Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Investors Bancorp, Inc. | ' |
Entity Central Index Key | '0001594012 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 357,759,158 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $238,166 | $250,689 |
Securities available-for-sale, at estimated fair value | 1,045,962 | 785,032 |
Securities held-to-maturity, net (estimated fair value of $1,547,389 and $839,064 at September 30, 2014 and December 31, 2013, respectively) | 1,514,374 | 831,819 |
Loans receivable, net | 14,169,323 | 12,882,544 |
Loans held-for-sale | 6,986 | 8,273 |
Stock in the Federal Home Loan Bank | 140,990 | 178,126 |
Accrued interest receivable | 53,742 | 47,448 |
Other real estate owned | 5,731 | 8,516 |
Office properties and equipment, net | 157,452 | 138,105 |
Net deferred tax asset | 222,861 | 216,206 |
Bank owned life insurance | 163,152 | 152,788 |
Goodwill and Intangible assets | 107,775 | 109,129 |
Other assets | 6,784 | 14,395 |
Total assets | 17,833,298 | 15,623,070 |
Liabilities: | ' | ' |
Deposits | 11,471,598 | 10,718,811 |
Borrowed funds | 2,536,594 | 3,367,274 |
Advance payments by borrowers for taxes and insurance | 87,874 | 67,154 |
Other liabilities | 189,078 | 135,504 |
Total liabilities | 14,285,144 | 14,288,743 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value, 100,000,000 authorized shares; none issued | 0 | 0 |
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 358,859,752 issued and 357,758,058 outstanding at September 30, 2014; 367,041,688 issued and 353,046,057outstanding at December 31, 2013, respectively | 3,589 | 1,519 |
Additional paid-in capital | 2,861,597 | 720,766 |
Retained earnings | 807,879 | 734,563 |
Treasury stock, at cost; 1,101,694 shares at September 30, 2014; 13,995,631 shares at December 31, 2013 | -11,592 | -67,046 |
Unallocated common stock held by the employee stock ownership plan | -93,273 | -29,779 |
Accumulated other comprehensive loss | -20,046 | -25,696 |
Total stockholders’ equity | 3,548,154 | 1,334,327 |
Total liabilities and stockholders’ equity | $17,833,298 | $15,623,070 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Held-to-maturity securities, estimated fair value | $1,547,389 | $839,064 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 358,859,752 | 367,041,688 |
Common stock, shares outstanding | 357,758,058 | 353,046,057 |
Treasury stock, shares | 1,101,694 | 13,995,631 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest and dividend income: | ' | ' | ' | ' |
Loans receivable | $152,397 | $127,186 | $447,899 | $369,682 |
Securities: | ' | ' | ' | ' |
Equity | 24 | 18 | 89 | 41 |
Government-sponsored enterprise obligations | 12 | 1 | 35 | 3 |
Mortgage-backed securities | 11,704 | 7,123 | 31,808 | 20,336 |
Municipal bonds and other debt | 1,339 | 1,406 | 4,128 | 4,401 |
Other Investments | 0 | 0 | 14 | 0 |
Interest-bearing deposits | 70 | 20 | 379 | 41 |
Federal Home Loan Bank stock | 1,512 | 1,643 | 5,420 | 4,521 |
Total interest and dividend income | 167,058 | 137,397 | 489,772 | 399,025 |
Interest expense: | ' | ' | ' | ' |
Deposits | 14,489 | 11,730 | 43,245 | 36,668 |
Borrowed Funds | 14,724 | 15,243 | 44,728 | 45,183 |
Total interest expense | 29,213 | 26,973 | 87,973 | 81,851 |
Net interest income | 137,845 | 110,424 | 401,799 | 317,174 |
Provision for loan losses | 9,000 | 13,750 | 26,000 | 41,250 |
Net interest income after provision for loan losses | 128,845 | 96,674 | 375,799 | 275,924 |
Non-interest income: | ' | ' | ' | ' |
Fees and service charges | 5,173 | 5,003 | 15,330 | 14,330 |
Income on bank owned life insurance | 1,632 | 694 | 3,598 | 2,182 |
Gain on loan transactions, net | 856 | 2,226 | 3,764 | 7,302 |
Gain on securities transactions | 29 | 15 | 669 | 706 |
Gain on sale of other real estate owned, net | 270 | 226 | 733 | 688 |
Other income | 1,912 | 1,327 | 7,893 | 3,910 |
Total non-interest income | 9,872 | 9,491 | 31,987 | 29,118 |
Non-interest expense: | ' | ' | ' | ' |
Compensation and fringe benefits | 40,137 | 31,592 | 133,166 | 90,472 |
Advertising and promotional expense | 3,046 | 2,023 | 9,001 | 6,234 |
Office occupancy and equipment expense | 12,040 | 10,386 | 37,023 | 29,026 |
Federal deposit insurance premiums | 2,750 | 3,800 | 11,550 | 11,050 |
Stationery, printing, supplies and telephone | 939 | 866 | 3,335 | 2,444 |
Professional fees | 4,121 | 2,789 | 11,685 | 7,885 |
Data processing service fees | 6,381 | 4,694 | 19,686 | 12,786 |
Contribution to charitable foundation | 0 | 0 | 20,000 | 0 |
Other operating expenses | 7,170 | 4,681 | 20,492 | 13,955 |
Total non-interest expenses | 76,584 | 60,831 | 265,938 | 173,852 |
Income before income tax expense | 62,133 | 45,334 | 141,848 | 131,190 |
Income tax expense | 23,092 | 16,053 | 53,204 | 46,666 |
Net income | $39,041 | $29,281 | $88,644 | $84,524 |
Basic earnings per share | $0.11 | $0.11 | $0.26 | $0.31 |
Diluted earnings per share | $0.11 | $0.11 | $0.25 | $0.30 |
Weighted average shares outstanding | ' | ' | ' | ' |
Basic | 343,493,691 | 275,229,343 | 344,494,901 | 274,801,234 |
Diluted | 346,773,543 | 278,861,914 | 348,112,740 | 278,006,882 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $39,041 | $29,281 | $88,644 | $84,524 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Change in funded status of retirement obligations | 109 | 141 | 327 | 424 |
Unrealized gain (loss) on securities available-for-sale | -2,329 | 152 | 3,555 | -10,614 |
Net loss on securities reclassified from available for sale to held to maturity | 0 | 0 | 0 | -7,242 |
Accretion of loss on securities reclassified to held to maturity | 441 | 502 | 1,310 | 502 |
Reclassification adjustment for security gains included in net income | 0 | 0 | -138 | -405 |
Other-than-temporary impairment accretion on debt securities | 199 | 641 | 596 | 1,032 |
Total other comprehensive income (loss) | -1,580 | 1,436 | 5,650 | -16,303 |
Total comprehensive income | $37,461 | $30,717 | $94,294 | $68,221 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common stock | Additional paid-in capital | Retained earnings | Treasury stock | Unallocated Common Stock Held by ESOP | Accumulated other comprehensive loss |
In Thousands | |||||||
Balance at Dec. 31, 2012 | $1,066,817 | $1,356 | $533,034 | $644,923 | ($73,692) | ($31,197) | ($7,607) |
Net income | 84,524 | ' | ' | 84,524 | ' | ' | ' |
Other comprehensive income, net of tax | -16,303 | ' | ' | ' | ' | ' | -16,303 |
Purchase of treasury stock | -1,376 | ' | ' | ' | -1,376 | ' | ' |
Treasury stock allocated to restricted stock plan | 0 | ' | -55 | 13 | 42 | ' | ' |
Compensation cost for stock options and restricted stock | 2,648 | ' | 2,648 | ' | ' | ' | ' |
Net tax benefit from stock-based compensation | 234 | ' | 234 | ' | ' | ' | ' |
Option exercise | 4,775 | ' | 425 | ' | 4,350 | ' | ' |
Cash dividend declared | -16,789 | ' | ' | -16,789 | ' | ' | ' |
ESOP shares allocated or committed to be released | 2,118 | ' | 1,054 | ' | ' | 1,064 | ' |
Balance at Sep. 30, 2013 | 1,126,648 | 1,356 | 537,340 | 712,671 | -70,676 | -30,133 | -23,910 |
Balance at Dec. 31, 2013 | 1,334,327 | 1,519 | 720,766 | 734,563 | -67,046 | -29,779 | -25,696 |
Net income | 88,644 | ' | ' | 88,644 | ' | ' | ' |
Other comprehensive income, net of tax | 5,650 | ' | ' | ' | ' | ' | 5,650 |
Purchase of treasury stock | -13,524 | ' | ' | ' | -13,524 | ' | ' |
Conversion of Investors Bancorp, MHC (213,963,274 shares) | 2,093,719 | 2,140 | 2,091,579 | ' | ' | ' | ' |
Purchase by ESOP (6,617,421 shares) | ' | 66 | 66,108 | ' | ' | -66,174 | ' |
Treasury stock retired (14,293,439 shares) | ' | -143 | -64,126 | ' | 64,269 | ' | ' |
Contribution of MHC | 12,652 | ' | ' | 12,652 | ' | ' | ' |
Equity from Gateway acquisition | 22,000 | ' | 22,000 | ' | ' | ' | ' |
Treasury stock allocated to restricted stock plan | 0 | ' | -390 | 258 | 132 | ' | ' |
Compensation cost for stock options and restricted stock | 13,697 | ' | 13,697 | ' | ' | ' | ' |
Net tax benefit from stock-based compensation | 3,344 | ' | 3,344 | ' | ' | ' | ' |
Option exercise | 12,287 | 7 | 7,703 | ' | 4,577 | ' | ' |
Cash dividend declared | -28,238 | ' | ' | -28,238 | ' | ' | ' |
ESOP shares allocated or committed to be released | 3,596 | ' | 916 | ' | ' | 2,680 | ' |
Balance at Sep. 30, 2014 | $3,548,154 | $3,589 | $2,861,597 | $807,879 | ($11,592) | ($93,273) | ($20,046) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Purchase of treasury stock, shares | 1,295,193 | 195,491 |
Merger of Investors Bancorp, MHC, shares | 213,963,274 | ' |
Purchase of ESOP, shares | 6,617,421 | ' |
Treasury stock retired, shares | 14,293,439 | ' |
Dividend paid | $0.08 | $0.06 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $88,644 | $84,524 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Contribution of stock to charitable foundation | 10,000 | 0 |
ESOP and stock-based compensation expense | 17,293 | 4,766 |
Amortization of premiums and accretion of discounts on securities, net | 6,880 | 8,049 |
Amortization of premiums and accretion of fees and costs on loans, net | -38 | 5,159 |
Amortization of intangible assets | 2,888 | 1,620 |
Provision for loan losses | 26,000 | 41,250 |
Depreciation and amortization of office properties and equipment | 9,423 | 6,038 |
Gain on securities, net | -669 | -706 |
Mortgage loans originated for sale | -110,738 | -334,676 |
Proceeds from mortgage loan sales | 146,480 | 359,216 |
Gain on sales of mortgage loans, net | -2,044 | -5,437 |
Gain on sale of other real estate owned | -733 | -688 |
Gain on bargain purchase | -1,482 | 0 |
Income on bank owned life insurance | -3,598 | -2,182 |
Increase in accrued interest receivable | -5,575 | -287 |
Deferred tax benefit | -1,894 | -12,308 |
Decrease (increase) in other assets | 7,822 | -26,860 |
Increase in other liabilities | 51,620 | 39,449 |
Total adjustments | 151,635 | 82,403 |
Net cash provided by (used in) operating activities | 240,279 | 166,927 |
Cash flows from investing activities: | ' | ' |
Purchases of loans receivable | -191,726 | -793,198 |
Net originations of loans receivable | -961,503 | -443,440 |
Proceeds from disposition of loans held for investment | 1,720 | 121,046 |
Gain on disposition of loans held for investment | -1,720 | -1,865 |
Net proceeds from sale of foreclosed real estate | 6,754 | 7,484 |
Purchases of mortgage-backed securities held to maturity | -797,516 | -29,723 |
Purchases of debt securities held-to-maturity | -11,230 | -9,391 |
Purchases of mortgage-backed securities available-for-sale | -388,798 | -295,897 |
Proceeds from paydowns/maturities on mortgage-backed securities held-to-maturity | 116,088 | 57,499 |
Proceeds from paydowns on equity securities available for sale | 430 | 108 |
Proceeds from paydowns/maturities on debt securities held-to-maturity | 11,484 | 17,086 |
Proceeds from paydowns/maturities on mortgage-backed securities available-for-sale | 124,566 | 246,415 |
Proceeds from sales of mortgage-backed securities available-for-sale | 37,682 | 55,971 |
Proceeds from sales of US Government and Agency Obligations available-for-sale | 3,000 | 0 |
Proceeds from other investment securities | 13,411 | 0 |
Redemption of equity securities available-for-sale | 164 | 0 |
Proceeds from redemptions of Federal Home Loan Bank stock | 135,172 | 89,102 |
Purchases of Federal Home Loan Bank stock | -97,571 | -131,484 |
Purchases of office properties and equipment | -24,480 | -16,559 |
Death benefit proceeds from bank owned life insurance | 2,249 | 0 |
Cash received, net of cash consideration paid for acquisitions | 11,307 | 0 |
Cash received, net of cash consideration paid for acquisitions | 17,917 | 0 |
Net cash provided by (used in) investing activities | -1,992,600 | -1,126,846 |
Cash flows from financing activities: | ' | ' |
Net increase in deposits | 498,115 | -126,522 |
Proceeds from Issuance or Sale of Equity | 2,149,893 | 0 |
Loan to ESOP for purchase of common stock | -66,174 | 0 |
Repayments of funds borrowed under other repurchase agreements | -98,205 | 150,000 |
Net increase in other borrowings | -737,660 | 940,460 |
Net increase in advance payments by borrowers for taxes and insurance | 19,960 | 22,313 |
Dividends paid | -28,238 | -16,789 |
Exercise of stock options | 12,287 | 4,775 |
Purchase of treasury stock | -13,524 | -1,376 |
Net tax benefit from stock-based compensation | 3,344 | 234 |
Net cash (used in) provided by financing activities | 1,739,798 | 973,095 |
Net increase in cash and cash equivalents | -12,523 | 13,176 |
Cash and cash equivalents beginning balance | 250,689 | 155,153 |
Cash and cash equivalents ending balance | 238,166 | 168,329 |
Noncash investing activities: | ' | ' |
Real estate acquired through foreclosure | 3,139 | 3,822 |
Cash paid during the year for: | ' | ' |
Interest | 87,939 | 81,028 |
Income taxes | 59,616 | 59,923 |
Non-cash assets acquired: | ' | ' |
Investment securities available for sale | 50,347 | 0 |
Loans | 195,062 | 0 |
Goodwill and Other intangible assets, net | 1,853 | 0 |
Other Assets | 21,343 | 0 |
Total non-cash assets acquired | 268,605 | 0 |
Liabilities assumed: | ' | ' |
Deposits | 254,672 | 0 |
Borrowings | 5,185 | 0 |
Other Liabilities | 3,184 | 0 |
Total liabilities assumed | 263,041 | 0 |
Net non-cash assets acquired | $5,564 | $0 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Investors Bancorp, Inc. (the “Company”) is a Delaware corporation that was incorporated in December 2013 to be the successor to Investors Bancorp, Inc. (“Old Investors Bancorp”) upon completion of the mutual-to-stock conversion of Investors Bancorp, MHC, the top tier holding company of Old Investors Bancorp. Old Investors Bancorp was the former mid tier holding company for Investors Bank. Prior to completion of the second step conversion, approximately 62% of the shares of common stock of Old Investors Bancorp was owned by Investors Bancorp, MHC. In conjunction with the second step conversion, Investors Bancorp, MHC merged into Old Investors Bancorp (and ceased to exist), and Old Investors Bancorp merged into the Company and the Company became its successor under the name Investors Bancorp, Inc. The second step conversion was completed May 7, 2014. The Company raised net proceeds of $2.15 billion by selling a total of 219,580,695 shares of common stock at $10.00 per share in the second step stock offering and issued 1,000,000 shares of common stock to the Investors Charitable Foundation. Concurrent with the completion of the stock offering, each share of Old Investors Bancorp common stock owned by public stockholders (stockholders other than Investors Bancorp, MHC) was exchanged for 2.55 shares of Company common stock. A total of 137,560,968 shares of Company common stock were issued in the exchange. The conversion was accounted for as a capital raising transaction by entities under common control. The historical financial results of Investors Bancorp, MHC are immaterial to the results of the Company and therefore the net assets of Investors Bancorp, MHC have been reflected as an increase to shareholders' equity. In addition, the second step conversion resulted in the accelerated vesting of all outstanding stock awards as of the conversion date. The withholding of shares for payment of taxes with respect to these awards resulted in treasury stock of 1,101,694 shares. | |
As a result of the conversion, all share information has been revised to reflect the 2.55- to- one exchange ratio. Financial information presented in this Form 10-Q is derived in part from the consolidated financial statements of Old Investors Bancorp and subsidiaries. | |
In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair presentation of the consolidated financial condition and the consolidated results of operations for the unaudited periods presented have been included. The results of operations and other data presented for the three and nine months ended September 30, 2014 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. | |
Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Form 10-Q. The consolidated financial statements presented should be read in conjunction with the Company’s audited consolidated financial statements and notes to the audited consolidated financial statements included in the Company’s December 31, 2013 Annual Report on Form 10-K. Certain reclassifications have been made to prior year amounts to conform to current year presentation. |
Business_Combinations
Business Combinations | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Business Combinations | ' | |||
Business Combinations | ||||
On January 10, 2014, the Company completed its acquisition of Gateway Community Financial Corp., the federally-chartered holding company for GCF Bank ("Gateway"), which operated 4 branches in Gloucester County, New Jersey. After the purchase accounting adjustments, the Company added $254.7 million in customer deposits and acquired $195.1 million in loans. This transaction generated $1.9 million in core deposit premium. The acquisition was accounted for under the acquisition method of accounting as prescribed by Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) 805 “Business Combinations”, as amended. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based on their estimated fair values, net of applicable income tax effects. The acquisition resulted in a bargain purchase gain of $1.5 million, net of tax. In conjunction with the acquisition, Old Investors Bancorp issued 1,945,079 shares to Investors Bancorp, MHC which was determined using the closing average twenty day stock price of Old Investors Bancorp's common stock. GCF Bank was merged into the Bank as of the acquisition date. | ||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for Gateway Financial, net of cash consideration paid: | ||||
At January 10, 2014 | ||||
(In millions) | ||||
Cash and cash equivalents, net | $ | 17.9 | ||
Securities available-for-sale | 50.3 | |||
Loans receivable | 195.1 | |||
Accrued interest receivable | 0.7 | |||
Other real estate owned | 0.4 | |||
Office properties and equipment, net | 4.3 | |||
Intangible assets | 1.9 | |||
Other assets | 15.9 | |||
Total assets acquired | 286.5 | |||
Deposits | (254.7 | ) | ||
Borrowed funds | (5.2 | ) | ||
Other liabilities | (3.1 | ) | ||
Total liabilities assumed | $ | (263.0 | ) | |
Net assets acquired | $ | 23.5 | ||
The calculation of goodwill is subject to change for up to one year after closing date of the transaction as additional information relative to closing date estimates and uncertainties become available. As the Company finalizes its analysis of these assets and liabilities, there may be adjustments to the recorded carrying values. | ||||
On December 6, 2013, the Company completed the acquisition of Roma Financial Corporation ("Roma Financial") which operated 26 branches in Burlington, Ocean, Mercer, Camden and Middlesex counties, New Jersey. After the purchase accounting adjustments, the Company added $1.34 billion in customer deposits and acquired $991.0 million in loans. This transaction generated $8.9 million in core deposit premium. The acquisition was accounted for under the acquisition method of accounting as prescribed by ASC 805 “Business Combinations,” as amended. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based on their estimated fair values, net of applicable income tax effects. The excess cost over fair value of net assets acquired has been recorded as goodwill. In connection with the acquisition, Old Investors Bancorp issued 66,089,974 shares of its common stock, of which 16,255,845 shares went to Roma's public stockholders and 49,834,130 shares were issued to Investors Bancorp MHC. The purchase price for Roma Financial was determined using the exchange ratio of 0.8653 stated in the merger agreement and the closing stock price on December 6, 2013 of Old Investors Bancorp's common stock. The value assigned to the Roma MHC shares were based on the exchange ratio of 0.8653 and the difference between the appraised value of the Roma Financial Corporation franchise less the value given to the public stockholders. | ||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for Roma, net of cash consideration paid: | ||||
At December 6, | ||||
2013 | ||||
(In millions) | ||||
Cash and cash equivalents, net | $ | 118.2 | ||
Securities available-for-sale | 382 | |||
Securities held to maturity | 13.6 | |||
Loans receivable | 991 | |||
Accrued interest receivable | 3.8 | |||
Other real estate owned | 5.3 | |||
Office properties and equipment, net | 30.7 | |||
Goodwill | 0.3 | |||
Intangible assets | 9.5 | |||
Other assets | 78.5 | |||
Total assets acquired | 1,632.90 | |||
Deposits | (1,341.2 | ) | ||
Borrowed funds | (92.1 | ) | ||
Other liabilities | (20.5 | ) | ||
Total liabilities assumed | $ | (1,453.8 | ) | |
Net assets acquired | $ | 179.1 | ||
The calculation of goodwill is subject to change for up to one year after closing date of the transaction as additional information relative to closing date estimates and uncertainties become available. As the Company finalizes its analysis of these assets and liabilities, there may be adjustments to the recorded carrying values. | ||||
Fair Value Measurement of Assets Acquired and Liabilities Assumed | ||||
Described below are the methods used to determine the fair values of the significant assets acquired and liabilities assumed in the Gateway and Roma Financial acquisitions based on guidance from ASC 820-10 which defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. | ||||
Securities.The estimated fair values of the investment securities classified as available for sale were calculated utilizing Level 1 inputs. The prices for these instruments are based upon sales of the securities shortly after the acquisition date. Investment securities classified as Held to Maturity were valued using a combination of Level 1and Level 2 inputs. The Company reviewed the data and assumptions used in pricing the securities by its third party provider to ensure the highest level of significant inputs are derived from market observable data. | ||||
Loans. Level 3 inputs were utilized to value the acquired loan portfolio and included the use of present value techniques employing cash flow estimates and the incorporated assumptions that marketplace participants would use in estimating fair values. In instances where reliable market information was not available, the Company used its own assumptions in an effort to determine reasonable fair value. Specifically, the Company utilized three separate fair value analyses we believe a market participant might employ in estimating the entire fair value adjustment required under ASC 820-10. The three separate fair valuation methodologies used are: 1) interest rate loan fair value analysis, 2) general credit fair value adjustment, and 3) specific credit fair value adjustment. | ||||
To prepare the interest rate fair value analysis, loans were assembled into groupings by characteristics such as loan type, term, collateral and rate. Market rates for similar loans were obtained from various external data sources and reviewed by Company management for reasonableness. The average of these rates was used as the fair value interest rate a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value adjustment. | ||||
The general credit fair value adjustment was calculated using a two part general credit fair value analysis; 1) expected lifetime losses and 2) estimated fair value adjustment for qualitative factors. The expected lifetime losses were calculated using an average of historical losses of the Company, the acquired banks and peer banks. The adjustment related to qualitative factors was impacted by general economic conditions and the risk related to lack of familiarity with the originator's underwriting process. | ||||
To calculate the specific credit fair value adjustment the Company reviewed the acquired loan portfolio for loans meeting the definition of an impaired loan as defined by ASC 310-30. Loans meeting this criteria were reviewed by comparing the contractual cash flows to expected collectible cash flows. The aggregate expected cash flows less the acquisition date fair value will result in an accretable yield amount. The accretable yield amount will be recognized over the life of the loans on a level yield basis as an adjustment to yield. | ||||
Deposits / Core Deposit Premium.Core deposit premium represents the value assigned to demand, interest checking, money market and savings accounts acquired as part of an acquisition. The core deposit premium value represents the future economic benefit, including the present value of future tax benefits, of the potential cost savings from acquiring core deposits as part of an acquisition compared to the cost alternative funding sources and is valued utilizing Level 1 inputs. | ||||
Certificates of deposit (time deposits) are not considered to be core deposits as they are assumed to have a low expected average life upon acquisition. The fair value of certificates of deposits represents the present value of the certificates' expected contractual payments discounted by market rates for similar CDs and is valued utilizing Level 2 inputs. | ||||
Borrowed Funds.The present value approach was used to determine the fair value of the borrowed funds acquired during 2014 and 2013. The fair value of the liability represents the present value of the expected payments using the current rate of a replacement borrowing of the same type and remaining term to maturity and is valued utilizing Level 2 inputs. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||
The following is a summary of our earnings per share calculations and reconciliation of basic to diluted earnings per share. | ||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
Net Income | $ | 39,041 | $ | 29,281 | ||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||
Income available to common stockholders | $ | 39,041 | 343,493,691 | $ | 0.11 | $ | 29,281 | 275,229,343 | $ | 0.11 | ||||||||||||
Effect of dilutive common stock equivalents (1) | — | 3,279,852 | — | 3,632,571 | ||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||
Income available to common stockholders | $ | 39,041 | 346,773,543 | $ | 0.11 | $ | 29,281 | 278,861,914 | $ | 0.11 | ||||||||||||
(1) For the three months ended September 30, 2014 and 2013, there were 28,713 and 495,771 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
Net Income | $ | 88,644 | $ | 84,524 | ||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||
Income available to common stockholders | $ | 88,644 | 344,494,901 | $ | 0.26 | $ | 84,524 | 274,801,234 | $ | 0.31 | ||||||||||||
Effect of dilutive common stock equivalents (1) | — | 3,617,839 | — | 3,205,648 | ||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||
Income available to common stockholders | $ | 88,644 | 348,112,740 | $ | 0.25 | $ | 84,524 | 278,006,882 | $ | 0.3 | ||||||||||||
(1) For the nine months ended September 30, 2014 and 2013, there were 143,463 and 495,771 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
Securities
Securities | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||
Securities | ' | |||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||
The following tables present the carrying value, gross unrealized gains and losses and estimated fair value for available-for-sale securities and the amortized cost, net unrealized losses, gross unrecognized gains and losses and estimated fair value for held-to-maturity securities as of the dates indicated: | ||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||
Carrying value | Gross | Gross | Estimated | |||||||||||||||||||||||||
unrealized | unrealized losses | fair value | ||||||||||||||||||||||||||
gains | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
Equity securities | $ | 6,887 | 1,504 | — | 8,391 | |||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 445,209 | 5,088 | (1,970 | ) | 448,327 | |||||||||||||||||||||||
Federal National Mortgage Association | 585,577 | 5,706 | (2,180 | ) | 589,103 | |||||||||||||||||||||||
Government National Mortgage Association | 140 | 1 | — | 141 | ||||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | 1,030,926 | 10,795 | (4,150 | ) | 1,037,571 | |||||||||||||||||||||||
Total available-for-sale securities | $ | 1,037,813 | 12,299 | (4,150 | ) | 1,045,962 | ||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||
Amortized cost | Net unrealized losses (1) | Carrying value | Gross | Gross | Estimated | |||||||||||||||||||||||
unrecognized | unrecognized | fair value | ||||||||||||||||||||||||||
gains (2) | losses (2) | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||
Government-sponsored enterprises | $ | 4,427 | — | 4,427 | 1 | (4 | ) | 4,424 | ||||||||||||||||||||
Municipal bonds | 15,359 | — | 15,359 | 943 | — | 16,302 | ||||||||||||||||||||||
Corporate and other debt securities | 58,087 | (25,384 | ) | 32,703 | 32,385 | (401 | ) | 64,687 | ||||||||||||||||||||
Total debt securities held-to-maturity | 77,873 | (25,384 | ) | 52,489 | 33,329 | (405 | ) | 85,413 | ||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 480,817 | (4,139 | ) | 476,678 | 2,448 | (3,574 | ) | 475,552 | ||||||||||||||||||||
Federal National Mortgage Association | 960,560 | (4,219 | ) | 956,341 | 5,379 | (3,930 | ) | 957,790 | ||||||||||||||||||||
Government National Mortgage Association | 28,635 | — | 28,635 | — | (232 | ) | 28,403 | |||||||||||||||||||||
Federal housing authorities | 231 | — | 231 | — | — | 231 | ||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | 1,470,243 | (8,358 | ) | 1,461,885 | 7,827 | (7,736 | ) | 1,461,976 | ||||||||||||||||||||
Total held-to-maturity securities | $ | 1,548,116 | (33,742 | ) | 1,514,374 | 41,156 | (8,141 | ) | 1,547,389 | |||||||||||||||||||
(1) Net unrealized losses of held-to-maturity corporate and other debt securities represent the other than temporary charge related to other non credit factors and is being amortized through accumulated other comprehensive income over the remaining life of the securities. For mortgage-backed securities, it represents the net loss on previously designated available-for sale securities transferred to held-to-maturity at fair value and is being amortized through accumulated other comprehensive income over the remaining life of the securities. | ||||||||||||||||||||||||||||
(2) Unrecognized gains and losses of held-to-maturity securities are not reflected in the financial statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as held-to-maturity; or (ii) the date that an OTTI charge is recognized on a held-to-maturity security, through the date of the balance sheet. | ||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
Carrying value | Gross | Gross | Estimated | |||||||||||||||||||||||||
unrealized | unrealized | fair value | ||||||||||||||||||||||||||
gains | losses | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
Equity securities | $ | 7,148 | 1,315 | (19 | ) | 8,444 | ||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||
Government-sponsored enterprises | 3,004 | — | — | 3,004 | ||||||||||||||||||||||||
Corporate and other debt securities | 670 | — | — | 670 | ||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 362,876 | 4,055 | (3,843 | ) | 363,088 | |||||||||||||||||||||||
Federal National Mortgage Association | 408,794 | 4,620 | (3,855 | ) | 409,559 | |||||||||||||||||||||||
Government National Mortgage Association | 267 | — | — | 267 | ||||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | 771,937 | 8,675 | (7,698 | ) | 772,914 | |||||||||||||||||||||||
Total available-for-sale securities | $ | 782,759 | 9,990 | (7,717 | ) | 785,032 | ||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
Amortized cost | Net unrealized losses (1) | Carrying Value | Gross | Gross | Estimated | |||||||||||||||||||||||
unrecognized | unrecognized | fair value | ||||||||||||||||||||||||||
gains (2) | losses (2) | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||
Government-sponsored enterprises | $ | 4,542 | — | 4,542 | — | (18 | ) | 4,524 | ||||||||||||||||||||
Municipal bonds | 14,992 | — | 14,992 | 487 | — | 15,479 | ||||||||||||||||||||||
Corporate and other debt securities | 56,072 | (26,391 | ) | 29,681 | 20,315 | (1,392 | ) | 48,604 | ||||||||||||||||||||
Total debt securities held-to-maturity | 75,606 | (26,391 | ) | 49,215 | 20,802 | (1,410 | ) | 68,607 | ||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 308,890 | (5,273 | ) | 303,617 | 1,901 | (7,646 | ) | 297,872 | ||||||||||||||||||||
Federal National Mortgage Association | 483,916 | (5,300 | ) | 478,616 | 3,001 | (9,403 | ) | 472,214 | ||||||||||||||||||||
Federal housing authorities | 371 | — | 371 | — | — | 371 | ||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | 793,177 | (10,573 | ) | 782,604 | 4,902 | (17,049 | ) | 770,457 | ||||||||||||||||||||
Total held-to-maturity securities | $ | 868,783 | (36,964 | ) | 831,819 | 25,704 | (18,459 | ) | 839,064 | |||||||||||||||||||
(1) Net unrealized losses of held-to-maturity corporate and other debt securities represent the other than temporary charge related to other non credit factors and is being amortized through accumulated other comprehensive income over the remaining life of the securities. For mortgage-backed securities, it represents the net loss on previously designated available-for sale securities transferred to held-to-maturity at fair value and is being amortized through accumulated other comprehensive income over the remaining life of the securities. | ||||||||||||||||||||||||||||
(2) Unrecognized gains and losses of held-to-maturity securities are not reflected in the financial statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as held-to-maturity; or (ii) the date that an OTTI charge is recognized on a held-to-maturity security, through the date of the balance sheet. | ||||||||||||||||||||||||||||
Gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2014 and December 31, 2013, was as follows: | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||||
fair value | losses | fair value | losses | fair value | losses | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | $ | 139,038 | 710 | 85,556 | 1,260 | 224,594 | 1,970 | |||||||||||||||||||||
Federal National Mortgage Association | 93,214 | 600 | 73,727 | 1,580 | 166,941 | 2,180 | ||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | 232,252 | 1,310 | 159,283 | 2,840 | 391,535 | 4,150 | ||||||||||||||||||||||
Total available-for-sale | $ | 232,252 | 1,310 | 159,283 | 2,840 | 391,535 | 4,150 | |||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||
Government-sponsored enterprises | 4,324 | 4 | — | — | 4,324 | 4 | ||||||||||||||||||||||
Corporate and other debt securities | — | — | 144 | 401 | 144 | 401 | ||||||||||||||||||||||
Total debt securities held-to-maturity | 4,324 | 4 | 144 | 401 | 4,468 | 405 | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 209,681 | 1,570 | 107,499 | 2,004 | 317,180 | 3,574 | ||||||||||||||||||||||
Federal National Mortgage Association | 447,197 | 1,560 | 102,540 | 2,370 | 549,737 | 3,930 | ||||||||||||||||||||||
Government National Mortgage Association | 28,403 | 232 | — | — | 28,403 | 232 | ||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | 685,281 | 3,362 | 210,039 | 4,374 | 895,320 | 7,736 | ||||||||||||||||||||||
Total held-to-maturity | $ | 689,605 | 3,366 | 210,183 | 4,775 | 899,788 | 8,141 | |||||||||||||||||||||
Total | $ | 921,857 | 4,676 | 369,466 | 7,615 | 1,291,323 | 12,291 | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||||
fair value | losses | fair value | losses | fair value | losses | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
Equity securities | $ | 506 | 19 | — | — | 506 | 19 | |||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 164,306 | 3,843 | — | — | 164,306 | 3,843 | ||||||||||||||||||||||
Federal National Mortgage Association | 210,493 | 3,855 | — | — | 210,493 | 3,855 | ||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | 374,799 | 7,698 | — | — | 374,799 | 7,698 | ||||||||||||||||||||||
Total available-for-sale | $ | 375,305 | 7,717 | — | — | 375,305 | 7,717 | |||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||
Government-sponsored enterprises | $ | 4,524 | 18 | — | — | 4,524 | 18 | |||||||||||||||||||||
Corporate and other debt securities | 2,391 | 645 | 376 | 747 | 2,767 | 1,392 | ||||||||||||||||||||||
Total debt securities held-to-maturity | 6,915 | 663 | 376 | 747 | 7,291 | 1,410 | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 245,491 | 6,989 | 20,871 | 657 | 266,362 | 7,646 | ||||||||||||||||||||||
Federal National Mortgage Association | 390,750 | 9,147 | 4,454 | 256 | 395,204 | 9,403 | ||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | 636,241 | 16,136 | 25,325 | 913 | 661,566 | 17,049 | ||||||||||||||||||||||
Total held-to-maturity | $ | 643,156 | 16,799 | 25,701 | 1,660 | 668,857 | 18,459 | |||||||||||||||||||||
Total | $ | 1,018,461 | 24,516 | 25,701 | 1,660 | 1,044,162 | 26,176 | |||||||||||||||||||||
The majority of the gross unrealized losses relate to our mortgage-backed security portfolio which are issued by U.S. Government Sponsored Enterprises. The fair value of these securities have been positively impacted by the recent decrease in intermediate-term market interest rates. The remaining gross unrealized losses relate to our corporate and other debt securities whose estimated fair value has been adversely impacted by the current economic environment, current market interest rates, wider credit spreads and credit deterioration subsequent to the purchase of these securities. The portfolio consists of 34 pooled trust preferred securities (“TruPS”), principally issued by banks. At September 30, 2014, the amortized cost and estimated fair values of the trust preferred portfolio was $32.7 million and $64.7 million, respectively with one security in an unrealized loss position (see "OTTI" for further discussion). The Company has no intent to sell, nor is it more likely than not that the Company will be required to sell, the debt security in an unrealized loss position before the recovery of its amortized cost basis or maturity. | ||||||||||||||||||||||||||||
The following table summarizes the Company’s pooled trust preferred securities as of September 30, 2014 excluding one trust preferred security which the Company previously recorded a net other-than-temporary impairment charge which resulted in a zero net book balance for the security. At September 30, 2014, the security had a fair value of $38,000. The Company does not own any single-issuer trust preferred securities. | ||||||||||||||||||||||||||||
(Dollars in 000’s) | ||||||||||||||||||||||||||||
Description | Class | Book Value | Fair Value | Unrecognized | Number of | Current | Expected | Excess | Moody’s/ | |||||||||||||||||||
Gains (Losses) | Issuers | Deferrals and | Deferrals and | Subordination | Fitch Credit | |||||||||||||||||||||||
Currently | Defaults as a | Defaults as % | as a % of | Ratings | ||||||||||||||||||||||||
Performing | % of Total | of Remaining | Performing | |||||||||||||||||||||||||
Collateral (1) | Collateral (2) | Collateral (3) | ||||||||||||||||||||||||||
Alesco PF II | B1 | $ | 327 | $ | 481.7 | $ | 154.6 | 30 | 11.8 | % | 8.8 | % | — | % | Caa3 / C | |||||||||||||
Alesco PF III | B1 | 813.1 | 1,782.00 | 968.9 | 31 | 11.1 | % | 9 | % | — | % | Ca / C | ||||||||||||||||
Alesco PF III | B2 | 325.3 | 712.8 | 387.5 | 31 | 11.1 | % | 9 | % | — | % | Ca / C | ||||||||||||||||
Alesco PF IV | B1 | 401.2 | 697.8 | 296.6 | 38 | 1.2 | % | 11 | % | — | % | C / C | ||||||||||||||||
Alesco PF VI | C2 | 718.4 | 1,659.70 | 941.3 | 44 | 7.6 | % | 12.1 | % | — | % | Ca / C | ||||||||||||||||
MM Comm III | B | 156.6 | 3,221.00 | 3,064.50 | 5 | 30 | % | 9.3 | % | 12.8 | % | Ba1 / BB | ||||||||||||||||
MMCaps XVII | C1 | 1,647.40 | 2,236.50 | 589.1 | 33 | 13 | % | 7.4 | % | — | % | Caa1 / C | ||||||||||||||||
MMCaps XIX | C | 545.1 | 144 | (401.1 | ) | 34 | 25.4 | % | 11.9 | % | — | % | C / C | |||||||||||||||
Tpref I | B | 1,552.40 | 1,931.40 | 379 | 7 | 51.9 | % | 8.7 | % | — | % | Ca / WD | ||||||||||||||||
Tpref II | B | 4,156.50 | 5,324.40 | 1,168.00 | 18 | 34.8 | % | 9.9 | % | — | % | Caa3 / C | ||||||||||||||||
US Cap I | B2 | 917.2 | 1,980.00 | 1,062.80 | 30 | 12.5 | % | 7.1 | % | — | % | B3 / C | ||||||||||||||||
US Cap I | B1 | 2,733.50 | 5,940.00 | 3,206.50 | 30 | 12.5 | % | 7.1 | % | — | % | B3 / C | ||||||||||||||||
US Cap II | B1 | 1,429.90 | 2,899.00 | 1,469.10 | 35 | 15.6 | % | 8.3 | % | — | % | B3 / C | ||||||||||||||||
US Cap III | B1 | 1,855.10 | 2,789.00 | 933.9 | 30 | 16 | % | 9.8 | % | — | % | Caa2 / C | ||||||||||||||||
Trapeza XII | C1 | 1,782.70 | 3,117.70 | 1,334.90 | 33 | 24.3 | % | 11.4 | % | — | % | C / C | ||||||||||||||||
Trapeza XIII | C1 | 1,930.00 | 3,921.00 | 1,991.00 | 48 | 18.4 | % | 10.2 | % | — | % | Ca / CC | ||||||||||||||||
Pretsl XXII | A1 | 556.2 | 1,517.10 | 960.9 | 71 | 19.5 | % | 12.4 | % | 31.4 | % | A1 / A | ||||||||||||||||
Pretsl XXIV | A1 | 1,898.10 | 4,508.00 | 2,609.90 | 60 | 26.1 | % | 16.2 | % | 24.9 | % | A3 / BBB | ||||||||||||||||
Pretsl IV | Mez | 147.4 | 221.2 | 73.8 | 6 | 18.1 | % | 7.5 | % | 19 | % | B1 / BB | ||||||||||||||||
Pretsl V | Mez | 17.1 | 17.1 | — | — | 65.5 | % | — | % | — | % | C / WD | ||||||||||||||||
Pretsl VII | Mez | 400.9 | 1,876.50 | 1,475.60 | 11 | 47.8 | % | 13 | % | — | % | Ca / WD | ||||||||||||||||
Pretsl XV | B1 | 934.6 | 2,180.20 | 1,245.70 | 57 | 11.6 | % | 13.2 | % | — | % | Caa3 / C | ||||||||||||||||
Pretsl XVII | C | 743.5 | 1,594.60 | 851.2 | 37 | 19 | % | 16.2 | % | — | % | C / CC | ||||||||||||||||
Pretsl XVIII | C | 1,643.60 | 2,845.30 | 1,201.70 | 55 | 22 | % | 9.9 | % | — | % | Ca / C | ||||||||||||||||
Pretsl XIX | C | 722.9 | 1,254.20 | 531.2 | 52 | 10.6 | % | 13.2 | % | — | % | C / C | ||||||||||||||||
Pretsl XX | C | 407.6 | 729.9 | 322.3 | 45 | 16.8 | % | 15.5 | % | — | % | Ca / C | ||||||||||||||||
Pretsl XXI | C1 | 952.8 | 2,985.30 | 2,032.60 | 53 | 19 | % | 12.1 | % | — | % | Ca / C | ||||||||||||||||
Pretsl XXIII | A-FP | 702 | 2,134.60 | 1,432.60 | 93 | 19.9 | % | 13.1 | % | 18.3 | % | Aa2 / BBB | ||||||||||||||||
Pretsl XXIV | C1 | 690.7 | 764.8 | 74 | 60 | 26.1 | % | 16.2 | % | — | % | C / C | ||||||||||||||||
Pretsl XXV | C1 | 439.2 | 928.2 | 489 | 52 | 25.7 | % | 12.9 | % | — | % | C / C | ||||||||||||||||
Pretsl XXVI | C1 | 525.2 | 1,150.30 | 625.1 | 54 | 24.1 | % | 12.8 | % | — | % | C / C | ||||||||||||||||
Pref Pretsl IX | B2 | 405.3 | 726.6 | 321.3 | 29 | 24 | % | 8.9 | % | — | % | B3 / C | ||||||||||||||||
Pretsl X | C2 | 224.8 | 377 | 152.2 | 32 | 26.2 | % | 10.6 | % | — | % | Caa1 / C | ||||||||||||||||
$ | 32,703.30 | $ | 64,648.90 | $ | 31,945.70 | |||||||||||||||||||||||
-1 | At September 30, 2014, current deferrals and defaults as a percent of collateral ranged from 1.2% to 65.5%. | |||||||||||||||||||||||||||
-2 | At September 30, 2014, expected deferrals and defaults as a percent of remaining collateral ranged from 0.0% to 23.4%. | |||||||||||||||||||||||||||
-3 | Excess subordination represents the amount of remaining performing collateral that is in excess of the amount needed to pay off a specified class of bonds and all classes senior to the specified class. Excess subordination reduces an investor’s potential risk of loss on their investment as excess subordination absorbs principal and interest shortfalls in the event underlying issuers are not able to make their contractual payments. | |||||||||||||||||||||||||||
A portion of the Company’s securities are pledged to secure borrowings. The contractual maturities of mortgage-backed securities are generally less than 20 years; with effective lives expected to be shorter due to anticipated prepayments. Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer, therefore, mortgage-backed securities are not included in the following table. The amortized cost and estimated fair value of debt securities at September 30, 2014, by contractual maturity, are shown below. | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||
Carrying Value | Estimated | |||||||||||||||||||||||||||
fair value | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Due in one year or less | $ | 10,074 | 10,075 | |||||||||||||||||||||||||
Due after one year through five years | 4,707 | 4,704 | ||||||||||||||||||||||||||
Due after five years through ten years | — | — | ||||||||||||||||||||||||||
Due after ten years | 37,708 | 70,634 | ||||||||||||||||||||||||||
Total | $ | 52,489 | 85,413 | |||||||||||||||||||||||||
Other-Than-Temporary Impairment (“OTTI”) | ||||||||||||||||||||||||||||
We conduct a quarterly review and evaluation of the securities portfolio to determine if the value of any security has declined below its cost or amortized cost, and whether such decline is other-than-temporary. If a determination is made that a debt security is other-than-temporarily impaired, the Company will estimate the amount of the unrealized loss that is attributable to credit and all other non-credit related factors. The credit related component will be recognized as an other-than-temporary impairment charge in non-interest income. The non-credit related component will be recorded as an adjustment to accumulated other comprehensive income, net of tax. | ||||||||||||||||||||||||||||
Through the use of a valuation specialist, we evaluate the credit and performance of each underlying issuer of our trust preferred securities by deriving probabilities and assumptions for default, recovery and prepayment/amortization for the expected cash flows for each security. At September 30, 2014, management deemed that the present value of projected cash flows for each security was greater than the book value and did not recognized any additional OTTI charges for the period ended September 30, 2014. At September 30, 2014, non credit-related OTTI recorded on the previously impaired pooled trust preferred securities was $25.4 million ($15.0 million after-tax). | ||||||||||||||||||||||||||||
The following table presents the changes in the credit loss component of the impairment loss of debt securities that the Company has written down for such loss as an other-than-temporary impairment recognized in earnings. | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Balance of credit related OTTI, beginning of period | $ | 110,522 | 112,886 | $ | 112,235 | 114,514 | ||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||
Initial credit impairments | — | — | — | — | ||||||||||||||||||||||||
Subsequent credit impairments | — | — | — | — | ||||||||||||||||||||||||
Reductions: | ||||||||||||||||||||||||||||
Accretion of credit loss impairment due to an increase in expected cash flows | (853 | ) | (814 | ) | (2,566 | ) | (2,442 | ) | ||||||||||||||||||||
Balance of credit related OTTI, end of period | $ | 109,669 | 112,072 | $ | 109,669 | 112,072 | ||||||||||||||||||||||
The credit loss component of the impairment loss represents the difference between the present value of expected future cash flows and the amortized cost basis of the securities prior to considering credit losses. The beginning balance represents the credit loss component for debt securities for which other-than-temporary impairment occurred prior to the period presented. If other-than-temporary impairment is recognized in earnings for credit impaired debt securities, they would be presented as additions in two components based upon whether the current period is the first time a debt security was credit impaired (initial credit impairment) or is not the first time a debt security was credit impaired (subsequent credit impairments). The credit loss component is reduced if the Company sells, intends to sell or believes it will be required to sell previously credit impaired debt securities. Additionally, the credit loss component is reduced if (i) the Company receives cash flows in excess of what it expected to receive over the remaining life of the credit impaired debt security, (ii) the security matures or (iii) the security is fully written down. | ||||||||||||||||||||||||||||
Realized Gains and Losses | ||||||||||||||||||||||||||||
Gains and losses on the sale of all securities are determined using the specific identification method. For the three months ended September 30, 2014, the Company recognized net gains on available-for-sale securities of $29,000 on capital distributions of equity securities from the available-for-sale portfolio. For the nine months ended September 30, 2014 the Company recognized net gains on available-for-sale securities of $669,000, of which $145,000 were related to capital distributions of equity securities from the available-for-sale portfolio. In December 2013, regulatory agencies adopted a rule on the treatment of certain collateralized debt obligations backed by trust preferred securities to implement sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act, known as the Volcker Rule. As a result of the evaluation of the impact of the Volcker Rule, the Company reclassified one trust preferred security to available-for-sale. The Company sold the security during the nine months ended September 30, 2014 resulting in gross realized gains of $474,000. For the three and nine months ended September 30, 2014, there were no sales of securities from held-to-maturity portfolio, however for the nine months ended September 30, 2014, the Company recognized a gain of $50,000 on a TruP security which was entirely liquidated by its Trustee. For the three and nine months ended September 30, 2014, there were no losses recognized. | ||||||||||||||||||||||||||||
For the three months ended September 30, 2013, the Company realized a $15,000 gain on capital distributions of equity securities from the available-for-sale portfolio. For the three months ended September 30, 2013, there were no losses recognized. For the nine months ended September 30, 2013, proceeds from sales of securities from the available-for-sale portfolio were $56.0 million, which resulted in gross realized gains of $846,100 and $162,300 gross realized losses as well as $22,000 of gains on capital distributions of equity securities. There were no sales of securities from the held-to-maturity portfolio for the three and nine months ended September 30, 2013. |
Loans_Receivable_Net
Loans Receivable, Net | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Loans Receivable, Net | ' | ||||||||||||||||||||||||
Loans Receivable, Net | |||||||||||||||||||||||||
The detail of the loan portfolio as of September 30, 2014 and December 31, 2013 was as follows: | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Residential mortgage loans | $ | 5,826,301 | 5,692,810 | ||||||||||||||||||||||
Multi-family loans | 4,715,936 | 3,985,517 | |||||||||||||||||||||||
Commercial real estate loans | 2,802,403 | 2,485,937 | |||||||||||||||||||||||
Construction loans | 154,945 | 194,542 | |||||||||||||||||||||||
Consumer and other loans | 435,246 | 403,929 | |||||||||||||||||||||||
Commercial and industrial loans | 412,879 | 265,836 | |||||||||||||||||||||||
Total loans excluding PCI loans | 14,347,710 | 13,028,571 | |||||||||||||||||||||||
PCI loans | 20,580 | 36,047 | |||||||||||||||||||||||
Net unamortized premiums and deferred loan costs (1) | (7,883 | ) | (8,146 | ) | |||||||||||||||||||||
Allowance for loan losses | (191,084 | ) | (173,928 | ) | |||||||||||||||||||||
Net loans | $ | 14,169,323 | 12,882,544 | ||||||||||||||||||||||
(1) Included in unamortized premiums and deferred loan costs are accretable purchase accounting adjustments in connection with loans acquired. | |||||||||||||||||||||||||
Purchased Credit-Impaired Loans | |||||||||||||||||||||||||
Purchased Credit-Impaired ("PCI") loans, are loans acquired at a discount that is due, in part, to credit quality. PCI loans are accounted for in accordance with ASC Subtopic 310-30 and are initially recorded at fair value as determined by the present value of expected future cash flows with no valuation allowance reflected in the allowance for loan losses. | |||||||||||||||||||||||||
The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired in the Gateway Financial acquisition as of January 10, 2014: | |||||||||||||||||||||||||
10-Jan-14 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Contractually required principal and interest | $ | 4,172 | |||||||||||||||||||||||
Contractual cash flows not expected to be collected (non-accretable difference) | (1,024 | ) | |||||||||||||||||||||||
Expected cash flows to be collected | 3,148 | ||||||||||||||||||||||||
Interest component of expected cash flows (accretable yield) | (216 | ) | |||||||||||||||||||||||
Fair value of acquired loans | $ | 2,932 | |||||||||||||||||||||||
The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired in the Roma Financial acquisition as of December 6, 2013: | |||||||||||||||||||||||||
6-Dec-13 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Contractually required principal and interest | $ | 46,231 | |||||||||||||||||||||||
Contractual cash flows not expected to be collected (non-accretable difference) | (16,441 | ) | |||||||||||||||||||||||
Expected cash flows to be collected | 29,790 | ||||||||||||||||||||||||
Interest component of expected cash flows (accretable yield) | (3,425 | ) | |||||||||||||||||||||||
Fair value of acquired loans | $ | 26,365 | |||||||||||||||||||||||
The following table presents changes in the accretable yield for PCI loans during the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance, beginning of period | $ | 1,401 | 1,212 | $ | 4,154 | 1,457 | |||||||||||||||||||
Acquisitions | — | — | 216 | — | |||||||||||||||||||||
Accretion (1) | (193 | ) | (135 | ) | (3,162 | ) | (380 | ) | |||||||||||||||||
Net reclassification from non-accretable difference | — | — | — | — | |||||||||||||||||||||
Balance, end of period | $ | 1,208 | 1,077 | $ | 1,208 | 1,077 | |||||||||||||||||||
(1) Includes the removal of $1.9 million accretable mark on PCI loans sold during the nine months ended September 30, 2014. This transfer had no impact on income for the nine months ended September 30, 2014. | |||||||||||||||||||||||||
An analysis of the allowance for loan losses is summarized as follows: | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of the period | $ | 186,070 | 154,467 | $ | 173,928 | 142,172 | |||||||||||||||||||
Loans charged off | (8,060 | ) | (2,484 | ) | (15,163 | ) | (19,219 | ) | |||||||||||||||||
Recoveries | 4,074 | 1,046 | 6,319 | 2,576 | |||||||||||||||||||||
Net charge-offs | (3,986 | ) | (1,438 | ) | (8,844 | ) | (16,643 | ) | |||||||||||||||||
Provision for loan losses | 9,000 | 13,750 | 26,000 | 41,250 | |||||||||||||||||||||
Balance at end of the period | $ | 191,084 | 166,779 | $ | 191,084 | 166,779 | |||||||||||||||||||
The allowance for loan losses is the estimated amount considered necessary to cover credit losses inherent in the loan portfolio at the balance sheet date. The allowance is established through the provision for loan losses that is charged against income. In determining the allowance for loan losses, we make significant estimates and therefore, have identified the allowance as a critical accounting policy. The methodology for determining the allowance for loan losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used and the potential for changes in the economic environment that could result in changes to the amount of the recorded allowance for loan losses. | |||||||||||||||||||||||||
The allowance for loan losses has been determined in accordance with U.S. GAAP, under which we are required to maintain an allowance for probable losses at the balance sheet date. We are responsible for the timely and periodic determination of the amount of the allowance required. We believe that our allowance for loan losses is adequate to cover specifically identifiable losses, as well as estimated losses inherent in our portfolio for which certain losses are probable but not specifically identifiable. Loans acquired are marked to fair value on the date of acquisition with no valuation allowance reflected in the allowance for loan losses. In conjunction with the quarterly evaluation of the adequacy of the allowance for loan loss, the Company performs an analysis on acquired loans to determine whether or not there has been subsequent deterioration in relation to those loans. If deterioration has occurred, the Company will include these loans in their calculation of the allowance for loan loss. For the three and nine months ended September 30, 2014, the Company recorded charge offs related to PCI loans acquired of $419,000 and $1.3 million, respectively. | |||||||||||||||||||||||||
Management performs a quarterly evaluation of the adequacy of the allowance for loan losses. The analysis of the allowance for loan losses has two components: specific and general allocations. Specific allocations are made for loans determined to be impaired. A loan is deemed to be impaired if it is a commercial loan with an outstanding balance greater than $1.0 million and on non-accrual status, loans modified in a troubled debt restructuring (“TDR”), and other commercial loans greater than $1.0 million if management has specific information that it is probable they will not collect all amounts due under the contractual terms of the loan agreement. Impairment is measured by determining the present value of expected future cash flows or, for collateral-dependent loans, the fair value of the collateral adjusted for market conditions and selling expenses. The general allocation is determined by segregating the remaining loans, including those loans not meeting the Company’s definition of an impaired loan, by type of loan, risk rating (if applicable) and payment history. In addition, the Company also considers whether residential loans are fixed or adjustable rate as adjustable rate loans are subject to more credit risk if interest rates rise. We also analyze historical loss experience, delinquency trends, general economic conditions, geographic concentrations, and industry and peer comparisons. This analysis establishes a range of factors that are applied to the loan groups to determine the amount of the general allocations. This evaluation is based on market data but is inherently subjective as it requires material estimates that may be susceptible to significant revisions based upon changes in economic and real estate market conditions. Actual loan losses may be significantly more than the allowance for loan losses we have established which could have a material negative effect on our financial results. | |||||||||||||||||||||||||
On a quarterly basis, management’s Allowance for Loan Loss Committee reviews the current status of various loan assets in order to evaluate the adequacy of the allowance for loan losses. In this evaluation process, specific loans are analyzed to determine their potential risk of loss. This process includes all loans, concentrating on non-accrual and classified loans. Each non-accrual or classified loan is evaluated for potential loss exposure. Any shortfall results in a recommendation of a specific allowance or charge-off if the likelihood of loss is evaluated as probable. To determine the adequacy of collateral on a particular loan, an estimate of the fair value of the collateral is based on the most current appraised value available for real property or a discounted cash flow analysis on a business. This appraised value for real property is then reduced to reflect estimated liquidation expenses. | |||||||||||||||||||||||||
The allowance contains reserves identified as unallocated to cover inherent losses within a given loan category which have not been otherwise reviewed or measured on an individual basis. Such reserves include the evaluation of the national and local economy, loan portfolio volumes, the composition and concentrations of credit, credit quality and delinquency trends. These reserves reflect management's attempt to ensure that the overall allowance reflects a margin for imprecision and the uncertainty that is inherent in estimates of probable credit losses. | |||||||||||||||||||||||||
The results of this quarterly process are summarized along with recommendations and presented to the Allowance for Loan Loss Committee for their review. Based on these recommendations, loan loss allowances are approved by the Allowance for Loan Loss Committee. All supporting documentation with regard to the evaluation process, loan loss experience, allowance levels and the schedules of classified loans are maintained by the Accounting and Credit Risk Departments. A summary of loan loss allowances and the methodology employed to determine such allowances is presented to the Board of Directors on a quarterly basis. | |||||||||||||||||||||||||
Our primary lending emphasis has been the origination of commercial real estate loans, multi-family loans, commercial and industrial loans and the origination and purchase of residential mortgage loans. We also originate home equity loans and home equity lines of credit. These activities resulted in a concentration of loans secured by real property and businesses located in New Jersey and New York. Based on the composition of our loan portfolio, we believe the primary risks are increases in interest rates, a decline in the general economy, and declines in real estate market values in New Jersey, New York and surrounding states. Any one or combination of these events may adversely affect our loan portfolio resulting in increased delinquencies, loan losses and future levels of loan loss provisions. We consider it important to maintain the ratio of our allowance for loan losses to total loans at an adequate level given current economic conditions and the composition of the portfolio. As a substantial amount of our loan portfolio is collateralized by real estate, appraisals of the underlying value of property securing loans are critical in determining the amount of the allowance required for specific loans. Assumptions for appraisal valuations are instrumental in determining the value of properties. Overly optimistic assumptions or negative changes to assumptions could significantly impact the valuation of a property securing a loan and the related allowance determined. The assumptions supporting such appraisals are carefully reviewed by management to determine that the resulting values reasonably reflect amounts realizable on the related loans. | |||||||||||||||||||||||||
For commercial real estate, multi-family and construction loans, the Company obtains an appraisal for all collateral dependent loans upon origination and an updated appraisal in the event interest or principal payments are 90 days delinquent or when the timely collection of such income is considered doubtful. This is done in order to determine the specific reserve needed upon initial recognition of a collateral dependent loan as non-accrual and/or impaired. In subsequent reporting periods, as part of the allowance for loan loss process, the Company reviews each collateral dependent commercial real estate loan previously classified as non-accrual and/or impaired and assesses whether there has been an adverse change in the collateral value supporting the loan. The Company utilizes information from its commercial lending officers, its credit department and loan workout department’s knowledge of changes in real estate conditions in our lending area to identify if possible deterioration of collateral value has occurred. Based on the severity of the changes in market conditions, management determines if an updated appraisal is warranted or if downward adjustments to the previous appraisal are warranted. If it is determined that the deterioration of the collateral value is significant enough to warrant ordering a new appraisal, an estimate of the downward adjustments to the existing appraised value is used in assessing if additional specific reserves are necessary until the updated appraisal is received. | |||||||||||||||||||||||||
For homogeneous residential mortgage loans, the Company’s policy is to obtain an appraisal upon the origination of the loan and an updated appraisal in the event a loan becomes 90 days delinquent. Thereafter, the appraisal is updated every two years if the loan remains in non-performing status and the foreclosure process has not been completed. Management adjusts the appraised value of residential loans to reflect estimated selling costs and declines in the real estate market. | |||||||||||||||||||||||||
Management believes the potential risk for outdated appraisals for impaired and other non-performing loans has been mitigated due to the fact that the loans are individually assessed to determine that the loan’s carrying value is not in excess of the fair value of the collateral. Loans are generally charged off after an analysis is completed which indicates that collectability of the full principal balance is in doubt. | |||||||||||||||||||||||||
Our allowance for loan losses reflects probable losses considering, among other things, the weak economic conditions, the actual growth and change in composition of our loan portfolio, the level of our non-performing loans and our charge-off experience. We believe the allowance for loan losses reflects the inherent credit risk in our portfolio. | |||||||||||||||||||||||||
Although we believe we have established and maintained the allowance for loan losses at adequate levels, additions may be necessary if the current economic environment continues or deteriorates. Management uses the best information available; however, the level of the allowance for loan losses remains an estimate that is subject to significant judgment and short-term change. In addition, the Federal Deposit Insurance Corporation and the New Jersey Department of Banking and Insurance, as an integral part of their examination process, will periodically review our allowance for loan losses. Such agencies may require us to recognize adjustments to the allowance based on their judgments about information available to them at the time of their examination. | |||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Residential | Multi- | Commercial | Construction | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||
Mortgage Loans | Family Loans | Real Estate Loans | Loans | and Industrial | and Other | ||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Beginning balance-December 31, 2013 | $ | 51,760 | 42,103 | 46,657 | 8,947 | 9,273 | 2,161 | 13,027 | 173,928 | ||||||||||||||||
Charge-offs | (5,710 | ) | (292 | ) | (5,520 | ) | (505 | ) | (2,447 | ) | (689 | ) | — | (15,163 | ) | ||||||||||
Recoveries | 1,255 | 3,715 | 187 | 782 | 380 | — | — | 6,319 | |||||||||||||||||
Provision | 1,805 | 3,389 | 11,437 | (3,516 | ) | 10,366 | 1,127 | 1,392 | 26,000 | ||||||||||||||||
Ending balance-September 30, 2014 | $ | 49,110 | 48,915 | 52,761 | 5,708 | 17,572 | 2,599 | 14,419 | 191,084 | ||||||||||||||||
Individually evaluated for impairment | $ | 1,867 | — | — | — | — | — | — | 1,867 | ||||||||||||||||
Collectively evaluated for impairment | 47,243 | 48,915 | 52,761 | 5,708 | 17,572 | 2,599 | 14,419 | 189,217 | |||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | |||||||||||||||||
Balance at September 30, 2014 | $ | 49,110 | 48,915 | 52,761 | 5,708 | 17,572 | 2,599 | 14,419 | 191,084 | ||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 23,019 | 3,550 | 23,477 | 15,543 | 1,473 | — | — | 67,062 | ||||||||||||||||
Collectively evaluated for impairment | 5,803,282 | 4,712,386 | 2,778,926 | 139,402 | 411,406 | 435,246 | — | 14,280,648 | |||||||||||||||||
Loans acquired with deteriorated credit quality | 5,093 | 633 | 9,525 | 4,810 | 56 | 463 | — | 20,580 | |||||||||||||||||
Balance at September 30, 2014 | $ | 5,831,394 | 4,716,569 | 2,811,928 | 159,755 | 412,935 | 435,709 | — | 14,368,290 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Residential | Multi- | Commercial | Construction | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||
Mortgage Loans | Family Loans | Real Estate Loans | Loans | and Industrial | and Other | ||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Beginning balance-December 31, 2012 | $ | 45,369 | 29,853 | 33,347 | 16,062 | 4,094 | 2,086 | 11,361 | 142,172 | ||||||||||||||||
Charge-offs | (15,508 | ) | (1,266 | ) | (1,101 | ) | (3,424 | ) | (516 | ) | (795 | ) | — | (22,610 | ) | ||||||||||
Recoveries | 2,528 | 219 | 65 | 315 | 604 | 135 | — | 3,866 | |||||||||||||||||
Provision | 19,371 | 13,297 | 14,346 | (4,006 | ) | 5,091 | 735 | 1,666 | 50,500 | ||||||||||||||||
Ending balance-December 31, 2013 | $ | 51,760 | 42,103 | 46,657 | 8,947 | 9,273 | 2,161 | 13,027 | 173,928 | ||||||||||||||||
Individually evaluated for impairment | $ | 2,066 | — | — | — | — | — | — | 2,066 | ||||||||||||||||
Collectively evaluated for impairment | 49,694 | 42,103 | 46,657 | 8,947 | 9,273 | 2,161 | 13,027 | 171,862 | |||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | |||||||||||||||||
Balance at December 31, 2013 | $ | 51,760 | 42,103 | 46,657 | 8,947 | 9,273 | 2,161 | 13,027 | 173,928 | ||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 20,987 | 15,313 | 11,713 | 17,037 | 1,612 | — | — | 66,662 | ||||||||||||||||
Collectively evaluated for impairment | 5,671,823 | 3,970,204 | 2,474,224 | 177,505 | 264,224 | 403,929 | — | 12,961,909 | |||||||||||||||||
Loans acquired with deteriorated credit quality | 5,541 | 691 | 19,390 | 7,719 | 2,586 | 120 | — | 36,047 | |||||||||||||||||
Balance at December 31, 2013 | $ | 5,698,351 | 3,986,208 | 2,505,327 | 202,261 | 268,422 | 404,049 | — | 13,064,618 | ||||||||||||||||
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. For non-homogeneous loans, such as commercial and commercial real estate loans the Company analyzes the loans individually by classifying the loans as to credit risk and assesses the probability of collection for each type of class. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: | |||||||||||||||||||||||||
Pass - “Pass” assets are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. | |||||||||||||||||||||||||
Special Mention - A “Special Mention” asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Residential loans delinquent 30-89 days are considered special mention. | |||||||||||||||||||||||||
Substandard - A “Substandard” asset is inadequately protected by the current worth and paying capacity of the obligor or by the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Residential loans delinquent 90 days or greater are considered substandard. | |||||||||||||||||||||||||
Doubtful - An asset classified “Doubtful” has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values. | |||||||||||||||||||||||||
Loss - An asset or portion thereof, classified “Loss” is considered uncollectible and of such little value that its continuance on the institution’s books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. This classification does not necessarily mean that an asset has no recovery or salvage value; but rather, there is much doubt about whether, how much, or when the recovery will occur. As such, it is not practical or desirable to defer the write-off. | |||||||||||||||||||||||||
The following tables present the risk category of loans as of September 30, 2014 and December 31, 2013 by class of loans excluding PCI loans: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Residential | $ | 5,698,848 | 31,575 | 95,878 | — | — | 5,826,301 | ||||||||||||||||||
Multi-family | 4,640,667 | 71,088 | 4,181 | — | — | 4,715,936 | |||||||||||||||||||
Commercial real estate | 2,708,011 | 15,980 | 78,412 | — | — | 2,802,403 | |||||||||||||||||||
Construction | 138,013 | 1,743 | 15,189 | — | — | 154,945 | |||||||||||||||||||
Commercial and industrial | 389,146 | 14,882 | 8,851 | — | — | 412,879 | |||||||||||||||||||
Consumer and other | 428,879 | 2,548 | 3,819 | — | — | 435,246 | |||||||||||||||||||
Total | $ | 14,003,564 | 137,816 | 206,330 | — | — | 14,347,710 | ||||||||||||||||||
Need to tag consumer and other | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Residential | $ | 5,584,728 | 23,252 | 84,830 | — | — | 5,692,810 | ||||||||||||||||||
Multi-family | 3,919,808 | 49,199 | 16,510 | — | — | 3,985,517 | |||||||||||||||||||
Commercial real estate | 2,389,086 | 23,739 | 73,112 | — | — | 2,485,937 | |||||||||||||||||||
Construction | 158,576 | 7,847 | 28,119 | — | — | 194,542 | |||||||||||||||||||
Commercial and industrial | 247,983 | 7,540 | 10,313 | — | — | 265,836 | |||||||||||||||||||
Consumer and other | 400,890 | 1,065 | 1,974 | — | — | 403,929 | |||||||||||||||||||
Total | $ | 12,701,071 | 112,642 | 214,858 | — | — | 13,028,571 | ||||||||||||||||||
The following tables present the payment status of the recorded investment in past due loans as of September 30, 2014 and December 31, 2013 by class of loans excluding PCI loans: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total | ||||||||||||||||||||
than 90 | Due | Loans | |||||||||||||||||||||||
Days | Receivable | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Residential mortgage | $ | 22,485 | 12,362 | 76,868 | 111,715 | 5,714,586 | 5,826,301 | ||||||||||||||||||
Multi-family | 35,728 | 13,010 | 1,874 | 50,612 | 4,665,324 | 4,715,936 | |||||||||||||||||||
Commercial real estate | 5,259 | 428 | 14,645 | 20,332 | 2,782,071 | 2,802,403 | |||||||||||||||||||
Construction | 180 | 1,326 | 12,805 | 14,311 | 140,634 | 154,945 | |||||||||||||||||||
Commercial and industrial | 2,178 | 503 | 819 | 3,500 | 409,379 | 412,879 | |||||||||||||||||||
Consumer and other | 1,872 | 676 | 3,818 | 6,366 | 428,880 | 435,246 | |||||||||||||||||||
Total | $ | 67,702 | 28,305 | 110,829 | 206,836 | 14,140,874 | 14,347,710 | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total | ||||||||||||||||||||
than 90 | Due | Loans | |||||||||||||||||||||||
Days | Receivable | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Residential mortgage | $ | 17,779 | 7,358 | 66,079 | 91,216 | 5,601,594 | 5,692,810 | ||||||||||||||||||
Multi-family | 1,408 | 218 | 3,588 | 5,214 | 3,980,303 | 3,985,517 | |||||||||||||||||||
Commercial real estate | 16,380 | 10,247 | 2,091 | 28,718 | 2,457,219 | 2,485,937 | |||||||||||||||||||
Construction | 302 | 527 | 16,181 | 17,010 | 177,532 | 194,542 | |||||||||||||||||||
Commercial and industrial | 5,871 | 287 | 775 | 6,933 | 258,903 | 265,836 | |||||||||||||||||||
Consumer and other | 897 | 168 | 1,973 | 3,038 | 400,891 | 403,929 | |||||||||||||||||||
Total | $ | 42,637 | 18,805 | 90,687 | 152,129 | 12,876,442 | 13,028,571 | ||||||||||||||||||
The following table presents non-accrual loans excluding PCI loans at the dates indicated: | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
# of loans | amount | # of loans | amount | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Non-accrual: | |||||||||||||||||||||||||
Residential and consumer | 383 | $ | 85,888 | 304 | $ | 74,282 | |||||||||||||||||||
Construction | 6 | 12,806 | 18 | 16,181 | |||||||||||||||||||||
Multi-family | 1 | 1,874 | 5 | 5,905 | |||||||||||||||||||||
Commercial real estate | 29 | 14,645 | 12 | 2,711 | |||||||||||||||||||||
Commercial and industrial | 4 | 819 | 4 | 1,281 | |||||||||||||||||||||
Total non-accrual loans | 423 | $ | 116,032 | 343 | $ | 100,360 | |||||||||||||||||||
Included in the non-accrual table above are TDR loans whose payment status is current but the Company has classified as non-accrual as the loans have not maintained their current payment status for six consecutive months under the restructured terms and therefore do not meet the criteria for accrual status. As of September 30, 2014, these loans are comprised of 7 residential TDR loans totaling $1.9 million. There were 9 residential TDR loans totaling $3.3 million which were also 30-89 days delinquent and classified as non-accrual. As of December 31, 2013, these loans are comprised of 14 residential TDR loans totaling $4.6 million, 1 multi-family TDR loan for $2.3 million, 1 commercial TDR loan for $620,000 and 1 commercial and industrial TDR loan for $506,000. There were 5 residential TDR loans totaling $1.6 million which were also 30-89 days delinquent and classified as non-accrual. The Company has no loans past due 90 days or more delinquent that are still accruing interest. PCI loans are excluded from non-accrual loans, as they are recorded at fair value based on the present value of expected future cash flows. As of September 30, 2014, PCI loans with a carrying value of $20.6 million included $11.2 million which were current and $9.4 million 90 days or more delinquent. As of December 31, 2013, PCI loans totaled $36.0 million of which $19.6 million were current and $16.4 million were 90 days or more delinquent. | |||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, loans meeting the Company’s definition of an impaired loan were primarily collateral dependent loans which totaled $67.1 million and $66.7 million, respectively, with allocations of the allowance for loan losses of $1.9 million and $2.1 million, respectively. During the three months ended September 30, 2014 and 2013, interest income received and recognized on these loans totaled $678,000 and $508,000, respectively. During the nine months ended September 30, 2014 and 2013, interest income received and recognized on these loans totaled $1.9 million and $1.6 million, respectively. | |||||||||||||||||||||||||
The following tables present loans individually evaluated for impairment by portfolio segment as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | |||||||||||||||||||||
Investment | Balance | Allowance | Recorded | Income | |||||||||||||||||||||
Investment | Recognized | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||
Residential mortgage | $ | 6,578 | 8,946 | — | 5,898 | 318 | |||||||||||||||||||
Multi-family | 3,550 | 7,298 | — | 7,547 | 99 | ||||||||||||||||||||
Commercial real estate | 23,477 | 28,855 | — | 15,788 | 695 | ||||||||||||||||||||
Construction | 15,543 | 16,737 | — | 16,169 | 326 | ||||||||||||||||||||
Commercial and industrial | 1,473 | 1,473 | — | 1,560 | 66 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential mortgage | 16,441 | 16,792 | 1,867 | 16,680 | 381 | ||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||
Commercial real estate | — | — | — | — | — | ||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Residential mortgage | 23,019 | 25,738 | 1,867 | 22,578 | 699 | ||||||||||||||||||||
Multi-family | 3,550 | 7,298 | — | 7,547 | 99 | ||||||||||||||||||||
Commercial real estate | 23,477 | 28,855 | — | 15,788 | 695 | ||||||||||||||||||||
Construction | 15,543 | 16,737 | — | 16,169 | 326 | ||||||||||||||||||||
Commercial and industrial | 1,473 | 1,473 | — | 1,560 | 66 | ||||||||||||||||||||
Total impaired loans | $ | 67,062 | 80,101 | 1,867 | 63,642 | 1,885 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | |||||||||||||||||||||
Investment | Balance | Allowance | Recorded | Income | |||||||||||||||||||||
Investment | Recognized | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||
Residential mortgage | $ | 3,924 | 5,607 | — | 3,330 | 190 | |||||||||||||||||||
Multi-family | 15,313 | 28,681 | — | 15,405 | 428 | ||||||||||||||||||||
Commercial real estate | 11,713 | 12,223 | — | 11,538 | 679 | ||||||||||||||||||||
Construction | 17,037 | 26,642 | — | 19,157 | 198 | ||||||||||||||||||||
Commercial and industrial | 1,612 | 1,612 | — | 1,490 | 105 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential mortgage | 17,063 | 17,457 | 2,066 | 15,880 | 753 | ||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||
Commercial real estate | — | — | — | — | — | ||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Residential mortgage | 20,987 | 23,064 | 2,066 | 19,210 | 943 | ||||||||||||||||||||
Multi-family | 15,313 | 28,681 | — | 15,405 | 428 | ||||||||||||||||||||
Commercial real estate | 11,713 | 12,223 | — | 11,538 | 679 | ||||||||||||||||||||
Construction | 17,037 | 26,642 | — | 19,157 | 198 | ||||||||||||||||||||
Commercial and industrial | 1,612 | 1,612 | — | 1,490 | 105 | ||||||||||||||||||||
Total impaired loans | $ | 66,662 | 92,222 | 2,066 | 66,800 | 2,353 | |||||||||||||||||||
The average recorded investment is the annual average calculated based upon the ending quarterly balances. The interest income recognized is the year to date interest income recognized on a cash basis. | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
On a case-by-case basis, the Company may agree to modify the contractual terms of a borrower’s loan to remain competitive and assist customers who may be experiencing financial difficulty, as well as preserve the Company’s position in the loan. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a troubled debt restructured loan ("TDR"). | |||||||||||||||||||||||||
Substantially all of our troubled debt restructured loan modifications involve lowering the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan or a combination of these two methods. These modifications rarely result in the forgiveness of principal or accrued interest. In addition, we frequently obtain additional collateral or guarantor support when modifying commercial loans. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. | |||||||||||||||||||||||||
The following tables present the total troubled debt restructured loans at September 30, 2014 and December 31, 2013 excluding PCI loans: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||
# of loans | Amount | # of loans | Amount | # of loans | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Residential mortgage | 41 | $ | 14,578 | 27 | $ | 8,453 | 68 | $ | 23,031 | ||||||||||||||||
Multi-family | 2 | 1,677 | — | — | 2 | 1,677 | |||||||||||||||||||
Commercial real estate | 8 | 14,445 | 1 | 3,208 | 9 | 17,653 | |||||||||||||||||||
Commercial and industrial | 2 | 1,473 | — | — | 2 | 1,473 | |||||||||||||||||||
Construction | 2 | 3,058 | — | — | 2 | 3,058 | |||||||||||||||||||
55 | $ | 35,231 | 28 | $ | 11,661 | 83 | $ | 46,892 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||
# of loans | Amount | # of loans | Amount | # of loans | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Residential mortgage | 35 | $ | 12,975 | 26 | $ | 8,021 | 61 | $ | 20,996 | ||||||||||||||||
Multi-family | 4 | 9,844 | 1 | 2,317 | 5 | 12,161 | |||||||||||||||||||
Commercial real estate | 7 | 11,093 | 1 | 620 | 8 | 11,713 | |||||||||||||||||||
Commercial and industrial | 1 | 1,106 | 1 | 506 | 2 | 1,612 | |||||||||||||||||||
Construction | 3 | 4,552 | — | — | 3 | 4,552 | |||||||||||||||||||
50 | $ | 39,570 | 29 | $ | 11,464 | 79 | $ | 51,034 | |||||||||||||||||
The following tables present information about troubled debt restructurings which occurred during the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Number of | Pre-modification | Post- | Number of | Pre-modification | Post- | ||||||||||||||||||||
Loans | Recorded | modification | Loans | Recorded | modification | ||||||||||||||||||||
Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Troubled Debt Restructings: | |||||||||||||||||||||||||
Residential mortgage | — | $ | — | $ | — | 9 | $ | 3,225 | $ | 2,842 | |||||||||||||||
Commercial real estate | 2 | 9,549 | 6,549 | — | — | — | |||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 521 | 521 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Number of | Pre-modification | Post- | Number of | Pre-modification | Post- | ||||||||||||||||||||
Loans | Recorded | modification | Loans | Recorded | modification | ||||||||||||||||||||
Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Troubled Debt Restructings: | |||||||||||||||||||||||||
Residential mortgage | 8 | $ | 2,546 | $ | 2,546 | 20 | $ | 8,723 | $ | 8,155 | |||||||||||||||
Multi-family | — | — | — | 3 | 18,037 | 10,420 | |||||||||||||||||||
Commercial real estate | 3 | 10,657 | 7,657 | 4 | 5,080 | 4,679 | |||||||||||||||||||
Construction | — | — | — | 1 | 2,640 | 2,640 | |||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 521 | 521 | |||||||||||||||||||
Post-modification recorded investment represents the net book balance immediately following modification. | |||||||||||||||||||||||||
All TDRs are impaired loans, which are individually evaluated for impairment, as discussed above. Collateral dependant impaired loans classified as TDRs were written down to the estimated fair value of the collateral. There was a $3.0 million in charge-off for a collateral dependant TDR during the three and nine months ended September 30, 2014. For three and nine months ended September 30, 2013, charge-offs for collateral dependant TDRs were $383,000 and $1.6 million, respectively. The allowance for loan losses associated with the TDRs presented in the above tables totaled $1.9 million and $2.1 million at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||
Residential mortgage loan modifications primarily involved the reduction in loan interest rate and extension of loan maturity dates. All residential loans deemed to be TDRs were modified to reflect a reduction in interest rates to current market rates. Several residential TDRs include step up interest rates in their modified terms which will impact their weighted average yield in the future. Commercial loan modifications which qualified as a TDR comprised of terms of maturity being extended and reduction in interest rates to current market terms. As of September 30, 2014 and December 31, 2013, the Company has no additional fundings to any borrowers classified as a troubled debt restructuring. | |||||||||||||||||||||||||
The following tables present information about pre and post modification interest yield for troubled debt restructurings which occurred during the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Number of | Pre-modification | Post- | Number of | Pre-modification | Post- | ||||||||||||||||||||
Loans | Interest Yield | modification | Loans | Interest Yield | modification | ||||||||||||||||||||
Interest Yield | Interest Yield | ||||||||||||||||||||||||
Troubled Debt Restructings: | |||||||||||||||||||||||||
Residential mortgage | — | — | % | — | % | 9 | 4.44 | % | 3.14 | % | |||||||||||||||
Commercial real estate | 2 | 6.42 | 5.49 | — | — | — | |||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 6 | 4 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Number of | Pre-modification | Post- | Number of | Pre-modification | Post- | ||||||||||||||||||||
Loans | Interest Yield | modification | Loans | Interest Yield | modification | ||||||||||||||||||||
Interest Yield | Interest Yield | ||||||||||||||||||||||||
Troubled Debt Restructings: | |||||||||||||||||||||||||
Residential mortgage | 8 | 5.18 | % | 3.57 | % | 20 | 5.03 | % | 3.33 | % | |||||||||||||||
Multi-family | — | — | — | 3 | 8.61 | 3.81 | |||||||||||||||||||
Commercial real estate | 3 | 6.59 | 5.75 | 4 | 7.29 | 5.41 | |||||||||||||||||||
Construction | — | — | — | 1 | 5 | 3.75 | |||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 6 | 4 | |||||||||||||||||||
There were no loans modified as TDRs for which there was a payment default in the 12 months prior to September 30, 2014. Loans modified as TDRs in the 12 months prior to September 30, 2013, for which there was a payment default consisted of 4 residential loans with a recorded investment of $1.3 million at September 30, 2013. | |||||||||||||||||||||||||
Loan Sales | |||||||||||||||||||||||||
For the nine months ended September 30, 2014, the Company sold $32.4 million of non-performing and PCI loans. The sale resulted in a net gain of approximately $552,000. | |||||||||||||||||||||||||
For the nine months ended September 30, 2013, the Company sold $14.9 million of non-performing residential loans and one construction loan for $8.2 million. There was no gain or loss associated with any of the sales, as the loans were previously written down to estimated fair value. |
Deposits
Deposits | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Banking and Thrift [Abstract] | ' | ||||||
Deposits | ' | ||||||
Deposits | |||||||
Deposits are summarized as follows: | |||||||
September 30, | December 31, | ||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Savings | $ | 2,200,315 | 2,212,034 | ||||
Checking accounts | 3,750,306 | 3,163,250 | |||||
Money market deposits | 2,443,289 | 1,958,982 | |||||
Total transaction accounts | 8,393,910 | 7,334,266 | |||||
Certificates of deposit | 3,077,688 | 3,384,545 | |||||
Total Deposits | $ | 11,471,598 | 10,718,811 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||
The carrying amount of goodwill for the periods ended September 30, 2014 and December 31, 2013 was approximately $77.6 million. | ||||||||||||||
The following table summarizes other intangible assets as of September 30, 2014 and December 31, 2013: | ||||||||||||||
Gross Intangible Asset | Accumulated Amortization | Valuation Allowance | Net Intangible Assets | |||||||||||
(In thousands) | ||||||||||||||
September 30, 2014 | ||||||||||||||
Mortgage servicing rights | $ | 23,494 | (9,008 | ) | (81 | ) | 14,405 | |||||||
Core deposit premiums | 25,058 | (9,457 | ) | — | 15,601 | |||||||||
Other | 300 | (103 | ) | — | 197 | |||||||||
Total other intangible assets | $ | 48,852 | (18,568 | ) | (81 | ) | 30,203 | |||||||
31-Dec-13 | ||||||||||||||
Mortgage servicing rights | $ | 26,075 | (11,292 | ) | (81 | ) | 14,702 | |||||||
Core deposit premiums | 23,205 | (6,569 | ) | — | 16,636 | |||||||||
Other | 300 | (80 | ) | — | 220 | |||||||||
Total other intangible assets | $ | 49,580 | (17,941 | ) | (81 | ) | 31,558 | |||||||
Mortgage servicing rights are accounted for using the amortization method. Under this method, the Company amortizes the loan servicing asset in proportion to, and over the period of, estimated net servicing revenues. During 2008, the Company began selling loans on a servicing-retained basis. Loans that were sold on this basis, amounted to $1.61 billion and $1.71 billion at September 30, 2014 and December 31, 2013 respectively, all of which relate to residential mortgage loans. At September 30, 2014 and December 31, 2013, the servicing asset, included in intangible assets, had an estimated fair value of $14.4 million and $14.7 million, respectively. Fair value was based on expected future cash flows considering a weighted average discount rate of 10.18%, a weighted average constant prepayment rate on mortgages of 9.54% and a weighted average life of 7.2 years. | ||||||||||||||
Core deposit premiums are amortized using an accelerated method and having a weighted average amortization period of 10 years. As the result of the acquisition of Gateway Financial in January 2014, the Company recorded $1.9 million in core deposit premiums. |
Equity_Incentive_Plan
Equity Incentive Plan | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Equity Incentive Plan | ' | |||||||||||||
Equity Incentive Plan | ||||||||||||||
The following table presents the share based compensation expense for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(Dollars in thousands) | ||||||||||||||
Stock option expense | $ | 11 | 109 | 1,775 | 278 | |||||||||
Restricted stock expense | — | 786 | 11,922 | 2,400 | ||||||||||
Total share based compensation expense | $ | 11 | 895 | 13,697 | 2,678 | |||||||||
Upon completion of the mutual-to-stock conversion of Investors Bancorp, MHC, vesting accelerated on all outstanding stock option and restricted share awards. | ||||||||||||||
The following is a summary of the Company’s stock option activity and related information for its option plan for the nine months ended September 30, 2014: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Stock | Average | Average | Intrinsic | |||||||||||
Options | Exercise | Remaining | Value | |||||||||||
Price | Contractual | |||||||||||||
Life | ||||||||||||||
Outstanding at December 31, 2013 | 11,299,351 | $ | 5.99 | 3.7 | $ | 45,652 | ||||||||
Granted | 144,177 | 10.29 | ||||||||||||
Exercised | (2,047,889 | ) | 6 | |||||||||||
Forfeited | (3,060 | ) | 8.69 | |||||||||||
Expired | (44,648 | ) | 5.74 | |||||||||||
Outstanding at September 30, 2014 | 9,347,931 | $ | 6.06 | 3 | $ | 38,108 | ||||||||
Exercisable at September 30, 2014 | 9,319,213 | $ | 6.04 | 3 | $ | 38,108 | ||||||||
Upon completion of the mutual-to-stock conversion of Investors Bancorp, MHC, vesting accelerated on all outstanding stock option awards as of May 7, 2014. Expected future expenses relating to the non-vested options outstanding as of September 30, 2014 is $94,000 over a weighted average period of 6.14 years. | ||||||||||||||
The following is a summary of the status of the Company’s restricted shares as of September 30, 2014 and changes therein during the nine months ended: | ||||||||||||||
Number of | Weighted | |||||||||||||
Shares | Average | |||||||||||||
Awarded | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 31, 2013 | 2,655,585 | $ | 5.37 | |||||||||||
Granted | 38,250 | 10.19 | ||||||||||||
Vested | (2,685,457 | ) | 5.44 | |||||||||||
Forfeited | (8,378 | ) | 5.08 | |||||||||||
Non-vested at September 30, 2014 | — | $ | — | |||||||||||
Upon completion of the mutual-to-stock conversion of Investors Bancorp, MHC, vesting accelerated on all outstanding restricted share awards and all applicable expenses were recognized during the period. No additional restricted awards have been granted. |
Net_Periodic_Benefit_Plan_Expe
Net Periodic Benefit Plan Expense | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
Net Periodic Benefit Plan Expense | ' | |||||||||||||
Net Periodic Benefit Plan Expense | ||||||||||||||
The Company has a Supplemental Executive Retirement Wage Replacement Plan (SERP). The SERP is a nonqualified, defined benefit plan which provides benefits to employees as designated by the Compensation Committee of the Board of Directors if their benefits and/or contributions under the pension plan are limited by the Internal Revenue Code. The Company also has a nonqualified, defined benefit plan which provides benefits to certain directors. The SERP and the directors’ plan are unfunded and the costs of the plans are recognized over the period that services are provided. | ||||||||||||||
The components of net periodic benefit cost are as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Service cost | $ | 580 | 450 | $ | 1,740 | 1,349 | ||||||||
Interest cost | 331 | 227 | 992 | 681 | ||||||||||
Expected return on plan assets | — | — | — | — | ||||||||||
Amortization of: | ||||||||||||||
Prior service cost | 24 | 24 | 73 | 73 | ||||||||||
Net gain | 158 | 165 | 474 | 495 | ||||||||||
Total net periodic benefit cost | $ | 1,093 | 866 | $ | 3,279 | 2,598 | ||||||||
Due to the unfunded nature of these plans, no contributions have been made or were expected to be made to the SERP and Directors’ plans during the nine months ended September 30, 2014. | ||||||||||||||
The Company also maintains a defined benefit pension plan. Since it is a multiemployer plan, costs of the pension plan are based on contributions required to be made to the pension plan. We contributed $2.8 million to the defined benefit pension plan during the nine months ended September 30, 2014. We anticipate contributing funds to the plan to meet any minimum funding requirements for the remainder of 2014. | ||||||||||||||
In connection with the acquisition of Roma Financial on December 6, 2013, the Company terminated the Roma defined benefit pension plan, with remaining liability being been fully accrued. In connection with the acquisition of Gateway on January 10, 2014, the defined benefit pension plan was merged into Investors' existing defined benefit pension plan. |
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||
The components of comprehensive income (loss), both gross and net of tax, are as follows: | |||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Gross | Tax | Net | Gross | Tax | Net | ||||||||||||||
(In thousands) | |||||||||||||||||||
Net income | $ | 62,133 | (23,092 | ) | 39,041 | 45,334 | (16,053 | ) | 29,281 | ||||||||||
Other comprehensive loss: | |||||||||||||||||||
Change in funded status of retirement obligations | 182 | (73 | ) | 109 | 239 | (98 | ) | 141 | |||||||||||
Unrealized (loss) gain on securities available-for-sale | (3,973 | ) | 1,644 | (2,329 | ) | 185 | (33 | ) | 152 | ||||||||||
Accretion of loss on securities reclassified to held-to- maturity from available-for-sale | 745 | (304 | ) | 441 | 849 | (347 | ) | 502 | |||||||||||
Other-than-temporary impairment accretion on debt securities | 336 | (137 | ) | 199 | 1,084 | (443 | ) | 641 | |||||||||||
Total other comprehensive (loss) income | (2,710 | ) | 1,130 | (1,580 | ) | 2,357 | (921 | ) | 1,436 | ||||||||||
Total comprehensive income | $ | 59,423 | (21,962 | ) | 37,461 | 47,691 | (16,974 | ) | 30,717 | ||||||||||
Nine Months Ended September 30, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Gross | Tax | Net | Gross | Tax | Net | ||||||||||||||
(In thousands) | |||||||||||||||||||
Net income | $ | 141,848 | (53,204 | ) | 88,644 | 131,190 | (46,666 | ) | 84,524 | ||||||||||
Other comprehensive loss: | |||||||||||||||||||
Change in funded status of retirement obligations | 547 | (220 | ) | 327 | 717 | (293 | ) | 424 | |||||||||||
Unrealized gain (loss) on securities available-for-sale | 5,874 | (2,319 | ) | 3,555 | (18,051 | ) | 7,437 | (10,614 | ) | ||||||||||
Net loss on securities reclassified from available-for- sale to held-to-maturity | — | — | — | (12,243 | ) | 5,001 | (7,242 | ) | |||||||||||
Accretion of loss on securities reclassified to held-to- maturity from available-for-sale | 2,215 | (905 | ) | 1,310 | 849 | (347 | ) | 502 | |||||||||||
Reclassification adjustment for gain included in net income | (233 | ) | 95 | (138 | ) | (684 | ) | 279 | (405 | ) | |||||||||
Other-than-temporary impairment accretion on debt securities | 1,007 | (411 | ) | 596 | 1,745 | (713 | ) | 1,032 | |||||||||||
Total other comprehensive income (loss) | 9,410 | (3,760 | ) | 5,650 | (27,667 | ) | 11,364 | (16,303 | ) | ||||||||||
Total comprehensive income | $ | 151,258 | (56,964 | ) | 94,294 | 103,523 | (35,302 | ) | 68,221 | ||||||||||
The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
Change in | Net unrealized gains (losses) on investment securities | Total | |||||||||||||||||
funded status of | accumulated | ||||||||||||||||||
retirement | other | ||||||||||||||||||
obligations | comprehensive | ||||||||||||||||||
loss | |||||||||||||||||||
Balance - December 31, 2013 | $ | (5,869 | ) | (19,827 | ) | (25,696 | ) | ||||||||||||
Net change | 327 | 5,323 | 5,650 | ||||||||||||||||
Balance - September 30, 2014 | $ | (5,542 | ) | (14,504 | ) | (20,046 | ) | ||||||||||||
Balance - December 31, 2012 | $ | (5,879 | ) | (1,728 | ) | (7,607 | ) | ||||||||||||
Net change | 424 | (16,727 | ) | (16,303 | ) | ||||||||||||||
Balance - September 30, 2013 | $ | (5,455 | ) | (18,455 | ) | (23,910 | ) | ||||||||||||
The following table sets for information about amounts reclassified from accumulated other comprehensive loss to the consolidated statement of income and the affected line item in the statement where net income is presented. | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||||
Reclassification adjustment for gains included in net income | |||||||||||||||||||
Gain on security transactions | $ | — | — | $ | (233 | ) | (684 | ) | |||||||||||
Change in funded status of retirement obligations (1) | |||||||||||||||||||
Compensation and fringe benefits: | |||||||||||||||||||
Amortization of net obligation or asset | 6 | 8 | 19 | 25 | |||||||||||||||
Amortization of prior service cost | 31 | 37 | 93 | 110 | |||||||||||||||
Amortization of net gain | 145 | 194 | 435 | 583 | |||||||||||||||
Compensation and fringe benefits | 182 | 239 | 547 | 718 | |||||||||||||||
Total before tax | 182 | 239 | 314 | 34 | |||||||||||||||
Income tax benefit | (73 | ) | (98 | ) | (131 | ) | (14 | ) | |||||||||||
Net of tax | $ | 109 | 141 | $ | 183 | 20 | |||||||||||||
(1) These accumulated other comprehensive loss components are included in the computations of net periodic cost for our defined benefit plans and other post-retirement benefit plan. See Note 9 for additional details. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Our securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets or liabilities on a non-recurring basis, such as held-to-maturity securities, mortgage servicing rights (“MSR”), loans receivable and real estate owned (“REO”). These non-recurring fair value adjustments involve the application of lower-of-cost-or-market accounting or write-downs of individual assets. Additionally, in connection with our mortgage banking activities we have commitments to fund loans held for sale and commitments to sell loans, which are considered free-standing derivative instruments, the fair values of which are not material to our financial condition or results of operations. | ||||||||||||||||
In accordance with FASB ASC 820, “Fair Value Measurements and Disclosures”, we group our assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: | ||||||||||||||||
• | Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. | |||||||||||||||
• | Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. | |||||||||||||||
• | Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. | |||||||||||||||
We base our fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | ||||||||||||||||
Securities available-for-sale | ||||||||||||||||
Our available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. The fair values of available-for-sale securities are based on quoted market prices (Level 1), where available. The Company obtains one price for each security primarily from a third-party pricing service ("pricing service"), which generally uses quoted or other observable inputs for the determination of fair value. The pricing service normally derives the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available observable market information. For securities not actively traded (Level 2), the pricing service may use quoted market prices of comparable instruments or discounted cash flow analyses, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, benchmark yields, credit spreads, default rates, prepayment speeds and non-binding broker quotes. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. | ||||||||||||||||
The following table provides the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
Carrying Value at September 30, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
Equity securities | $ | 8,391 | — | 8,391 | — | |||||||||||
Mortgage-backed securities: | ||||||||||||||||
Federal Home Loan Mortgage Corporation | 448,327 | — | 448,327 | — | ||||||||||||
Federal National Mortgage Association | 589,103 | — | 589,103 | — | ||||||||||||
Government National Mortgage Association | 141 | — | 141 | — | ||||||||||||
Total mortgage-backed securities available-for-sale | 1,037,571 | — | 1,037,571 | — | ||||||||||||
Total securities available-for-sale | $ | 1,045,962 | — | 1,045,962 | — | |||||||||||
Carrying Value at December 31, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
Equity securities | $ | 8,444 | — | 8,444 | — | |||||||||||
Debt securities: | ||||||||||||||||
Government-sponsored enterprises | 3,004 | — | 3,004 | — | ||||||||||||
Corporate and other debt securities | 670 | — | — | 670 | ||||||||||||
Mortgage-backed securities: | ||||||||||||||||
Federal Home Loan Mortgage Corporation | 363,088 | — | 363,088 | — | ||||||||||||
Federal National Mortgage Association | 409,559 | — | 409,559 | — | ||||||||||||
Government National Mortgage Association | 267 | — | 267 | — | ||||||||||||
Total mortgage-backed securities available-for-sale | 772,914 | — | 772,914 | — | ||||||||||||
Total securities available-for-sale | $ | 785,032 | — | 784,362 | 670 | |||||||||||
There have been no changes in the methodologies used at September 30, 2014 from December 31, 2013, and there were no transfers between Level 1 and Level 2 during the nine months ended September 30, 2014. | ||||||||||||||||
There were no changes in Level 3 assets measured at fair value on a recurring basis for the three months ended September 30, 2014 and 2013. The changes in Level 3 assets measured at fair value on a recurring basis for the nine months ended September 30, 2014 and 2013 are summarized below: | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance beginning of period (1) | $ | 670 | — | |||||||||||||
Transfers from held-to-maturity | — | — | ||||||||||||||
Total net (losses) gains for the period included in: | ||||||||||||||||
Net income | 470 | — | ||||||||||||||
Other comprehensive income (loss) | (229 | ) | — | |||||||||||||
Sales | (911 | ) | — | |||||||||||||
Settlements | — | — | ||||||||||||||
Balance end of period | $ | — | — | |||||||||||||
(1) Represents a trust preferred security transferred to available-for-sale from held-to-maturity at its fair value on December 31, 2013 due to the impact of the Volcker Rule adopted in December 2013. The Volcker Rule requires specific treatment of certain collateralized debt obligation backed by trust preferred securities. | ||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | ||||||||||||||||
Mortgage Servicing Rights, net | ||||||||||||||||
Mortgage servicing rights (MSR) are carried at the lower of cost or estimated fair value. The estimated fair value of MSR is obtained through independent third party valuations through an analysis of future cash flows, incorporating estimates of assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. At September 30, 2014, the fair value model used prepayment speeds ranging from 6.00% to 29.40% and a discount rate of 10.18% for the valuation of the mortgage servicing rights. A significant degree of judgment is involved in valuing the mortgage servicing rights using Level 3 inputs. The use of different assumptions could have a significant positive or negative effect on the fair value estimate. | ||||||||||||||||
Loans Receivable | ||||||||||||||||
Loans which meet certain criteria are evaluated individually for impairment. A loan is deemed to be impaired if it is a commercial loan with an outstanding balance greater than $1.0 million and on non-accrual status, loans modified in a troubled debt restructuring, and other commercial loans with $1.0 million in outstanding principal if management has specific information that it is probable they will not collect all amounts due under the contractual terms of the loan agreement. Our impaired loans are generally collateral dependent and, as such, are carried at the estimated fair value of the collateral less estimated selling costs. In order to estimate fair value, once interest or principal payments are 90 days delinquent or when the timely collection of such income is considered doubtful an updated appraisal is obtained. Thereafter, in the event the most recent appraisal does not reflect the current market conditions due to the passage of time and other factors, management will obtain an updated appraisal or make downward adjustments to the existing appraised value based on their knowledge of the property, local real estate market conditions, recent real estate transactions, and for estimated selling costs, if applicable. At September 30, 2014 appraisals were discounted in a range of 0%-25%. | ||||||||||||||||
Other Real Estate Owned | ||||||||||||||||
Other Real Estate Owned is recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience, and are discounted an additional 0%-25% for estimated costs to sell. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. If the estimated fair value of the asset declines, a writedown is recorded through expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. Operating costs after acquisition are generally expensed. | ||||||||||||||||
The following table provides the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013. For the three months ended September 30, 2014 and December 31, 2013, there was no change to the carrying value of MSR and impaired loans measured at fair value on a non-recurring basis. | ||||||||||||||||
Security Type | Valuation Technique | Unobservable Input | Range | Weighted Average | Carrying Value at September 30, 2014 | |||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Other real estate owned | Market comparable | Lack of marketability | 0.0% - 25.0% | 15.55% | $ | 684 | — | — | 684 | |||||||
$ | 684 | — | — | 684 | ||||||||||||
Security Type | Valuation Technique | Unobservable Input | Range | Weighted Average | Carrying Value at December 31, 2013 | |||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Other real estate owned | Market comparable | Lack of marketability | 0.0% - 25.0% | 2.42% | $ | 929 | — | — | 929 | |||||||
$ | 929 | — | — | 929 | ||||||||||||
Other Fair Value Disclosures | ||||||||||||||||
Fair value estimates, methods and assumptions for the Company’s financial instruments not recorded at fair value on a recurring or non-recurring basis are set forth below. | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
For cash and due from banks, the carrying amount approximates fair value. | ||||||||||||||||
Securities held-to-maturity | ||||||||||||||||
Our held-to-maturity portfolio, consisting primarily of mortgage backed securities and other debt securities for which we have a positive intent and ability to hold to maturity, is carried at amortized cost. Management utilizes various inputs to determine the fair value of the portfolio. The Company obtains one price for each security primarily from a third-party pricing service, which generally uses quoted or other observable inputs for the determination of fair value. The pricing service normally derives the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available observable market information. For securities not actively traded, the pricing service may use quoted market prices of comparable instruments or discounted cash flow analyses, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, benchmark yields, credit spreads, default rates, prepayment speeds and non-binding broker quotes. In the absence of quoted prices and in an illiquid market, valuation techniques, which require inputs that are both significant to the fair value measurement and unobservable, are used to determine fair value of the investment. Valuation techniques are based on various assumptions, including, but not limited to cash flows, discount rates, rate of return, adjustments for nonperformance and liquidity, and liquidation values. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. | ||||||||||||||||
FHLB Stock | ||||||||||||||||
The fair value of FHLB stock is its carrying value, since this is the amount for which it could be redeemed. There is no active market for this stock and the Bank is required to hold a minimum investment based upon the unpaid principal of home mortgage loans and/or FHLB advances outstanding. | ||||||||||||||||
Loans | ||||||||||||||||
Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential mortgage and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and nonperforming categories. | ||||||||||||||||
The fair value of performing loans, except residential mortgage loans, is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the loan. For performing residential mortgage loans, fair value is estimated by discounting contractual cash flows adjusted for prepayment estimates using discount rates based on secondary market sources adjusted to reflect differences in servicing and credit costs, if applicable. Fair value for significant nonperforming loans is based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. Fair values estimated in this manner do not fully incorporate an exit price approach to fair value, but instead are based on a comparison to current market rates for comparable loans. | ||||||||||||||||
Deposit Liabilities | ||||||||||||||||
The fair value of deposits with no stated maturity, such as savings, checking accounts and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates which approximate currently offered for deposits of similar remaining maturities. | ||||||||||||||||
Borrowings | ||||||||||||||||
The fair value of borrowings are based on securities dealers’ estimated fair values, when available, or estimated using discounted contractual cash flows using rates which approximate the rates offered for borrowings of similar remaining maturities. | ||||||||||||||||
Commitments to Extend Credit | ||||||||||||||||
The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For commitments to originate fixed rate loans, fair value also considers the difference between current levels of interest rates and the committed rates. Due to the short-term nature of our outstanding commitments, the fair values of these commitments are immaterial to our financial condition. | ||||||||||||||||
The carrying values and estimated fair values of the Company’s financial instruments are presented in the following tables. | ||||||||||||||||
September 30, 2014 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
(In thousands) | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 238,166 | 238,166 | 238,166 | — | — | ||||||||||
Securities available-for-sale | 1,045,962 | 1,045,962 | — | 1,045,962 | — | |||||||||||
Securities held-to-maturity | 1,514,374 | 1,547,389 | — | 1,482,702 | 64,687 | |||||||||||
Stock in FHLB | 140,990 | 140,990 | 140,990 | — | — | |||||||||||
Loans held for sale | 6,986 | 6,986 | — | 6,986 | — | |||||||||||
Net loans | 14,169,323 | 14,015,727 | — | — | 14,015,727 | |||||||||||
Financial liabilities: | ||||||||||||||||
Deposits, other than time deposits | 8,393,910 | 8,393,910 | 8,393,910 | — | — | |||||||||||
Time deposits | 3,077,688 | 3,089,598 | — | 3,089,598 | — | |||||||||||
Borrowed funds | 2,536,594 | 2,563,294 | — | 2,563,294 | — | |||||||||||
December 31, 2013 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
(In thousands) | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 250,689 | 250,689 | 250,689 | — | — | ||||||||||
Securities available-for-sale | 785,032 | 785,032 | — | 784,362 | 670 | |||||||||||
Securities held-to-maturity | 831,819 | 839,064 | — | 790,460 | 48,604 | |||||||||||
Stock in FHLB | 178,126 | 178,126 | 178,126 | — | — | |||||||||||
Loans held for sale | 8,273 | 8,273 | — | 8,273 | — | |||||||||||
Net loans | 12,882,544 | 12,598,551 | — | — | 12,598,551 | |||||||||||
Financial liabilities: | ||||||||||||||||
Deposits, other than time deposits | 7,334,266 | 7,334,266 | 7,334,266 | — | — | |||||||||||
Time deposits | 3,384,545 | 3,410,202 | — | 3,410,202 | — | |||||||||||
Borrowed funds | 3,367,274 | 3,337,419 | — | 3,337,419 | — | |||||||||||
Limitations | ||||||||||||||||
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. The fair value estimate of a significant portion of the Company’s financial instruments are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | ||||||||||||||||
Fair value estimates are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets that are not considered financial assets include deferred tax assets, premises and equipment and bank owned life insurance. Liabilities for pension and other postretirement benefits are not considered financial liabilities. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In July 2013, the FASB issued ASU 2013-11, "Income Taxes, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." The amendments of this update state that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of this pronouncement did not have a material impact on the Company’s financial condition or results of operations. | |
In January 2014, the FASB, issued ASU, 2014-01, “Investments - Equity Method and Joint Ventures (Subtopic 323) Accounting for Investments in Qualified Affordable Housing Projects,” which applies to all reporting entities that invest in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. Currently under GAAP, a reporting entity that invests in a qualified affordable housing project may elect to account for that investment using the effective yield method if all of the conditions are met. For those investments that are not accounted for using the effective yield method, GAAP requires that they be accounted for under either the equity method or the cost method. Certain of the conditions required to be met to use the effective yield method were restrictive and thus prevented many such investments from qualifying for the use of the effective yield method. The amendments in this update modify the conditions that a reporting entity must meet to be eligible to use a method other than the equity or cost methods to account for qualified affordable housing project investments. If the modified conditions are met, the amendments permit an entity to use the proportional amortization method to amortize the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). Additionally, the amendments introduce new recurring disclosures about all investments in qualified affordable housing projects irrespective of the method used to account for the investments. The amendments in ASU 2014-01 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted. The Company does not expect that the adoption of this pronouncement will have a material impact on the Company’s financial condition or results of operations. | |
In January 2014, the FASB issued ASU 2014-04, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” which applies to all creditors who obtain physical possession of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The amendments in this update clarify when an in substance repossession or foreclosure occurs and requires disclosure of both (1) the amount of foreclosed residential real estate property held by a creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in ASU 2014-04 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted and entities can elect to adopt a modified retrospective transition method or a prospective transition method. The Company does not expect that the adoption of this pronouncement will have a material impact on the Company’s financial condition or results of operations. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." The objective of this amendment is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS. This update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are in the scope of other standards. For public entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company does not anticipate a material impact to the consolidated financial statements related to this guidance. | |
In June 2014, the FASB issued ASU 2014-11, "Transfers and Servicing: Repurchase-to-Maturity Transaction, Repurchase Financings, and Disclosures." The amendments affect all entities that enter into repurchase-to-maturity transactions or repurchase financings. The amendments change the current accounting outcome by requiring repurchase-to-maturity transactions to be accounted for as secured borrowings. Additionally, the amendments require that in a repurchase financing arrangement the repurchase agreement be accounted for separately from the initial transfer of the financial asset. ASU 2014-11 requires a new disclosure for certain transactions that involve (1) a transfer of a financial asset accounted for as a sale and (2) an agreement with the same transferee entered into in contemplation of the initial transfer that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. The accounting changes in this update are effective for public business entities for the first interim or annual period beginning after December 15, 2014. Earlier application for a public business entity is prohibited. The Company does not anticipate a material impact to the consolidated financial statements related to this guidance. | |
In August 2014, the FASB issued ASU 2014-14, "Receivables - Troubled Debt Restructurings by Creditors: Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure." The amendments in this update affect creditors that hold government guaranteed mortgage loans, including those guaranteed by the Federal Housing Administration and the U.S. Department of Veterans Affairs. The amendments in this update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met (i) the loan has a government guarantee that is not separable from the loan before foreclosure, (ii) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (iii) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company does not anticipate a significant impact to the consolidated financial statements related to this guidance. The Company will comply with the provisions of this guidance upon its effective date and, if applicable, record a separate other receivable for foreclosed government guaranteed mortgage loans. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
As defined in FASB ASC 855, "Subsequent Events", subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to shareholders and other financial statement users for general use and reliance in a form and format that complies with GAAP. | |
On October 30, 2014, the Company declared a cash dividend of $0.04 per share to stockholders of record as of November 10, 2014, payable on November 25, 2014. |
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Gateway Community Financial Corporation | ' | |||
Business Acquisition [Line Items] | ' | |||
Summary of Estimated Fair Values of the Assets Acquired and Liabilities Assumed | ' | |||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for Gateway Financial, net of cash consideration paid: | ||||
At January 10, 2014 | ||||
(In millions) | ||||
Cash and cash equivalents, net | $ | 17.9 | ||
Securities available-for-sale | 50.3 | |||
Loans receivable | 195.1 | |||
Accrued interest receivable | 0.7 | |||
Other real estate owned | 0.4 | |||
Office properties and equipment, net | 4.3 | |||
Intangible assets | 1.9 | |||
Other assets | 15.9 | |||
Total assets acquired | 286.5 | |||
Deposits | (254.7 | ) | ||
Borrowed funds | (5.2 | ) | ||
Other liabilities | (3.1 | ) | ||
Total liabilities assumed | $ | (263.0 | ) | |
Net assets acquired | $ | 23.5 | ||
Roma Financial Corporation | ' | |||
Business Acquisition [Line Items] | ' | |||
Summary of Estimated Fair Values of the Assets Acquired and Liabilities Assumed | ' | |||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for Roma, net of cash consideration paid: | ||||
At December 6, | ||||
2013 | ||||
(In millions) | ||||
Cash and cash equivalents, net | $ | 118.2 | ||
Securities available-for-sale | 382 | |||
Securities held to maturity | 13.6 | |||
Loans receivable | 991 | |||
Accrued interest receivable | 3.8 | |||
Other real estate owned | 5.3 | |||
Office properties and equipment, net | 30.7 | |||
Goodwill | 0.3 | |||
Intangible assets | 9.5 | |||
Other assets | 78.5 | |||
Total assets acquired | 1,632.90 | |||
Deposits | (1,341.2 | ) | ||
Borrowed funds | (92.1 | ) | ||
Other liabilities | (20.5 | ) | ||
Total liabilities assumed | $ | (1,453.8 | ) | |
Net assets acquired | $ | 179.1 | ||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Summary Of Calculations And Reconciliation Of Basic To Diluted Earnings Per Share | ' | |||||||||||||||||||||
The following is a summary of our earnings per share calculations and reconciliation of basic to diluted earnings per share. | ||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
Net Income | $ | 39,041 | $ | 29,281 | ||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||
Income available to common stockholders | $ | 39,041 | 343,493,691 | $ | 0.11 | $ | 29,281 | 275,229,343 | $ | 0.11 | ||||||||||||
Effect of dilutive common stock equivalents (1) | — | 3,279,852 | — | 3,632,571 | ||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||
Income available to common stockholders | $ | 39,041 | 346,773,543 | $ | 0.11 | $ | 29,281 | 278,861,914 | $ | 0.11 | ||||||||||||
(1) For the three months ended September 30, 2014 and 2013, there were 28,713 and 495,771 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
Net Income | $ | 88,644 | $ | 84,524 | ||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||
Income available to common stockholders | $ | 88,644 | 344,494,901 | $ | 0.26 | $ | 84,524 | 274,801,234 | $ | 0.31 | ||||||||||||
Effect of dilutive common stock equivalents (1) | — | 3,617,839 | — | 3,205,648 | ||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||
Income available to common stockholders | $ | 88,644 | 348,112,740 | $ | 0.25 | $ | 84,524 | 278,006,882 | $ | 0.3 | ||||||||||||
(1) For the nine months ended September 30, 2014 and 2013, there were 143,463 and 495,771 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
Securities_Tables
Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||
Summary of securities | ' | |||||||||||||||||||||||||||
The following tables present the carrying value, gross unrealized gains and losses and estimated fair value for available-for-sale securities and the amortized cost, net unrealized losses, gross unrecognized gains and losses and estimated fair value for held-to-maturity securities as of the dates indicated: | ||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||
Carrying value | Gross | Gross | Estimated | |||||||||||||||||||||||||
unrealized | unrealized losses | fair value | ||||||||||||||||||||||||||
gains | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
Equity securities | $ | 6,887 | 1,504 | — | 8,391 | |||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 445,209 | 5,088 | (1,970 | ) | 448,327 | |||||||||||||||||||||||
Federal National Mortgage Association | 585,577 | 5,706 | (2,180 | ) | 589,103 | |||||||||||||||||||||||
Government National Mortgage Association | 140 | 1 | — | 141 | ||||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | 1,030,926 | 10,795 | (4,150 | ) | 1,037,571 | |||||||||||||||||||||||
Total available-for-sale securities | $ | 1,037,813 | 12,299 | (4,150 | ) | 1,045,962 | ||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||
Amortized cost | Net unrealized losses (1) | Carrying value | Gross | Gross | Estimated | |||||||||||||||||||||||
unrecognized | unrecognized | fair value | ||||||||||||||||||||||||||
gains (2) | losses (2) | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||
Government-sponsored enterprises | $ | 4,427 | — | 4,427 | 1 | (4 | ) | 4,424 | ||||||||||||||||||||
Municipal bonds | 15,359 | — | 15,359 | 943 | — | 16,302 | ||||||||||||||||||||||
Corporate and other debt securities | 58,087 | (25,384 | ) | 32,703 | 32,385 | (401 | ) | 64,687 | ||||||||||||||||||||
Total debt securities held-to-maturity | 77,873 | (25,384 | ) | 52,489 | 33,329 | (405 | ) | 85,413 | ||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 480,817 | (4,139 | ) | 476,678 | 2,448 | (3,574 | ) | 475,552 | ||||||||||||||||||||
Federal National Mortgage Association | 960,560 | (4,219 | ) | 956,341 | 5,379 | (3,930 | ) | 957,790 | ||||||||||||||||||||
Government National Mortgage Association | 28,635 | — | 28,635 | — | (232 | ) | 28,403 | |||||||||||||||||||||
Federal housing authorities | 231 | — | 231 | — | — | 231 | ||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | 1,470,243 | (8,358 | ) | 1,461,885 | 7,827 | (7,736 | ) | 1,461,976 | ||||||||||||||||||||
Total held-to-maturity securities | $ | 1,548,116 | (33,742 | ) | 1,514,374 | 41,156 | (8,141 | ) | 1,547,389 | |||||||||||||||||||
(1) Net unrealized losses of held-to-maturity corporate and other debt securities represent the other than temporary charge related to other non credit factors and is being amortized through accumulated other comprehensive income over the remaining life of the securities. For mortgage-backed securities, it represents the net loss on previously designated available-for sale securities transferred to held-to-maturity at fair value and is being amortized through accumulated other comprehensive income over the remaining life of the securities. | ||||||||||||||||||||||||||||
(2) Unrecognized gains and losses of held-to-maturity securities are not reflected in the financial statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as held-to-maturity; or (ii) the date that an OTTI charge is recognized on a held-to-maturity security, through the date of the balance sheet. | ||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
Carrying value | Gross | Gross | Estimated | |||||||||||||||||||||||||
unrealized | unrealized | fair value | ||||||||||||||||||||||||||
gains | losses | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
Equity securities | $ | 7,148 | 1,315 | (19 | ) | 8,444 | ||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||
Government-sponsored enterprises | 3,004 | — | — | 3,004 | ||||||||||||||||||||||||
Corporate and other debt securities | 670 | — | — | 670 | ||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 362,876 | 4,055 | (3,843 | ) | 363,088 | |||||||||||||||||||||||
Federal National Mortgage Association | 408,794 | 4,620 | (3,855 | ) | 409,559 | |||||||||||||||||||||||
Government National Mortgage Association | 267 | — | — | 267 | ||||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | 771,937 | 8,675 | (7,698 | ) | 772,914 | |||||||||||||||||||||||
Total available-for-sale securities | $ | 782,759 | 9,990 | (7,717 | ) | 785,032 | ||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
Amortized cost | Net unrealized losses (1) | Carrying Value | Gross | Gross | Estimated | |||||||||||||||||||||||
unrecognized | unrecognized | fair value | ||||||||||||||||||||||||||
gains (2) | losses (2) | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||
Government-sponsored enterprises | $ | 4,542 | — | 4,542 | — | (18 | ) | 4,524 | ||||||||||||||||||||
Municipal bonds | 14,992 | — | 14,992 | 487 | — | 15,479 | ||||||||||||||||||||||
Corporate and other debt securities | 56,072 | (26,391 | ) | 29,681 | 20,315 | (1,392 | ) | 48,604 | ||||||||||||||||||||
Total debt securities held-to-maturity | 75,606 | (26,391 | ) | 49,215 | 20,802 | (1,410 | ) | 68,607 | ||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 308,890 | (5,273 | ) | 303,617 | 1,901 | (7,646 | ) | 297,872 | ||||||||||||||||||||
Federal National Mortgage Association | 483,916 | (5,300 | ) | 478,616 | 3,001 | (9,403 | ) | 472,214 | ||||||||||||||||||||
Federal housing authorities | 371 | — | 371 | — | — | 371 | ||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | 793,177 | (10,573 | ) | 782,604 | 4,902 | (17,049 | ) | 770,457 | ||||||||||||||||||||
Total held-to-maturity securities | $ | 868,783 | (36,964 | ) | 831,819 | 25,704 | (18,459 | ) | 839,064 | |||||||||||||||||||
(1) Net unrealized losses of held-to-maturity corporate and other debt securities represent the other than temporary charge related to other non credit factors and is being amortized through accumulated other comprehensive income over the remaining life of the securities. For mortgage-backed securities, it represents the net loss on previously designated available-for sale securities transferred to held-to-maturity at fair value and is being amortized through accumulated other comprehensive income over the remaining life of the securities. | ||||||||||||||||||||||||||||
(2) Unrecognized gains and losses of held-to-maturity securities are not reflected in the financial statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as held-to-maturity; or (ii) the date that an OTTI charge is recognized on a held-to-maturity security, through the date of the balance sheet. | ||||||||||||||||||||||||||||
Investment Securities, Continuous Unrealized Loss Position and Fair Value | ' | |||||||||||||||||||||||||||
Gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2014 and December 31, 2013, was as follows: | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||||
fair value | losses | fair value | losses | fair value | losses | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | $ | 139,038 | 710 | 85,556 | 1,260 | 224,594 | 1,970 | |||||||||||||||||||||
Federal National Mortgage Association | 93,214 | 600 | 73,727 | 1,580 | 166,941 | 2,180 | ||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | 232,252 | 1,310 | 159,283 | 2,840 | 391,535 | 4,150 | ||||||||||||||||||||||
Total available-for-sale | $ | 232,252 | 1,310 | 159,283 | 2,840 | 391,535 | 4,150 | |||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||
Government-sponsored enterprises | 4,324 | 4 | — | — | 4,324 | 4 | ||||||||||||||||||||||
Corporate and other debt securities | — | — | 144 | 401 | 144 | 401 | ||||||||||||||||||||||
Total debt securities held-to-maturity | 4,324 | 4 | 144 | 401 | 4,468 | 405 | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 209,681 | 1,570 | 107,499 | 2,004 | 317,180 | 3,574 | ||||||||||||||||||||||
Federal National Mortgage Association | 447,197 | 1,560 | 102,540 | 2,370 | 549,737 | 3,930 | ||||||||||||||||||||||
Government National Mortgage Association | 28,403 | 232 | — | — | 28,403 | 232 | ||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | 685,281 | 3,362 | 210,039 | 4,374 | 895,320 | 7,736 | ||||||||||||||||||||||
Total held-to-maturity | $ | 689,605 | 3,366 | 210,183 | 4,775 | 899,788 | 8,141 | |||||||||||||||||||||
Total | $ | 921,857 | 4,676 | 369,466 | 7,615 | 1,291,323 | 12,291 | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||||
fair value | losses | fair value | losses | fair value | losses | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
Equity securities | $ | 506 | 19 | — | — | 506 | 19 | |||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 164,306 | 3,843 | — | — | 164,306 | 3,843 | ||||||||||||||||||||||
Federal National Mortgage Association | 210,493 | 3,855 | — | — | 210,493 | 3,855 | ||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | 374,799 | 7,698 | — | — | 374,799 | 7,698 | ||||||||||||||||||||||
Total available-for-sale | $ | 375,305 | 7,717 | — | — | 375,305 | 7,717 | |||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||
Government-sponsored enterprises | $ | 4,524 | 18 | — | — | 4,524 | 18 | |||||||||||||||||||||
Corporate and other debt securities | 2,391 | 645 | 376 | 747 | 2,767 | 1,392 | ||||||||||||||||||||||
Total debt securities held-to-maturity | 6,915 | 663 | 376 | 747 | 7,291 | 1,410 | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 245,491 | 6,989 | 20,871 | 657 | 266,362 | 7,646 | ||||||||||||||||||||||
Federal National Mortgage Association | 390,750 | 9,147 | 4,454 | 256 | 395,204 | 9,403 | ||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | 636,241 | 16,136 | 25,325 | 913 | 661,566 | 17,049 | ||||||||||||||||||||||
Total held-to-maturity | $ | 643,156 | 16,799 | 25,701 | 1,660 | 668,857 | 18,459 | |||||||||||||||||||||
Total | $ | 1,018,461 | 24,516 | 25,701 | 1,660 | 1,044,162 | 26,176 | |||||||||||||||||||||
Summary of Pooled Trust Preferred Securities | ' | |||||||||||||||||||||||||||
The following table summarizes the Company’s pooled trust preferred securities as of September 30, 2014 excluding one trust preferred security which the Company previously recorded a net other-than-temporary impairment charge which resulted in a zero net book balance for the security. At September 30, 2014, the security had a fair value of $38,000. The Company does not own any single-issuer trust preferred securities. | ||||||||||||||||||||||||||||
(Dollars in 000’s) | ||||||||||||||||||||||||||||
Description | Class | Book Value | Fair Value | Unrecognized | Number of | Current | Expected | Excess | Moody’s/ | |||||||||||||||||||
Gains (Losses) | Issuers | Deferrals and | Deferrals and | Subordination | Fitch Credit | |||||||||||||||||||||||
Currently | Defaults as a | Defaults as % | as a % of | Ratings | ||||||||||||||||||||||||
Performing | % of Total | of Remaining | Performing | |||||||||||||||||||||||||
Collateral (1) | Collateral (2) | Collateral (3) | ||||||||||||||||||||||||||
Alesco PF II | B1 | $ | 327 | $ | 481.7 | $ | 154.6 | 30 | 11.8 | % | 8.8 | % | — | % | Caa3 / C | |||||||||||||
Alesco PF III | B1 | 813.1 | 1,782.00 | 968.9 | 31 | 11.1 | % | 9 | % | — | % | Ca / C | ||||||||||||||||
Alesco PF III | B2 | 325.3 | 712.8 | 387.5 | 31 | 11.1 | % | 9 | % | — | % | Ca / C | ||||||||||||||||
Alesco PF IV | B1 | 401.2 | 697.8 | 296.6 | 38 | 1.2 | % | 11 | % | — | % | C / C | ||||||||||||||||
Alesco PF VI | C2 | 718.4 | 1,659.70 | 941.3 | 44 | 7.6 | % | 12.1 | % | — | % | Ca / C | ||||||||||||||||
MM Comm III | B | 156.6 | 3,221.00 | 3,064.50 | 5 | 30 | % | 9.3 | % | 12.8 | % | Ba1 / BB | ||||||||||||||||
MMCaps XVII | C1 | 1,647.40 | 2,236.50 | 589.1 | 33 | 13 | % | 7.4 | % | — | % | Caa1 / C | ||||||||||||||||
MMCaps XIX | C | 545.1 | 144 | (401.1 | ) | 34 | 25.4 | % | 11.9 | % | — | % | C / C | |||||||||||||||
Tpref I | B | 1,552.40 | 1,931.40 | 379 | 7 | 51.9 | % | 8.7 | % | — | % | Ca / WD | ||||||||||||||||
Tpref II | B | 4,156.50 | 5,324.40 | 1,168.00 | 18 | 34.8 | % | 9.9 | % | — | % | Caa3 / C | ||||||||||||||||
US Cap I | B2 | 917.2 | 1,980.00 | 1,062.80 | 30 | 12.5 | % | 7.1 | % | — | % | B3 / C | ||||||||||||||||
US Cap I | B1 | 2,733.50 | 5,940.00 | 3,206.50 | 30 | 12.5 | % | 7.1 | % | — | % | B3 / C | ||||||||||||||||
US Cap II | B1 | 1,429.90 | 2,899.00 | 1,469.10 | 35 | 15.6 | % | 8.3 | % | — | % | B3 / C | ||||||||||||||||
US Cap III | B1 | 1,855.10 | 2,789.00 | 933.9 | 30 | 16 | % | 9.8 | % | — | % | Caa2 / C | ||||||||||||||||
Trapeza XII | C1 | 1,782.70 | 3,117.70 | 1,334.90 | 33 | 24.3 | % | 11.4 | % | — | % | C / C | ||||||||||||||||
Trapeza XIII | C1 | 1,930.00 | 3,921.00 | 1,991.00 | 48 | 18.4 | % | 10.2 | % | — | % | Ca / CC | ||||||||||||||||
Pretsl XXII | A1 | 556.2 | 1,517.10 | 960.9 | 71 | 19.5 | % | 12.4 | % | 31.4 | % | A1 / A | ||||||||||||||||
Pretsl XXIV | A1 | 1,898.10 | 4,508.00 | 2,609.90 | 60 | 26.1 | % | 16.2 | % | 24.9 | % | A3 / BBB | ||||||||||||||||
Pretsl IV | Mez | 147.4 | 221.2 | 73.8 | 6 | 18.1 | % | 7.5 | % | 19 | % | B1 / BB | ||||||||||||||||
Pretsl V | Mez | 17.1 | 17.1 | — | — | 65.5 | % | — | % | — | % | C / WD | ||||||||||||||||
Pretsl VII | Mez | 400.9 | 1,876.50 | 1,475.60 | 11 | 47.8 | % | 13 | % | — | % | Ca / WD | ||||||||||||||||
Pretsl XV | B1 | 934.6 | 2,180.20 | 1,245.70 | 57 | 11.6 | % | 13.2 | % | — | % | Caa3 / C | ||||||||||||||||
Pretsl XVII | C | 743.5 | 1,594.60 | 851.2 | 37 | 19 | % | 16.2 | % | — | % | C / CC | ||||||||||||||||
Pretsl XVIII | C | 1,643.60 | 2,845.30 | 1,201.70 | 55 | 22 | % | 9.9 | % | — | % | Ca / C | ||||||||||||||||
Pretsl XIX | C | 722.9 | 1,254.20 | 531.2 | 52 | 10.6 | % | 13.2 | % | — | % | C / C | ||||||||||||||||
Pretsl XX | C | 407.6 | 729.9 | 322.3 | 45 | 16.8 | % | 15.5 | % | — | % | Ca / C | ||||||||||||||||
Pretsl XXI | C1 | 952.8 | 2,985.30 | 2,032.60 | 53 | 19 | % | 12.1 | % | — | % | Ca / C | ||||||||||||||||
Pretsl XXIII | A-FP | 702 | 2,134.60 | 1,432.60 | 93 | 19.9 | % | 13.1 | % | 18.3 | % | Aa2 / BBB | ||||||||||||||||
Pretsl XXIV | C1 | 690.7 | 764.8 | 74 | 60 | 26.1 | % | 16.2 | % | — | % | C / C | ||||||||||||||||
Pretsl XXV | C1 | 439.2 | 928.2 | 489 | 52 | 25.7 | % | 12.9 | % | — | % | C / C | ||||||||||||||||
Pretsl XXVI | C1 | 525.2 | 1,150.30 | 625.1 | 54 | 24.1 | % | 12.8 | % | — | % | C / C | ||||||||||||||||
Pref Pretsl IX | B2 | 405.3 | 726.6 | 321.3 | 29 | 24 | % | 8.9 | % | — | % | B3 / C | ||||||||||||||||
Pretsl X | C2 | 224.8 | 377 | 152.2 | 32 | 26.2 | % | 10.6 | % | — | % | Caa1 / C | ||||||||||||||||
$ | 32,703.30 | $ | 64,648.90 | $ | 31,945.70 | |||||||||||||||||||||||
-1 | At September 30, 2014, current deferrals and defaults as a percent of collateral ranged from 1.2% to 65.5%. | |||||||||||||||||||||||||||
-2 | At September 30, 2014, expected deferrals and defaults as a percent of remaining collateral ranged from 0.0% to 23.4%. | |||||||||||||||||||||||||||
-3 | Excess subordination represents the amount of remaining performing collateral that is in excess of the amount needed to pay off a specified class of bonds and all classes senior to the specified class. Excess subordination reduces an investor’s potential risk of loss on their investment as excess subordination absorbs principal and interest shortfalls in the event underlying issuers are not able to make their contractual payments. | |||||||||||||||||||||||||||
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | ' | |||||||||||||||||||||||||||
A portion of the Company’s securities are pledged to secure borrowings. The contractual maturities of mortgage-backed securities are generally less than 20 years; with effective lives expected to be shorter due to anticipated prepayments. Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer, therefore, mortgage-backed securities are not included in the following table. The amortized cost and estimated fair value of debt securities at September 30, 2014, by contractual maturity, are shown below. | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||
Carrying Value | Estimated | |||||||||||||||||||||||||||
fair value | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Due in one year or less | $ | 10,074 | 10,075 | |||||||||||||||||||||||||
Due after one year through five years | 4,707 | 4,704 | ||||||||||||||||||||||||||
Due after five years through ten years | — | — | ||||||||||||||||||||||||||
Due after ten years | 37,708 | 70,634 | ||||||||||||||||||||||||||
Total | $ | 52,489 | 85,413 | |||||||||||||||||||||||||
Changes in Credit Loss Component of the Impairment Loss of Debt Securities for Other-than-Temporary Impairment Recognized in Earnings | ' | |||||||||||||||||||||||||||
The following table presents the changes in the credit loss component of the impairment loss of debt securities that the Company has written down for such loss as an other-than-temporary impairment recognized in earnings. | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Balance of credit related OTTI, beginning of period | $ | 110,522 | 112,886 | $ | 112,235 | 114,514 | ||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||
Initial credit impairments | — | — | — | — | ||||||||||||||||||||||||
Subsequent credit impairments | — | — | — | — | ||||||||||||||||||||||||
Reductions: | ||||||||||||||||||||||||||||
Accretion of credit loss impairment due to an increase in expected cash flows | (853 | ) | (814 | ) | (2,566 | ) | (2,442 | ) | ||||||||||||||||||||
Balance of credit related OTTI, end of period | $ | 109,669 | 112,072 | $ | 109,669 | 112,072 | ||||||||||||||||||||||
Loans_Receivable_Net_Tables
Loans Receivable, Net (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | ||||||||||||||||||||||||
The detail of the loan portfolio as of September 30, 2014 and December 31, 2013 was as follows: | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Residential mortgage loans | $ | 5,826,301 | 5,692,810 | ||||||||||||||||||||||
Multi-family loans | 4,715,936 | 3,985,517 | |||||||||||||||||||||||
Commercial real estate loans | 2,802,403 | 2,485,937 | |||||||||||||||||||||||
Construction loans | 154,945 | 194,542 | |||||||||||||||||||||||
Consumer and other loans | 435,246 | 403,929 | |||||||||||||||||||||||
Commercial and industrial loans | 412,879 | 265,836 | |||||||||||||||||||||||
Total loans excluding PCI loans | 14,347,710 | 13,028,571 | |||||||||||||||||||||||
PCI loans | 20,580 | 36,047 | |||||||||||||||||||||||
Net unamortized premiums and deferred loan costs (1) | (7,883 | ) | (8,146 | ) | |||||||||||||||||||||
Allowance for loan losses | (191,084 | ) | (173,928 | ) | |||||||||||||||||||||
Net loans | $ | 14,169,323 | 12,882,544 | ||||||||||||||||||||||
(1) Included in unamortized premiums and deferred loan costs are accretable purchase accounting adjustments in connection with loans acquired. | |||||||||||||||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | ' | ||||||||||||||||||||||||
The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired in the Gateway Financial acquisition as of January 10, 2014: | |||||||||||||||||||||||||
10-Jan-14 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Contractually required principal and interest | $ | 4,172 | |||||||||||||||||||||||
Contractual cash flows not expected to be collected (non-accretable difference) | (1,024 | ) | |||||||||||||||||||||||
Expected cash flows to be collected | 3,148 | ||||||||||||||||||||||||
Interest component of expected cash flows (accretable yield) | (216 | ) | |||||||||||||||||||||||
Fair value of acquired loans | $ | 2,932 | |||||||||||||||||||||||
The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired in the Roma Financial acquisition as of December 6, 2013: | |||||||||||||||||||||||||
6-Dec-13 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Contractually required principal and interest | $ | 46,231 | |||||||||||||||||||||||
Contractual cash flows not expected to be collected (non-accretable difference) | (16,441 | ) | |||||||||||||||||||||||
Expected cash flows to be collected | 29,790 | ||||||||||||||||||||||||
Interest component of expected cash flows (accretable yield) | (3,425 | ) | |||||||||||||||||||||||
Fair value of acquired loans | $ | 26,365 | |||||||||||||||||||||||
Schedule of Accretable Yield Movement | ' | ||||||||||||||||||||||||
The following table presents changes in the accretable yield for PCI loans during the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance, beginning of period | $ | 1,401 | 1,212 | $ | 4,154 | 1,457 | |||||||||||||||||||
Acquisitions | — | — | 216 | — | |||||||||||||||||||||
Accretion (1) | (193 | ) | (135 | ) | (3,162 | ) | (380 | ) | |||||||||||||||||
Net reclassification from non-accretable difference | — | — | — | — | |||||||||||||||||||||
Balance, end of period | $ | 1,208 | 1,077 | $ | 1,208 | 1,077 | |||||||||||||||||||
(1) Includes the removal of $1.9 million accretable mark on PCI loans sold during the nine months ended September 30, 2014. This transfer had no impact on income for the nine months ended September 30, 2014 | |||||||||||||||||||||||||
Summary of Analysis of the Allowance for Loan Losses | ' | ||||||||||||||||||||||||
An analysis of the allowance for loan losses is summarized as follows: | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of the period | $ | 186,070 | 154,467 | $ | 173,928 | 142,172 | |||||||||||||||||||
Loans charged off | (8,060 | ) | (2,484 | ) | (15,163 | ) | (19,219 | ) | |||||||||||||||||
Recoveries | 4,074 | 1,046 | 6,319 | 2,576 | |||||||||||||||||||||
Net charge-offs | (3,986 | ) | (1,438 | ) | (8,844 | ) | (16,643 | ) | |||||||||||||||||
Provision for loan losses | 9,000 | 13,750 | 26,000 | 41,250 | |||||||||||||||||||||
Balance at end of the period | $ | 191,084 | 166,779 | $ | 191,084 | 166,779 | |||||||||||||||||||
ERROR in label resolution. | ' | ||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Residential | Multi- | Commercial | Construction | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||
Mortgage Loans | Family Loans | Real Estate Loans | Loans | and Industrial | and Other | ||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Beginning balance-December 31, 2013 | $ | 51,760 | 42,103 | 46,657 | 8,947 | 9,273 | 2,161 | 13,027 | 173,928 | ||||||||||||||||
Charge-offs | (5,710 | ) | (292 | ) | (5,520 | ) | (505 | ) | (2,447 | ) | (689 | ) | — | (15,163 | ) | ||||||||||
Recoveries | 1,255 | 3,715 | 187 | 782 | 380 | — | — | 6,319 | |||||||||||||||||
Provision | 1,805 | 3,389 | 11,437 | (3,516 | ) | 10,366 | 1,127 | 1,392 | 26,000 | ||||||||||||||||
Ending balance-September 30, 2014 | $ | 49,110 | 48,915 | 52,761 | 5,708 | 17,572 | 2,599 | 14,419 | 191,084 | ||||||||||||||||
Individually evaluated for impairment | $ | 1,867 | — | — | — | — | — | — | 1,867 | ||||||||||||||||
Collectively evaluated for impairment | 47,243 | 48,915 | 52,761 | 5,708 | 17,572 | 2,599 | 14,419 | 189,217 | |||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | |||||||||||||||||
Balance at September 30, 2014 | $ | 49,110 | 48,915 | 52,761 | 5,708 | 17,572 | 2,599 | 14,419 | 191,084 | ||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 23,019 | 3,550 | 23,477 | 15,543 | 1,473 | — | — | 67,062 | ||||||||||||||||
Collectively evaluated for impairment | 5,803,282 | 4,712,386 | 2,778,926 | 139,402 | 411,406 | 435,246 | — | 14,280,648 | |||||||||||||||||
Loans acquired with deteriorated credit quality | 5,093 | 633 | 9,525 | 4,810 | 56 | 463 | — | 20,580 | |||||||||||||||||
Balance at September 30, 2014 | $ | 5,831,394 | 4,716,569 | 2,811,928 | 159,755 | 412,935 | 435,709 | — | 14,368,290 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Residential | Multi- | Commercial | Construction | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||
Mortgage Loans | Family Loans | Real Estate Loans | Loans | and Industrial | and Other | ||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Beginning balance-December 31, 2012 | $ | 45,369 | 29,853 | 33,347 | 16,062 | 4,094 | 2,086 | 11,361 | 142,172 | ||||||||||||||||
Charge-offs | (15,508 | ) | (1,266 | ) | (1,101 | ) | (3,424 | ) | (516 | ) | (795 | ) | — | (22,610 | ) | ||||||||||
Recoveries | 2,528 | 219 | 65 | 315 | 604 | 135 | — | 3,866 | |||||||||||||||||
Provision | 19,371 | 13,297 | 14,346 | (4,006 | ) | 5,091 | 735 | 1,666 | 50,500 | ||||||||||||||||
Ending balance-December 31, 2013 | $ | 51,760 | 42,103 | 46,657 | 8,947 | 9,273 | 2,161 | 13,027 | 173,928 | ||||||||||||||||
Individually evaluated for impairment | $ | 2,066 | — | — | — | — | — | — | 2,066 | ||||||||||||||||
Collectively evaluated for impairment | 49,694 | 42,103 | 46,657 | 8,947 | 9,273 | 2,161 | 13,027 | 171,862 | |||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | |||||||||||||||||
Balance at December 31, 2013 | $ | 51,760 | 42,103 | 46,657 | 8,947 | 9,273 | 2,161 | 13,027 | 173,928 | ||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 20,987 | 15,313 | 11,713 | 17,037 | 1,612 | — | — | 66,662 | ||||||||||||||||
Collectively evaluated for impairment | 5,671,823 | 3,970,204 | 2,474,224 | 177,505 | 264,224 | 403,929 | — | 12,961,909 | |||||||||||||||||
Loans acquired with deteriorated credit quality | 5,541 | 691 | 19,390 | 7,719 | 2,586 | 120 | — | 36,047 | |||||||||||||||||
Balance at December 31, 2013 | $ | 5,698,351 | 3,986,208 | 2,505,327 | 202,261 | 268,422 | 404,049 | — | 13,064,618 | ||||||||||||||||
Schedule of Risk Category of Loans by Class of Loans | ' | ||||||||||||||||||||||||
The following tables present the risk category of loans as of September 30, 2014 and December 31, 2013 by class of loans excluding PCI loans: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Residential | $ | 5,698,848 | 31,575 | 95,878 | — | — | 5,826,301 | ||||||||||||||||||
Multi-family | 4,640,667 | 71,088 | 4,181 | — | — | 4,715,936 | |||||||||||||||||||
Commercial real estate | 2,708,011 | 15,980 | 78,412 | — | — | 2,802,403 | |||||||||||||||||||
Construction | 138,013 | 1,743 | 15,189 | — | — | 154,945 | |||||||||||||||||||
Commercial and industrial | 389,146 | 14,882 | 8,851 | — | — | 412,879 | |||||||||||||||||||
Consumer and other | 428,879 | 2,548 | 3,819 | — | — | 435,246 | |||||||||||||||||||
Total | $ | 14,003,564 | 137,816 | 206,330 | — | — | 14,347,710 | ||||||||||||||||||
Need to tag consumer and other | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Residential | $ | 5,584,728 | 23,252 | 84,830 | — | — | 5,692,810 | ||||||||||||||||||
Multi-family | 3,919,808 | 49,199 | 16,510 | — | — | 3,985,517 | |||||||||||||||||||
Commercial real estate | 2,389,086 | 23,739 | 73,112 | — | — | 2,485,937 | |||||||||||||||||||
Construction | 158,576 | 7,847 | 28,119 | — | — | 194,542 | |||||||||||||||||||
Commercial and industrial | 247,983 | 7,540 | 10,313 | — | — | 265,836 | |||||||||||||||||||
Consumer and other | 400,890 | 1,065 | 1,974 | — | — | 403,929 | |||||||||||||||||||
Total | $ | 12,701,071 | 112,642 | 214,858 | — | — | 13,028,571 | ||||||||||||||||||
Payment Status of the Recorded Investment in Past Due Loans | ' | ||||||||||||||||||||||||
The following tables present the payment status of the recorded investment in past due loans as of September 30, 2014 and December 31, 2013 by class of loans excluding PCI loans: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total | ||||||||||||||||||||
than 90 | Due | Loans | |||||||||||||||||||||||
Days | Receivable | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Residential mortgage | $ | 22,485 | 12,362 | 76,868 | 111,715 | 5,714,586 | 5,826,301 | ||||||||||||||||||
Multi-family | 35,728 | 13,010 | 1,874 | 50,612 | 4,665,324 | 4,715,936 | |||||||||||||||||||
Commercial real estate | 5,259 | 428 | 14,645 | 20,332 | 2,782,071 | 2,802,403 | |||||||||||||||||||
Construction | 180 | 1,326 | 12,805 | 14,311 | 140,634 | 154,945 | |||||||||||||||||||
Commercial and industrial | 2,178 | 503 | 819 | 3,500 | 409,379 | 412,879 | |||||||||||||||||||
Consumer and other | 1,872 | 676 | 3,818 | 6,366 | 428,880 | 435,246 | |||||||||||||||||||
Total | $ | 67,702 | 28,305 | 110,829 | 206,836 | 14,140,874 | 14,347,710 | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total | ||||||||||||||||||||
than 90 | Due | Loans | |||||||||||||||||||||||
Days | Receivable | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Residential mortgage | $ | 17,779 | 7,358 | 66,079 | 91,216 | 5,601,594 | 5,692,810 | ||||||||||||||||||
Multi-family | 1,408 | 218 | 3,588 | 5,214 | 3,980,303 | 3,985,517 | |||||||||||||||||||
Commercial real estate | 16,380 | 10,247 | 2,091 | 28,718 | 2,457,219 | 2,485,937 | |||||||||||||||||||
Construction | 302 | 527 | 16,181 | 17,010 | 177,532 | 194,542 | |||||||||||||||||||
Commercial and industrial | 5,871 | 287 | 775 | 6,933 | 258,903 | 265,836 | |||||||||||||||||||
Consumer and other | 897 | 168 | 1,973 | 3,038 | 400,891 | 403,929 | |||||||||||||||||||
Total | $ | 42,637 | 18,805 | 90,687 | 152,129 | 12,876,442 | 13,028,571 | ||||||||||||||||||
Non-Accrual Loans Status | ' | ||||||||||||||||||||||||
The following table presents non-accrual loans excluding PCI loans at the dates indicated: | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
# of loans | amount | # of loans | amount | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Non-accrual: | |||||||||||||||||||||||||
Residential and consumer | 383 | $ | 85,888 | 304 | $ | 74,282 | |||||||||||||||||||
Construction | 6 | 12,806 | 18 | 16,181 | |||||||||||||||||||||
Multi-family | 1 | 1,874 | 5 | 5,905 | |||||||||||||||||||||
Commercial real estate | 29 | 14,645 | 12 | 2,711 | |||||||||||||||||||||
Commercial and industrial | 4 | 819 | 4 | 1,281 | |||||||||||||||||||||
Total non-accrual loans | 423 | $ | 116,032 | 343 | $ | 100,360 | |||||||||||||||||||
Loans Individually Evaluated for Impairment by Class of Loans | ' | ||||||||||||||||||||||||
The following tables present loans individually evaluated for impairment by portfolio segment as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | |||||||||||||||||||||
Investment | Balance | Allowance | Recorded | Income | |||||||||||||||||||||
Investment | Recognized | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||
Residential mortgage | $ | 6,578 | 8,946 | — | 5,898 | 318 | |||||||||||||||||||
Multi-family | 3,550 | 7,298 | — | 7,547 | 99 | ||||||||||||||||||||
Commercial real estate | 23,477 | 28,855 | — | 15,788 | 695 | ||||||||||||||||||||
Construction | 15,543 | 16,737 | — | 16,169 | 326 | ||||||||||||||||||||
Commercial and industrial | 1,473 | 1,473 | — | 1,560 | 66 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential mortgage | 16,441 | 16,792 | 1,867 | 16,680 | 381 | ||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||
Commercial real estate | — | — | — | — | — | ||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Residential mortgage | 23,019 | 25,738 | 1,867 | 22,578 | 699 | ||||||||||||||||||||
Multi-family | 3,550 | 7,298 | — | 7,547 | 99 | ||||||||||||||||||||
Commercial real estate | 23,477 | 28,855 | — | 15,788 | 695 | ||||||||||||||||||||
Construction | 15,543 | 16,737 | — | 16,169 | 326 | ||||||||||||||||||||
Commercial and industrial | 1,473 | 1,473 | — | 1,560 | 66 | ||||||||||||||||||||
Total impaired loans | $ | 67,062 | 80,101 | 1,867 | 63,642 | 1,885 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | |||||||||||||||||||||
Investment | Balance | Allowance | Recorded | Income | |||||||||||||||||||||
Investment | Recognized | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||
Residential mortgage | $ | 3,924 | 5,607 | — | 3,330 | 190 | |||||||||||||||||||
Multi-family | 15,313 | 28,681 | — | 15,405 | 428 | ||||||||||||||||||||
Commercial real estate | 11,713 | 12,223 | — | 11,538 | 679 | ||||||||||||||||||||
Construction | 17,037 | 26,642 | — | 19,157 | 198 | ||||||||||||||||||||
Commercial and industrial | 1,612 | 1,612 | — | 1,490 | 105 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Residential mortgage | 17,063 | 17,457 | 2,066 | 15,880 | 753 | ||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||
Commercial real estate | — | — | — | — | — | ||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Residential mortgage | 20,987 | 23,064 | 2,066 | 19,210 | 943 | ||||||||||||||||||||
Multi-family | 15,313 | 28,681 | — | 15,405 | 428 | ||||||||||||||||||||
Commercial real estate | 11,713 | 12,223 | — | 11,538 | 679 | ||||||||||||||||||||
Construction | 17,037 | 26,642 | — | 19,157 | 198 | ||||||||||||||||||||
Commercial and industrial | 1,612 | 1,612 | — | 1,490 | 105 | ||||||||||||||||||||
Total impaired loans | $ | 66,662 | 92,222 | 2,066 | 66,800 | 2,353 | |||||||||||||||||||
Troubled Debt Restructured Loans | ' | ||||||||||||||||||||||||
The following tables present the total troubled debt restructured loans at September 30, 2014 and December 31, 2013 excluding PCI loans: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||
# of loans | Amount | # of loans | Amount | # of loans | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Residential mortgage | 41 | $ | 14,578 | 27 | $ | 8,453 | 68 | $ | 23,031 | ||||||||||||||||
Multi-family | 2 | 1,677 | — | — | 2 | 1,677 | |||||||||||||||||||
Commercial real estate | 8 | 14,445 | 1 | 3,208 | 9 | 17,653 | |||||||||||||||||||
Commercial and industrial | 2 | 1,473 | — | — | 2 | 1,473 | |||||||||||||||||||
Construction | 2 | 3,058 | — | — | 2 | 3,058 | |||||||||||||||||||
55 | $ | 35,231 | 28 | $ | 11,661 | 83 | $ | 46,892 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||
# of loans | Amount | # of loans | Amount | # of loans | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Residential mortgage | 35 | $ | 12,975 | 26 | $ | 8,021 | 61 | $ | 20,996 | ||||||||||||||||
Multi-family | 4 | 9,844 | 1 | 2,317 | 5 | 12,161 | |||||||||||||||||||
Commercial real estate | 7 | 11,093 | 1 | 620 | 8 | 11,713 | |||||||||||||||||||
Commercial and industrial | 1 | 1,106 | 1 | 506 | 2 | 1,612 | |||||||||||||||||||
Construction | 3 | 4,552 | — | — | 3 | 4,552 | |||||||||||||||||||
50 | $ | 39,570 | 29 | $ | 11,464 | 79 | $ | 51,034 | |||||||||||||||||
Schedule of Troubled Debt Restructurings | ' | ||||||||||||||||||||||||
The following tables present information about troubled debt restructurings which occurred during the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Number of | Pre-modification | Post- | Number of | Pre-modification | Post- | ||||||||||||||||||||
Loans | Recorded | modification | Loans | Recorded | modification | ||||||||||||||||||||
Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Troubled Debt Restructings: | |||||||||||||||||||||||||
Residential mortgage | — | $ | — | $ | — | 9 | $ | 3,225 | $ | 2,842 | |||||||||||||||
Commercial real estate | 2 | 9,549 | 6,549 | — | — | — | |||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 521 | 521 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Number of | Pre-modification | Post- | Number of | Pre-modification | Post- | ||||||||||||||||||||
Loans | Recorded | modification | Loans | Recorded | modification | ||||||||||||||||||||
Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Troubled Debt Restructings: | |||||||||||||||||||||||||
Residential mortgage | 8 | $ | 2,546 | $ | 2,546 | 20 | $ | 8,723 | $ | 8,155 | |||||||||||||||
Multi-family | — | — | — | 3 | 18,037 | 10,420 | |||||||||||||||||||
Commercial real estate | 3 | 10,657 | 7,657 | 4 | 5,080 | 4,679 | |||||||||||||||||||
Construction | — | — | — | 1 | 2,640 | 2,640 | |||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 521 | 521 | |||||||||||||||||||
The following tables present information about pre and post modification interest yield for troubled debt restructurings which occurred during the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Number of | Pre-modification | Post- | Number of | Pre-modification | Post- | ||||||||||||||||||||
Loans | Interest Yield | modification | Loans | Interest Yield | modification | ||||||||||||||||||||
Interest Yield | Interest Yield | ||||||||||||||||||||||||
Troubled Debt Restructings: | |||||||||||||||||||||||||
Residential mortgage | — | — | % | — | % | 9 | 4.44 | % | 3.14 | % | |||||||||||||||
Commercial real estate | 2 | 6.42 | 5.49 | — | — | — | |||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 6 | 4 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Number of | Pre-modification | Post- | Number of | Pre-modification | Post- | ||||||||||||||||||||
Loans | Interest Yield | modification | Loans | Interest Yield | modification | ||||||||||||||||||||
Interest Yield | Interest Yield | ||||||||||||||||||||||||
Troubled Debt Restructings: | |||||||||||||||||||||||||
Residential mortgage | 8 | 5.18 | % | 3.57 | % | 20 | 5.03 | % | 3.33 | % | |||||||||||||||
Multi-family | — | — | — | 3 | 8.61 | 3.81 | |||||||||||||||||||
Commercial real estate | 3 | 6.59 | 5.75 | 4 | 7.29 | 5.41 | |||||||||||||||||||
Construction | — | — | — | 1 | 5 | 3.75 | |||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 6 | 4 | |||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Banking and Thrift [Abstract] | ' | ||||||
Summary of Deposits | ' | ||||||
Deposits are summarized as follows: | |||||||
September 30, | December 31, | ||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Savings | $ | 2,200,315 | 2,212,034 | ||||
Checking accounts | 3,750,306 | 3,163,250 | |||||
Money market deposits | 2,443,289 | 1,958,982 | |||||
Total transaction accounts | 8,393,910 | 7,334,266 | |||||
Certificates of deposit | 3,077,688 | 3,384,545 | |||||
Total Deposits | $ | 11,471,598 | 10,718,811 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Summary of Intangible Assets | ' | |||||||||||||
The following table summarizes other intangible assets as of September 30, 2014 and December 31, 2013: | ||||||||||||||
Gross Intangible Asset | Accumulated Amortization | Valuation Allowance | Net Intangible Assets | |||||||||||
(In thousands) | ||||||||||||||
September 30, 2014 | ||||||||||||||
Mortgage servicing rights | $ | 23,494 | (9,008 | ) | (81 | ) | 14,405 | |||||||
Core deposit premiums | 25,058 | (9,457 | ) | — | 15,601 | |||||||||
Other | 300 | (103 | ) | — | 197 | |||||||||
Total other intangible assets | $ | 48,852 | (18,568 | ) | (81 | ) | 30,203 | |||||||
31-Dec-13 | ||||||||||||||
Mortgage servicing rights | $ | 26,075 | (11,292 | ) | (81 | ) | 14,702 | |||||||
Core deposit premiums | 23,205 | (6,569 | ) | — | 16,636 | |||||||||
Other | 300 | (80 | ) | — | 220 | |||||||||
Total other intangible assets | $ | 49,580 | (17,941 | ) | (81 | ) | 31,558 | |||||||
Equity_Incentive_Plan_Tables
Equity Incentive Plan (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Summary of Stock Compensation | ' | |||||||||||||
The following table presents the share based compensation expense for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(Dollars in thousands) | ||||||||||||||
Stock option expense | $ | 11 | 109 | 1,775 | 278 | |||||||||
Restricted stock expense | — | 786 | 11,922 | 2,400 | ||||||||||
Total share based compensation expense | $ | 11 | 895 | 13,697 | 2,678 | |||||||||
Summary of Stock Option Activity and Related Information | ' | |||||||||||||
The following is a summary of the Company’s stock option activity and related information for its option plan for the nine months ended September 30, 2014: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Stock | Average | Average | Intrinsic | |||||||||||
Options | Exercise | Remaining | Value | |||||||||||
Price | Contractual | |||||||||||||
Life | ||||||||||||||
Outstanding at December 31, 2013 | 11,299,351 | $ | 5.99 | 3.7 | $ | 45,652 | ||||||||
Granted | 144,177 | 10.29 | ||||||||||||
Exercised | (2,047,889 | ) | 6 | |||||||||||
Forfeited | (3,060 | ) | 8.69 | |||||||||||
Expired | (44,648 | ) | 5.74 | |||||||||||
Outstanding at September 30, 2014 | 9,347,931 | $ | 6.06 | 3 | $ | 38,108 | ||||||||
Exercisable at September 30, 2014 | 9,319,213 | $ | 6.04 | 3 | $ | 38,108 | ||||||||
Summary of Non-Vested Options and Restricted Shares | ' | |||||||||||||
The following is a summary of the status of the Company’s restricted shares as of September 30, 2014 and changes therein during the nine months ended: | ||||||||||||||
Number of | Weighted | |||||||||||||
Shares | Average | |||||||||||||
Awarded | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 31, 2013 | 2,655,585 | $ | 5.37 | |||||||||||
Granted | 38,250 | 10.19 | ||||||||||||
Vested | (2,685,457 | ) | 5.44 | |||||||||||
Forfeited | (8,378 | ) | 5.08 | |||||||||||
Non-vested at September 30, 2014 | — | $ | — | |||||||||||
Net_Periodic_Benefit_Plan_Expe1
Net Periodic Benefit Plan Expense (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||
The components of net periodic benefit cost are as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Service cost | $ | 580 | 450 | $ | 1,740 | 1,349 | ||||||||
Interest cost | 331 | 227 | 992 | 681 | ||||||||||
Expected return on plan assets | — | — | — | — | ||||||||||
Amortization of: | ||||||||||||||
Prior service cost | 24 | 24 | 73 | 73 | ||||||||||
Net gain | 158 | 165 | 474 | 495 | ||||||||||
Total net periodic benefit cost | $ | 1,093 | 866 | $ | 3,279 | 2,598 | ||||||||
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Components of Comprehensive Income (Loss), Gross and Net Of Tax | ' | ||||||||||||||||||
The components of comprehensive income (loss), both gross and net of tax, are as follows: | |||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Gross | Tax | Net | Gross | Tax | Net | ||||||||||||||
(In thousands) | |||||||||||||||||||
Net income | $ | 62,133 | (23,092 | ) | 39,041 | 45,334 | (16,053 | ) | 29,281 | ||||||||||
Other comprehensive loss: | |||||||||||||||||||
Change in funded status of retirement obligations | 182 | (73 | ) | 109 | 239 | (98 | ) | 141 | |||||||||||
Unrealized (loss) gain on securities available-for-sale | (3,973 | ) | 1,644 | (2,329 | ) | 185 | (33 | ) | 152 | ||||||||||
Accretion of loss on securities reclassified to held-to- maturity from available-for-sale | 745 | (304 | ) | 441 | 849 | (347 | ) | 502 | |||||||||||
Other-than-temporary impairment accretion on debt securities | 336 | (137 | ) | 199 | 1,084 | (443 | ) | 641 | |||||||||||
Total other comprehensive (loss) income | (2,710 | ) | 1,130 | (1,580 | ) | 2,357 | (921 | ) | 1,436 | ||||||||||
Total comprehensive income | $ | 59,423 | (21,962 | ) | 37,461 | 47,691 | (16,974 | ) | 30,717 | ||||||||||
Nine Months Ended September 30, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Gross | Tax | Net | Gross | Tax | Net | ||||||||||||||
(In thousands) | |||||||||||||||||||
Net income | $ | 141,848 | (53,204 | ) | 88,644 | 131,190 | (46,666 | ) | 84,524 | ||||||||||
Other comprehensive loss: | |||||||||||||||||||
Change in funded status of retirement obligations | 547 | (220 | ) | 327 | 717 | (293 | ) | 424 | |||||||||||
Unrealized gain (loss) on securities available-for-sale | 5,874 | (2,319 | ) | 3,555 | (18,051 | ) | 7,437 | (10,614 | ) | ||||||||||
Net loss on securities reclassified from available-for- sale to held-to-maturity | — | — | — | (12,243 | ) | 5,001 | (7,242 | ) | |||||||||||
Accretion of loss on securities reclassified to held-to- maturity from available-for-sale | 2,215 | (905 | ) | 1,310 | 849 | (347 | ) | 502 | |||||||||||
Reclassification adjustment for gain included in net income | (233 | ) | 95 | (138 | ) | (684 | ) | 279 | (405 | ) | |||||||||
Other-than-temporary impairment accretion on debt securities | 1,007 | (411 | ) | 596 | 1,745 | (713 | ) | 1,032 | |||||||||||
Total other comprehensive income (loss) | 9,410 | (3,760 | ) | 5,650 | (27,667 | ) | 11,364 | (16,303 | ) | ||||||||||
Total comprehensive income | $ | 151,258 | (56,964 | ) | 94,294 | 103,523 | (35,302 | ) | 68,221 | ||||||||||
Component of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||
The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
Change in | Net unrealized gains (losses) on investment securities | Total | |||||||||||||||||
funded status of | accumulated | ||||||||||||||||||
retirement | other | ||||||||||||||||||
obligations | comprehensive | ||||||||||||||||||
loss | |||||||||||||||||||
Balance - December 31, 2013 | $ | (5,869 | ) | (19,827 | ) | (25,696 | ) | ||||||||||||
Net change | 327 | 5,323 | 5,650 | ||||||||||||||||
Balance - September 30, 2014 | $ | (5,542 | ) | (14,504 | ) | (20,046 | ) | ||||||||||||
Balance - December 31, 2012 | $ | (5,879 | ) | (1,728 | ) | (7,607 | ) | ||||||||||||
Net change | 424 | (16,727 | ) | (16,303 | ) | ||||||||||||||
Balance - September 30, 2013 | $ | (5,455 | ) | (18,455 | ) | (23,910 | ) | ||||||||||||
The following table sets for information about amounts reclassified from accumulated other comprehensive loss to the consolidated statement of income and the affected line item in the statement where net income is presented. | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||||
Reclassification adjustment for gains included in net income | |||||||||||||||||||
Gain on security transactions | $ | — | — | $ | (233 | ) | (684 | ) | |||||||||||
Change in funded status of retirement obligations (1) | |||||||||||||||||||
Compensation and fringe benefits: | |||||||||||||||||||
Amortization of net obligation or asset | 6 | 8 | 19 | 25 | |||||||||||||||
Amortization of prior service cost | 31 | 37 | 93 | 110 | |||||||||||||||
Amortization of net gain | 145 | 194 | 435 | 583 | |||||||||||||||
Compensation and fringe benefits | 182 | 239 | 547 | 718 | |||||||||||||||
Total before tax | 182 | 239 | 314 | 34 | |||||||||||||||
Income tax benefit | (73 | ) | (98 | ) | (131 | ) | (14 | ) | |||||||||||
Net of tax | $ | 109 | 141 | $ | 183 | 20 | |||||||||||||
(1) These accumulated other comprehensive loss components are included in the computations of net periodic cost for our defined benefit plans and other post-retirement benefit plan. See Note 9 for additional details. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | |||||||||||||||
The following table provides the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
Carrying Value at September 30, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
Equity securities | $ | 8,391 | — | 8,391 | — | |||||||||||
Mortgage-backed securities: | ||||||||||||||||
Federal Home Loan Mortgage Corporation | 448,327 | — | 448,327 | — | ||||||||||||
Federal National Mortgage Association | 589,103 | — | 589,103 | — | ||||||||||||
Government National Mortgage Association | 141 | — | 141 | — | ||||||||||||
Total mortgage-backed securities available-for-sale | 1,037,571 | — | 1,037,571 | — | ||||||||||||
Total securities available-for-sale | $ | 1,045,962 | — | 1,045,962 | — | |||||||||||
Carrying Value at December 31, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
Equity securities | $ | 8,444 | — | 8,444 | — | |||||||||||
Debt securities: | ||||||||||||||||
Government-sponsored enterprises | 3,004 | — | 3,004 | — | ||||||||||||
Corporate and other debt securities | 670 | — | — | 670 | ||||||||||||
Mortgage-backed securities: | ||||||||||||||||
Federal Home Loan Mortgage Corporation | 363,088 | — | 363,088 | — | ||||||||||||
Federal National Mortgage Association | 409,559 | — | 409,559 | — | ||||||||||||
Government National Mortgage Association | 267 | — | 267 | — | ||||||||||||
Total mortgage-backed securities available-for-sale | 772,914 | — | 772,914 | — | ||||||||||||
Total securities available-for-sale | $ | 785,032 | — | 784,362 | 670 | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis for the nine months ended September 30, 2014 and 2013 are summarized below: | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance beginning of period (1) | $ | 670 | — | |||||||||||||
Transfers from held-to-maturity | — | — | ||||||||||||||
Total net (losses) gains for the period included in: | ||||||||||||||||
Net income | 470 | — | ||||||||||||||
Other comprehensive income (loss) | (229 | ) | — | |||||||||||||
Sales | (911 | ) | — | |||||||||||||
Settlements | — | — | ||||||||||||||
Balance end of period | $ | — | — | |||||||||||||
(1) Represents a trust preferred security transferred to available-for-sale from held-to-maturity at its fair value on December 31, 2013 due to the impact of the Volcker Rule adopted in December 2013. The Volcker Rule requires specific treatment of certain collateralized debt obligation backed by trust preferred securities. | ||||||||||||||||
Carrying Value Of Our Assets Measured At Fair Value On A Non-Recurring Basis | ' | |||||||||||||||
The following table provides the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013. For the three months ended September 30, 2014 and December 31, 2013, there was no change to the carrying value of MSR and impaired loans measured at fair value on a non-recurring basis. | ||||||||||||||||
Security Type | Valuation Technique | Unobservable Input | Range | Weighted Average | Carrying Value at September 30, 2014 | |||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Other real estate owned | Market comparable | Lack of marketability | 0.0% - 25.0% | 15.55% | $ | 684 | — | — | 684 | |||||||
$ | 684 | — | — | 684 | ||||||||||||
Security Type | Valuation Technique | Unobservable Input | Range | Weighted Average | Carrying Value at December 31, 2013 | |||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Other real estate owned | Market comparable | Lack of marketability | 0.0% - 25.0% | 2.42% | $ | 929 | — | — | 929 | |||||||
$ | 929 | — | — | 929 | ||||||||||||
Carrying Amounts And Estimated Fair Values | ' | |||||||||||||||
The carrying values and estimated fair values of the Company’s financial instruments are presented in the following tables. | ||||||||||||||||
September 30, 2014 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
(In thousands) | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 238,166 | 238,166 | 238,166 | — | — | ||||||||||
Securities available-for-sale | 1,045,962 | 1,045,962 | — | 1,045,962 | — | |||||||||||
Securities held-to-maturity | 1,514,374 | 1,547,389 | — | 1,482,702 | 64,687 | |||||||||||
Stock in FHLB | 140,990 | 140,990 | 140,990 | — | — | |||||||||||
Loans held for sale | 6,986 | 6,986 | — | 6,986 | — | |||||||||||
Net loans | 14,169,323 | 14,015,727 | — | — | 14,015,727 | |||||||||||
Financial liabilities: | ||||||||||||||||
Deposits, other than time deposits | 8,393,910 | 8,393,910 | 8,393,910 | — | — | |||||||||||
Time deposits | 3,077,688 | 3,089,598 | — | 3,089,598 | — | |||||||||||
Borrowed funds | 2,536,594 | 2,563,294 | — | 2,563,294 | — | |||||||||||
December 31, 2013 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
(In thousands) | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 250,689 | 250,689 | 250,689 | — | — | ||||||||||
Securities available-for-sale | 785,032 | 785,032 | — | 784,362 | 670 | |||||||||||
Securities held-to-maturity | 831,819 | 839,064 | — | 790,460 | 48,604 | |||||||||||
Stock in FHLB | 178,126 | 178,126 | 178,126 | — | — | |||||||||||
Loans held for sale | 8,273 | 8,273 | — | 8,273 | — | |||||||||||
Net loans | 12,882,544 | 12,598,551 | — | — | 12,598,551 | |||||||||||
Financial liabilities: | ||||||||||||||||
Deposits, other than time deposits | 7,334,266 | 7,334,266 | 7,334,266 | — | — | |||||||||||
Time deposits | 3,384,545 | 3,410,202 | — | 3,410,202 | — | |||||||||||
Borrowed funds | 3,367,274 | 3,337,419 | — | 3,337,419 | — | |||||||||||
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | ||||
In Billions, except Share data, unless otherwise specified | 7-May-14 | Sep. 30, 2014 | Sep. 30, 2013 | 7-May-14 | 7-May-14 | 7-May-14 | 7-May-14 |
Predecessor | Successor | Successor | Successor | ||||
Investors Bancorp, MHC | IPO | IPO | IPO | ||||
Investors Charitable Foundation | |||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership | ' | ' | ' | 62.00% | ' | ' | ' |
Net proceeds by selling shares | $2.15 | ' | ' | ' | ' | ' | ' |
Stock price | ' | ' | ' | ' | $10 | $10 | ' |
Stock issued due to the formation of the new company | ' | 213,963,274 | ' | ' | 219,580,695 | ' | 1,000,000 |
Shares converted (per share) | ' | ' | ' | ' | ' | 2.55 | ' |
Stock issued in exchange for old shares as a part of the conversion | ' | ' | ' | ' | ' | 137,560,968 | ' |
Treasury stock as a result of the merger | ' | 1,295,193 | 195,491 | ' | ' | 1,101,694 | ' |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Jan. 10, 2014 | Dec. 06, 2013 | Jan. 10, 2014 | Dec. 06, 2013 | Dec. 06, 2013 | Dec. 06, 2013 | |
Gateway Community Financial Corporation | Roma Financial Corporation | Investors Bancorp, MHC | Investors Bancorp, MHC | Roma Public Stockholders | Core Deposit Premium | |||
Branches | branch | Gateway Community Financial Corporation | Roma Financial Corporation | Roma Financial Corporation | Roma Financial Corporation | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of branches acquired | ' | ' | 4 | 26 | ' | ' | ' | ' |
Liabilities assumes, customer deposit | ' | ' | $254,700,000 | $1,341,200,000 | ' | ' | ' | ' |
Loans receivable | ' | ' | 195,100,000 | 991,000,000 | ' | ' | ' | ' |
Intangibles assumed | ' | ' | 1,900,000 | 9,500,000 | ' | ' | ' | 8,900,000 |
Gain on bargain purchase | ($1,482,000) | $0 | ($1,500,000) | ' | ' | ' | ' | ' |
Purchase price, common stock issued | ' | ' | ' | 66,089,974 | 1,945,079 | 49,834,130 | 16,255,845 | ' |
Shares exchange ratio | ' | ' | ' | 0.8653 | ' | ' | ' | ' |
Business_Combinations_Summary_
Business Combinations (Summary of Estimated Fair Values of the Assets Acquired and Liabilities Assumed) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 10, 2014 | Dec. 06, 2013 |
In Millions, unless otherwise specified | Gateway Community Financial Corporation | Roma Financial Corporation | ||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, net | ' | ' | $17.90 | $118.20 |
Securities available-for-sale | ' | ' | 50.3 | 382 |
Securities held to maturity | ' | ' | ' | 13.6 |
Loans receivable | ' | ' | 195.1 | 991 |
Accrued interest receivable | ' | ' | 0.7 | 3.8 |
Other real estate owned | ' | ' | 0.4 | 5.3 |
Office properties and equipment, net | ' | ' | 4.3 | 30.7 |
Goodwill | 77.6 | 77.6 | ' | 0.3 |
Intangible assets | ' | ' | 1.9 | 9.5 |
Other assets | ' | ' | 15.9 | 78.5 |
Total assets acquired | ' | ' | 286.5 | 1,632.90 |
Deposits | ' | ' | -254.7 | -1,341.20 |
Borrowed funds | ' | ' | -5.2 | -92.1 |
Other liabilities | ' | ' | -3.1 | -20.5 |
Total liabilities assumed | ' | ' | -263 | -1,453.80 |
Net assets acquired | ' | ' | $23.50 | $179.10 |
Earnings_Per_Share_Summary_of_
Earnings Per Share (Summary of Calculations and Reconciliation of Basic to Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share Reconciliation [Abstract] | ' | ' | ' | ' |
Net income | $39,041 | $29,281 | $88,644 | $84,524 |
Income available to common stockholders, Basic | 39,041 | 29,281 | 88,644 | 84,524 |
Income available to common stockholders, Basic, Shares | 343,493,691 | 275,229,343 | 344,494,901 | 274,801,234 |
Basic earnings per share | $0.11 | $0.11 | $0.26 | $0.31 |
Effect of dilutive common stock equivalents, Basic, Shares | 3,279,852 | 3,632,571 | 3,617,839 | 3,205,648 |
Income available to common stockholders, Diluted | $39,041 | $29,281 | $88,644 | $84,524 |
Income available to common stockholders, Diluted, Shares | 346,773,543 | 278,861,914 | 348,112,740 | 278,006,882 |
Diluted earnings per share | $0.11 | $0.11 | $0.25 | $0.30 |
Equity awards | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Securities excluded from computation of diluted earnings per share | 28,713 | 495,771 | 143,463 | 495,771 |
Securities_Narrative_Details
Securities (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Investment [Line Items] | ' | ' | ' | ' | ' |
Carrying value of held to maturity security | $1,514,374,000 | ' | $1,514,374,000 | ' | $831,819,000 |
Fair Value | 1,547,389,000 | ' | 1,547,389,000 | ' | 839,064,000 |
Fair value of OTTI | 38,000 | ' | ' | ' | ' |
Non credit-related OTTI | ' | ' | 25,400,000 | ' | ' |
Non credit-related OTTI, after-tax | ' | ' | 15,000,000 | ' | ' |
Net gain on available-for-sale | 29,000 | ' | 669,000 | ' | ' |
Gross realized gain from sale of Available-for-sale securities | ' | ' | 474,000 | 846,100 | ' |
Gain on securities transactions | 29,000 | 15,000 | 669,000 | 706,000 | ' |
Gain (loss) on capital distributions of equity securities | ' | 15,000 | 145,000 | 22,000 | ' |
Sale proceeds from sale of Available-for-sale securities, | ' | ' | 56,000,000 | ' | ' |
Gross realized losses | ' | ' | ' | 162,300 | ' |
Corporate and other debt securities | ' | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' | ' |
Number of pooled trust preferred securities | 34 | ' | 34 | ' | ' |
Number of securities in unrealized loss position | 1 | ' | 1 | ' | ' |
Carrying value of held to maturity security | 32,700,000 | ' | 32,700,000 | ' | ' |
Fair Value | 64,700,000 | ' | 64,700,000 | ' | ' |
Contractual maturities of mortgage-backed securities, years | ' | ' | '20 years | ' | ' |
TruP Security [Member] | ' | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' | ' |
Gain on securities transactions | ' | ' | $50,000 | ' | ' |
Securities_Summary_of_Securiti
Securities (Summary of Securities) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | $1,548,116,000 | $868,783,000 |
Net unrealized losses | -33,742,000 | -36,964,000 |
Carrying value of held to maturity security | 1,514,374,000 | 831,819,000 |
Gross unrealized gains | 41,156,000 | 25,704,000 |
Gross unrealized losses | -8,141,000 | -18,459,000 |
Fair Value | 1,547,389,000 | 839,064,000 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Carrying value | 1,037,813,000 | 782,759,000 |
Gross unrecognized gains | 12,299,000 | 9,990,000 |
Gross unrecognized losses | -4,150,000 | -7,717,000 |
Estimated fair value | 1,045,962,000 | 785,032,000 |
Equity Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Carrying value | 6,887,000 | 7,148,000 |
Gross unrecognized gains | 1,504,000 | 1,315,000 |
Gross unrecognized losses | 0 | -19,000 |
Estimated fair value | 8,391,000 | 8,444,000 |
Government-sponsored enterprises | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Gross unrealized losses | -4,000 | -18,000 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Carrying value | ' | 3,004,000 |
Gross unrecognized gains | ' | 0 |
Gross unrecognized losses | ' | 0 |
Estimated fair value | ' | 3,004,000 |
Corporate and other debt securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Carrying value of held to maturity security | 32,700,000 | ' |
Gross unrealized losses | -401,000 | -1,392,000 |
Fair Value | 64,700,000 | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Carrying value | ' | 670,000 |
Gross unrecognized gains | ' | 0 |
Gross unrecognized losses | ' | 0 |
Estimated fair value | ' | 670,000 |
Mortgage-backed securities: | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Gross unrealized losses | -7,736,000 | -17,049,000 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Carrying value | 1,030,926,000 | 771,937,000 |
Gross unrecognized gains | 10,795,000 | 8,675,000 |
Gross unrecognized losses | -4,150,000 | -7,698,000 |
Estimated fair value | 1,037,571,000 | 772,914,000 |
Federal Home Loan Mortgage Corporation | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Gross unrealized losses | -3,574,000 | -7,646,000 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Carrying value | 445,209,000 | 362,876,000 |
Gross unrecognized gains | 5,088,000 | 4,055,000 |
Gross unrecognized losses | -1,970,000 | -3,843,000 |
Estimated fair value | 448,327,000 | 363,088,000 |
Federal National Mortgage Association | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Gross unrealized losses | -3,930,000 | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Carrying value | 585,577,000 | 408,794,000 |
Gross unrecognized gains | 5,706,000 | 4,620,000 |
Gross unrecognized losses | -2,180,000 | -3,855,000 |
Estimated fair value | 589,103,000 | 409,559,000 |
Government National Mortgage Association | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Gross unrealized losses | -232,000 | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Carrying value | 140,000 | 267,000 |
Gross unrecognized gains | 1,000 | 0 |
Gross unrecognized losses | 0 | 0 |
Estimated fair value | 141,000 | 267,000 |
Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 77,873,000 | 75,606,000 |
Net unrealized losses | -25,384,000 | -26,391,000 |
Carrying value of held to maturity security | 52,489,000 | 49,215,000 |
Gross unrealized gains | 33,329,000 | 20,802,000 |
Gross unrealized losses | -405,000 | -1,410,000 |
Fair Value | 85,413,000 | 68,607,000 |
Government-sponsored enterprises | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 4,427,000 | 4,542,000 |
Net unrealized losses | 0 | 0 |
Carrying value of held to maturity security | 4,427,000 | 4,542,000 |
Gross unrealized gains | 1,000 | 0 |
Gross unrealized losses | -4,000 | -18,000 |
Fair Value | 4,424,000 | 4,524,000 |
Municipal Bonds | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 15,359,000 | 14,992,000 |
Net unrealized losses | 0 | 0 |
Carrying value of held to maturity security | 15,359,000 | 14,992,000 |
Gross unrealized gains | 943,000 | 487,000 |
Gross unrealized losses | 0 | 0 |
Fair Value | 16,302,000 | 15,479,000 |
Corporate and other debt securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 58,087,000 | 56,072,000 |
Net unrealized losses | -25,384,000 | -26,391,000 |
Carrying value of held to maturity security | 32,703,000 | 29,681,000 |
Gross unrealized gains | 32,385,000 | 20,315,000 |
Gross unrealized losses | -401,000 | -1,392,000 |
Fair Value | 64,687,000 | 48,604,000 |
Mortgage-backed securities: | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 1,470,243,000 | 793,177,000 |
Net unrealized losses | -8,358,000 | -10,573,000 |
Carrying value of held to maturity security | 1,461,885,000 | 782,604,000 |
Gross unrealized gains | 7,827,000 | 4,902,000 |
Gross unrealized losses | -7,736,000 | -17,049,000 |
Fair Value | 1,461,976,000 | 770,457,000 |
Federal Home Loan Mortgage Corporation | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 480,817,000 | 308,890,000 |
Net unrealized losses | -4,139,000 | -5,273,000 |
Carrying value of held to maturity security | 476,678,000 | 303,617,000 |
Gross unrealized gains | 2,448,000 | 1,901,000 |
Gross unrealized losses | -3,574,000 | -7,646,000 |
Fair Value | 475,552,000 | 297,872,000 |
Federal National Mortgage Association | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 960,560,000 | 483,916,000 |
Net unrealized losses | -4,219,000 | -5,300,000 |
Carrying value of held to maturity security | 956,341,000 | 478,616,000 |
Gross unrealized gains | 5,379,000 | 3,001,000 |
Gross unrealized losses | -3,930,000 | -9,403,000 |
Fair Value | 957,790,000 | 472,214,000 |
Government National Mortgage Association | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 28,635,000 | ' |
Net unrealized losses | 0 | ' |
Carrying value of held to maturity security | 28,635,000 | ' |
Gross unrealized gains | 0 | ' |
Gross unrealized losses | -232,000 | ' |
Fair Value | 28,403,000 | ' |
Federal housing authorities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 231,000 | 371,000 |
Net unrealized losses | 0 | 0 |
Carrying value of held to maturity security | 231,000 | 371,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair Value | $231,000 | $371,000 |
Securities_Investment_Securiti
Securities (Investment Securities, Continuous Unrealized Loss Position And Fair Value) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Open Option Contracts Written [Line Items] | ' | ' |
Available-for-sale securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | $232,252 | $375,305 |
Available-for-sale securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | 1,310 | 7,717 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 159,283 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 2,840 | 0 |
Available-for-sale securities, continuous unrealized loss position, Estimated fair value | 391,535 | 375,305 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | 4,150 | 7,717 |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | 689,605 | 643,156 |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | 3,366 | 16,799 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or more, Estimated fair value | 210,183 | 25,701 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4,775 | 1,660 |
Held-to-maturity securities, continuous unrealized loss position, Estimated fair value | 899,788 | 668,857 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 8,141 | 18,459 |
Marketable securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | 921,857 | 1,018,461 |
Marketable Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses | 4,676 | 24,516 |
Marketable securities, continuous unrealized loss position, 12 months or more, Estimated fair value | 369,466 | 25,701 |
Marketable Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses | 7,615 | 1,660 |
Marketable Securities Continuous Unrealized Loss Position Fair Value | 1,291,323 | 1,044,162 |
Marketable Securities Continuous Unrealized Loss Position Aggregate Losses | 12,291 | 26,176 |
Equity Securities | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Available-for-sale securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | ' | 506 |
Available-for-sale securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | ' | 19 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | 0 |
Available-for-sale securities, continuous unrealized loss position, Estimated fair value | ' | 506 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | ' | 19 |
Debt Securities | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | 4,324 | 6,915 |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | 4 | 663 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or more, Estimated fair value | 144 | 376 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 401 | 747 |
Held-to-maturity securities, continuous unrealized loss position, Estimated fair value | 4,468 | 7,291 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 405 | 1,410 |
Government-sponsored enterprises | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | 4,324 | 4,524 |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | 4 | 18 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or more, Estimated fair value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ' | 0 |
Held-to-maturity securities, continuous unrealized loss position, Estimated fair value | 4,324 | 4,524 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 4 | 18 |
Corporate and other debt securities | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | 0 | 2,391 |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | 0 | 645 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or more, Estimated fair value | 144 | 376 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 401 | 747 |
Held-to-maturity securities, continuous unrealized loss position, Estimated fair value | 144 | 2,767 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 401 | 1,392 |
Mortgage-backed securities: | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Available-for-sale securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | ' | 374,799 |
Available-for-sale securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | ' | 7,698 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | 0 |
Available-for-sale securities, continuous unrealized loss position, Estimated fair value | ' | 374,799 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | ' | 7,698 |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | 685,281 | 636,241 |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | 3,362 | 16,136 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or more, Estimated fair value | 210,039 | 25,325 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4,374 | 913 |
Held-to-maturity securities, continuous unrealized loss position, Estimated fair value | 895,320 | 661,566 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 7,736 | 17,049 |
Federal Home Loan Mortgage Corporation | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Available-for-sale securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | 139,038 | 164,306 |
Available-for-sale securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | 710 | 3,843 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 85,556 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 1,260 | 0 |
Available-for-sale securities, continuous unrealized loss position, Estimated fair value | 224,594 | 164,306 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | 1,970 | 3,843 |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | 209,681 | 245,491 |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | 1,570 | 6,989 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or more, Estimated fair value | 107,499 | 20,871 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,004 | 657 |
Held-to-maturity securities, continuous unrealized loss position, Estimated fair value | 317,180 | 266,362 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 3,574 | 7,646 |
Federal National Mortgage Association | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Available-for-sale securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | 93,214 | 210,493 |
Available-for-sale securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | 600 | 3,855 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 73,727 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 1,580 | 0 |
Available-for-sale securities, continuous unrealized loss position, Estimated fair value | 166,941 | 210,493 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments | 2,180 | 3,855 |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | 447,197 | ' |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | 1,560 | ' |
Held-to-maturity securities, continuous unrealized loss position, 12 months or more, Estimated fair value | 102,540 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,370 | ' |
Held-to-maturity securities, continuous unrealized loss position, Estimated fair value | 549,737 | ' |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 3,930 | ' |
Government National Mortgage Association | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | 28,403 | ' |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | 232 | ' |
Held-to-maturity securities, continuous unrealized loss position, 12 months or more, Estimated fair value | 0 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | ' |
Held-to-maturity securities, continuous unrealized loss position, Estimated fair value | 28,403 | ' |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | 232 | ' |
Federal National Mortgage Association | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Estimated fair value | ' | 390,750 |
Held-to-maturity securities, continuous unrealized loss position, Less than 12 months, Unrealized losses | ' | 9,147 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or more, Estimated fair value | ' | 4,454 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ' | 256 |
Held-to-maturity securities, continuous unrealized loss position, Estimated fair value | ' | 395,204 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | ' | $9,403 |
Securities_Summary_of_Pooled_T
Securities (Summary of Pooled Trust Preferred Securities) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | $1,514,374,000 | $831,819,000 |
Fair Value | 1,547,389,000 | 839,064,000 |
Current deferrals and defaults, assumed recoveries range, low | 1.20% | ' |
Assumed recoveries range, high | 65.50% | ' |
Expected deferrals and defaults, assumed recoveries range, low | 0.00% | ' |
Expected deferrals and defaults, assumed recoveries range, high | 23.40% | ' |
Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 32,703,300 | ' |
Fair Value | 64,648,900 | ' |
Unrecognized Gains (Losses) | 31,945,700 | ' |
Pref Pretsl IX | Moody's, Caa1 Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 405,300 | ' |
Fair Value | 726,600 | ' |
Unrecognized Gains (Losses) | 321,300 | ' |
Number of Issuers Currently Performing | 29 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 24.00% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 8.90% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Pretsl XXVI | Moody's, C Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 525,200 | ' |
Fair Value | 1,150,300 | ' |
Unrecognized Gains (Losses) | 625,100 | ' |
Number of Issuers Currently Performing | 54 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 24.10% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.80% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Pretsl XXV | Moody's, C Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 439,200 | ' |
Fair Value | 928,200 | ' |
Unrecognized Gains (Losses) | 489,000 | ' |
Number of Issuers Currently Performing | 52 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 25.70% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.90% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Pretsl XXI | Moody's, C Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 952,800 | ' |
Fair Value | 2,985,300 | ' |
Unrecognized Gains (Losses) | 2,032,600 | ' |
Number of Issuers Currently Performing | 53 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 19.00% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.10% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Pretsl XX | Moody's, C Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 407,600 | ' |
Fair Value | 729,900 | ' |
Unrecognized Gains (Losses) | 322,300 | ' |
Number of Issuers Currently Performing | 45 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 16.80% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 15.50% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Pretsl XIX | Moody's, C Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 722,900 | ' |
Fair Value | 1,254,200 | ' |
Unrecognized Gains (Losses) | 531,200 | ' |
Number of Issuers Currently Performing | 52 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 10.60% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 13.20% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Pretsl XVIII | Moody's, Ca Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 1,643,600 | ' |
Fair Value | 2,845,300 | ' |
Unrecognized Gains (Losses) | 1,201,700 | ' |
Number of Issuers Currently Performing | 55 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 22.00% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.90% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Pretsl XVII | Moody's, C Rating | Fitch, CC Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 743,500 | ' |
Fair Value | 1,594,600 | ' |
Unrecognized Gains (Losses) | 851,200 | ' |
Number of Issuers Currently Performing | 37 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 19.00% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 16.20% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Pretsl XV | Moody's, C Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 934,600 | ' |
Fair Value | 2,180,200 | ' |
Unrecognized Gains (Losses) | 1,245,700 | ' |
Number of Issuers Currently Performing | 57 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 11.60% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 13.20% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Pretsl VII | Moody's, Ca Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 400,900 | ' |
Fair Value | 1,876,500 | ' |
Unrecognized Gains (Losses) | 1,475,600 | ' |
Number of Issuers Currently Performing | 11 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 47.80% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 13.00% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Pretsl V | Moody's, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 17,100 | ' |
Fair Value | 17,100 | ' |
Unrecognized Gains (Losses) | 0 | ' |
Number of Issuers Currently Performing | 0 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 65.50% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 0.00% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Pretsl IV | Moody's, B1 Rating | Fitch, B Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 147,400 | ' |
Fair Value | 221,200 | ' |
Unrecognized Gains (Losses) | 73,800 | ' |
Number of Issuers Currently Performing | 6 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 18.10% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 7.50% | ' |
Excess Subordination as a % of Performing Collateral (3) | 19.00% | ' |
Pretsl XXIV | Moody's, C Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 690,700 | ' |
Fair Value | 764,800 | ' |
Unrecognized Gains (Losses) | 74,000 | ' |
Number of Issuers Currently Performing | 60 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 26.10% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 16.20% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Pretsl XXIV | Moody's, A3 Rating | Fitch, BBB Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 1,898,100 | ' |
Fair Value | 4,508,000 | ' |
Unrecognized Gains (Losses) | 2,609,900 | ' |
Number of Issuers Currently Performing | 60 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 26.10% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 16.20% | ' |
Excess Subordination as a % of Performing Collateral (3) | 24.90% | ' |
Pretsl XXII | Moody's, A1 Rating | Fitch, A Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 556,200 | ' |
Fair Value | 1,517,100 | ' |
Unrecognized Gains (Losses) | 960,900 | ' |
Number of Issuers Currently Performing | 71 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 19.50% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.40% | ' |
Excess Subordination as a % of Performing Collateral (3) | 31.40% | ' |
Pretsl XXII | Moody's, A1 Rating | Fitch, BBB Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 702,000 | ' |
Fair Value | 2,134,600 | ' |
Unrecognized Gains (Losses) | 1,432,600 | ' |
Number of Issuers Currently Performing | 93 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 19.90% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 13.10% | ' |
Excess Subordination as a % of Performing Collateral (3) | 18.30% | ' |
Trapeza XIII | Moody's, Ca Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 1,930,000 | ' |
Fair Value | 3,921,000 | ' |
Unrecognized Gains (Losses) | 1,991,000 | ' |
Number of Issuers Currently Performing | 48 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 18.40% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 10.20% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Trapeza XII | Moody's, C Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 1,782,700 | ' |
Fair Value | 3,117,700 | ' |
Unrecognized Gains (Losses) | 1,334,900 | ' |
Number of Issuers Currently Performing | 33 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 24.30% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 11.40% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
US Cap III | Moody's, Ca Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 1,855,100 | ' |
Fair Value | 2,789,000 | ' |
Unrecognized Gains (Losses) | 933,900 | ' |
Number of Issuers Currently Performing | 30 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 16.00% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.80% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
US Cap II | Moody's, Caa1 Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 1,429,900 | ' |
Fair Value | 2,899,000 | ' |
Unrecognized Gains (Losses) | 1,469,100 | ' |
Number of Issuers Currently Performing | 35 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 15.60% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 8.30% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
U S Cap I, B1 Class | Moody's, Caa1 Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 2,733,500 | ' |
Fair Value | 5,940,000 | ' |
Unrecognized Gains (Losses) | 3,206,500 | ' |
Number of Issuers Currently Performing | 30 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 12.50% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 7.10% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
U S Cap I, B2 Class | Moody's, Caa1 Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 917,200 | ' |
Fair Value | 1,980,000 | ' |
Unrecognized Gains (Losses) | 1,062,800 | ' |
Number of Issuers Currently Performing | 30 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 12.50% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 7.10% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Tpref II | Moody's, Caa3 Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 4,156,500 | ' |
Fair Value | 5,324,400 | ' |
Unrecognized Gains (Losses) | 1,168,000 | ' |
Number of Issuers Currently Performing | 18 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 34.80% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.90% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Tpref I | Moody's, Ca Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 1,552,400 | ' |
Fair Value | 1,931,400 | ' |
Unrecognized Gains (Losses) | 379,000 | ' |
Number of Issuers Currently Performing | 7 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 51.90% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 8.70% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
MMCaps XIX | Moody's, C Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 545,100 | ' |
Fair Value | 144,000 | ' |
Unrecognized Gains (Losses) | -401,100 | ' |
Number of Issuers Currently Performing | 34 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 25.40% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 11.90% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
MMCaps XVII | Moody's, Ca Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 1,647,400 | ' |
Fair Value | 2,236,500 | ' |
Unrecognized Gains (Losses) | 589,100 | ' |
Number of Issuers Currently Performing | 33 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 13.00% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 7.40% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
MM Comm III | Moody's, B1 Rating | Fitch, BB Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 156,600 | ' |
Fair Value | 3,221,000 | ' |
Unrecognized Gains (Losses) | 3,064,500 | ' |
Number of Issuers Currently Performing | 5 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 30.00% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.30% | ' |
Excess Subordination as a % of Performing Collateral (3) | 12.80% | ' |
Alesco PF VI | Moody's, Ca Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 718,400 | ' |
Fair Value | 1,659,700 | ' |
Unrecognized Gains (Losses) | 941,300 | ' |
Number of Issuers Currently Performing | 44 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 7.60% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.10% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Alesco PF IV | Moody's, C Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 401,200 | ' |
Fair Value | 697,800 | ' |
Unrecognized Gains (Losses) | 296,600 | ' |
Number of Issuers Currently Performing | 38 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 1.20% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 11.00% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Alesco PF III | Moody's, Ca Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 325,300 | ' |
Fair Value | 712,800 | ' |
Unrecognized Gains (Losses) | 387,500 | ' |
Number of Issuers Currently Performing | 31 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 11.10% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.00% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Alesco PF III, B1 Class | Moody's, Ca Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 813,100 | ' |
Fair Value | 1,782,000 | ' |
Unrecognized Gains (Losses) | 968,900 | ' |
Number of Issuers Currently Performing | 31 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 11.10% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.00% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Alesco PF II | Moody's, Ca Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 327,000 | ' |
Fair Value | 481,700 | ' |
Unrecognized Gains (Losses) | 154,600 | ' |
Number of Issuers Currently Performing | 30 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 11.80% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 8.80% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Pretsl X | Moody's, Caa3 Rating | Fitch, C Rating | Corporate Debt Securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Book Value | 224,800 | ' |
Fair Value | 377,000 | ' |
Unrecognized Gains (Losses) | $152,200 | ' |
Number of Issuers Currently Performing | 32 | ' |
Current Deferrals and Defaults as a % of Total Collateral (1) | 26.20% | ' |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 10.60% | ' |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ' |
Securities_Amortized_Cost_and_
Securities (Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Carrying value of held to maturity security | $1,514,374,000 | $831,819,000 |
Total, Estimated fair value | 1,547,389,000 | 839,064,000 |
Debt Securities Other than Securities Pledged | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Due in one year or less, Amortized cost | 10,074,000 | ' |
Due after one year through five years, Amortized cost | 4,707,000 | ' |
Due after five years through ten years, Amortized cost | 0 | ' |
Due after ten years, Amortized cost | 37,708,000 | ' |
Carrying value of held to maturity security | 52,489,000 | ' |
Due in one year or less, Estimated fair value | 10,075,000 | ' |
Due after one year through five years, Estimated fair value | 4,704,000 | ' |
Due after five years through ten years, Estimated fair value | 0 | ' |
Due after ten years, Estimated fair value | 70,634,000 | ' |
Total, Estimated fair value | $85,413,000 | ' |
Securities_Changes_in_Credit_L
Securities (Changes in Credit Loss Component of the Impairment Loss of Debt Securities for Other-than-Temporary Impairment Recognized in Earnings) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' |
Balance of credit related OTTI, beginning of period | $110,522 | $112,886 | $112,235 | $114,514 |
Initial credit impairments | 0 | 0 | 0 | 0 |
Subsequent credit impairments | 0 | 0 | 0 | 0 |
Accretion of credit loss impairment due to an increase in expected cash flows | -853 | -814 | -2,566 | -2,442 |
Balance of credit related OTTI, end of period | $109,669 | $112,072 | $109,669 | $112,072 |
Loans_Receivable_Net_Narrative
Loans Receivable, Net (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
loan | loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
PCI loans | $20,580,000 | ' | $20,580,000 | ' | $36,047,000 |
Allowance related to PCI loans | 419,000 | ' | 1,300,000 | ' | ' |
Outstanding minimum balance of loans that are evaluated for impairment individually | 1,000,000 | ' | 1,000,000 | ' | ' |
Allowance for loan losses, individually evaluated for impairment | 1,867,000 | ' | 1,867,000 | ' | 2,066,000 |
Residential mortgage loans, appraisal update period, years | ' | ' | '2 years | ' | ' |
Loans that are 90 days past due and still accruing | 0 | ' | 0 | ' | ' |
Provision for loan losses | 9,000,000 | 13,750,000 | 26,000,000 | 41,250,000 | ' |
Loans, Individually evaluated for impairment | 67,062,000 | ' | 67,062,000 | ' | 66,662,000 |
Allocation of loan losses | 1,867,000 | ' | 1,867,000 | ' | 2,066,000 |
Interest income received and recognized on loans | 678,000 | 508,000 | 1,900,000 | 1,600,000 | ' |
Troubled debt restructured, number of loans | ' | ' | 83 | ' | 79 |
Recorded investment | 46,892,000 | ' | 46,892,000 | ' | 51,034,000 |
Charges-offs for collateral dependent TDRs | ' | ' | 15,163,000 | ' | 22,610,000 |
Residential Mortgage Loans | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Delinquency period in days | ' | ' | '90 days | ' | ' |
Substandard Residential | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Delinquency period in days | ' | ' | '90 days | ' | ' |
Commercial Real Estate, Construction And Multi-Family Loans [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Delinquency period in days | ' | ' | '90 days | ' | ' |
Maximum | Special Mention Residential | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Delinquency period in days | ' | ' | '89 days | ' | ' |
Minimum | Special Mention Residential | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Delinquency period in days | ' | ' | '30 days | ' | ' |
Collateral Dependant TDRs | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Charges-offs for collateral dependent TDRs | ' | 383,000 | 3,000,000 | 1,600,000 | ' |
Commercial and Industrial Loans | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Number of current loans classified as non-accrual, TDR | ' | ' | ' | ' | 1 |
TDR number of current loans classified as non-accrual, amount | ' | ' | ' | ' | 506,000 |
Loans, Individually evaluated for impairment | 1,473,000 | ' | 1,473,000 | ' | 1,612,000 |
Allocation of loan losses | 0 | ' | 0 | ' | 0 |
Charges-offs for collateral dependent TDRs | ' | ' | 2,447,000 | ' | 516,000 |
Residential Mortgage Loans | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, individually evaluated for impairment | 1,867,000 | ' | 1,867,000 | ' | 2,066,000 |
Number of current loans classified as non-accrual, TDR | ' | ' | 7 | ' | 14 |
TDR number of current loans classified as non-accrual, amount | 1,900,000 | ' | 1,900,000 | ' | 4,600,000 |
Loans, Individually evaluated for impairment | 23,019,000 | ' | 23,019,000 | ' | 20,987,000 |
Allocation of loan losses | 1,867,000 | ' | 1,867,000 | ' | 2,066,000 |
TDR loans classified as non-accrual, 30-89 days delinquent, amount | 3,300,000 | ' | 3,300,000 | ' | 1,600,000 |
TDR loans classified as non-accrual, 30-89 days delinquent, number of loans | ' | ' | 9 | ' | 5 |
Charges-offs for collateral dependent TDRs | ' | ' | 5,710,000 | ' | 15,508,000 |
Residential Mortgage Loans | Maximum | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Delinquency period in days | ' | ' | ' | ' | '89 days |
Residential Mortgage Loans | Minimum | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Delinquency period in days | ' | ' | ' | ' | '30 days |
Multi- Family Loans | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
TDR number of current loans classified as non-accrual, amount | ' | ' | ' | ' | 2,300,000 |
Loans, Individually evaluated for impairment | 3,550,000 | ' | 3,550,000 | ' | 15,313,000 |
Allocation of loan losses | 0 | ' | 0 | ' | 0 |
TDR loans classified as non-accrual, 30-89 days delinquent, number of loans | ' | ' | ' | ' | 1 |
Charges-offs for collateral dependent TDRs | ' | ' | 292,000 | ' | 1,266,000 |
Residential Loans | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Troubled debt restructured, number of loans | ' | ' | 4 | ' | ' |
Recorded investment | ' | 1,300,000 | ' | 1,300,000 | ' |
Proceeds from sale of loan | ' | ' | ' | 14,900,000 | ' |
Commercial Real Estate Loans | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Number of current loans classified as non-accrual, TDR | ' | ' | ' | ' | 1 |
TDR number of current loans classified as non-accrual, amount | ' | ' | ' | ' | 600,000 |
Loans, Individually evaluated for impairment | 23,477,000 | ' | 23,477,000 | ' | 11,713,000 |
Allocation of loan losses | 0 | ' | 0 | ' | 0 |
Charges-offs for collateral dependent TDRs | ' | ' | 5,520,000 | ' | 1,101,000 |
Construction Loans | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Loans, Individually evaluated for impairment | 15,543,000 | ' | 15,543,000 | ' | 17,037,000 |
Allocation of loan losses | 0 | ' | 0 | ' | 0 |
Charges-offs for collateral dependent TDRs | ' | ' | 505,000 | ' | 3,424,000 |
Proceeds from sale of loan | ' | ' | ' | 8,200,000 | ' |
PCI Loans | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Reclassification of securities available for sale to held to maturity | ' | ' | 1,900,000 | ' | ' |
Marathon Banking Corporation and Marathon National Bank of New York | PCI Loans | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
PCI loans | 20,600,000 | ' | 20,600,000 | ' | 36,000,000 |
Upto 90 Days | Marathon Banking Corporation and Marathon National Bank of New York | PCI Loans | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
PCI loans | 11,200,000 | ' | 11,200,000 | ' | 19,600,000 |
More than 90 Days | Marathon Banking Corporation and Marathon National Bank of New York | PCI Loans | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
PCI loans | 9,400,000 | ' | 9,400,000 | ' | 16,400,000 |
Nonperforming Financing Receivable | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Loans transferred | ' | ' | 32,400,000 | ' | ' |
Gain on Loan Transactions, Net | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Gain (loss) on sales | $552,000 | ' | ' | ' | ' |
Loans_Receivable_Net_Details
Loans Receivable, Net (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Receivables [Abstract] | ' | ' | ' | ' | ' | ' |
Residential mortgage loans | $5,826,301 | ' | $5,692,810 | ' | ' | ' |
Multi-family loans | 4,715,936 | ' | 3,985,517 | ' | ' | ' |
Commercial real estate loans | 2,802,403 | ' | 2,485,937 | ' | ' | ' |
Construction loans | 154,945 | ' | 194,542 | ' | ' | ' |
Consumer and other loans | 435,246 | ' | 403,929 | ' | ' | ' |
Commercial and industrial loans | 412,879 | ' | 265,836 | ' | ' | ' |
Total loans excluding PCI loans | 14,347,710 | ' | 13,028,571 | ' | ' | ' |
PCI loans | 20,580 | ' | 36,047 | ' | ' | ' |
Net unamortized premiums and deferred loan costs | -7,883 | ' | -8,146 | ' | ' | ' |
Allowance for loan losses | -191,084 | -186,070 | -173,928 | -166,779 | -154,467 | -142,172 |
Net loans | $14,169,323 | ' | $12,882,544 | ' | ' | ' |
Loans_Receivable_Net_Purchased
Loans Receivable, Net (Purchased Credit Impaired Loans) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 06, 2013 | Jan. 10, 2014 |
In Thousands, unless otherwise specified | PCI Loans | PCI Loans | PCI Loans | PCI Loans | Roma Financial Corporation | Gateway Community Financial Corporation | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
PCI loans, outstanding | $20,580 | $36,047 | ' | ' | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Contractually required principal and interest | ' | ' | ' | ' | ' | ' | 46,231 | 4,172 |
Contractual cash flows not expected to be collected (non-accretable difference) | ' | ' | ' | ' | ' | ' | -16,441 | -1,024 |
Expected cash flows to be collected | ' | ' | ' | ' | ' | ' | 29,790 | 3,148 |
Interest component of expected cash flows (accretable yield) | ' | ' | ' | ' | ' | ' | -3,425 | -216 |
Fair value of acquired loans | ' | ' | ' | ' | ' | ' | 26,365 | 2,932 |
Accretable Yeild [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 1,401 | 1,212 | 4,154 | 1,457 | ' | ' |
Acquisitions | ' | ' | 0 | 0 | 216 | 0 | ' | ' |
Accretion (1) | ' | ' | -193 | -135 | -3,162 | -380 | ' | ' |
Net reclassification from non-accretable difference | ' | ' | 0 | 0 | 0 | 0 | ' | ' |
Balance, ending of period | ' | ' | $1,208 | $1,077 | $1,208 | $1,077 | ' | ' |
Loans_Receivable_Net_Summary_o
Loans Receivable, Net (Summary of Analysis of the Allowance for Loan Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning | $186,070 | $154,467 | $173,928 | $142,172 |
Loans charged off | -8,060 | -2,484 | -15,163 | -19,219 |
Recoveries | 4,074 | 1,046 | 6,319 | 2,576 |
Net charge-offs | -3,986 | -1,438 | -8,844 | -16,643 |
Provision for loan losses | 9,000 | 13,750 | 26,000 | 41,250 |
Balance at end | $191,084 | $166,779 | $191,084 | $166,779 |
Loans_Receivable_Net_Summary_o1
Loans Receivable, Net (Summary of Allowance for Loan Losses and the Recorded Investment in Loans by Portfolio Segment And Based On Impairment Method) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Allowance for loan losses, Beginning balance | $173,928 | $142,172 |
Allowance for loan losses, Charge-offs | -15,163 | -22,610 |
Allowance for loan losses, Recoveries | 6,319 | 3,866 |
Allowance for loan losses, Provision | 26,000 | 50,500 |
Allowance for loan losses, Ending balance | 191,084 | 173,928 |
Allowance for loan losses, individually evaluated for impairment | 1,867 | 2,066 |
Allowance for loan losses, loans acquired with deteriorated credit quality | 0 | ' |
Allowance for loan losses, collectively evaluated for impairment | 189,217 | 171,862 |
Loans, Individually evaluated for impairment | 67,062 | 66,662 |
Loans, collectively evaluated for impairment | 14,280,648 | 12,961,909 |
Loan, Loans acquired with deteriorated credit quality | 20,580 | 36,047 |
Ending Balance | 14,368,290 | 13,064,618 |
Residential Mortgage Loans | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Allowance for loan losses, Beginning balance | 51,760 | 45,369 |
Allowance for loan losses, Charge-offs | -5,710 | -15,508 |
Allowance for loan losses, Recoveries | 1,255 | 2,528 |
Allowance for loan losses, Provision | 1,805 | 19,371 |
Allowance for loan losses, Ending balance | 49,110 | 51,760 |
Allowance for loan losses, individually evaluated for impairment | 1,867 | 2,066 |
Allowance for loan losses, loans acquired with deteriorated credit quality | 0 | ' |
Allowance for loan losses, collectively evaluated for impairment | 47,243 | 49,694 |
Loans, Individually evaluated for impairment | 23,019 | 20,987 |
Loans, collectively evaluated for impairment | 5,803,282 | 5,671,823 |
Loan, Loans acquired with deteriorated credit quality | 5,093 | 5,541 |
Ending Balance | 5,831,394 | 5,698,351 |
Multi- Family Loans | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Allowance for loan losses, Beginning balance | 42,103 | 29,853 |
Allowance for loan losses, Charge-offs | -292 | -1,266 |
Allowance for loan losses, Recoveries | 3,715 | 219 |
Allowance for loan losses, Provision | 3,389 | 13,297 |
Allowance for loan losses, Ending balance | 48,915 | 42,103 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, loans acquired with deteriorated credit quality | 0 | ' |
Allowance for loan losses, collectively evaluated for impairment | 48,915 | 42,103 |
Loans, Individually evaluated for impairment | 3,550 | 15,313 |
Loans, collectively evaluated for impairment | 4,712,386 | 3,970,204 |
Loan, Loans acquired with deteriorated credit quality | 633 | 691 |
Ending Balance | 4,716,569 | 3,986,208 |
Commercial Real Estate Loans | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Allowance for loan losses, Beginning balance | 46,657 | 33,347 |
Allowance for loan losses, Charge-offs | -5,520 | -1,101 |
Allowance for loan losses, Recoveries | 187 | 65 |
Allowance for loan losses, Provision | 11,437 | 14,346 |
Allowance for loan losses, Ending balance | 52,761 | 46,657 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, loans acquired with deteriorated credit quality | 0 | ' |
Allowance for loan losses, collectively evaluated for impairment | 52,761 | 46,657 |
Loans, Individually evaluated for impairment | 23,477 | 11,713 |
Loans, collectively evaluated for impairment | 2,778,926 | 2,474,224 |
Loan, Loans acquired with deteriorated credit quality | 9,525 | 19,390 |
Ending Balance | 2,811,928 | 2,505,327 |
Construction Loans | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Allowance for loan losses, Beginning balance | 8,947 | 16,062 |
Allowance for loan losses, Charge-offs | -505 | -3,424 |
Allowance for loan losses, Recoveries | 782 | 315 |
Allowance for loan losses, Provision | -3,516 | -4,006 |
Allowance for loan losses, Ending balance | 5,708 | 8,947 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, loans acquired with deteriorated credit quality | 0 | ' |
Allowance for loan losses, collectively evaluated for impairment | 5,708 | 8,947 |
Loans, Individually evaluated for impairment | 15,543 | 17,037 |
Loans, collectively evaluated for impairment | 139,402 | 177,505 |
Loan, Loans acquired with deteriorated credit quality | 4,810 | 7,719 |
Ending Balance | 159,755 | 202,261 |
Commercial and Industrial Loans | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Allowance for loan losses, Beginning balance | 9,273 | 4,094 |
Allowance for loan losses, Charge-offs | -2,447 | -516 |
Allowance for loan losses, Recoveries | 380 | 604 |
Allowance for loan losses, Provision | 10,366 | 5,091 |
Allowance for loan losses, Ending balance | 17,572 | 9,273 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, loans acquired with deteriorated credit quality | 0 | ' |
Allowance for loan losses, collectively evaluated for impairment | 17,572 | 9,273 |
Loans, Individually evaluated for impairment | 1,473 | 1,612 |
Loans, collectively evaluated for impairment | 411,406 | 264,224 |
Loan, Loans acquired with deteriorated credit quality | 56 | 2,586 |
Ending Balance | 412,935 | 268,422 |
Consumer and Other Loans | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Allowance for loan losses, Beginning balance | 2,161 | 2,086 |
Allowance for loan losses, Charge-offs | -689 | -795 |
Allowance for loan losses, Recoveries | 0 | 135 |
Allowance for loan losses, Provision | 1,127 | 735 |
Allowance for loan losses, Ending balance | 2,599 | 2,161 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, loans acquired with deteriorated credit quality | 0 | ' |
Allowance for loan losses, collectively evaluated for impairment | 2,599 | 2,161 |
Loans, Individually evaluated for impairment | 0 | 0 |
Loans, collectively evaluated for impairment | 435,246 | 403,929 |
Loan, Loans acquired with deteriorated credit quality | 463 | 120 |
Ending Balance | 435,709 | 404,049 |
Unallocated | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Allowance for loan losses, Beginning balance | 13,027 | 11,361 |
Allowance for loan losses, Charge-offs | 0 | 0 |
Allowance for loan losses, Recoveries | 0 | 0 |
Allowance for loan losses, Provision | 1,392 | 1,666 |
Allowance for loan losses, Ending balance | 14,419 | 13,027 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, loans acquired with deteriorated credit quality | 0 | ' |
Allowance for loan losses, collectively evaluated for impairment | 14,419 | 13,027 |
Loans, Individually evaluated for impairment | 0 | 0 |
Loans, collectively evaluated for impairment | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Ending Balance | $0 | $0 |
Loans_Receivable_Net_Schedule_
Loans Receivable, Net (Schedule of Risk Category of Loans by Class of Loans) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | $14,347,710 | $13,028,571 |
Residential Mortgage Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 5,826,301 | 5,692,810 |
Multi- Family Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 4,715,936 | 3,985,517 |
Commercial Real Estate Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 2,802,403 | 2,485,937 |
Construction Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 154,945 | 194,542 |
Commercial and Industrial Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 412,879 | 265,836 |
Consumer and Other Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 435,246 | 403,929 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 14,003,564 | 12,701,071 |
Pass [Member] | Residential Mortgage Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 5,698,848 | 5,584,728 |
Pass [Member] | Multi- Family Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 4,640,667 | 3,919,808 |
Pass [Member] | Commercial Real Estate Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 2,708,011 | 2,389,086 |
Pass [Member] | Construction Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 138,013 | 158,576 |
Pass [Member] | Commercial and Industrial Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 389,146 | 247,983 |
Pass [Member] | Consumer and Other Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 428,879 | 400,890 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 137,816 | 112,642 |
Special Mention [Member] | Residential Mortgage Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 31,575 | 23,252 |
Special Mention [Member] | Multi- Family Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 71,088 | 49,199 |
Special Mention [Member] | Commercial Real Estate Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 15,980 | 23,739 |
Special Mention [Member] | Construction Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 1,743 | 7,847 |
Special Mention [Member] | Commercial and Industrial Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 14,882 | 7,540 |
Special Mention [Member] | Consumer and Other Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 2,548 | 1,065 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 206,330 | 214,858 |
Substandard [Member] | Residential Mortgage Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 95,878 | 84,830 |
Substandard [Member] | Multi- Family Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 4,181 | 16,510 |
Substandard [Member] | Commercial Real Estate Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 78,412 | 73,112 |
Substandard [Member] | Construction Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 15,189 | 28,119 |
Substandard [Member] | Commercial and Industrial Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 8,851 | 10,313 |
Substandard [Member] | Consumer and Other Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 3,819 | 1,974 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 0 | 0 |
Doubtful [Member] | Residential Mortgage Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 0 | 0 |
Doubtful [Member] | Multi- Family Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 0 | 0 |
Doubtful [Member] | Construction Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 0 | 0 |
Doubtful [Member] | Commercial and Industrial Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | 0 | 0 |
Doubtful [Member] | Consumer and Other Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk category of loans | $0 | $0 |
Loans_Receivable_Net_Payment_S
Loans Receivable, Net (Payment Status of the Recorded Investment in Past Due Loans) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | $67,702 | $42,637 |
60-89 Days | 28,305 | 18,805 |
Greater than 90 Days | 110,829 | 90,687 |
Total Past Due | 206,836 | 152,129 |
Current | 14,140,874 | 12,876,442 |
Total Loans Receivable | 14,347,710 | 13,028,571 |
Residential Mortgage Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 22,485 | 17,779 |
60-89 Days | 12,362 | 7,358 |
Greater than 90 Days | 76,868 | 66,079 |
Total Past Due | 111,715 | 91,216 |
Current | 5,714,586 | 5,601,594 |
Total Loans Receivable | 5,826,301 | 5,692,810 |
Multi- Family Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 35,728 | 1,408 |
60-89 Days | 13,010 | 218 |
Greater than 90 Days | 1,874 | 3,588 |
Total Past Due | 50,612 | 5,214 |
Current | 4,665,324 | 3,980,303 |
Total Loans Receivable | 4,715,936 | 3,985,517 |
Commercial Real Estate Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 5,259 | 16,380 |
60-89 Days | 428 | 10,247 |
Greater than 90 Days | 14,645 | 2,091 |
Total Past Due | 20,332 | 28,718 |
Current | 2,782,071 | 2,457,219 |
Total Loans Receivable | 2,802,403 | 2,485,937 |
Construction Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 180 | 302 |
60-89 Days | 1,326 | 527 |
Greater than 90 Days | 12,805 | 16,181 |
Total Past Due | 14,311 | 17,010 |
Current | 140,634 | 177,532 |
Total Loans Receivable | 154,945 | 194,542 |
Commercial and Industrial Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 2,178 | 5,871 |
60-89 Days | 503 | 287 |
Greater than 90 Days | 819 | 775 |
Total Past Due | 3,500 | 6,933 |
Current | 409,379 | 258,903 |
Total Loans Receivable | 412,879 | 265,836 |
Consumer and Other Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 1,872 | 897 |
60-89 Days | 676 | 168 |
Greater than 90 Days | 3,818 | 1,973 |
Total Past Due | 6,366 | 3,038 |
Current | 428,880 | 400,891 |
Total Loans Receivable | $435,246 | $403,929 |
Loans_Receivable_Net_NonAccrua
Loans Receivable, Net (Non-Accrual Loans Status) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
loan | loan | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual: # of loans | 423 | 343 |
Non-accrual, Amount | $116,032 | $100,360 |
Residential And Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual: # of loans | 383 | 304 |
Non-accrual, Amount | 85,888 | 74,282 |
Construction Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual: # of loans | 6 | 18 |
Non-accrual, Amount | 12,806 | 16,181 |
Multi- Family Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual: # of loans | 1 | 5 |
Non-accrual, Amount | 1,874 | 5,905 |
Commercial Real Estate Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual: # of loans | 29 | 12 |
Non-accrual, Amount | 14,645 | 2,711 |
Commercial and Industrial Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual: # of loans | 4 | 4 |
Non-accrual, Amount | $819 | $1,281 |
Loans_Receivable_Net_Loans_Ind
Loans Receivable, Net (Loans Individually Evaluated for Impairment by Class of Loans) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Recorded Investment | ' | ' |
Total | $67,062 | $66,662 |
Unpaid Principal Balance | ' | ' |
Total | 80,101 | 92,222 |
Related Allowance | 1,867 | 2,066 |
Average Recorded Investment | ' | ' |
Total | 63,642 | 66,800 |
Interest Income Recognized | ' | ' |
Total | 1,885 | 2,353 |
Residential Mortgage Loans | ' | ' |
Recorded Investment | ' | ' |
With no related allowance | 6,578 | 3,924 |
With an allowance recorded | 16,441 | 17,063 |
Total | 23,019 | 20,987 |
Unpaid Principal Balance | ' | ' |
With no related allowance | 8,946 | 5,607 |
With an allowance recorded | 16,792 | 17,457 |
Total | 25,738 | 23,064 |
Related Allowance | 1,867 | 2,066 |
Average Recorded Investment | ' | ' |
With no related allowance | 5,898 | 3,330 |
With an allowance recorded | 16,680 | 15,880 |
Total | 22,578 | 19,210 |
Interest Income Recognized | ' | ' |
With no related allowance | 318 | 190 |
With an allowance recorded | 381 | 753 |
Total | 699 | 943 |
Multi- Family Loans | ' | ' |
Recorded Investment | ' | ' |
With no related allowance | 3,550 | 15,313 |
With an allowance recorded | 0 | 0 |
Total | 3,550 | 15,313 |
Unpaid Principal Balance | ' | ' |
With no related allowance | 7,298 | 28,681 |
With an allowance recorded | 0 | 0 |
Total | 7,298 | 28,681 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ' | ' |
With no related allowance | 7,547 | 15,405 |
With an allowance recorded | 0 | 0 |
Total | 7,547 | 15,405 |
Interest Income Recognized | ' | ' |
With no related allowance | 99 | 428 |
With an allowance recorded | 0 | 0 |
Total | 99 | 428 |
Commercial Real Estate Loans | ' | ' |
Recorded Investment | ' | ' |
With no related allowance | 23,477 | 11,713 |
With an allowance recorded | 0 | 0 |
Total | 23,477 | 11,713 |
Unpaid Principal Balance | ' | ' |
With no related allowance | 28,855 | 12,223 |
With an allowance recorded | 0 | 0 |
Total | 28,855 | 12,223 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ' | ' |
With no related allowance | 15,788 | 11,538 |
With an allowance recorded | 0 | 0 |
Total | 15,788 | 11,538 |
Interest Income Recognized | ' | ' |
With no related allowance | 695 | 679 |
With an allowance recorded | 0 | 0 |
Total | 695 | 679 |
Construction Loans | ' | ' |
Recorded Investment | ' | ' |
With no related allowance | 15,543 | 17,037 |
With an allowance recorded | 0 | 0 |
Total | 15,543 | 17,037 |
Unpaid Principal Balance | ' | ' |
With no related allowance | 16,737 | 26,642 |
With an allowance recorded | 0 | 0 |
Total | 16,737 | 26,642 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ' | ' |
With no related allowance | 16,169 | 19,157 |
With an allowance recorded | 0 | 0 |
Total | 16,169 | 19,157 |
Interest Income Recognized | ' | ' |
With no related allowance | 326 | 198 |
With an allowance recorded | 0 | 0 |
Total | 326 | 198 |
Commercial and Industrial Loans | ' | ' |
Recorded Investment | ' | ' |
With no related allowance | 1,473 | 1,612 |
With an allowance recorded | 0 | 0 |
Total | 1,473 | 1,612 |
Unpaid Principal Balance | ' | ' |
With no related allowance | 1,473 | 1,612 |
With an allowance recorded | 0 | 0 |
Total | 1,473 | 1,612 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ' | ' |
With no related allowance | 1,560 | 1,490 |
With an allowance recorded | 0 | 0 |
Total | 1,560 | 1,490 |
Interest Income Recognized | ' | ' |
With no related allowance | 66 | 105 |
With an allowance recorded | 0 | 0 |
Total | $66 | $105 |
Loans_Receivable_Net_Troubled_
Loans Receivable, Net (Troubled Debt Restructured Loans) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
loan | loan | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts, still accruing | 55 | 50 |
Recorded investment, still accruing | $35,231 | $39,570 |
Number of contracts, non-accrual | 28 | 29 |
Recorded investment, non-accrual | 11,661 | 11,464 |
Troubled debt restructured, number of loans | 83 | 79 |
Troubled debt restructuring, amount | 46,892 | 51,034 |
Residential Mortgage Loans | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts, still accruing | 41 | 35 |
Recorded investment, still accruing | 14,578 | 12,975 |
Number of contracts, non-accrual | 27 | 26 |
Recorded investment, non-accrual | 8,453 | 8,021 |
Troubled debt restructured, number of loans | 68 | 61 |
Troubled debt restructuring, amount | 23,031 | 20,996 |
Multi- Family Loans | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts, still accruing | 2 | 4 |
Recorded investment, still accruing | 1,677 | 9,844 |
Number of contracts, non-accrual | 0 | 1 |
Recorded investment, non-accrual | 0 | 2,317 |
Troubled debt restructured, number of loans | 2 | 5 |
Troubled debt restructuring, amount | 1,677 | 12,161 |
Commercial Real Estate Loans | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts, still accruing | 8 | 7 |
Recorded investment, still accruing | 14,445 | 11,093 |
Number of contracts, non-accrual | 1 | 1 |
Recorded investment, non-accrual | 3,208 | 620 |
Troubled debt restructured, number of loans | 9 | 8 |
Troubled debt restructuring, amount | 17,653 | 11,713 |
Commercial and Industrial Loans | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts, still accruing | 2 | 1 |
Recorded investment, still accruing | 1,473 | 1,106 |
Number of contracts, non-accrual | 0 | 1 |
Recorded investment, non-accrual | 0 | 506 |
Troubled debt restructured, number of loans | 2 | 2 |
Troubled debt restructuring, amount | 1,473 | 1,612 |
Construction Loans | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts, still accruing | 2 | 3 |
Recorded investment, still accruing | 3,058 | 4,552 |
Number of contracts, non-accrual | 0 | 0 |
Recorded investment, non-accrual | 0 | 0 |
Troubled debt restructured, number of loans | 2 | 3 |
Troubled debt restructuring, amount | $3,058 | $4,552 |
Loans_Receivable_Net_Schedule_1
Loans Receivable, Net (Schedule Of Troubled Debt Restructurings) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
loan | loan | loan | loan | |
Residential Mortgage Loans | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 9 | 8 | 20 |
Pre-modification Recorded Investment | $0 | $3,225 | $2,546 | $8,723 |
Post- modification Recorded Investment | 0 | 2,842 | 2,546 | 8,155 |
Number of Loans | 0 | 9,000 | 8 | 20 |
Pre-modification Interest Yield | 0.00% | 4.44% | 5.18% | 5.03% |
Post- modification Interest Yield | 0.00% | 3.14% | 3.57% | 3.33% |
Multi- Family Loans | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | 0 | 3 |
Pre-modification Recorded Investment | ' | ' | 0 | 18,037 |
Post- modification Recorded Investment | ' | ' | 0 | 10,420 |
Number of Loans | ' | ' | 0 | 3 |
Pre-modification Interest Yield | ' | ' | 0.00% | 861.00% |
Post- modification Interest Yield | ' | ' | 0.00% | 381.00% |
Commercial Real Estate Loans | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 2 | 0 | 3 | 4 |
Pre-modification Recorded Investment | 9,549 | 0 | 10,657 | 5,080 |
Post- modification Recorded Investment | 6,549 | 0 | 7,657 | 4,679 |
Number of Loans | 2,000 | 0 | 3 | 4 |
Pre-modification Interest Yield | 642.00% | 0.00% | 659.00% | 729.00% |
Post- modification Interest Yield | 549.00% | 0.00% | 575.00% | 541.00% |
Construction Loans | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | 0 | 1 |
Pre-modification Recorded Investment | ' | ' | 0 | 2,640 |
Post- modification Recorded Investment | ' | ' | 0 | 2,640 |
Number of Loans | ' | ' | 0 | 1 |
Pre-modification Interest Yield | ' | ' | 0.00% | 500.00% |
Post- modification Interest Yield | ' | ' | 0.00% | 375.00% |
Commercial and Industrial Loans | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 1 | 0 | 1 |
Pre-modification Recorded Investment | 0 | 521 | 0 | 521 |
Post- modification Recorded Investment | $0 | $521 | $0 | $521 |
Number of Loans | 0 | 1,000 | 0 | 1 |
Pre-modification Interest Yield | 0.00% | 600.00% | 0.00% | 600.00% |
Post- modification Interest Yield | 0.00% | 400.00% | 0.00% | 400.00% |
Deposits_Summary_of_Deposits_D
Deposits (Summary of Deposits) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Savings, Amount | $2,200,315 | $2,212,034 |
Checking account, Amount | 3,750,306 | 3,163,250 |
Money market deposits, Amount | 2,443,289 | 1,958,982 |
Total transaction accounts, Amount | 8,393,910 | 7,334,266 |
Certificates of deposit, Amount | 3,077,688 | 3,384,545 |
Total Deposit, Amount | $11,471,598 | $10,718,811 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets Summary of Other Intangible Assets(Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Asset | $48,852 | $49,580 |
Accumulated Amortization | -18,568 | -17,941 |
Valuation Allowance | -81 | -81 |
Net Intangible Assets | 30,203 | 31,558 |
Mortgage Servicing Rights | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Asset | 23,494 | 26,075 |
Accumulated Amortization | -9,008 | -11,292 |
Valuation Allowance | -81 | -81 |
Net Intangible Assets | 14,405 | 14,702 |
Core Deposit Premium | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Asset | 25,058 | 23,205 |
Accumulated Amortization | -9,457 | -6,569 |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | 15,601 | 16,636 |
Other | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Asset | 300 | 300 |
Accumulated Amortization | -103 | -80 |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | $197 | $220 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets Narrative (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Goodwill | $77,600,000 | $77,600,000 |
Loans sold | 1,610,000,000 | 1,710,000,000 |
Estimated fair value of servicing asset in intangible assets | 14,400,000 | 14,700,000 |
Weighted average discount rate of servicing assets | 10.18% | ' |
Weighted average constant prepayment rate on mortgages | 9.54% | ' |
Weighted average life of servicing assets, years | '7 years 2 months 4 days | ' |
Core Deposit Premium | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful life | '10 years | ' |
Core Deposit Premium | Gateway Community Financial Corporation | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangibles acquired | $1,900,000 | ' |
Equity_Incentive_Plan_Stock_Co
Equity Incentive Plan (Stock Compensation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Stock option expense | $11 | $109 | $1,775 | $278 |
Restricted stock expense | 0 | 786 | 11,922 | 2,400 |
Share-based compensation expense | $11 | $895 | $13,697 | $2,678 |
Summary_of_Stock_Option_Activi
(Summary of Stock Option Activity and Related Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Number of Stock Options, Outstanding Beginning Balance | ' | 11,299,351 |
Number of Stock Options, Granted | ' | 144,177 |
Number of Stock Options, Exercised | ' | -2,047,889 |
Number of Stock Options, Forfeited | ' | -3,060 |
Number of Stock Options, Expired | ' | -44,648 |
Number of Stock Options, Outstanding Ending Balance | 9,347,931 | 9,347,931 |
Number of Stock Options, Exercisable Ending Balance | 9,319,213 | 9,319,213 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' | ' |
Weighted Average Exercise Price, Outstanding Beginning Balance | ' | $5.99 |
Weighted Average Exercise Price, Granted | ' | $10.29 |
Weighted Average Exercise Price, Exercised | ' | $6 |
Weighted Average Exercise Price, Forfeited | ' | $8.69 |
Weighted Average Exercise Price, Expired | ' | $5.74 |
Weighted Average Exercise Price, Outstanding Ending Balance | $6.06 | $6.06 |
Weighted Average Exercise Price, Exercisable Ending Balance | $6.04 | $6.04 |
Outstanding, Weighted Average Remaining Contractual Life | '3 years 8 months 20 days | '3 years 0 months 0 days |
Weighted Average Remaining Contractual Life, Exercisable Ending Balance | ' | '3 years 0 months 0 days |
Aggregate Intrinsic Value, Outstanding Beginning Balance | ' | $45,652 |
Aggregate Intrinsic Value, Outstanding Ending Balance | 38,108 | 38,108 |
Aggregate Intrinsic Value, Exercisable at Ending Balance | $38,108 | $38,108 |
Equity_Incentive_Plan_Narrativ
Equity Incentive Plan (Narrative) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Future expense of non vested option outstanding | $94 |
Expected future compensation expense relating to unvested restricted shares | '6 years 1 month 20 days |
Summary_of_NonVested_Options_a
(Summary of Non-Vested Options and Restricted Shares) (Details) (Restricted Stock, USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares Awarded, Non-vested Beginning Balance | 2,655,585 |
Number of Shares Awarded, Granted | 38,250 |
Number of Shares Awarded, Vested | -2,685,457 |
Number of Shares, Awarded, Forfeited | -8,378 |
Number of Shares Awarded, Non-vested Ending Balance | 0 |
Weighted Average Grant Date Fair Value, Non-vested Beginning Balance | $5.37 |
Weighted Average Grant Date Fair Value, Granted | $10.19 |
Weighted Average Grant Date Fair Value, Vested | $5.44 |
Weighted Average Grant Date Fair Value, Forfeited | $5.08 |
Weighted Average Grant Date Fair Value, Non-vested Ending Balance | $0 |
Net_Periodic_Benefit_Plan_Expe2
Net Periodic Benefit Plan Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Service cost | $580,000 | $450,000 | $1,740,000 | $1,349,000 |
Interest cost | 331,000 | 227,000 | 992,000 | 681,000 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Prior service cost | 24,000 | 24,000 | 73,000 | 73,000 |
Net gain | 158,000 | 165,000 | 474,000 | 495,000 |
Total net periodic benefit cost | 1,093,000 | 866,000 | 3,279,000 | 2,598,000 |
Contributions by employer | ' | ' | $2,800,000 | ' |
Comprehensive_Income_Loss_Comp
Comprehensive Income (Loss) (Components of Comprehensive Income (Loss), Gross and Net Of Tax) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Equity [Abstract] | ' | ' | ' | ' |
Net income, Gross | $62,133 | $45,334 | $141,848 | $131,190 |
Net income, Tax | -23,092 | -16,053 | -53,204 | -46,666 |
Net income | 39,041 | 29,281 | 88,644 | 84,524 |
Change in funded status of retirement obligations, Gross | 182 | 239 | 547 | 717 |
Change in funded status of retirement obligations, Tax | -73 | -98 | -220 | -293 |
Change in funded status of retirement obligations | 109 | 141 | 327 | 424 |
Unrealized gain on securities available-for-sale, Gross | -3,973 | 185 | 5,874 | -18,051 |
Unrealized gain on securities available-for-sale, Tax | 1,644 | -33 | -2,319 | 7,437 |
Unrealized gain on securities available-for-sale | -2,329 | 152 | 3,555 | -10,614 |
Net loss on securities reclassified from available-for- sale to held-to-maturity, Gross | ' | ' | 0 | -12,243 |
Net loss on securities reclassified from available-for- sale to held-to-maturity, Tax | ' | ' | 0 | 5,001 |
Net loss on securities reclassified from available-for- sale to held-to-maturity | 0 | 0 | 0 | -7,242 |
Accretion of loss on securities reclassified to held to maturity, Gross | 745 | 849 | 2,215 | 849 |
Accretion of loss on securities reclassified to held to maturity, Tax | -304 | -347 | -905 | -347 |
Accretion of loss on securities reclassified to held to maturity | 441 | 502 | 1,310 | 502 |
Reclassification adjustments for losses included in net income, Gross | ' | ' | -233 | -684 |
Reclassification adjustments for losses included in net income, Tax | ' | ' | 95 | 279 |
Reclassification adjustment for losses Included in net income | 0 | 0 | -138 | -405 |
Other-than-temporary impairment accretion on debt securities, Gross | 336 | 1,084 | 1,007 | 1,745 |
Other-than-temporary impairment accretion on debt securities, Tax | -137 | -443 | -411 | -713 |
Other-than-temporary impairment accretion on debt securities | 199 | 641 | 596 | 1,032 |
Total other comprehensive income (loss), Gross | -2,710 | 2,357 | 9,410 | -27,667 |
Total other comprehensive income (loss), Tax | 1,130 | -921 | -3,760 | 11,364 |
Total other comprehensive income (loss) | -1,580 | 1,436 | 5,650 | -16,303 |
Total comprehensive income, Gross | 59,423 | 47,691 | 151,258 | 103,523 |
Total comprehensive income, Tax | -21,962 | -16,974 | -56,964 | -35,302 |
Total comprehensive income | $37,461 | $30,717 | $94,294 | $68,221 |
Comprehensive_Income_Loss_Comp1
Comprehensive Income (Loss) (Component of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Total accumulated other comprehensive loss, Beginning Balance | ' | ' | ($25,696) | ($7,607) |
Total accumulated other comprehensive loss, Net change | -1,580 | 1,436 | 5,650 | -16,303 |
Total accumulated other comprehensive loss, Ending Balance | -20,046 | -23,910 | -20,046 | -23,910 |
Change in funded status of retirement obligations | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Total accumulated other comprehensive loss, Beginning Balance | ' | ' | -5,869 | -5,879 |
Total accumulated other comprehensive loss, Net change | ' | ' | 327 | 424 |
Total accumulated other comprehensive loss, Ending Balance | -5,542 | -5,455 | -5,542 | -5,455 |
Net unrealized gains (losses) on investment securities | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Total accumulated other comprehensive loss, Beginning Balance | ' | ' | -19,827 | -1,728 |
Total accumulated other comprehensive loss, Net change | ' | ' | 5,323 | -16,727 |
Total accumulated other comprehensive loss, Ending Balance | ($14,504) | ($18,455) | ($14,504) | ($18,455) |
Comprehensive_Income_Loss_Recl
Comprehensive Income (Loss) (Reclassification Adjustment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Compensation and fringe benefits | ($40,137) | ($31,592) | ($133,166) | ($90,472) |
Income tax expense (benefit) | -23,092 | -16,053 | -53,204 | -46,666 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Total before tax | 182 | 239 | 314 | 34 |
Income tax expense (benefit) | -73 | -98 | -131 | -14 |
Net of tax | 109 | 141 | 183 | 20 |
Unrealized gain on securities available-for-sale | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gain on security transactions | 0 | 0 | -233 | -684 |
Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Amortization of net obligation or asset | 6 | 8 | 19 | 25 |
Amortization of prior service cost | 31 | 37 | 93 | 110 |
Amortization of net gain | 145 | 194 | 435 | 583 |
Compensation and fringe benefits | $182 | $239 | $547 | $718 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Mortgage Servicing Rights | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Discount rate | 10.18% |
Mortgage Servicing Rights | Maximum | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Prepayment range | 29.40% |
Mortgage Servicing Rights | Minimum | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Prepayment range | 6.00% |
Loans Receivable | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Outstanding minimum balance of loans to be evaluated for impairment individually | 1,000,000 |
Loans Receivable | Maximum | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Discount rate | 25.00% |
Loans Receivable | Minimum | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Discount rate | 0.00% |
Other Real Estate Owned | Maximum | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Discount rate | 25.00% |
Other Real Estate Owned | Minimum | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Discount rate | 0.00% |
Fair_Value_Measurements_Carryi
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | $1,045,962 | $785,032 |
Equity Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 8,391 | 8,444 |
US Government-sponsored Enterprises Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | ' | 3,004 |
Corporate and other debt securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | ' | 670 |
Mortgage-backed securities: | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 1,037,571 | 772,914 |
Federal Home Loan Mortgage Corporation | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 448,327 | 363,088 |
Federal National Mortgage Association | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 589,103 | 409,559 |
Government National Mortgage Association | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 141 | 267 |
Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 1,045,962 | 785,032 |
Fair Value, Measurements, Recurring | Equity Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 8,391 | 8,444 |
Fair Value, Measurements, Recurring | US Government-sponsored Enterprises Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | ' | 3,004 |
Fair Value, Measurements, Recurring | Corporate and other debt securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | ' | 670 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 1,037,571 | 772,914 |
Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 448,327 | 363,088 |
Fair Value, Measurements, Recurring | Federal National Mortgage Association | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 589,103 | 409,559 |
Fair Value, Measurements, Recurring | Government National Mortgage Association | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 141 | 267 |
Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Equity Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | US Government-sponsored Enterprises Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | ' | 0 |
Level 1 | Fair Value, Measurements, Recurring | Mortgage-backed securities: | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Federal National Mortgage Association | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Government National Mortgage Association | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 1,045,962 | 784,362 |
Level 2 | Fair Value, Measurements, Recurring | Equity Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 8,391 | 8,444 |
Level 2 | Fair Value, Measurements, Recurring | US Government-sponsored Enterprises Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | ' | 3,004 |
Level 2 | Fair Value, Measurements, Recurring | Mortgage-backed securities: | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 1,037,571 | 772,914 |
Level 2 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 448,327 | 363,088 |
Level 2 | Fair Value, Measurements, Recurring | Federal National Mortgage Association | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 589,103 | 409,559 |
Level 2 | Fair Value, Measurements, Recurring | Government National Mortgage Association | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 141 | 267 |
Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 0 | 670 |
Level 3 | Fair Value, Measurements, Recurring | Equity Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | US Government-sponsored Enterprises Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | ' | 0 |
Level 3 | Fair Value, Measurements, Recurring | Corporate and other debt securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | ' | 670 |
Level 3 | Fair Value, Measurements, Recurring | Mortgage-backed securities: | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Federal National Mortgage Association | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Government National Mortgage Association | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value | $0 | $0 |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes in Level 3 Assets Measured at Fair Value on Recurring Basis) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Beginning balance | $670 | $0 |
Transfers from held-to-maturity | 0 | 0 |
Net income | 470 | 0 |
Other comprehensive income (loss) | -229 | 0 |
Sales | -911 | 0 |
Settlements | 0 | 0 |
Ending balance | $0 | $0 |
Fair_Value_Measurements_Carryi1
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Non-Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned | Other Real Estate Owned | Other Real Estate Owned | Other Real Estate Owned | Other Real Estate Owned | Other Real Estate Owned |
Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Minimum | Minimum | Maximum | Maximum | Weighted Average | Weighted Average | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other real estate owned | $684 | $929 | $0 | $0 | $0 | $0 | $684 | $929 | ' | ' | ' | ' | ' | ' |
Total | $684 | $929 | $0 | $0 | $0 | $0 | $684 | $929 | ' | ' | ' | ' | ' | ' |
Fair Value Inputs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lack of marketability, range | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 25.00% | 25.00% | 15.55% | 2.42% |
Fair_Value_Measurements_Carryi2
Fair Value Measurements (Carrying Amounts and Estimated Fair Values) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Estimated fair value | $1,045,962,000 | $785,032,000 |
Held-to-maturity securities, estimated fair value | 1,547,389,000 | 839,064,000 |
Carrying value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 238,166,000 | 250,689,000 |
Estimated fair value | 1,045,962,000 | 785,032,000 |
Held-to-maturity securities, estimated fair value | 1,514,374,000 | 831,819,000 |
Stock in FHLB | 140,990,000 | 178,126,000 |
Loans held for sale | 6,986,000 | 8,273,000 |
Net loans | 14,169,323,000 | 12,882,544,000 |
Deposits, other than time deposits | 8,393,910,000 | 7,334,266,000 |
Time deposits | 3,077,688,000 | 3,384,545,000 |
Borrowed funds | 2,536,594,000 | 3,367,274,000 |
Estimated fair value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 238,166,000 | 250,689,000 |
Estimated fair value | 1,045,962,000 | 785,032,000 |
Held-to-maturity securities, estimated fair value | 1,547,389,000 | 839,064,000 |
Stock in FHLB | 140,990,000 | 178,126,000 |
Loans held for sale | 6,986,000 | 8,273,000 |
Net loans | 14,015,727,000 | 12,598,551,000 |
Deposits, other than time deposits | 8,393,910,000 | 7,334,266,000 |
Time deposits | 3,089,598,000 | 3,410,202,000 |
Borrowed funds | 2,563,294,000 | 3,337,419,000 |
Level 1 | Estimated fair value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 238,166,000 | 250,689,000 |
Estimated fair value | 0 | 0 |
Held-to-maturity securities, estimated fair value | 0 | 0 |
Stock in FHLB | 140,990,000 | 178,126,000 |
Loans held for sale | 0 | 0 |
Net loans | 0 | 0 |
Deposits, other than time deposits | 8,393,910,000 | 7,334,266,000 |
Time deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 2 | Estimated fair value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Estimated fair value | 1,045,962,000 | 784,362,000 |
Held-to-maturity securities, estimated fair value | 1,482,702,000 | 790,460,000 |
Stock in FHLB | 0 | 0 |
Loans held for sale | 6,986,000 | 8,273,000 |
Net loans | 0 | 0 |
Deposits, other than time deposits | 0 | 0 |
Time deposits | 3,089,598,000 | 3,410,202,000 |
Borrowed funds | 2,563,294,000 | 3,337,419,000 |
Level 3 | Estimated fair value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Estimated fair value | 0 | 670,000 |
Held-to-maturity securities, estimated fair value | 64,687,000 | 48,604,000 |
Stock in FHLB | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans | 14,015,727,000 | 12,598,551,000 |
Deposits, other than time deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | $0 | $0 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event, USD $) | 120 Months Ended |
Oct. 31, 2014 | |
Subsequent Event | ' |
Subsequent Event [Line Items] | ' |
Dividends declared per share (usd per share) | $0.04 |