 684,796 , respectively. Stock options were anti-dilutive because the strike price is greater than the average fair value of the Company’s common stock for the periods presented. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 12. Fair Value Measurements Fair value estimates are made as of a specific point in time based on the characteristics of the assets and liabilities and relevant market information. In accordance with FASB ASC 820, the fair value estimates are measured within the fair value hierarchy. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1: Quoted prices are available in active markets for identical assets and liabilities as of the reporting date. The quoted price is not adjusted because of the size of the position relative to trading volume. Level 2: Pricing inputs are observable for assets and liabilities, either directly or indirectly, but are not the same as those used in Level 1. Fair value is determined through the use of models or other valuation methodologies. Level 3: Pricing inputs are unobservable for assets and liabilities and include situations where there is little, if any, market activity and the determination of fair value requires significant judgment or estimation. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such instances, the determination of which category within the fair value hierarchy is appropriate for any given asset and liability is based on the lowest level of input that is significant to the fair value of the asset and liability. When available, quoted market prices are used. In other cases, fair values are based on estimates using present value or other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates and could be material. Derived fair value estimates may not be substantiated by comparison to independent markets and, in certain cases, could not be realized in an immediate sale of the instrument. Fair value estimates for financial instrument fair value disclosures are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not financial instruments. Accordingly, the aggregate fair value amounts presented do not purport to represent the underlying market value of the Company. Loans Held for Sale The Company has elected the fair value option for its portfolio of residential real estate mortgage loans held for sale to reduce certain timing differences and better match changes in fair value of the loans with changes in the fair value of the derivative loan sale contracts used to economically hedge them. The aggregate principal amount of the residential real estate mortgage loans held for sale was $152.7 million and $61.9 million at June 30, 2017 and December 31, 2016 , respectively. The aggregate fair value of these loans as of the same dates was $157.5 million and $62.5 million , respectively. There were no residential real estate mortgage loans held for sale 90 days or more past due at June 30, 2017 and December 31, 2016 . The following table presents the gains in fair value related to mortgage loans held for sale for the periods indicated. Changes in the fair value of mortgage loans held for sale are reported as a component of income from mortgage banking activities in the Consolidated Statements of Net Income. Three Months Ended Six Months Ended 2017 2016 2017 2016 (In thousands) Mortgage loans held for sale $ 1,639 $ 10 $ 2,776 $ 40 Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables detail the assets and liabilities carried at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value. There were no transfers in and out of Level 1, Level 2 and Level 3 measurements during the six months ended June 30, 2017 and 2016 . Total Quoted Prices Other Significant (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2017 Available-for-Sale Securities: Government-sponsored residential mortgage-backed securities $ 222,862 $ — $ 222,862 $ — Government-sponsored residential collateralized debt obligations 188,903 — 188,903 — Government-sponsored commercial mortgage-backed securities 25,568 — 25,568 — Government-sponsored commercial collateralized debt obligations 153,617 — 153,617 — Asset-backed securities 151,596 — — 151,596 Corporate debt securities 84,566 — 82,982 1,584 Obligations of states and political subdivisions 235,226 — 235,226 — Marketable equity securities 11,046 364 10,682 — Total available-for-sale securities $ 1,073,384 $ 364 $ 919,840 $ 153,180 Mortgage loan derivative assets $ 966 $ — $ 966 $ — Mortgage loan derivative liabilities 111 — 111 — Loans held for sale 157,487 — 157,487 — Mortgage servicing rights 10,172 — — 10,172 Interest rate swap assets 13,386 — 13,386 — Interest rate swap liabilities 18,358 — 18,358 — December 31, 2016 Available-for-Sale Securities: Government-sponsored residential mortgage-backed securities $ 179,548 $ — $ 179,548 $ — Government-sponsored residential collateralized-debt obligations 183,260 — 183,260 — Government-sponsored commercial mortgage-backed securities 26,530 — 26,530 — Government-sponsored commercial collateralized-debt obligations 162,927 — 162,927 — Asset-backed securities 166,967 — 13,087 153,880 Corporate debt securities 75,015 — 73,423 1,592 Obligations of states and political subdivisions 216,376 — 216,376 — Marketable equity securities 32,788 375 32,413 — Total available-for-sale securities $ 1,043,411 $ 375 $ 887,564 $ 155,472 Mortgage loan derivative assets $ 625 $ — $ 625 $ — Mortgage loan derivative liabilities 51 — 51 — Loans held for sale 62,517 — 62,517 — Mortgage servicing rights 10,104 — — 10,104 Interest rate swap assets 11,109 — 11,109 — Interest rate swap liabilities 14,989 — 14,989 — The following table presents additional information about assets measured at fair value on a recurring basis for which the Company utilized Level 3 inputs to determine fair value: Three Months Ended Six Months Ended 2017 2016 2017 2016 (In thousands) Balance of available-for-sale securities, at beginning of period $ 152,479 $ 144,206 $ 155,472 $ 146,070 Purchases (sales) 3,550 (1,000 ) (251 ) (1,000 ) Principal payments and net accretion (2,641 ) (163 ) (2,780 ) (478 ) Total realized gains (losses) included in earnings 338 (150 ) 497 (150 ) Total unrealized gains (losses) included in other comprehensive income/loss (546 ) 2,241 242 692 Balance at end of period $ 153,180 $ 145,134 $ 153,180 $ 145,134 Balance of mortgage servicing rights, at beginning of period $ 10,284 $ 6,271 $ 10,104 $ 7,074 Issuances 558 689 998 1,201 Change in fair value recognized in net income (670 ) (371 ) (930 ) (1,686 ) Balance at end of period $ 10,172 $ 6,589 $ 10,172 $ 6,589 The following valuation methodologies are used for certain assets that are recorded at fair value on a recurring basis. Available-for-Sale Securities: Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using an independent pricing service. Level 1 securities are those traded on active markets for identical securities including U.S. treasury securities, equity securities and mutual funds. Level 2 securities include U.S. Government agency obligations, U.S. Government-sponsored enterprises, mortgage-backed securities, obligations of states and political subdivisions, corporate and other debt securities. Level 3 securities include private placement securities and thinly traded equity securities. All fair value measurements are obtained from a third party pricing service and are not adjusted by management. Matrix pricing is used for pricing most obligations of states and political subdivisions, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on securities relationships to other benchmark quoted securities. The grouping of securities is completed according to insurer, credit support, state of issuance and rating to incorporate additional spreads and municipal bond yield curves. The valuation of the Company’s asset-backed securities is obtained from a third party pricing provider and is determined utilizing an approach that combines advanced analytics with structural and fundamental cash flow analysis based upon observed market based yields. The third party provider’s model analyzes each instrument’s underlying collateral given observable collateral characteristics and credit statistics to extrapolate future performance and project cash flows, by incorporating expectations of default probabilities, recovery rates, prepayment speeds, loss severities and a derived discount rate. The Company has determined that due to the liquidity and significance of unobservable inputs, that asset-backed securities are classified in Level 3 of the valuation hierarchy. The Company holds one pooled trust preferred security. The security’s fair value is based on unobservable issuer-provided financial information and discounted cash flow models derived from the underlying structured pool and therefore is classified as Level 3. Loans Held for Sale: The fair value of residential mortgage loans held for sale is estimated using quoted market prices for loans with similar characteristics provided by government-sponsored entities. Any changes in the valuation of mortgage loans held for sale is based upon the change in market interest rates between closing the loan and the measurement date and an immaterial portion attributable to changes in instrument-specific credit risk. The Company has determined that loans held for sale are classified in Level 2 of the valuation hierarchy. Mortgage Servicing Rights: A mortgage servicing right (“MSR”) asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans are expected to more than adequately compensate the Company for performing the servicing. The fair value of servicing rights is provided by a third party and is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Adjustments are recorded monthly as the cash flows derived from the valuation model change the fair value of the asset. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy. See Note 4, “Loans Receivable and Allowance for Loan Losses” in the Notes to Consolidated Financial Statements contained elsewhere in this report. Derivatives: Derivative instruments related to commitments for loans to be sold are carried at fair value. Fair value is determined through quotes obtained from actively traded mortgage markets. Any change in fair value for rate lock commitments to the borrower is based upon the change in market interest rates between making the rate lock commitment and the measurement date and, for forward loan sale commitments to the investor, is based upon the change in market interest rates from entering into the forward loan sales contract and the measurement date. Both the rate lock commitments to the borrowers and the forward loan sale commitments to investors are derivatives pursuant to the requirements of FASB ASC 815-10; however, the Company has not designated them as hedging instruments. Accordingly, they are marked to fair value through earnings. The Company’s intention is to sell the majority of its fixed rate mortgage loans with original terms of 30 years on a servicing retained basis as well as certain 10 , 15 and 20 year loans. The servicing value has been included in the pricing of the rate lock commitments. The Company estimates a fallout rate of approximately 18.5% based upon historical averages in determining the fair value of rate lock commitments. Although the use of historical averages is based upon unobservable data, the Company believes that this input is insignificant to the valuation and, therefore, has concluded that the fair value measurements meet the Level 2 criteria. The Company continually reassesses the significance of the fallout rate on the fair value measurement and updates the fallout rate accordingly. Hedging derivatives include interest rate swaps as part of management’s strategy to manage interest rate risk. The valuation of the Company’s interest rate swaps is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy. The following table presents additional quantitative information about assets measured at fair value on a recurring basis for which the Company utilized Level 3 inputs to determine fair value at June 30, 2017 : (Dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Asset-backed securities $ 151,596 Discounted Cash Flow Discount Rates 2.9% - 4.1% (4.13%) Cumulative Default % 4.8% - 9.5% (9.10%) Loss Given Default 1.4% - 3.0% (2.86%) Corporate debt - pooled trust $ 1,584 Discounted Cash Flow Discount Rate 7.0% (7.0%) preferred security Cumulative Default % 2.7% - 41.3% (12.54%) Loss Given Default 85% - 100% (93.9%) Cure Given Default 75% - 75% (75.0%) Mortgage servicing rights $ 10,172 Discounted Cash Flow Discount Rate 9.0% - 18.0% (10.4%) Cost to Service $50 - $110 ($62.91) Float Earnings Rate 0.25% (0.25%) Asset-backed securities: Given the level of market activity for the asset backed securities in the portfolio, the discount rates utilized in the fair value measurement were derived by analyzing current market yields for comparable securities and research reports issued by brokers and dealers in the financial services industry. Adjustments were then made for credit and structural differences between these types of securities. There is an inverse correlation between the discount rate and the fair value measurement. When the discount rate increases, the fair value decreases. Other significant unobservable inputs to the fair value measurement of the asset backed securities in the portfolio included prospective defaults and recoveries. The cumulative default percentage represents the lifetime defaults assumed. The loss given default percentage represents the percentage of current and projected defaults assumed to be lost. There is an inverse correlation between the default percentages and the fair value measurement. When default percentages increase, the fair value decreases. Corporate debt: Given the level of market activity for the trust preferred securities in the form of collateralized debt obligations, the discount rate utilized in the fair value measurement were derived by analyzing current market yields for trust preferred securities of individual name issuers in the financial services industry. Adjustments were then made for credit and structural differences between these types of securities. There is an inverse correlation between the discount rate and the fair value measurement. When the discount rate increases, the fair value decreases. Other significant unobservable inputs to the fair value measurement of the collateralized debt obligations included prospective defaults and recoveries. The cumulative default percentage represents the lifetime defaults assumed, excluding currently defaulted collateral and including all performing and currently deferring collateral. As a result, the cumulative default percentage also reflects assumptions of the possibility of currently deferring collateral curing and becoming current. The loss given default percentage represents the percentage of current and projected defaults assumed to be lost. There is an inverse correlation between the cumulative default and loss given default percentages and the fair value measurement. When default percentages increase, the fair value decreases. Mortgage servicing rights: Given the low level of market activity in the MSR market and the general difficulty in price discovery, even when activity is at historic norms, the discount rate utilized in the fair value measurement was derived by analyzing recent and historical pricing for MSRs. Adjustments were then made for various loan and investor types underlying these MSRs. There is an inverse correlation between the discount rate and the fair value measurement. When the discount rate increases, the fair value decreases. Other significant unobservable inputs to the fair value measurement of MSR’s include cost to service, an input that is not as simple as taking total costs and dividing by a number of loans. It is a figure informed by marginal cost and pricing for MSRs by competing firms, taking other assumptions into consideration. It is different for different loan types. There is an inverse correlation between the cost to service and the fair value measurement. When the cost assumption increase, the fair value decreases. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The Company may also be required, from time to time, to measure certain other assets at fair value on a non-recurring basis in accordance with generally accepted accounting principles; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The following tables detail the assets carried at fair value on a non-recurring basis at June 30, 2017 and December 31, 2016 and indicate the fair value hierarchy of the valuation technique utilized by the Company to determine fair value. There were no liabilities measured at fair value on a non-recurring basis at June 30, 2017 and December 31, 2016 . Total Quoted Prices in Other Significant (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2017 Impaired loans $ 3,611 $ — $ — $ 3,611 Other real estate owned 1,770 — — 1,770 Total $ 5,381 $ — $ — $ 5,381 December 31, 2016 Impaired loans $ 5,100 $ — $ — $ 5,100 Other real estate owned 1,890 — — 1,890 Total $ 6,990 $ — $ — $ 6,990 The following is a description of the valuation methodologies used for certain assets that are recorded at fair value on a non-recurring basis. Other Real Estate Owned : The Company classifies property acquired through foreclosure or acceptance of deed-in-lieu of foreclosure, as other real estate owned (“OREO”) in its financial statements. Upon foreclosure, the property securing the loan is recorded at fair value as determined by real estate appraisals less the estimated selling expense. Appraisals are based upon observable market data such as comparable sales within the real estate market. Assumptions are also made based on management’s judgment of the appraisals and current real estate market conditions and therefore these assets are classified as non-recurring Level 3 assets in the fair value hierarchy. Impaired Loans : Accounting standards require that a creditor recognize the impairment of a loan if the present value of expected future cash flows discounted at the loan’s effective interest rate (or, alternatively, the observable market price of the loan or the fair value of the collateral) is less than the recorded investment in the impaired loan. Non-recurring fair value adjustments to collateral dependent loans are recorded, when necessary, to reflect partial write-downs and the specific reserve allocations based upon observable market price or current appraised value of the collateral less selling costs and discounts based on management’s judgment of current conditions. Based on the significance of management’s judgment, the Company records collateral dependent impaired loans as non-recurring Level 3 fair value measurements. Losses on assets recorded at fair value on a non-recurring basis are as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 (In thousands) Impaired loans $ (55 ) $ (282 ) $ (778 ) $ (467 ) Other real estate owned (138 ) (4 ) (171 ) (4 ) Total $ (193 ) $ (286 ) $ (949 ) $ (471 ) Disclosures about Fair Value of Financial Instruments: The following methods and assumptions were used by management to estimate the fair value of each class of financial instruments not recorded at fair value for which it is practicable to estimate that value. Cash and Cash Equivalents : Carrying value is assumed to represent fair value for cash and due from banks and short-term investments, which have original maturities of 90 days or less. Loans Receivable – net : The fair value of the net loan portfolio is determined by discounting the estimated future cash flows using the prevailing interest rates and appropriate credit and prepayment risk adjustments as of period-end at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value of non-performing loans is estimated using the Bank’s prior credit experience. FHLBB stock : FHLBB stock is a non-marketable equity security which is assumed to have a fair value equal to its carrying value due to the fact that it can only be redeemed by the FHLBB at par value. Accrued Interest Receivable : Carrying value is assumed to represent fair value. Deposits and Mortgagors’ and Investors’ Escrow Accounts : The fair value of demand, non-interest- bearing checking, savings and certain money market deposits is determined as the amount payable on demand at the reporting date. The fair value of time deposits is estimated by discounting the estimated future cash flows using rates offered for deposits of similar remaining maturities as of period-end. FHLBB Advances and Other Borrowings : The fair value of borrowed funds is estimated by discounting the future cash flows using market rates for similar borrowings. As of June 30, 2017 and December 31, 2016 , the carrying value and estimated fair values of the Company’s financial instruments are as described below: Carrying Fair Value Level 1 Level 2 Level 3 Total (In thousands) June 30, 2017 Financial assets: Cash and cash equivalents $ 74,851 $ 74,851 $ — $ — $ 74,851 Available-for-sale securities 1,073,384 364 919,840 153,180 1,073,384 Held-to-maturity securities 13,792 — 14,753 — 14,753 Loans held for sale 157,487 — 157,487 — 157,487 Loans receivable-net 5,024,532 — — 5,016,315 5,016,315 FHLBB stock 54,760 — — 54,760 54,760 Accrued interest receivable 19,751 — — 19,751 19,751 Derivative assets 14,352 — 14,352 — 14,352 Mortgage servicing rights 10,172 — — 10,172 10,172 Financial liabilities: Deposits 4,993,479 — — 4,992,375 4,992,375 Mortgagors’ and investors’ escrow accounts 15,045 — — 15,045 15,045 FHLBB advances and other borrowings 990,206 — 1,140,409 — 1,140,409 Derivative liabilities 18,469 — 18,469 — 18,469 December 31, 2016 Financial assets: Cash and cash equivalents $ 90,944 $ 90,944 $ — $ — $ 90,944 Available-for-sale securities 1,043,411 375 887,564 155,472 1,043,411 Held-to-maturity securities 14,038 — 14,829 — 14,829 Loans held for sale 62,517 — 62,517 — 62,517 Loans receivable-net 4,870,552 — — 4,895,638 4,895,638 FHLBB stock 53,476 — — 53,476 53,476 Accrued interest receivable 18,771 — — 18,771 18,771 Derivative assets 11,734 — 11,734 — 11,734 Mortgage servicing rights 10,104 — — 10,104 10,104 Financial liabilities: Deposits 4,711,172 — — 4,711,774 4,711,774 Mortgagors’ and investors’ escrow accounts 13,354 — — 13,354 13,354 FHLBB advances and other borrowings 1,169,619 — 1,167,066 — 1,167,066 Derivative liabilities 15,040 — 15,040 — 15,040 Certain financial instruments and all nonfinancial investments are exempt from disclosure requirements. Accordingly, the aggregate fair value of amounts presented above may not necessarily represent the underlying fair value of the Company. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13. Commitments and Contingencies Financial Instruments With Off-Balance Sheet Risk In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit through issuing standby letters of credit and undisbursed portions of construction loans and involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized on the Consolidated Statements of Condition. The contractual amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The contractual amounts of commitments to extend credit represent the amounts of potential accounting loss should the contract be fully drawn upon, the customer defaults and the value of any existing collateral obligations is deemed worthless. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Off-balance sheet financial instruments whose contract amounts represent credit risk are as follows at June 30, 2017 and December 31, 2016 : June 30, December 31, (In thousands) Commitments to extend credit: Commitment to grant loans $ 239,545 $ 197,070 Undisbursed construction loans 138,667 90,149 Undisbursed home equity lines of credit 389,821 364,421 Undisbursed commercial lines of credit 397,251 382,018 Standby letters of credit 15,144 13,588 Unused credit card lines 14,505 12,327 Unused checking overdraft lines of credit 1,527 1,465 Total $ 1,196,460 $ 1,061,038 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Since these commitments could expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include residential and commercial property, accounts receivable, inventory, property, plant and equipment, deposits, and securities. Other Commitments The Company invests in partnerships, including low income housing tax credit, new markets housing tax credit, and alternative energy tax credit partnerships. The net carrying balance of these investments totaled $34.3 million at June 30, 2017 and is included in other assets in the consolidated statement of condition. At June 30, 2017 , the Company was contractually committed under these limited partnership agreements to make additional capital contributions of $18.4 million , which constitutes our maximum potential obligation to these partnerships. Legal Matters The Company is involved in various legal proceedings that have arisen in the normal course of business. The Company is not involved in any legal proceedings deemed to be material as of June 30, 2017 . |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations United Financial Bancorp, Inc. (the “Company” or “United”) is headquartered in Glastonbury, Connecticut, and through United Bank (the “Bank”) and various subsidiaries, delivers financial services to individuals, families and businesses primarily throughout Connecticut and Massachusetts through 53 banking offices, its commercial loan production offices, its mortgage loan production offices, 65 ATMs, telephone banking, mobile banking and online banking ( www.bankatunited.com ). |
Basis of Presentation | Basis of Presentation The consolidated interim financial statements and the accompanying notes presented in this report include the accounts of the Company, the Bank and the Bank’s wholly-owned subsidiaries, United Bank Mortgage Company, United Bank Investment Corp., Inc., United Bank Commercial Properties, Inc., United Bank Residential Properties, Inc., United Northeast Financial Advisors, Inc., United Bank Investment Sub, Inc., UCB Securities, Inc. II, UB Properties, LLC, United Financial Realty HC, Inc. and United Financial Business Trust I. The consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included in the interim unaudited consolidated financial statements. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 or any future period. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s 2016 audited consolidated financial statements and notes thereto included in United Financial Bancorp, Inc.’s Annual Report on Form 10-K as of and for the year ended December 31, 2016 . |
Common Share Repurchases | Common Share Repurchases The Company is chartered in the state of Connecticut. Connecticut law does not provide for treasury shares, rather shares repurchased by the Company constitute authorized, but unissued shares. GAAP states that accounting for treasury stock shall conform to state law. Therefore, the cost of shares repurchased by the Company has been allocated to common stock balances. |
Reclassifications | Reclassifications Certain reclassifications have been made in prior periods’ consolidated financial statements to conform to the 2017 presentation. These reclassifications had no impact on the Company’s consolidated financial position, results of operations or net change in cash equivalents. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results in the future could vary from the amounts derived from management’s estimates and assumptions. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the realizability of deferred tax assets, the evaluation of securities for other-than-temporary impairment, the valuation of derivative instruments and hedging activities, and goodwill impairment valuations. |
Accounting Standards Issued but Not Yet Adopted | Accounting Standards Issued but Not Yet Adopted The following list identifies Account Standards Updates (“ASUs”) applicable to the Company that have been issued but are not yet effective: Compensation In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-09 Compensation, Stock Compensation (Topic 718): Scope of Modified Accounting . This update amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Accounting Standards Codification (“ASC”) 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions and classification of the awards are the same immediately before and after the modification. This ASU is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted for entities whose financial statements have not yet been issued or made available for issuance. This ASU is not expected to have an impact on the Company’s Consolidated Financial Statements. In March 2017, the FASB issued ASU No. 2017-07 Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Under the new guidance, employers will present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. Employers are required to include all other components of net benefit cost in a separate line item from the service cost. Employers will have to disclose the line used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. ASU 2017-07 is effective for public companies for fiscal years beginning after December 15, 2017. Early adoption is permitted in the first financial statements issued for a fiscal year, provided all provisions of the ASU are adopted. This ASU is not expected to have a significant impact on the Company’s Consolidated Financial Statements. Receivables In March 2017, the FASB issued ASU No. 2017-08 Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Under the new guidance, the premium on bonds purchased at a premium will be amortized to the bond’s call date rather than the date of maturity to more closely align interest income recorded on bonds held at a premium or a discount with the economics of the underlying instrument. This ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. As of June 30, 2017, this ASU is expected to have an impact of reducing approximately $6.9 million of premiums to the Company’s Consolidated Financial Statements, with the offset being a reduction in retained earnings upon initial adoption. Intangibles In January 2017, the FASB issued ASU No. 2017-04 Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The guidance removes Step 2 of the Goodwill Impairment Test, which requires hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The new guidance will simplify financial reporting since it eliminates that need to determine the fair value of individual assets and liabilities of a reporting unit to measure the goodwill impairment. Currently, failing Step 1 of the goodwill impairment test did not necessarily result in impairment. However, under the new guidance, failing Step 1 will always result in impairment. This ASU will be applied prospectively, and is effective for public business entities that are U.S. Securities and Exchange Commission filers for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for any impairment test performed after January 1, 2017. This ASU is not expected to have an impact on the Company’s Consolidated Financial Statements. Income Taxes In October 2016, the FASB issued ASU No. 2016-16 Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory as a part of the Board’s simplification initiative. Currently, the tax effects of intra-entity asset transfers (intercompany sales) are deferred until the transferred asset is sold to third party or otherwise recovered through use. Under the new ASU, the selling (transferring) entity is required to recognize a current tax expense or benefit upon transfer of the asset. Similarly, the purchasing (receiving) entity is required to recognize a deferred tax asset (DTA) or deferred tax liability (DTL), as well as the related deferred tax benefit or expense, upon receipt of the asset. The new guidance does not apply to intra-entity transfers of inventory. The new guidance will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those years (i.e., in the first quarter of 2018 for calendar year-end companies). Early adoption is permitted. The modified retrospective approach will be required for transition to the new guidance, with a cumulative-effect adjustment recorded in retained earnings as of the beginning of the period of adoption. The cumulative-effect adjustment would consist of the net impact from (1) the write-off of any unamortized tax expense previously deferred and (2) recognition of any previously unrecognized deferred tax assets, net of any necessary valuation allowance. This ASU is expected to have an impact on the Company’s deferred tax recognition due to transfers between separate companies in the consolidated group however it is not expected to have a material financial statement impact on the Company’s Consolidated Financial Statements. Statement of Cash Flows In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments as part of the consensus of the Emerging Issues Task Force. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This ASU clarifies whether the following items should be categorized as operating, investing or financing on the statement of cash flows; 1) debt prepayments and extinguishment costs, 2) settlement of zero-coupon debt, 3) settlement of contingent consideration. 4) insurance proceeds, 5) settlement of corporate-owned like insurance (COLI) and bank-owned life insurance (BOLI) policies, 6) distributions from equity method investees, 7) beneficial interests in securitization transactions, and 8) receipts and payments with aspects of more than one class of cash flows. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustment should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. This ASU is expected to have an impact on the disclosures in the Company’s Consolidated Statement of Cash Flows. Financial Instruments In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the Board’s guidance on the impairment of financial instruments. The ASU adds to US GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The ASU is also intended to reduce the complexity of US GAAP by decreasing the number of credit impairment models that entities use to account for debt instruments. For public business entities that are US Securities and Exchange Commission filers, this ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The amendments in this Update may be adopted earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the provisions of ASU 2016-13 and will closely monitor developments and additional guidance to determine the potential impact on the Company’s Consolidated Financial Statements. The Company expects the change in loss methodologies from an incurred loss model to an expected loss model to result in changes to the Consolidated Financial Statements. The expected credit loss model will require a financial asset to be presented at the net amount expected to be collected. The Company is in the process of identifying and implementing required changes to loan loss estimation models and processes and evaluating the impact of this new accounting guidance, which at the date of adoption will impact retained earnings through a one-time adjustment. Leases In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) . This ASU consists of three sections: Section A- Leases: Amendments to the FASB Accounting Standards Codification ; Section B - Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification ; and Section C - Background Information and Basis for Conclusions. This ASU introduces a lessee model that brings most leases on the balance sheet and aligns many of the underlying principles of the new lessor model with those in the new revenue recognition standard, ASC 606, Revenue From Contracts with Customers . The new leases standard represents a whole-sale change to lease accounting and will most likely result in significant implementation challenges during the transition period and beyond. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018 (i.e. calendar periods beginning on January 1, 2019), and interim periods therein. Early adoption will be permitted for all entities. It is required that to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. As of June 30, 2017, the future minimum lease commitments totaled $43.1 million . The Company does not expect the present value of the future lease payments to have a material impact on the Company’s Consolidated Financial Statements. Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09 Revenue From Contracts with Customers (Topic 606). This ASU consists of three sections: Section A- Summary and Amendments That Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs-Contracts with Customers (Subtopic 340-40); Section B- Conforming Amendments to Other Topics and Subtopics in the Codification and Status Tables ; and Section C- Background Information and Basis for Conclusions . This ASU provides a revenue recognition framework for entities that either enter into a contract with customers to transfer goods or services or enter into a contract for the transfer of non-financial assets (unless the contracts are outside the scope of the standard). The standard permits the use of either the retrospective or cumulative effect transition method. Many amendments were made to help clarify the intention and scope of this ASU. This ASU is currently effective for periods after December 15, 2017, and interim and annual reporting periods thereafter. Since many of the Company’s revenue streams are scoped out of this revenue standard, the Company does not expect a material impact on its Consolidated Financial Statements. This ASU will continue to be evaluated as more issues relevant to the Banking Industry are addressed. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Available for Sale Securities | The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities at June 30, 2017 and December 31, 2016 are as follows: Amortized Gross Gross Fair (In thousands) June 30, 2017 Available for sale: Debt securities: Government-sponsored residential mortgage-backed securities $ 223,169 $ 773 $ (1,080 ) $ 222,862 Government-sponsored residential collateralized debt obligations 188,610 808 (515 ) 188,903 Government-sponsored commercial mortgage-backed securities 25,663 37 (132 ) 25,568 Government-sponsored commercial collateralized debt obligations 155,798 239 (2,420 ) 153,617 Asset-backed securities 149,883 1,984 (271 ) 151,596 Corporate debt securities 85,198 988 (1,620 ) 84,566 Obligations of states and political subdivisions 239,735 1,084 (5,593 ) 235,226 Total debt securities 1,068,056 5,913 (11,631 ) 1,062,338 Marketable equity securities, by sector: Banks 9,422 1,260 — 10,682 Industrial 109 70 — 179 Oil and gas 132 53 — 185 Total marketable equity securities 9,663 1,383 — 11,046 Total available-for-sale securities $ 1,077,719 $ 7,296 $ (11,631 ) $ 1,073,384 Held to maturity: Debt securities: Obligations of states and political subdivisions $ 12,301 $ 867 $ (45 ) $ 13,123 Government-sponsored residential mortgage-backed securities 1,491 139 — 1,630 Total held-to-maturity securities $ 13,792 $ 1,006 $ (45 ) $ 14,753 Amortized Gross Gross Fair (In thousands) December 31, 2016 Available for sale: Debt securities: Government-sponsored residential mortgage-backed securities $ 181,419 $ 365 $ (2,236 ) $ 179,548 Government-sponsored residential collateralized debt obligations 184,185 438 (1,363 ) 183,260 Government-sponsored commercial mortgage-backed securities 26,949 23 (442 ) 26,530 Government-sponsored commercial collateralized debt obligations 164,433 296 (1,802 ) 162,927 Asset-backed securities 166,336 1,619 (988 ) 166,967 Corporate debt securities 76,787 533 (2,305 ) 75,015 Obligations of states and political subdivisions 223,733 127 (7,484 ) 216,376 Total debt securities 1,023,842 3,401 (16,620 ) 1,010,623 Marketable equity securities, by sector: Banks 32,174 482 (243 ) 32,413 Industrial 109 58 — 167 Oil and gas 131 77 — 208 Total marketable equity securities 32,414 617 (243 ) 32,788 Total available-for-sale securities $ 1,056,256 $ 4,018 $ (16,863 ) $ 1,043,411 Held to maturity: Debt securities: Obligations of states and political subdivisions $ 12,321 $ 654 $ (35 ) $ 12,940 Government-sponsored residential mortgage-backed securities 1,717 172 — 1,889 Total held-to-maturity securities $ 14,038 $ 826 $ (35 ) $ 14,829 |
Held-to-maturity Securities | The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities at June 30, 2017 and December 31, 2016 are as follows: Amortized Gross Gross Fair (In thousands) June 30, 2017 Available for sale: Debt securities: Government-sponsored residential mortgage-backed securities $ 223,169 $ 773 $ (1,080 ) $ 222,862 Government-sponsored residential collateralized debt obligations 188,610 808 (515 ) 188,903 Government-sponsored commercial mortgage-backed securities 25,663 37 (132 ) 25,568 Government-sponsored commercial collateralized debt obligations 155,798 239 (2,420 ) 153,617 Asset-backed securities 149,883 1,984 (271 ) 151,596 Corporate debt securities 85,198 988 (1,620 ) 84,566 Obligations of states and political subdivisions 239,735 1,084 (5,593 ) 235,226 Total debt securities 1,068,056 5,913 (11,631 ) 1,062,338 Marketable equity securities, by sector: Banks 9,422 1,260 — 10,682 Industrial 109 70 — 179 Oil and gas 132 53 — 185 Total marketable equity securities 9,663 1,383 — 11,046 Total available-for-sale securities $ 1,077,719 $ 7,296 $ (11,631 ) $ 1,073,384 Held to maturity: Debt securities: Obligations of states and political subdivisions $ 12,301 $ 867 $ (45 ) $ 13,123 Government-sponsored residential mortgage-backed securities 1,491 139 — 1,630 Total held-to-maturity securities $ 13,792 $ 1,006 $ (45 ) $ 14,753 Amortized Gross Gross Fair (In thousands) December 31, 2016 Available for sale: Debt securities: Government-sponsored residential mortgage-backed securities $ 181,419 $ 365 $ (2,236 ) $ 179,548 Government-sponsored residential collateralized debt obligations 184,185 438 (1,363 ) 183,260 Government-sponsored commercial mortgage-backed securities 26,949 23 (442 ) 26,530 Government-sponsored commercial collateralized debt obligations 164,433 296 (1,802 ) 162,927 Asset-backed securities 166,336 1,619 (988 ) 166,967 Corporate debt securities 76,787 533 (2,305 ) 75,015 Obligations of states and political subdivisions 223,733 127 (7,484 ) 216,376 Total debt securities 1,023,842 3,401 (16,620 ) 1,010,623 Marketable equity securities, by sector: Banks 32,174 482 (243 ) 32,413 Industrial 109 58 — 167 Oil and gas 131 77 — 208 Total marketable equity securities 32,414 617 (243 ) 32,788 Total available-for-sale securities $ 1,056,256 $ 4,018 $ (16,863 ) $ 1,043,411 Held to maturity: Debt securities: Obligations of states and political subdivisions $ 12,321 $ 654 $ (35 ) $ 12,940 Government-sponsored residential mortgage-backed securities 1,717 172 — 1,889 Total held-to-maturity securities $ 14,038 $ 826 $ (35 ) $ 14,829 |
Amortized Cost and Fair Value of Debt Securities | The amortized cost and fair value of debt securities at June 30, 2017 by contractual maturities are presented below. Actual maturities may differ from contractual maturities because some securities may be called or repaid without any penalties. Also, because mortgage-backed securities require periodic principal paydowns, they are not included in the maturity categories in the following maturity summary. Available for Sale Held to Maturity Amortized Fair Amortized Fair (In thousands) Maturity: Within 1 year $ — $ — $ — $ — After 1 year through 5 years 8,924 9,098 1,175 1,195 After 5 years through 10 years 82,258 82,376 1,100 1,055 After 10 years 233,751 228,318 10,026 10,873 324,933 319,792 12,301 13,123 Government-sponsored residential mortgage-backed securities 223,169 222,862 1,491 1,630 Government-sponsored residential collateralized debt obligations 188,610 188,903 — — Government-sponsored commercial mortgage-backed securities 25,663 25,568 — — Government-sponsored commercial collateralized debt obligations 155,798 153,617 — — Asset-backed securities 149,883 151,596 — — Total debt securities $ 1,068,056 $ 1,062,338 $ 13,792 $ 14,753 |
Summary of Gross Unrealized Losses and Fair Value | The following table summarizes gross unrealized losses and fair value, aggregated by category and length of time the securities have been in a continuous unrealized loss position, as of June 30, 2017 and December 31, 2016 : Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) June 30, 2017 Available for sale: Debt securities: Government-sponsored residential mortgage-backed securities $ 138,389 $ (1,080 ) $ — $ — $ 138,389 $ (1,080 ) Government-sponsored residential collateralized debt obligations 71,192 (489 ) 3,137 (26 ) 74,329 (515 ) Government-sponsored commercial mortgage-backed securities 18,818 (132 ) — — 18,818 (132 ) Government-sponsored commercial collateralized debt obligations 119,622 (2,247 ) 6,802 (173 ) 126,424 (2,420 ) Asset-backed securities 33,231 (174 ) 2,326 (97 ) 35,557 (271 ) Corporate debt securities 31,343 (483 ) 1,584 (1,137 ) 32,927 (1,620 ) Obligations of states and political subdivisions 104,850 (3,233 ) 46,607 (2,360 ) 151,457 (5,593 ) Total available-for-sale securities $ 517,445 $ (7,838 ) $ 60,456 $ (3,793 ) $ 577,901 $ (11,631 ) Held to Maturity: Debt securities: Obligations of states and political subdivisions $ — $ — $ 1,055 $ (45 ) $ 1,055 $ (45 ) Total held to maturity securities $ — $ — $ 1,055 $ (45 ) $ 1,055 $ (45 ) December 31, 2016 Available for sale: Debt securities: Government-sponsored residential mortgage-backed securities $ 156,000 $ (2,236 ) $ — $ — $ 156,000 $ (2,236 ) Government-sponsored residential collateralized debt obligations 109,468 (1,082 ) 6,691 (281 ) 116,159 (1,363 ) Government-sponsored commercial mortgage-backed securities 23,808 (442 ) — — 23,808 (442 ) Government-sponsored commercial collateralized debt obligations 128,238 (1,802 ) — — 128,238 (1,802 ) Asset-backed securities 23,415 (163 ) 20,326 (825 ) 43,741 (988 ) Corporate debt securities 43,990 (885 ) 3,335 (1,420 ) 47,325 (2,305 ) Obligations of states and political subdivisions 156,891 (5,620 ) 41,136 (1,864 ) 198,027 (7,484 ) Total debt securities 641,810 (12,230 ) 71,488 (4,390 ) 713,298 (16,620 ) Marketable equity securities 19,002 (243 ) — — 19,002 (243 ) Total available-for-sale securities $ 660,812 $ (12,473 ) $ 71,488 $ (4,390 ) $ 732,300 $ (16,863 ) Held to Maturity: Debt securities: Obligations of states and political subdivisions $ — $ — $ 1,070 $ (35 ) $ 1,070 $ (35 ) Total held to maturity securities $ — $ — $ 1,070 $ (35 ) $ 1,070 $ (35 ) |
Loans Receivable and Allowanc25
Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Summary of Company's Loan Portfolio | A summary of the Company’s loan portfolio is as follows: June 30, 2017 December 31, 2016 Amount Percent Amount Percent (Dollars in thousands) Commercial real estate loans: Owner-occupied $ 429,848 8.5 % $ 416,718 8.5 % Investor non-owner occupied 1,761,940 34.9 1,705,319 34.8 Construction 74,980 1.5 98,794 2.0 Total commercial real estate loans 2,266,768 44.9 2,220,831 45.3 Commercial business loans 792,918 15.7 724,557 14.8 Consumer loans: Residential real estate 1,172,540 23.2 1,156,227 23.6 Home equity 538,130 10.6 536,772 11.0 Residential construction 46,117 0.9 53,934 1.1 Other consumer 237,708 4.7 209,393 4.2 Total consumer loans 1,994,495 39.4 1,956,326 39.9 Total loans 5,054,181 100.0 % 4,901,714 100.0 % Net deferred loan costs and premiums 15,413 11,636 Allowance for loan losses (45,062 ) (42,798 ) Loans - net $ 5,024,532 $ 4,870,552 |
Company's Loans by Risk Rating | The following table presents the Company’s loans by risk rating at June 30, 2017 and December 31, 2016 : Owner-Occupied CRE Investor CRE Construction Commercial Business Residential Real Estate Home Equity Other Consumer (In thousands) June 30, 2017 Loans rated 1-5 $ 405,894 $ 1,723,572 $ 119,345 $ 769,539 $ 1,156,057 $ 531,565 $ 236,790 Loans rated 6 2,800 10,004 1,465 3,117 942 — — Loans rated 7 21,154 28,364 287 20,262 15,541 6,565 918 Loans rated 8 — — — — — — — Loans rated 9 — — — — — — — $ 429,848 $ 1,761,940 $ 121,097 $ 792,918 $ 1,172,540 $ 538,130 $ 237,708 December 31, 2016 Loans rated 1-5 $ 388,389 $ 1,656,256 $ 150,411 $ 698,458 $ 1,139,662 $ 531,359 $ 207,193 Loans rated 6 7,139 18,040 204 7,466 1,267 — — Loans rated 7 21,190 31,023 2,113 18,633 15,298 5,413 2,200 Loans rated 8 — — — — — — — Loans rated 9 — — — — — — — $ 416,718 $ 1,705,319 $ 152,728 $ 724,557 $ 1,156,227 $ 536,772 $ 209,393 |
Summary of Activity in Allowance for Loan Losses | Activity in the allowance for loan losses for the periods ended June 30, 2017 and 2016 were as follows: Owner-Occupied CRE Investor CRE Construction Commercial Residential Real Estate Home Equity Other Consumer Unallocated Total (In thousands) Three Months Ended June 30, 2017 Balance, beginning of period $ 3,818 $ 14,715 $ 1,857 $ 9,151 $ 7,629 $ 2,910 $ 1,788 $ 1,436 $ 43,304 Provision (credit) for loan losses (33 ) 907 (125 ) 651 336 142 314 100 2,292 Loans charged off (99 ) (175 ) (30 ) (250 ) (177 ) (59 ) (252 ) — (1,042 ) Recoveries of loans previously charged off — 90 — 307 40 13 58 — 508 Balance, end of period $ 3,686 $ 15,537 $ 1,702 $ 9,859 $ 7,828 $ 3,006 $ 1,908 $ 1,536 $ 45,062 Three Months Ended June 30, 2016 Balance, beginning of period $ 2,841 $ 13,257 $ 1,838 $ 6,374 $ 7,773 $ 2,413 $ 179 $ 825 $ 35,500 Provision for loan losses 426 569 176 647 471 270 881 184 3,624 Loans charged off (56 ) (254 ) — (335 ) (337 ) (166 ) (417 ) — (1,565 ) Recoveries of loans previously charged off 56 74 — 208 — 15 49 — 402 Balance, end of period $ 3,267 $ 13,646 $ 2,014 $ 6,894 $ 7,907 $ 2,532 $ 692 $ 1,009 $ 37,961 Six Months Ended June 30, 2017 Balance, beginning of period $ 3,765 $ 14,869 $ 1,913 $ 8,730 $ 7,854 $ 2,858 $ 1,353 $ 1,456 $ 42,798 Provision (credit) for loan losses 20 986 (49 ) 1,692 302 398 1,151 80 4,580 Loans charged off (99 ) (417 ) (162 ) (953 ) (368 ) (278 ) (739 ) — (3,016 ) Recoveries of loans previously charged off — 99 — 390 40 28 143 — 700 Balance, end of period $ 3,686 $ 15,537 $ 1,702 $ 9,859 $ 7,828 $ 3,006 $ 1,908 $ 1,536 $ 45,062 Six Months Ended June 30, 2016 Balance, beginning of period $ 2,174 $ 12,859 $ 1,895 $ 5,827 $ 7,801 $ 2,391 $ 146 $ 794 $ 33,887 Provision for loan losses 1,175 1,505 119 1,287 570 447 994 215 6,312 Loans charged off (138 ) (796 ) — (556 ) (517 ) (357 ) (539 ) — (2,903 ) Recoveries of loans previously charged off 56 78 — 336 53 51 91 — 665 Balance, end of period $ 3,267 $ 13,646 $ 2,014 $ 6,894 $ 7,907 $ 2,532 $ 692 $ 1,009 $ 37,961 |
Summary of Allowance for Loan Losses and Impaired Loans | Further information pertaining to the allowance for loan losses and impaired loans at June 30, 2017 and December 31, 2016 follows: Owner-Occupied CRE Investor CRE Construction Commercial Residential Real Estate Home Equity Other Consumer Unallocated Total (In thousands) June 30, 2017 Allowance related to loans individually evaluated and deemed impaired $ — $ — $ — $ 511 $ 123 $ 1 $ — $ — $ 635 Allowance related to loans collectively evaluated and not deemed impaired 3,686 15,537 1,702 9,125 7,705 3,005 1,908 1,536 44,204 Allowance related to loans acquired with deteriorated credit quality — — — 223 — — — — 223 Total allowance for loan losses $ 3,686 $ 15,537 $ 1,702 $ 9,859 $ 7,828 $ 3,006 $ 1,908 $ 1,536 $ 45,062 Loans deemed impaired $ 2,847 $ 11,066 $ 1,206 $ 8,249 $ 17,338 $ 8,347 $ 1,130 $ — $ 50,183 Loans not deemed impaired 427,001 1,750,617 119,891 783,360 1,155,202 529,783 234,789 — 5,000,643 Loans acquired with deteriorated credit quality — 257 — 1,309 — — 1,789 — 3,355 Total loans $ 429,848 $ 1,761,940 $ 121,097 $ 792,918 $ 1,172,540 $ 538,130 $ 237,708 $ — $ 5,054,181 December 31, 2016 Allowance related to loans individually evaluated and deemed impaired $ — $ — $ — $ 646 $ 68 $ — $ — $ — $ 714 Allowance related to loans collectively evaluated and not deemed impaired 3,765 14,869 1,913 7,862 7,786 2,858 1,353 1,456 41,862 Allowance related to loans acquired with deteriorated credit quality — — — 222 — — — — 222 Total allowance for loan losses $ 3,765 $ 14,869 $ 1,913 $ 8,730 $ 7,854 $ 2,858 $ 1,353 $ 1,456 $ 42,798 Loans deemed impaired $ 3,331 $ 9,949 $ 3,325 $ 7,812 $ 16,563 $ 6,910 $ 2,220 $ — $ 50,110 Loans not deemed impaired 413,387 1,694,190 149,403 715,436 1,139,664 529,862 205,136 — 4,847,078 Loans acquired with deteriorated credit quality — 1,180 — 1,309 — — 2,037 — 4,526 Total loans $ 416,718 $ 1,705,319 $ 152,728 $ 724,557 $ 1,156,227 $ 536,772 $ 209,393 $ — $ 4,901,714 |
Summary of Past Due and Non-Accrual Loans | The following is a summary of past due and non-accrual loans at June 30, 2017 and December 31, 2016 , including purchased credit impaired loans: 30-59 Days Past Due 60-89 Days Past Due Past Due 90 Total Past Due Past Due Loans on (In thousands) June 30, 2017 Owner-occupied CRE $ 705 $ 282 $ 1,513 $ 2,500 $ — $ 2,265 Investor CRE 1,143 539 2,665 4,347 — 4,422 Construction — — 287 287 — 287 Commercial business loans 1,132 1,909 3,862 6,903 1,831 3,542 Residential real estate 28 1,549 6,094 7,671 — 14,559 Home equity 2,500 380 3,451 6,331 — 6,529 Other consumer 1,238 120 1,158 2,516 241 919 Total $ 6,746 $ 4,779 $ 19,030 $ 30,555 $ 2,072 $ 32,523 December 31, 2016 Owner-occupied CRE $ 482 $ 15 $ 1,667 $ 2,164 $ — $ 2,733 Investor CRE 2,184 697 3,260 6,141 — 4,858 Construction 709 — 1,933 2,642 — 2,138 Commercial business loans 3,289 41 2,373 5,703 38 2,409 Residential real estate 2,826 22 7,863 10,711 308 14,393 Home equity 2,232 722 2,797 5,751 56 5,330 Other consumer 838 379 1,095 2,312 348 2,202 Total $ 12,560 $ 1,876 $ 20,988 $ 35,424 $ 750 $ 34,063 |
Summary of Impaired Loans with and without Valuation Allowance | The following is a summary of impaired loans with and without a valuation allowance as of June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 Recorded Unpaid Related Recorded Unpaid Related (In thousands) Impaired loans without a valuation allowance: Owner-occupied CRE $ 2,847 $ 3,621 $ — $ 3,331 $ 4,107 $ — Investor CRE 11,066 11,531 — 9,949 10,601 — Construction 1,206 1,247 — 3,325 5,051 — Commercial business loans 6,249 7,701 — 3,742 4,856 — Residential real estate 15,715 18,998 — 15,312 18,440 — Home equity 8,095 9,084 — 6,910 7,864 — Other consumer 1,130 1,866 — 2,220 2,220 — Total 46,308 54,048 — 44,789 53,139 — Impaired loans with a valuation allowance: Commercial business loans 2,000 2,000 511 4,070 4,168 646 Residential real estate 1,623 1,657 123 1,251 1,267 68 Home equity 252 256 1 — — — Total 3,875 3,913 635 5,321 5,435 714 Total impaired loans $ 50,183 $ 57,961 $ 635 $ 50,110 $ 58,574 $ 714 |
Average Recorded Investment in Impaired Loans | The following is a summary of average recorded investment in impaired loans and interest income recognized on those loans for the periods indicated: For the Three Months For the Three Months Average Interest Average Interest (In thousands) Owner-occupied CRE $ 2,919 $ 29 $ 4,358 $ 77 Investor CRE 10,370 118 11,598 160 Construction 1,950 10 4,737 54 Commercial business loans 8,276 90 14,085 221 Residential real estate 17,707 184 16,799 261 Home equity 7,893 59 5,291 55 Other consumer 1,229 — 767 1 Total $ 50,344 $ 490 $ 57,635 $ 829 For the Six Months For the Six Months Average Interest Average Interest (In thousands) Owner-occupied CRE $ 3,056 $ 60 $ 4,251 $ 241 Investor CRE 10,230 206 12,373 107 Construction 2,408 22 4,711 74 Commercial business loans 8,121 234 13,735 337 Residential real estate 17,326 396 16,310 371 Home equity 7,565 117 5,280 85 Other consumer 1,559 — 514 1 Total $ 50,265 $ 1,035 $ 57,174 $ 1,216 |
Troubled Debt Restructurings | The following table provides detail of TDR balances for the periods presented: At June 30, At December 31, (In thousands) Recorded investment in TDRs: Accrual status $ 17,660 $ 16,048 Non-accrual status 7,475 7,304 Total recorded investment in TDRs $ 25,135 $ 23,352 Accruing TDRs performing under modified terms more than one year $ 7,266 $ 10,020 Specific reserves for TDRs included in the balance of allowance for loan losses $ 635 $ 714 Additional funds committed to borrowers in TDR status $ — $ 3 |
Loans Restructured as Troubled Debt Restructurings | Loans restructured as TDRs during the three and six months ended June 30, 2017 and 2016 are set forth in the following table: Three Months Ended Six Months Ended Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification (Dollars in thousands) June 30, 2017 Investor CRE 1 $ 5,038 $ 5,038 1 $ 5,038 $ 5,038 Commercial business 1 — — 3 247 247 Residential real estate 3 522 522 3 522 522 Home equity 4 176 176 14 1,472 1,479 Total TDRs 9 $ 5,736 $ 5,736 21 $ 7,279 $ 7,286 June 30, 2016 Owner-occupied CRE — $ — $ — 5 $ 654 $ 666 Construction — — — 2 67 67 Commercial business 2 93 82 5 2,584 2,573 Residential real estate 5 549 550 9 943 944 Home equity 1 46 46 9 452 454 Total TDRs 8 $ 688 $ 678 30 $ 4,700 $ 4,704 |
Summary of How Loans were Modified as TDRs | The following table provides information on loan balances modified as TDRs during the period: Three Months Ended June 30, 2017 2016 Extended Maturity Adjusted Rate and Extended Maturity Payment Deferral Other Extended Maturity Adjusted Rate and Extended Maturity Payment Deferral Other (In thousands) Investor CRE $ — $ — $ — $ 5,038 $ — $ — $ 46 $ — Commercial business — — — — — — — 93 Residential real estate 155 220 147 — — 361 188 — Home equity — 149 27 — — — — — Total $ 155 $ 369 $ 174 $ 5,038 $ — $ 361 $ 234 $ 93 Six Months Ended June 30, 2017 2016 Extended Adjusted Rate and Extended Maturity Payment Deferral Other Extended Adjusted Rate and Extended Maturity Payment Deferral Other (In thousands) Owner-occupied CRE $ — $ — $ — $ — $ 510 $ 86 $ — $ 58 Investor CRE — — — 5,038 — — — — Construction — — — — 23 44 — — Commercial business — — — 247 2,000 143 348 93 Residential real estate 155 220 147 — — 382 561 — Home equity 312 446 714 — — 336 116 — $ 467 $ 666 $ 861 $ 5,285 $ 2,533 $ 991 $ 1,025 $ 151 |
Summary of Loans Modified as TDRs within Previous 12 Months and Payment Default | The following table provides information on loans modified as TDRs within the previous 12 months and for which there was a payment default during the periods presented: June 30, 2017 June 30, 2016 Number of Recorded Number of Recorded (In thousands) Commercial business — $ — 1 $ 442 Residential real estate — — 2 437 Home equity 1 63 — — Total 1 $ 63 3 $ 879 |
Summary of Mortgage Servicing Rights Activity | The following table summarizes mortgage servicing rights activity for the three and six months ended June 30, 2017 and 2016 . For the Three Months For the Six Months 2017 2016 2017 2016 (In thousands) Mortgage servicing rights: Balance at beginning of period $ 10,284 $ 6,271 $ 10,104 $ 7,074 Change in fair value recognized in net income (670 ) (371 ) (930 ) (1,686 ) Issuances 558 689 998 1,201 Fair value of mortgage servicing rights at end of period $ 10,172 $ 6,589 $ 10,172 $ 6,589 |
Goodwill and Core Deposit Int26
Goodwill and Core Deposit Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill and Core Deposit Intangible Assets | The changes in the carrying amount of goodwill and core deposit intangible assets are summarized as follows: Goodwill Core Deposit Intangibles (In thousands) Balance at December 31, 2015 $ 115,281 $ 7,506 Amortization expense — (1,604 ) Balance at December 31, 2016 $ 115,281 $ 5,902 Amortization expense — (738 ) Balance at June 30, 2017 $ 115,281 $ 5,164 Estimated amortization expense for the years ending December 31, 2017 (remaining six months) $ 673 2018 1,219 2019 1,026 2020 834 2021 642 2022 and thereafter 770 Total remaining $ 5,164 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Contractual Maturities and Weighted-Average Rates of Outstanding Advances | The Company is a member of the FHLBB. Contractual maturities and weighted-average rates of outstanding advances from the FHLBB as of June 30, 2017 and December 31, 2016 are summarized below: June 30, 2017 December 31, 2016 Amount Weighted- Amount Weighted- (Dollars in thousands) 2017 $ 678,000 1.28 % $ 803,000 0.94 % 2018 199,285 1.44 139,792 1.48 2019 45,000 1.57 20,000 1.45 2020 33,000 1.79 33,000 0.86 2021 — — 30,000 0.59 Thereafter 33,933 1.15 19,182 0.89 $ 989,218 1.34 % $ 1,044,974 1.01 % |
Schedule of Other Borrowings by Category | The following table presents other borrowings by category as of the dates indicated: June 30, 2017 December 31, 2016 (In thousands) Subordinated debentures $ 79,835 $ 79,716 Wholesale repurchase agreements 50,000 20,000 Customer repurchase agreements 14,603 18,897 Other 4,173 4,294 Total other borrowings $ 148,611 $ 122,907 |
Schedule of Outstanding Borrowings Under Repurchase Agreements | The following table presents the Company’s outstanding borrowings under repurchase agreements as of June 30, 2017 and December 31, 2016 : Remaining Contractual Maturity of the Agreements Overnight Up to 1 Year 1 - 3 Years Greater than 3 Years Total (In thousands) June 30, 2017 Repurchase Agreements U.S. Agency Securities $ 14,603 $ 30,000 $ 20,000 $ — $ 64,603 December 31, 2016 Repurchase Agreements U.S. Agency Securities $ 18,897 $ — $ 20,000 $ — $ 38,897 |
Derivatives and Hedging Activ28
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Swap Agreements and Non-Hedging Derivative Assets and Liabilities | Information about interest rate swap agreements and non-hedging derivative assets and liabilities as of June 30, 2017 and December 31, 2016 is as follows: Notional Amount Weighted-Average Remaining Maturity Weighted-Average Rate Estimated Fair Value, Net Asset (Liability) Received Paid (In thousands) (In years) (In thousands) June 30, 2017 Cash flow hedges: Forward starting interest rate swaps on future borrowings $ 100,000 6.86 TBD (1) 2.43 % $ (1,517 ) Interest rate swaps 215,000 3.08 1.20 % 1.83 % (2,824 ) Fair value hedges: Interest rate swaps 20,000 0.52 1.10 % 1.27 % (2) (38 ) Non-hedging derivatives: Forward loan sale commitments 198,156 0.00 199 Derivative loan commitments 45,122 0.00 656 Interest rate swap 7,500 9.04 (574 ) Loan level swaps - dealer(3) 562,009 6.65 2.54 % 3.38 % (7,902 ) Loan level swaps - borrowers(3) 562,009 6.65 3.38 % 2.54 % 7,883 Total $ 1,709,796 $ (4,117 ) December 31, 2016 Cash flow hedges: Forward starting interest rate swaps on future borrowings $ 100,000 7.36 TBD (1) 2.43 % $ (483 ) Interest rate swaps 240,000 3.24 0.91 % 1.74 % (2,719 ) Fair value hedges: Interest rate swaps 35,000 0.72 1.04 % 0.82 % (2) 1 Non-hedging derivatives: Forward loan sale commitments 61,991 0.00 153 Derivative loan commitments 30,239 0.00 421 Interest rate swap 7,500 9.54 (660 ) Loan level swaps - dealer(3) 468,417 7.75 2.42 % 3.84 % (4,888 ) Loan level swaps - borrowers(3) 468,417 7.75 3.84 % 2.42 % 4,869 Total $ 1,411,564 $ (3,306 ) (1) The receiver leg of the cash flow hedges is floating rate and indexed to the 3-month USD-LIBOR-BBA, as determined two London banking days prior to the first day of each calendar quarter, commencing with the earliest effective trade. The earliest effective trade date for these forward starting cash flow hedges is October 16, 2017 . (2) The paying leg is one month LIBOR plus a fixed spread; above rate in effect as of the date indicated. (3) The Company offers a loan level hedging product to qualifying commercial borrowers that seek to mitigate risk to rising interest rates. As such, the Company enters into equal and offsetting trades with dealer counterparties. The Company may also enter into risk participation agreements with counterparties related to credit enhancements provided to the borrowers. |
Tabular Disclosure of Fair Values of Derivative Instruments | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Condition as of June 30, 2017 and December 31, 2016 : Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location Jun 30, 2017 Dec 31, Balance Sheet Location Jun 30, 2017 Dec 31, (In thousands) Derivatives designated as hedging instruments: Interest rate swap - cash flow hedge Other Assets $ 118 $ 246 Other Liabilities $ 4,459 $ 3,448 Interest rate swap - fair value hedge Other Assets — 18 Other Liabilities 38 17 Total derivatives designated as hedging instruments $ 118 $ 264 $ 4,497 $ 3,465 Derivatives not designated as hedging instruments: Forward loan sale commitments Other Assets $ 310 $ 204 Other Liabilities $ 111 $ 51 Derivative loan commitments Other Assets 656 421 — — Interest rate swap — — Other Liabilities 574 660 Interest rate swap - with customers Other Assets 10,582 7,864 Other Liabilities 2,699 2,995 Interest rate swap - with counterparties Other Assets 2,686 2,981 Other Liabilities 10,588 7,869 Total derivatives not designated as hedging $ 14,234 $ 11,470 $ 13,972 $ 11,575 |
Schedule of Effect of Derivative Instruments in Statements of Operations | The tables below presents the effect of derivative instruments in the Company’s Statements of Changes in Stockholders’ Equity designated as hedging instruments for the three and six months ended June 30, 2017 and 2016 : Cash Flow Hedges Amount of Gain (Loss) Recognized in AOCI (Effective Portion) Derivatives Designated as Cash Flow Hedging Instruments Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Interest rate swaps $ (2,100 ) $ (3,139 ) $ (1,942 ) $ (11,436 ) Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Derivatives Designated as Cash Flow Hedging Instruments Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Interest rate swaps $ (363 ) $ 561 $ (803 ) $ 1,180 The tables below present information pertaining to the Company’s derivatives in the Consolidated Statements of Net Income designated as hedging instruments for the three and six months ended June 30, 2017 and 2016 : Fair Value Hedges Amount of Gain (Loss) Recognized in Income from Derivatives Derivatives Designated as Fair Value Location of Gain (Loss) Recognized in Income Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Interest Rate Swaps Interest income $ (3 ) $ 24 $ (39 ) $ 173 Amount of Gain (Loss) Recognized in Income from Hedged Items Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Interest Rate Swaps Interest income $ — $ (24 ) $ 37 $ (173 ) The table below presents information pertaining to the Company’s derivatives not designated as hedging instruments in the Consolidated Statements of Net Income as of June 30, 2017 and 2016 : Amount of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Derivatives not designated as hedging instruments: Derivative loan commitments $ (102 ) $ 637 $ 236 $ 1,316 Mortgage servicing rights derivative 94 — 86 — Forward loan sale commitments 884 (332 ) 46 (601 ) Interest rate swaps (2 ) (8 ) — 40 $ 874 $ 297 $ 368 $ 755 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Activity Related to Stock Options | The following table presents the activity related to stock options outstanding, including options that have stock appreciation rights (“SARs”), under the Plans for the six months ended June 30, 2017 : Number of Weighted- Weighted-Average Aggregate Outstanding at December 31, 2016 1,936,453 $ 11.21 Granted — — Exercised (74,522 ) 10.38 $ 0.6 Forfeited or expired — — Outstanding at June 30, 2017 1,861,931 $ 11.24 4.7 $ 10.1 Stock options vested and exercisable at June 30, 2017 1,841,828 $ 11.22 4.7 $ 10.1 |
Activity for Restricted Stock | The following table presents the activity for restricted stock for the six months ended June 30, 2017 : Number Weighted-Average Unvested as of December 31, 2016 438,806 $ 14.23 Granted 2,517 17.86 Vested (35,744 ) 13.29 Forfeited (1,419 ) 13.22 Unvested as of June 30, 2017 404,160 $ 14.34 |
ESOP Shares | The ESOP shares as of the period indicated below were as follows: June 30, 2017 Allocated shares 1,198,052 Shares allocated for release 11,407 Unreleased shares 536,109 Total ESOP shares 1,745,568 Market value of unreleased shares (in thousands) $ 9,138 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Amounts and Ratios | The Company’s and the Bank’s actual capital amounts and ratios as of June 30, 2017 and December 31, 2016 are also presented in the following table: Actual Minimum For Minimum To Be Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) United Bank June 30, 2017 Total capital to risk weighted assets $ 638,997 12.0 % $ 425,998 8.0 % $ 532,498 10.0 % Common equity tier 1 capital to risk weighted assets 592,155 11.1 240,063 4.5 346,757 6.5 Tier 1 capital to risk weighted assets 592,155 11.1 320,084 6.0 426,778 8.0 Tier 1 capital to total average assets 592,155 8.9 266,137 4.0 332,671 5.0 December 31, 2016 Total capital to risk weighted assets $ 619,020 12.1 % $ 409,269 8.0 % $ 511,587 10.0 % Common equity tier 1 capital to risk weighted assets 574,632 11.2 230,879 4.5 333,492 6.5 Tier 1 capital to risk weighted assets 574,632 11.2 307,839 6.0 410,451 8.0 Tier 1 capital to total average assets 574,632 9.0 255,392 4.0 319,240 5.0 United Financial Bancorp, Inc. June 30, 2017 Total capital to risk weighted assets $ 691,222 12.9 % $ 428,665 8.0 % N/A N/A Common equity tier 1 capital to risk weighted assets 569,380 10.6 241,718 4.5 N/A N/A Tier 1 capital to risk weighted assets 569,380 10.6 322,291 6.0 N/A N/A Tier 1 capital to total average assets 569,380 8.5 267,944 4.0 N/A N/A December 31, 2016 Total capital to risk weighted assets $ 668,816 13.0 % $ 411,579 8.0 % N/A N/A Common equity tier 1 capital to risk weighted assets 549,428 10.7 231,068 4.5 N/A N/A Tier 1 capital to risk weighted assets 549,428 10.7 308,090 6.0 N/A N/A Tier 1 capital to total average assets 549,428 8.6 255,548 4.0 N/A N/A |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Taxes | The components of accumulated other comprehensive loss, included in stockholders’ equity, are as follows: June 30, 2017 December 31, 2016 (In thousands) Benefit plans: Unrecognized net actuarial loss $ (7,647 ) $ (7,936 ) Tax effect 2,755 2,859 Net-of-tax amount (4,892 ) (5,077 ) Securities available for sale: Net unrealized loss (4,335 ) (12,845 ) Tax effect 1,560 4,617 Net-of-tax amount (2,775 ) (8,228 ) Interest rate swaps: Net unrealized loss (4,341 ) (3,202 ) Tax effect 1,564 1,154 Net-of-tax amount (2,777 ) (2,048 ) $ (10,444 ) $ (15,353 ) |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income Per Share | The following table sets forth the calculation of basic and diluted net income per share for the three and six months ended June 30, 2017 and 2016 : For the Three Months For the Six Months 2017 2016 2017 2016 (In thousands, except share data) Net income available to common stockholders $ 16,200 $ 9,058 $ 29,926 $ 20,952 Weighted-average common shares outstanding 50,757,061 50,186,134 50,780,091 50,088,859 Less: average number of unallocated ESOP award shares (539,849 ) (562,662 ) (542,685 ) (565,514 ) Weighted-average basic shares outstanding 50,217,212 49,623,472 50,237,406 49,523,345 Dilutive effect of stock options 621,879 323,167 649,718 279,334 Weighted-average diluted shares 50,839,091 49,946,639 50,887,124 49,802,679 Net income per share: Basic $ 0.32 $ 0.18 $ 0.60 $ 0.42 Diluted $ 0.32 $ 0.18 $ 0.59 $ 0.42 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Gains (Losses) in Fair Value Related to Mortgage Loans Held for Sale | The following table presents the gains in fair value related to mortgage loans held for sale for the periods indicated. Changes in the fair value of mortgage loans held for sale are reported as a component of income from mortgage banking activities in the Consolidated Statements of Net Income. Three Months Ended Six Months Ended 2017 2016 2017 2016 (In thousands) Mortgage loans held for sale $ 1,639 $ 10 $ 2,776 $ 40 |
Schedule of Assets and Liabilities Recorded at Fair Value on Recurring Basis | The following tables detail the assets and liabilities carried at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value. There were no transfers in and out of Level 1, Level 2 and Level 3 measurements during the six months ended June 30, 2017 and 2016 . Total Quoted Prices Other Significant (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2017 Available-for-Sale Securities: Government-sponsored residential mortgage-backed securities $ 222,862 $ — $ 222,862 $ — Government-sponsored residential collateralized debt obligations 188,903 — 188,903 — Government-sponsored commercial mortgage-backed securities 25,568 — 25,568 — Government-sponsored commercial collateralized debt obligations 153,617 — 153,617 — Asset-backed securities 151,596 — — 151,596 Corporate debt securities 84,566 — 82,982 1,584 Obligations of states and political subdivisions 235,226 — 235,226 — Marketable equity securities 11,046 364 10,682 — Total available-for-sale securities $ 1,073,384 $ 364 $ 919,840 $ 153,180 Mortgage loan derivative assets $ 966 $ — $ 966 $ — Mortgage loan derivative liabilities 111 — 111 — Loans held for sale 157,487 — 157,487 — Mortgage servicing rights 10,172 — — 10,172 Interest rate swap assets 13,386 — 13,386 — Interest rate swap liabilities 18,358 — 18,358 — December 31, 2016 Available-for-Sale Securities: Government-sponsored residential mortgage-backed securities $ 179,548 $ — $ 179,548 $ — Government-sponsored residential collateralized-debt obligations 183,260 — 183,260 — Government-sponsored commercial mortgage-backed securities 26,530 — 26,530 — Government-sponsored commercial collateralized-debt obligations 162,927 — 162,927 — Asset-backed securities 166,967 — 13,087 153,880 Corporate debt securities 75,015 — 73,423 1,592 Obligations of states and political subdivisions 216,376 — 216,376 — Marketable equity securities 32,788 375 32,413 — Total available-for-sale securities $ 1,043,411 $ 375 $ 887,564 $ 155,472 Mortgage loan derivative assets $ 625 $ — $ 625 $ — Mortgage loan derivative liabilities 51 — 51 — Loans held for sale 62,517 — 62,517 — Mortgage servicing rights 10,104 — — 10,104 Interest rate swap assets 11,109 — 11,109 — Interest rate swap liabilities 14,989 — 14,989 — |
Schedule of Assets Measured at Fair Value on Recurring Basis Using Level 3 Inputs | The following table presents additional information about assets measured at fair value on a recurring basis for which the Company utilized Level 3 inputs to determine fair value: Three Months Ended Six Months Ended 2017 2016 2017 2016 (In thousands) Balance of available-for-sale securities, at beginning of period $ 152,479 $ 144,206 $ 155,472 $ 146,070 Purchases (sales) 3,550 (1,000 ) (251 ) (1,000 ) Principal payments and net accretion (2,641 ) (163 ) (2,780 ) (478 ) Total realized gains (losses) included in earnings 338 (150 ) 497 (150 ) Total unrealized gains (losses) included in other comprehensive income/loss (546 ) 2,241 242 692 Balance at end of period $ 153,180 $ 145,134 $ 153,180 $ 145,134 Balance of mortgage servicing rights, at beginning of period $ 10,284 $ 6,271 $ 10,104 $ 7,074 Issuances 558 689 998 1,201 Change in fair value recognized in net income (670 ) (371 ) (930 ) (1,686 ) Balance at end of period $ 10,172 $ 6,589 $ 10,172 $ 6,589 |
Quantitative Information of Assets Measured at Fair Value on a Recurring Basis | The following table presents additional quantitative information about assets measured at fair value on a recurring basis for which the Company utilized Level 3 inputs to determine fair value at June 30, 2017 : (Dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Asset-backed securities $ 151,596 Discounted Cash Flow Discount Rates 2.9% - 4.1% (4.13%) Cumulative Default % 4.8% - 9.5% (9.10%) Loss Given Default 1.4% - 3.0% (2.86%) Corporate debt - pooled trust $ 1,584 Discounted Cash Flow Discount Rate 7.0% (7.0%) preferred security Cumulative Default % 2.7% - 41.3% (12.54%) Loss Given Default 85% - 100% (93.9%) Cure Given Default 75% - 75% (75.0%) Mortgage servicing rights $ 10,172 Discounted Cash Flow Discount Rate 9.0% - 18.0% (10.4%) Cost to Service $50 - $110 ($62.91) Float Earnings Rate 0.25% (0.25%) |
Summary of Assets Recorded at Fair Value on Non-Recurring Basis | The following tables detail the assets carried at fair value on a non-recurring basis at June 30, 2017 and December 31, 2016 and indicate the fair value hierarchy of the valuation technique utilized by the Company to determine fair value. There were no liabilities measured at fair value on a non-recurring basis at June 30, 2017 and December 31, 2016 . Total Quoted Prices in Other Significant (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2017 Impaired loans $ 3,611 $ — $ — $ 3,611 Other real estate owned 1,770 — — 1,770 Total $ 5,381 $ — $ — $ 5,381 December 31, 2016 Impaired loans $ 5,100 $ — $ — $ 5,100 Other real estate owned 1,890 — — 1,890 Total $ 6,990 $ — $ — $ 6,990 |
Summary of Gains (Losses) on Assets Recorded at Fair Value on Non-Recurring Basis | Losses on assets recorded at fair value on a non-recurring basis are as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 (In thousands) Impaired loans $ (55 ) $ (282 ) $ (778 ) $ (467 ) Other real estate owned (138 ) (4 ) (171 ) (4 ) Total $ (193 ) $ (286 ) $ (949 ) $ (471 ) |
Summary of Carrying Value and Estimated Fair Values of Financial Instruments | As of June 30, 2017 and December 31, 2016 , the carrying value and estimated fair values of the Company’s financial instruments are as described below: Carrying Fair Value Level 1 Level 2 Level 3 Total (In thousands) June 30, 2017 Financial assets: Cash and cash equivalents $ 74,851 $ 74,851 $ — $ — $ 74,851 Available-for-sale securities 1,073,384 364 919,840 153,180 1,073,384 Held-to-maturity securities 13,792 — 14,753 — 14,753 Loans held for sale 157,487 — 157,487 — 157,487 Loans receivable-net 5,024,532 — — 5,016,315 5,016,315 FHLBB stock 54,760 — — 54,760 54,760 Accrued interest receivable 19,751 — — 19,751 19,751 Derivative assets 14,352 — 14,352 — 14,352 Mortgage servicing rights 10,172 — — 10,172 10,172 Financial liabilities: Deposits 4,993,479 — — 4,992,375 4,992,375 Mortgagors’ and investors’ escrow accounts 15,045 — — 15,045 15,045 FHLBB advances and other borrowings 990,206 — 1,140,409 — 1,140,409 Derivative liabilities 18,469 — 18,469 — 18,469 December 31, 2016 Financial assets: Cash and cash equivalents $ 90,944 $ 90,944 $ — $ — $ 90,944 Available-for-sale securities 1,043,411 375 887,564 155,472 1,043,411 Held-to-maturity securities 14,038 — 14,829 — 14,829 Loans held for sale 62,517 — 62,517 — 62,517 Loans receivable-net 4,870,552 — — 4,895,638 4,895,638 FHLBB stock 53,476 — — 53,476 53,476 Accrued interest receivable 18,771 — — 18,771 18,771 Derivative assets 11,734 — 11,734 — 11,734 Mortgage servicing rights 10,104 — — 10,104 10,104 Financial liabilities: Deposits 4,711,172 — — 4,711,774 4,711,774 Mortgagors’ and investors’ escrow accounts 13,354 — — 13,354 13,354 FHLBB advances and other borrowings 1,169,619 — 1,167,066 — 1,167,066 Derivative liabilities 15,040 — 15,040 — 15,040 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Instruments Contract Amounts Represent Credit Risk | Off-balance sheet financial instruments whose contract amounts represent credit risk are as follows at June 30, 2017 and December 31, 2016 : June 30, December 31, (In thousands) Commitments to extend credit: Commitment to grant loans $ 239,545 $ 197,070 Undisbursed construction loans 138,667 90,149 Undisbursed home equity lines of credit 389,821 364,421 Undisbursed commercial lines of credit 397,251 382,018 Standby letters of credit 15,144 13,588 Unused credit card lines 14,505 12,327 Unused checking overdraft lines of credit 1,527 1,465 Total $ 1,196,460 $ 1,061,038 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017atmoffice | |
Accounting Policies [Abstract] | |
Number of banking offices | office | 53 |
Number of ATMs | atm | 65 |
Recent Accounting Pronounceme36
Recent Accounting Pronouncements (Details) $ in Millions | Jun. 30, 2017USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Future minimum lease commitments | $ 43.1 |
Accounting Standards Update 2017-08 | Pro Forma | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Impact on retained earnings | $ (6.9) |
Securities - Available for Sale
Securities - Available for Sale and Held to Maturity Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale, Debt Securities | ||
Amortized Cost | $ 1,068,056 | $ 1,023,842 |
Gross Unrealized Gains | 5,913 | 3,401 |
Gross Unrealized Losses | (11,631) | (16,620) |
Fair Value | 1,062,338 | 1,010,623 |
Available-for-sale Securities, Total | ||
Amortized Cost | 1,077,719 | 1,056,256 |
Gross Unrealized Gains | 7,296 | 4,018 |
Gross Unrealized Losses | (11,631) | (16,863) |
Available-for-sale securities - at fair value | 1,073,384 | 1,043,411 |
Held-to-maturity, Debt Securities | ||
Amortized Cost | 13,792 | 14,038 |
Gross Unrealized Gains | 1,006 | 826 |
Gross Unrealized Losses | (45) | (35) |
Fair Value | 14,753 | 14,829 |
Government-sponsored residential mortgage-backed securities | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 223,169 | 181,419 |
Gross Unrealized Gains | 773 | 365 |
Gross Unrealized Losses | (1,080) | (2,236) |
Fair Value | 222,862 | 179,548 |
Held-to-maturity, Debt Securities | ||
Amortized Cost | 1,491 | 1,717 |
Gross Unrealized Gains | 139 | 172 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,630 | 1,889 |
Government-sponsored residential collateralized debt obligations | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 188,610 | 184,185 |
Gross Unrealized Gains | 808 | 438 |
Gross Unrealized Losses | (515) | (1,363) |
Fair Value | 188,903 | 183,260 |
Government-sponsored commercial mortgage-backed securities | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 25,663 | 26,949 |
Gross Unrealized Gains | 37 | 23 |
Gross Unrealized Losses | (132) | (442) |
Fair Value | 25,568 | 26,530 |
Government-sponsored commercial collateralized debt obligations | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 155,798 | 164,433 |
Gross Unrealized Gains | 239 | 296 |
Gross Unrealized Losses | (2,420) | (1,802) |
Fair Value | 153,617 | 162,927 |
Asset-backed securities | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 149,883 | 166,336 |
Gross Unrealized Gains | 1,984 | 1,619 |
Gross Unrealized Losses | (271) | (988) |
Fair Value | 151,596 | 166,967 |
Corporate debt securities | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 85,198 | 76,787 |
Gross Unrealized Gains | 988 | 533 |
Gross Unrealized Losses | (1,620) | (2,305) |
Fair Value | 84,566 | 75,015 |
Obligations of states and political subdivisions | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 239,735 | 223,733 |
Gross Unrealized Gains | 1,084 | 127 |
Gross Unrealized Losses | (5,593) | (7,484) |
Fair Value | 235,226 | 216,376 |
Held-to-maturity, Debt Securities | ||
Amortized Cost | 12,301 | 12,321 |
Gross Unrealized Gains | 867 | 654 |
Gross Unrealized Losses | (45) | (35) |
Fair Value | 13,123 | 12,940 |
Marketable equity securities | ||
Available-for-sale, Equity Securities | ||
Amortized Cost | 9,663 | 32,414 |
Gross Unrealized Gains | 1,383 | 617 |
Gross Unrealized Losses | 0 | (243) |
Fair Value | 11,046 | 32,788 |
Marketable equity securities | Banks | ||
Available-for-sale, Equity Securities | ||
Amortized Cost | 9,422 | 32,174 |
Gross Unrealized Gains | 1,260 | 482 |
Gross Unrealized Losses | 0 | (243) |
Fair Value | 10,682 | 32,413 |
Marketable equity securities | Industrial | ||
Available-for-sale, Equity Securities | ||
Amortized Cost | 109 | 109 |
Gross Unrealized Gains | 70 | 58 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 179 | 167 |
Marketable equity securities | Oil and gas | ||
Available-for-sale, Equity Securities | ||
Amortized Cost | 132 | 131 |
Gross Unrealized Gains | 53 | 77 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 185 | $ 208 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)issuesecuritytrust_security | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)issuesecuritytrust_security | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)issue | |
Investments, Debt and Equity Securities [Abstract] | |||||
Unrealized loss on securities available for sale | $ 4,300,000 | $ 4,300,000 | |||
Tax effect | 1,500,000 | 1,500,000 | |||
Unrealized gain on securities available for sale, net of tax | 2,800,000 | 2,800,000 | |||
Encumbered securities pledged as derivative collateral | 515,600,000 | 515,600,000 | $ 510,000,000 | ||
Gross gains realized on the sale of available for sale securities | 521,000 | $ 630,000 | 2,300,000 | $ 2,300,000 | |
Gross losses realized on the sale of available for sale securities | 426,000 | $ 263,000 | 1,700,000 | $ 466,000 | |
Estimated fair value of obligations of states and political subdivisions | 248,300,000 | 248,300,000 | |||
General obligation bonds | 107,800,000 | 107,800,000 | |||
Obligations of political subdivisions | $ 64,800,000 | $ 64,800,000 | |||
Available-for-sale securities with unrealized losses, less than twelve months | issue | 129 | 129 | 170 | ||
Percentage of continuous unrealized losses to amortized cost basis for less than twelve months | 1.50% | 1.50% | 1.90% | ||
Securities with unrealized losses for twelve months or more | issue | 26 | 26 | 31 | ||
Percentage of continuous unrealized losses to amortized cost basis for twelve months or more | 5.90% | 5.90% | 5.80% | ||
Number of held to maturity securities with unrealized losses | issue | 1 | 1 | |||
Unrealized losses on debt securities held-to-maturity | $ 45,000 | $ 45,000 | $ 35,000 | ||
Other-than-temporary impairment losses | $ 0 | ||||
Number of pooled trust securities | trust_security | 1 | 1 | |||
Yield on security | 0.00% | 0.00% | |||
Obligations of states and political subdivisions | |||||
Investments, Debt and Equity Securities [Abstract] | |||||
Unrealized losses on debt securities held-to-maturity | $ 45,000 | $ 45,000 | $ 35,000 | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||||
Number of securities | security | 69 | 69 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Debt Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Maturity, Available-for-sale Securities, Amortized Cost: | ||
Within 1 year | $ 0 | |
After 1 year through 5 years | 8,924 | |
After 5 years through 10 years | 82,258 | |
After 10 years | 233,751 | |
Single maturity date | 324,933 | |
Amortized Cost | 1,068,056 | $ 1,023,842 |
Maturity, Available-for-sale Securities, Fair Value: | ||
Within 1 year | 0 | |
After 1 year through 5 years | 9,098 | |
After 5 years through 10 years | 82,376 | |
After 10 years | 228,318 | |
Single maturity date | 319,792 | |
Available for sale securities | 1,062,338 | 1,010,623 |
Maturity, Held-to-maturity Securities, Amortized Cost: | ||
Within 1 year | 0 | |
After 1 year through 5 years | 1,175 | |
After 5 years through 10 years | 1,100 | |
After 10 years | 10,026 | |
Single maturity date | 12,301 | |
Amortized Cost | 13,792 | 14,038 |
Maturity, Held-to-maturity Securities, Fair Value: | ||
Within 1 year | 0 | |
After 1 year through 5 years | 1,195 | |
After 5 years through 10 years | 1,055 | |
After 10 years | 10,873 | |
Single maturity date | 13,123 | |
Held-to-maturity securities | 14,753 | 14,829 |
Government-sponsored residential mortgage-backed securities | ||
Maturity, Available-for-sale Securities, Amortized Cost: | ||
Without single maturity date | 223,169 | |
Amortized Cost | 223,169 | 181,419 |
Maturity, Available-for-sale Securities, Fair Value: | ||
Without single maturity date | 222,862 | |
Available for sale securities | 222,862 | 179,548 |
Maturity, Held-to-maturity Securities, Amortized Cost: | ||
Without single maturity date | 1,491 | |
Maturity, Held-to-maturity Securities, Fair Value: | ||
Without single maturity date | 1,630 | |
Held-to-maturity securities | 1,630 | 1,889 |
Government-sponsored residential collateralized debt obligations | ||
Maturity, Available-for-sale Securities, Amortized Cost: | ||
Without single maturity date | 188,610 | |
Amortized Cost | 188,610 | 184,185 |
Maturity, Available-for-sale Securities, Fair Value: | ||
Without single maturity date | 188,903 | |
Available for sale securities | 188,903 | 183,260 |
Maturity, Held-to-maturity Securities, Amortized Cost: | ||
Without single maturity date | 0 | |
Maturity, Held-to-maturity Securities, Fair Value: | ||
Without single maturity date | 0 | |
Government-sponsored commercial mortgage-backed securities | ||
Maturity, Available-for-sale Securities, Amortized Cost: | ||
Without single maturity date | 25,663 | |
Amortized Cost | 25,663 | 26,949 |
Maturity, Available-for-sale Securities, Fair Value: | ||
Without single maturity date | 25,568 | |
Available for sale securities | 25,568 | 26,530 |
Maturity, Held-to-maturity Securities, Amortized Cost: | ||
Without single maturity date | 0 | |
Maturity, Held-to-maturity Securities, Fair Value: | ||
Without single maturity date | 0 | |
Government-sponsored commercial collateralized debt obligations | ||
Maturity, Available-for-sale Securities, Amortized Cost: | ||
Without single maturity date | 155,798 | |
Amortized Cost | 155,798 | 164,433 |
Maturity, Available-for-sale Securities, Fair Value: | ||
Without single maturity date | 153,617 | |
Available for sale securities | 153,617 | 162,927 |
Maturity, Held-to-maturity Securities, Amortized Cost: | ||
Without single maturity date | 0 | |
Maturity, Held-to-maturity Securities, Fair Value: | ||
Without single maturity date | 0 | |
Asset-backed securities | ||
Maturity, Available-for-sale Securities, Amortized Cost: | ||
Without single maturity date | 149,883 | |
Amortized Cost | 149,883 | 166,336 |
Maturity, Available-for-sale Securities, Fair Value: | ||
Without single maturity date | 151,596 | |
Available for sale securities | 151,596 | $ 166,967 |
Maturity, Held-to-maturity Securities, Amortized Cost: | ||
Without single maturity date | 0 | |
Maturity, Held-to-maturity Securities, Fair Value: | ||
Without single maturity date | $ 0 |
Securities - Summary of Gross U
Securities - Summary of Gross Unrealized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | $ 517,445 | $ 660,812 |
12 Months or More | 60,456 | 71,488 |
Total | 577,901 | 732,300 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (7,838) | (12,473) |
12 Months or More | (3,793) | (4,390) |
Total | (11,631) | (16,863) |
Held-to-maturity Securities, Fair Value: | ||
Less Than 12 Months | 0 | 0 |
Unrealized Loss | 1,055 | 1,070 |
Total | 1,055 | 1,070 |
Held-to-maturity Securities, Unrealized Loss: | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | (45) | (35) |
Total | (45) | (35) |
Total debt securities | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 641,810 | |
12 Months or More | 71,488 | |
Total | 713,298 | |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (12,230) | |
12 Months or More | (4,390) | |
Total | (16,620) | |
Government-sponsored residential mortgage-backed securities | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 138,389 | 156,000 |
12 Months or More | 0 | 0 |
Total | 138,389 | 156,000 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (1,080) | (2,236) |
12 Months or More | 0 | 0 |
Total | (1,080) | (2,236) |
Government-sponsored residential collateralized debt obligations | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 71,192 | 109,468 |
12 Months or More | 3,137 | 6,691 |
Total | 74,329 | 116,159 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (489) | (1,082) |
12 Months or More | (26) | (281) |
Total | (515) | (1,363) |
Government-sponsored commercial mortgage-backed securities | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 18,818 | 23,808 |
12 Months or More | 0 | 0 |
Total | 18,818 | 23,808 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (132) | (442) |
12 Months or More | 0 | 0 |
Total | (132) | (442) |
Government-sponsored commercial collateralized debt obligations | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 119,622 | 128,238 |
12 Months or More | 6,802 | 0 |
Total | 126,424 | 128,238 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (2,247) | (1,802) |
12 Months or More | (173) | 0 |
Total | (2,420) | (1,802) |
Asset-backed securities | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 33,231 | 23,415 |
12 Months or More | 2,326 | 20,326 |
Total | 35,557 | 43,741 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (174) | (163) |
12 Months or More | (97) | (825) |
Total | (271) | (988) |
Corporate debt securities | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 31,343 | 43,990 |
12 Months or More | 1,584 | 3,335 |
Total | 32,927 | 47,325 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (483) | (885) |
12 Months or More | (1,137) | (1,420) |
Total | (1,620) | (2,305) |
Obligations of states and political subdivisions | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 104,850 | 156,891 |
12 Months or More | 46,607 | 41,136 |
Total | 151,457 | 198,027 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (3,233) | (5,620) |
12 Months or More | (2,360) | (1,864) |
Total | (5,593) | (7,484) |
Held-to-maturity Securities, Fair Value: | ||
Less Than 12 Months | 0 | 0 |
Unrealized Loss | 1,055 | 1,070 |
Total | 1,055 | 1,070 |
Held-to-maturity Securities, Unrealized Loss: | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | (45) | (35) |
Total | $ (45) | (35) |
Marketable equity securities | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 19,002 | |
12 Months or More | 0 | |
Total | 19,002 | |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (243) | |
12 Months or More | 0 | |
Total | $ (243) |
Loans Receivable and Allowanc41
Loans Receivable and Allowance for Loan Losses - Summary of Company's Loan Portfolio (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 5,054,181 | $ 4,901,714 | ||||
Net deferred loan costs and premiums | 15,413 | 11,636 | ||||
Allowance for loan losses | (45,062) | (42,798) | $ (43,304) | $ (37,961) | $ (35,500) | $ (33,887) |
Loans - net | $ 5,024,532 | $ 4,870,552 | ||||
Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 100.00% | 100.00% | ||||
Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 2,266,768 | $ 2,220,831 | ||||
Commercial real estate loans | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 44.90% | 45.30% | ||||
Commercial real estate loans | Owner-occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 429,848 | $ 416,718 | ||||
Allowance for loan losses | $ (3,686) | $ (3,765) | (3,818) | (3,267) | (2,841) | (2,174) |
Commercial real estate loans | Owner-occupied | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 8.50% | 8.50% | ||||
Commercial real estate loans | Investor non-owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 1,761,940 | $ 1,705,319 | ||||
Allowance for loan losses | $ (15,537) | $ (14,869) | (14,715) | (13,646) | (13,257) | (12,859) |
Commercial real estate loans | Investor non-owner occupied | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 34.90% | 34.80% | ||||
Commercial real estate loans | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 74,980 | $ 98,794 | ||||
Commercial real estate loans | Construction | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 1.50% | 2.00% | ||||
Commercial business loans | Commercial business loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 792,918 | $ 724,557 | ||||
Allowance for loan losses | $ (9,859) | $ (8,730) | (9,151) | (6,894) | (6,374) | (5,827) |
Commercial business loans | Commercial business loans | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 15.70% | 14.80% | ||||
Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 1,994,495 | $ 1,956,326 | ||||
Consumer loans | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 39.40% | 39.90% | ||||
Consumer loans | Residential real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 1,172,540 | $ 1,156,227 | ||||
Allowance for loan losses | $ (7,828) | $ (7,854) | (7,629) | (7,907) | (7,773) | (7,801) |
Consumer loans | Residential real estate | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 23.20% | 23.60% | ||||
Consumer loans | Home equity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 538,130 | $ 536,772 | ||||
Allowance for loan losses | $ (3,006) | $ (2,858) | (2,910) | (2,532) | (2,413) | (2,391) |
Consumer loans | Home equity | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 10.60% | 11.00% | ||||
Consumer loans | Residential construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 46,117 | $ 53,934 | ||||
Consumer loans | Residential construction | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 0.90% | 1.10% | ||||
Consumer loans | Other consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 237,708 | $ 209,393 | ||||
Allowance for loan losses | $ (1,908) | $ (1,353) | $ (1,788) | $ (692) | $ (179) | $ (146) |
Consumer loans | Other consumer | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 4.70% | 4.20% |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)grade | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Total allowance for loan losses | $ 45,062 | $ 37,961 | $ 45,062 | $ 37,961 | $ 42,798 | $ 43,304 | $ 35,500 | $ 33,887 |
Percentage allowance for loan losses in total loan | 0.89% | 0.89% | 0.87% | |||||
Number of years of historical loss used in capturing relevant loss data for loan segments | 3 years | |||||||
Number of grades in internal loan rating system | grade | 9 | |||||||
Evaluation period | 3 years | |||||||
Aggregate principal balance of loans serviced for third parties | $ 1,100,000 | $ 1,100,000 | $ 1,050,000 | |||||
Minimum average prepayment speed | 175 | |||||||
Maximum average prepayment speed | 166 | |||||||
Servicing fee income | 6,834 | 4,359 | $ 12,252 | 8,953 | ||||
Loan Servicing | ||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Servicing fee income | $ 534 | $ 437 | $ 1,100 | $ 877 | ||||
Consumer loans | ||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Recognition period of losses on open and closed end consumer loans | 120 days | |||||||
Minimum | ||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Internal rates of return used for determination of fair value | 9.40% | 9.40% | ||||||
Maximum | ||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Period after which loans are evaluated for impairment, residential and installment and collateral loans | 90 days | |||||||
Internal rates of return used for determination of fair value | 11.50% | 11.50% | ||||||
Maximum | Residential Real Estate | ||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Period within which an updated appraisal is obtained after loan is determined to be impaired, residential property | 30 days | |||||||
Maximum | Commercial Real Estate | ||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Period within which an updated appraisal is obtained after loan is determined to be impaired, commercial real estate property | 90 days |
Loans Receivable and Allowanc43
Loans Receivable and Allowance for Loan Losses - Company's Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 5,054,181 | $ 4,901,714 |
Commercial real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,266,768 | 2,220,831 |
Commercial real estate loans | Owner-occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 429,848 | 416,718 |
Commercial real estate loans | Owner-occupied | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 405,894 | 388,389 |
Commercial real estate loans | Owner-occupied | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,800 | 7,139 |
Commercial real estate loans | Owner-occupied | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 21,154 | 21,190 |
Commercial real estate loans | Owner-occupied | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial real estate loans | Owner-occupied | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial real estate loans | Investor non-owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,761,940 | 1,705,319 |
Commercial real estate loans | Investor non-owner occupied | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,723,572 | 1,656,256 |
Commercial real estate loans | Investor non-owner occupied | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,004 | 18,040 |
Commercial real estate loans | Investor non-owner occupied | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 28,364 | 31,023 |
Commercial real estate loans | Investor non-owner occupied | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial real estate loans | Investor non-owner occupied | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial real estate and consumer | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 121,097 | 152,728 |
Commercial real estate and consumer | Construction | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 119,345 | 150,411 |
Commercial real estate and consumer | Construction | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,465 | 204 |
Commercial real estate and consumer | Construction | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 287 | 2,113 |
Commercial real estate and consumer | Construction | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial real estate and consumer | Construction | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial business loans | Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 792,918 | 724,557 |
Commercial business loans | Commercial business loans | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 769,539 | 698,458 |
Commercial business loans | Commercial business loans | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,117 | 7,466 |
Commercial business loans | Commercial business loans | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 20,262 | 18,633 |
Commercial business loans | Commercial business loans | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial business loans | Commercial business loans | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,994,495 | 1,956,326 |
Consumer loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,172,540 | 1,156,227 |
Consumer loans | Residential real estate | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,156,057 | 1,139,662 |
Consumer loans | Residential real estate | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 942 | 1,267 |
Consumer loans | Residential real estate | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 15,541 | 15,298 |
Consumer loans | Residential real estate | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Residential real estate | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 538,130 | 536,772 |
Consumer loans | Home equity | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 531,565 | 531,359 |
Consumer loans | Home equity | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Home equity | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,565 | 5,413 |
Consumer loans | Home equity | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Home equity | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 237,708 | 209,393 |
Consumer loans | Other consumer | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 236,790 | 207,193 |
Consumer loans | Other consumer | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Other consumer | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 918 | 2,200 |
Consumer loans | Other consumer | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Other consumer | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 0 | $ 0 |
Loans Receivable and Allowanc44
Loans Receivable and Allowance for Loan Losses - Summary of Activity in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | $ 43,304 | $ 35,500 | $ 42,798 | $ 33,887 |
Provision (credit) for loan losses | 2,292 | 3,624 | 4,580 | 6,312 |
Loans charged off | (1,042) | (1,565) | (3,016) | (2,903) |
Recoveries of loans previously charged off | 508 | 402 | 700 | 665 |
Balance, end of period | 45,062 | 37,961 | 45,062 | 37,961 |
Commercial real estate loans | Owner-occupied | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 3,818 | 2,841 | 3,765 | 2,174 |
Provision (credit) for loan losses | (33) | 426 | 20 | 1,175 |
Loans charged off | (99) | (56) | (99) | (138) |
Recoveries of loans previously charged off | 0 | 56 | 0 | 56 |
Balance, end of period | 3,686 | 3,267 | 3,686 | 3,267 |
Commercial real estate loans | Investor non-owner occupied | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 14,715 | 13,257 | 14,869 | 12,859 |
Provision (credit) for loan losses | 907 | 569 | 986 | 1,505 |
Loans charged off | (175) | (254) | (417) | (796) |
Recoveries of loans previously charged off | 90 | 74 | 99 | 78 |
Balance, end of period | 15,537 | 13,646 | 15,537 | 13,646 |
Commercial real estate and consumer | Construction | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 1,857 | 1,838 | 1,913 | 1,895 |
Provision (credit) for loan losses | (125) | 176 | (49) | 119 |
Loans charged off | (30) | 0 | (162) | 0 |
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 |
Balance, end of period | 1,702 | 2,014 | 1,702 | 2,014 |
Commercial business loans | Commercial business loans | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 9,151 | 6,374 | 8,730 | 5,827 |
Provision (credit) for loan losses | 651 | 647 | 1,692 | 1,287 |
Loans charged off | (250) | (335) | (953) | (556) |
Recoveries of loans previously charged off | 307 | 208 | 390 | 336 |
Balance, end of period | 9,859 | 6,894 | 9,859 | 6,894 |
Consumer loans | Residential real estate | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 7,629 | 7,773 | 7,854 | 7,801 |
Provision (credit) for loan losses | 336 | 471 | 302 | 570 |
Loans charged off | (177) | (337) | (368) | (517) |
Recoveries of loans previously charged off | 40 | 0 | 40 | 53 |
Balance, end of period | 7,828 | 7,907 | 7,828 | 7,907 |
Consumer loans | Home equity | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 2,910 | 2,413 | 2,858 | 2,391 |
Provision (credit) for loan losses | 142 | 270 | 398 | 447 |
Loans charged off | (59) | (166) | (278) | (357) |
Recoveries of loans previously charged off | 13 | 15 | 28 | 51 |
Balance, end of period | 3,006 | 2,532 | 3,006 | 2,532 |
Consumer loans | Other consumer | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 1,788 | 179 | 1,353 | 146 |
Provision (credit) for loan losses | 314 | 881 | 1,151 | 994 |
Loans charged off | (252) | (417) | (739) | (539) |
Recoveries of loans previously charged off | 58 | 49 | 143 | 91 |
Balance, end of period | 1,908 | 692 | 1,908 | 692 |
Unallocated | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 1,436 | 825 | 1,456 | 794 |
Provision (credit) for loan losses | 100 | 184 | 80 | 215 |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 |
Balance, end of period | $ 1,536 | $ 1,009 | $ 1,536 | $ 1,009 |
Loans Receivable and Allowanc45
Loans Receivable and Allowance for Loan Losses - Summary of Allowance for Loan Losses and Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | $ 635 | $ 714 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 44,204 | 41,862 | ||||
Total allowance for loan losses | 45,062 | $ 43,304 | 42,798 | $ 37,961 | $ 35,500 | $ 33,887 |
Loans deemed impaired | 50,183 | 50,110 | ||||
Loans not deemed impaired | 5,000,643 | 4,847,078 | ||||
Total loans | 5,054,181 | 4,901,714 | ||||
Loans acquired with deteriorated credit quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 223 | 222 | ||||
Loans acquired with deteriorated credit quality | 3,355 | 4,526 | ||||
Commercial real estate loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 2,266,768 | 2,220,831 | ||||
Commercial real estate loans | Owner-occupied | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 0 | 0 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 3,686 | 3,765 | ||||
Total allowance for loan losses | 3,686 | 3,818 | 3,765 | 3,267 | 2,841 | 2,174 |
Loans deemed impaired | 2,847 | 3,331 | ||||
Loans not deemed impaired | 427,001 | 413,387 | ||||
Total loans | 429,848 | 416,718 | ||||
Commercial real estate loans | Investor non-owner occupied | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 0 | 0 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 15,537 | 14,869 | ||||
Total allowance for loan losses | 15,537 | 14,715 | 14,869 | 13,646 | 13,257 | 12,859 |
Loans deemed impaired | 11,066 | 9,949 | ||||
Loans not deemed impaired | 1,750,617 | 1,694,190 | ||||
Total loans | 1,761,940 | 1,705,319 | ||||
Commercial real estate loans | Loans acquired with deteriorated credit quality | Owner-occupied | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||
Commercial real estate loans | Loans acquired with deteriorated credit quality | Investor non-owner occupied | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | 257 | 1,180 | ||||
Commercial real estate and consumer | Construction | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 0 | 0 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 1,702 | 1,913 | ||||
Total allowance for loan losses | 1,702 | 1,857 | 1,913 | 2,014 | 1,838 | 1,895 |
Loans deemed impaired | 1,206 | 3,325 | ||||
Loans not deemed impaired | 119,891 | 149,403 | ||||
Total loans | 121,097 | 152,728 | ||||
Commercial real estate and consumer | Loans acquired with deteriorated credit quality | Construction | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||
Commercial business loans | Commercial business loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 511 | 646 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 9,125 | 7,862 | ||||
Total allowance for loan losses | 9,859 | 9,151 | 8,730 | 6,894 | 6,374 | 5,827 |
Loans deemed impaired | 8,249 | 7,812 | ||||
Loans not deemed impaired | 783,360 | 715,436 | ||||
Total loans | 792,918 | 724,557 | ||||
Commercial business loans | Loans acquired with deteriorated credit quality | Commercial business loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 223 | 222 | ||||
Loans acquired with deteriorated credit quality | 1,309 | 1,309 | ||||
Consumer loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,994,495 | 1,956,326 | ||||
Consumer loans | Residential real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 123 | 68 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 7,705 | 7,786 | ||||
Total allowance for loan losses | 7,828 | 7,629 | 7,854 | 7,907 | 7,773 | 7,801 |
Loans deemed impaired | 17,338 | 16,563 | ||||
Loans not deemed impaired | 1,155,202 | 1,139,664 | ||||
Total loans | 1,172,540 | 1,156,227 | ||||
Consumer loans | Home equity | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 1 | 0 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 3,005 | 2,858 | ||||
Total allowance for loan losses | 3,006 | 2,910 | 2,858 | 2,532 | 2,413 | 2,391 |
Loans deemed impaired | 8,347 | 6,910 | ||||
Loans not deemed impaired | 529,783 | 529,862 | ||||
Total loans | 538,130 | 536,772 | ||||
Consumer loans | Other consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 0 | 0 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 1,908 | 1,353 | ||||
Total allowance for loan losses | 1,908 | 1,788 | 1,353 | 692 | 179 | 146 |
Loans deemed impaired | 1,130 | 2,220 | ||||
Loans not deemed impaired | 234,789 | 205,136 | ||||
Total loans | 237,708 | 209,393 | ||||
Consumer loans | Loans acquired with deteriorated credit quality | Residential real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||
Consumer loans | Loans acquired with deteriorated credit quality | Home equity | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||
Consumer loans | Loans acquired with deteriorated credit quality | Other consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | 1,789 | 2,037 | ||||
Unallocated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 0 | 0 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 1,536 | 1,456 | ||||
Total allowance for loan losses | 1,536 | $ 1,436 | 1,456 | $ 1,009 | $ 825 | $ 794 |
Loans deemed impaired | 0 | 0 | ||||
Loans not deemed impaired | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Unallocated | Loans acquired with deteriorated credit quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Loans Receivable and Allowanc46
Loans Receivable and Allowance for Loan Losses - Summary of Past Due and Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 30,555 | $ 35,424 |
Past Due 90 Days or More and Still Accruing | 2,072 | 750 |
Loans on Non-accrual | 32,523 | 34,063 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,746 | 12,560 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,779 | 1,876 |
Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,030 | 20,988 |
Commercial real estate loans | Owner-occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,500 | 2,164 |
Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans on Non-accrual | 2,265 | 2,733 |
Commercial real estate loans | Owner-occupied | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 705 | 482 |
Commercial real estate loans | Owner-occupied | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 282 | 15 |
Commercial real estate loans | Owner-occupied | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,513 | 1,667 |
Commercial real estate loans | Investor non-owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,347 | 6,141 |
Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans on Non-accrual | 4,422 | 4,858 |
Commercial real estate loans | Investor non-owner occupied | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,143 | 2,184 |
Commercial real estate loans | Investor non-owner occupied | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 539 | 697 |
Commercial real estate loans | Investor non-owner occupied | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,665 | 3,260 |
Commercial real estate and consumer | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 287 | 2,642 |
Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans on Non-accrual | 287 | 2,138 |
Commercial real estate and consumer | Construction | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 709 |
Commercial real estate and consumer | Construction | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate and consumer | Construction | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 287 | 1,933 |
Commercial business loans | Commercial business loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,903 | 5,703 |
Past Due 90 Days or More and Still Accruing | 1,831 | 38 |
Loans on Non-accrual | 3,542 | 2,409 |
Commercial business loans | Commercial business loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,132 | 3,289 |
Commercial business loans | Commercial business loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,909 | 41 |
Commercial business loans | Commercial business loans | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,862 | 2,373 |
Consumer loans | Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,671 | 10,711 |
Past Due 90 Days or More and Still Accruing | 0 | 308 |
Loans on Non-accrual | 14,559 | 14,393 |
Consumer loans | Residential real estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 28 | 2,826 |
Consumer loans | Residential real estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,549 | 22 |
Consumer loans | Residential real estate | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,094 | 7,863 |
Consumer loans | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,331 | 5,751 |
Past Due 90 Days or More and Still Accruing | 0 | 56 |
Loans on Non-accrual | 6,529 | 5,330 |
Consumer loans | Home equity | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,500 | 2,232 |
Consumer loans | Home equity | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 380 | 722 |
Consumer loans | Home equity | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,451 | 2,797 |
Consumer loans | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,516 | 2,312 |
Past Due 90 Days or More and Still Accruing | 241 | 348 |
Loans on Non-accrual | 919 | 2,202 |
Consumer loans | Other consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,238 | 838 |
Consumer loans | Other consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 120 | 379 |
Consumer loans | Other consumer | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,158 | $ 1,095 |
Loans Receivable and Allowanc47
Loans Receivable and Allowance for Loan Losses - Summary of Impaired Loans with and without Valuation Allowance (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | $ 46,308 | $ 44,789 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 54,048 | 53,139 |
Recorded Investment, Impaired loans with a valuation allowance | 3,875 | 5,321 |
Unpaid Principal Balance, Impaired loans with a valuation allowance | 3,913 | 5,435 |
Recorded Investment, Total impaired loans | 50,183 | 50,110 |
Unpaid Principal Balance, Total impaired loans | 57,961 | 58,574 |
Related Allowance, Total impaired loans | 635 | 714 |
Commercial real estate loans | Owner-occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 2,847 | 3,331 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 3,621 | 4,107 |
Recorded Investment, Total impaired loans | 2,847 | 3,331 |
Related Allowance, Total impaired loans | 0 | 0 |
Commercial real estate loans | Investor non-owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 11,066 | 9,949 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 11,531 | 10,601 |
Recorded Investment, Total impaired loans | 11,066 | 9,949 |
Related Allowance, Total impaired loans | 0 | 0 |
Commercial real estate and consumer | Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 1,206 | 3,325 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 1,247 | 5,051 |
Recorded Investment, Total impaired loans | 1,206 | 3,325 |
Related Allowance, Total impaired loans | 0 | 0 |
Commercial business loans | Commercial business loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 6,249 | 3,742 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 7,701 | 4,856 |
Recorded Investment, Impaired loans with a valuation allowance | 2,000 | 4,070 |
Unpaid Principal Balance, Impaired loans with a valuation allowance | 2,000 | 4,168 |
Recorded Investment, Total impaired loans | 8,249 | 7,812 |
Related Allowance, Total impaired loans | 511 | 646 |
Consumer loans | Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 15,715 | 15,312 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 18,998 | 18,440 |
Recorded Investment, Impaired loans with a valuation allowance | 1,623 | 1,251 |
Unpaid Principal Balance, Impaired loans with a valuation allowance | 1,657 | 1,267 |
Recorded Investment, Total impaired loans | 17,338 | 16,563 |
Related Allowance, Total impaired loans | 123 | 68 |
Consumer loans | Home equity | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 8,095 | 6,910 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 9,084 | 7,864 |
Recorded Investment, Impaired loans with a valuation allowance | 252 | 0 |
Unpaid Principal Balance, Impaired loans with a valuation allowance | 256 | 0 |
Recorded Investment, Total impaired loans | 8,347 | 6,910 |
Related Allowance, Total impaired loans | 1 | 0 |
Consumer loans | Other consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 1,130 | 2,220 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 1,866 | 2,220 |
Recorded Investment, Total impaired loans | 1,130 | 2,220 |
Related Allowance, Total impaired loans | $ 0 | $ 0 |
Loans Receivable and Allowanc48
Loans Receivable and Allowance for Loan Losses - Average Recorded Investment in Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 50,344 | $ 57,635 | $ 50,265 | $ 57,174 |
Interest Income Recognized | 490 | 829 | 1,035 | 1,216 |
Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 2,919 | 4,358 | 3,056 | 4,251 |
Interest Income Recognized | 29 | 77 | 60 | 241 |
Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 10,370 | 11,598 | 10,230 | 12,373 |
Interest Income Recognized | 118 | 160 | 206 | 107 |
Commercial real estate and consumer | Construction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 1,950 | 4,737 | 2,408 | 4,711 |
Interest Income Recognized | 10 | 54 | 22 | 74 |
Commercial business loans | Commercial business loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 8,276 | 14,085 | 8,121 | 13,735 |
Interest Income Recognized | 90 | 221 | 234 | 337 |
Consumer loans | Residential real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 17,707 | 16,799 | 17,326 | 16,310 |
Interest Income Recognized | 184 | 261 | 396 | 371 |
Consumer loans | Home equity | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 7,893 | 5,291 | 7,565 | 5,280 |
Interest Income Recognized | 59 | 55 | 117 | 85 |
Consumer loans | Other consumer | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 1,229 | 767 | 1,559 | 514 |
Interest Income Recognized | $ 0 | $ 1 | $ 0 | $ 1 |
Loans Receivable and Allowanc49
Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Recorded investment in TDRs: | ||
Non-accrual status | $ 32,523 | $ 34,063 |
Troubled Debt Restructurings | ||
Recorded investment in TDRs: | ||
Accrual status | 17,660 | 16,048 |
Non-accrual status | 7,475 | 7,304 |
Total recorded investment in TDRs | 25,135 | 23,352 |
Accruing TDRs performing under modified terms more than one year | 7,266 | 10,020 |
Specific reserves for TDRs included in the balance of allowance for loan losses | 635 | 714 |
Additional funds committed to borrowers in TDR status | $ 0 | $ 3 |
Loans Receivable and Allowanc50
Loans Receivable and Allowance for Loan Losses - Loans Restructured as Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 9 | 8 | 21 | 30 |
Pre-Modification Outstanding Recorded Investment | $ 5,736 | $ 688 | $ 7,279 | $ 4,700 |
Post-Modification Outstanding Recorded Investment | $ 5,736 | $ 678 | $ 7,286 | $ 4,704 |
Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 5 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 654 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 666 | ||
Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 5,038 | $ 5,038 | ||
Post-Modification Outstanding Recorded Investment | $ 5,038 | $ 5,038 | ||
Commercial real estate and consumer | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 67 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 67 | ||
Commercial business loans | Commercial business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 2 | 3 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 93 | $ 247 | $ 2,584 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 82 | $ 247 | $ 2,573 |
Consumer loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 3 | 5 | 3 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 522 | $ 549 | $ 522 | $ 943 |
Post-Modification Outstanding Recorded Investment | $ 522 | $ 550 | $ 522 | $ 944 |
Consumer loans | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 4 | 1 | 14 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 176 | $ 46 | $ 1,472 | $ 452 |
Post-Modification Outstanding Recorded Investment | $ 176 | $ 46 | $ 1,479 | $ 454 |
Loans Receivable and Allowanc51
Loans Receivable and Allowance for Loan Losses - Summary of How Loans were Modified as TDRs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | $ 5,736 | $ 678 | $ 7,286 | $ 4,704 |
Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 666 | ||
Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 5,038 | 5,038 | ||
Commercial real estate and consumer | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 67 | ||
Commercial business loans | Commercial business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 82 | 247 | 2,573 |
Consumer loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 522 | 550 | 522 | 944 |
Consumer loans | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 176 | 46 | 1,479 | 454 |
Extended Maturity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 155 | 0 | 467 | 2,533 |
Extended Maturity | Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 510 | ||
Extended Maturity | Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | 0 | 0 |
Extended Maturity | Commercial real estate and consumer | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 23 | ||
Extended Maturity | Commercial business loans | Commercial business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | 0 | 2,000 |
Extended Maturity | Consumer loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 155 | 0 | 155 | 0 |
Extended Maturity | Consumer loans | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | 312 | 0 |
Adjusted Rate and Extended Maturity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 369 | 361 | 666 | 991 |
Adjusted Rate and Extended Maturity | Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 86 | ||
Adjusted Rate and Extended Maturity | Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | 0 | 0 |
Adjusted Rate and Extended Maturity | Commercial real estate and consumer | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 44 | ||
Adjusted Rate and Extended Maturity | Commercial business loans | Commercial business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | 0 | 143 |
Adjusted Rate and Extended Maturity | Consumer loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 220 | 361 | 220 | 382 |
Adjusted Rate and Extended Maturity | Consumer loans | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 149 | 0 | 446 | 336 |
Payment Deferral | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 174 | 234 | 861 | 1,025 |
Payment Deferral | Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | ||
Payment Deferral | Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 46 | 0 | 0 |
Payment Deferral | Commercial real estate and consumer | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | ||
Payment Deferral | Commercial business loans | Commercial business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | 0 | 348 |
Payment Deferral | Consumer loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 147 | 188 | 147 | 561 |
Payment Deferral | Consumer loans | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 27 | 0 | 714 | 116 |
Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 5,038 | 93 | 5,285 | 151 |
Other | Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 58 | ||
Other | Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 5,038 | 0 | 5,038 | 0 |
Other | Commercial real estate and consumer | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | ||
Other | Commercial business loans | Commercial business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 93 | 247 | 93 |
Other | Consumer loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | 0 | 0 |
Other | Consumer loans | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | $ 0 | $ 0 | $ 0 | $ 0 |
Loans Receivable and Allowanc52
Loans Receivable and Allowance for Loan Losses - Summary of Loans Modified as TDRs within Previous 12 Months and Payment Default (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 3 |
Recorded Investment | $ | $ 63 | $ 879 |
Commercial business loans | Commercial business loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 442 |
Consumer loans | Residential real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 2 |
Recorded Investment | $ | $ 0 | $ 437 |
Consumer loans | Home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Recorded Investment | $ | $ 63 | $ 0 |
Loans Receivable and Allowanc53
Loans Receivable and Allowance for Loan Losses - Summary of Mortgage Servicing Rights Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Mortgage servicing rights: | ||||
Balance at beginning of period | $ 10,284 | $ 6,271 | $ 10,104 | $ 7,074 |
Change in fair value recognized in net income | (670) | (371) | (930) | (1,686) |
Issuances | 558 | 689 | 998 | 1,201 |
Fair value of mortgage servicing rights at end of period | $ 10,172 | $ 6,589 | $ 10,172 | $ 6,589 |
Goodwill and Core Deposit Int54
Goodwill and Core Deposit Intangibles - Schedule of Goodwill and Core Deposit Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Goodwill | |||||
Balance at Beginning of Period | $ 115,281 | $ 115,281 | $ 115,281 | ||
Balance at End of Period | $ 115,281 | 115,281 | 115,281 | ||
Core Deposit Intangibles | |||||
Amortization expense | (353) | $ (401) | (738) | (834) | |
Balance at End of Period | 5,164 | 5,164 | |||
Core Deposits | |||||
Core Deposit Intangibles | |||||
Balance at Beginning of Period | 5,902 | 7,506 | 7,506 | ||
Amortization expense | (353) | $ (401) | (738) | $ (834) | (1,604) |
Balance at End of Period | $ 5,164 | $ 5,164 | $ 5,902 |
Goodwill and Core Deposit Int55
Goodwill and Core Deposit Intangibles - Estimated Amortization Expense (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2017 (remaining six months) | $ 673 |
2,018 | 1,219 |
2,019 | 1,026 |
2,020 | 834 |
2,021 | 642 |
2022 and thereafter | 770 |
Total remaining | $ 5,164 |
Goodwill and Core Deposit Int56
Goodwill and Core Deposit Intangibles - Amortization of Acquired Core Deposits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Core deposit intangible amortization | $ 353 | $ 401 | $ 738 | $ 834 | |
Core Deposits | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Core deposits estimated useful life | 10 years | ||||
Core deposit intangible amortization | $ 353 | $ 401 | $ 738 | $ 834 | $ 1,604 |
Borrowings - Contractual Maturi
Borrowings - Contractual Maturities and Weighted-Average Rates of Outstanding Advances (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 678,000 | $ 803,000 |
2,018 | 199,285 | 139,792 |
2,019 | 45,000 | 20,000 |
2,020 | 33,000 | 33,000 |
2,021 | 0 | 30,000 |
Thereafter | 33,933 | 19,182 |
FHLBB, advances, total | $ 989,218 | $ 1,044,974 |
Weighted-Average rate in 2017 | 1.28% | 0.94% |
Weighted-Average rate in 2018 | 1.44% | 1.48% |
Weighted-Average rate in 2019 | 1.57% | 1.45% |
Weighted-Average rate in 2020 | 1.79% | 0.86% |
Weighted-Average rate in 2021 | 0.00% | 0.59% |
Weighted-Average rate thereafter | 1.15% | 0.89% |
Weighted Average | ||
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
FHLBB, advances, branch of FHLB bank, interest rate | 1.34% | 1.01% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | Apr. 30, 2014USD ($) | Jun. 30, 2017USD ($)loancounterpartyleased_bank_branchadvance | Dec. 31, 2016USD ($)loancounterparty | Sep. 23, 2014USD ($) | May 01, 2014USD ($) |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Advances from FHLBB | $ 990,200,000 | $ 1,050,000,000 | |||
Fair value adjustment on FHLBB advances acquired in the Merger | 989,000 | 1,700,000 | |||
Estimated eligible collateral value | 1,520,000,000 | 1,410,000,000 | |||
Unsecured line of credit | 10,000,000 | 10,000,000 | |||
Additional borrowings | 445,300,000 | ||||
Other borrowings | $ 148,611,000 | $ 122,907,000 | |||
Number of leased banking branches with capital lease obligations | leased_bank_branch | 3 | ||||
Wholesale Reverse Repurchase Agreements | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Number of individual borrowings, wholesale reverse purchase agreements | loan | 3 | 2 | |||
Weighted average interest rate | 1.86% | 2.59% | |||
Investment securities pledged as collateral | $ 54,400,000 | $ 23,800,000 | |||
Wholesale Reverse Repurchase Agreements | US Treasury and Government | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Other borrowings | 50,000,000 | 20,000,000 | |||
Retail Repurchase Agreements | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Investment securities pledged as collateral | 30,000,000 | 28,500,000 | |||
Retail Repurchase Agreements | US Treasury and Government | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Other borrowings | 14,603,000 | 18,897,000 | |||
Brokered Sweep Deposit | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Other borrowings | $ 361,400,000 | $ 367,400,000 | |||
Percentage of other borrowings at cost | 1.06% | 0.58% | |||
Number of counterparties to unused federal funds lines of credit | counterparty | 4 | 4 | |||
Committed federal funds lines of credit | $ 107,500,000 | $ 107,500,000 | |||
Subordinated Debt | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Junior subordinated debt, face amount | $ 7,700,000 | ||||
Fair value acquisition discount | 2,000,000 | $ 2,300,000 | |||
Other borrowings | $ 79,835,000 | $ 79,716,000 | |||
Subordinated Debt | London Interbank Offered Rate (LIBOR) | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Basis spread on LIBOR rate | 1.85% | ||||
Subordinated Debt | Subordinated Notes Due October 2024 | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Subordinated notes, face amount | $ 75,000,000 | ||||
Subordinated notes, stated interest rate | 5.75% | ||||
Debt issuance cost | $ 1,300,000 | ||||
Maximum | Wholesale Reverse Repurchase Agreements | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Other borrowings remaining maturity term (or less) | 2 years | 3 years | |||
Federal Home Loan Bank, Advances, Callable Option | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Advances from FHLBB | $ 73,000,000 | ||||
Number of advances | advance | 5 | ||||
Federal Home Loan Bank, Advances, Callable Option | Minimum | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Federal home loan bank advances interest rate at period end | 0.99% | ||||
Federal Home Loan Bank, Advances, Callable Option | Maximum | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Federal home loan bank advances interest rate at period end | 4.39% |
Borrowings - Other Borrowings b
Borrowings - Other Borrowings by Category (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Other borrowings | $ 148,611 | $ 122,907 |
US Treasury and Government | Wholesale repurchase agreements | ||
Debt Instrument [Line Items] | ||
Other borrowings | 50,000 | 20,000 |
US Treasury and Government | Customer repurchase agreements | ||
Debt Instrument [Line Items] | ||
Other borrowings | 14,603 | 18,897 |
Subordinated debentures | ||
Debt Instrument [Line Items] | ||
Other borrowings | 79,835 | 79,716 |
Other | ||
Debt Instrument [Line Items] | ||
Other borrowings | $ 4,173 | $ 4,294 |
Borrowings - Outstanding Borrow
Borrowings - Outstanding Borrowings Under Repurchase Agreements (Details) - US Treasury and Government - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Borrowings under repurchase agreements | $ 64,603 | $ 38,897 |
Maturity Overnight | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Borrowings under repurchase agreements | 14,603 | 18,897 |
Maturity Up To 1 Year | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Borrowings under repurchase agreements | 30,000 | 0 |
Maturity 1 to 3 Years | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Borrowings under repurchase agreements | 20,000 | 20,000 |
Maturity Greater Than 3 Years | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Borrowings under repurchase agreements | $ 0 | $ 0 |
Derivatives and Hedging Activ61
Derivatives and Hedging Activities - Schedule of Interest Rate Swap Agreements and Non-Hedging Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Notional Amount | $ 1,709,796 | $ 1,411,564 |
Estimated Fair Value, Net Asset (Liability) | (4,117) | (3,306) |
Derivatives designated as hedging instruments | Cash flow hedges | Forward starting interest rate swaps on future borrowings | ||
Derivative [Line Items] | ||
Notional Amount | $ 100,000 | $ 100,000 |
Weighted-Average Remaining Maturity (in years) | 6 years 10 months 10 days | 7 years 4 months 10 days |
Weighted-Average Interest Rate Swaps, Paid | 2.43% | 2.43% |
Estimated Fair Value, Net Asset (Liability) | $ (1,517) | $ (483) |
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 215,000 | $ 240,000 |
Weighted-Average Remaining Maturity (in years) | 3 years 1 month | 3 years 2 months 25 days |
Weighted-Average Interest Rate Swaps, Received | 1.20% | 0.91% |
Weighted-Average Interest Rate Swaps, Paid | 1.83% | 1.74% |
Estimated Fair Value, Net Asset (Liability) | $ (2,824) | $ (2,719) |
Derivatives designated as hedging instruments | Fair value hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 20,000 | $ 35,000 |
Weighted-Average Remaining Maturity (in years) | 6 months 8 days | 8 months 21 days |
Weighted-Average Interest Rate Swaps, Received | 1.10% | 1.04% |
Weighted-Average Interest Rate Swaps, Paid | 1.27% | 0.82% |
Estimated Fair Value, Net Asset (Liability) | $ (38) | $ 1 |
Derivatives not designated as hedging instruments | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 7,500 | $ 7,500 |
Weighted-Average Remaining Maturity (in years) | 9 years 15 days | 9 years 6 months 15 days |
Estimated Fair Value, Net Asset (Liability) | $ (574) | $ (660) |
Derivatives not designated as hedging instruments | Forward loan sale commitments | ||
Derivative [Line Items] | ||
Notional Amount | $ 198,156 | $ 61,991 |
Weighted-Average Remaining Maturity (in years) | 0 years | 0 years |
Estimated Fair Value, Net Asset (Liability) | $ 199 | $ 153 |
Derivatives not designated as hedging instruments | Derivative loan commitments | ||
Derivative [Line Items] | ||
Notional Amount | $ 45,122 | $ 30,239 |
Weighted-Average Remaining Maturity (in years) | 0 years | 0 years |
Estimated Fair Value, Net Asset (Liability) | $ 656 | $ 421 |
Derivatives not designated as hedging instruments | Loan level swaps - dealer | ||
Derivative [Line Items] | ||
Notional Amount | $ 562,009 | $ 468,417 |
Weighted-Average Remaining Maturity (in years) | 6 years 7 months 25 days | 7 years 8 months 30 days |
Weighted-Average Interest Rate Swaps, Received | 2.54% | 2.42% |
Weighted-Average Interest Rate Swaps, Paid | 3.38% | 3.84% |
Estimated Fair Value, Net Asset (Liability) | $ (7,902) | $ (4,888) |
Derivatives not designated as hedging instruments | Loan level swaps - borrowers | ||
Derivative [Line Items] | ||
Notional Amount | $ 562,009 | $ 468,417 |
Weighted-Average Remaining Maturity (in years) | 6 years 7 months 25 days | 7 years 8 months 30 days |
Weighted-Average Interest Rate Swaps, Received | 3.38% | 3.84% |
Weighted-Average Interest Rate Swaps, Paid | 2.54% | 2.42% |
Estimated Fair Value, Net Asset (Liability) | $ 7,883 | $ 4,869 |
Derivatives and Hedging Activ62
Derivatives and Hedging Activities - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017USD ($)counterpartyborrowerderivative | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | ||
Derivative notional amount | $ 1,709,796 | $ 1,411,564 |
Fair value of net derivatives, liability position | 16,200 | |
Amount of collateral | $ 198,100 | |
Interest rate contract | Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Number of derivative instruments | derivative | 1 | |
Derivative notional amount | $ 7,500 | |
Borrower | Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Number of derivative instruments | derivative | 81 | |
Derivative notional amount | $ 562,000 | |
Brokerage Activities | Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Number of derivative instruments | derivative | 81 | |
Derivative notional amount | $ 562,000 | |
Interest Rate Swap, Risk Participation Agreement | Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Number of derivative instruments | derivative | 4 | |
Number of counterparties in risk participation agreements | counterparty | 3 | |
Number of borrowers involved in the risk participation agreements | borrower | 4 | |
Interest Rate Swap, Risk Participation Agreement, Credit Enhancements Provided By Counterparty | Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Number of derivative instruments | derivative | 3 | |
Derivative notional amount | $ 25,000 | |
Counterparty participation level, percentage | 36.52% | |
Interest Rate Swap, Risk Participation Agreement, Credit Enhancements Provided By The Bank | Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Number of derivative instruments | derivative | 1 | |
Derivative notional amount | $ 6,000 | |
Counterparty participation level, percentage | 33.10% | |
Cash flow hedges | Interest rate contract | Derivatives designated as hedging instruments | ||
Derivative [Line Items] | ||
Estimated reduction/increase to interest expense | $ 1,400 | |
Forecasted transactions, period | 60 months | |
Number of derivative instruments | derivative | 8 | |
Derivative notional amount | $ 315,000 | |
Fair value hedges | Interest rate contract | Derivatives designated as hedging instruments | ||
Derivative [Line Items] | ||
Number of derivative instruments | derivative | 2 | |
Derivative notional amount | $ 20,000 |
Derivatives and Hedging Activ63
Derivatives and Hedging Activities - Tabular Disclosure of Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 118 | $ 264 |
Derivative Liabilities | 4,497 | 3,465 |
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 118 | 246 |
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 4,459 | 3,448 |
Derivatives designated as hedging instruments | Fair value hedges | Interest rate swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 18 |
Derivatives designated as hedging instruments | Fair value hedges | Interest rate swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 38 | 17 |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 14,234 | 11,470 |
Derivative Liabilities | 13,972 | 11,575 |
Derivatives not designated as hedging instruments | Interest rate swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivatives not designated as hedging instruments | Interest rate swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 574 | 660 |
Derivatives not designated as hedging instruments | Interest rate swaps | With Customers | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 10,582 | 7,864 |
Derivatives not designated as hedging instruments | Interest rate swaps | With Customers | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 2,699 | 2,995 |
Derivatives not designated as hedging instruments | Interest rate swaps | With Counterparties | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 2,686 | 2,981 |
Derivatives not designated as hedging instruments | Interest rate swaps | With Counterparties | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 10,588 | 7,869 |
Derivatives not designated as hedging instruments | Forward loan sale commitments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 310 | 204 |
Derivatives not designated as hedging instruments | Forward loan sale commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 111 | 51 |
Derivatives not designated as hedging instruments | Derivative loan commitments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 656 | 421 |
Derivatives not designated as hedging instruments | Derivative loan commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 0 | $ 0 |
Derivatives and Hedging Activ64
Derivatives and Hedging Activities - Schedule of Effect of Derivative Instruments in Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivatives designated as hedging instruments | Interest rate swaps | Cash flow hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI (Effective Portion) | $ (2,100) | $ (3,139) | $ (1,942) | $ (11,436) |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (363) | 561 | (803) | 1,180 |
Derivatives designated as hedging instruments | Interest rate swaps | Fair value hedges | Interest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income from Derivatives | (3) | 24 | (39) | 173 |
Amount of Gain (Loss) Recognized in Income from Hedged Items | 0 | (24) | 37 | (173) |
Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income from Derivatives | 874 | 297 | 368 | 755 |
Derivatives not designated as hedging instruments | Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income from Derivatives | (2) | (8) | 0 | 40 |
Derivatives not designated as hedging instruments | Derivative loan commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income from Derivatives | (102) | 637 | 236 | 1,316 |
Derivatives not designated as hedging instruments | Interest rate swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income from Derivatives | 94 | 0 | 86 | 0 |
Derivatives not designated as hedging instruments | Forward loan sale commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income from Derivatives | $ 884 | $ (332) | $ 46 | $ (601) |
Stock-Based Compensation Plan65
Stock-Based Compensation Plans - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)shares | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)shares | Jun. 30, 2016USD ($) | Oct. 29, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 1,486 | $ 1,023 | |||
Other non-interest expenses | $ 6,467 | $ 5,235 | 11,775 | 10,979 | |
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 34 | 28 | 71 | 59 | |
Tax benefit recorded | 12 | 10 | 26 | 21 | |
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 754 | 495 | 1,400 | 964 | |
Tax benefit recorded | 272 | $ 178 | 510 | $ 347 | |
Options and Restricted Stock | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 176 | 279 | |||
Options and Restricted Stock | Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Other non-interest expenses | $ 613 | $ 1,200 | |||
2015 Omnibus Stock Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized under the plan (in shares) | shares | 4,050,000 | ||||
Share-based awards, fungible ratio | 2.35 | ||||
Shares available for future grants (in shares) | shares | 2,910,144 | 2,910,144 |
Stock-Based Compensation Plan66
Stock-Based Compensation Plans - Activity Related to Stock Options (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Number of Stock Options | ||
Outstanding at December 31, 2016 (in shares) | 1,936,453 | |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | (74,522) | |
Forfeited or expired (in shares) | 0 | |
Outstanding at June 30, 2017 (in shares) | 1,861,931 | |
Stock options vested and exercisable at June 30, 2017 (in shares) | 1,841,828 | |
Stock Options, Weighted- Average Exercise Price | ||
Outstanding at December 31, 2016 (in usd per share) | $ 11.21 | |
Granted (in usd per share) | 0 | |
Exercised (in usd per share) | 10.38 | |
Forfeited or expired (in usd per share) | 0 | |
Outstanding at June 30, 2017 (in usd per share) | 11.24 | |
Stock options vested and exercisable at June 30, 2017 (in usd per share) | $ 11.22 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted-Average Remaining Contractual Term, Outstanding at June 30, 2017 | 4 years 8 months | |
Weighted-Average Remaining Contractual Term, Stock options vested and exercisable at June 30, 2017 | 4 years 8 months | |
Aggregate Intrinsic Value, Exercised | $ 0.6 | |
Aggregate Intrinsic Value, Outstanding at June 30, 2017 | 10.1 | |
Aggregate Intrinsic Value, Stock options vested and exercisable at June 30, 2017 | $ 10.1 |
Stock-Based Compensation Plan67
Stock-Based Compensation Plans - Stock Options - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted (in shares) | 0 | 0 |
SAR options exercised (in shares) | 74,522 | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost related to outstanding stock options | $ 37 | |
Unrecognized cost related to outstanding stock options, period of recognition | 2 years | |
Stock Appreciation Rights (SARs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
SAR options exercised (in shares) | 0 |
Stock-Based Compensation Plan68
Stock-Based Compensation Plans - Restricted Stock - Additional Information (Detail) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock issued (in shares) | 2,517 | |
Weighted average grant date fair value (in usd per share) | $ 14.34 | $ 14.23 |
Unvested restricted stock, period of recognition | 2 years 2 months | |
Total unrecognized compensation cost related to unvested restricted stock | $ 3.4 | |
2015 Omnibus Stock Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock issued (in shares) | 2,517 | |
Weighted average grant date fair value (in usd per share) | $ 17.86 | |
Unvested restricted stock, period of recognition | 3 years |
Stock-Based Compensation Plan69
Stock-Based Compensation Plans - Activity for Restricted Stock (Detail) - Restricted Stock | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Number of Shares | |
Unvested as of December 31, 2016 (in shares) | shares | 438,806 |
Granted (in shares) | shares | 2,517 |
Vested (in shares) | shares | (35,744) |
Forfeited (in shares) | shares | (1,419) |
Unvested as of June 30, 2017 (in shares) | shares | 404,160 |
Weighted-Average Grant-Date Fair Value | |
Unvested as of December 31, 2016 (in usd per share) | $ / shares | $ 14.23 |
Granted (in usd per share) | $ / shares | 17.86 |
Vested (in usd per share) | $ / shares | 13.29 |
Forfeited (in usd per share) | $ / shares | 13.22 |
Unvested as of June 30, 2017 (in usd per share) | $ / shares | $ 14.34 |
Stock-Based Compensation Plan70
Stock-Based Compensation Plans - Employee Stock Ownership Plan - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Interest rate for the ESOP loans | 1.00% | |||
ESOP compensation expense | $ 97 | $ 74 | $ 197 | $ 140 |
Employee Stock Ownership Plan 2011 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Borrowings from the company | $ 7,100 | |||
Purchase of common stock (in shares) | 684,395 | |||
Employee stock ownership plan loan outstanding balance | $ 6,200 | $ 6,200 | ||
Bank's discretionary contributions to the ESOP over a remaining period | 24 years |
Stock-Based Compensation Plan71
Stock-Based Compensation Plans - ESOP Shares (Detail) $ in Thousands | Jun. 30, 2017USD ($)shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Allocated shares (in shares) | 1,198,052 |
Shares allocated for release (in shares) | 11,407 |
Unreleased shares (in shares) | 536,109 |
Total ESOP shares (in shares) | 1,745,568 |
Market value of unreleased shares | $ | $ 9,138 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Tier 1 capital to total average assets | ||
Amount available for the payment of dividends | $ 96,800 | $ 79,800 |
United Bank | ||
Total capital to risk weighted assets | ||
Total capital to risk weighted assets, Actual, Amount | $ 638,997 | $ 619,020 |
Total capital to risk weighted assets, Actual, Ratio | 12.00% | 12.10% |
Total capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | $ 425,998 | $ 409,269 |
Total capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 532,498 | $ 511,587 |
Total capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Common equity tier 1 capital to risk weighted assets | ||
Common equity tier 1 capital to risk weighted assets, Actual, Amount | $ 592,155 | $ 574,632 |
Common equity tier 1 capital to risk weighted assets, Actual, Ratio | 11.10% | 11.20% |
Common equity tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | $ 240,063 | $ 230,879 |
Common equity tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common equity tier 1 capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 346,757 | $ 333,492 |
Common equity tier 1 capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier 1 capital to risk weighted assets | ||
Tier 1 capital to risk weighted assets, Actual, Amount | $ 592,155 | $ 574,632 |
Tier 1 capital to risk weighted assets, Actual, Ratio | 11.10% | 11.20% |
Tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | $ 320,084 | $ 307,839 |
Tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 426,778 | $ 410,451 |
Tier 1 capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier 1 capital to total average assets | ||
Tier 1 capital to total average assets, Actual, Amount | $ 592,155 | $ 574,632 |
Tier 1 capital to total average assets, Actual, Ratio | 8.90% | 9.00% |
Tier 1 capital to total average assets, Minimum For Capital Adequacy Purposes, Amount | $ 266,137 | $ 255,392 |
Tier 1 capital to total average assets, Minimum For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 capital to total average assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 332,671 | $ 319,240 |
Tier 1 capital to total average assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
United Financial Bancorp, Inc. | ||
Total capital to risk weighted assets | ||
Total capital to risk weighted assets, Actual, Amount | $ 691,222 | $ 668,816 |
Total capital to risk weighted assets, Actual, Ratio | 12.90% | 13.00% |
Total capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | $ 428,665 | $ 411,579 |
Total capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Common equity tier 1 capital to risk weighted assets | ||
Common equity tier 1 capital to risk weighted assets, Actual, Amount | $ 569,380 | $ 549,428 |
Common equity tier 1 capital to risk weighted assets, Actual, Ratio | 10.60% | 10.70% |
Common equity tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | $ 241,718 | $ 231,068 |
Common equity tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 capital to risk weighted assets | ||
Tier 1 capital to risk weighted assets, Actual, Amount | $ 569,380 | $ 549,428 |
Tier 1 capital to risk weighted assets, Actual, Ratio | 10.60% | 10.70% |
Tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | $ 322,291 | $ 308,090 |
Tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 capital to total average assets | ||
Tier 1 capital to total average assets, Actual, Amount | $ 569,380 | $ 549,428 |
Tier 1 capital to total average assets, Actual, Ratio | 8.50% | 8.60% |
Tier 1 capital to total average assets, Minimum For Capital Adequacy Purposes, Amount | $ 267,944 | $ 255,548 |
Tier 1 capital to total average assets, Minimum For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Accumulated Other Comprehensi73
Accumulated Other Comprehensive Loss - Components Included in Stockholder's Equity (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Benefit plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized gain (loss) | $ (7,647) | $ (7,936) |
Tax effect | 2,755 | 2,859 |
Other comprehensive income (loss), net of tax | (4,892) | (5,077) |
Securities available for sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized gain (loss) | (4,335) | (12,845) |
Tax effect | 1,560 | 4,617 |
Other comprehensive income (loss), net of tax | (2,775) | (8,228) |
Interest rate swaps | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized gain (loss) | (4,341) | (3,202) |
Tax effect | 1,564 | 1,154 |
Other comprehensive income (loss), net of tax | (2,777) | (2,048) |
AOCI Attributable to Parent | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), net of tax | $ (10,444) | $ (15,353) |
Net Income Per Share - Schedule
Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income available to common stockholders | $ 16,200 | $ 9,058 | $ 29,926 | $ 20,952 |
Weighted-average common shares outstanding (in shares) | 50,757,061 | 50,186,134 | 50,780,091 | 50,088,859 |
Less: average number of unallocated ESOP award shares (in shares) | (539,849) | (562,662) | (542,685) | (565,514) |
Weighted-average basic shares outstanding (in shares) | 50,217,212 | 49,623,472 | 50,237,406 | 49,523,345 |
Dilutive effect of stock options (in shares) | 621,879 | 323,167 | 649,718 | 279,334 |
Weighted-average diluted shares (in shares) | 50,839,091 | 49,946,639 | 50,887,124 | 49,802,679 |
Net income per share: | ||||
Basic (in usd per share) | $ 0.32 | $ 0.18 | $ 0.60 | $ 0.42 |
Diluted (in usd per share) | $ 0.32 | $ 0.18 | $ 0.59 | $ 0.42 |
Anti-dilutive stock options excluded from diluted earnings per share calculation (in shares) | 0 | 625,273 | 0 | 684,796 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 6 Months Ended | ||
Jun. 30, 2017USD ($)trust_security | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Fair Value Disclosures [Abstract] | |||
Aggregate principal amount of residential real estate mortgage loans held for sale | $ 152,700,000 | $ 61,900,000 | |
Aggregate fair value of mortgage loans held for sale | 157,500,000 | 62,500,000 | |
Residential real estate mortgage loans held for sale 90 days or more past due | 0 | 0 | |
Transfers in and out of Level 1, Level 2 and Level 3 measurements | $ 0 | $ 0 | |
Number of pooled trust securities | trust_security | 1 | ||
Fixed rate mortgage loans term | 30 years | ||
Maturity period, Term 1 | 10 years | ||
Maturity period, Term 2 | 15 years | ||
Maturity period, Term 3 | 20 years | ||
Estimated fallout rate based upon historical averages | 18.50% | ||
Liabilities measured at fair value on a non-recurring basis | $ 0 | $ 0 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Fair Value of Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Gain From Sales of Loans | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Mortgage loans held for sale | $ 1,639 | $ 10 | $ 2,776 | $ 40 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Recorded at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | $ 1,073,384 | $ 1,043,411 | ||||
Mortgage servicing rights | 10,172 | $ 10,284 | 10,104 | $ 6,589 | $ 6,271 | $ 7,074 |
Recurring | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 1,073,384 | 1,043,411 | ||||
Recurring | Mortgage Loan Derivative Assets & Liabilities | ||||||
Available-for-Sale Securities: | ||||||
Mortgage loan derivative assets | 966 | 625 | ||||
Mortgage loan derivative liabilities | 111 | 51 | ||||
Loans held for sale | 157,487 | 62,517 | ||||
Recurring | Government-sponsored residential collateralized debt obligations | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 188,903 | 183,260 | ||||
Recurring | Government-sponsored commercial collateralized debt obligations | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 153,617 | 162,927 | ||||
Recurring | Asset-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 151,596 | 166,967 | ||||
Recurring | Corporate debt securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 84,566 | 75,015 | ||||
Recurring | Obligations of states and political subdivisions | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 235,226 | 216,376 | ||||
Recurring | Government-sponsored residential mortgage-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 222,862 | 179,548 | ||||
Recurring | Government-sponsored commercial mortgage-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 25,568 | 26,530 | ||||
Recurring | Marketable equity securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 11,046 | 32,788 | ||||
Recurring | Mortgage Servicing Rights | ||||||
Available-for-Sale Securities: | ||||||
Mortgage servicing rights | 10,172 | 10,104 | ||||
Recurring | Interest rate swaps | ||||||
Available-for-Sale Securities: | ||||||
Interest rate swap assets | 13,386 | 11,109 | ||||
Interest rate swap liabilities | 18,358 | 14,989 | ||||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 364 | 375 | ||||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable equity securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 364 | 375 | ||||
Recurring | Other Observable Inputs (Level 2) | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 919,840 | 887,564 | ||||
Recurring | Other Observable Inputs (Level 2) | Mortgage Loan Derivative Assets & Liabilities | ||||||
Available-for-Sale Securities: | ||||||
Mortgage loan derivative assets | 966 | 625 | ||||
Mortgage loan derivative liabilities | 111 | 51 | ||||
Loans held for sale | 157,487 | 62,517 | ||||
Recurring | Other Observable Inputs (Level 2) | Government-sponsored residential collateralized debt obligations | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 188,903 | 183,260 | ||||
Recurring | Other Observable Inputs (Level 2) | Government-sponsored commercial collateralized debt obligations | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 153,617 | 162,927 | ||||
Recurring | Other Observable Inputs (Level 2) | Asset-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 0 | 13,087 | ||||
Recurring | Other Observable Inputs (Level 2) | Corporate debt securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 82,982 | 73,423 | ||||
Recurring | Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 235,226 | 216,376 | ||||
Recurring | Other Observable Inputs (Level 2) | Government-sponsored residential mortgage-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 222,862 | 179,548 | ||||
Recurring | Other Observable Inputs (Level 2) | Government-sponsored commercial mortgage-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 25,568 | 26,530 | ||||
Recurring | Other Observable Inputs (Level 2) | Marketable equity securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 10,682 | 32,413 | ||||
Recurring | Other Observable Inputs (Level 2) | Interest rate swaps | ||||||
Available-for-Sale Securities: | ||||||
Interest rate swap assets | 13,386 | 11,109 | ||||
Interest rate swap liabilities | 18,358 | 14,989 | ||||
Recurring | Significant Unobservable Inputs (Level 3) | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 153,180 | 155,472 | ||||
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 151,596 | 153,880 | ||||
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 1,584 | 1,592 | ||||
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage Servicing Rights | ||||||
Available-for-Sale Securities: | ||||||
Mortgage servicing rights | $ 10,172 | $ 10,104 |
Fair Value Measurements - Sch78
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis Using Level 3 Inputs (Detail) - Recurring - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Mortgage Servicing Rights | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 10,284 | $ 6,271 | $ 10,104 | $ 7,074 |
Issuances | 558 | 689 | 998 | 1,201 |
Change in fair value recognized in net income | (670) | (371) | (930) | (1,686) |
Balance at end of period | 10,172 | 6,589 | 10,172 | 6,589 |
Available for Sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 152,479 | 144,206 | 155,472 | 146,070 |
Purchases | 3,550 | |||
(Sales) | (1,000) | (251) | (1,000) | |
Principal payments and net accretion | (2,641) | (163) | (2,780) | (478) |
Change in fair value recognized in net income | 338 | (150) | 497 | (150) |
Total unrealized gains (losses) included in other comprehensive income/loss | (546) | 2,241 | 242 | 692 |
Balance at end of period | $ 153,180 | $ 145,134 | $ 153,180 | $ 145,134 |
Fair Value Measurements - Add79
Fair Value Measurements - Additional Quantitative Information of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | $ 1,073,384,000 | $ 1,043,411,000 |
Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | 1,073,384,000 | 1,043,411,000 |
Recurring | Asset-backed securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | 151,596,000 | 166,967,000 |
Recurring | Corporate debt securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | 84,566,000 | 75,015,000 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | 153,180,000 | 155,472,000 |
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | $ 151,596,000 | 153,880,000 |
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | Minimum | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 2.90% | |
Cumulative Default % | 4.80% | |
Loss Given Default | 1.40% | |
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | Maximum | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 4.10% | |
Cumulative Default % | 9.50% | |
Loss Given Default | 3.00% | |
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | Weighted Average | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 4.13% | |
Cumulative Default % | 9.10% | |
Loss Given Default | 2.86% | |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | $ 1,584,000 | $ 1,592,000 |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 7.00% | |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Minimum | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Cumulative Default % | 2.70% | |
Loss Given Default | 85.00% | |
Cure Given Default | 75.00% | |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Maximum | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Cumulative Default % | 41.30% | |
Loss Given Default | 100.00% | |
Cure Given Default | 75.00% | |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Weighted Average | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 7.00% | |
Cumulative Default % | 12.54% | |
Loss Given Default | 93.90% | |
Cure Given Default | 75.00% | |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | $ 10,172,000 | |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Float Earnings Rate | 0.25% | |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | Minimum | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 9.00% | |
Cost to Service | $ 50 | |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | Maximum | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 18.00% | |
Cost to Service | $ 110 | |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | Weighted Average | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 10.40% | |
Cost to Service | $ 62.91 | |
Float Earnings Rate | 0.25% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Recorded at Fair Value on Non-Recurring Basis (Detail) - Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 3,611 | $ 5,100 |
Other real estate owned | 1,770 | 1,890 |
Total | 5,381 | 6,990 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,611 | 5,100 |
Other real estate owned | 1,770 | 1,890 |
Total | $ 5,381 | $ 6,990 |
Fair Value Measurements - Sum81
Fair Value Measurements - Summary of Gains (Losses) on Assets Recorded at Fair Value on Non-Recurring Basis (Detail) - Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | $ (55) | $ (282) | $ (778) | $ (467) |
Other real estate owned | (138) | (4) | (171) | (4) |
Total | $ (193) | $ (286) | $ (949) | $ (471) |
Fair Value Measurements - Sum82
Fair Value Measurements - Summary of Carrying Value and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Available-for-sale securities | $ 1,073,384 | $ 1,043,411 |
Held-to-maturity securities | 14,753 | 14,829 |
Loans held for sale | 157,500 | 62,500 |
Financial liabilities: | ||
FHLBB advances and other borrowings | 990,206 | 1,046,712 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 74,851 | 90,944 |
Available-for-sale securities | 1,073,384 | 1,043,411 |
Held-to-maturity securities | 13,792 | 14,038 |
Loans held for sale | 157,487 | 62,517 |
Loans receivable-net | 5,024,532 | 4,870,552 |
FHLBB stock | 54,760 | 53,476 |
Accrued interest receivable | 19,751 | 18,771 |
Derivative assets | 14,352 | 11,734 |
Mortgage servicing rights | 10,172 | 10,104 |
Financial liabilities: | ||
Deposits | 4,993,479 | 4,711,172 |
Mortgagors’ and investors’ escrow accounts | 15,045 | 13,354 |
FHLBB advances and other borrowings | 990,206 | 1,169,619 |
Derivative liabilities | 18,469 | 15,040 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 74,851 | 90,944 |
Available-for-sale securities | 1,073,384 | 1,043,411 |
Held-to-maturity securities | 14,753 | 14,829 |
Loans held for sale | 157,487 | 62,517 |
Loans receivable-net | 5,016,315 | 4,895,638 |
FHLBB stock | 54,760 | 53,476 |
Accrued interest receivable | 19,751 | 18,771 |
Derivative assets | 14,352 | 11,734 |
Mortgage servicing rights | 10,172 | 10,104 |
Financial liabilities: | ||
Deposits | 4,992,375 | 4,711,774 |
Mortgagors’ and investors’ escrow accounts | 15,045 | 13,354 |
FHLBB advances and other borrowings | 1,140,409 | 1,167,066 |
Derivative liabilities | 18,469 | 15,040 |
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 74,851 | 90,944 |
Available-for-sale securities | 364 | 375 |
Fair Value | Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Available-for-sale securities | 919,840 | 887,564 |
Held-to-maturity securities | 14,753 | 14,829 |
Loans held for sale | 157,487 | 62,517 |
Derivative assets | 14,352 | 11,734 |
Financial liabilities: | ||
FHLBB advances and other borrowings | 1,140,409 | 1,167,066 |
Derivative liabilities | 18,469 | 15,040 |
Fair Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Available-for-sale securities | 153,180 | 155,472 |
Loans receivable-net | 5,016,315 | 4,895,638 |
FHLBB stock | 54,760 | 53,476 |
Accrued interest receivable | 19,751 | 18,771 |
Mortgage servicing rights | 10,172 | 10,104 |
Financial liabilities: | ||
Deposits | 4,992,375 | 4,711,774 |
Mortgagors’ and investors’ escrow accounts | $ 15,045 | $ 13,354 |
Commitments and Contingencies -
Commitments and Contingencies - Financial Instruments Contract Amounts Represent Credit Risk (Detail) - Commitments to extend credit - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Commitments to extend credit: | ||
Commitments to extend credit, amount | $ 1,196,460 | $ 1,061,038 |
Commitment to grant loans | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | 239,545 | 197,070 |
Undisbursed construction loans | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | 138,667 | 90,149 |
Undisbursed home equity lines of credit | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | 389,821 | 364,421 |
Undisbursed commercial lines of credit | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | 397,251 | 382,018 |
Standby letters of credit | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | 15,144 | 13,588 |
Unused credit card lines | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | 14,505 | 12,327 |
Unused checking overdraft lines of credit | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | $ 1,527 | $ 1,465 |
Commitments and Contingencies84
Commitments and Contingencies - Additional Information (Details) - Tax Credit Partnership $ in Millions | Jun. 30, 2017USD ($) |
Other Commitments [Line Items] | |
Net carrying balance of investments | $ 34.3 |
Capital contribution commitments | $ 18.4 |