Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 23, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Investors Bancorp, Inc. | ||
Entity Central Index Key | 1594012 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 358,215,728 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $3.68 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $230,961 | $250,689 |
Securities available-for-sale, at estimated fair value | 1,197,924 | 785,032 |
Securities held-to-maturity, net (estimated fair value of $1,609,365 and $839,064 at December 31, 2014 and December 31, 2013, respectively) | 1,564,479 | 831,819 |
Loans receivable, net | 14,887,570 | 12,882,544 |
Loans held-for-sale | 6,868 | 8,273 |
Stock in the Federal Home Loan Bank | 151,287 | 178,126 |
Accrued interest receivable | 55,267 | 47,448 |
Other real estate owned | 7,839 | 8,516 |
Office properties and equipment, net | 160,899 | 138,105 |
Net deferred tax asset | 231,898 | 216,206 |
Bank owned life insurance | 161,609 | 152,788 |
Goodwill and Intangible assets | 106,705 | 109,129 |
Other assets | 10,333 | 14,395 |
Total assets | 18,773,639 | 15,623,070 |
Liabilities: | ||
Deposits | 12,172,326 | 10,718,811 |
Borrowed funds | 2,766,104 | 3,367,274 |
Advance payments by borrowers for taxes and insurance | 69,893 | 67,154 |
Other liabilities | 187,461 | 135,504 |
Total liabilities | 15,195,784 | 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; 359,070,852 and 367,041,688 issued; 358,012,895 and 353,046,056 outstanding at December 31, 2014 and December 31, 2013, respectively | 3,591 | 1,519 |
Additional paid-in capital | 2,863,108 | 720,766 |
Retained earnings | 836,639 | 734,563 |
Treasury stock, at cost; 1,057,957 and 13,995,631 shares at December 31, 2014 and December 31, 2013, respectively | -11,131 | -67,046 |
Unallocated common stock held by the employee stock ownership plan | -91,948 | -29,779 |
Accumulated other comprehensive loss | -22,404 | -25,696 |
Total stockholders’ equity | 3,577,855 | 1,334,327 |
Total liabilities and stockholders’ equity | $18,773,639 | $15,623,070 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Held-to-maturity securities, estimated fair value | $1,609,365 | $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 | 359,070,852 | 367,041,688 |
Common stock, shares outstanding | 358,012,895 | 353,046,056 |
Treasury stock, shares | 1,057,957 | 13,995,631 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and dividend income: | |||
Loans receivable and loans held-for-sale | $603,438 | $504,622 | $455,221 |
Securities: | |||
Equity | 115 | 61 | 17 |
Government-sponsored enterprise obligations | 46 | 9 | 15 |
Mortgage-backed securities | 44,183 | 28,057 | 30,167 |
Municipal bonds and other debt | 5,667 | 5,873 | 5,174 |
Municipal bonds and other debt | 552 | 49 | 40 |
Federal Home Loan Bank stock | 6,861 | 6,397 | 5,555 |
Total interest and dividend income | 660,862 | 545,068 | 496,189 |
Interest expense: | |||
Deposits | 59,206 | 49,969 | 63,582 |
Borrowed Funds | 59,685 | 59,673 | 59,862 |
Total interest expense | 118,891 | 109,642 | 123,444 |
Net interest income | 541,971 | 435,426 | 372,745 |
Provision for loan losses | 37,500 | 50,500 | 65,000 |
Net interest income after provision for loan losses | 504,471 | 384,926 | 307,745 |
Non-interest income | |||
Fees and service charges | 19,399 | 18,804 | 16,564 |
Income on bank owned life insurance | 4,652 | 2,898 | 2,778 |
Gain on loan transactions, net | 5,257 | 8,748 | 20,866 |
Gain on securities transactions | 1,546 | 772 | 274 |
Impairment losses on investment securities | 0 | -939 | 0 |
Non-credit related gains recognized in comprehensive income | 0 | -38 | 0 |
Net impairment losses on investment securities recognized in earnings | 0 | -977 | 0 |
Gain (loss) on sale of other real estate owned, net | 809 | 1,451 | -180 |
Other income | 10,198 | 4,875 | 3,810 |
Total non-interest income | 41,861 | 36,571 | 44,112 |
Non-interest expense | |||
Compensation and fringe benefits | 172,068 | 128,765 | 109,197 |
Advertising and promotional expense | 12,238 | 8,602 | 6,854 |
Office occupancy and equipment expense | 49,668 | 39,226 | 33,558 |
Federal deposit insurance premiums | 14,390 | 14,950 | 10,770 |
Stationery, printing, supplies and telephone | 4,238 | 3,395 | 2,852 |
Professional fees | 14,672 | 11,154 | 9,487 |
Data processing service fees | 25,333 | 19,844 | 17,405 |
Contribution to charitable foundation | 20,000 | 0 | 0 |
Other operating expenses | 27,253 | 19,775 | 16,884 |
Total non-interest expenses | 339,860 | 245,711 | 207,007 |
Income before income tax expense | 206,472 | 175,786 | 144,850 |
Income tax expense | 74,751 | 63,755 | 56,083 |
Net income | $131,721 | $112,031 | $88,767 |
Basic and Diluted earnings per share | $0.38 | $0.40 | $0.32 |
Weighted average shares outstanding | |||
Basic | 344,389,259 | 279,632,558 | 273,797,796 |
Diluted | 347,731,571 | 283,035,844 | 275,633,380 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $131,721 | $112,031 | $88,767 |
Other comprehensive income (loss), net of tax: | |||
Change in funded status of retirement obligations | -5,042 | 10 | -2,560 |
Unrealized gain (loss) on securities available-for-sale | 5,952 | -12,827 | 5,080 |
Net loss on securities reclassified from available for sale to held to maturity | 0 | -7,242 | 0 |
Accretion of loss on securities reclassified to held to maturity | 1,726 | 988 | 0 |
Unrealized gain on security reclassified from held-to-maturity to available for sale | 0 | 138 | 0 |
Reclassification adjustment for security gains (losses) included in net income | -138 | -405 | 105 |
Noncredit related component of other-than-temporary impairment on security | 0 | 22 | 0 |
Other-than-temporary impairment accretion on debt securities | 794 | 1,227 | 874 |
Total other comprehensive income (loss) | 3,292 | -18,089 | 3,499 |
Total comprehensive income | $135,013 | $93,942 | $92,266 |
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, 2011 | $967,440 | $1,356 | $535,584 | $561,596 | ($87,375) | ($32,615) | ($11,106) |
Net income | 88,767 | 88,767 | |||||
Other comprehensive income, net of tax | 3,499 | 3,499 | |||||
Common stock issued to finance acquisition | 7,561 | -142 | 7,703 | ||||
Purchase of treasury stock | -902 | -902 | |||||
Treasury stock allocated to restricted stock plan | 0 | -7,137 | 297 | 6,840 | |||
Compensation cost for stock options and restricted stock | 3,651 | 3,651 | |||||
Net tax benefit from stock-based compensation | 93 | 93 | |||||
Option exercise | 41 | -1 | 42 | ||||
Cash dividend declared (2014:$0.12, 2013: $0.08, 2012: $0.02 per common share) | -5,595 | -5,595 | |||||
ESOP shares allocated or committed to be released | 2,262 | 844 | 1,418 | ||||
Balance at Dec. 31, 2012 | 1,066,817 | 1,356 | 533,034 | 644,923 | -73,692 | -31,197 | -7,607 |
Net income | 112,031 | 112,031 | |||||
Other comprehensive income, net of tax | -18,089 | -18,089 | |||||
Common stock issued from treasury to finance acquisition | 163 | ||||||
Common stock issued to finance acquisition | 179,171 | 179,008 | |||||
Purchase of treasury stock | -1,531 | -1,531 | |||||
Treasury stock allocated to restricted stock plan | 0 | -55 | 13 | 42 | |||
Compensation cost for stock options and restricted stock | 3,478 | 3,478 | |||||
Net tax benefit from stock-based compensation | 1,262 | 1,262 | |||||
Option exercise | 10,637 | 2,502 | 8,135 | ||||
Cash dividend declared (2014:$0.12, 2013: $0.08, 2012: $0.02 per common share) | -22,404 | -22,404 | |||||
ESOP shares allocated or committed to be released | 2,955 | 1,537 | 1,418 | ||||
Balance at Dec. 31, 2013 | 1,334,327 | 1,519 | 720,766 | 734,563 | -67,046 | -29,779 | -25,696 |
Net income | 131,721 | 131,721 | |||||
Other comprehensive income, net of tax | 3,292 | 3,292 | |||||
Common stock issued to finance acquisition | 22,000 | 22,000 | |||||
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 | -143 | -64,126 | 64,269 | ||||
Contribution of MHC | 12,652 | 12,652 | |||||
Purchase of treasury stock | -13,523 | -13,523 | |||||
Treasury stock allocated to restricted stock plan | 0 | -390 | 258 | 132 | |||
Compensation cost for stock options and restricted stock | 13,701 | 13,701 | |||||
Net tax benefit from stock-based compensation | 3,710 | 3,710 | |||||
Option exercise | 13,810 | 9 | 8,764 | 5,037 | |||
Cash dividend declared (2014:$0.12, 2013: $0.08, 2012: $0.02 per common share) | -42,555 | -42,555 | |||||
ESOP shares allocated or committed to be released | 5,001 | 996 | 4,005 | ||||
Balance at Dec. 31, 2014 | $3,577,855 | $3,591 | $2,863,108 | $836,639 | ($11,131) | ($91,948) | ($22,404) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |
Purchase of treasury stock, shares | 1,295,193 |
Initial public stock offering (shares) | 213,963,274 |
Employee stock ownership plan | 6,617,421 |
Shares, retired | 14,293,439 |
Dividends paid per share (usd per share) | $0.12 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $131,721 | $112,031 | $88,767 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Contribution of stock to charitable foundation | 10,000 | 0 | 0 |
ESOP and stock-based compensation expense | 18,702 | 6,433 | 5,913 |
Amortization of premiums and accretion of discounts on securities, net | 10,173 | 9,735 | 12,938 |
Amortization of premiums and accretion of fees and costs on loans, net | -1,794 | 10,517 | 8,898 |
Amortization of intangible assets | 3,806 | 2,115 | 1,535 |
Provision for loan losses | 37,500 | 50,500 | 65,000 |
Depreciation and amortization of office properties and equipment | 13,151 | 8,540 | 7,177 |
Gain on securities, net | -1,546 | -772 | -274 |
Other-than-temporary impairment losses on securities | 0 | 977 | 0 |
Mortgage loans originated for sale | -150,099 | -379,806 | -811,247 |
Proceeds from mortgage loan sales | 186,747 | 405,973 | 820,636 |
Gain on sales of mortgage loans, net | -2,832 | -6,207 | -18,775 |
(Gain) loss on sale of other real estate owned | -809 | -1,451 | 180 |
Gain on bargain purchase | -1,482 | 0 | 0 |
Income on bank owned life insurance | -4,652 | -2,898 | -2,778 |
(Increase) decrease in accrued interest receivable | -7,100 | 1,496 | -2,499 |
Deferred tax benefit | -9,786 | -20,818 | -10,739 |
Decrease (increase) in other assets | 4,425 | -6,741 | 18,059 |
Increase (decrease) in other liabilities | 41,263 | -13,530 | 41,988 |
Total adjustments | 145,667 | 64,063 | 136,012 |
Net cash provided by (used in) operating activities | 277,388 | 176,094 | 224,779 |
Cash flows from investing activities: | |||
Purchases of loans receivable | -233,856 | -1,054,395 | -638,789 |
Net originations of loans receivable | -1,650,629 | -778,049 | -297,221 |
Proceeds from sale of loans held for investment | 2,425 | 184,668 | 77,222 |
Gain on disposition of loans held for investment | -2,425 | -2,541 | -2,091 |
Net proceeds from sale of foreclosed real estate | 7,614 | 10,833 | 6,266 |
Purchases of mortgage-backed securities held to maturity | -909,421 | -202,821 | 0 |
Purchases of debt securities held-to-maturity | -20,835 | -9,729 | -15,421 |
Purchases of mortgage-backed securities available-for-sale | -587,952 | -295,897 | -760,692 |
Purchases of other investments available-for-sale | 0 | 0 | -1,000 |
Proceeds from paydowns/maturities on mortgage-backed securities held-to-maturity | 167,886 | 80,438 | 99,892 |
Proceeds from paydowns on equity securities available for sale | 430 | 148 | 0 |
Proceeds from paydowns/maturities on debt securities held-to-maturity | 12,596 | 20,159 | 14,039 |
Proceeds from paydowns/maturities on mortgage-backed securities available-for-sale | 173,661 | 284,726 | 348,847 |
Proceeds from sales of mortgage-backed securities held-to-maturity | 19,177 | 0 | 14,871 |
Proceeds from sales of mortgage-backed securities available-for-sale | 37,682 | 401,573 | 213,562 |
Proceeds from maturity of US Government and Agency Obligations available-for-sale | 3,000 | 0 | 3,219 |
Proceeds from sale of equity securities available for sale | 13,411 | 24,540 | 44 |
Redemption of equity securities available-for-sale | 164 | 108 | 85 |
Proceeds from redemptions of Federal Home Loan Bank stock | 143,707 | 143,081 | 129,152 |
Purchases of Federal Home Loan Bank stock | -116,403 | -161,866 | -158,353 |
Purchases of office properties and equipment | -31,655 | -24,544 | -25,407 |
Death benefit proceeds from bank owned life insurance | 5,455 | 0 | 9,613 |
Cash received from MHC for merger | 11,307 | 0 | 0 |
Cash received, net of cash consideration paid for acquisitions | 17,917 | 118,246 | 140,754 |
Net cash provided by (used in) investing activities | -2,936,744 | -1,261,322 | -841,408 |
Cash flows from financing activities: | |||
Net increase in deposits | 1,198,843 | 608,801 | 243,462 |
Net proceeds from sale of common stock | 2,149,893 | 0 | 0 |
Loan to ESOP for purchase of common stock | -66,174 | 0 | 0 |
Repayments of funds borrowed under other repurchase agreements | -98,205 | 143,205 | -195,000 |
Net increase in other borrowings | -508,150 | 426,347 | 631,805 |
Net increase in advance payments by borrowers for taxes and insurance | 1,979 | 14,447 | 7,739 |
Dividends paid | -42,555 | -22,404 | -5,595 |
Exercise of stock options | 13,810 | 10,637 | 41 |
Purchase of treasury stock | -13,523 | -1,531 | -902 |
Net tax benefit from stock-based compensation | 3,710 | 1,262 | 93 |
Net cash (used in) provided by financing activities | 2,639,628 | 1,180,764 | 681,643 |
Net increase (decrease) in cash and due from bank | -19,728 | 95,536 | 65,014 |
Cash and cash equivalents at beginning of year | 250,689 | 155,153 | 90,139 |
Cash and cash equivalents at end of year | 230,961 | 250,689 | 155,153 |
Noncash investing activities: | |||
Real estate acquired through foreclosure | 6,404 | 4,512 | 10,410 |
Cash paid during the year for: | |||
Interest | 118,140 | 109,527 | 123,644 |
Income taxes | 85,796 | 83,918 | 61,994 |
Non-cash assets acquired: | |||
Investment securities available for sale | 50,347 | 381,950 | 212,560 |
Loans | 195,062 | 990,970 | 736,003 |
Goodwill and Other intangible assets, net | 1,853 | 9,782 | 60,347 |
Other Assets | 21,343 | 78,527 | 45,198 |
Total non-cash assets acquired | 268,605 | 1,461,229 | 1,054,108 |
Liabilities assumed: | |||
Deposits | 254,672 | 1,341,153 | 1,163,392 |
Borrowings | 5,185 | 92,070 | 13,361 |
Other Liabilities | 3,184 | 20,509 | 10,531 |
Total liabilities assumed | 263,041 | 1,453,732 | 1,187,284 |
Common stock issued for Brooklyn Federal Savings Bank acquisition | $0 | $179,171 | $7,561 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |
The following significant accounting and reporting policies of Investors Bancorp, Inc. and subsidiaries (collectively, the Company) conform to U.S. generally accepted accounting principles, (GAAP) and are used in preparing and presenting these consolidated financial statements. | ||
(a) | Basis of Presentation | |
The consolidated financial statements are composed of the accounts of Investors Bancorp, Inc. and its wholly owned subsidiaries, including Investors Bank (Bank). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. 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 periods presented have been included. The results of operations and other data presented for the years ended December 31, 2014, 2013 and 2012 are not necessarily indicative of the results of operations that may be expected for subsequent years. | ||
In January 1997, the Bank completed a Plan of Mutual Holding Company Reorganization, utilizing the multi-tier mutual holding company structure. In a series of steps, the Bank formed a Delaware-chartered stock corporation (Investors Bancorp, Inc.) which owned 100% of the common stock of the Bank and formed a New Jersey-chartered mutual holding company (Investors Bancorp, MHC) which initially owned all of the common stock of Investors Bancorp, Inc. On October 11, 2005, Investors Bancorp, Inc. completed an initial public stock offering. See Note 2. | ||
On May 7, 2014, Investors Bancorp, MHC, Investors Bancorp, Inc. and the Bank completed the Plan of Conversion and Reorganization of the Mutual Holding Company (the “Plan”) in which the Bank reorganized from a two-tier mutual holding company structure to a fully public stock holding company structure. 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 upon completion of the conversion, the net assets of Investors Bancorp, MHC were merged into the Company and are reflected as an increase to stockholders' 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-K is derived in part from the consolidated financial statements of Old Investors Bancorp and subsidiaries. See Note 2. | ||
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimate of our allowance for loan losses, the valuation of mortgage servicing rights (MSR), the valuation of deferred tax assets, impairment judgments regarding goodwill, and fair value and impairment of securities are particularly critical because they involve a higher degree of complexity and subjectivity and require estimates and assumptions about highly uncertain matters. Actual results may differ from our estimates and assumptions. The current economic environment has increased the degree of uncertainty inherent in these material estimates. | ||
Business | ||
Investors Bancorp, Inc.’s primary business is holding the common stock of the Bank and a loan to the Investors Bank Employee Stock Ownership Plan. The Bank provides banking services to customers primarily through branch offices in New Jersey and New York. The Bank is subject to competition from other financial institutions and is subject to the regulations of certain federal and state regulatory authorities and undergoes periodic examinations by those regulatory authorities. | ||
(b) | Cash Equivalents | |
Cash equivalents consist of cash on hand, amounts due from banks and interest-bearing deposits in other financial institutions. The Company is required by the Federal Reserve System to maintain cash reserves equal to a percentage of certain deposits. The reserve requirement totaled $39.1 million at December 31, 2014 and $44.1 million at December 31, 2013. | ||
(c) | Securities | |
Securities include securities held-to-maturity and securities available-for-sale. Management determines the appropriate classification of securities at the time of purchase. If management has the positive intent not to sell and the Company would not be required to sell prior to maturity, they are classified as held-to-maturity securities. Such securities are stated at amortized cost, adjusted for unamortized purchase premiums and discounts. Securities in the available-for-sale category are debt and mortgage-backed securities which the Company may sell prior to maturity, and all marketable equity securities. Available-for-sale securities are reported at fair value with any unrealized appreciation or depreciation, net of tax effects, reported as accumulated other comprehensive income/loss in stockholders’ equity. Discounts and premiums on securities are accreted or amortized using the level-yield method over the estimated lives of the securities, including the effect of prepayments. Realized gains and losses are recognized when securities are sold or called using the specific identification method. | ||
The Company periodically evaluates the security portfolio for other-than-temporary impairment. Other-than-temporary impairment means the Company believes the security’s impairment is due to factors that could include its inability to pay interest or dividends, its potential for default, and/or other factors. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 320, “Investments — Debt and Equity Securities”, when a held to maturity or available for sale debt security is assessed for other-than-temporary impairment, the Company has to first consider (a) whether it intends to sell the security, and (b) whether it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis. If one of these circumstances applies to a security, an other-than-temporary impairment loss is recognized in the statement of income equal to the full amount of the decline in fair value below amortized cost. If neither of these circumstances applies to a security, but the Company does not expect to recover the entire amortized cost basis, an other-than-temporary impairment loss has occurred that must be separated into two categories: (a) the amount related to credit loss, and (b) the amount related to other factors. In assessing the level of other-than-temporary impairment attributable to credit loss, the Company compares the present value of cash flows expected to be collected with the amortized cost basis of the security. The portion of the total other-than-temporary impairment related to credit loss is recognized in earnings, while the amount related to other factors is recognized in other comprehensive income. The total other-than-temporary impairment loss is presented in the statement of income, less the portion recognized in other comprehensive income. When a debt security becomes other-than-temporarily impaired, its amortized cost basis is reduced to reflect the portion of the total impairment related to credit loss. | ||
To determine whether a security’s impairment is other-than-temporary, the Company considers factors that include, the duration and severity of the impairment; the Company’s ability and intent to hold security investments until they recover in value (as well as the likelihood of such a recovery in the near term); the Company’s intent to sell security investments; and whether it is more likely than not that the Company will be required to sell such securities before recovery of their individual amortized cost basis less any current-period credit loss. For debt securities, the primary consideration in determining whether impairment is other-than-temporary is whether or not it is probable that current or future contractual cash flows have been or may be impaired. | ||
(d) | Loans Receivable, Net | |
Loans receivable, other than loans held-for-sale, are stated at unpaid principal balance, adjusted by unamortized premiums and unearned discounts, net deferred origination fees and costs, net purchase accounting adjustments and the allowance for loan losses. Interest income on loans is accrued and credited to income as earned. Premiums and discounts on purchased loans and net loan origination fees and costs are deferred and amortized to interest income over the estimated life of the loan as an adjustment to yield. | ||
The allowance for loan losses is increased by the provision for loan losses charged to earnings and is decreased by charge-offs, net of recoveries. The provision for loan losses is based on management’s evaluation of the adequacy of the allowance which considers, among other things, the Company’s past loan loss experience (using the appropriate look-back and loss emergence periods), known and inherent risks in the portfolio, existing adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and current economic conditions. While management uses available information to recognize estimated losses on loans, future additions may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based upon their judgments and information available to them at the time of their examinations. | ||
A loan is considered delinquent when we have not received a payment within 30 days of its contractual due date. The accrual of income on loans is discontinued when interest or principal payments are 90 days in arrears or when the timely collection of such income is doubtful. Loans on which the accrual of income has been discontinued are designated as non-accrual loans and outstanding interest previously credited is reversed. Interest income on non-accrual loans and impaired loans is recognized in the period collected unless the ultimate collection of principal is considered doubtful. A loan is returned to accrual status when all amounts due have been received and the remaining principal is deemed collectible. Loans are generally charged off after an analysis is completed which indicates that collectability of the full principal balance is in doubt. | ||
The Company defines an impaired loan as a loan for which it is probable, based on current information, that the lender will not collect all amounts due under the contractual terms of the loan agreement. The Company evaluates commercial loans with an outstanding balance greater than $1.0 million and on non-accrual status, loans modified in a troubled debt restructuring (“TDR”), and other loans over $1.0 million outstanding balance if management has specific information that it is probable they will not collect all amounts due under the contractual terms of the loan agreement for impairment. Impaired loans are individually evaluated to determine that the loan’s carrying value is not in excess of the fair value of the collateral or the present value of the expected future cash flows. Smaller balance homogeneous loans are evaluated for impairment collectively unless they are modified in a trouble debt restructure. Such loans include residential mortgage loans, consumer loans, and loans not meeting the Company’s definition of impaired, and are specifically excluded from 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 (i.e., the allowance for loan losses). The difference between the undiscounted cash flows expected at acquisition and the initial carrying amount (fair value) of the PCI loans, or the “accretable yield,” is recognized as interest income utilizing the level-yield method over the life of the loans. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non-accretable difference,” are not recognized as a yield adjustment, as a loss accrual or a valuation allowance. Reclassifications of the non-accretable difference to the accretable yield may occur subsequent to the loan acquisition dates due to increases in expected cash flows of the loans and result in an increase in yield on a prospective basis. | ||
(e) | Loans Held-for-Sale | |
Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. | ||
(f) | Stock in the Federal Home Loan Bank | |
The Bank, as a member of the Federal Home Loan Bank of New York (FHLB), is required to hold shares of capital stock of the FHLB based on our activities, primarily our outstanding borrowings, with the FHLB. The stock is carried at cost, less any impairment. | ||
(g) | Office Properties and Equipment, Net | |
Land is carried at cost. Office buildings, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Office buildings and furniture, fixtures and equipment are depreciated using an accelerated basis over the estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the terms of the respective leases or the lives of the assets, whichever is shorter. | ||
(h) | Bank Owned Life Insurance | |
Bank owned life insurance is carried at the amount that could be realized under the Company’s life insurance contracts as of the date of the consolidated balance sheets and is classified as a non-interest earning asset. Increases in the carrying value are recorded as non-interest income in the consolidated statements of income and insurance proceeds received are generally recorded as a reduction of the carrying value. The carrying value consists of cash surrender value of $155.8 million at December 31, 2014 and $144.9 million at December 31, 2013 and a claims stabilization reserve of $5.8 million at December 31, 2014 and $7.9 million at December 31, 2013. Repayment of the claims stabilization reserve (funds transferred from the cash surrender value to provide for future death benefit payments) and the deferred acquisition costs (costs incurred by the insurance carrier for the policy issuance) is guaranteed by the insurance carrier provided that certain conditions are met at the date of a contract is surrendered. The Company satisfied these conditions at December 31, 2014 and 2013. | ||
(i) | Intangible Assets | |
Goodwill. Goodwill is presumed to have an indefinite useful life and is tested, at least annually, for impairment at the reporting unit level. Impairment exists when the carrying amount of goodwill exceeds its implied fair value. For purposes of our goodwill impairment testing, we have identified the Bank as a single reporting unit. | ||
At December 31, 2014, the carrying amount of our goodwill totaled $77.6 million. In connection with our annual impairment assessment we applied the guidance in FASB Accounting Standards Update (“ASU”) 2011-08, Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment, which permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. For the year ended December 31, 2014, the Company’s qualitative assessment concluded that it was not more likely than not that the fair value of the reporting unit is less than its carrying amount and, therefore, the two-step goodwill impairment test was not required. | ||
Mortgage Servicing Rights. The Company recognizes as separate assets the rights to service mortgage loans. The right to service loans for others is generally obtained through the sale of loans with servicing retained. The initial asset recognized for originated mortgage servicing rights (“MSR”) is measured at fair value. The fair value of MSR is estimated by reference to current market values of similar loans sold with servicing released. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings as a component of fees and service charges. Increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income when the related mortgage loan payments are collected. | ||
Core Deposit Premiums. Core deposit premiums represent the intangible value of depositor relationships assumed in purchase acquisitions and are amortized on an accelerated basis over 10 years. The Company periodically evaluates the value of core deposit premiums to ensure the carrying amount exceeds it implied fair value. | ||
(j) | Other Real Estate Owned | |
Real estate owned (REO) consists of properties acquired through foreclosure or deed in lieu of foreclosure. Such assets are carried at the lower of cost or fair value, less estimated selling costs, based on independent appraisals. Write-downs required at the time of acquisition are charged to the allowance for loan losses. Thereafter, decreases in the properties’ estimated fair value which are charged to income along with any additional property maintenance and protection expenses incurred in owning the property. | ||
(k) | Borrowed Funds | |
Our FHLB borrowings, frequently referred to as advances, are over collateralized by our residential and non residential mortgage portfolios as well as qualified investment securities. | ||
The Bank also enters into sales of securities under agreements to repurchase with selected brokers and the FHLB. The securities underlying the agreements are delivered to the counterparty who agrees to resell to the Bank the identical securities at the maturity or call of the agreement. These agreements are recorded as financing transactions, as the Bank maintains effective control over the transferred securities, and no gain or loss is recognized. The dollar amount of the securities underlying the agreements continues to be carried in the Bank’s securities portfolio. The obligations to repurchase the securities are reported as a liability in the consolidated balance sheets. | ||
(l) | Income Taxes | |
The Company records income taxes in accordance with Accounting Standard Codification (ASC) 740 “Income Taxes,” as amended, using the asset and liability method. Accordingly, deferred tax assets and liabilities: (i) are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns; (ii) are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases; and (iii) are measured using enacted tax rates expected to apply in the years when those temporary differences are expected to be recovered or settled. Where applicable, deferred tax assets are reduced by a valuation allowance for any portions determined not likely to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period of enactment. The valuation allowance is adjusted, by a charge or credit to income tax expense, as changes in facts and circumstances warrant. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, where applicable, in income tax expense. | ||
(m) | Employee Benefits | |
The Company has a defined benefit pension plan which covers all employees who satisfy the eligibility requirements. The Company participates in a multiemployer plan. Costs of the pension plan are based on the contributions required to be made to the plan. | ||
The Company has a Supplemental Employee Retirement Plan (SERP). The SERP is a nonqualified, defined benefit plan which provides benefits to certain employees of the Company 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 its 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 Company has a 401(k) plan covering substantially all employees. The Company matches 50% of the first 6% contributed by participants and recognizes expense as its contributions are made. | ||
The employee stock ownership plan (ESOP) is accounted for in accordance with the provisions of Statement ASC 718-40, “Employers’ Accounting for Employee Stock Ownership Plans.” The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions over a period of up to 30 years. The Company’s common stock not yet allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the market price of the Company’s stock and is recognized as shares are committed to be released to participants. | ||
The Company recognizes the grant-date fair value of stock based awards issued to employees as compensation cost in the statement of income. Compensation cost related to stock based awards is recognized on a straight-line basis over the requisite service periods. The fair value of stock based awards is based on the closing price market value as reported on the NASDAQ Stock Market on the grant date. | ||
(n) | Earnings Per Share | |
Basic earnings per common share, or EPS, are computed by dividing net income by the weighted-average common shares outstanding during the year. The weighted-average common shares outstanding includes the weighted-average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted stock and unallocated shares held by the ESOP. For EPS calculations, ESOP shares that have been committed to be released are considered outstanding. ESOP shares that have not been committed to be released are excluded from outstanding shares on a weighted average basis for EPS calculations. | ||
Diluted EPS is computed using the same method as basic EPS, but includes the effect of all potentially dilutive common shares that were outstanding during the period, such as unexercised stock options and unvested shares of restricted stock, calculated using the treasury stock method. When applying the treasury stock method, we add: (1) the assumed proceeds from option exercises; (2) the tax benefit that would have been credited to additional paid-in capital assuming exercise of non-qualified stock options and vesting of shares of restricted stock; and (3) the average unamortized compensation costs related to unvested shares of restricted stock and stock options. We then divide this sum by our average stock price to calculate shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted EPS. |
Business_Combinations
Business Combinations | 12 Months Ended | |||
Dec. 31, 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 FASB 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, Investors Bancorp issued 1,945,079 shares to Investors Bancorp, MHC which was determined using the closing average twenty day stock price of 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, the Company issued 66,089,974 shares of its common stock, of which 16,255,845 shares went to Roma's public stockholders and 49,834,129 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 Investors Bancorp's common shares issued to and held by Investors Bancorp. The value assigned to the Roma MHC is based on the exchange ratio of 0.8653 and the difference of 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 | 29.9 | |||
Goodwill | 0.3 | |||
Intangible assets | 9.5 | |||
Other assets | 78.3 | |||
Total assets acquired | 1,631.90 | |||
Deposits | (1,341.2 | ) | ||
Borrowed funds | (92.1 | ) | ||
Other liabilities | (19.5 | ) | ||
Total liabilities assumed | $ | (1,452.8 | ) | |
Net assets acquired | $ | 179.1 | ||
The purchase accounting for the Roma Financial transaction is complete and reflected in the table above and in our consolidated financial statements. | ||||
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. |
Stock_Transactions
Stock Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Stock Transactions | Stock Transactions |
Stock Offering | |
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 completed its initial public stock offering on October 11, 2005 selling 131,649,089 shares, or 43.74% of its outstanding common stock, to subscribers in the offering, including 10,847,883 shares purchased by Investors Bank Employee Stock Ownership Plan. Upon completion of the initial public offering, Investors Bancorp, MHC, a New Jersey chartered mutual holding company held 165,353,151 shares, or 54.94% of the Company’s outstanding common stock (shares restated to include shares issued in a business combination subsequent to initial public offering). Additionally, the Company contributed $5.2 million in cash and issued 3,949,473 shares of common stock, or 1.32% of its outstanding shares, to Investors Bank Charitable Foundation resulting in a pre-tax expense charge of $20.7 million. Net proceeds from the initial offering were $509.7 million. The Company contributed $255.0 million of the net proceeds to the Bank. Stock subscription proceeds of $557.9 million were returned to subscribers. | |
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 upon completion of the conversion, the net assets of Investors Bancorp, MHC were merged into the Company and are reflected as an increase to stockholders' 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. | |
Stock Repurchase Programs | |
On March 1, 2011, the Company announced its fourth Share Repurchase Program, which authorized the purchase of an additional 10% of its publicly-held outstanding shares of common stock, or 9,885,133 shares. Under the stock repurchase programs, shares of the Company’s common stock could be purchased in the open market and through privately negotiated transactions, from time to time, depending on market conditions. This stock repurchase program commenced upon the completion of the third program on July 25, 2011. In connection with the second step conversion completed on May 7, 2014, the existing stock repurchase plan was terminated. Under applicable federal regulations, the Company is not permitted to implement a stock repurchase program during the first year following completion of the second-step conversion without prior notice to, and the receipt of a non-objection from, the Federal Reserve Board. | |
During the year ended December 31, 2014 , prior to the second step conversion, the Company purchased 1,295,193 shares at a cost of $13.5 million, or approximately $10.44 per share. The second step conversion on May 7, 2014 resulted in the accelerated vesting of all outstanding stock awards. The withholding of shares for payments of taxes with respect to these awards resulted in the purchase of 1,101,694 shares. The remaining shares are held for general corporate use. | |
During the year ended December 31, 2013, the Company purchased 212,221 shares at a cost of $1.5 million, or approximately $7.21 per share. Of the share purchased through December 31, 2013, 8,710,037 shares were allocated to fund the restricted stock portion of the Company's 2006 Equity Incentive Plan. The remaining shares are held for general corporate use. | |
Cash Dividend | |
On September 28, 2012, the Company declared its first quarterly cash dividend of $0.02 per share. It was the first dividend since completing its initial public stock offering in October 2005. Since declaring this dividend, the Company has paid a dividend to stockholders in each subsequent quarter. |
Securities
Securities | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 | ||||||||||||||||||||||||||||
Carrying value | Gross | Gross | Estimated | |||||||||||||||||||||||||
unrealized | unrealized | fair value | ||||||||||||||||||||||||||
gains | losses | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
Equity securities | $ | 6,887 | 1,636 | — | 8,523 | |||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 503,268 | 5,023 | 1,008 | 507,283 | ||||||||||||||||||||||||
Federal National Mortgage Association | 675,535 | 7,641 | 1,184 | 681,992 | ||||||||||||||||||||||||
Government National Mortgage Association | 125 | 1 | — | 126 | ||||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | 1,178,928 | 12,665 | 2,192 | 1,189,401 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 1,185,815 | 14,301 | 2,192 | 1,197,924 | |||||||||||||||||||||||
At December 31, 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 | $ | 4,388 | — | 4,388 | 15 | — | 4,403 | |||||||||||||||||||||
Municipal bonds | 24,320 | — | 24,320 | 1,001 | — | 25,321 | ||||||||||||||||||||||
Corporate and other debt securities | 58,487 | (25,047 | ) | 33,440 | 32,163 | 367 | 65,236 | |||||||||||||||||||||
Total debt securities held-to-maturity | 87,195 | (25,047 | ) | 62,148 | 33,179 | 367 | 94,960 | |||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 504,407 | (3,770 | ) | 500,637 | 3,561 | 1,878 | 502,320 | |||||||||||||||||||||
Federal National Mortgage Association | 978,261 | (3,885 | ) | 974,376 | 11,629 | 1,218 | 984,787 | |||||||||||||||||||||
Government National Mortgage Association | 27,136 | — | 27,136 | — | 20 | 27,116 | ||||||||||||||||||||||
Federal Housing Authorities | 182 | — | 182 | — | — | 182 | ||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | 1,509,986 | (7,655 | ) | 1,502,331 | 15,190 | 3,116 | 1,514,405 | |||||||||||||||||||||
Total held-to-maturity securities | $ | 1,597,181 | (32,702 | ) | 1,564,479 | 48,369 | 3,483 | 1,609,365 | ||||||||||||||||||||
(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. | ||||||||||||||||||||||||||||
During the year ended December 31, 2013, the Company transferred $524.0 million previously-designated available-for-sale to a held-to-maturity designation at fair value. In accordance with ASC 320, Investments - Debt and Equity Securities, the Company is required at each balance sheet date to reassess the classification of each security held. The reclassification is permitted as the Company has appropriately determined the ability and intent to hold these securities as an investment until maturity or call. The securities transferred had a net loss of $12.2 million at time of transfer that is reflected in accumulated other comprehensive loss on the consolidated balance sheet. This loss is being amortized over the life of the securities. | ||||||||||||||||||||||||||||
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. Upon evaluation of the impact of the Volcker Rule, the Company reclassified a trust preferred security with a fair value of $670,000 from held-to maturity to available for sale as the Company was required to sell this security. The security was in an unrealized gain position at the time of transfer and was subsequently sold in 2014. | ||||||||||||||||||||||||||||
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 December 31, 2014 and December 31, 2013, was as follows: | ||||||||||||||||||||||||||||
December 31, 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 | $ | 76,525 | 426 | 60,394 | 582 | 136,919 | 1,008 | |||||||||||||||||||||
Federal National Mortgage Association | 67,017 | 50 | 52,519 | 1,134 | 119,536 | 1,184 | ||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | 143,542 | 476 | 112,913 | 1,716 | 256,455 | 2,192 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 143,542 | 476 | 112,913 | 1,716 | 256,455 | 2,192 | |||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||
Corporate and other debt securities | $ | 674 | 40 | 233 | 327 | 907 | 367 | |||||||||||||||||||||
Total debt securities held-to-maturity | 674 | 40 | 233 | 327 | 907 | 367 | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 199,962 | 1,043 | 47,892 | 835 | 247,854 | 1,878 | ||||||||||||||||||||||
Federal National Mortgage Association | 145,520 | 371 | 37,517 | 847 | 183,037 | 1,218 | ||||||||||||||||||||||
Government National Mortgage Association | 27,116 | 20 | — | — | 27,116 | 20 | ||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | 372,598 | 1,434 | 85,409 | 1,682 | 458,007 | 3,116 | ||||||||||||||||||||||
Total held-to-maturity securities | $ | 373,272 | 1,474 | 85,642 | 2,009 | 458,914 | 3,483 | |||||||||||||||||||||
Total | $ | 516,814 | 1,950 | 198,555 | 3,725 | 715,369 | 5,675 | |||||||||||||||||||||
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 securities | 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 securities | $ | 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. In December 2013, one TruP security was entirely liquidated. The Company had previously recorded an OTTI charge on the income statement on this security in 2008. The remaining book value at liquidation was approximately $68,000. At December 31, 2014, the amortized cost and estimated fair values of the trust preferred portfolio was $33.4 million and $65.2 million, respectively with 2 of the securities 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 December 31, 2014 excluding one trust preferred security for which the Company previously recorded a net other-than-temporary impairment charge which resulted in a zero net book balance for the security. At December 31, 2014, the security had a fair value of $48,000. The Company does not own any single-issuer trust preferred securities. | ||||||||||||||||||||||||||||
(Dollars in 000’s) | ||||||||||||||||||||||||||||
Description | Class | Book Value | Fair Value | Unrealized | 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 | $ | 338.3 | $ | 523.1 | $ | 184.8 | 31 | 11.8 | % | 6.7 | % | — | % | Caa3 / C | |||||||||||||
Alesco PF III | B1 | 849.7 | 1,763.50 | 913.8 | 31 | 11.1 | % | 8.8 | % | — | % | Ca / C | ||||||||||||||||
Alesco PF III | B2 | 340 | 705.4 | 365.4 | 31 | 11.1 | % | 8.8 | % | — | % | Ca / C | ||||||||||||||||
Alesco PF IV | B1 | 416.9 | 702.8 | 285.9 | 38 | 1.2 | % | 9.6 | % | — | % | C / C | ||||||||||||||||
Alesco PF VI | C2 | 757.3 | 1,593.50 | 836.2 | 43 | 7.8 | % | 12.4 | % | — | % | Ca / C | ||||||||||||||||
MM Comm III | B | 156.4 | 3,205.50 | 3,049.10 | 5 | 30 | % | 8.6 | % | 12.8 | % | Ba1 / BB | ||||||||||||||||
MMCaps XVII | C1 | 1,708.40 | 2,197.30 | 488.9 | 33 | 13 | % | 7.4 | % | — | % | Caa1 / C | ||||||||||||||||
MMCaps XIX | C | 559.9 | 232.5 | (327.4 | ) | 35 | 24.9 | % | 8.9 | % | — | % | C / C | |||||||||||||||
Tpref I | B | 1,595.50 | 2,164.30 | 568.8 | 6 | 54.2 | % | 8.8 | % | — | % | Ca / WD | ||||||||||||||||
Tpref II | B | 4,262.80 | 5,203.70 | 940.9 | 17 | 34.9 | % | 11.2 | % | — | % | Caa3 / C | ||||||||||||||||
US Cap I | B2 | 943.8 | 1,974.30 | 1,030.50 | 30 | 10.5 | % | 7.2 | % | — | % | B3 / C | ||||||||||||||||
US Cap I | B1 | 2,813.50 | 5,922.90 | 3,109.40 | 30 | 10.5 | % | 7.2 | % | — | % | B3 / C | ||||||||||||||||
US Cap II | B1 | 1,474.90 | 2,879.50 | 1,404.60 | 35 | 15.6 | % | 8.3 | % | — | % | B3 / C | ||||||||||||||||
US Cap III | B1 | 1,908.00 | 2,738.20 | 830.2 | 30 | 16 | % | 9.6 | % | — | % | Caa2 / C | ||||||||||||||||
Trapeza XII | C1 | 1,844.60 | 3,583.40 | 1,738.80 | 34 | 22.4 | % | 9.8 | % | — | % | C / C | ||||||||||||||||
Trapeza XIII | C1 | 2,007.70 | 3,886.00 | 1,878.30 | 49 | 16.7 | % | 9.7 | % | — | % | Ca / CC | ||||||||||||||||
Pretsl XXIII | A1 | 474.4 | 1,436.80 | 962.4 | 71 | 19.9 | % | 11.7 | % | 31.4 | % | A1 / A | ||||||||||||||||
Pretsl XXIV | A1 | 1,694.80 | 4,320.10 | 2,625.30 | 60 | 28.8 | % | 13.7 | % | 24.8 | % | A3 / BBB | ||||||||||||||||
Pretsl IV | Mez | 149.7 | 221 | 71.3 | 6 | 18 | % | 7.3 | % | 19 | % | B1 / BB | ||||||||||||||||
Pretsl V | Mez | 17.4 | 26.6 | 9.2 | — | 65.5 | % | — | % | — | % | C / WD | ||||||||||||||||
Pretsl VII | Mez | 458 | 1,954.80 | 1,496.80 | 12 | 47.8 | % | 9.9 | % | — | % | Ca / WD | ||||||||||||||||
Pretsl XV | B1 | 942 | 2,108.50 | 1,166.50 | 57 | 11.6 | % | 13.1 | % | — | % | Caa3 / C | ||||||||||||||||
Pretsl XVII | C | 778.8 | 1,611.00 | 832.2 | 39 | 19 | % | 14.8 | % | — | % | C / CC | ||||||||||||||||
Pretsl XVIII | C | 1,700.90 | 2,885.60 | 1,184.70 | 54 | 22.8 | % | 9.6 | % | — | % | Ca / C | ||||||||||||||||
Pretsl XIX | C | 752 | 1,452.60 | 700.6 | 51 | 5.2 | % | 14.6 | % | — | % | C / C | ||||||||||||||||
Pretsl XX | C | 431.7 | 920.1 | 488.4 | 46 | 17.3 | % | 13.8 | % | — | % | Ca / C | ||||||||||||||||
Pretsl XXI | C1 | 1,016.80 | 3,022.50 | 2,005.70 | 51 | 19.4 | % | 11.4 | % | — | % | Ca / C | ||||||||||||||||
Pretsl XXIII | A-FP | 685.6 | 2,094.60 | 1,409.00 | 93 | 20.3 | % | 12.7 | % | 18.3 | % | Aa2 / BBB | ||||||||||||||||
Pretsl XXIV | C1 | 713.6 | 673.7 | (39.9 | ) | 60 | 28.8 | % | 13.7 | % | — | % | C / C | |||||||||||||||
Pretsl XXV | C1 | 463 | 937.6 | 474.6 | 53 | 25.7 | % | 12.5 | % | — | % | C / C | ||||||||||||||||
Pretsl XXVI | C1 | 553.9 | 1,143.80 | 589.9 | 55 | 24.7 | % | 12 | % | — | % | C / C | ||||||||||||||||
Pref Pretsl IX | B2 | 405.3 | 720.8 | 315.5 | 28 | 25.2 | % | 9 | % | — | % | B3 / C | ||||||||||||||||
Pretsl X | C2 | 224.8 | 381.4 | 156.6 | 33 | 26.4 | % | 10.9 | % | — | % | Caa1 / C | ||||||||||||||||
$ | 33,440.40 | $ | 65,187.40 | $ | 31,747.00 | |||||||||||||||||||||||
-1 | At December 31, 2014, current deferrals and defaults as a percent of collateral ranged from 1.2% to 65.5%. | |||||||||||||||||||||||||||
-2 | At December 31, 2014, expected deferrals and defaults as a percent of remaining collateral ranged from 0.0% to 22.4%. | |||||||||||||||||||||||||||
-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 December 31, 2014, by contractual maturity, are shown below. | ||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Carrying Value | Estimated | |||||||||||||||||||||||||||
fair value | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Due in one year or less | $ | 19,100 | 19,100 | |||||||||||||||||||||||||
Due after one year through five years | 4,603 | 4,618 | ||||||||||||||||||||||||||
Due after five years through ten years | — | — | ||||||||||||||||||||||||||
Due after ten years | 38,445 | 71,242 | ||||||||||||||||||||||||||
Total | $ | 62,148 | 94,960 | |||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
With the assistance 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 December 31, 2014, management deemed that the present value of projected cash flows for each security was greater than the book value and did not recognize any additional OTTI charges for the period ended December 31, 2014. At December 31, 2013, the discounted cash flow projected for one of the Company's pooled trust preferred securities fell below its adjusted book value. Based on the review of underlying collateral, the credit of this security continued to deteriorate and therefore the Company recorded net other-than-temporary impairment ("OTTI") charge of $977,000 for the year ended December 31, 2013. At December 31, 2014, the security had a fair value of $48,000. At December 31, 2014, non-credit related OTTI recorded on the previously impaired pooled trust preferred securities was $25.0 million ($14.8 million after-tax) and is being accreted into income over the estimated remaining life of the securities. | ||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Balance of credit related OTTI, beginning of period | $ | 112,235 | 114,514 | 117,003 | ||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||
Initial credit impairments | — | — | — | |||||||||||||||||||||||||
Subsequent credit impairments | — | 977 | — | |||||||||||||||||||||||||
Reductions: | ||||||||||||||||||||||||||||
Accretion of credit loss impairment due to an increase in expected cash flows | (3,418 | ) | (3,256 | ) | (2,489 | ) | ||||||||||||||||||||||
Balance of credit related OTTI, end of period | $ | 108,817 | 112,235 | 114,514 | ||||||||||||||||||||||||
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 year ended December 31, 2014, the Company recognized net gains on available-for-sale securities of $619,000, 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 for the year ended December 31, 2014, resulting in gross realized gains of $474,000. | ||||||||||||||||||||||||||||
For the year ended December 31, 2014 total proceeds of securities from the held-to-maturities portfolio were $19.5 million, which resulted in gross realized gains of $927,000. For the year ended December 31, 2014, sales of mortgage back securities from the held-to-maturity portfolio, which had a book value of $18.3 million resulted in gross realized gains of $877,000. These securities met the criteria of principal pay downs under 85% of the original investment amount and therefore did not result in a tainting of the held-to-maturity portfolio. The Company sells securities when market pricing presents, in management’s assessment, an economic benefit that outweighs holding such securities, and when smaller balance securities become cost prohibitive to carry. In addition, for the year ended December 31, 2014, the Company recognized a gain of $50,000 on a TruP security which was entirely liquidated by its Trustee. For the year ended December 31, 2014 there were no losses recognized. | ||||||||||||||||||||||||||||
For the year ended December 31, 2013, proceeds from sales of securities from available-for-sale portfolio were $56.0 million, which resulted in gross realized gains of $846,100 and $162,300 of gross realized losses as well as $88,600 of net gains on capital distributions of equity securities. In addition, at December 31, 2013 the Company recognized a net other-than-temporary charge of $977,000 for one of the pooled trust preferred security falling below its adjusted book value. There were no sales from the held-to-maturity portfolio for the year ended December 31, 2013. | ||||||||||||||||||||||||||||
For the year ended December 31, 2012, proceeds from sales of securities from available-for-sale portfolio were $216.8 million, which resulted in gross realized gains of $176,000 and no gross realized losses. Included in the sales proceeds for the year ended December 31, 2012 were $166.8 million that were acquired from Brooklyn Federal. In addition, the Company realized a $42,000 loss on capital distributions of equity securities during the year ended December 31, 2012. | ||||||||||||||||||||||||||||
For the year ended December 31, 2012 proceeds from sales of securities from held-to-maturities portfolio were $14.9 million, which resulted in gross realized gains of $193,000 and gross realized losses of $53,000. Sales from the held-to-maturity portfolio, which had a book value of $14.9 million, met the criteria of principal pay downs under 85% of the original investment amount and therefore do not result in a tainting of the held-to-maturity portfolio. |
Loans_Receivable_Net
Loans Receivable, Net | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||
Loans Receivable, Net | Loans Receivable, Net | ||||||||||||||||||||||||
The detail of the loan portfolio as of December 31, 2014 and December 31, 2013 was as follows: | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Multi-family loans | $ | 5,048,477 | 3,985,517 | ||||||||||||||||||||||
Commercial real estate loans | 3,139,824 | 2,485,937 | |||||||||||||||||||||||
Commercial and industrial loans | 544,402 | 265,836 | |||||||||||||||||||||||
Construction loans | 143,664 | 194,542 | |||||||||||||||||||||||
Total commercial loans | 8,876,367 | 6,931,832 | |||||||||||||||||||||||
Residential mortgage loans | 5,764,896 | 5,692,810 | |||||||||||||||||||||||
Consumer and other loans | 440,500 | 403,929 | |||||||||||||||||||||||
Total loans excluding PCI loans | 15,081,763 | 13,028,571 | |||||||||||||||||||||||
PCI loans | 17,789 | 36,047 | |||||||||||||||||||||||
Net unamortized premiums and deferred loan costs (1) | (11,698 | ) | (8,146 | ) | |||||||||||||||||||||
Allowance for loan losses | (200,284 | ) | (173,928 | ) | |||||||||||||||||||||
Net loans | $ | 14,887,570 | 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 years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance, beginning of period | $ | 4,154 | 1,457 | ||||||||||||||||||||||
Acquisitions | 216 | 3,425 | |||||||||||||||||||||||
Accretion (1) | (3,399 | ) | (728 | ) | |||||||||||||||||||||
Net reclassification from non-accretable difference | — | — | |||||||||||||||||||||||
Balance, end of period | $ | 971 | 4,154 | ||||||||||||||||||||||
(1) Includes the removal of $1.9 million accretable mark on PCI loans sold during the year ended December 31, 2014. This transfer had no impact on income for the year ended December 31, 2014. | |||||||||||||||||||||||||
An analysis of the allowance for loan losses is summarized as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of the period | $ | 173,928 | 142,172 | 117,242 | |||||||||||||||||||||
Loans charged off | (18,244 | ) | (22,610 | ) | (44,150 | ) | |||||||||||||||||||
Recoveries | 7,100 | 3,866 | 4,080 | ||||||||||||||||||||||
Net charge-offs | (11,144 | ) | (18,744 | ) | (40,070 | ) | |||||||||||||||||||
Provision for loan losses | 37,500 | 50,500 | 65,000 | ||||||||||||||||||||||
Balance at end of the period | $ | 200,284 | 173,928 | 142,172 | |||||||||||||||||||||
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 year ended December 31, 2014, the Company recorded charge offs related to PCI loans acquired of $1.5 million. | |||||||||||||||||||||||||
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 (using the appropriate look-back and loss emergence periods), delinquency trends, general economic conditions, geographic concentrations, and industry and peer comparisons. This analysis applies loss factors based on the Company's historical loss experience over a look-back period determined to provide the appropriate amount of data to accurately estimate expected losses as of period end. Additionally, management assesses the loss emergence period for the expected losses of each loan segment and adjusts each historical loss factor accordingly. The loss emergence period is the estimated time from the date of a loss event (such as a personal bankruptcy) to the actual recognition of the loss (typically via the first fully or partial loan charge-off), and is determined based upon a study of the Company's past loss experience by loan segment. The loss factors may also be adjusted for significant changes in the current loan portfolio qualify that, in management's judgment, affect the collectibility of the portfolio as of the evaluation date. This evaluation is based on peer and 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 reviewed and approved by management through the Allowance for Loan Loss Committee. A summary of loan loss 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 estate 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 and 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 the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Multi- | Commercial | Commercial | Construction | Residential | Consumer | Unallocated | Total | ||||||||||||||||||
Family Loans | Real Estate Loans | and Industrial | Loans | Mortgage Loans | and Other | ||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Beginning balance-December 31, 2013 | $ | 42,103 | 46,657 | 9,273 | 8,947 | 51,760 | 2,161 | 13,027 | 173,928 | ||||||||||||||||
Charge-offs | (323 | ) | (6,147 | ) | (2,447 | ) | (640 | ) | (7,715 | ) | (972 | ) | — | (18,244 | ) | ||||||||||
Recoveries | 3,784 | 201 | 516 | 799 | 1,783 | 17 | — | 7,100 | |||||||||||||||||
Provision | 25,583 | 3,319 | 13,417 | (2,618 | ) | 2,108 | 2,141 | (6,450 | ) | 37,500 | |||||||||||||||
Ending balance-December 31, 2014 | $ | 71,147 | 44,030 | 20,759 | 6,488 | 47,936 | 3,347 | 6,577 | 200,284 | ||||||||||||||||
Individually evaluated for impairment | $ | — | 274 | — | — | 1,865 | — | — | 2,139 | ||||||||||||||||
Collectively evaluated for impairment | 71,147 | 43,756 | 20,759 | 6,488 | 46,071 | 3,347 | 6,577 | 198,145 | |||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | |||||||||||||||||
Balance at December 31, 2014 | $ | 71,147 | 44,030 | 20,759 | 6,488 | 47,936 | 3,347 | 6,577 | 200,284 | ||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,111 | 22,995 | 3,310 | 6,798 | 23,285 | — | — | 60,499 | ||||||||||||||||
Collectively evaluated for impairment | 5,044,366 | 3,116,829 | 541,092 | 136,866 | 5,741,611 | 440,500 | — | 15,021,264 | |||||||||||||||||
Loans acquired with deteriorated credit quality | 637 | 7,329 | 56 | 4,732 | 4,581 | 454 | — | 17,789 | |||||||||||||||||
Balance at December 31, 2014 | $ | 5,049,114 | 3,147,153 | 544,458 | 148,396 | 5,769,477 | 440,954 | — | 15,099,552 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Multi- | Commercial | Commercial | Construction | Residential | Consumer | Unallocated | Total | ||||||||||||||||||
Family Loans | Real Estate Loans | and Industrial | Loans | Mortgage Loans | and Other | ||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Beginning balance-December 31, 2012 | $ | 29,853 | 33,347 | 4,094 | 16,062 | 45,369 | 2,086 | 11,361 | 142,172 | ||||||||||||||||
Charge-offs | (1,266 | ) | (1,101 | ) | (516 | ) | (3,424 | ) | (15,508 | ) | (795 | ) | — | (22,610 | ) | ||||||||||
Recoveries | 219 | 65 | 604 | 315 | 2,528 | 135 | — | 3,866 | |||||||||||||||||
Provision | 13,297 | 14,346 | 5,091 | (4,006 | ) | 19,371 | 735 | 1,666 | 50,500 | ||||||||||||||||
Ending balance-December 31, 2013 | $ | 42,103 | 46,657 | 9,273 | 8,947 | 51,760 | 2,161 | 13,027 | 173,928 | ||||||||||||||||
Individually evaluated for impairment | $ | — | — | — | — | 2,066 | — | — | 2,066 | ||||||||||||||||
Collectively evaluated for impairment | 42,103 | 46,657 | 9,273 | 8,947 | 49,694 | 2,161 | 13,027 | 171,862 | |||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | |||||||||||||||||
Balance at December 31, 2013 | $ | 42,103 | 46,657 | 9,273 | 8,947 | 51,760 | 2,161 | 13,027 | 173,928 | ||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 15,313 | 11,713 | 1,612 | 17,037 | 20,987 | — | — | 66,662 | ||||||||||||||||
Collectively evaluated for impairment | 3,970,204 | 2,474,224 | 264,224 | 177,505 | 5,671,823 | 403,929 | — | 12,961,909 | |||||||||||||||||
Loans acquired with deteriorated credit quality | 691 | 19,390 | 2,586 | 7,719 | 5,541 | 120 | — | 36,047 | |||||||||||||||||
Balance at December 31, 2013 | $ | 3,986,208 | 2,505,327 | 268,422 | 202,261 | 5,698,351 | 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 December 31, 2014 and December 31, 2013 by class of loans excluding PCI loans: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||
Multi-family | $ | 4,958,045 | 62,886 | 27,546 | — | — | 5,048,477 | ||||||||||||||||||
Commercial real estate | 3,034,609 | 29,248 | 75,967 | — | — | 3,139,824 | |||||||||||||||||||
Commercial and industrial | 515,395 | 20,321 | 8,686 | — | — | 544,402 | |||||||||||||||||||
Construction | 136,584 | 2,075 | 5,005 | — | — | 143,664 | |||||||||||||||||||
Total commercial loans | 8,644,633 | 114,530 | 117,204 | — | — | 8,876,367 | |||||||||||||||||||
Residential mortgage | 5,641,190 | 29,710 | 93,996 | — | — | 5,764,896 | |||||||||||||||||||
Consumer and other | 433,968 | 2,339 | 4,193 | — | — | 440,500 | |||||||||||||||||||
Total | $ | 14,719,791 | 146,579 | 215,393 | — | — | 15,081,763 | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||
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 | |||||||||||||||||||
Commercial and industrial | 247,983 | 7,540 | 10,313 | — | — | 265,836 | |||||||||||||||||||
Construction | 158,576 | 7,847 | 28,119 | — | — | 194,542 | |||||||||||||||||||
Total commercial loans | 6,715,453 | 88,325 | 128,054 | — | — | 6,931,832 | |||||||||||||||||||
Residential mortgage | 5,584,728 | 23,252 | 84,830 | — | — | 5,692,810 | |||||||||||||||||||
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 December 31, 2014 and December 31, 2013 by class of loans excluding PCI loans: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total | ||||||||||||||||||||
than 90 | Due | Loans | |||||||||||||||||||||||
Days | Receivable | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||
Multi-family | $ | 698 | 239 | 2,989 | 3,926 | 5,044,551 | 5,048,477 | ||||||||||||||||||
Commercial real estate | 6,566 | 778 | 13,940 | 21,284 | 3,118,540 | 3,139,824 | |||||||||||||||||||
Commercial and industrial | 792 | 395 | 2,903 | 4,090 | 540,312 | 544,402 | |||||||||||||||||||
Construction | — | — | 4,345 | 4,345 | 139,319 | 143,664 | |||||||||||||||||||
Total commercial loans | 8,056 | 1,412 | 24,177 | 33,645 | 8,842,722 | 8,876,367 | |||||||||||||||||||
Residential mortgage | 23,712 | 8,900 | 75,610 | 108,222 | 5,656,674 | 5,764,896 | |||||||||||||||||||
Consumer and other | 1,334 | 1,006 | 4,211 | 6,551 | 433,949 | 440,500 | |||||||||||||||||||
Total | $ | 33,102 | 11,318 | 103,998 | 148,418 | 14,933,345 | 15,081,763 | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total | ||||||||||||||||||||
than 90 | Due | Loans | |||||||||||||||||||||||
Days | Receivable | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||
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 | |||||||||||||||||||
Commercial and industrial | 5,871 | 287 | 775 | 6,933 | 258,903 | 265,836 | |||||||||||||||||||
Construction | 302 | 527 | 16,181 | 17,010 | 177,532 | 194,542 | |||||||||||||||||||
Total commercial loans | 23,961 | 11,279 | 22,635 | 57,875 | 6,873,957 | 6,931,832 | |||||||||||||||||||
Residential mortgage | 17,779 | 7,358 | 66,079 | 91,216 | 5,601,594 | 5,692,810 | |||||||||||||||||||
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: | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
# of loans | amount | # of loans | amount | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Non-accrual: | |||||||||||||||||||||||||
Multi-family | 2 | $ | 2,989 | 5 | $ | 5,905 | |||||||||||||||||||
Commercial real estate | 36 | 13,940 | 12 | 2,711 | |||||||||||||||||||||
Commercial and industrial | 11 | 2,903 | 4 | 1,281 | |||||||||||||||||||||
Construction | 7 | 4,345 | 18 | 16,181 | |||||||||||||||||||||
Total commercial loans | 56 | 24,177 | 39 | 26,078 | |||||||||||||||||||||
Residential and consumer | 406 | 84,182 | 304 | 74,282 | |||||||||||||||||||||
Total non-accrual loans | 462 | $ | 108,359 | 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 December 31, 2014, these loans are comprised of 5 residential TDR loans totaling $1.5 million. There were 10 residential TDR loans totaling $2.9 million which were also 30-89 days delinquent and classified as non-accrual. As of December 31, 2013, these loans are comprised of 1 multi-family TDR loan for $2.3 million, 1 commercial real estate TDR loan for $620,000, 1 commercial and industrial TDR loan for $506,000 and 14 residential TDR loans totaling $4.6 million. 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 December 31, 2014, PCI loans with a carrying value of $17.8 million included $9.2 million of which were current and $8.6 million of which were 90 days or more delinquent. As of December 31, 2013, PCI loans with a carrying value of $36.0 million included $19.6 million of which were current and $16.4 million of which were 90 days or more delinquent. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, loans meeting the Company’s definition of an impaired loan were primarily collateral dependent loans which totaled $60.5 million and $66.7 million, respectively, with allocations of the allowance for loan losses of $2.1 million for both periods. During the years ended December 31, 2014 and 2013, interest income received and recognized on these loans totaled $2.5 million and $2.4 million, respectively. | |||||||||||||||||||||||||
The following tables present loans individually evaluated for impairment by portfolio segment as of December 31, 2014 and | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | |||||||||||||||||||||
Investment | Balance | Allowance | Recorded | Income | |||||||||||||||||||||
Investment | Recognized | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||
Multi-family | $ | 4,111 | 7,846 | — | 4,746 | 135 | |||||||||||||||||||
Commercial real estate | 19,901 | 23,601 | — | 17,056 | 879 | ||||||||||||||||||||
Commercial and industrial | 3,310 | 3,310 | — | 1,985 | 152 | ||||||||||||||||||||
Construction | 6,798 | 9,292 | — | 13,609 | 410 | ||||||||||||||||||||
Total commercial loans | 34,120 | 44,049 | — | 37,396 | 1,576 | ||||||||||||||||||||
Residential mortgage | 6,755 | 8,830 | — | 6,606 | 370 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||
Commercial real estate | 3,094 | 4,760 | 274 | 3,106 | 72 | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||
Total commercial loans | 3,094 | 4,760 | 274 | 3,106 | 72 | ||||||||||||||||||||
Residential mortgage | 16,530 | 16,882 | 1,865 | 16,547 | 507 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Multi-family | 4,111 | 7,846 | — | 4,746 | 135 | ||||||||||||||||||||
Commercial real estate | 22,995 | 28,361 | 274 | 20,162 | 951 | ||||||||||||||||||||
Commercial and industrial | 3,310 | 3,310 | — | 1,985 | 152 | ||||||||||||||||||||
Construction | 6,798 | 9,292 | — | 13,609 | 410 | ||||||||||||||||||||
Total commercial loans | 37,214 | 48,809 | 274 | 40,502 | 1,648 | ||||||||||||||||||||
Residential mortgage | 23,285 | 25,712 | 1,865 | 23,153 | 877 | ||||||||||||||||||||
Total impaired loans | $ | 60,499 | 74,521 | 2,139 | 63,655 | 2,525 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | |||||||||||||||||||||
Investment | Balance | Allowance | Recorded | Income | |||||||||||||||||||||
Investment | Recognized | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||
Multi-family | $ | 15,313 | 28,681 | — | 15,405 | 428 | |||||||||||||||||||
Commercial real estate | 11,713 | 12,223 | — | 11,538 | 679 | ||||||||||||||||||||
Commercial and industrial | 1,612 | 1,612 | — | 1,490 | 105 | ||||||||||||||||||||
Construction | 17,037 | 26,642 | — | 19,157 | 198 | ||||||||||||||||||||
Total commercial loans | 45,675 | 69,158 | — | 47,590 | 1,410 | ||||||||||||||||||||
Residential mortgage | 3,924 | 5,607 | — | 3,330 | 190 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||
Commercial real estate | — | — | — | — | — | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||
Total commercial loans | — | — | — | — | — | ||||||||||||||||||||
Residential mortgage | 17,063 | 17,457 | 2,066 | 15,880 | 753 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Multi-family | 15,313 | 28,681 | — | 15,405 | 428 | ||||||||||||||||||||
Commercial real estate | 11,713 | 12,223 | — | 11,538 | 679 | ||||||||||||||||||||
Commercial and industrial | 1,612 | 1,612 | — | 1,490 | 105 | ||||||||||||||||||||
Construction | 17,037 | 26,642 | — | 19,157 | 198 | ||||||||||||||||||||
Total commercial loans | 45,675 | 69,158 | — | 47,590 | 1,410 | ||||||||||||||||||||
Residential mortgage | 20,987 | 23,064 | 2,066 | 19,210 | 943 | ||||||||||||||||||||
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. Restructured loans remain on non accrual status until 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 December 31, 2014 and December 31, 2013 excluding PCI loans: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||
# of loans | Amount | # of loans | Amount | # of loans | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||
Multi-family | 2 | $ | 1,122 | — | $ | — | 2 | $ | 1,122 | ||||||||||||||||
Commercial real estate | 8 | 15,250 | 1 | 3,197 | 9 | 18,447 | |||||||||||||||||||
Commercial and industrial | 2 | 1,381 | — | — | 2 | 1,381 | |||||||||||||||||||
Construction | 2 | 3,066 | — | — | 2 | 3,066 | |||||||||||||||||||
Total commercial loans | 14 | 20,819 | 1 | 3,197 | 15 | 24,016 | |||||||||||||||||||
Residential mortgage | 41 | 14,805 | 29 | 8,456 | 70 | 23,261 | |||||||||||||||||||
Total | 55 | $ | 35,624 | 30 | $ | 11,653 | 85 | $ | 47,277 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||
# of loans | Amount | # of loans | Amount | # of loans | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||
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 | |||||||||||||||||||
Total commercial loans | 15 | 26,595 | 3 | 3,443 | 18 | 30,038 | |||||||||||||||||||
Residential mortgage | 35 | 12,975 | 26 | 8,021 | 61 | 20,996 | |||||||||||||||||||
Total | 50 | $ | 39,570 | 29 | $ | 11,464 | 79 | $ | 51,034 | ||||||||||||||||
The following table presents information about troubled debt restructurings that occurred during the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
Multi-family | — | $ | — | $ | — | 5 | $ | 20,677 | $ | 13,060 | |||||||||||||||
Commercial real estate | 3 | 10,657 | 7,657 | 4 | 5,080 | 4,679 | |||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 521 | 521 | |||||||||||||||||||
Total commercial loans | 3 | 10,657 | 7,657 | 10 | 26,278 | 18,260 | |||||||||||||||||||
Residential mortgage | 11 | 3,217 | 3,217 | 23 | 10,031 | 9,463 | |||||||||||||||||||
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 were $3.0 million and $1.6 million in charges-offs for collateral dependant TDRs during the years ended December 31, 2014 and 2013. The allowance for loan losses associated with the TDRs presented in the above tables totaled $2.1 million for both periods at December 31, 2014 and 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 December 31, 2014 and December 31, 2013, the Company has no additional fundings to any borrowers classified as a troubled debt restructuring. | |||||||||||||||||||||||||
The following table presents information about pre and post modification interest yield for troubled debt restructurings which occurred during the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
Multi-family | — | — | % | — | % | 5 | 7.66 | % | 3.79 | % | |||||||||||||||
Commercial real estate | 3 | 6.59 | 5.75 | 4 | 7.29 | 5.41 | |||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 6 | 4 | |||||||||||||||||||
Total commercial loans | 3 | 6.59 | 5.75 | 10 | 7.57 | 4.07 | |||||||||||||||||||
Residential mortgage | 11 | 5.35 | 3.9 | 23 | 5.05 | 3.33 | |||||||||||||||||||
There were no loans modified as TDRs for which there was a payment default in the 12 months prior to December 31, 2014. Loans modified as TDRs in the previous 12 months to December 31, 2013, for which there was a payment default consisted of two residential loans with a recorded investment of $763,000 at December 31, 2013. | |||||||||||||||||||||||||
Loan Sales | |||||||||||||||||||||||||
For the year ended December 31, 2014, the Company sold $32.4 million of non-performing and PCI loans previously transferred to held for sale. The sale resulted in a net gain of approximately $552,000. | |||||||||||||||||||||||||
For the year ended December 31, 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. |
Office_Properties_and_Equipmen
Office Properties and Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Office Properties and Equipment, Net | Office Properties and Equipment, Net | |||||||
Office properties and equipment are summarized as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Land | $ | 21,862 | 12,728 | |||||
Office buildings | 78,808 | 73,770 | ||||||
Leasehold improvements | 66,857 | 44,587 | ||||||
Furniture, fixtures and equipment | 68,420 | 54,610 | ||||||
Construction in process | 17,121 | 24,299 | ||||||
253,068 | 209,994 | |||||||
Less accumulated depreciation and amortization | 92,169 | 71,889 | ||||||
$ | 160,899 | 138,105 | ||||||
Depreciation and amortization expense for the years ended December 31, 2014, 2013 and 2012 was $13.2 million, $8.5 million and $7.2 million, respectively. |
Goodwill_and_Intangibles_Asset
Goodwill and Intangibles Assets | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||
The carrying amount of goodwill at December 31, 2014 and December 31, 2013 was approximately $77.6 million. | ||||||||||||||
The following table summarizes other intangible assets as of December 31, 2014 and December 31, 2013: | ||||||||||||||
Gross Intangible Asset | Accumulated Amortization | Valuation Allowance | Net Intangible Assets | |||||||||||
(In thousands) | ||||||||||||||
December 31, 2014 | ||||||||||||||
Mortgage Servicing Rights | $ | 23,925 | (9,543 | ) | (121 | ) | 14,261 | |||||||
Core Deposit Premiums | 25,058 | (10,375 | ) | — | 14,683 | |||||||||
Other | 300 | (110 | ) | — | 190 | |||||||||
Total other intangible assets | $ | 49,283 | (20,028 | ) | (121 | ) | 29,134 | |||||||
December 31, 2013 | ||||||||||||||
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 $1.59 billion and $1.71 billion at December 31, 2014 and December 31, 2013 respectively, all of which relate to residential mortgage loans. At December 31, 2014 and 2013, the servicing asset, included in intangible assets, had an estimated fair value of $14.3 million and $14.7 million, respectively. Fair value was based on expected future cash flows considering a weighted average discount rate of 10.17%, a weighted average constant prepayment rate on mortgages of 11.22% and a weighted average life of 6.5 years. | ||||||||||||||
Core deposit premiums are amortized using an accelerated method and having a weighted average amortization period of 10 years. For the year ended December 31, 2014, the Company recorded $1.9 million in core deposit premiums resulting from the acquisition of Gateway Financial in January 2014. | ||||||||||||||
The following presents the estimated future amortization expense of other intangible assets for the next five years: | ||||||||||||||
Mortgage Servicing Rights | Core Deposit Premiums | Other | ||||||||||||
(In thousands) | ||||||||||||||
2015 | $ | 415 | $ | 3,351 | $ | 30 | ||||||||
2016 | 433 | 2,900 | 30 | |||||||||||
2017 | 450 | 2,441 | 30 | |||||||||||
2018 | 467 | 1,983 | 30 | |||||||||||
2019 | 484 | 1,524 | 30 | |||||||||||
Deposits
Deposits | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||
Deposits | Deposits | |||||||||||||||||||
Deposits are summarized as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Weighted Average Rate | Amount | % of Total | Weighted Average Rate | Amount | % of Total | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Checking accounts | 0.2 | % | $ | 3,892,839 | 31.98 | % | 0.17 | % | $ | 3,163,250 | 29.5 | % | ||||||||
Money market deposits | 0.71 | % | 3,390,238 | 27.85 | % | 0.34 | % | 1,958,982 | 18.28 | % | ||||||||||
Savings | 0.27 | % | 2,318,911 | 19.05 | % | 0.28 | % | 2,212,034 | 20.64 | % | ||||||||||
Total transaction accounts | 0.4 | % | 9,601,988 | 78.88 | % | 0.25 | % | 7,334,266 | 68.42 | % | ||||||||||
Certificates of deposit | 1 | % | 2,570,338 | 21.12 | % | 0.83 | % | 3,384,545 | 31.58 | % | ||||||||||
Total Deposits | 0.53 | % | $ | 12,172,326 | 100 | % | 0.43 | % | $ | 10,718,811 | 100 | % | ||||||||
Scheduled maturities of certificates of deposit are as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Within one year | $ | 1,450,655 | 2,170,493 | |||||||||||||||||
One to two years | 660,523 | 552,127 | ||||||||||||||||||
Two to three years | 278,190 | 376,172 | ||||||||||||||||||
Three to four years | 74,526 | 179,774 | ||||||||||||||||||
After four years | 106,444 | 105,979 | ||||||||||||||||||
$ | 2,570,338 | 3,384,545 | ||||||||||||||||||
The aggregate amount of certificates of deposit in denominations of $100,000 or more totaled approximately $1.19 billion and $1.58 billion at December 31, 2014 and December 31, 2013. | ||||||||||||||||||||
Interest expense on deposits consists of the following: | ||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Checking accounts | $ | 8,755 | 6,245 | 6,586 | ||||||||||||||||
Money market deposits | 13,664 | 7,537 | 7,937 | |||||||||||||||||
Savings | 6,639 | 6,320 | 7,859 | |||||||||||||||||
Certificates of deposit | 30,148 | 29,867 | 41,200 | |||||||||||||||||
Total | $ | 59,206 | 49,969 | 63,582 | ||||||||||||||||
Borrowed_Funds
Borrowed Funds | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Borrowed Funds | Borrowed Funds | ||||||||||||
Borrowed funds are summarized as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Principal | Weighted | Principal | Weighted | ||||||||||
Average | Average | ||||||||||||
Rate | Rate | ||||||||||||
(Dollars in thousands) | |||||||||||||
Funds borrowed under repurchase agreements: | |||||||||||||
FHLB | $ | 25,071 | 3.90% | $ | 23,000 | 3.90% | |||||||
Other brokers | 142,847 | 2.00% | 244,681 | 1.35% | |||||||||
Total funds borrowed under repurchase agreements | 167,918 | 2.28% | 267,681 | 1.60% | |||||||||
Other borrowed funds: | |||||||||||||
FHLB advances | 2,598,186 | 2.24% | 3,094,494 | 1.83% | |||||||||
Other | — | — | 5,099 | 1.91% | |||||||||
Total other borrowed funds: | 2,598,186 | 2.24% | 3,099,593 | 1.83% | |||||||||
Total borrowed funds | $ | 2,766,104 | 2.24% | $ | 3,367,274 | 1.81% | |||||||
Borrowed funds had scheduled maturities as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Principal | Weighted | Principal | Weighted | ||||||||||
Average | Average | ||||||||||||
Rate | Rate | ||||||||||||
(Dollars in thousands) | |||||||||||||
Within one year | $ | 576,250 | 2.03% | $ | 1,214,204 | 0.64% | |||||||
One to two years | 325,000 | 2.79% | 311,500 | 3.49% | |||||||||
Two to three years | 250,071 | 3.00% | 325,000 | 2.79% | |||||||||
Three to four years | 763,597 | 2.22% | 250,730 | 3.01% | |||||||||
Four to five years | 444,994 | 1.78% | 714,246 | 2.26% | |||||||||
After five years | 406,192 | 2.18% | 551,594 | 1.73% | |||||||||
Total borrowed funds | $ | 2,766,104 | 2.24% | $ | 3,367,274 | 1.81% | |||||||
Mortgage-backed securities have been sold, subject to repurchase agreements, to the FHLB and various brokers. Mortgage-backed securities sold, subject to repurchase agreements, are held by the FHLB for the benefit of the Company. Repurchase agreements require repurchase of the identical securities. Whole mortgage loans have been pledged to the FHLB as collateral for advances, but are held by the Company. | |||||||||||||
The amortized cost and fair value of the underlying securities used as collateral for securities sold under agreements to repurchase are as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Amortized cost of collateral: | |||||||||||||
Mortgage-backed securities | $ | 195,890 | 325,392 | ||||||||||
Total amortized cost of collateral | $ | 195,890 | 325,392 | ||||||||||
Fair value of collateral: | |||||||||||||
Mortgage-backed securities | $ | 198,502 | 322,563 | ||||||||||
Total fair value of collateral | $ | 198,502 | 322,563 | ||||||||||
During the years ended December 31, 2014, 2013 and 2012, the maximum month-end balance of the repurchase agreements was $261.2 million, $267.7 million and $250.0 million, respectively. The average amount of repurchase agreements outstanding during the years ended December 31, 2014, 2013 and 2012 was $192.9 million, $165.4 million and $156.1 million, respectively, and the average interest rate was 2.02%, 1.50% and 3.93%, respectively. | |||||||||||||
At December 31, 2014, the Company participated in the FHLB’s Overnight Advance program. This program allows members to borrow overnight up to their maximum borrowing capacity at the FHLB. At December 31, 2014, our borrowing capacity at the FHLB was $7.37 billion, of which the Company had outstanding borrowings of $2.62 billion and outstanding letters of credit of $2.03 billion. The overnight advances are priced at the federal funds rate plus a spread (generally between 20 and 30 basis points) and re-price daily. In addition, the Bank had an effective commitment for unsecured discretionary overnight borrowings with other institutions totaling $100.0 million, of which no balance was outstanding at December 31, 2014. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Income Taxes | Income Taxes | ||||||||||
The components of income tax expense are as follows: | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Current tax expense: | |||||||||||
Federal | $ | 77,029 | 76,692 | 62,331 | |||||||
State | 7,508 | 7,881 | 4,491 | ||||||||
84,537 | 84,573 | 66,822 | |||||||||
Deferred tax (benefit) expense: | |||||||||||
Federal | (3,846 | ) | (16,887 | ) | (11,331 | ) | |||||
State | (5,940 | ) | (3,931 | ) | 592 | ||||||
(9,786 | ) | (20,818 | ) | (10,739 | ) | ||||||
Total income tax expense | $ | 74,751 | 63,755 | 56,083 | |||||||
The following table presents the reconciliation between the actual income tax expense and the “expected” amount computed using the applicable statutory federal income tax rate of 35%: | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
“Expected” federal income tax expense | $ | 72,265 | 61,525 | 50,698 | |||||||
State tax, net | 1,019 | 2,567 | 3,304 | ||||||||
Bank owned life insurance | (1,628 | ) | (1,014 | ) | (972 | ) | |||||
Expiration of loss carryforward | — | 645 | 2 | ||||||||
Change in valuation allowance for federal deferred tax assets | — | (645 | ) | (2 | ) | ||||||
ESOP fair market value adjustment | 349 | 538 | 295 | ||||||||
Non-deductible compensation | 3,334 | 411 | 454 | ||||||||
Non-deductible acquisition related expenses | — | 297 | 866 | ||||||||
Expiration of stock options | 2 | — | 1,267 | ||||||||
Other | (590 | ) | (569 | ) | 171 | ||||||
Total income tax expense | $ | 74,751 | 63,755 | 56,083 | |||||||
The temporary differences and loss carryforwards which comprise the deferred tax asset and liability are as follows: | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Deferred tax asset: | |||||||||||
Employee benefits | $ | 30,832 | 25,882 | ||||||||
Deferred compensation | 1,332 | 1,265 | |||||||||
Premises and equipment | 1,532 | — | |||||||||
Allowance for loan losses | 79,255 | 67,135 | |||||||||
Net unrealized loss on securities | 9,101 | 14,631 | |||||||||
Net other than temporary impairment loss on securities | 44,225 | 44,945 | |||||||||
ESOP | 2,921 | 2,279 | |||||||||
Allowance for delinquent interest | 12,379 | 18,340 | |||||||||
Fair value adjustments related to acquisitions | 38,309 | 38,131 | |||||||||
Charitable contribution carryforward | 5,685 | — | |||||||||
Loan origination costs | 10,821 | 9,130 | |||||||||
Other | 1,969 | 1,131 | |||||||||
Gross deferred tax asset | 238,361 | 222,869 | |||||||||
Valuation allowance | (346 | ) | — | ||||||||
238,015 | 222,869 | ||||||||||
Deferred tax liability: | |||||||||||
Intangible assets | 251 | 381 | |||||||||
Mortgage servicing rights | 5,866 | 5,692 | |||||||||
Premises and equipment | — | 590 | |||||||||
Gross deferred tax liability | 6,117 | 6,663 | |||||||||
Net deferred tax asset | $ | 231,898 | 216,206 | ||||||||
A deferred tax asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards. The measurement of deferred tax assets is reduced by the amount of any tax benefits that, based on available evidence, are more likely than not to be realized. The ultimate realization of the deferred tax asset is dependent upon the generation of future taxable income during the periods in which those temporary differences and carryforwards become deductible. A valuation allowance is recorded for tax benefits which management has determined are not more likely than not to be realized. | |||||||||||
In connection with the Company’s second step conversion, a $20.0 million charitable contribution was made to Investors Charitable Foundation. $10.0 million was made in cash at the Bank level, and is expected to be fully realized based on the Bank’s future taxable income. The remaining $10.0 million contribution was made by Investors Bancorp, Inc., and based on the standalone future state taxable income at the Bancorp level, a valuation allowance of $346,000 was established as of December 31, 2014 for the portion of the state tax benefit related to the contribution that is not more likely than not to be realized. | |||||||||||
With the exception of the valuation allowance on the charitable contribution noted above, based upon projections of future taxable income and the ability to carry back losses for two years, management believes it is more likely than not the Company will realize the remaining deferred tax asset. At December 31, 2013, the Company did not have a valuation allowance. | |||||||||||
On May 7, 2014, the Company completed its second step conversion. The new consolidated group resulting from the second step has the ability to carry back claims normally allowed under federal tax law to the old consolidated group. | |||||||||||
Retained earnings at December 31, 2014 included approximately $45.2 million for which deferred income taxes of approximately $18.5 million have not been provided. The retained earnings amount represents the base year allocation of income to bad debt deductions for tax purposes only. Base year reserves are subject to recapture if the Bank makes certain non-dividend distributions, repurchases any of its stock, pays dividends in excess of tax earnings and profits, or ceases to maintain a bank charter. Under ASC 740, this amount is treated as a permanent difference and deferred taxes are not recognized unless it appears that it will be reduced and result in taxable income in the foreseeable future. Events that would result in taxation of these reserves include failure to qualify as a bank for tax purposes or distributions in complete or partial liquidation. | |||||||||||
The Company had no unrecognized tax benefits or related interest or penalties at December 31, 2014 and 2013. | |||||||||||
The Company files income tax returns in the United States federal jurisdiction and in the states of New Jersey and New York. The Company is no longer subject to federal and state income tax examinations by tax authorities for years prior to 2010. At December 31, 2014, Investors Bank, a subsidiary of the Company, is being audited by the State of New Jersey for tax years 2010 through 2013 as well as the State of New York for tax years 2010 through 2012. The Company is also under audit by the IRS and City of New York in relation to acquired entities. |
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||
Benefit Plans | Benefit Plans | |||||||||||||
Defined Benefit Pension Plan | ||||||||||||||
The Company participates in the Pentegra Defined Benefit Plan for Financial Institutions (“Pentegra DB Plan”), a tax-qualified defined-benefit pension plan. The Pentegra DB Plan’s Employer Identification Number is 13-5645888 and the Plan Number is 333. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan. | ||||||||||||||
The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan contributions made by a participating employer may be used to provide benefits to participants of other participating employers. | ||||||||||||||
The funded status (fair value of plan assets divided by funding target) as of July 1, 2014 and 2013 was 107.60% and 98.38%, respectively. The fair value of plan assets reflects any contributions received through June 30, 2014. | ||||||||||||||
The Company’s required contribution and pension cost was $5.3 million, $5.9 million and $5.2 million in the years ended December 31, 2014, 2013 and 2012, respectively. The accrued pension liability was $672,000 and $247,000 million at December 31, 2014 and 2013, respectively. The Company’s contributions to the Pentegra DB Plan are not more than 5% of the total contributions to the plan. The Company's expected contribution for the 2015 year is approximately $6.0 million. | ||||||||||||||
In connection with the acquisition of Roma Financial on December 6, 2013, the Company assumed their defined benefit pension plan. In September 2014, the Company received approval from the IRS to approve the termination of the plan, which was effective upon the closing of the acquisition on December 6, 2013. The unfunded status was fully accrued for as of December 31, 2014. | ||||||||||||||
SERP, Directors’ Plan and Other Postretirement Benefits Plan | ||||||||||||||
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 following table sets forth information regarding the SERP and the directors’ defined benefit plan: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||
Change in benefit obligation: | ||||||||||||||
Benefit obligation at beginning of year | $ | 29,152 | 25,526 | |||||||||||
Service cost | 2,319 | 1,799 | ||||||||||||
Interest cost | 1,322 | 908 | ||||||||||||
Loss due to change in mortality assumption | 3,289 | — | ||||||||||||
Loss (gain) due to change in discount rate | 4,816 | (3,634 | ) | |||||||||||
Loss due to demographic changes | 495 | 5,647 | ||||||||||||
Actuarial (gain) loss | — | (330 | ) | |||||||||||
Benefits paid | (871 | ) | (764 | ) | ||||||||||
Benefit obligation at end of year | 40,522 | 29,152 | ||||||||||||
Funded status | $ | (40,522 | ) | (29,152 | ) | |||||||||
The funded pension benefits of $40.5 million and $29.2 million at December 31, 2014 and 2013, respectively, are included in other liabilities in the consolidated balance sheets. The components of accumulated other comprehensive loss related to pension plans, on a pre-tax basis, at December 31, 2014 and 2013, are summarized in the following table. | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||
Prior service cost | $ | 49 | 146 | |||||||||||
Net actuarial gain | 16,923 | 8,956 | ||||||||||||
Total amounts recognized in accumulated other comprehensive income | $ | 16,972 | 9,102 | |||||||||||
The accumulated benefit obligation for the SERP and directors’ defined benefit plan was $23.6 million and $20.1 million at December 31, 2014 and 2013, respectively. The measurement date for our SERP, directors’ plan is December 31 for the years ended December 31, 2014 and 2013. | ||||||||||||||
The weighted-average actuarial assumptions used in the plan determinations at December 31, 2014 and 2013 were as follows: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Discount rate | 3.71 | % | 4.53 | % | ||||||||||
Rate of compensation increase | 4.19 | % | 4 | % | ||||||||||
The components of net periodic benefit cost are as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(In thousands) | ||||||||||||||
Service cost | $ | 2,319 | 1,799 | 1,313 | ||||||||||
Interest cost | 1,322 | 908 | 796 | |||||||||||
Amortization of: | ||||||||||||||
Prior service cost | 98 | 98 | 98 | |||||||||||
Net gain | 633 | 660 | 145 | |||||||||||
Total net periodic benefit cost | $ | 4,372 | 3,465 | 2,352 | ||||||||||
The following are the weighted average assumptions used to determine net periodic benefit cost: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Discount rate | 4.53 | % | 3.56 | % | 4.08 | % | ||||||||
Rate of compensation increase | 4 | % | 3.87 | % | 3.74 | % | ||||||||
Estimated future benefit payments, which reflect expected future service, as appropriate for the next ten calendar years are as follows: | ||||||||||||||
Amount | ||||||||||||||
(In thousands) | ||||||||||||||
2015 | $ | 944 | ||||||||||||
2016 | 929 | |||||||||||||
2017 | 912 | |||||||||||||
2018 | 894 | |||||||||||||
2019 | 875 | |||||||||||||
2020 through 2024 | 17,508 | |||||||||||||
401(k) Plan | ||||||||||||||
The Company has a 401(k) plan covering substantially all employees providing they meet the eligibility age requirement of age 21. The Company matches 50% of the first 6% contributed by the participants. The Company’s aggregate contributions to the 401(k) plan for the years ended December 31, 2014, 2013 and 2012 were $2.0 million, $1.5 million and $1.2 million, respectively. | ||||||||||||||
Employee Stock Ownership Plan | ||||||||||||||
The ESOP is a tax-qualified plan designed to invest primarily in the Company’s common stock that provides employees with the opportunity to receive a funded retirement benefit from the Bank, based primarily on the value of the Company’s common stock. During the Company's initial public stock offering in October 2005 the ESOP was authorized to purchase, and did purchase, 10,847,883 shares of the Company’s common stock at a price of $10.00 per share with the proceeds of a loan from the Company to the ESOP. In connection with the completion of the Company's mutual to stock conversion on May 7, 2014, the ESOP purchased an additional 6,617,421 common shares of stock at a price of $10.00 per share with the proceeds of a loan from the Company to the ESOP. The Company refinanced the outstanding principal and interest balance of $33.9 million and borrowed an additional $66.2 million to purchase the additional shares. The outstanding loan principal balance at December 31, 2014 was $97.0 million. Shares of the Company’s common stock pledged as collateral for the loan are released from the pledge for allocation to participants as loan payments are made. | ||||||||||||||
At December 31, 2014, shares allocated to participants were 3,728,061 since the plan inception. ESOP shares that were unallocated or not yet committed to be released totaled 13,737,243 at December 31, 2014, and had a fair value of $154.3 million. ESOP compensation expense for the years ended December 31, 2014, 2013 and 2012 was $5.1 million, $3.0 million and $2.3 million, respectively, representing the fair value of shares allocated or committed to be released during the year. | ||||||||||||||
The Company also has established an Amended and Restated Supplemental ESOP and Retirement Plan, which is a non-qualified plan that provides supplemental benefits to certain executives as designated by the Compensation Committee of the Board of Directors who are prevented from receiving the full benefits contemplated by the retirement plan and/or employee stock ownership plan’s benefit formula. With regards to the Supplemental ESOP, the supplemental benefits consist of payments representing shares that cannot be allocated to participants under the ESOP due to the legal limitations imposed on tax-qualified plans. During the years ended December 31, 2014, 2013 and 2012, compensation expense related to this plan amounted to $568,000, $782,000 and $240,000, respectively. | ||||||||||||||
Equity Incentive Plan | ||||||||||||||
At the annual meeting held on October 24, 2006, stockholders of the Company approved the Investors Bancorp, Inc. 2006 Equity Incentive Plan. The Company adopted ASC 718, “Compensation- Stock Compensation”, upon approval of the Plan, and began to expense the fair value of all share-based compensation granted over the requisite service periods. | ||||||||||||||
During the year ended December 31, 2014, the Compensation and Benefits Committee approved the issuance of an additional 38,250 restricted stock awards and 144,177 stock options to certain officers. | ||||||||||||||
During the year ended December 31, 2013, the Compensation and Benefits Committee approved the issuance of an additional 7,650 restricted stock awards and 504,696 stock options to certain officers. In addition, as part of the Roma Financial acquisition 1,584,235 stock awards were granted for the conversion of outstanding Roma Financial stock awards. These shares had a weighted average exercise price of $6.11 per share and were fully vested upon acquisition. The company will not recognize compensation expense in the future on these awards as they have been accounted for as part of the acquisition. | ||||||||||||||
During the year ended December 31, 2012, the Compensation and Benefits Committee approved the issuance of an additional 1,234,200 restricted stock awards and 17,850 stock options to certain officers. | ||||||||||||||
ASC 718 also requires the Company to report as a financing cash flow the benefits of realized tax deductions in excess of the deferred tax benefits previously recognized for compensation expense. These amounts have been reflected in the Company's consolidated statements of cash flows, as applicable. In accordance with this guidance the Company classified share-based compensation for employees and outside directors within “compensation and fringe benefits” in the consolidated statements of income to correspond with the same line item as the cash compensation paid. | ||||||||||||||
Stock options generally vest over a five-year service period. The Company recognizes compensation expense for all option grants over the awards’ respective requisite service periods. Management estimated the fair values of all option grants using the Black-Scholes option-pricing model. Since there is limited historical information on the volatility of the Company’s stock, management also considered the average volatilities of similar entities for an appropriate period in determining the assumed volatility rate used in the estimation of fair value. Management estimated the expected life of the options using the simplified method allowed under ASC 718. The seven-year Treasury yield in effect at the time of the grant provides the risk-free rate for periods within the contractual life of the option, which is ten years. The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. | ||||||||||||||
Restricted shares generally vest over a five or seven-year service period. The product of the number of shares granted and the grant date market price of the Company’s common stock determines the fair value of restricted shares under the Company’s restricted stock plan. The Company recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. | ||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company recorded $13.7 million, $3.4 million and $3.7 million respectively, of share-based compensation expense, comprised of stock option expense of $1.8 million, $365,000 and $424,000, respectively, and restricted stock expense of $11.9 million, $3.1 million and $3.2 million, respectively. Upon completion of the mutual-to-stock conversion of Investors Bancorp, MHC on May 7, 2014, vesting accelerated for both stock options and restricted stock outstanding awards and all applicable expenses were recognized during the period. The following is a summary of the status of the Company’s restricted shares as of December 31, 2014 and changes therein during the year then 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 | (2,685,323 | ) | 5.44 | |||||||||||
Forfeited | (8,512 | ) | 5.08 | |||||||||||
Non-vested at December 31, 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. | ||||||||||||||
The following is a summary of the Company’s stock option activity and related information for its option plan for the year ended December 31, 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 | (2,302,726 | ) | 6 | |||||||||||
Forfeited | (3,570 | ) | 8.97 | |||||||||||
Expired | (44,648 | ) | 5.74 | |||||||||||
Outstanding at December 31, 2014 | 9,092,584 | $ | 6.06 | 2.8 | $ | 46,984 | ||||||||
Exercisable at December 31, 2014 | 9,064,376 | $ | 6.04 | 2.8 | $ | 46,969 | ||||||||
The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected dividend yield | 0.35 | % | 0.16 | % | 1.12 | % | ||||||||
Expected volatility | 32.97 | % | 33.2 | % | 30.4 | % | ||||||||
Risk-free interest rate | 1.69 | % | 1.38 | % | 0.67 | % | ||||||||
Expected option life | 6.5 years | 6.5 years | 10.0 years | |||||||||||
The weighted average grant date fair value of options granted during the years ended December 31, 2014 and 2013 was $3.63 and $3.73 per share, respectively. 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 expense relating to the non-vested options outstanding as of December 31, 2014 is $90,000 over a weighted average period of 5.90 years. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Commitments and Contingencies | |||
The Company is a defendant in certain claims and legal actions arising in the ordinary course of business. Management and the Company’s legal counsel are of the opinion that the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial condition, results of operations or liquidity. | ||||
At December 31, 2014, the Company was obligated under various non-cancelable operating leases on buildings and land used for office space and banking purposes. These operating leases contain escalation clauses which provide for increased rental expense, based primarily on increases in real estate taxes and cost-of-living indices. Rental expense under these leases aggregated approximately $17.3 million, $15.2 million and $13.9 million for the year ended December 31, 2014, 2013 and 2012, respectively. | ||||
The projected annual minimum rental commitments are as follows: | ||||
Amount | ||||
(In thousands) | ||||
2015 | $ | 17,354 | ||
2016 | 16,338 | |||
2017 | 15,672 | |||
2018 | 14,799 | |||
2019 | 14,151 | |||
Thereafter | 94,272 | |||
$ | 172,586 | |||
Financial Transactions with Off-Balance-Sheet Risk and Concentrations of Credit Risk | ||||
The Company is a party to transactions with off-balance-sheet risk in the normal course of business in order to meet the financing needs of its customers. These transactions consist of commitments to extend credit. These transactions involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the accompanying consolidated balance sheet. | ||||
At December 31, 2014, the Company had commitments to originate total commercial loans of $628.6 million. Additionally, the Company had commitments to originate residential loans of approximately $80.5 million, commitments to purchase residential loans of $105.2 million and unused home equity and overdraft lines of credit, and undisbursed business and construction loans, totaling approximately $680.6 million. No commitments are included in the accompanying consolidated financial statements. The Company has no exposure to credit loss if the customer does not exercise its rights to borrow under the commitment. | ||||
The Company uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance-sheet loans. Commitments to extend credit are agreements to lend to customers as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based on management’s credit evaluation of the borrower. Collateral held varies but primarily includes residential properties. | ||||
The Company principally grants commercial real estate loans, multi-family loans, commercial and industrial loans, construction loans, residential mortgage loans and consumer and other loans to borrowers throughout New Jersey, New York and states in close proximity. Its borrowers’ abilities to repay their obligations are dependent upon various factors, including the borrowers’ income and net worth, cash flows generated by the underlying collateral, value of the underlying collateral and priority of the Company’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the Company’s control; the Company is, therefore, subject to risk of loss. The Company believes its lending policies and procedures adequately minimize the potential exposure to such risks and adequate provisions for loan losses are provided for all probable and estimable losses. Collateral and/or government or private guarantees are required for virtually all loans. | ||||
The Company also holds in its loan portfolio interest-only one-to four-family mortgage loans in which the borrower makes only interest payments for the first five, seven or ten years of the mortgage loan term. This feature will result in future increases in the borrower’s contractually required payments due to the required amortization of the principal amount after the interest-only period. These payment increases could affect the borrower’s ability to repay the loan. The amount of interest-only one-to four-family mortgage loans at December 31, 2014 and December 31, 2013 was $288.0 million, and $341.7 million, respectively. The Company maintained stricter underwriting criteria for these interest-only loans than it did for its amortizing loans. The Company believes these criteria adequately control the potential exposure to such risks and that adequate provisions for loan losses are provided for all known and inherent risks. | ||||
In the normal course of business the Company sells residential mortgage loans to third parties. These loan sales are subject to customary representations and warranties. In the event that the Company is found to be in breach of these representations and warranties, it may be obligated to repurchase certain of these loans. | ||||
In connection with its mortgage banking activities, the Company has certain freestanding derivative instruments. At December 31, 2014, the Company had commitments of approximately $19.2 million to fund loans which will be classified as held-for-sale with a like amount of commitments to sell such loans which are considered derivative instruments under ASC 815, “Derivatives and Hedging.” The Company also had commitments of $11.0 million to sell loans at December 31, 2014. The fair values of these derivative instruments are immaterial to the Company’s financial condition and results of operations. | ||||
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The guarantees generally extend for a term of up to one year and are fully collateralized. For each guarantee issued, if the customer defaults on a payment or performance to the third party, the Company would have to perform under the guarantee. Outstanding standby letters of credit totaled $20.1 million at December 31, 2014. The fair values of these obligations were immaterial at December 31, 2014. In addition, at December 31, 2014, the Company had $1.5 million in commercial letters of credit outstanding. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 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 Financial Accounting Standards Board (“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 tables provide the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a recurring basis at December 31, 2014 and December 31, 2013. | ||||||||||||||||
Carrying Value at December 31, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
Equity securities | $ | 8,523 | — | 8,523 | — | |||||||||||
Mortgage-backed securities: | ||||||||||||||||
Federal Home Loan Mortgage Corporation | 507,283 | — | 507,283 | — | ||||||||||||
Federal National Mortgage Association | 681,992 | — | 681,992 | — | ||||||||||||
Government National Mortgage Association | 126 | — | 126 | — | ||||||||||||
Total mortgage-backed securities available-for-sale | 1,189,401 | — | 1,189,401 | — | ||||||||||||
Total securities available-for-sale | $ | 1,197,924 | — | 1,197,924 | — | |||||||||||
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 December 31, 2014 from December 31, 2013, and there were no transfers between Level 1 and Level 2 during the year ended December 31, 2014. | ||||||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis for the years ended December 31, 2014 and 2013 are summarized below: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance beginning of period | $ | 670 | — | |||||||||||||
Transfers from held-to-maturity (1) | — | 670 | ||||||||||||||
Total net (losses) gains for the period included in: | ||||||||||||||||
Net income | 470 | — | ||||||||||||||
Other comprehensive income (loss) | (229 | ) | — | |||||||||||||
Sales | (911 | ) | — | |||||||||||||
Settlements | — | — | ||||||||||||||
Balance end of period | $ | — | 670 | |||||||||||||
(1) Represents a trust preferred security transferred to available for sale 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 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 December 31, 2014, the fair value model used prepayment speeds ranging from 5.70% to 29.40% and a discount rate of 10.17% 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 December 31, 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 tables 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 December 31, 2014 and December 31, 2013. For the year ended December 31, 2013, there was no change to 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 December 31, 2014 | |||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
MSR, net | Estimated cash flow | Prepayment speeds | 5.70% - 29.40% | 11.22% | $ | 13,081 | — | — | 13,081 | |||||||
Other real estate owned | Market comparable | Lack of marketability | 0.0% - 25.0% | 15.87% | 566 | — | — | 566 | ||||||||
$ | 13,647 | — | — | 13,647 | ||||||||||||
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 non-performing 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 non-performing 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 table. | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
(In thousands) | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 230,961 | 230,961 | 230,961 | — | — | ||||||||||
Securities available-for-sale | 1,197,924 | 1,197,924 | — | 1,197,924 | — | |||||||||||
Securities held-to-maturity | 1,564,479 | 1,609,365 | — | 1,544,129 | 65,236 | |||||||||||
Stock in FHLB | 151,287 | 151,287 | 151,287 | — | — | |||||||||||
Loans held for sale | 6,868 | 6,868 | — | 6,868 | — | |||||||||||
Net loans | 14,887,570 | 14,747,319 | — | — | 14,747,319 | |||||||||||
Financial liabilities: | ||||||||||||||||
Deposits, other than time deposits | $ | 9,601,988 | 9,601,988 | 9,601,988 | — | — | ||||||||||
Time deposits | 2,570,338 | 2,580,572 | — | 2,580,572 | — | |||||||||||
Borrowed funds | 2,766,104 | 2,796,969 | — | 2,796,969 | — | |||||||||||
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. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates 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. |
Regulatory_Capital
Regulatory Capital | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||
Regulatory Capital | Regulatory Capital | |||||||||||||||||||||
The Bank and the Company are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and the Company must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | ||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank and the Company to maintain minimum amounts and ratios of Tier 1 leverage ratio, Tier 1 risk-based capital and Total risk-based capital (as defined in the regulations). Management believes, as of December 31, 2014 and December 31, 2013, that the Bank and the Company met all capital adequacy requirements to which they are subject. | ||||||||||||||||||||||
As of December 31, 2014, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank and the Company as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank and the Company must maintain minimum Tier 1 leverage ratio, Tier 1 risk-based capital and Total risk-based as set forth in the tables. There are no conditions or events since that notification that management believes have changed the Bank and the Company's category. | ||||||||||||||||||||||
The following is a summary of the Bank and the Company’s actual capital amounts and ratios as of December 31, 2014 and December 31, 2013 compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution. | ||||||||||||||||||||||
Minimum Requirements | ||||||||||||||||||||||
Actual | For Capital Adequacy | To be Well Capitalized | ||||||||||||||||||||
Purposes | Under Prompt | |||||||||||||||||||||
Corrective Action | ||||||||||||||||||||||
Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||||
Bank: | ||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 2,339,572 | 12.79 | % | $ | 731,884 | 4 | % | $ | 914,855 | 5 | % | ||||||||||
Tier 1 Risk-Based Capital | 2,339,572 | 17.01 | % | 550,321 | 4 | % | 825,481 | 6 | % | |||||||||||||
Total Risk-Based Capital | 2,511,897 | 18.26 | % | 1,100,641 | 8 | % | 1,375,802 | 10 | % | |||||||||||||
Investors Bancorp, Inc: | ||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 3,511,433 | 19.17 | % | $ | 732,710 | 4 | % | $ | 915,887 | 5 | % | ||||||||||
Tier 1 Risk-Based Capital | 3,511,433 | 25.48 | % | 551,181 | 4 | % | 826,772 | 6 | % | |||||||||||||
Total Risk-Based Capital | 3,684,024 | 26.74 | % | 1,102,362 | 8 | % | 1,377,953 | 10 | % | |||||||||||||
Minimum Requirements | ||||||||||||||||||||||
Actual | For Capital Adequacy | To be Well Capitalized | ||||||||||||||||||||
Purposes | Under Prompt | |||||||||||||||||||||
Corrective Action | ||||||||||||||||||||||
Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||
Bank: | ||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 1,174,799 | 8.2 | % | $ | 573,180 | 4 | % | $ | 716,475 | 5 | % | ||||||||||
Tier 1 Risk-Based Capital | 1,174,799 | 10.14 | % | 463,408 | 4 | % | 695,113 | 6 | % | |||||||||||||
Total Risk-Based Capital | 1,319,973 | 11.39 | % | 926,817 | 8 | % | 1,158,521 | 10 | % | |||||||||||||
Investors Bancorp, Inc: | ||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 1,266,937 | 8.83 | % | $ | 573,604 | 4 | % | $ | 717,005 | 5 | % | ||||||||||
Tier 1 Risk-Based Capital | 1,266,937 | 10.92 | % | 464,237 | 4 | % | 696,356 | 6 | % | |||||||||||||
Total Risk-Based Capital | 1,412,368 | 12.17 | % | 928,474 | 8 | % | 1,160,593 | 10 | % | |||||||||||||
Parent_Company_Only_Financial_
Parent Company Only Financial Statements | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||
Parent Company Only Financial Statements | Parent Company Only Financial Statements | ||||||||||
The following condensed financial statements for Investors Bancorp, Inc. (parent company only) reflect the investment in its wholly-owned subsidiary, Investors Bank, using the equity method of accounting. | |||||||||||
Balance Sheets | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Assets: | |||||||||||
Cash and due from bank | $ | 1,022,231 | 6,515 | ||||||||
Securities available-for-sale, at estimated fair value | 3,791 | 3,910 | |||||||||
Investment in subsidiary | 2,409,557 | 1,243,679 | |||||||||
ESOP loan receivable | 96,951 | 33,491 | |||||||||
Other assets | 52,499 | 52,974 | |||||||||
Total Assets | $ | 3,585,029 | 1,340,569 | ||||||||
Liabilities and Stockholders’ Equity: | |||||||||||
Total liabilities | $ | 7,174 | 6,242 | ||||||||
Total stockholders’ equity | 3,577,855 | 1,334,327 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 3,585,029 | 1,340,569 | ||||||||
Statements of Operations | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Income: | |||||||||||
Interest on ESOP loan receivable | $ | 2,565 | 1,176 | 1,167 | |||||||
Dividend from subsidiary | — | 10,000 | 135,000 | ||||||||
Interest on deposit with subsidiary | — | — | — | ||||||||
Gain (loss) on securities transactions | 145 | 89 | (41 | ) | |||||||
2,710 | 11,265 | 136,126 | |||||||||
Expenses: | |||||||||||
Other expenses | 12,240 | 1,473 | 1,413 | ||||||||
Income before income tax expense | (9,530 | ) | 9,792 | 134,713 | |||||||
Income tax (benefit) expense | (3,675 | ) | 233 | (112 | ) | ||||||
Income before undistributed earnings of subsidiary | (5,855 | ) | 9,559 | 134,825 | |||||||
Equity in undistributed earnings of subsidiary (dividend in excess of earnings) | 137,576 | 102,472 | (46,058 | ) | |||||||
Net income | $ | 131,721 | 112,031 | 88,767 | |||||||
Other Comprehensive Income | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Net income | $ | 131,721 | 112,031 | 88,767 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Unrealized gain on securities available-for-sale | 1,482 | 1,316 | 826 | ||||||||
Total other comprehensive income | 1,482 | 1,316 | 826 | ||||||||
Total comprehensive income | $ | 133,203 | 113,347 | 89,593 | |||||||
Statements of Cash Flows | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 131,721 | 112,031 | 88,767 | |||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
(Equity in undistributed earnings of subsidiary)dividend in excess of earning | (137,576 | ) | (102,472 | ) | 46,058 | ||||||
Contribution to stock to charitable foundation | 10,000 | — | — | ||||||||
Loss (Gain) on securities transactions | 145 | 89 | 41 | ||||||||
Decrease in other assets | 2,227 | 2,235 | (670 | ) | |||||||
Increase in other liabilities | 525 | 1,834 | 1,820 | ||||||||
Net cash provided by operating activities | 7,042 | 13,717 | 136,016 | ||||||||
Cash flows from investing activities: | |||||||||||
Capital contributed to the Bank | (1,074,947 | ) | — | — | |||||||
Cash received net of cash paid for acquisition | 48 | 738 | (135,000 | ) | |||||||
Purchase of investments available-for-sale | (493 | ) | (668 | ) | (1,000 | ) | |||||
Redemption of equity securities available-for-sale | 467 | 280 | 85 | ||||||||
Principal collected on ESOP loan | 3,093 | 1,101 | 1,064 | ||||||||
Cash received from MHC merger | 11,307 | — | — | ||||||||
Net cash (used in) provided by investing activities | (1,060,525 | ) | 1,451 | (134,851 | ) | ||||||
Cash flows from financing activities: | |||||||||||
Loan to ESOP | (66,553 | ) | — | — | |||||||
Proceeds from issuance of common stock | 2,149,893 | — | — | ||||||||
Proceeds from sale of treasury stock | 38,227 | 6,916 | 2,633 | ||||||||
Purchase of treasury stock | (13,523 | ) | (1,531 | ) | (902 | ) | |||||
Net tax benefit on stock awards | 3,710 | 1,262 | 93 | ||||||||
Dividends paid | (42,555 | ) | (22,404 | ) | (5,595 | ) | |||||
Net cash provided by (used in) financing activities | 2,069,199 | (15,757 | ) | (3,771 | ) | ||||||
Net increase (decrease) in cash and due from bank | 1,015,716 | (589 | ) | (2,606 | ) | ||||||
Cash and due from bank at beginning of year | 6,515 | 7,104 | 9,710 | ||||||||
Cash and due from bank at end of year | $ | 1,022,231 | 6,515 | 7,104 | |||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Selected Quarterly Financial Data | Selected Quarterly Financial Data (Unaudited) | |||||||||||||
The following tables are a summary of certain quarterly financial data for the years ended December 31, 2014 and 2013. | ||||||||||||||
2014 Quarter Ended | ||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
(In thousands, except per share data) | ||||||||||||||
Interest and dividend income | $ | 158,625 | 164,089 | 167,058 | 171,090 | |||||||||
Interest expense | 29,434 | 29,326 | 29,212 | 30,919 | ||||||||||
Net interest income | 129,191 | 134,763 | 137,846 | 140,171 | ||||||||||
Provision for loan losses | 9,000 | 8,000 | 9,000 | 11,500 | ||||||||||
Net interest income after provision for loan losses | 120,191 | 126,763 | 128,846 | 128,671 | ||||||||||
Non-interest income | 11,942 | 10,173 | 9,872 | 9,874 | ||||||||||
Non-interest expenses | 77,198 | 112,155 | 76,584 | 73,923 | ||||||||||
Income before income tax expense | 54,935 | 24,781 | 62,134 | 64,622 | ||||||||||
Income tax expense | 20,516 | 9,596 | 23,092 | 21,547 | ||||||||||
Net income | $ | 34,419 | 15,185 | 39,042 | 43,075 | |||||||||
Basic earnings per common share | $ | 0.1 | 0.04 | 0.11 | 0.13 | |||||||||
Diluted earnings per common share | $ | 0.1 | 0.04 | 0.11 | 0.12 | |||||||||
2013 Quarter Ended | ||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
(In thousands, except per share data) | ||||||||||||||
Interest and dividend income | $ | 129,434 | 132,194 | 137,397 | 146,043 | |||||||||
Interest expense | 27,393 | 27,485 | 26,973 | 27,791 | ||||||||||
Net interest income | 102,041 | 104,709 | 110,424 | 118,252 | ||||||||||
Provision for loan losses | 13,750 | 13,750 | 13,750 | 9,250 | ||||||||||
Net interest income after provision for loan losses | 88,291 | 90,959 | 96,674 | 109,002 | ||||||||||
Non-interest income | 10,089 | 9,538 | 9,491 | 7,453 | ||||||||||
Non-interest expenses | 56,124 | 56,897 | 60,831 | 71,859 | ||||||||||
Income before income tax expense | 42,256 | 43,600 | 45,334 | 44,596 | ||||||||||
Income tax expense | 15,089 | 15,524 | 16,053 | 17,089 | ||||||||||
Net income | $ | 27,167 | 28,076 | 29,281 | 27,507 | |||||||||
Basic and diluted earnings per common share | $ | 0.1 | 0.1 | 0.11 | 0.09 | |||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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. | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||
Net Income | $ | 131,721 | $ | 112,031 | $ | 88,767 | |||||||||||||||||||||||||||
Basic earnings per share: | |||||||||||||||||||||||||||||||||
Income available to common stockholders | $ | 131,721 | 344,389,259 | $ | 0.38 | $ | 112,031 | 279,632,558 | $ | 0.4 | $ | 88,767 | 273,797,796 | $ | 0.32 | ||||||||||||||||||
Effect of dilutive common stock equivalents (1) | — | 3,342,312 | — | 3,403,286 | — | 1,835,584 | |||||||||||||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||||||||||||||||
Income available to common stockholders | $ | 131,721 | 347,731,571 | $ | 0.38 | $ | 112,031 | 283,035,844 | $ | 0.4 | $ | 88,767 | 275,633,380 | $ | 0.32 | ||||||||||||||||||
(1) For the years ended December 31, 2014, 2013 and 2012, there were 142,953, 1.9 million, and 89,250 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. |
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Comprehensive Income (Loss) | |||||||||||||||||||||||||||
The components of comprehensive income (loss), both gross and net of tax, are as follows: | ||||||||||||||||||||||||||||
Year ended December 31, 2014 | Year ended December 31, 2013 | Year ended December 31, 2012 | ||||||||||||||||||||||||||
Gross | Tax | Net | Gross | Tax | Net | Gross | Tax | Net | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Net income | $ | 206,472 | (74,751 | ) | 131,721 | 175,786 | (63,755 | ) | 112,031 | 144,850 | (56,083 | ) | 88,767 | |||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||
Change in funded status of retirement obligations | (8,402 | ) | 3,360 | (5,042 | ) | 16 | (6 | ) | 10 | (4,267 | ) | 1,707 | (2,560 | ) | ||||||||||||||
Unrealized gain (loss) on securities available-for-sale | 9,836 | (3,884 | ) | 5,952 | (21,930 | ) | 9,103 | (12,827 | ) | 7,973 | (2,893 | ) | 5,080 | |||||||||||||||
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 available for sale | 2,918 | (1,192 | ) | 1,726 | 1,670 | (682 | ) | 988 | — | — | — | |||||||||||||||||
Unrealized gain on security reclassified from held to maturity to available for sale | — | — | — | 233 | (95 | ) | 138 | — | — | — | ||||||||||||||||||
Reclassification adjustment for security (gains) losses included in net income | (233 | ) | 95 | (138 | ) | (684 | ) | 279 | (405 | ) | 177 | (72 | ) | 105 | ||||||||||||||
Noncredit related component other-than-temporary impairment on security | — | — | — | 38 | (16 | ) | 22 | — | — | — | ||||||||||||||||||
Other-than-temporary impairment accretion on debt securities | 1,343 | (549 | ) | 794 | 2,075 | (848 | ) | 1,227 | 1,478 | (604 | ) | 874 | ||||||||||||||||
Total other comprehensive income (loss) | 5,462 | (2,170 | ) | 3,292 | (30,825 | ) | 12,736 | (18,089 | ) | 5,361 | (1,862 | ) | 3,499 | |||||||||||||||
Total comprehensive income | $ | 211,934 | (76,921 | ) | 135,013 | 144,961 | (51,019 | ) | 93,942 | 150,211 | (57,945 | ) | 92,266 | |||||||||||||||
The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Change in | Net Unrealized gains (losses) on investment securities | Total | ||||||||||||||||||||||||||
funded status of | accumulated | |||||||||||||||||||||||||||
retirement | other | |||||||||||||||||||||||||||
obligations | comprehensive | |||||||||||||||||||||||||||
loss | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance - December 31, 2013 | $ | (5,869 | ) | (19,827 | ) | (25,696 | ) | |||||||||||||||||||||
Net change | (5,042 | ) | 8,334 | 3,292 | ||||||||||||||||||||||||
Balance - December 31, 2014 | $ | (10,911 | ) | (11,493 | ) | (22,404 | ) | |||||||||||||||||||||
Balance - December 31, 2012 | $ | (5,879 | ) | (1,728 | ) | (7,607 | ) | |||||||||||||||||||||
Net change | 10 | (18,099 | ) | (18,089 | ) | |||||||||||||||||||||||
Balance - December 31, 2013 | $ | (5,869 | ) | (19,827 | ) | (25,696 | ) | |||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Reclassification adjustment for gains included in net income | ||||||||||||||||||||||||||||
Gain on security transactions | $ | (233 | ) | (684 | ) | |||||||||||||||||||||||
Noncredit-related gains on securities not expected to be sold (recognized in other comprehensive income) | — | 38 | ||||||||||||||||||||||||||
Change in funded status of retirement obligations (1) | ||||||||||||||||||||||||||||
Compensation and fringe benefits: | ||||||||||||||||||||||||||||
Adjustment of net obligation | (175 | ) | (941 | ) | ||||||||||||||||||||||||
Amortization of net obligation or asset | 25 | 33 | ||||||||||||||||||||||||||
Amortization of prior service cost | 125 | 147 | ||||||||||||||||||||||||||
Amortization of net gain | 580 | 777 | ||||||||||||||||||||||||||
Compensation and fringe benefits | 555 | 16 | ||||||||||||||||||||||||||
Total before tax | 322 | (630 | ) | |||||||||||||||||||||||||
Income tax expense | (205 | ) | (257 | ) | ||||||||||||||||||||||||
Net of tax | $ | 527 | (373 | ) | ||||||||||||||||||||||||
(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 11 for additional details. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended |
Dec. 31, 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 stockholders and other financial statement users for general use and reliance in a form and format that complies with GAAP. | |
On January 29, 2015, the Company declared a cash dividend of $0.05 per share and a special cash dividend of $0.05 per share. The cumulative $0.10 dividend per share was paid to stockholders on February 24, 2015, with a record date of February 9, 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The consolidated financial statements are composed of the accounts of Investors Bancorp, Inc. and its wholly owned subsidiaries, including Investors Bank (Bank). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. 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 periods presented have been included. The results of operations and other data presented for the years ended December 31, 2014, 2013 and 2012 are not necessarily indicative of the results of operations that may be expected for subsequent years. | |
In January 1997, the Bank completed a Plan of Mutual Holding Company Reorganization, utilizing the multi-tier mutual holding company structure. In a series of steps, the Bank formed a Delaware-chartered stock corporation (Investors Bancorp, Inc.) which owned 100% of the common stock of the Bank and formed a New Jersey-chartered mutual holding company (Investors Bancorp, MHC) which initially owned all of the common stock of Investors Bancorp, Inc. On October 11, 2005, Investors Bancorp, Inc. completed an initial public stock offering. See Note 2. | |
On May 7, 2014, Investors Bancorp, MHC, Investors Bancorp, Inc. and the Bank completed the Plan of Conversion and Reorganization of the Mutual Holding Company (the “Plan”) in which the Bank reorganized from a two-tier mutual holding company structure to a fully public stock holding company structure. 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 upon completion of the conversion, the net assets of Investors Bancorp, MHC were merged into the Company and are reflected as an increase to stockholders' 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-K is derived in part from the consolidated financial statements of Old Investors Bancorp and subsidiaries. See Note 2. | |
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimate of our allowance for loan losses, the valuation of mortgage servicing rights (MSR), the valuation of deferred tax assets, impairment judgments regarding goodwill, and fair value and impairment of securities are particularly critical because they involve a higher degree of complexity and subjectivity and require estimates and assumptions about highly uncertain matters. Actual results may differ from our estimates and assumptions. The current economic environment has increased the degree of uncertainty inherent in these material estimates. | |
Business | |
Investors Bancorp, Inc.’s primary business is holding the common stock of the Bank and a loan to the Investors Bank Employee Stock Ownership Plan. The Bank provides banking services to customers primarily through branch offices in New Jersey and New York. The Bank is subject to competition from other financial institutions and is subject to the regulations of certain federal and state regulatory authorities and undergoes periodic examinations by those regulatory authorities. | |
Cash Equivalents | Cash Equivalents |
Cash equivalents consist of cash on hand, amounts due from banks and interest-bearing deposits in other financial institutions. The Company is required by the Federal Reserve System to maintain cash reserves equal to a percentage of certain deposits. | |
Securities | Securities |
Securities include securities held-to-maturity and securities available-for-sale. Management determines the appropriate classification of securities at the time of purchase. If management has the positive intent not to sell and the Company would not be required to sell prior to maturity, they are classified as held-to-maturity securities. Such securities are stated at amortized cost, adjusted for unamortized purchase premiums and discounts. Securities in the available-for-sale category are debt and mortgage-backed securities which the Company may sell prior to maturity, and all marketable equity securities. Available-for-sale securities are reported at fair value with any unrealized appreciation or depreciation, net of tax effects, reported as accumulated other comprehensive income/loss in stockholders’ equity. Discounts and premiums on securities are accreted or amortized using the level-yield method over the estimated lives of the securities, including the effect of prepayments. Realized gains and losses are recognized when securities are sold or called using the specific identification method. | |
The Company periodically evaluates the security portfolio for other-than-temporary impairment. Other-than-temporary impairment means the Company believes the security’s impairment is due to factors that could include its inability to pay interest or dividends, its potential for default, and/or other factors. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 320, “Investments — Debt and Equity Securities”, when a held to maturity or available for sale debt security is assessed for other-than-temporary impairment, the Company has to first consider (a) whether it intends to sell the security, and (b) whether it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis. If one of these circumstances applies to a security, an other-than-temporary impairment loss is recognized in the statement of income equal to the full amount of the decline in fair value below amortized cost. If neither of these circumstances applies to a security, but the Company does not expect to recover the entire amortized cost basis, an other-than-temporary impairment loss has occurred that must be separated into two categories: (a) the amount related to credit loss, and (b) the amount related to other factors. In assessing the level of other-than-temporary impairment attributable to credit loss, the Company compares the present value of cash flows expected to be collected with the amortized cost basis of the security. The portion of the total other-than-temporary impairment related to credit loss is recognized in earnings, while the amount related to other factors is recognized in other comprehensive income. The total other-than-temporary impairment loss is presented in the statement of income, less the portion recognized in other comprehensive income. When a debt security becomes other-than-temporarily impaired, its amortized cost basis is reduced to reflect the portion of the total impairment related to credit loss. | |
To determine whether a security’s impairment is other-than-temporary, the Company considers factors that include, the duration and severity of the impairment; the Company’s ability and intent to hold security investments until they recover in value (as well as the likelihood of such a recovery in the near term); the Company’s intent to sell security investments; and whether it is more likely than not that the Company will be required to sell such securities before recovery of their individual amortized cost basis less any current-period credit loss. For debt securities, the primary consideration in determining whether impairment is other-than-temporary is whether or not it is probable that current or future contractual cash flows have been or may be impaired. | |
Loans Receivable, Net | Loans Receivable, Net |
Loans receivable, other than loans held-for-sale, are stated at unpaid principal balance, adjusted by unamortized premiums and unearned discounts, net deferred origination fees and costs, net purchase accounting adjustments and the allowance for loan losses. Interest income on loans is accrued and credited to income as earned. Premiums and discounts on purchased loans and net loan origination fees and costs are deferred and amortized to interest income over the estimated life of the loan as an adjustment to yield. | |
The allowance for loan losses is increased by the provision for loan losses charged to earnings and is decreased by charge-offs, net of recoveries. The provision for loan losses is based on management’s evaluation of the adequacy of the allowance which considers, among other things, the Company’s past loan loss experience (using the appropriate look-back and loss emergence periods), known and inherent risks in the portfolio, existing adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and current economic conditions. While management uses available information to recognize estimated losses on loans, future additions may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based upon their judgments and information available to them at the time of their examinations. | |
A loan is considered delinquent when we have not received a payment within 30 days of its contractual due date. The accrual of income on loans is discontinued when interest or principal payments are 90 days in arrears or when the timely collection of such income is doubtful. Loans on which the accrual of income has been discontinued are designated as non-accrual loans and outstanding interest previously credited is reversed. Interest income on non-accrual loans and impaired loans is recognized in the period collected unless the ultimate collection of principal is considered doubtful. A loan is returned to accrual status when all amounts due have been received and the remaining principal is deemed collectible. Loans are generally charged off after an analysis is completed which indicates that collectability of the full principal balance is in doubt. | |
Impaired Loan | The Company defines an impaired loan as a loan for which it is probable, based on current information, that the lender will not collect all amounts due under the contractual terms of the loan agreement. The Company evaluates commercial loans with an outstanding balance greater than $1.0 million and on non-accrual status, loans modified in a troubled debt restructuring (“TDR”), and other loans over $1.0 million outstanding balance if management has specific information that it is probable they will not collect all amounts due under the contractual terms of the loan agreement for impairment. Impaired loans are individually evaluated to determine that the loan’s carrying value is not in excess of the fair value of the collateral or the present value of the expected future cash flows. Smaller balance homogeneous loans are evaluated for impairment collectively unless they are modified in a trouble debt restructure. Such loans include residential mortgage loans, consumer loans, and loans not meeting the Company’s definition of impaired, and are specifically excluded from 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 (i.e., the allowance for loan losses). The difference between the undiscounted cash flows expected at acquisition and the initial carrying amount (fair value) of the PCI loans, or the “accretable yield,” is recognized as interest income utilizing the level-yield method over the life of the loans. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non-accretable difference,” are not recognized as a yield adjustment, as a loss accrual or a valuation allowance. Reclassifications of the non-accretable difference to the accretable yield may occur subsequent to the loan acquisition dates due to increases in expected cash flows of the loans and result in an increase in yield on a prospective basis. | |
Loans Held-for-Sale | Loans Held-for-Sale |
Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. | |
Federal Home Loan Bank Stock | Stock in the Federal Home Loan Bank |
The Bank, as a member of the Federal Home Loan Bank of New York (FHLB), is required to hold shares of capital stock of the FHLB based on our activities, primarily our outstanding borrowings, with the FHLB. The stock is carried at cost, less any impairment. | |
Office Properties and Equipment, Net | Office Properties and Equipment, Net |
Land is carried at cost. Office buildings, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Office buildings and furniture, fixtures and equipment are depreciated using an accelerated basis over the estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the terms of the respective leases or the lives of the assets, whichever is shorter. | |
Bank Owned Life Insurance | Bank Owned Life Insurance |
Bank owned life insurance is carried at the amount that could be realized under the Company’s life insurance contracts as of the date of the consolidated balance sheets and is classified as a non-interest earning asset. Increases in the carrying value are recorded as non-interest income in the consolidated statements of income and insurance proceeds received are generally recorded as a reduction of the carrying value. The carrying value consists of cash surrender value of $155.8 million at December 31, 2014 and $144.9 million at December 31, 2013 and a claims stabilization reserve of $5.8 million at December 31, 2014 and $7.9 million at December 31, 2013. Repayment of the claims stabilization reserve (funds transferred from the cash surrender value to provide for future death benefit payments) and the deferred acquisition costs (costs incurred by the insurance carrier for the policy issuance) is guaranteed by the insurance carrier provided that certain conditions are met at the date of a contract is surrendered. The Company satisfied these conditions at December 31, 2014 and 2013. | |
Intangible Assets | Intangible Assets |
Goodwill. Goodwill is presumed to have an indefinite useful life and is tested, at least annually, for impairment at the reporting unit level. Impairment exists when the carrying amount of goodwill exceeds its implied fair value. For purposes of our goodwill impairment testing, we have identified the Bank as a single reporting unit. | |
At December 31, 2014, the carrying amount of our goodwill totaled $77.6 million. In connection with our annual impairment assessment we applied the guidance in FASB Accounting Standards Update (“ASU”) 2011-08, Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment, which permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. For the year ended December 31, 2014, the Company’s qualitative assessment concluded that it was not more likely than not that the fair value of the reporting unit is less than its carrying amount and, therefore, the two-step goodwill impairment test was not required. | |
Mortgage Servicing Rights. The Company recognizes as separate assets the rights to service mortgage loans. The right to service loans for others is generally obtained through the sale of loans with servicing retained. The initial asset recognized for originated mortgage servicing rights (“MSR”) is measured at fair value. The fair value of MSR is estimated by reference to current market values of similar loans sold with servicing released. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings as a component of fees and service charges. Increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income when the related mortgage loan payments are collected. | |
Core Deposit Premiums. Core deposit premiums represent the intangible value of depositor relationships assumed in purchase acquisitions and are amortized on an accelerated basis over 10 years. The Company periodically evaluates the value of core deposit premiums to ensure the carrying amount exceeds it implied fair value. | |
Real Estate | Other Real Estate Owned |
Real estate owned (REO) consists of properties acquired through foreclosure or deed in lieu of foreclosure. Such assets are carried at the lower of cost or fair value, less estimated selling costs, based on independent appraisals. Write-downs required at the time of acquisition are charged to the allowance for loan losses. Thereafter, decreases in the properties’ estimated fair value which are charged to income along with any additional property maintenance and protection expenses incurred in owning the property. | |
Federal Home Loan Bank Borrowings | Our FHLB borrowings, frequently referred to as advances, are over collateralized by our residential and non residential mortgage portfolios as well as qualified investment securities. |
Borrowed Funds | The Bank also enters into sales of securities under agreements to repurchase with selected brokers and the FHLB. The securities underlying the agreements are delivered to the counterparty who agrees to resell to the Bank the identical securities at the maturity or call of the agreement. These agreements are recorded as financing transactions, as the Bank maintains effective control over the transferred securities, and no gain or loss is recognized. The dollar amount of the securities underlying the agreements continues to be carried in the Bank’s securities portfolio. The obligations to repurchase the securities are reported as a liability in the consolidated balance sheets. |
Income Taxes | Income Taxes |
The Company records income taxes in accordance with Accounting Standard Codification (ASC) 740 “Income Taxes,” as amended, using the asset and liability method. Accordingly, deferred tax assets and liabilities: (i) are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns; (ii) are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases; and (iii) are measured using enacted tax rates expected to apply in the years when those temporary differences are expected to be recovered or settled. Where applicable, deferred tax assets are reduced by a valuation allowance for any portions determined not likely to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period of enactment. The valuation allowance is adjusted, by a charge or credit to income tax expense, as changes in facts and circumstances warrant. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, where applicable, in income tax expense. | |
Employee Benefits | Employee Benefits |
The Company has a defined benefit pension plan which covers all employees who satisfy the eligibility requirements. The Company participates in a multiemployer plan. Costs of the pension plan are based on the contributions required to be made to the plan. | |
The Company has a Supplemental Employee Retirement Plan (SERP). The SERP is a nonqualified, defined benefit plan which provides benefits to certain employees of the Company 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 its 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 Company has a 401(k) plan covering substantially all employees. The Company matches 50% of the first 6% contributed by participants and recognizes expense as its contributions are made. | |
The employee stock ownership plan (ESOP) is accounted for in accordance with the provisions of Statement ASC 718-40, “Employers’ Accounting for Employee Stock Ownership Plans.” The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions over a period of up to 30 years. The Company’s common stock not yet allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the market price of the Company’s stock and is recognized as shares are committed to be released to participants. | |
The Company recognizes the grant-date fair value of stock based awards issued to employees as compensation cost in the statement of income. Compensation cost related to stock based awards is recognized on a straight-line basis over the requisite service periods. The fair value of stock based awards is based on the closing price market value as reported on the NASDAQ Stock Market on the grant date. | |
Earnings Per Share | Earnings Per Share |
Basic earnings per common share, or EPS, are computed by dividing net income by the weighted-average common shares outstanding during the year. The weighted-average common shares outstanding includes the weighted-average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted stock and unallocated shares held by the ESOP. For EPS calculations, ESOP shares that have been committed to be released are considered outstanding. ESOP shares that have not been committed to be released are excluded from outstanding shares on a weighted average basis for EPS calculations. | |
Diluted EPS is computed using the same method as basic EPS, but includes the effect of all potentially dilutive common shares that were outstanding during the period, such as unexercised stock options and unvested shares of restricted stock, calculated using the treasury stock method. When applying the treasury stock method, we add: (1) the assumed proceeds from option exercises; (2) the tax benefit that would have been credited to additional paid-in capital assuming exercise of non-qualified stock options and vesting of shares of restricted stock; and (3) the average unamortized compensation costs related to unvested shares of restricted stock and stock options. We then divide this sum by our average stock price to calculate shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted EPS. |
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||
Dec. 31, 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 | 29.9 | |||
Goodwill | 0.3 | |||
Intangible assets | 9.5 | |||
Other assets | 78.3 | |||
Total assets acquired | 1,631.90 | |||
Deposits | (1,341.2 | ) | ||
Borrowed funds | (92.1 | ) | ||
Other liabilities | (19.5 | ) | ||
Total liabilities assumed | $ | (1,452.8 | ) | |
Net assets acquired | $ | 179.1 | ||
Securities_Tables
Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 | ||||||||||||||||||||||||||||
Carrying value | Gross | Gross | Estimated | |||||||||||||||||||||||||
unrealized | unrealized | fair value | ||||||||||||||||||||||||||
gains | losses | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
Equity securities | $ | 6,887 | 1,636 | — | 8,523 | |||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 503,268 | 5,023 | 1,008 | 507,283 | ||||||||||||||||||||||||
Federal National Mortgage Association | 675,535 | 7,641 | 1,184 | 681,992 | ||||||||||||||||||||||||
Government National Mortgage Association | 125 | 1 | — | 126 | ||||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | 1,178,928 | 12,665 | 2,192 | 1,189,401 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 1,185,815 | 14,301 | 2,192 | 1,197,924 | |||||||||||||||||||||||
At December 31, 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 | $ | 4,388 | — | 4,388 | 15 | — | 4,403 | |||||||||||||||||||||
Municipal bonds | 24,320 | — | 24,320 | 1,001 | — | 25,321 | ||||||||||||||||||||||
Corporate and other debt securities | 58,487 | (25,047 | ) | 33,440 | 32,163 | 367 | 65,236 | |||||||||||||||||||||
Total debt securities held-to-maturity | 87,195 | (25,047 | ) | 62,148 | 33,179 | 367 | 94,960 | |||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 504,407 | (3,770 | ) | 500,637 | 3,561 | 1,878 | 502,320 | |||||||||||||||||||||
Federal National Mortgage Association | 978,261 | (3,885 | ) | 974,376 | 11,629 | 1,218 | 984,787 | |||||||||||||||||||||
Government National Mortgage Association | 27,136 | — | 27,136 | — | 20 | 27,116 | ||||||||||||||||||||||
Federal Housing Authorities | 182 | — | 182 | — | — | 182 | ||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | 1,509,986 | (7,655 | ) | 1,502,331 | 15,190 | 3,116 | 1,514,405 | |||||||||||||||||||||
Total held-to-maturity securities | $ | 1,597,181 | (32,702 | ) | 1,564,479 | 48,369 | 3,483 | 1,609,365 | ||||||||||||||||||||
(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 December 31, 2014 and December 31, 2013, was as follows: | |||||||||||||||||||||||||||
December 31, 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 | $ | 76,525 | 426 | 60,394 | 582 | 136,919 | 1,008 | |||||||||||||||||||||
Federal National Mortgage Association | 67,017 | 50 | 52,519 | 1,134 | 119,536 | 1,184 | ||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | 143,542 | 476 | 112,913 | 1,716 | 256,455 | 2,192 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 143,542 | 476 | 112,913 | 1,716 | 256,455 | 2,192 | |||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||
Corporate and other debt securities | $ | 674 | 40 | 233 | 327 | 907 | 367 | |||||||||||||||||||||
Total debt securities held-to-maturity | 674 | 40 | 233 | 327 | 907 | 367 | ||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 199,962 | 1,043 | 47,892 | 835 | 247,854 | 1,878 | ||||||||||||||||||||||
Federal National Mortgage Association | 145,520 | 371 | 37,517 | 847 | 183,037 | 1,218 | ||||||||||||||||||||||
Government National Mortgage Association | 27,116 | 20 | — | — | 27,116 | 20 | ||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | 372,598 | 1,434 | 85,409 | 1,682 | 458,007 | 3,116 | ||||||||||||||||||||||
Total held-to-maturity securities | $ | 373,272 | 1,474 | 85,642 | 2,009 | 458,914 | 3,483 | |||||||||||||||||||||
Total | $ | 516,814 | 1,950 | 198,555 | 3,725 | 715,369 | 5,675 | |||||||||||||||||||||
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 securities | 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 securities | $ | 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 December 31, 2014 excluding one trust preferred security for which the Company previously recorded a net other-than-temporary impairment charge which resulted in a zero net book balance for the security. At December 31, 2014, the security had a fair value of $48,000. The Company does not own any single-issuer trust preferred securities. | |||||||||||||||||||||||||||
(Dollars in 000’s) | ||||||||||||||||||||||||||||
Description | Class | Book Value | Fair Value | Unrealized | 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 | $ | 338.3 | $ | 523.1 | $ | 184.8 | 31 | 11.8 | % | 6.7 | % | — | % | Caa3 / C | |||||||||||||
Alesco PF III | B1 | 849.7 | 1,763.50 | 913.8 | 31 | 11.1 | % | 8.8 | % | — | % | Ca / C | ||||||||||||||||
Alesco PF III | B2 | 340 | 705.4 | 365.4 | 31 | 11.1 | % | 8.8 | % | — | % | Ca / C | ||||||||||||||||
Alesco PF IV | B1 | 416.9 | 702.8 | 285.9 | 38 | 1.2 | % | 9.6 | % | — | % | C / C | ||||||||||||||||
Alesco PF VI | C2 | 757.3 | 1,593.50 | 836.2 | 43 | 7.8 | % | 12.4 | % | — | % | Ca / C | ||||||||||||||||
MM Comm III | B | 156.4 | 3,205.50 | 3,049.10 | 5 | 30 | % | 8.6 | % | 12.8 | % | Ba1 / BB | ||||||||||||||||
MMCaps XVII | C1 | 1,708.40 | 2,197.30 | 488.9 | 33 | 13 | % | 7.4 | % | — | % | Caa1 / C | ||||||||||||||||
MMCaps XIX | C | 559.9 | 232.5 | (327.4 | ) | 35 | 24.9 | % | 8.9 | % | — | % | C / C | |||||||||||||||
Tpref I | B | 1,595.50 | 2,164.30 | 568.8 | 6 | 54.2 | % | 8.8 | % | — | % | Ca / WD | ||||||||||||||||
Tpref II | B | 4,262.80 | 5,203.70 | 940.9 | 17 | 34.9 | % | 11.2 | % | — | % | Caa3 / C | ||||||||||||||||
US Cap I | B2 | 943.8 | 1,974.30 | 1,030.50 | 30 | 10.5 | % | 7.2 | % | — | % | B3 / C | ||||||||||||||||
US Cap I | B1 | 2,813.50 | 5,922.90 | 3,109.40 | 30 | 10.5 | % | 7.2 | % | — | % | B3 / C | ||||||||||||||||
US Cap II | B1 | 1,474.90 | 2,879.50 | 1,404.60 | 35 | 15.6 | % | 8.3 | % | — | % | B3 / C | ||||||||||||||||
US Cap III | B1 | 1,908.00 | 2,738.20 | 830.2 | 30 | 16 | % | 9.6 | % | — | % | Caa2 / C | ||||||||||||||||
Trapeza XII | C1 | 1,844.60 | 3,583.40 | 1,738.80 | 34 | 22.4 | % | 9.8 | % | — | % | C / C | ||||||||||||||||
Trapeza XIII | C1 | 2,007.70 | 3,886.00 | 1,878.30 | 49 | 16.7 | % | 9.7 | % | — | % | Ca / CC | ||||||||||||||||
Pretsl XXIII | A1 | 474.4 | 1,436.80 | 962.4 | 71 | 19.9 | % | 11.7 | % | 31.4 | % | A1 / A | ||||||||||||||||
Pretsl XXIV | A1 | 1,694.80 | 4,320.10 | 2,625.30 | 60 | 28.8 | % | 13.7 | % | 24.8 | % | A3 / BBB | ||||||||||||||||
Pretsl IV | Mez | 149.7 | 221 | 71.3 | 6 | 18 | % | 7.3 | % | 19 | % | B1 / BB | ||||||||||||||||
Pretsl V | Mez | 17.4 | 26.6 | 9.2 | — | 65.5 | % | — | % | — | % | C / WD | ||||||||||||||||
Pretsl VII | Mez | 458 | 1,954.80 | 1,496.80 | 12 | 47.8 | % | 9.9 | % | — | % | Ca / WD | ||||||||||||||||
Pretsl XV | B1 | 942 | 2,108.50 | 1,166.50 | 57 | 11.6 | % | 13.1 | % | — | % | Caa3 / C | ||||||||||||||||
Pretsl XVII | C | 778.8 | 1,611.00 | 832.2 | 39 | 19 | % | 14.8 | % | — | % | C / CC | ||||||||||||||||
Pretsl XVIII | C | 1,700.90 | 2,885.60 | 1,184.70 | 54 | 22.8 | % | 9.6 | % | — | % | Ca / C | ||||||||||||||||
Pretsl XIX | C | 752 | 1,452.60 | 700.6 | 51 | 5.2 | % | 14.6 | % | — | % | C / C | ||||||||||||||||
Pretsl XX | C | 431.7 | 920.1 | 488.4 | 46 | 17.3 | % | 13.8 | % | — | % | Ca / C | ||||||||||||||||
Pretsl XXI | C1 | 1,016.80 | 3,022.50 | 2,005.70 | 51 | 19.4 | % | 11.4 | % | — | % | Ca / C | ||||||||||||||||
Pretsl XXIII | A-FP | 685.6 | 2,094.60 | 1,409.00 | 93 | 20.3 | % | 12.7 | % | 18.3 | % | Aa2 / BBB | ||||||||||||||||
Pretsl XXIV | C1 | 713.6 | 673.7 | (39.9 | ) | 60 | 28.8 | % | 13.7 | % | — | % | C / C | |||||||||||||||
Pretsl XXV | C1 | 463 | 937.6 | 474.6 | 53 | 25.7 | % | 12.5 | % | — | % | C / C | ||||||||||||||||
Pretsl XXVI | C1 | 553.9 | 1,143.80 | 589.9 | 55 | 24.7 | % | 12 | % | — | % | C / C | ||||||||||||||||
Pref Pretsl IX | B2 | 405.3 | 720.8 | 315.5 | 28 | 25.2 | % | 9 | % | — | % | B3 / C | ||||||||||||||||
Pretsl X | C2 | 224.8 | 381.4 | 156.6 | 33 | 26.4 | % | 10.9 | % | — | % | Caa1 / C | ||||||||||||||||
$ | 33,440.40 | $ | 65,187.40 | $ | 31,747.00 | |||||||||||||||||||||||
-1 | At December 31, 2014, current deferrals and defaults as a percent of collateral ranged from 1.2% to 65.5%. | |||||||||||||||||||||||||||
-2 | At December 31, 2014, expected deferrals and defaults as a percent of remaining collateral ranged from 0.0% to 22.4%. | |||||||||||||||||||||||||||
-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 December 31, 2014, by contractual maturity, are shown below. | |||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Carrying Value | Estimated | |||||||||||||||||||||||||||
fair value | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Due in one year or less | $ | 19,100 | 19,100 | |||||||||||||||||||||||||
Due after one year through five years | 4,603 | 4,618 | ||||||||||||||||||||||||||
Due after five years through ten years | — | — | ||||||||||||||||||||||||||
Due after ten years | 38,445 | 71,242 | ||||||||||||||||||||||||||
Total | $ | 62,148 | 94,960 | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Balance of credit related OTTI, beginning of period | $ | 112,235 | 114,514 | 117,003 | ||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||
Initial credit impairments | — | — | — | |||||||||||||||||||||||||
Subsequent credit impairments | — | 977 | — | |||||||||||||||||||||||||
Reductions: | ||||||||||||||||||||||||||||
Accretion of credit loss impairment due to an increase in expected cash flows | (3,418 | ) | (3,256 | ) | (2,489 | ) | ||||||||||||||||||||||
Balance of credit related OTTI, end of period | $ | 108,817 | 112,235 | 114,514 | ||||||||||||||||||||||||
Loans_Receivable_Net_Tables
Loans Receivable, Net (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | The detail of the loan portfolio as of December 31, 2014 and December 31, 2013 was as follows: | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Multi-family loans | $ | 5,048,477 | 3,985,517 | ||||||||||||||||||||||
Commercial real estate loans | 3,139,824 | 2,485,937 | |||||||||||||||||||||||
Commercial and industrial loans | 544,402 | 265,836 | |||||||||||||||||||||||
Construction loans | 143,664 | 194,542 | |||||||||||||||||||||||
Total commercial loans | 8,876,367 | 6,931,832 | |||||||||||||||||||||||
Residential mortgage loans | 5,764,896 | 5,692,810 | |||||||||||||||||||||||
Consumer and other loans | 440,500 | 403,929 | |||||||||||||||||||||||
Total loans excluding PCI loans | 15,081,763 | 13,028,571 | |||||||||||||||||||||||
PCI loans | 17,789 | 36,047 | |||||||||||||||||||||||
Net unamortized premiums and deferred loan costs (1) | (11,698 | ) | (8,146 | ) | |||||||||||||||||||||
Allowance for loan losses | (200,284 | ) | (173,928 | ) | |||||||||||||||||||||
Net loans | $ | 14,887,570 | 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 years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance, beginning of period | $ | 4,154 | 1,457 | ||||||||||||||||||||||
Acquisitions | 216 | 3,425 | |||||||||||||||||||||||
Accretion (1) | (3,399 | ) | (728 | ) | |||||||||||||||||||||
Net reclassification from non-accretable difference | — | — | |||||||||||||||||||||||
Balance, end of period | $ | 971 | 4,154 | ||||||||||||||||||||||
(1) Includes the removal of $1.9 million accretable mark on PCI loans sold during the year ended December 31, 2014. This transfer had no impact on income for the year ended December 31, 2014. | |||||||||||||||||||||||||
Summary of Analysis of the Allowance for Loan Losses | An analysis of the allowance for loan losses is summarized as follows: | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at beginning of the period | $ | 173,928 | 142,172 | 117,242 | |||||||||||||||||||||
Loans charged off | (18,244 | ) | (22,610 | ) | (44,150 | ) | |||||||||||||||||||
Recoveries | 7,100 | 3,866 | 4,080 | ||||||||||||||||||||||
Net charge-offs | (11,144 | ) | (18,744 | ) | (40,070 | ) | |||||||||||||||||||
Provision for loan losses | 37,500 | 50,500 | 65,000 | ||||||||||||||||||||||
Balance at end of the period | $ | 200,284 | 173,928 | 142,172 | |||||||||||||||||||||
Summary of Loan Losses and the Recorded Investment in Loans by Portfolio Segment and Based On Impairment Method | 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 the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Multi- | Commercial | Commercial | Construction | Residential | Consumer | Unallocated | Total | ||||||||||||||||||
Family Loans | Real Estate Loans | and Industrial | Loans | Mortgage Loans | and Other | ||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Beginning balance-December 31, 2013 | $ | 42,103 | 46,657 | 9,273 | 8,947 | 51,760 | 2,161 | 13,027 | 173,928 | ||||||||||||||||
Charge-offs | (323 | ) | (6,147 | ) | (2,447 | ) | (640 | ) | (7,715 | ) | (972 | ) | — | (18,244 | ) | ||||||||||
Recoveries | 3,784 | 201 | 516 | 799 | 1,783 | 17 | — | 7,100 | |||||||||||||||||
Provision | 25,583 | 3,319 | 13,417 | (2,618 | ) | 2,108 | 2,141 | (6,450 | ) | 37,500 | |||||||||||||||
Ending balance-December 31, 2014 | $ | 71,147 | 44,030 | 20,759 | 6,488 | 47,936 | 3,347 | 6,577 | 200,284 | ||||||||||||||||
Individually evaluated for impairment | $ | — | 274 | — | — | 1,865 | — | — | 2,139 | ||||||||||||||||
Collectively evaluated for impairment | 71,147 | 43,756 | 20,759 | 6,488 | 46,071 | 3,347 | 6,577 | 198,145 | |||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | |||||||||||||||||
Balance at December 31, 2014 | $ | 71,147 | 44,030 | 20,759 | 6,488 | 47,936 | 3,347 | 6,577 | 200,284 | ||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,111 | 22,995 | 3,310 | 6,798 | 23,285 | — | — | 60,499 | ||||||||||||||||
Collectively evaluated for impairment | 5,044,366 | 3,116,829 | 541,092 | 136,866 | 5,741,611 | 440,500 | — | 15,021,264 | |||||||||||||||||
Loans acquired with deteriorated credit quality | 637 | 7,329 | 56 | 4,732 | 4,581 | 454 | — | 17,789 | |||||||||||||||||
Balance at December 31, 2014 | $ | 5,049,114 | 3,147,153 | 544,458 | 148,396 | 5,769,477 | 440,954 | — | 15,099,552 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Multi- | Commercial | Commercial | Construction | Residential | Consumer | Unallocated | Total | ||||||||||||||||||
Family Loans | Real Estate Loans | and Industrial | Loans | Mortgage Loans | and Other | ||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||
Beginning balance-December 31, 2012 | $ | 29,853 | 33,347 | 4,094 | 16,062 | 45,369 | 2,086 | 11,361 | 142,172 | ||||||||||||||||
Charge-offs | (1,266 | ) | (1,101 | ) | (516 | ) | (3,424 | ) | (15,508 | ) | (795 | ) | — | (22,610 | ) | ||||||||||
Recoveries | 219 | 65 | 604 | 315 | 2,528 | 135 | — | 3,866 | |||||||||||||||||
Provision | 13,297 | 14,346 | 5,091 | (4,006 | ) | 19,371 | 735 | 1,666 | 50,500 | ||||||||||||||||
Ending balance-December 31, 2013 | $ | 42,103 | 46,657 | 9,273 | 8,947 | 51,760 | 2,161 | 13,027 | 173,928 | ||||||||||||||||
Individually evaluated for impairment | $ | — | — | — | — | 2,066 | — | — | 2,066 | ||||||||||||||||
Collectively evaluated for impairment | 42,103 | 46,657 | 9,273 | 8,947 | 49,694 | 2,161 | 13,027 | 171,862 | |||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | |||||||||||||||||
Balance at December 31, 2013 | $ | 42,103 | 46,657 | 9,273 | 8,947 | 51,760 | 2,161 | 13,027 | 173,928 | ||||||||||||||||
Loans: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | 15,313 | 11,713 | 1,612 | 17,037 | 20,987 | — | — | 66,662 | ||||||||||||||||
Collectively evaluated for impairment | 3,970,204 | 2,474,224 | 264,224 | 177,505 | 5,671,823 | 403,929 | — | 12,961,909 | |||||||||||||||||
Loans acquired with deteriorated credit quality | 691 | 19,390 | 2,586 | 7,719 | 5,541 | 120 | — | 36,047 | |||||||||||||||||
Balance at December 31, 2013 | $ | 3,986,208 | 2,505,327 | 268,422 | 202,261 | 5,698,351 | 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 December 31, 2014 and December 31, 2013 by class of loans excluding PCI loans: | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||
Multi-family | $ | 4,958,045 | 62,886 | 27,546 | — | — | 5,048,477 | ||||||||||||||||||
Commercial real estate | 3,034,609 | 29,248 | 75,967 | — | — | 3,139,824 | |||||||||||||||||||
Commercial and industrial | 515,395 | 20,321 | 8,686 | — | — | 544,402 | |||||||||||||||||||
Construction | 136,584 | 2,075 | 5,005 | — | — | 143,664 | |||||||||||||||||||
Total commercial loans | 8,644,633 | 114,530 | 117,204 | — | — | 8,876,367 | |||||||||||||||||||
Residential mortgage | 5,641,190 | 29,710 | 93,996 | — | — | 5,764,896 | |||||||||||||||||||
Consumer and other | 433,968 | 2,339 | 4,193 | — | — | 440,500 | |||||||||||||||||||
Total | $ | 14,719,791 | 146,579 | 215,393 | — | — | 15,081,763 | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||
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 | |||||||||||||||||||
Commercial and industrial | 247,983 | 7,540 | 10,313 | — | — | 265,836 | |||||||||||||||||||
Construction | 158,576 | 7,847 | 28,119 | — | — | 194,542 | |||||||||||||||||||
Total commercial loans | 6,715,453 | 88,325 | 128,054 | — | — | 6,931,832 | |||||||||||||||||||
Residential mortgage | 5,584,728 | 23,252 | 84,830 | — | — | 5,692,810 | |||||||||||||||||||
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 December 31, 2014 and December 31, 2013 by class of loans excluding PCI loans: | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total | ||||||||||||||||||||
than 90 | Due | Loans | |||||||||||||||||||||||
Days | Receivable | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||
Multi-family | $ | 698 | 239 | 2,989 | 3,926 | 5,044,551 | 5,048,477 | ||||||||||||||||||
Commercial real estate | 6,566 | 778 | 13,940 | 21,284 | 3,118,540 | 3,139,824 | |||||||||||||||||||
Commercial and industrial | 792 | 395 | 2,903 | 4,090 | 540,312 | 544,402 | |||||||||||||||||||
Construction | — | — | 4,345 | 4,345 | 139,319 | 143,664 | |||||||||||||||||||
Total commercial loans | 8,056 | 1,412 | 24,177 | 33,645 | 8,842,722 | 8,876,367 | |||||||||||||||||||
Residential mortgage | 23,712 | 8,900 | 75,610 | 108,222 | 5,656,674 | 5,764,896 | |||||||||||||||||||
Consumer and other | 1,334 | 1,006 | 4,211 | 6,551 | 433,949 | 440,500 | |||||||||||||||||||
Total | $ | 33,102 | 11,318 | 103,998 | 148,418 | 14,933,345 | 15,081,763 | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total | ||||||||||||||||||||
than 90 | Due | Loans | |||||||||||||||||||||||
Days | Receivable | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||
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 | |||||||||||||||||||
Commercial and industrial | 5,871 | 287 | 775 | 6,933 | 258,903 | 265,836 | |||||||||||||||||||
Construction | 302 | 527 | 16,181 | 17,010 | 177,532 | 194,542 | |||||||||||||||||||
Total commercial loans | 23,961 | 11,279 | 22,635 | 57,875 | 6,873,957 | 6,931,832 | |||||||||||||||||||
Residential mortgage | 17,779 | 7,358 | 66,079 | 91,216 | 5,601,594 | 5,692,810 | |||||||||||||||||||
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: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
# of loans | amount | # of loans | amount | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Non-accrual: | |||||||||||||||||||||||||
Multi-family | 2 | $ | 2,989 | 5 | $ | 5,905 | |||||||||||||||||||
Commercial real estate | 36 | 13,940 | 12 | 2,711 | |||||||||||||||||||||
Commercial and industrial | 11 | 2,903 | 4 | 1,281 | |||||||||||||||||||||
Construction | 7 | 4,345 | 18 | 16,181 | |||||||||||||||||||||
Total commercial loans | 56 | 24,177 | 39 | 26,078 | |||||||||||||||||||||
Residential and consumer | 406 | 84,182 | 304 | 74,282 | |||||||||||||||||||||
Total non-accrual loans | 462 | $ | 108,359 | 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 December 31, 2014 and | ||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | |||||||||||||||||||||
Investment | Balance | Allowance | Recorded | Income | |||||||||||||||||||||
Investment | Recognized | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||
Multi-family | $ | 4,111 | 7,846 | — | 4,746 | 135 | |||||||||||||||||||
Commercial real estate | 19,901 | 23,601 | — | 17,056 | 879 | ||||||||||||||||||||
Commercial and industrial | 3,310 | 3,310 | — | 1,985 | 152 | ||||||||||||||||||||
Construction | 6,798 | 9,292 | — | 13,609 | 410 | ||||||||||||||||||||
Total commercial loans | 34,120 | 44,049 | — | 37,396 | 1,576 | ||||||||||||||||||||
Residential mortgage | 6,755 | 8,830 | — | 6,606 | 370 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||
Commercial real estate | 3,094 | 4,760 | 274 | 3,106 | 72 | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||
Total commercial loans | 3,094 | 4,760 | 274 | 3,106 | 72 | ||||||||||||||||||||
Residential mortgage | 16,530 | 16,882 | 1,865 | 16,547 | 507 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Multi-family | 4,111 | 7,846 | — | 4,746 | 135 | ||||||||||||||||||||
Commercial real estate | 22,995 | 28,361 | 274 | 20,162 | 951 | ||||||||||||||||||||
Commercial and industrial | 3,310 | 3,310 | — | 1,985 | 152 | ||||||||||||||||||||
Construction | 6,798 | 9,292 | — | 13,609 | 410 | ||||||||||||||||||||
Total commercial loans | 37,214 | 48,809 | 274 | 40,502 | 1,648 | ||||||||||||||||||||
Residential mortgage | 23,285 | 25,712 | 1,865 | 23,153 | 877 | ||||||||||||||||||||
Total impaired loans | $ | 60,499 | 74,521 | 2,139 | 63,655 | 2,525 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | |||||||||||||||||||||
Investment | Balance | Allowance | Recorded | Income | |||||||||||||||||||||
Investment | Recognized | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||
Multi-family | $ | 15,313 | 28,681 | — | 15,405 | 428 | |||||||||||||||||||
Commercial real estate | 11,713 | 12,223 | — | 11,538 | 679 | ||||||||||||||||||||
Commercial and industrial | 1,612 | 1,612 | — | 1,490 | 105 | ||||||||||||||||||||
Construction | 17,037 | 26,642 | — | 19,157 | 198 | ||||||||||||||||||||
Total commercial loans | 45,675 | 69,158 | — | 47,590 | 1,410 | ||||||||||||||||||||
Residential mortgage | 3,924 | 5,607 | — | 3,330 | 190 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Multi-family | — | — | — | — | — | ||||||||||||||||||||
Commercial real estate | — | — | — | — | — | ||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||
Total commercial loans | — | — | — | — | — | ||||||||||||||||||||
Residential mortgage | 17,063 | 17,457 | 2,066 | 15,880 | 753 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Multi-family | 15,313 | 28,681 | — | 15,405 | 428 | ||||||||||||||||||||
Commercial real estate | 11,713 | 12,223 | — | 11,538 | 679 | ||||||||||||||||||||
Commercial and industrial | 1,612 | 1,612 | — | 1,490 | 105 | ||||||||||||||||||||
Construction | 17,037 | 26,642 | — | 19,157 | 198 | ||||||||||||||||||||
Total commercial loans | 45,675 | 69,158 | — | 47,590 | 1,410 | ||||||||||||||||||||
Residential mortgage | 20,987 | 23,064 | 2,066 | 19,210 | 943 | ||||||||||||||||||||
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 December 31, 2014 and December 31, 2013 excluding PCI loans: | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||
# of loans | Amount | # of loans | Amount | # of loans | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||
Multi-family | 2 | $ | 1,122 | — | $ | — | 2 | $ | 1,122 | ||||||||||||||||
Commercial real estate | 8 | 15,250 | 1 | 3,197 | 9 | 18,447 | |||||||||||||||||||
Commercial and industrial | 2 | 1,381 | — | — | 2 | 1,381 | |||||||||||||||||||
Construction | 2 | 3,066 | — | — | 2 | 3,066 | |||||||||||||||||||
Total commercial loans | 14 | 20,819 | 1 | 3,197 | 15 | 24,016 | |||||||||||||||||||
Residential mortgage | 41 | 14,805 | 29 | 8,456 | 70 | 23,261 | |||||||||||||||||||
Total | 55 | $ | 35,624 | 30 | $ | 11,653 | 85 | $ | 47,277 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||
# of loans | Amount | # of loans | Amount | # of loans | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||
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 | |||||||||||||||||||
Total commercial loans | 15 | 26,595 | 3 | 3,443 | 18 | 30,038 | |||||||||||||||||||
Residential mortgage | 35 | 12,975 | 26 | 8,021 | 61 | 20,996 | |||||||||||||||||||
Total | 50 | $ | 39,570 | 29 | $ | 11,464 | 79 | $ | 51,034 | ||||||||||||||||
Schedule of Troubled Debt Restructurings | The following table presents information about troubled debt restructurings that occurred during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
Multi-family | — | $ | — | $ | — | 5 | $ | 20,677 | $ | 13,060 | |||||||||||||||
Commercial real estate | 3 | 10,657 | 7,657 | 4 | 5,080 | 4,679 | |||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 521 | 521 | |||||||||||||||||||
Total commercial loans | 3 | 10,657 | 7,657 | 10 | 26,278 | 18,260 | |||||||||||||||||||
Residential mortgage | 11 | 3,217 | 3,217 | 23 | 10,031 | 9,463 | |||||||||||||||||||
Schedule of Troubled Debt Restructuring, Interest Yield | The following table presents information about pre and post modification interest yield for troubled debt restructurings which occurred during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
Multi-family | — | — | % | — | % | 5 | 7.66 | % | 3.79 | % | |||||||||||||||
Commercial real estate | 3 | 6.59 | 5.75 | 4 | 7.29 | 5.41 | |||||||||||||||||||
Commercial and industrial | — | — | — | 1 | 6 | 4 | |||||||||||||||||||
Total commercial loans | 3 | 6.59 | 5.75 | 10 | 7.57 | 4.07 | |||||||||||||||||||
Residential mortgage | 11 | 5.35 | 3.9 | 23 | 5.05 | 3.33 | |||||||||||||||||||
Office_Properties_and_Equipmen1
Office Properties and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Summary of Office Properties and Equipment | Office properties and equipment are summarized as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Land | $ | 21,862 | 12,728 | |||||
Office buildings | 78,808 | 73,770 | ||||||
Leasehold improvements | 66,857 | 44,587 | ||||||
Furniture, fixtures and equipment | 68,420 | 54,610 | ||||||
Construction in process | 17,121 | 24,299 | ||||||
253,068 | 209,994 | |||||||
Less accumulated depreciation and amortization | 92,169 | 71,889 | ||||||
$ | 160,899 | 138,105 | ||||||
Goodwill_and_Intangibles_Asset1
Goodwill and Intangibles Assets (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||
Summary of Intangible Assets | The following table summarizes other intangible assets as of December 31, 2014 and December 31, 2013: | |||||||||||||
Gross Intangible Asset | Accumulated Amortization | Valuation Allowance | Net Intangible Assets | |||||||||||
(In thousands) | ||||||||||||||
December 31, 2014 | ||||||||||||||
Mortgage Servicing Rights | $ | 23,925 | (9,543 | ) | (121 | ) | 14,261 | |||||||
Core Deposit Premiums | 25,058 | (10,375 | ) | — | 14,683 | |||||||||
Other | 300 | (110 | ) | — | 190 | |||||||||
Total other intangible assets | $ | 49,283 | (20,028 | ) | (121 | ) | 29,134 | |||||||
December 31, 2013 | ||||||||||||||
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 | |||||||
Schedule of Estimated Future Amortization Expense | The following presents the estimated future amortization expense of other intangible assets for the next five years: | |||||||||||||
Mortgage Servicing Rights | Core Deposit Premiums | Other | ||||||||||||
(In thousands) | ||||||||||||||
2015 | $ | 415 | $ | 3,351 | $ | 30 | ||||||||
2016 | 433 | 2,900 | 30 | |||||||||||
2017 | 450 | 2,441 | 30 | |||||||||||
2018 | 467 | 1,983 | 30 | |||||||||||
2019 | 484 | 1,524 | 30 | |||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||
Summary of Deposits | Deposits are summarized as follows: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Weighted Average Rate | Amount | % of Total | Weighted Average Rate | Amount | % of Total | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Checking accounts | 0.2 | % | $ | 3,892,839 | 31.98 | % | 0.17 | % | $ | 3,163,250 | 29.5 | % | ||||||||
Money market deposits | 0.71 | % | 3,390,238 | 27.85 | % | 0.34 | % | 1,958,982 | 18.28 | % | ||||||||||
Savings | 0.27 | % | 2,318,911 | 19.05 | % | 0.28 | % | 2,212,034 | 20.64 | % | ||||||||||
Total transaction accounts | 0.4 | % | 9,601,988 | 78.88 | % | 0.25 | % | 7,334,266 | 68.42 | % | ||||||||||
Certificates of deposit | 1 | % | 2,570,338 | 21.12 | % | 0.83 | % | 3,384,545 | 31.58 | % | ||||||||||
Total Deposits | 0.53 | % | $ | 12,172,326 | 100 | % | 0.43 | % | $ | 10,718,811 | 100 | % | ||||||||
Scheduled Maturities Of Certificates Of Deposit | Scheduled maturities of certificates of deposit are as follows: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Within one year | $ | 1,450,655 | 2,170,493 | |||||||||||||||||
One to two years | 660,523 | 552,127 | ||||||||||||||||||
Two to three years | 278,190 | 376,172 | ||||||||||||||||||
Three to four years | 74,526 | 179,774 | ||||||||||||||||||
After four years | 106,444 | 105,979 | ||||||||||||||||||
$ | 2,570,338 | 3,384,545 | ||||||||||||||||||
Interest Expense On Deposits | Interest expense on deposits consists of the following: | |||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Checking accounts | $ | 8,755 | 6,245 | 6,586 | ||||||||||||||||
Money market deposits | 13,664 | 7,537 | 7,937 | |||||||||||||||||
Savings | 6,639 | 6,320 | 7,859 | |||||||||||||||||
Certificates of deposit | 30,148 | 29,867 | 41,200 | |||||||||||||||||
Total | $ | 59,206 | 49,969 | 63,582 | ||||||||||||||||
Borrowed_Funds_Tables
Borrowed Funds (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Summary of Borrowed Funds | Borrowed funds are summarized as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Principal | Weighted | Principal | Weighted | ||||||||||
Average | Average | ||||||||||||
Rate | Rate | ||||||||||||
(Dollars in thousands) | |||||||||||||
Funds borrowed under repurchase agreements: | |||||||||||||
FHLB | $ | 25,071 | 3.90% | $ | 23,000 | 3.90% | |||||||
Other brokers | 142,847 | 2.00% | 244,681 | 1.35% | |||||||||
Total funds borrowed under repurchase agreements | 167,918 | 2.28% | 267,681 | 1.60% | |||||||||
Other borrowed funds: | |||||||||||||
FHLB advances | 2,598,186 | 2.24% | 3,094,494 | 1.83% | |||||||||
Other | — | — | 5,099 | 1.91% | |||||||||
Total other borrowed funds: | 2,598,186 | 2.24% | 3,099,593 | 1.83% | |||||||||
Total borrowed funds | $ | 2,766,104 | 2.24% | $ | 3,367,274 | 1.81% | |||||||
Borrowed Funds Scheduled Maturities | Borrowed funds had scheduled maturities as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Principal | Weighted | Principal | Weighted | ||||||||||
Average | Average | ||||||||||||
Rate | Rate | ||||||||||||
(Dollars in thousands) | |||||||||||||
Within one year | $ | 576,250 | 2.03% | $ | 1,214,204 | 0.64% | |||||||
One to two years | 325,000 | 2.79% | 311,500 | 3.49% | |||||||||
Two to three years | 250,071 | 3.00% | 325,000 | 2.79% | |||||||||
Three to four years | 763,597 | 2.22% | 250,730 | 3.01% | |||||||||
Four to five years | 444,994 | 1.78% | 714,246 | 2.26% | |||||||||
After five years | 406,192 | 2.18% | 551,594 | 1.73% | |||||||||
Total borrowed funds | $ | 2,766,104 | 2.24% | $ | 3,367,274 | 1.81% | |||||||
Amortized Cost And Fair Value Of The Underlying Securities Used As Collateral For Securities Sold Under Agreements To Repurchase | The amortized cost and fair value of the underlying securities used as collateral for securities sold under agreements to repurchase are as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Amortized cost of collateral: | |||||||||||||
Mortgage-backed securities | $ | 195,890 | 325,392 | ||||||||||
Total amortized cost of collateral | $ | 195,890 | 325,392 | ||||||||||
Fair value of collateral: | |||||||||||||
Mortgage-backed securities | $ | 198,502 | 322,563 | ||||||||||
Total fair value of collateral | $ | 198,502 | 322,563 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Summary of Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows: | ||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Current tax expense: | |||||||||||
Federal | $ | 77,029 | 76,692 | 62,331 | |||||||
State | 7,508 | 7,881 | 4,491 | ||||||||
84,537 | 84,573 | 66,822 | |||||||||
Deferred tax (benefit) expense: | |||||||||||
Federal | (3,846 | ) | (16,887 | ) | (11,331 | ) | |||||
State | (5,940 | ) | (3,931 | ) | 592 | ||||||
(9,786 | ) | (20,818 | ) | (10,739 | ) | ||||||
Total income tax expense | $ | 74,751 | 63,755 | 56,083 | |||||||
Summary of Reconciliation Between the Actual Income Tax Expense (Benefit) and the 'Expected' Amount Computed Using the Applicable Statutory Federal Income Tax Rate | The following table presents the reconciliation between the actual income tax expense and the “expected” amount computed using the applicable statutory federal income tax rate of 35%: | ||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
“Expected” federal income tax expense | $ | 72,265 | 61,525 | 50,698 | |||||||
State tax, net | 1,019 | 2,567 | 3,304 | ||||||||
Bank owned life insurance | (1,628 | ) | (1,014 | ) | (972 | ) | |||||
Expiration of loss carryforward | — | 645 | 2 | ||||||||
Change in valuation allowance for federal deferred tax assets | — | (645 | ) | (2 | ) | ||||||
ESOP fair market value adjustment | 349 | 538 | 295 | ||||||||
Non-deductible compensation | 3,334 | 411 | 454 | ||||||||
Non-deductible acquisition related expenses | — | 297 | 866 | ||||||||
Expiration of stock options | 2 | — | 1,267 | ||||||||
Other | (590 | ) | (569 | ) | 171 | ||||||
Total income tax expense | $ | 74,751 | 63,755 | 56,083 | |||||||
Summary of Deferred Tax Asset and Liability in Temporary Differences and Loss Carryforwards | The temporary differences and loss carryforwards which comprise the deferred tax asset and liability are as follows: | ||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Deferred tax asset: | |||||||||||
Employee benefits | $ | 30,832 | 25,882 | ||||||||
Deferred compensation | 1,332 | 1,265 | |||||||||
Premises and equipment | 1,532 | — | |||||||||
Allowance for loan losses | 79,255 | 67,135 | |||||||||
Net unrealized loss on securities | 9,101 | 14,631 | |||||||||
Net other than temporary impairment loss on securities | 44,225 | 44,945 | |||||||||
ESOP | 2,921 | 2,279 | |||||||||
Allowance for delinquent interest | 12,379 | 18,340 | |||||||||
Fair value adjustments related to acquisitions | 38,309 | 38,131 | |||||||||
Charitable contribution carryforward | 5,685 | — | |||||||||
Loan origination costs | 10,821 | 9,130 | |||||||||
Other | 1,969 | 1,131 | |||||||||
Gross deferred tax asset | 238,361 | 222,869 | |||||||||
Valuation allowance | (346 | ) | — | ||||||||
238,015 | 222,869 | ||||||||||
Deferred tax liability: | |||||||||||
Intangible assets | 251 | 381 | |||||||||
Mortgage servicing rights | 5,866 | 5,692 | |||||||||
Premises and equipment | — | 590 | |||||||||
Gross deferred tax liability | 6,117 | 6,663 | |||||||||
Net deferred tax asset | $ | 231,898 | 216,206 | ||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||
Schedule Of Information Regarding Supplemental Executive Retirement Wage Replacement Plan And The Directors' Benefit Plan | The following table sets forth information regarding the SERP and the directors’ defined benefit plan: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||
Change in benefit obligation: | ||||||||||||||
Benefit obligation at beginning of year | $ | 29,152 | 25,526 | |||||||||||
Service cost | 2,319 | 1,799 | ||||||||||||
Interest cost | 1,322 | 908 | ||||||||||||
Loss due to change in mortality assumption | 3,289 | — | ||||||||||||
Loss (gain) due to change in discount rate | 4,816 | (3,634 | ) | |||||||||||
Loss due to demographic changes | 495 | 5,647 | ||||||||||||
Actuarial (gain) loss | — | (330 | ) | |||||||||||
Benefits paid | (871 | ) | (764 | ) | ||||||||||
Benefit obligation at end of year | 40,522 | 29,152 | ||||||||||||
Funded status | $ | (40,522 | ) | (29,152 | ) | |||||||||
Schedule Of Accumulated Other Comprehensive Loss Related To Pension Plans On A Pre-Tax Basis | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||
Prior service cost | $ | 49 | 146 | |||||||||||
Net actuarial gain | 16,923 | 8,956 | ||||||||||||
Total amounts recognized in accumulated other comprehensive income | $ | 16,972 | 9,102 | |||||||||||
Components Of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows: | |||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(In thousands) | ||||||||||||||
Service cost | $ | 2,319 | 1,799 | 1,313 | ||||||||||
Interest cost | 1,322 | 908 | 796 | |||||||||||
Amortization of: | ||||||||||||||
Prior service cost | 98 | 98 | 98 | |||||||||||
Net gain | 633 | 660 | 145 | |||||||||||
Total net periodic benefit cost | $ | 4,372 | 3,465 | 2,352 | ||||||||||
Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost | The weighted-average actuarial assumptions used in the plan determinations at December 31, 2014 and 2013 were as follows: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Discount rate | 3.71 | % | 4.53 | % | ||||||||||
Rate of compensation increase | 4.19 | % | 4 | % | ||||||||||
The following are the weighted average assumptions used to determine net periodic benefit cost: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Discount rate | 4.53 | % | 3.56 | % | 4.08 | % | ||||||||
Rate of compensation increase | 4 | % | 3.87 | % | 3.74 | % | ||||||||
Estimated Future Benefit Payments | Estimated future benefit payments, which reflect expected future service, as appropriate for the next ten calendar years are as follows: | |||||||||||||
Amount | ||||||||||||||
(In thousands) | ||||||||||||||
2015 | $ | 944 | ||||||||||||
2016 | 929 | |||||||||||||
2017 | 912 | |||||||||||||
2018 | 894 | |||||||||||||
2019 | 875 | |||||||||||||
2020 through 2024 | 17,508 | |||||||||||||
Summary Of Non-Vested Options And Restricted Shares | The following is a summary of the status of the Company’s restricted shares as of December 31, 2014 and changes therein during the year then 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 | (2,685,323 | ) | 5.44 | |||||||||||
Forfeited | (8,512 | ) | 5.08 | |||||||||||
Non-vested at December 31, 2014 | — | $ | — | |||||||||||
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 year ended December 31, 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 | (2,302,726 | ) | 6 | |||||||||||
Forfeited | (3,570 | ) | 8.97 | |||||||||||
Expired | (44,648 | ) | 5.74 | |||||||||||
Outstanding at December 31, 2014 | 9,092,584 | $ | 6.06 | 2.8 | $ | 46,984 | ||||||||
Exercisable at December 31, 2014 | 9,064,376 | $ | 6.04 | 2.8 | $ | 46,969 | ||||||||
Schedule Of Fair Value Of Option Grants Estimated On The Date Of Grant | The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected dividend yield | 0.35 | % | 0.16 | % | 1.12 | % | ||||||||
Expected volatility | 32.97 | % | 33.2 | % | 30.4 | % | ||||||||
Risk-free interest rate | 1.69 | % | 1.38 | % | 0.67 | % | ||||||||
Expected option life | 6.5 years | 6.5 years | 10.0 years | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Projected Annual Minimum Rental Commitments | ||||
Amount | ||||
(In thousands) | ||||
2015 | $ | 17,354 | ||
2016 | 16,338 | |||
2017 | 15,672 | |||
2018 | 14,799 | |||
2019 | 14,151 | |||
Thereafter | 94,272 | |||
$ | 172,586 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | The following tables provide the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a recurring basis at December 31, 2014 and December 31, 2013. | |||||||||||||||
Carrying Value at December 31, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
Equity securities | $ | 8,523 | — | 8,523 | — | |||||||||||
Mortgage-backed securities: | ||||||||||||||||
Federal Home Loan Mortgage Corporation | 507,283 | — | 507,283 | — | ||||||||||||
Federal National Mortgage Association | 681,992 | — | 681,992 | — | ||||||||||||
Government National Mortgage Association | 126 | — | 126 | — | ||||||||||||
Total mortgage-backed securities available-for-sale | 1,189,401 | — | 1,189,401 | — | ||||||||||||
Total securities available-for-sale | $ | 1,197,924 | — | 1,197,924 | — | |||||||||||
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 years ended December 31, 2014 and 2013 are summarized below: | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance beginning of period | $ | 670 | — | |||||||||||||
Transfers from held-to-maturity (1) | — | 670 | ||||||||||||||
Total net (losses) gains for the period included in: | ||||||||||||||||
Net income | 470 | — | ||||||||||||||
Other comprehensive income (loss) | (229 | ) | — | |||||||||||||
Sales | (911 | ) | — | |||||||||||||
Settlements | — | — | ||||||||||||||
Balance end of period | $ | — | 670 | |||||||||||||
(1) Represents a trust preferred security transferred to available for sale 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 tables 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 December 31, 2014 and December 31, 2013. For the year ended December 31, 2013, there was no change to 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 December 31, 2014 | |||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
MSR, net | Estimated cash flow | Prepayment speeds | 5.70% - 29.40% | 11.22% | $ | 13,081 | — | — | 13,081 | |||||||
Other real estate owned | Market comparable | Lack of marketability | 0.0% - 25.0% | 15.87% | 566 | — | — | 566 | ||||||||
$ | 13,647 | — | — | 13,647 | ||||||||||||
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 table. | |||||||||||||||
December 31, 2014 | ||||||||||||||||
Carrying | Estimated Fair Value | |||||||||||||||
value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
(In thousands) | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 230,961 | 230,961 | 230,961 | — | — | ||||||||||
Securities available-for-sale | 1,197,924 | 1,197,924 | — | 1,197,924 | — | |||||||||||
Securities held-to-maturity | 1,564,479 | 1,609,365 | — | 1,544,129 | 65,236 | |||||||||||
Stock in FHLB | 151,287 | 151,287 | 151,287 | — | — | |||||||||||
Loans held for sale | 6,868 | 6,868 | — | 6,868 | — | |||||||||||
Net loans | 14,887,570 | 14,747,319 | — | — | 14,747,319 | |||||||||||
Financial liabilities: | ||||||||||||||||
Deposits, other than time deposits | $ | 9,601,988 | 9,601,988 | 9,601,988 | — | — | ||||||||||
Time deposits | 2,570,338 | 2,580,572 | — | 2,580,572 | — | |||||||||||
Borrowed funds | 2,766,104 | 2,796,969 | — | 2,796,969 | — | |||||||||||
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 | — | |||||||||||
Regulatory_Capital_Tables
Regulatory Capital (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||
Schedule of Regulatory Capital | The following is a summary of the Bank and the Company’s actual capital amounts and ratios as of December 31, 2014 and December 31, 2013 compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution. | |||||||||||||||||||||
Minimum Requirements | ||||||||||||||||||||||
Actual | For Capital Adequacy | To be Well Capitalized | ||||||||||||||||||||
Purposes | Under Prompt | |||||||||||||||||||||
Corrective Action | ||||||||||||||||||||||
Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||||
Bank: | ||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 2,339,572 | 12.79 | % | $ | 731,884 | 4 | % | $ | 914,855 | 5 | % | ||||||||||
Tier 1 Risk-Based Capital | 2,339,572 | 17.01 | % | 550,321 | 4 | % | 825,481 | 6 | % | |||||||||||||
Total Risk-Based Capital | 2,511,897 | 18.26 | % | 1,100,641 | 8 | % | 1,375,802 | 10 | % | |||||||||||||
Investors Bancorp, Inc: | ||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 3,511,433 | 19.17 | % | $ | 732,710 | 4 | % | $ | 915,887 | 5 | % | ||||||||||
Tier 1 Risk-Based Capital | 3,511,433 | 25.48 | % | 551,181 | 4 | % | 826,772 | 6 | % | |||||||||||||
Total Risk-Based Capital | 3,684,024 | 26.74 | % | 1,102,362 | 8 | % | 1,377,953 | 10 | % | |||||||||||||
Minimum Requirements | ||||||||||||||||||||||
Actual | For Capital Adequacy | To be Well Capitalized | ||||||||||||||||||||
Purposes | Under Prompt | |||||||||||||||||||||
Corrective Action | ||||||||||||||||||||||
Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||
Bank: | ||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 1,174,799 | 8.2 | % | $ | 573,180 | 4 | % | $ | 716,475 | 5 | % | ||||||||||
Tier 1 Risk-Based Capital | 1,174,799 | 10.14 | % | 463,408 | 4 | % | 695,113 | 6 | % | |||||||||||||
Total Risk-Based Capital | 1,319,973 | 11.39 | % | 926,817 | 8 | % | 1,158,521 | 10 | % | |||||||||||||
Investors Bancorp, Inc: | ||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 1,266,937 | 8.83 | % | $ | 573,604 | 4 | % | $ | 717,005 | 5 | % | ||||||||||
Tier 1 Risk-Based Capital | 1,266,937 | 10.92 | % | 464,237 | 4 | % | 696,356 | 6 | % | |||||||||||||
Total Risk-Based Capital | 1,412,368 | 12.17 | % | 928,474 | 8 | % | 1,160,593 | 10 | % | |||||||||||||
Parent_Company_Only_Financial_1
Parent Company Only Financial Statements (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||
Balance Sheets | Balance Sheets | ||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Assets: | |||||||||||
Cash and due from bank | $ | 1,022,231 | 6,515 | ||||||||
Securities available-for-sale, at estimated fair value | 3,791 | 3,910 | |||||||||
Investment in subsidiary | 2,409,557 | 1,243,679 | |||||||||
ESOP loan receivable | 96,951 | 33,491 | |||||||||
Other assets | 52,499 | 52,974 | |||||||||
Total Assets | $ | 3,585,029 | 1,340,569 | ||||||||
Liabilities and Stockholders’ Equity: | |||||||||||
Total liabilities | $ | 7,174 | 6,242 | ||||||||
Total stockholders’ equity | 3,577,855 | 1,334,327 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 3,585,029 | 1,340,569 | ||||||||
Statements Of Operations | Statements of Operations | ||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Income: | |||||||||||
Interest on ESOP loan receivable | $ | 2,565 | 1,176 | 1,167 | |||||||
Dividend from subsidiary | — | 10,000 | 135,000 | ||||||||
Interest on deposit with subsidiary | — | — | — | ||||||||
Gain (loss) on securities transactions | 145 | 89 | (41 | ) | |||||||
2,710 | 11,265 | 136,126 | |||||||||
Expenses: | |||||||||||
Other expenses | 12,240 | 1,473 | 1,413 | ||||||||
Income before income tax expense | (9,530 | ) | 9,792 | 134,713 | |||||||
Income tax (benefit) expense | (3,675 | ) | 233 | (112 | ) | ||||||
Income before undistributed earnings of subsidiary | (5,855 | ) | 9,559 | 134,825 | |||||||
Equity in undistributed earnings of subsidiary (dividend in excess of earnings) | 137,576 | 102,472 | (46,058 | ) | |||||||
Net income | $ | 131,721 | 112,031 | 88,767 | |||||||
Other Comprehensive Income | Other Comprehensive Income | ||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Net income | $ | 131,721 | 112,031 | 88,767 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Unrealized gain on securities available-for-sale | 1,482 | 1,316 | 826 | ||||||||
Total other comprehensive income | 1,482 | 1,316 | 826 | ||||||||
Total comprehensive income | $ | 133,203 | 113,347 | 89,593 | |||||||
Statements Of Cash Flows | Statements of Cash Flows | ||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 131,721 | 112,031 | 88,767 | |||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
(Equity in undistributed earnings of subsidiary)dividend in excess of earning | (137,576 | ) | (102,472 | ) | 46,058 | ||||||
Contribution to stock to charitable foundation | 10,000 | — | — | ||||||||
Loss (Gain) on securities transactions | 145 | 89 | 41 | ||||||||
Decrease in other assets | 2,227 | 2,235 | (670 | ) | |||||||
Increase in other liabilities | 525 | 1,834 | 1,820 | ||||||||
Net cash provided by operating activities | 7,042 | 13,717 | 136,016 | ||||||||
Cash flows from investing activities: | |||||||||||
Capital contributed to the Bank | (1,074,947 | ) | — | — | |||||||
Cash received net of cash paid for acquisition | 48 | 738 | (135,000 | ) | |||||||
Purchase of investments available-for-sale | (493 | ) | (668 | ) | (1,000 | ) | |||||
Redemption of equity securities available-for-sale | 467 | 280 | 85 | ||||||||
Principal collected on ESOP loan | 3,093 | 1,101 | 1,064 | ||||||||
Cash received from MHC merger | 11,307 | — | — | ||||||||
Net cash (used in) provided by investing activities | (1,060,525 | ) | 1,451 | (134,851 | ) | ||||||
Cash flows from financing activities: | |||||||||||
Loan to ESOP | (66,553 | ) | — | — | |||||||
Proceeds from issuance of common stock | 2,149,893 | — | — | ||||||||
Proceeds from sale of treasury stock | 38,227 | 6,916 | 2,633 | ||||||||
Purchase of treasury stock | (13,523 | ) | (1,531 | ) | (902 | ) | |||||
Net tax benefit on stock awards | 3,710 | 1,262 | 93 | ||||||||
Dividends paid | (42,555 | ) | (22,404 | ) | (5,595 | ) | |||||
Net cash provided by (used in) financing activities | 2,069,199 | (15,757 | ) | (3,771 | ) | ||||||
Net increase (decrease) in cash and due from bank | 1,015,716 | (589 | ) | (2,606 | ) | ||||||
Cash and due from bank at beginning of year | 6,515 | 7,104 | 9,710 | ||||||||
Cash and due from bank at end of year | $ | 1,022,231 | 6,515 | 7,104 | |||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Summary of Certain Quarterly Financial Data | The following tables are a summary of certain quarterly financial data for the years ended December 31, 2014 and 2013. | |||||||||||||
2014 Quarter Ended | ||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
(In thousands, except per share data) | ||||||||||||||
Interest and dividend income | $ | 158,625 | 164,089 | 167,058 | 171,090 | |||||||||
Interest expense | 29,434 | 29,326 | 29,212 | 30,919 | ||||||||||
Net interest income | 129,191 | 134,763 | 137,846 | 140,171 | ||||||||||
Provision for loan losses | 9,000 | 8,000 | 9,000 | 11,500 | ||||||||||
Net interest income after provision for loan losses | 120,191 | 126,763 | 128,846 | 128,671 | ||||||||||
Non-interest income | 11,942 | 10,173 | 9,872 | 9,874 | ||||||||||
Non-interest expenses | 77,198 | 112,155 | 76,584 | 73,923 | ||||||||||
Income before income tax expense | 54,935 | 24,781 | 62,134 | 64,622 | ||||||||||
Income tax expense | 20,516 | 9,596 | 23,092 | 21,547 | ||||||||||
Net income | $ | 34,419 | 15,185 | 39,042 | 43,075 | |||||||||
Basic earnings per common share | $ | 0.1 | 0.04 | 0.11 | 0.13 | |||||||||
Diluted earnings per common share | $ | 0.1 | 0.04 | 0.11 | 0.12 | |||||||||
2013 Quarter Ended | ||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
(In thousands, except per share data) | ||||||||||||||
Interest and dividend income | $ | 129,434 | 132,194 | 137,397 | 146,043 | |||||||||
Interest expense | 27,393 | 27,485 | 26,973 | 27,791 | ||||||||||
Net interest income | 102,041 | 104,709 | 110,424 | 118,252 | ||||||||||
Provision for loan losses | 13,750 | 13,750 | 13,750 | 9,250 | ||||||||||
Net interest income after provision for loan losses | 88,291 | 90,959 | 96,674 | 109,002 | ||||||||||
Non-interest income | 10,089 | 9,538 | 9,491 | 7,453 | ||||||||||
Non-interest expenses | 56,124 | 56,897 | 60,831 | 71,859 | ||||||||||
Income before income tax expense | 42,256 | 43,600 | 45,334 | 44,596 | ||||||||||
Income tax expense | 15,089 | 15,524 | 16,053 | 17,089 | ||||||||||
Net income | $ | 27,167 | 28,076 | 29,281 | 27,507 | |||||||||
Basic and diluted earnings per common share | $ | 0.1 | 0.1 | 0.11 | 0.09 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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. | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||
Net Income | $ | 131,721 | $ | 112,031 | $ | 88,767 | |||||||||||||||||||||||||||
Basic earnings per share: | |||||||||||||||||||||||||||||||||
Income available to common stockholders | $ | 131,721 | 344,389,259 | $ | 0.38 | $ | 112,031 | 279,632,558 | $ | 0.4 | $ | 88,767 | 273,797,796 | $ | 0.32 | ||||||||||||||||||
Effect of dilutive common stock equivalents (1) | — | 3,342,312 | — | 3,403,286 | — | 1,835,584 | |||||||||||||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||||||||||||||||
Income available to common stockholders | $ | 131,721 | 347,731,571 | $ | 0.38 | $ | 112,031 | 283,035,844 | $ | 0.4 | $ | 88,767 | 275,633,380 | $ | 0.32 | ||||||||||||||||||
(1) For the years ended December 31, 2014, 2013 and 2012, there were 142,953, 1.9 million, and 89,250 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. |
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 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: | |||||||||||||||||||||||||||
Year ended December 31, 2014 | Year ended December 31, 2013 | Year ended December 31, 2012 | ||||||||||||||||||||||||||
Gross | Tax | Net | Gross | Tax | Net | Gross | Tax | Net | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Net income | $ | 206,472 | (74,751 | ) | 131,721 | 175,786 | (63,755 | ) | 112,031 | 144,850 | (56,083 | ) | 88,767 | |||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||
Change in funded status of retirement obligations | (8,402 | ) | 3,360 | (5,042 | ) | 16 | (6 | ) | 10 | (4,267 | ) | 1,707 | (2,560 | ) | ||||||||||||||
Unrealized gain (loss) on securities available-for-sale | 9,836 | (3,884 | ) | 5,952 | (21,930 | ) | 9,103 | (12,827 | ) | 7,973 | (2,893 | ) | 5,080 | |||||||||||||||
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 available for sale | 2,918 | (1,192 | ) | 1,726 | 1,670 | (682 | ) | 988 | — | — | — | |||||||||||||||||
Unrealized gain on security reclassified from held to maturity to available for sale | — | — | — | 233 | (95 | ) | 138 | — | — | — | ||||||||||||||||||
Reclassification adjustment for security (gains) losses included in net income | (233 | ) | 95 | (138 | ) | (684 | ) | 279 | (405 | ) | 177 | (72 | ) | 105 | ||||||||||||||
Noncredit related component other-than-temporary impairment on security | — | — | — | 38 | (16 | ) | 22 | — | — | — | ||||||||||||||||||
Other-than-temporary impairment accretion on debt securities | 1,343 | (549 | ) | 794 | 2,075 | (848 | ) | 1,227 | 1,478 | (604 | ) | 874 | ||||||||||||||||
Total other comprehensive income (loss) | 5,462 | (2,170 | ) | 3,292 | (30,825 | ) | 12,736 | (18,089 | ) | 5,361 | (1,862 | ) | 3,499 | |||||||||||||||
Total comprehensive income | $ | 211,934 | (76,921 | ) | 135,013 | 144,961 | (51,019 | ) | 93,942 | 150,211 | (57,945 | ) | 92,266 | |||||||||||||||
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 years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||
Change in | Net Unrealized gains (losses) on investment securities | Total | ||||||||||||||||||||||||||
funded status of | accumulated | |||||||||||||||||||||||||||
retirement | other | |||||||||||||||||||||||||||
obligations | comprehensive | |||||||||||||||||||||||||||
loss | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance - December 31, 2013 | $ | (5,869 | ) | (19,827 | ) | (25,696 | ) | |||||||||||||||||||||
Net change | (5,042 | ) | 8,334 | 3,292 | ||||||||||||||||||||||||
Balance - December 31, 2014 | $ | (10,911 | ) | (11,493 | ) | (22,404 | ) | |||||||||||||||||||||
Balance - December 31, 2012 | $ | (5,879 | ) | (1,728 | ) | (7,607 | ) | |||||||||||||||||||||
Net change | 10 | (18,099 | ) | (18,089 | ) | |||||||||||||||||||||||
Balance - December 31, 2013 | $ | (5,869 | ) | (19,827 | ) | (25,696 | ) | |||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Reclassification adjustment for gains included in net income | ||||||||||||||||||||||||||||
Gain on security transactions | $ | (233 | ) | (684 | ) | |||||||||||||||||||||||
Noncredit-related gains on securities not expected to be sold (recognized in other comprehensive income) | — | 38 | ||||||||||||||||||||||||||
Change in funded status of retirement obligations (1) | ||||||||||||||||||||||||||||
Compensation and fringe benefits: | ||||||||||||||||||||||||||||
Adjustment of net obligation | (175 | ) | (941 | ) | ||||||||||||||||||||||||
Amortization of net obligation or asset | 25 | 33 | ||||||||||||||||||||||||||
Amortization of prior service cost | 125 | 147 | ||||||||||||||||||||||||||
Amortization of net gain | 580 | 777 | ||||||||||||||||||||||||||
Compensation and fringe benefits | 555 | 16 | ||||||||||||||||||||||||||
Total before tax | 322 | (630 | ) | |||||||||||||||||||||||||
Income tax expense | (205 | ) | (257 | ) | ||||||||||||||||||||||||
Net of tax | $ | 527 | (373 | ) | ||||||||||||||||||||||||
(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 11 for additional details. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
7-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 11, 2005 | 7-May-14 | Jan. 31, 2007 | |
Schedule of Accounting Policies [Line Items] | |||||||
Cash equivalents, reserve requirement | $39,100,000 | $44,100,000 | |||||
Loan delinquent, not received payment, period, days | 30 days | ||||||
Accrual of income on loans discontinued when interest or principal payments are in arrears, period, days | 90 days | ||||||
Loans impairment analysis to include minimum commercial real estate, multi-family and construction loans outstanding balance | 1,000,000 | ||||||
Bank owned life insurance, carrying value consists of cash surrender value | 155,800,000 | 144,900,000 | |||||
Bank owned life insurance, carrying value consists of claims stabilization reserve | 5,800,000 | 7,900,000 | |||||
Carrying amount of goodwill | 77,600,000 | 77,600,000 | |||||
Matching contribution percentage of the first 6% contributed by participants under 401 (k) plan | 50.00% | ||||||
Employee contribution percentage that company matches 50% | 6.00% | ||||||
Maximum repayment period funds borrowed by ESOP to purchase common stock, years | 30 years | ||||||
Net proceeds from selling shares of common stock | 2,150,000,000 | ||||||
Initial public stock offering (shares) | 213,963,274 | ||||||
Purchase of treasury stock, shares | 1,295,193 | 212,221 | 83,224 | ||||
Outstanding Minimum Balance Of Loans That Are Evaluated For Impairment Individually | $1,000,000 | ||||||
Core Deposit Premium | |||||||
Schedule of Accounting Policies [Line Items] | |||||||
Core deposit premiums, amortized on an accelerated basis, years | 10 years | ||||||
Investors Bancorp, MHC | |||||||
Schedule of Accounting Policies [Line Items] | |||||||
Percentage of common stock owned | 100.00% | ||||||
Initial public stock offering (shares) | 165,353,151 | ||||||
Successor | IPO | |||||||
Schedule of Accounting Policies [Line Items] | |||||||
Initial public stock offering (shares) | 219,580,695 | ||||||
Share price (per share) | $10 | $10 | |||||
Shares issued in exchange of each share of converted stock (shares) | 2.55 | ||||||
Shares issued as part of conversion (shares) | 137,560,968 | ||||||
Purchase of treasury stock, shares | 1,101,694 | ||||||
Investors Charitable Foundation | Successor | IPO | |||||||
Schedule of Accounting Policies [Line Items] | |||||||
Initial public stock offering (shares) | 1,000,000 |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 10, 2014 | Dec. 06, 2013 | |
Branches | branch | ||||
Business Acquisition [Line Items] | |||||
Bargain purchase gain | $1,482,000 | $0 | $0 | ||
Goodwill | 77,600,000 | 77,600,000 | |||
Gateway Community Financial Corporation | |||||
Business Acquisition [Line Items] | |||||
Number of branches acquired | 4 | ||||
Liabilities assumes, customer deposit | 254,700,000 | ||||
Loans receivable | 195,100,000 | ||||
Intangibles assumed | 1,900,000 | ||||
Bargain purchase gain | 1,500,000 | ||||
Roma Financial Corporation | |||||
Business Acquisition [Line Items] | |||||
Number of branches acquired | 26 | ||||
Liabilities assumes, customer deposit | 1,341,200,000 | ||||
Loans receivable | 991,000,000 | ||||
Intangibles assumed | 9,500,000 | ||||
Purchase price, common stock issued | 66,089,974 | ||||
Goodwill | 300,000 | ||||
Equity interest issued, exchange ratio | 0.8653 | ||||
Investors Bancorp, MHC | Gateway Community Financial Corporation | |||||
Business Acquisition [Line Items] | |||||
Purchase price, common stock issued | 1,945,079 | ||||
Investors Bancorp, MHC | Roma Financial Corporation | |||||
Business Acquisition [Line Items] | |||||
Purchase price, common stock issued | 49,834,129 | ||||
Roma Public Stockholders | Roma Financial Corporation | |||||
Business Acquisition [Line Items] | |||||
Purchase price, common stock issued | 16,255,845 | ||||
Core Deposit Premium | Roma Financial Corporation | |||||
Business Acquisition [Line Items] | |||||
Intangibles assumed | $8,900,000 |
Business_Combinations_Summary_
Business Combinations (Summary of Estimated Fair Values of the Assets Acquired and Liabilities Assumed) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 10, 2014 | Dec. 06, 2013 |
In Millions, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $77.60 | $77.60 | ||
Gateway Community Financial Corporation | ||||
Business Acquisition [Line Items] | ||||
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 | |||
Net assets acquired | 23.5 | |||
Roma Financial Corporation | ||||
Business Acquisition [Line Items] | ||||
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 | 29.9 | |||
Goodwill | 0.3 | |||
Intangible assets | 9.5 | |||
Other assets | 78.3 | |||
Total assets acquired | 1,631.90 | |||
Deposits | -1,341.20 | |||
Borrowed funds | -92.1 | |||
Other liabilities | -19.5 | |||
Total liabilities assumed | -1,452.80 | |||
Net assets acquired | $179.10 |
Stock_Transactions_Stock_Trans
Stock Transactions Stock Transactions (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||||
7-May-14 | Mar. 01, 2011 | Oct. 11, 2005 | Sep. 28, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 7-May-14 | |
Stock Transactions [Line Items] | ||||||||
Initial public stock offering (shares) | 213,963,274 | |||||||
Company contributed cash for common stock issued | $5,200,000 | |||||||
Stock issue expense, pre tax | 20,700,000 | |||||||
Proceeds from issuance initial public offering | 509,700,000 | |||||||
Stock subscription proceeds | 557,900,000 | |||||||
Net proceeds from selling shares of common stock | 2,150,000,000 | |||||||
Purchase of treasury stock, shares | 1,295,193 | 212,221 | 83,224 | |||||
Percentage of shares to be repurchased | 10.00% | |||||||
Number of shares authorized to be repurchased | 9,885,133 | |||||||
Stock repurchased during period, value | 13,523,000 | 1,531,000 | 902,000 | |||||
Stock repurchase cost, per share | $10.44 | $7.21 | ||||||
Dividends declared per share (usd per share) | $0.02 | |||||||
Common stock | ||||||||
Stock Transactions [Line Items] | ||||||||
Initial public stock offering (shares) | 131,649,089 | |||||||
Public shares outstanding, percentage | 43.74% | |||||||
Investors bank employee stock ownership plan (shares) | 10,847,883 | |||||||
Investors Bancorp, MHC | ||||||||
Stock Transactions [Line Items] | ||||||||
Initial public stock offering (shares) | 165,353,151 | |||||||
Public shares outstanding, percentage | 54.94% | |||||||
Investors Bank Charitable Foundation | ||||||||
Stock Transactions [Line Items] | ||||||||
Initial public stock offering (shares) | 3,949,473 | |||||||
Public shares outstanding, percentage | 1.32% | |||||||
Investors Bank | ||||||||
Stock Transactions [Line Items] | ||||||||
Proceeds from issuance initial public offering | $255,000,000 | |||||||
2006 Equity Incentive Plan | Restricted Stock | ||||||||
Stock Transactions [Line Items] | ||||||||
Shares allocated to fund the restricted stock | 8,710,037 | |||||||
IPO | Successor | ||||||||
Stock Transactions [Line Items] | ||||||||
Initial public stock offering (shares) | 219,580,695 | |||||||
Share price (per share) | $10 | $10 | ||||||
Shares issued in exchange of each share of converted stock (shares) | 2.55 | |||||||
Shares issued as part of conversion (shares) | 137,560,968 | |||||||
Purchase of treasury stock, shares | 1,101,694 | |||||||
Investors Charitable Foundation | IPO | Successor | ||||||||
Stock Transactions [Line Items] | ||||||||
Initial public stock offering (shares) | 1,000,000 |
Securities_Narrative_Details
Securities (Narrative) (Details) (USD $) | 12 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
Investment [Line Items] | ||||
AFS transferred to HTM | $524,000,000 | |||
Unrealized gain (loss) upon transfer of securities from AFS to HTM | 12,200,000 | |||
HTM securities transferred to AFS at fair value | 670,000 | |||
Carrying value of held to maturity security | 1,564,479,000 | 831,819,000 | ||
Fair value | 1,609,365,000 | 839,064,000 | ||
Accretion of loss on securities reclassified to held to maturity | 0 | 977,000 | 0 | |
Non credit-related OTTI | 25,000,000 | |||
Non credit-related OTTI, after-tax | 14,800,000 | |||
Recognized net gains on available-for-sale securities | 619,000 | |||
Gain (loss) on capital distributions of equity securities | 88,600 | -42,000 | ||
Gross realized gain from sale of Available-for-sale securities | 474,000 | 846,100 | 176,000 | |
Proceeds from sale of Held-to-maturity securities | 19,500,000 | 14,900,000 | ||
Gross realized gains from sale of Held-to-maturity securities | 927,000 | 193,000 | ||
Sales from held-to-maturity, book value | 18,300,000 | |||
Held-to-maturity securities, gross realized gains | 877,000 | |||
Gross realized losses from sale of Available-for-sale securities, | 162,300 | |||
Gain on securities transactions | 1,546,000 | 772,000 | 274,000 | |
Sale proceeds from sale of Available-for-sale securities, | 56,000,000 | 216,800,000 | ||
Proceeds from sale of available-for-sale securities acquired in the acquisition of Brooklyn Federal Bancorp, Inc. | 164,000 | 108,000 | 85,000 | |
Gross realized losses from sale of Held-to-maturity securities | 53,000 | |||
Book value of held-to-maturity securities | 14,900,000 | |||
Percentage of held-to-maturity portfolio sold on the original investment | 85.00% | |||
Corporate and other debt securities | ||||
Investment [Line Items] | ||||
Number of pooled trust preferred securities | 34 | |||
Amortized cost | 68,000 | |||
Carrying value of held to maturity security | 33,400,000 | |||
Fair value | 65,200,000 | |||
Number of securities in unrealized loss position | 2 | |||
Contractual maturities of mortgage-backed securities, years | 20 years | |||
BFSB | Agency Mortgage Backed Securities | ||||
Investment [Line Items] | ||||
Proceeds from sale of available-for-sale securities acquired in the acquisition of Brooklyn Federal Bancorp, Inc. | 166,800,000 | |||
U S Cap I V | ||||
Investment [Line Items] | ||||
Fair value | 48,000 | |||
TruP Security | ||||
Investment [Line Items] | ||||
Fair value | 48,000 | |||
Gain on securities transactions | 50,000 | |||
Available-for-sale Securities | ||||
Investment [Line Items] | ||||
Gain (loss) on capital distributions of equity securities | $145,000 |
Securities_Summary_of_Securiti
Securities (Summary of Securities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Net unrealized losses | ($108,817,000) | ($112,235,000) | ($114,514,000) | ($117,003,000) |
Carrying value of held to maturity security | 1,564,479,000 | 831,819,000 | ||
Gross unrealized losses | 3,483,000 | 18,459,000 | ||
Fair value | 1,609,365,000 | 839,064,000 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Carrying value | 1,185,815,000 | 782,759,000 | ||
Gross unrecognized gains | 14,301,000 | 9,990,000 | ||
Gross unrecognized losses | 2,192,000 | 7,717,000 | ||
Estimated fair value | 1,197,924,000 | 785,032,000 | ||
Equity Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Carrying value | 6,887,000 | 7,148,000 | ||
Gross unrecognized gains | 1,636,000 | 1,315,000 | ||
Gross unrecognized losses | 0 | 19,000 | ||
Estimated fair value | 8,523,000 | 8,444,000 | ||
Government-sponsored enterprises | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Gross unrealized losses | 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] | ||||
Amortized cost | 68,000 | |||
Carrying value of held to maturity security | 33,400,000 | |||
Gross unrealized losses | 367,000 | 1,392,000 | ||
Fair value | 65,200,000 | |||
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 | 3,116,000 | 17,049,000 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Carrying value | 1,178,928,000 | 771,937,000 | ||
Gross unrecognized gains | 12,665,000 | 8,675,000 | ||
Gross unrecognized losses | 2,192,000 | 7,698,000 | ||
Estimated fair value | 1,189,401,000 | 772,914,000 | ||
Federal Home Loan Mortgage Corporation | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Gross unrealized losses | 1,878,000 | 7,646,000 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Carrying value | 503,268,000 | 362,876,000 | ||
Gross unrecognized gains | 5,023,000 | 4,055,000 | ||
Gross unrecognized losses | 1,008,000 | 3,843,000 | ||
Estimated fair value | 507,283,000 | 363,088,000 | ||
Federal National Mortgage Association | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Gross unrealized losses | 1,218,000 | |||
Schedule of Available-for-sale Securities [Line Items] | ||||
Carrying value | 675,535,000 | 408,794,000 | ||
Gross unrecognized gains | 7,641,000 | 4,620,000 | ||
Gross unrecognized losses | 1,184,000 | 3,855,000 | ||
Estimated fair value | 681,992,000 | 409,559,000 | ||
Government National Mortgage Association | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Gross unrealized losses | 20,000 | |||
Schedule of Available-for-sale Securities [Line Items] | ||||
Carrying value | 125,000 | 267,000 | ||
Gross unrecognized gains | 1,000 | 0 | ||
Gross unrecognized losses | 0 | 0 | ||
Estimated fair value | 126,000 | 267,000 | ||
Held-to-maturity Securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 1,597,181,000 | 868,783,000 | ||
Net unrealized losses | -32,702,000 | -36,964,000 | ||
Carrying value of held to maturity security | 1,564,479,000 | 831,819,000 | ||
Gross unrealized gains | 48,369,000 | 25,704,000 | ||
Gross unrealized losses | 3,483,000 | 18,459,000 | ||
Fair value | 1,609,365,000 | 839,064,000 | ||
Debt Securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 87,195,000 | 75,606,000 | ||
Net unrealized losses | -25,047,000 | -26,391,000 | ||
Carrying value of held to maturity security | 62,148,000 | 49,215,000 | ||
Gross unrealized gains | 33,179,000 | 20,802,000 | ||
Gross unrealized losses | 367,000 | 1,410,000 | ||
Fair value | 94,960,000 | 68,607,000 | ||
Government-sponsored enterprises | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 4,388,000 | 4,542,000 | ||
Net unrealized losses | 0 | |||
Carrying value of held to maturity security | 4,388,000 | 4,542,000 | ||
Gross unrealized gains | 15,000 | 0 | ||
Gross unrealized losses | 0 | 18,000 | ||
Fair value | 4,403,000 | 4,524,000 | ||
Municipal Bonds | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 24,320,000 | 14,992,000 | ||
Net unrealized losses | 0 | |||
Carrying value of held to maturity security | 24,320,000 | 14,992,000 | ||
Gross unrealized gains | 1,001,000 | 487,000 | ||
Gross unrealized losses | 0 | 0 | ||
Fair value | 25,321,000 | 15,479,000 | ||
Corporate and other debt securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 58,487,000 | 56,072,000 | ||
Net unrealized losses | -25,047,000 | -26,391,000 | ||
Carrying value of held to maturity security | 33,440,000 | 29,681,000 | ||
Gross unrealized gains | 32,163,000 | 20,315,000 | ||
Gross unrealized losses | 367,000 | 1,392,000 | ||
Fair value | 65,236,000 | 48,604,000 | ||
Mortgage-backed securities: | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 1,509,986,000 | 793,177,000 | ||
Net unrealized losses | -7,655,000 | -10,573,000 | ||
Carrying value of held to maturity security | 1,502,331,000 | 782,604,000 | ||
Gross unrealized gains | 15,190,000 | 4,902,000 | ||
Gross unrealized losses | 3,116,000 | 17,049,000 | ||
Fair value | 1,514,405,000 | 770,457,000 | ||
Federal Home Loan Mortgage Corporation | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 504,407,000 | 308,890,000 | ||
Net unrealized losses | -3,770,000 | -5,273,000 | ||
Carrying value of held to maturity security | 500,637,000 | 303,617,000 | ||
Gross unrealized gains | 3,561,000 | 1,901,000 | ||
Gross unrealized losses | 1,878,000 | 7,646,000 | ||
Fair value | 502,320,000 | 297,872,000 | ||
Federal National Mortgage Association | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 978,261,000 | 483,916,000 | ||
Net unrealized losses | -3,885,000 | -5,300,000 | ||
Carrying value of held to maturity security | 974,376,000 | 478,616,000 | ||
Gross unrealized gains | 11,629,000 | 3,001,000 | ||
Gross unrealized losses | 1,218,000 | 9,403,000 | ||
Fair value | 984,787,000 | 472,214,000 | ||
Government National Mortgage Association | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 27,136,000 | |||
Net unrealized losses | 0 | |||
Carrying value of held to maturity security | 27,136,000 | |||
Gross unrealized gains | 0 | |||
Gross unrealized losses | 20,000 | |||
Fair value | 27,116,000 | |||
Federal Housing Authorities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 182,000 | 371,000 | ||
Net unrealized losses | 0 | 0 | ||
Carrying value of held to maturity security | 182,000 | 371,000 | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | ||
Fair value | $182,000 | $371,000 |
Securities_Investment_Securiti
Securities (Investment Securities, Continuous Unrealized Loss Position And Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | $143,542 | $375,305 |
12 months or more | 112,913 | 0 |
Total | 256,455 | 375,305 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 476 | 7,717 |
12 months or more | 1,716 | 0 |
Total | 2,192 | 7,717 |
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 85,642 | 25,701 |
Less than 12 months | 373,272 | 643,156 |
Total | 458,914 | 668,857 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 1,474 | 16,799 |
12 months or more | 2,009 | 1,660 |
Total | 3,483 | 18,459 |
Estimated fair value, Less than 12 months, Total | 516,814 | 1,018,461 |
Unrealized losses, Less than 12 months, Total | 1,950 | 24,516 |
Estimated fair value, 12 months or more, Total | 198,555 | 25,701 |
Unrealized losses, 12 months or more, Total | 3,725 | 1,660 |
Estimated fair value, Total | 715,369 | 1,044,162 |
Unrealized losses, Total | 5,675 | 26,176 |
Equity Securities | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 506 | |
12 months or more | 0 | |
Total | 506 | |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 19 | |
12 months or more | 0 | |
Total | 19 | |
Debt Securities | ||
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 233 | 376 |
Less than 12 months | 674 | 6,915 |
Total | 907 | 7,291 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 40 | 663 |
12 months or more | 327 | 747 |
Total | 367 | 1,410 |
Government-sponsored enterprises | ||
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 0 | |
Less than 12 months | 4,524 | |
Total | 4,524 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 18 | |
12 months or more | 0 | |
Total | 18 | |
Corporate and other debt securities | ||
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 233 | 376 |
Less than 12 months | 674 | 2,391 |
Total | 907 | 2,767 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 40 | 645 |
12 months or more | 327 | 747 |
Total | 367 | 1,392 |
Federal Home Loan Mortgage Corporation | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 76,525 | 164,306 |
12 months or more | 60,394 | 0 |
Total | 136,919 | 164,306 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 426 | 3,843 |
12 months or more | 582 | 0 |
Total | 1,008 | 3,843 |
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 47,892 | 20,871 |
Less than 12 months | 199,962 | 245,491 |
Total | 247,854 | 266,362 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 1,043 | 6,989 |
12 months or more | 835 | 657 |
Total | 1,878 | 7,646 |
Federal National Mortgage Association | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 67,017 | 210,493 |
12 months or more | 52,519 | 0 |
Total | 119,536 | 210,493 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 50 | 3,855 |
12 months or more | 1,134 | 0 |
Total | 1,184 | 3,855 |
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 37,517 | |
Less than 12 months | 145,520 | |
Total | 183,037 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 371 | |
12 months or more | 847 | |
Total | 1,218 | |
Government National Mortgage Association | ||
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 0 | |
Less than 12 months | 27,116 | |
Total | 27,116 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 20 | |
12 months or more | 0 | |
Total | 20 | |
Mortgage-backed securities: | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 143,542 | 374,799 |
12 months or more | 112,913 | 0 |
Total | 256,455 | 374,799 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 476 | 7,698 |
12 months or more | 1,716 | 0 |
Total | 2,192 | 7,698 |
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 85,409 | 25,325 |
Less than 12 months | 372,598 | 636,241 |
Total | 458,007 | 661,566 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 1,434 | 16,136 |
12 months or more | 1,682 | 913 |
Total | 3,116 | 17,049 |
Federal National Mortgage Association [Member] | ||
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 4,454 | |
Less than 12 months | 390,750 | |
Total | 395,204 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 9,147 | |
12 months or more | 256 | |
Total | $9,403 |
Securities_Summary_of_Pooled_T
Securities (Summary of Pooled Trust Preferred Securities) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Accretion of loss on securities reclassified to held to maturity | $0 | $977,000 | $0 |
Book Value | 1,564,479,000 | 831,819,000 | |
Fair Value | 1,609,365,000 | 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 | 22.40% | ||
Corporate Debt Securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Book Value | 33,440,400 | ||
Fair Value | 65,187,400 | ||
Unrealized Gains (Losses) | 31,747,000 | ||
Moody's, Caa1 Rating | Fitch, C Rating | Corporate Debt Securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Excess Subordination as a % of Performing Collateral (3) | 0.00% | ||
TruP Security | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Fair Value | 48,000 | ||
U S Cap I V | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Fair Value | 48,000 | ||
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 | 720,800 | ||
Unrealized Gains (Losses) | 315,500 | ||
Number of Issuers Currently Performing | 28 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 25.20% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.00% | ||
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 | 553,900 | ||
Fair Value | 1,143,800 | ||
Unrealized Gains (Losses) | 589,900 | ||
Number of Issuers Currently Performing | 55 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 24.70% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.00% | ||
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 | 463,000 | ||
Fair Value | 937,600 | ||
Unrealized Gains (Losses) | 474,600 | ||
Number of Issuers Currently Performing | 53 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 25.70% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.50% | ||
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 | 1,016,800 | ||
Fair Value | 3,022,500 | ||
Unrealized Gains (Losses) | 2,005,700 | ||
Number of Issuers Currently Performing | 51 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 19.40% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 11.40% | ||
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 | 431,700 | ||
Fair Value | 920,100 | ||
Unrealized Gains (Losses) | 488,400 | ||
Number of Issuers Currently Performing | 46 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 17.30% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 13.80% | ||
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 | 752,000 | ||
Fair Value | 1,452,600 | ||
Unrealized Gains (Losses) | 700,600 | ||
Number of Issuers Currently Performing | 51 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 5.20% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 14.60% | ||
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 | 1,700,900 | ||
Fair Value | 2,885,600 | ||
Unrealized Gains (Losses) | 1,184,700 | ||
Number of Issuers Currently Performing | 54 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 22.80% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.60% | ||
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 | 778,800 | ||
Fair Value | 1,611,000 | ||
Unrealized Gains (Losses) | 832,200 | ||
Number of Issuers Currently Performing | 39 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 19.00% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 14.80% | ||
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 | 942,000 | ||
Fair Value | 2,108,500 | ||
Unrealized Gains (Losses) | 1,166,500 | ||
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) | 13.10% | ||
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 | 458,000 | ||
Fair Value | 1,954,800 | ||
Unrealized Gains (Losses) | 1,496,800 | ||
Number of Issuers Currently Performing | 12 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 47.80% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.90% | ||
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 | 17,400 | ||
Fair Value | 26,600 | ||
Unrealized Gains (Losses) | 9,200 | ||
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 | 149,700 | ||
Fair Value | 221,000 | ||
Unrealized Gains (Losses) | 71,300 | ||
Number of Issuers Currently Performing | 6 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 18.00% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 7.30% | ||
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 | 713,600 | ||
Fair Value | 673,700 | ||
Unrealized Gains (Losses) | -39,900 | ||
Number of Issuers Currently Performing | 60 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 28.80% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 13.70% | ||
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 | 1,694,800 | ||
Fair Value | 4,320,100 | ||
Unrealized Gains (Losses) | 2,625,300 | ||
Number of Issuers Currently Performing | 60 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 28.80% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 13.70% | ||
Excess Subordination as a % of Performing Collateral (3) | 24.80% | ||
Pretsl XXIII | Moody's, A1 Rating | Fitch, A Rating | Corporate Debt Securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Book Value | 474,400 | ||
Fair Value | 1,436,800 | ||
Unrealized Gains (Losses) | 962,400 | ||
Number of Issuers Currently Performing | 71 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 19.90% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 11.70% | ||
Excess Subordination as a % of Performing Collateral (3) | 31.40% | ||
Pretsl XXIII | Moody's, A1 Rating | Fitch, BBB Rating | Corporate Debt Securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Book Value | 685,600 | ||
Fair Value | 2,094,600 | ||
Unrealized Gains (Losses) | 1,409,000 | ||
Number of Issuers Currently Performing | 93 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 20.30% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.70% | ||
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 | 2,007,700 | ||
Fair Value | 3,886,000 | ||
Unrealized Gains (Losses) | 1,878,300 | ||
Number of Issuers Currently Performing | 49 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 16.70% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.70% | ||
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 | 1,844,600 | ||
Fair Value | 3,583,400 | ||
Unrealized Gains (Losses) | 1,738,800 | ||
Number of Issuers Currently Performing | 34 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 22.40% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.80% | ||
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 | 1,908,000 | ||
Fair Value | 2,738,200 | ||
Unrealized Gains (Losses) | 830,200 | ||
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) | 9.60% | ||
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 | 1,474,900 | ||
Fair Value | 2,879,500 | ||
Unrealized Gains (Losses) | 1,404,600 | ||
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 | 2,813,500 | ||
Fair Value | 5,922,900 | ||
Unrealized Gains (Losses) | 3,109,400 | ||
Number of Issuers Currently Performing | 30 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 10.50% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 7.20% | ||
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 | 4,262,800 | ||
Fair Value | 5,203,700 | ||
Unrealized Gains (Losses) | 940,900 | ||
Number of Issuers Currently Performing | 17 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 34.90% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 11.20% | ||
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 | 943,800 | ||
Fair Value | 1,974,300 | ||
Unrealized Gains (Losses) | 1,030,500 | ||
Number of Issuers Currently Performing | 30 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 10.50% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 7.20% | ||
Tpref I | Moody's, Ca Rating | Corporate Debt Securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Book Value | 1,595,500 | ||
Fair Value | 2,164,300 | ||
Unrealized Gains (Losses) | 568,800 | ||
Number of Issuers Currently Performing | 6 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 54.20% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 8.80% | ||
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 | 559,900 | ||
Fair Value | 232,500 | ||
Unrealized Gains (Losses) | -327,400 | ||
Number of Issuers Currently Performing | 35 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 24.90% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 8.90% | ||
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 | 1,708,400 | ||
Fair Value | 2,197,300 | ||
Unrealized Gains (Losses) | 488,900 | ||
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 | 156,400 | ||
Fair Value | 3,205,500 | ||
Unrealized Gains (Losses) | 3,049,100 | ||
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) | 8.60% | ||
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 | 757,300 | ||
Fair Value | 1,593,500 | ||
Unrealized Gains (Losses) | 836,200 | ||
Number of Issuers Currently Performing | 43 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 7.80% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.40% | ||
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 | 416,900 | ||
Fair Value | 702,800 | ||
Unrealized Gains (Losses) | 285,900 | ||
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) | 9.60% | ||
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 | 340,000 | ||
Fair Value | 705,400 | ||
Unrealized Gains (Losses) | 365,400 | ||
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) | 8.80% | ||
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 | 849,700 | ||
Fair Value | 1,763,500 | ||
Unrealized Gains (Losses) | 913,800 | ||
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) | 8.80% | ||
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 | 338,300 | ||
Fair Value | 523,100 | ||
Unrealized Gains (Losses) | 184,800 | ||
Number of Issuers Currently Performing | 31 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 11.80% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 6.70% | ||
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 | 381,400 | ||
Unrealized Gains (Losses) | $156,600 | ||
Number of Issuers Currently Performing | 33 | ||
Current Deferrals and Defaults as a % of Total Collateral (1) | 26.40% | ||
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 10.90% | ||
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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying value of held to maturity security | $1,564,479,000 | $831,819,000 |
Total, Estimated fair value | 1,609,365,000 | 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 | 19,100,000 | |
Due after one year through five years, Amortized cost | 4,603,000 | |
Due after five years through ten years, Amortized cost | 0 | |
Due after ten years, Amortized cost | 38,445,000 | |
Carrying value of held to maturity security | 62,148,000 | |
Due in one year or less, Estimated fair value | 19,100,000 | |
Due after one year through five years, Estimated fair value | 4,618,000 | |
Due after five years through ten years, Estimated fair value | 0 | |
Due after ten years, Estimated fair value | 71,242,000 | |
Total, Estimated fair value | $94,960,000 |
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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments, Debt and Equity Securities [Abstract] | |||
Balance of credit related OTTI, beginning of period | $112,235 | $114,514 | $117,003 |
Initial credit impairments | 0 | 0 | 0 |
Subsequent credit impairments | 0 | 977 | 0 |
Accretion of credit loss impairment due to an increase in expected cash flows | -3,418 | -3,256 | -2,489 |
Balance of credit related OTTI, end of period | $108,817 | $112,235 | $114,514 |
Loans_Receivable_Net_Narrative
Loans Receivable, Net (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
loan | loan | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
PCI loans | $17,789,000 | $36,047,000 | $17,789,000 | $36,047,000 | $36,047,000 | |||||||
Allowance for loan losses, individually evaluated for impairment | 2,139,000 | 2,066,000 | 2,139,000 | 2,066,000 | 2,066,000 | |||||||
PCI loans acquired | 1,500,000 | |||||||||||
Outstanding minimum balance of loans to be evaluated for impairment individually | 1,000,000 | 1,000,000 | ||||||||||
Outstanding minimum balance of loans that are evaluated for impairment individually | 1,000,000 | 1,000,000 | ||||||||||
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 | 11,500,000 | 9,000,000 | 8,000,000 | 9,000,000 | 9,250,000 | 13,750,000 | 13,750,000 | 13,750,000 | 37,500,000 | 50,500,000 | 65,000,000 | 2,100,000 |
Loans, Individually evaluated for impairment | 60,499,000 | 66,662,000 | 60,499,000 | 66,662,000 | 66,662,000 | |||||||
Interest income received and recognized on loans | 2,500,000 | 2,400,000 | ||||||||||
Charges-offs for collateral dependent TDRs | 18,244,000 | 22,610,000 | ||||||||||
Loans modified as TDR in the last 12 months for which there was a default payment | 0 | |||||||||||
Troubled debt restructured, number of loans | 85 | 79 | ||||||||||
Recorded investment | 47,277,000 | 51,034,000 | 47,277,000 | 51,034,000 | 51,034,000 | |||||||
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 | |||||||||||
Residential Loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Loans modified as TDR in the last 12 months for which there was a default payment | 2 | |||||||||||
Recorded investment | 763,000 | 763,000 | 763,000 | |||||||||
Collateral Dependant TDRs | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Charges-offs for collateral dependent TDRs | 3,000,000 | 1,600,000 | ||||||||||
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 | |||||||||||
Commercial and Industrial Loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 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 | 506,000 | 506,000 | |||||||||
Loans, Individually evaluated for impairment | 3,310,000 | 1,612,000 | 3,310,000 | 1,612,000 | 1,612,000 | |||||||
Charges-offs for collateral dependent TDRs | 2,447,000 | 516,000 | ||||||||||
Post- modification Interest Yield | 0.00% | 4.00% | ||||||||||
Weighted average modified yield | 0.00% | 6.00% | ||||||||||
Residential Mortgage Loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses, individually evaluated for impairment | 1,865,000 | 2,066,000 | 1,865,000 | 2,066,000 | 2,066,000 | |||||||
Number of current loans classified as non-accrual, TDR | 5 | 14 | ||||||||||
TDR number of current loans classified as non-accrual, amount | 2,900,000 | 1,600,000 | 2,900,000 | 1,600,000 | 1,600,000 | |||||||
Loans, Individually evaluated for impairment | 23,285,000 | 20,987,000 | 23,285,000 | 20,987,000 | 20,987,000 | |||||||
Charges-offs for collateral dependent TDRs | 7,715,000 | 15,508,000 | ||||||||||
Post- modification Interest Yield | 3.90% | 3.33% | ||||||||||
Weighted average modified yield | 5.35% | 5.05% | ||||||||||
TDR loans classified as non-accrual, 30-89 days delinquent, amount | 1,500,000 | 4,600,000 | 1,500,000 | 4,600,000 | 4,600,000 | |||||||
TDR loans classified as non-accrual, 30-89 days delinquent, number of loans | 10 | 5 | ||||||||||
Residential Mortgage Loans | Maximum | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Delinquency period in days | 89 days | 89 days | ||||||||||
Residential Mortgage Loans | Minimum | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Delinquency period in days | 30 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 | 0 | 0 | |||||||
Number of current loans classified as non-accrual, TDR | 1 | |||||||||||
TDR number of current loans classified as non-accrual, amount | 2,300,000 | 2,300,000 | 2,300,000 | |||||||||
Loans, Individually evaluated for impairment | 4,111,000 | 15,313,000 | 4,111,000 | 15,313,000 | 15,313,000 | |||||||
Charges-offs for collateral dependent TDRs | 323,000 | 1,266,000 | ||||||||||
Post- modification Interest Yield | 0.00% | 3.79% | ||||||||||
Weighted average modified yield | 0.00% | 7.66% | ||||||||||
Commercial Real Estate Loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses, individually evaluated for impairment | 274,000 | 0 | 274,000 | 0 | 0 | |||||||
Loans, Individually evaluated for impairment | 22,995,000 | 11,713,000 | 22,995,000 | 11,713,000 | 11,713,000 | |||||||
Charges-offs for collateral dependent TDRs | 6,147,000 | 1,101,000 | ||||||||||
Post- modification Interest Yield | 5.75% | 5.41% | ||||||||||
Weighted average modified yield | 6.59% | 7.29% | ||||||||||
Construction Loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | |||||||
Loans, Individually evaluated for impairment | 6,798,000 | 17,037,000 | 6,798,000 | 17,037,000 | 17,037,000 | |||||||
Charges-offs for collateral dependent TDRs | 640,000 | 3,424,000 | ||||||||||
Commercial Loan | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Outstanding minimum balance of loans that are evaluated for impairment individually | 1,000,000 | 1,000,000 | ||||||||||
Number of current loans classified as non-accrual, TDR | 1 | |||||||||||
TDR number of current loans classified as non-accrual, amount | 620,000 | 620,000 | 620,000 | |||||||||
Post- modification Interest Yield | 5.75% | 4.07% | ||||||||||
Weighted average modified yield | 6.59% | 7.57% | ||||||||||
PCI Loans | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Transfer of Loans Held-for-sale to Portfolio Loans | 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 | 17,800,000 | 36,000,000 | 17,800,000 | 36,000,000 | 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 | 9,200,000 | 19,600,000 | 9,200,000 | 19,600,000 | 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 | $8,600,000 | $16,400,000 | $8,600,000 | $16,400,000 | $16,400,000 |
Loans_Receivable_Net_Details
Loans Receivable, Net (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Receivables [Abstract] | ||||
Multi-family loans | $5,048,477 | $3,985,517 | ||
Commercial real estate loans | 3,139,824 | 2,485,937 | ||
Commercial and industrial loans | 544,402 | 265,836 | ||
Construction loans | 143,664 | 194,542 | ||
Total commercial loans | 8,876,367 | 6,931,832 | ||
Residential mortgage loans | 5,764,896 | 5,692,810 | ||
Consumer and other loans | 440,500 | 403,929 | ||
Total loans excluding PCI loans | 15,081,763 | 13,028,571 | ||
PCI loans | 17,789 | 36,047 | ||
Net unamortized premiums and deferred loan costs | -11,698 | -8,146 | ||
Allowance for loan losses | -200,284 | -173,928 | -142,172 | -117,242 |
Net loans | $14,887,570 | $12,882,544 |
Loans_Receivable_Net_Purchased
Loans Receivable, Net (Purchased Credit Impaired Loans) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 10, 2014 | Dec. 06, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||||
PCI loans, outstanding | $17,789 | $36,047 | ||
PCI Loans | ||||
Accretable Yeild [Roll Forward] | ||||
Balance, beginning of period | 4,154 | 1,457 | ||
Acquisitions | 216 | 3,425 | ||
Accretion (1) | -3,399 | -728 | ||
Net reclassification from non-accretable difference | 0 | 0 | ||
Balance, ending of period | 971 | 4,154 | ||
Roma Financial Corporation | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period [Abstract] | ||||
Contractually required principal and interest | -4,172 | 46,231 | ||
Contractual cash flows not expected to be collected (non-accretable difference) | 1,024 | -16,441 | ||
Expected cash flows to be collected | 3,148 | 29,790 | ||
Interest component of expected cash flows (accretable yield) | -216 | -3,425 | ||
Fair value of acquired loans | 2,932 | 26,365 | ||
Marathon Banking Corporation and Marathon National Bank of New York | PCI Loans | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
PCI loans, outstanding | 17,800 | 36,000 | ||
Upto 90 Days | Marathon Banking Corporation and Marathon National Bank of New York | PCI Loans | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
PCI loans, outstanding | 9,200 | 19,600 | ||
More than 90 Days | Marathon Banking Corporation and Marathon National Bank of New York | PCI Loans | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
PCI loans, outstanding | $8,600 | $16,400 |
Loans_Receivable_Net_Summary_o
Loans Receivable, Net (Summary of Analysis of the Allowance for Loan Losses) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Balance at beginning of year | $173,928 | $142,172 | $173,928 | $142,172 | $117,242 | $117,242 | ||||||
Loans charged off | -18,244 | -22,610 | -44,150 | |||||||||
Recoveries | 7,100 | 3,866 | 4,080 | |||||||||
Net charge-offs | -11,144 | -18,744 | -40,070 | |||||||||
Provision for loan losses | 11,500 | 9,000 | 8,000 | 9,000 | 9,250 | 13,750 | 13,750 | 13,750 | 37,500 | 50,500 | 65,000 | 2,100 |
Balance at end of year | $200,284 | $173,928 | $200,284 | $173,928 | $142,172 | $173,928 |
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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | $173,928 | $142,172 |
Allowance for loan losses, Charge-offs | -18,244 | -22,610 |
Allowance for loan losses, Recoveries | 7,100 | 3,866 |
Allowance for loan losses, Provision | 37,500 | 50,500 |
Allowance for loan losses, Ending balance | 200,284 | 173,928 |
Allowance for loan losses, Individually evaluated for impairment | 2,139 | 2,066 |
Allowance for loan losses, Collectively evaluated for impairment | 198,145 | 171,862 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 60,499 | 66,662 |
Loans, Collectively evaluated for impairment | 15,021,264 | 12,961,909 |
Loan, Loans acquired with deteriorated credit quality | 17,789 | 36,047 |
Ending Balance | 15,099,552 | 13,064,618 |
Multi- Family Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 42,103 | 29,853 |
Allowance for loan losses, Charge-offs | -323 | -1,266 |
Allowance for loan losses, Recoveries | 3,784 | 219 |
Allowance for loan losses, Provision | 25,583 | 13,297 |
Allowance for loan losses, Ending balance | 71,147 | 42,103 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 71,147 | 42,103 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 4,111 | 15,313 |
Loans, Collectively evaluated for impairment | 5,044,366 | 3,970,204 |
Loan, Loans acquired with deteriorated credit quality | 637 | 691 |
Ending Balance | 5,049,114 | 3,986,208 |
Commercial Real Estate Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 46,657 | 33,347 |
Allowance for loan losses, Charge-offs | -6,147 | -1,101 |
Allowance for loan losses, Recoveries | 201 | 65 |
Allowance for loan losses, Provision | 3,319 | 14,346 |
Allowance for loan losses, Ending balance | 44,030 | 46,657 |
Allowance for loan losses, Individually evaluated for impairment | 274 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 43,756 | 46,657 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 22,995 | 11,713 |
Loans, Collectively evaluated for impairment | 3,116,829 | 2,474,224 |
Loan, Loans acquired with deteriorated credit quality | 7,329 | 19,390 |
Ending Balance | 3,147,153 | 2,505,327 |
Commercial and Industrial Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 9,273 | 4,094 |
Allowance for loan losses, Charge-offs | -2,447 | -516 |
Allowance for loan losses, Recoveries | 516 | 604 |
Allowance for loan losses, Provision | 13,417 | 5,091 |
Allowance for loan losses, Ending balance | 20,759 | 9,273 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 20,759 | 9,273 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 3,310 | 1,612 |
Loans, Collectively evaluated for impairment | 541,092 | 264,224 |
Loan, Loans acquired with deteriorated credit quality | 56 | 2,586 |
Ending Balance | 544,458 | 268,422 |
Construction Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 8,947 | 16,062 |
Allowance for loan losses, Charge-offs | -640 | -3,424 |
Allowance for loan losses, Recoveries | 799 | 315 |
Allowance for loan losses, Provision | -2,618 | -4,006 |
Allowance for loan losses, Ending balance | 6,488 | 8,947 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 6,488 | 8,947 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 6,798 | 17,037 |
Loans, Collectively evaluated for impairment | 136,866 | 177,505 |
Loan, Loans acquired with deteriorated credit quality | 4,732 | 7,719 |
Ending Balance | 148,396 | 202,261 |
Residential Mortgage Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 51,760 | 45,369 |
Allowance for loan losses, Charge-offs | -7,715 | -15,508 |
Allowance for loan losses, Recoveries | 1,783 | 2,528 |
Allowance for loan losses, Provision | 2,108 | 19,371 |
Allowance for loan losses, Ending balance | 47,936 | 51,760 |
Allowance for loan losses, Individually evaluated for impairment | 1,865 | 2,066 |
Allowance for loan losses, Collectively evaluated for impairment | 46,071 | 49,694 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 23,285 | 20,987 |
Loans, Collectively evaluated for impairment | 5,741,611 | 5,671,823 |
Loan, Loans acquired with deteriorated credit quality | 4,581 | 5,541 |
Ending Balance | 5,769,477 | 5,698,351 |
Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 2,161 | 2,086 |
Allowance for loan losses, Charge-offs | -972 | -795 |
Allowance for loan losses, Recoveries | 17 | 135 |
Allowance for loan losses, Provision | 2,141 | 735 |
Allowance for loan losses, Ending balance | 3,347 | 2,161 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 3,347 | 2,161 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 0 | 0 |
Loans, Collectively evaluated for impairment | 440,500 | 403,929 |
Loan, Loans acquired with deteriorated credit quality | 454 | 120 |
Ending Balance | 440,954 | 404,049 |
Unallocated | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
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 | -6,450 | 1,666 |
Allowance for loan losses, Ending balance | 6,577 | 13,027 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 6,577 | 13,027 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | $15,081,763 | $13,028,571 |
Multi- Family Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 5,048,477 | 3,985,517 |
Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 3,139,824 | 2,485,937 |
Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 544,402 | 265,836 |
Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 143,664 | 194,542 |
Commercial Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 8,876,367 | 6,931,832 |
Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 5,764,896 | 5,692,810 |
Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 440,500 | 403,929 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 14,719,791 | 12,701,071 |
Pass [Member] | Multi- Family Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 4,958,045 | 3,919,808 |
Pass [Member] | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 3,034,609 | 2,389,086 |
Pass [Member] | Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 515,395 | 247,983 |
Pass [Member] | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 136,584 | 158,576 |
Pass [Member] | Commercial Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 8,644,633 | 6,715,453 |
Pass [Member] | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 5,641,190 | 5,584,728 |
Pass [Member] | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 433,968 | 400,890 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 146,579 | 112,642 |
Special Mention [Member] | Multi- Family Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 62,886 | 49,199 |
Special Mention [Member] | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 29,248 | 23,739 |
Special Mention [Member] | Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 20,321 | 7,540 |
Special Mention [Member] | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 2,075 | 7,847 |
Special Mention [Member] | Commercial Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 114,530 | 88,325 |
Special Mention [Member] | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 29,710 | 23,252 |
Special Mention [Member] | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 2,339 | 1,065 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 215,393 | 214,858 |
Substandard [Member] | Multi- Family Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 27,546 | 16,510 |
Substandard [Member] | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 75,967 | 73,112 |
Substandard [Member] | Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 8,686 | 10,313 |
Substandard [Member] | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 5,005 | 28,119 |
Substandard [Member] | Commercial Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 117,204 | 128,054 |
Substandard [Member] | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 93,996 | 84,830 |
Substandard [Member] | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 4,193 | 1,974 |
Doubtful [Member] | ||
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] | Commercial and Industrial 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 | |
Doubtful [Member] | Commercial Loan | ||
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] | 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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | $33,102 | $42,637 |
60-89 Days | 11,318 | 18,805 |
Greater than 90 Days | 103,998 | 90,687 |
Total Past Due | 148,418 | 152,129 |
Current | 14,933,345 | 12,876,442 |
Total Loans Receivable | 15,081,763 | 13,028,571 |
Multi- Family Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 698 | 1,408 |
60-89 Days | 239 | 218 |
Greater than 90 Days | 2,989 | 3,588 |
Total Past Due | 3,926 | 5,214 |
Current | 5,044,551 | 3,980,303 |
Total Loans Receivable | 5,048,477 | 3,985,517 |
Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 6,566 | 16,380 |
60-89 Days | 778 | 10,247 |
Greater than 90 Days | 13,940 | 2,091 |
Total Past Due | 21,284 | 28,718 |
Current | 3,118,540 | 2,457,219 |
Total Loans Receivable | 3,139,824 | 2,485,937 |
Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 792 | 5,871 |
60-89 Days | 395 | 287 |
Greater than 90 Days | 2,903 | 775 |
Total Past Due | 4,090 | 6,933 |
Current | 540,312 | 258,903 |
Total Loans Receivable | 544,402 | 265,836 |
Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 0 | 302 |
60-89 Days | 0 | 527 |
Greater than 90 Days | 4,345 | 16,181 |
Total Past Due | 4,345 | 17,010 |
Current | 139,319 | 177,532 |
Total Loans Receivable | 143,664 | 194,542 |
Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 8,056 | 23,961 |
60-89 Days | 1,412 | 11,279 |
Greater than 90 Days | 24,177 | 22,635 |
Total Past Due | 33,645 | 57,875 |
Current | 8,842,722 | 6,873,957 |
Total Loans Receivable | 8,876,367 | 6,931,832 |
Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 23,712 | 17,779 |
60-89 Days | 8,900 | 7,358 |
Greater than 90 Days | 75,610 | 66,079 |
Total Past Due | 108,222 | 91,216 |
Current | 5,656,674 | 5,601,594 |
Total Loans Receivable | 5,764,896 | 5,692,810 |
Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 1,334 | 897 |
60-89 Days | 1,006 | 168 |
Greater than 90 Days | 4,211 | 1,973 |
Total Past Due | 6,551 | 3,038 |
Current | 433,949 | 400,891 |
Total Loans Receivable | $440,500 | $403,929 |
Loans_Receivable_Net_NonAccrua
Loans Receivable, Net (Non-Accrual Loans Status) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
loan | loan | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | 462 | 343 |
Non-accrual, Amount | $108,359 | $100,360 |
Multi- Family Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | 2 | 5 |
Non-accrual, Amount | 2,989 | 5,905 |
Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | 36 | 12 |
Non-accrual, Amount | 13,940 | 2,711 |
Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | 11 | 4 |
Non-accrual, Amount | 2,903 | 1,281 |
Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | 7 | 18 |
Non-accrual, Amount | 4,345 | 16,181 |
Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | 56 | 39 |
Non-accrual, Amount | 24,177 | 26,078 |
Residential And Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | 406 | 304 |
Non-accrual, Amount | $84,182 | $74,282 |
Loans_Receivable_Net_Loans_Ind
Loans Receivable, Net (Loans Individually Evaluated for Impairment by Class of Loans) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Recorded Investment | ||
With an allowance recorded | $0 | |
Total | 60,499 | 66,662 |
Unpaid Principal Balance | ||
With an allowance recorded | 0 | |
Total | 74,521 | 92,222 |
Related Allowance | 2,139 | 2,066 |
Average Recorded Investment | ||
With an allowance recorded | 0 | |
Total | 63,655 | 66,800 |
Interest Income Recognized | ||
With an allowance recorded | 0 | |
Total | 2,525 | 2,353 |
Multi- Family Loans | ||
Recorded Investment | ||
With no related allowance | 4,111 | 15,313 |
With an allowance recorded | 0 | 0 |
Total | 4,111 | 15,313 |
Unpaid Principal Balance | ||
With no related allowance | 7,846 | 28,681 |
With an allowance recorded | 0 | 0 |
Total | 7,846 | 28,681 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance | 4,746 | 15,405 |
With an allowance recorded | 0 | 0 |
Total | 4,746 | 15,405 |
Interest Income Recognized | ||
With no related allowance | 135 | 428 |
With an allowance recorded | 0 | 0 |
Total | 135 | 428 |
Commercial Real Estate Loans | ||
Recorded Investment | ||
With no related allowance | 19,901 | 11,713 |
With an allowance recorded | 3,094 | 0 |
Total | 22,995 | 11,713 |
Unpaid Principal Balance | ||
With no related allowance | 23,601 | 12,223 |
With an allowance recorded | 4,760 | 0 |
Total | 28,361 | 12,223 |
Related Allowance | 274 | 0 |
Average Recorded Investment | ||
With no related allowance | 17,056 | 11,538 |
With an allowance recorded | 3,106 | 0 |
Total | 20,162 | 11,538 |
Interest Income Recognized | ||
With no related allowance | 879 | 679 |
With an allowance recorded | 72 | 0 |
Total | 951 | 679 |
Commercial and Industrial Loans | ||
Recorded Investment | ||
With no related allowance | 3,310 | 1,612 |
With an allowance recorded | 0 | |
Total | 3,310 | 1,612 |
Unpaid Principal Balance | ||
With no related allowance | 3,310 | 1,612 |
With an allowance recorded | 0 | |
Total | 3,310 | 1,612 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance | 1,985 | 1,490 |
With an allowance recorded | 0 | |
Total | 1,985 | 1,490 |
Interest Income Recognized | ||
With no related allowance | 152 | 105 |
With an allowance recorded | 0 | |
Total | 152 | 105 |
Construction Loans | ||
Recorded Investment | ||
With no related allowance | 6,798 | 17,037 |
With an allowance recorded | 0 | 0 |
Total | 6,798 | 17,037 |
Unpaid Principal Balance | ||
With no related allowance | 9,292 | 26,642 |
With an allowance recorded | 0 | 0 |
Total | 9,292 | 26,642 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance | 13,609 | 19,157 |
With an allowance recorded | 0 | 0 |
Total | 13,609 | 19,157 |
Interest Income Recognized | ||
With no related allowance | 410 | 198 |
With an allowance recorded | 0 | 0 |
Total | 410 | 198 |
Commercial Loan | ||
Recorded Investment | ||
With no related allowance | 34,120 | 45,675 |
With an allowance recorded | 3,094 | 0 |
Total | 37,214 | 45,675 |
Unpaid Principal Balance | ||
With no related allowance | 44,049 | 69,158 |
With an allowance recorded | 4,760 | 0 |
Total | 48,809 | 69,158 |
Related Allowance | 274 | 0 |
Average Recorded Investment | ||
With no related allowance | 37,396 | 47,590 |
With an allowance recorded | 3,106 | 0 |
Total | 40,502 | 47,590 |
Interest Income Recognized | ||
With no related allowance | 1,576 | 1,410 |
With an allowance recorded | 72 | 0 |
Total | 1,648 | 1,410 |
Residential Mortgage Loans | ||
Recorded Investment | ||
With no related allowance | 6,755 | 3,924 |
With an allowance recorded | 16,530 | 17,063 |
Total | 23,285 | 20,987 |
Unpaid Principal Balance | ||
With no related allowance | 8,830 | 5,607 |
With an allowance recorded | 16,882 | 17,457 |
Total | 25,712 | 23,064 |
Related Allowance | 1,865 | 2,066 |
Average Recorded Investment | ||
With no related allowance | 6,606 | 3,330 |
With an allowance recorded | 16,547 | 15,880 |
Total | 23,153 | 19,210 |
Interest Income Recognized | ||
With no related allowance | 370 | 190 |
With an allowance recorded | 507 | 753 |
Total | $877 | $943 |
Loans_Receivable_Net_Troubled_
Loans Receivable, Net (Troubled Debt Restructured Loans) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
loan | loan | |
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | 55 | 50 |
Accrual, amount | $35,624,000 | $39,570,000 |
Non-accrual, number of loans | 30 | 29 |
Non-accrual, amount | 11,653,000 | 11,464,000 |
Troubled debt restructured, number of loans | 85 | 79 |
Troubled debt restructuring, Amount | 47,277,000 | 51,034,000 |
Multi- Family Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | 2 | 4 |
Accrual, amount | 1,122,000 | 9,844,000 |
Non-accrual, number of loans | 0 | 1 |
Non-accrual, amount | 0 | 2,317,000 |
Troubled debt restructured, number of loans | 2 | 5 |
Troubled debt restructuring, Amount | 1,122,000 | 12,161,000 |
Commercial Real Estate Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | 8 | 7 |
Accrual, amount | 15,250,000 | 11,093,000 |
Non-accrual, number of loans | 1 | 1 |
Non-accrual, amount | 3,197,000 | 620,000 |
Troubled debt restructured, number of loans | 9 | 8 |
Troubled debt restructuring, Amount | 18,447,000 | 11,713,000 |
Commercial and Industrial Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | 2 | 1 |
Accrual, amount | 1,381,000 | 1,106,000 |
Non-accrual, number of loans | 0 | 1 |
Non-accrual, amount | 0 | 506,000 |
Troubled debt restructured, number of loans | 2 | 2 |
Troubled debt restructuring, Amount | 1,381,000 | 1,612,000 |
Construction Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | 2 | 3 |
Accrual, amount | 3,066,000 | 4,552,000 |
Non-accrual, number of loans | 0 | 0 |
Non-accrual, amount | 0 | 0 |
Troubled debt restructured, number of loans | 2 | 3 |
Troubled debt restructuring, Amount | 3,066,000 | 4,552,000 |
Commercial Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | 14 | 15 |
Accrual, amount | 20,819,000 | 26,595,000 |
Non-accrual, number of loans | 1 | 3 |
Non-accrual, amount | 3,197,000 | 3,443,000 |
Troubled debt restructured, number of loans | 15 | 18 |
Troubled debt restructuring, Amount | 24,016,000 | 30,038,000 |
Residential Mortgage Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | 41 | 35 |
Accrual, amount | 14,805,000 | 12,975,000 |
Non-accrual, number of loans | 29 | 26 |
Non-accrual, amount | 8,456,000 | 8,021,000 |
Troubled debt restructured, number of loans | 70 | 61 |
Troubled debt restructuring, Amount | 23,261,000 | 20,996,000 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Transfer of Portfolio Loans and Leases to Held-for-sale | $32,400,000 |
Loans_Receivable_Net_Schedule_1
Loans Receivable, Net (Schedule Of Troubled Debt Restructurings) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
loan | loan | |
Residential Mortgage Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | 11 | 23 |
Pre- modification Recorded Investment | $3,217,000 | $10,031,000 |
Post- modification Recorded Investment | 3,217,000 | 9,463,000 |
Multi- Family Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | 0 | 5 |
Pre- modification Recorded Investment | 0 | 20,677,000 |
Post- modification Recorded Investment | 0 | 13,060,000 |
Commercial Real Estate Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | 3 | 4 |
Pre- modification Recorded Investment | 10,657,000 | 5,080,000 |
Post- modification Recorded Investment | 7,657,000 | 4,679,000 |
Commercial and Industrial Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | 0 | 1 |
Pre- modification Recorded Investment | 0 | 521,000 |
Post- modification Recorded Investment | 0 | 521,000 |
Commercial Loan | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | 3 | 10 |
Pre- modification Recorded Investment | 10,657,000 | 26,278,000 |
Post- modification Recorded Investment | 7,657,000 | 18,260,000 |
Residential Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Proceeds from Sale and Collection of Loans Held-for-sale | 14,900,000 | |
Residential Mortgage Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | 11 | 23 |
Pre-modification Interest Yield | 5.35% | 5.05% |
Post- modification Interest Yield | 3.90% | 3.33% |
Commercial Loan | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | 3 | 10 |
Pre-modification Interest Yield | 6.59% | 7.57% |
Post- modification Interest Yield | 5.75% | 4.07% |
Commercial and Industrial Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | 0 | 1 |
Pre-modification Interest Yield | 0.00% | 6.00% |
Post- modification Interest Yield | 0.00% | 4.00% |
Multi- Family Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | 0 | 5 |
Pre-modification Interest Yield | 0.00% | 7.66% |
Post- modification Interest Yield | 0.00% | 3.79% |
Commercial Real Estate Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | 3 | 4 |
Pre-modification Interest Yield | 6.59% | 7.29% |
Post- modification Interest Yield | 5.75% | 5.41% |
Construction Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Proceeds from Sale and Collection of Loans Held-for-sale | 8,200,000 | |
Gain on Loan Transactions, Net | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gain (Loss) on Sales, Net | $552,000 |
Office_Properties_and_Equipmen2
Office Properties and Equipment, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Office properties and equipment, Gross | $253,068 | $209,994 | |
Less accumulated depreciation and amortization | 92,169 | 71,889 | |
Office properties and equipment, net | 160,899 | 138,105 | |
Depreciation and amortization expense | 13,151 | 8,540 | 7,177 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Office properties and equipment, Gross | 21,862 | 12,728 | |
Office buildings | |||
Property, Plant and Equipment [Line Items] | |||
Office properties and equipment, Gross | 78,808 | 73,770 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Office properties and equipment, Gross | 66,857 | 44,587 | |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Office properties and equipment, Gross | 68,420 | 54,610 | |
Construction in process | |||
Property, Plant and Equipment [Line Items] | |||
Office properties and equipment, Gross | $17,121 | $24,299 |
Goodwill_and_Intangibles_Asset2
Goodwill and Intangibles Assets Summary of Other Intangible Assets(Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | $49,283 | $49,580 |
Accumulated Amortization | -20,028 | -17,941 |
Valuation Allowance | -121 | -81 |
Net Intangible Assets | 29,134 | 31,558 |
Mortgage Servicing Rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 23,925 | 26,075 |
Accumulated Amortization | -9,543 | -11,292 |
Valuation Allowance | -121 | -81 |
Net Intangible Assets | 14,261 | 14,702 |
Core Deposit Premium | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 25,058 | 23,205 |
Accumulated Amortization | -10,375 | -6,569 |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | 14,683 | 16,636 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 300 | 300 |
Accumulated Amortization | -110 | -80 |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | $190 | $220 |
Goodwill_and_Intangibles_Asset3
Goodwill and Intangibles Assets Estimated Future Amortization (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Mortgage Servicing Rights | |
Finite-Lived Intangible Assets [Line Items] | |
2015 | $415 |
2016 | 433 |
2017 | 450 |
2018 | 467 |
2019 | 484 |
Core Deposit Premium | |
Finite-Lived Intangible Assets [Line Items] | |
2015 | 3,351 |
2016 | 2,900 |
2017 | 2,441 |
2018 | 1,983 |
2019 | 1,524 |
Other | |
Finite-Lived Intangible Assets [Line Items] | |
2015 | 30 |
2016 | 30 |
2017 | 30 |
2018 | 30 |
2019 | $30 |
Goodwill_and_Intangibles_Asset4
Goodwill and Intangibles Assets Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 06, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $77,600,000 | $77,600,000 | |
Loans sold | 1,590,000,000 | 1,710,000,000 | |
Estimated fair value of servicing asset in intangible assets | 14,300,000 | 14,700,000 | |
Weighted average discount rate of servicing assets | 10.17% | ||
Weighted average constant prepayment rate on mortgages | 11.22% | ||
Weighted average life of servicing assets, years | 6 years 6 months 0 days | ||
Roma Financial Corporation | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 300,000 | ||
Core Deposit Premium | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 10 years | ||
Core Deposit Premium | Roma Financial Corporation | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | $1,900,000 |
Deposits_Summary_of_Deposits_D
Deposits (Summary of Deposits) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ||
Savings, Weighted Average Rate | 0.27% | 0.28% |
Checking accounts, Weighted Average Rate | 0.20% | 0.17% |
Money market deposits, Weighted Average Rate | 0.71% | 0.34% |
Total transaction accounts, Weighted Average Rate | 0.40% | 0.25% |
Certificates of deposit, Weighted Average Rate | 1.00% | 0.83% |
Total deposits, Weighted Average Rate | 0.53% | 0.43% |
Savings, Amount | $2,318,911 | $2,212,034 |
Checking account, Amount | 3,892,839 | 3,163,250 |
Money market deposits, Amount | 3,390,238 | 1,958,982 |
Total transaction accounts, Amount | 9,601,988 | 7,334,266 |
Certificates of deposit, Amount | 2,570,338 | 3,384,545 |
Total Deposit, Amount | $12,172,326 | $10,718,811 |
Savings, Percentage of Total | 19.05% | 20.64% |
Checking accounts, Percentage of Total | 31.98% | 29.50% |
Money market deposit, Percentage of Total | 27.85% | 18.28% |
Total transaction accounts, Percentage of Total | 78.88% | 68.42% |
Certificate of deposit, Percentage of Total | 21.12% | 31.58% |
Total Deposits, Percentage of Total | 100.00% | 100.00% |
Deposits_Scheduled_Maturities_
Deposits (Scheduled Maturities of Certificates of Deposit) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Banking and Thrift [Abstract] | ||
Within one year | $1,450,655,000 | $2,170,493,000 |
One to two years | 660,523,000 | 552,127,000 |
Two to three years | 278,190,000 | 376,172,000 |
Three to four years | 74,526,000 | 179,774,000 |
After four years | 106,444,000 | 105,979,000 |
Deposits, Domestic | 2,570,338,000 | 3,384,545,000 |
Certificates of deposit, $100,000 or More, Total | $1,190,000,000 | $1,580,000,000 |
Deposits_Interest_Expense_on_D
Deposits (Interest Expense on Deposits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Banking and Thrift [Abstract] | |||
Checking accounts | $8,755 | $6,245 | $6,586 |
Money market deposits | 13,664 | 7,537 | 7,937 |
Savings | 6,639 | 6,320 | 7,859 |
Certificates of deposit | 30,148 | 29,867 | 41,200 |
Interest expense of deposits | $59,206 | $49,969 | $63,582 |
Borrowed_Funds_Narrative_Detai
Borrowed Funds (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Maximum month end balance of repurchase agreements | $261,200,000 | $267,700,000 | $250,000,000 |
Average amount of repurchase agreements outstanding during the years | 192,900,000 | 165,400,000 | 156,100,000 |
Repurchase agreements, average interest rate | 2.02% | 1.50% | 3.93% |
FHLB, borrowing capacity | 7,370,000,000 | ||
FHLB, borrowing capacity outstanding | 2,620,000,000 | ||
Letters of credit outstanding | 2,030,000,000 | ||
Outstanding balance | 0 | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Federal funds rate, basis spread | 0.20% | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Federal funds rate, basis spread | 0.30% | ||
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Commitment for overnight with other institutions | $100,000,000 |
Borrowed_Funds_Summary_of_Borr
Borrowed Funds (Summary of Borrowed Funds) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary Of Borrowed Funds [Line Items] | ||
Funds borrowed under repurchase agreements, Principal | $167,918 | $267,681 |
Funds borrowed under repurchase agreements, Weighted Average Rage | 2.28% | 1.60% |
FHLB advances, Principal | 2,598,186 | 3,094,494 |
FHLB advances, Weighted Average Rate | 2.24% | 1.83% |
Other, Principal | 0 | 5,099 |
Other, Weighted Average Rate | 0.00% | 1.91% |
Total Other borrowed funds, Principal | 2,598,186 | 3,099,593 |
Total Other borrowed funds, Weighted Average Rate | 2.24% | 1.83% |
Total borrowed funds, Principal | 2,766,104 | 3,367,274 |
Total borrowed funds, Weighted Average Rate | 2.24% | 1.81% |
Other Brokers [Member] | ||
Summary Of Borrowed Funds [Line Items] | ||
Funds borrowed under repurchase agreements, Principal | 142,847 | 244,681 |
Funds borrowed under repurchase agreements, Weighted Average Rage | 2.00% | 1.35% |
Federal Home Loan Bank [Member] | ||
Summary Of Borrowed Funds [Line Items] | ||
Funds borrowed under repurchase agreements, Principal | $25,071 | $23,000 |
Funds borrowed under repurchase agreements, Weighted Average Rage | 3.90% | 3.90% |
Borrowed_Funds_Borrowed_Funds_
Borrowed Funds (Borrowed Funds Scheduled Maturities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Within one year, Principal | $576,250 | $1,214,204 |
One to two years, Principal | 325,000 | 311,500 |
Two to three years, Principal | 250,071 | 325,000 |
Three to four years, Principal | 763,597 | 250,730 |
Four to five years, Principal | 444,994 | 714,246 |
After five years, Principal | 406,192 | 551,594 |
Total borrowed funds, Principal | $2,766,104 | $3,367,274 |
Within one year, Weighted Average Rate | 2.03% | 0.64% |
One to two years, Weighted Average Rate | 2.79% | 3.49% |
Two to three years, Weighted Average Rate | 3.00% | 2.79% |
Three to four years, Weighted Average Rate | 2.22% | 3.01% |
Four to five years, Weighted Average Rate | 1.78% | 2.26% |
After five years, Weighted Average Rate | 2.18% | 1.73% |
Total borrowed funds, Weighted Average Rate | 2.24% | 1.81% |
Borrowed_Funds_Amortized_Cost_
Borrowed Funds (Amortized Cost and Fair Value of The Underlying Securities Used As Collateral For Securities Sold Under Agreements to Repurchase) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized cost of collateral | $195,890 | $325,392 |
Fair value of collateral | 198,502 | 322,563 |
Mortgage-Based Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized cost of collateral | 195,890 | 325,392 |
Fair value of collateral | $198,502 | $322,563 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | ||
Retained earnings without deferred income taxes | $45,200,000 | ||
Deferred income taxes | 18,500,000 | ||
Noncash Contribution Expense | 20,000,000 | 0 | 0 |
Contribution to stock to charitable foundation | 10,000,000 | 0 | 0 |
Deferred Tax Assets, Valuation Allowance | $346,000 | $0 |
Income_Taxes_Summary_of_Compon
Income Taxes (Summary of Components of Income Tax Expense (Benefit)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Current tax expense, Federal | $77,029 | $76,692 | $62,331 | ||||||||
Current tax expense, State | 7,508 | 7,881 | 4,491 | ||||||||
Current tax expense, Total | 84,537 | 84,573 | 66,822 | ||||||||
Deferred tax (benefit) expense, Federal | -3,846 | -16,887 | -11,331 | ||||||||
Deferred tax (benefit) expense, State | -5,940 | -3,931 | 592 | ||||||||
Deferred tax (benefit) expense, Total | -9,786 | -20,818 | -10,739 | ||||||||
Total income tax expense (benefit) | $21,547 | $23,092 | $9,596 | $20,516 | $17,089 | $16,053 | $15,524 | $15,089 | $74,751 | $63,755 | $56,083 |
Income_Taxes_Summary_of_Reconc
Income Taxes (Summary of Reconciliation Between the Actual Income Tax Expense (Benefit) And The 'Expected' Amount Computed Using Applicable Statutory Federal Income Tax Rate) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
“Expected†federal income tax expense | $72,265 | $61,525 | $50,698 | ||||||||
State tax, net | 1,019 | 2,567 | 3,304 | ||||||||
Bank owned life insurance | -1,628 | -1,014 | -972 | ||||||||
Expiration of loss carry forward | 0 | 645 | 2 | ||||||||
Change in valuation allowance for federal deferred tax assets | 0 | -645 | -2 | ||||||||
ESOP fair market value adjustment | 349 | 538 | 295 | ||||||||
Non-deductible compensation | 3,334 | 411 | 454 | ||||||||
Non-deductible acquisition related expenses | 0 | 297 | 866 | ||||||||
Expiration of stock options | 2 | 0 | 1,267 | ||||||||
Other | -590 | -569 | 171 | ||||||||
Total income tax expense (benefit) | $21,547 | $23,092 | $9,596 | $20,516 | $17,089 | $16,053 | $15,524 | $15,089 | $74,751 | $63,755 | $56,083 |
Income_Taxes_Summary_of_Deferr
Income Taxes (Summary of Deferred Tax Asset and Liability in Temporary Differences And Loss Carryforwards) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Employee benefits | $30,832 | $25,882 |
Deferred compensation | 1,332 | 1,265 |
Premises and equipment | 1,532 | 0 |
Allowance for loan losses | 79,255 | 67,135 |
Net unrealized loss on securities | 9,101 | 14,631 |
Net other than temporary impairment loss on securities | 44,225 | 44,945 |
ESOP | 2,921 | 2,279 |
Allowance for delinquent interest | 12,379 | 18,340 |
Fair value adjustments related to acquisitions | 38,309 | 38,131 |
Loan origination costs | 10,821 | 9,130 |
Charitable contribution carryforward | 5,685 | 0 |
Other | 1,969 | 1,131 |
Gross deferred tax asset | 238,361 | 222,869 |
Valuation allowance | -346 | 0 |
Net deferred tax asset | 238,015 | 222,869 |
Intangible assets | 251 | 381 |
Mortgage servicing rights | 5,866 | 5,692 |
Premises and equipment | 0 | 590 |
Gross deferred tax liability | 6,117 | 6,663 |
Net deferred tax asset | $231,898 | $216,206 |
Benefit_Plans_Narrative_Detail
Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 7-May-14 | Oct. 11, 2005 | Oct. 31, 2005 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Underfunded pension benefits | $40,522,000 | $29,152,000 | ||||
Accumulated benefit obligation | 23,600,000 | 20,100,000 | ||||
Matching contribution | 50.00% | |||||
Contribution by participants, percentage | 6.00% | |||||
Company's aggregate contributions | 2,000,000 | 1,500,000 | 1,200,000 | |||
Share-based compensation expense | 13,700,000 | 3,400,000 | 3,700,000 | |||
Stock option expense | 1,800,000 | 365,000 | 424,000 | |||
Restricted stock expense | 11,900,000 | 3,100,000 | 3,200,000 | |||
Weighted average grant date fair value of options granted | $0.04 | $0.04 | ||||
Number of stock option grated due to Roma Acquisition | 144,177 | |||||
Weighted average exercise price for options grated due to Roma Acquisition, per share | $10.29 | |||||
Future expense of non vested option outstanding | 90,000 | |||||
Expected future compensation expense relating to unvested restricted shares | 5 years 10 months 25 days | |||||
Employee Stock Ownership Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Shares authorized to purchase | 10,847,883 | |||||
Share Price | $10 | $10 | ||||
Investors bank employee stock ownership plan (shares) | 6,617,421 | |||||
Outstanding loan principle balance | 97,000,000 | 33,900,000 | ||||
ESOP, Incremental borrowing, amount | 66,200,000 | |||||
Shares allocated to participants | 3,728,061 | |||||
Shares unallocated or not yet committed to be released | 13,737,243 | |||||
Fair market value | 154,300,000 | |||||
Compensation expense | 5,100,000 | 3,000,000 | 2,300,000 | |||
Amended And Restated Supplemental Esop And Retirement Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Compensation expense | 568,000 | 782,000 | 240,000 | |||
Pentegra DB Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Funded status | 107.60% | 98.38% | ||||
Contribution and pension cost | 5,300,000 | 5,900,000 | 5,200,000 | |||
Accrued liability in pension plan | 672,000 | 247,000 | ||||
Defined benefit plan maximum employer contribution, less than | 5.00% | |||||
Expected contribution for the 2015 | $6,000,000 | |||||
Employee Stock Option | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Issuance of additional restricted stock | 144,177 | 504,696 | 17,850 | |||
Vesting period | 5 years | |||||
Contractual term of option | 10 years | |||||
Restricted Stock | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Issuance of additional restricted stock | 38,250 | 7,650 | 1,234,200 | |||
Roma Financial Corporation | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Number of stock option grated due to Roma Acquisition | 1,584,235 | |||||
Weighted average exercise price for options grated due to Roma Acquisition, per share | $6.11 | |||||
Common stock | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Investors bank employee stock ownership plan (shares) | 10,847,883 |
Benefit_Plans_Schedule_of_Info
Benefit Plans (Schedule of Information Regarding Supplemental Executive Retirement Wage Replacement Plan And The Directors' Defined Benefit Plan) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Benefit obligation at beginning of year | $29,152 | $25,526 | |
Service cost | 2,319 | 1,799 | 1,313 |
Interest cost | 1,322 | 908 | 796 |
Loss due to change in mortality assumption | 3,289 | 0 | |
Loss (gain) due to change in discount rate | 4,816 | -3,634 | |
Loss due to demographic changes | 495 | 5,647 | |
Actuarial (gain) loss | 0 | -330 | |
Benefits paid | -871 | -764 | |
Benefit obligation at end of year | 40,522 | 29,152 | 25,526 |
Funded status | ($40,522) | ($29,152) |
Benefit_Plans_Components_of_Ac
Benefit Plans (Components of Accumulated Other Comprehensive Loss Related To Pension Plans On A Pre-Tax Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Prior service cost | $49 | $146 |
Net actuarial loss | 16,923 | 8,956 |
Total amounts recognized in accumulated other comprehensive income | $16,972 | $9,102 |
Benefit_Plans_Schedule_of_Weig
Benefit Plans (Schedule of Weighted-Average Actuarial Assumptions Used) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ||
Discount rate | 3.71% | 4.53% |
Rate of compensation increase | 4.19% | 4.00% |
Benefit_Plans_Components_of_Ne
Benefit Plans (Components of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Service cost | $2,319 | $1,799 | $1,313 |
Interest cost | 1,322 | 908 | 796 |
Amortization of prior service cost | 98 | 98 | 98 |
Amortization of net loss | 633 | 660 | 145 |
Total net periodic benefit cost | $4,372 | $3,465 | $2,352 |
Benefit_Plans_Weighted_Average
Benefit Plans (Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Discount Rate | 4.53% | 3.56% | 4.08% |
Rate of compensation increase | 4.00% | 3.87% | 3.74% |
Benefit_Plans_Estimated_Future
Benefit Plans (Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
2015 | $944 |
2016 | 929 |
2017 | 912 |
2018 | 894 |
2019 | 875 |
2020 through 2024 | $17,508 |
Benefit_Plans_Summary_of_NonVe
Benefit Plans (Summary of Non-Vested Options and Restricted Shares) (Details) (Restricted Stock, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock | |
Number of Shares Awarded | |
Number of Shares Awarded, Non-vested Beginning Balance | 2,655,585 |
Number of Shares Awarded, Granted | 38,250 |
Number of Shares, Awarded, Forfeited | -8,512 |
Number of Shares Awarded, Vested | -2,685,323 |
Number of Shares Awarded, Non-vested Ending Balance | 0 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value, Non-vested Beginning Balance | $5.37 |
Weighted Average Grant Date Fair Value, Vested | $5.44 |
Weighted Average Grant Date Fair Value, Forfeited | $5.08 |
Weighted Average Grant Date Fair Value, Granted | $10.19 |
Weighted Average Grant Date Fair Value, Non-vested Ending Balance | $0 |
Benefit_Plans_Summary_of_Stock
Benefit Plans (Summary of Stock Option Activity and Related Information) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
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 | -2,302,726 | |
Number of Stock Options, Forfeited | -3,570 | |
Number of Stock Options, Expired | -44,648 | |
Number of Stock Options, Outstanding Ending Balance | 9,092,584 | 11,299,351 |
Number of Stock Options, Exercisable Ending Balance | 9,064,376 | |
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 | $8.97 | |
Weighted Average Exercise Price, Expired | $5.74 | |
Weighted Average Exercise Price, Outstanding Ending Balance | $6.06 | $5.99 |
Weighted Average Exercise Price, Exercisable Ending Balance | $6.04 | |
Outstanding, Weighted Average Remaining Contractual Life | 2 years 10 months 3 days | 3 years 8 months 4 days |
Weighted Average Remaining Contractual Life, Exercisable Ending Balance | 2 years 9 months 10 days | |
Aggregate Intrinsic Value, Outstanding Beginning Balance | $45,652 | |
Aggregate Intrinsic Value, Outstanding Ending Balance | 46,984 | 45,652 |
Aggregate Intrinsic Value, Exercisable at Ending Balance | $46,969 |
Benefit_Plans_Schedule_of_Fair
Benefit Plans (Schedule of Fair Value of Option Grants Estimated on the Date of Grant) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Expected dividend yield | 0.35% | 0.16% | 1.12% |
Expected volatility | 32.97% | 33.20% | 30.40% |
Risk-free interest rate | 1.69% | 1.38% | 0.67% |
Expected option life | 6 years 6 months | 6 years 6 months | 10 years |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Rental expense | $17,300,000 | $15,200,000 | $13,900,000 |
Loans receivable, net | 14,887,570,000 | 12,882,544,000 | |
Standby letters of credit extended for a term, years | 1 year | ||
Letters of credit outstanding | 2,030,000,000 | ||
Commercial Real Estate Loans | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Commitments to fixed- and variable-rate loans | 628,600,000 | ||
Commitments To Originate Fixed | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Commitments to fixed- and variable-rate loans | 80,500,000 | ||
Commitments To Purchase Fixed | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Commitments to fixed- and variable-rate loans | 105,200,000 | ||
Unused lines of Credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Commitment | 680,600,000 | ||
Commitments To Fund Loans | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Commitment | 19,200,000 | ||
Commitments To Sell Loans | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Commitment | 11,000,000 | ||
Standby Letters of Credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Letters of credit outstanding | 20,100,000 | ||
Commercial Loan | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Letters of credit outstanding | 1,500,000 | ||
One to Four Family Mortgage Loans | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans receivable, net | $288,000,000 | $341,700,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Projected Annual Minimum Rental Commitments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $17,354 |
2016 | 16,338 |
2017 | 15,672 |
2018 | 14,799 |
2019 | 14,151 |
Thereafter | 94,272 |
Projected annual minimum rental commitments | $172,586 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
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 |
Outstanding minimum balance of loans that are evaluated for impairment individually | 1,000,000 |
Mortgage Servicing Rights | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rate | 10.17% |
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 | 5.70% |
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 $) | Dec. 31, 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 | $1,197,924 | $785,032 |
Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 8,523 | 8,444 |
Government-sponsored enterprises | ||
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 | 1,189,401 | 772,914 |
Federal Home Loan Mortgage Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 507,283 | 363,088 |
Federal National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 681,992 | 409,559 |
Government National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 126 | 267 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 1,197,924 | 785,032 |
Fair Value, Measurements, Recurring | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 8,523 | 8,444 |
Fair Value, Measurements, Recurring | Government-sponsored enterprises | ||
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 | 1,189,401 | 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 | 507,283 | 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 | 681,992 | 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 | 126 | 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 | Government-sponsored enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 0 | |
Level 1 | 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 | 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 | 1,197,924 | 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 | 8,523 | 8,444 |
Level 2 | Fair Value, Measurements, Recurring | Government-sponsored enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 3,004 | |
Level 2 | 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 | 0 | |
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 | 1,189,401 | 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 | 507,283 | 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 | 681,992 | 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 | 126 | 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 | Government-sponsored enterprises | ||
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_Carryi1
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Non-Recurring Basis) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 14,300 | 14,700 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 13,081 | |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 0 | |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 0 | |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 13,081 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 566 | 929 |
Total | 13,647 | 929 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 566 | 929 |
Total | 13,647 | 929 |
Other Real Estate Owned | Minimum | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range | 0.00% | 0.00% |
Other Real Estate Owned | Maximum | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range | 25.00% | 25.00% |
Other Real Estate Owned | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range | 15.87% | 2.42% |
Mortgage Servicing Rights | Minimum | ||
Fair Value Inputs [Abstract] | ||
Prepayment speeds, range | 5.70% | |
Mortgage Servicing Rights | Maximum | ||
Fair Value Inputs [Abstract] | ||
Prepayment speeds, range | 29.40% | |
Mortgage Servicing Rights | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Prepayment speeds, range | 11.22% |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes in Level 3 Assets Measured at Fair Value on Recurring Basis) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $670 | $0 |
Transfers from held-to-maturity | 0 | 670 |
Net income | 470 | 0 |
Other comprehensive income (loss) | -229 | 0 |
Sales | -911 | 0 |
Settlements | 0 | 0 |
Ending balance | $0 | $670 |
Fair_Value_Measurements_Carryi2
Fair Value Measurements (Carrying Amounts and Estimated Fair Values) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale | $1,197,924,000 | $785,032,000 |
Held-to-maturity securities, estimated fair value | 1,609,365,000 | 839,064,000 |
Estimated fair value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 230,961,000 | 250,689,000 |
Securities available-for-sale | 1,197,924,000 | 785,032,000 |
Held-to-maturity securities, estimated fair value | 1,609,365,000 | 839,064,000 |
Stock in FHLB | 151,287,000 | 178,126,000 |
Loans held for sale | 6,868,000 | 8,273,000 |
Net loans | 14,747,319,000 | 12,598,551,000 |
Deposits, other than time deposits | 9,601,988,000 | 7,334,266,000 |
Time deposits | 2,580,572,000 | 3,410,202,000 |
Borrowed funds | 2,796,969,000 | 3,337,419,000 |
Carrying value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 230,961,000 | 250,689,000 |
Securities available-for-sale | 1,197,924,000 | 785,032,000 |
Held-to-maturity securities, estimated fair value | 1,564,479,000 | 831,819,000 |
Stock in FHLB | 151,287,000 | 178,126,000 |
Loans held for sale | 6,868,000 | 8,273,000 |
Net loans | 14,887,570,000 | 12,882,544,000 |
Deposits, other than time deposits | 9,601,988,000 | 7,334,266,000 |
Time deposits | 2,570,338,000 | 3,384,545,000 |
Borrowed funds | 2,766,104,000 | 3,367,274,000 |
Level 1 | Estimated fair value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 230,961,000 | 250,689,000 |
Securities available-for-sale | 0 | 0 |
Held-to-maturity securities, estimated fair value | 0 | 0 |
Stock in FHLB | 151,287,000 | 178,126,000 |
Loans held for sale | 0 | 0 |
Net loans | 0 | 0 |
Deposits, other than time deposits | 9,601,988,000 | 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 |
Securities available-for-sale | 1,197,924,000 | 784,362,000 |
Held-to-maturity securities, estimated fair value | 1,544,129,000 | 790,460,000 |
Stock in FHLB | 0 | 0 |
Loans held for sale | 6,868,000 | 8,273,000 |
Net loans | 0 | 0 |
Deposits, other than time deposits | 0 | 0 |
Time deposits | 2,580,572,000 | 3,410,202,000 |
Borrowed funds | 2,796,969,000 | 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 |
Securities available-for-sale | 0 | 670,000 |
Held-to-maturity securities, estimated fair value | 65,236,000 | 48,604,000 |
Stock in FHLB | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans | 14,747,319,000 | 12,598,551,000 |
Deposits, other than time deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | $0 | $0 |
Regulatory_Capital_Details
Regulatory Capital (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I capital (to average assets) Actual, Amount | $2,339,572 | $1,174,799 |
Tier I capital (to average assets) Actual, Ratio | 12.79% | 8.20% |
Tier I capital (to average assets) For Capital Adequacy Purposes, Amount | 731,884 | 573,180 |
Tier I capital (to average assets) For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier I capital (to average assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 914,855 | 716,475 |
Tier I capital (to average assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Tier I capital (to risk-weighted assets) Actual, Amount | 2,339,572 | 1,174,799 |
Tier I capital (to risk-weighted assets) Actual, Ratio | 17.01% | 10.14% |
Tier I capital (to risk-weighted assets) For Capital Adequacy Purposes, Amount | 550,321 | 463,408 |
Tier I capital (to risk-weighted assets) For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier I capital (to risk-weighted assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 825,481 | 695,113 |
Tier I capital (to risk-weighted assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Total capital (to risk-weighted assets) Actual, Amount | 2,511,897 | 1,319,973 |
Total capital (to risk-weighted assets) Actual, Ratio | 18.26% | 11.39% |
Total capital (to risk-weighted assets) For Capital Adequacy Purposes, Amount | 1,100,641 | 926,817 |
Total capital (to risk-weighted assets) For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 1,375,802 | 1,158,521 |
Total capital (to risk-weighted assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Company | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I capital (to average assets) Actual, Amount | 3,511,433 | 1,266,937 |
Tier I capital (to average assets) Actual, Ratio | 19.17% | 8.83% |
Tier I capital (to average assets) For Capital Adequacy Purposes, Amount | 732,710 | 573,604 |
Tier I capital (to average assets) For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier I capital (to average assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 915,887 | 717,005 |
Tier I capital (to average assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Tier I capital (to risk-weighted assets) Actual, Amount | 3,511,433 | 1,266,937 |
Tier I capital (to risk-weighted assets) Actual, Ratio | 25.48% | 10.92% |
Tier I capital (to risk-weighted assets) For Capital Adequacy Purposes, Amount | 551,181 | 464,237 |
Tier I capital (to risk-weighted assets) For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier I capital (to risk-weighted assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 826,772 | 696,356 |
Tier I capital (to risk-weighted assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Total capital (to risk-weighted assets) Actual, Amount | 3,684,024 | 1,412,368 |
Total capital (to risk-weighted assets) Actual, Ratio | 26.74% | 12.17% |
Total capital (to risk-weighted assets) For Capital Adequacy Purposes, Amount | 1,102,362 | 928,474 |
Total capital (to risk-weighted assets) For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $1,377,953 | $1,160,593 |
Total capital (to risk-weighted assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Parent_Company_Only_Financial_2
Parent Company Only Financial Statements (Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Securities available-for-sale, at estimated fair value | $1,197,924 | $785,032 | ||
ESOP loan receivable | 14,887,570 | 12,882,544 | ||
Other assets | 10,333 | 14,395 | ||
Total assets | 18,773,639 | 15,623,070 | ||
Total liabilities | 15,195,784 | 14,288,743 | ||
Total stockholders' equity | 3,577,855 | 1,334,327 | 1,066,817 | 967,440 |
Total liabilities and stockholders’ equity | 18,773,639 | 15,623,070 | ||
Parent Company | ||||
Cash and due from banks | 1,022,231 | 6,515 | ||
Securities available-for-sale, at estimated fair value | 3,791 | 3,910 | ||
Investment in subsidiary | 2,409,557 | 1,243,679 | ||
ESOP loan receivable | 96,951 | 33,491 | ||
Other assets | 52,499 | 52,974 | ||
Total assets | 3,585,029 | 1,340,569 | ||
Total liabilities | 7,174 | 6,242 | ||
Total stockholders' equity | 3,577,855 | 1,334,327 | ||
Total liabilities and stockholders’ equity | $3,585,029 | $1,340,569 |
Parent_Company_Only_Financial_3
Parent Company Only Financial Statements (Statements of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest in ESOP loan receivable | $603,438 | $504,622 | $455,221 | ||||||||
Total interest and dividend income | 171,090 | 167,058 | 164,089 | 158,625 | 146,043 | 137,397 | 132,194 | 129,434 | 660,862 | 545,068 | 496,189 |
Other expenses | 27,253 | 19,775 | 16,884 | ||||||||
Income before income tax expense | 64,622 | 62,134 | 24,781 | 54,935 | 44,596 | 45,334 | 43,600 | 42,256 | 206,472 | 175,786 | 144,850 |
Income tax expense (benefit) | 21,547 | 23,092 | 9,596 | 20,516 | 17,089 | 16,053 | 15,524 | 15,089 | 74,751 | 63,755 | 56,083 |
Net income | 43,075 | 39,042 | 15,185 | 34,419 | 27,507 | 29,281 | 28,076 | 27,167 | 131,721 | 112,031 | 88,767 |
Parent Company | |||||||||||
Interest in ESOP loan receivable | 2,565 | 1,176 | 1,167 | ||||||||
Dividend from subsidiary | 0 | 10,000 | 135,000 | ||||||||
Interest on deposit with subsidiary | 0 | 0 | 0 | ||||||||
Income (loss) on securities transactions | 145 | 89 | -41 | ||||||||
Total interest and dividend income | 2,710 | 11,265 | 136,126 | ||||||||
Other expenses | 12,240 | 1,473 | 1,413 | ||||||||
Income before income tax expense | -9,530 | 9,792 | 134,713 | ||||||||
Income tax expense (benefit) | -3,675 | 233 | -112 | ||||||||
Income before undistributed earnings of subsidiary | -5,855 | 9,559 | 134,825 | ||||||||
Equity in undistributed earnings of subsidiary (dividend in excess of earnings) | 137,576 | 102,472 | -46,058 | ||||||||
Net income | $131,721 | $112,031 | $88,767 |
Parent_Company_Only_Financial_4
Parent Company Only Financial Statements (Statement of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $43,075 | $39,042 | $15,185 | $34,419 | $27,507 | $29,281 | $28,076 | $27,167 | $131,721 | $112,031 | $88,767 |
Unrealized gain on securities available-for-sale | 5,952 | -12,827 | 5,080 | ||||||||
Other comprehensive income, net of tax | 3,292 | -18,089 | 3,499 | ||||||||
Total comprehensive income | 135,013 | 93,942 | 92,266 | ||||||||
Parent Company | |||||||||||
Net income | 131,721 | 112,031 | 88,767 | ||||||||
Unrealized gain on securities available-for-sale | 1,482 | 1,316 | 826 | ||||||||
Other comprehensive income, net of tax | 1,482 | 1,316 | 826 | ||||||||
Total comprehensive income | $133,203 | $113,347 | $89,593 |
Parent_Company_Only_Financial_5
Parent Company Only Financial Statements (Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $131,721 | $112,031 | $88,767 |
Contribution to stock to charitable foundation | 10,000 | 0 | 0 |
Decrease in other assets | 4,425 | -6,741 | 18,059 |
Net cash provided by (used in) operating activities | 277,388 | 176,094 | 224,779 |
Purchases of other investments available-for-sale | 0 | 0 | -1,000 |
Redemption of equity securities available-for-sale | 164 | 108 | 85 |
Cash received from MHC for merger | 11,307 | 0 | 0 |
Net cash provided by (used in) investing activities | -2,936,744 | -1,261,322 | -841,408 |
Purchase of treasury stock | -13,523 | -1,531 | -902 |
Net tax benefit on stock awards | 3,710 | 1,262 | 93 |
Dividends paid | -42,555 | -22,404 | -5,595 |
Net cash (used in) provided by financing activities | 2,639,628 | 1,180,764 | 681,643 |
Net increase (decrease) in cash and due from bank | -19,728 | 95,536 | 65,014 |
Cash and cash equivalents at beginning of year | 250,689 | 155,153 | 90,139 |
Cash and cash equivalents at end of year | 230,961 | 250,689 | 155,153 |
Parent Company | |||
Net income | 131,721 | 112,031 | 88,767 |
(Equity in undistributed earnings of subsidiary)dividend in excess of earning | -137,576 | -102,472 | 46,058 |
Contribution to stock to charitable foundation | 10,000 | ||
Loss (Gain) on securities transactions | 145 | 89 | 41 |
Decrease in other assets | 2,227 | 2,235 | -670 |
Increase in other liabilities | 525 | 1,834 | 1,820 |
Net cash provided by (used in) operating activities | 7,042 | 13,717 | 136,016 |
Capital contributed to the Bank | -1,074,947 | ||
Cash received net of cash paid for acquisition | 48 | 738 | -135,000 |
Purchases of other investments available-for-sale | -493 | -668 | -1,000 |
Redemption of equity securities available-for-sale | 467 | 280 | 85 |
Principle collected on ESOP loan | 3,093 | 1,101 | 1,064 |
Cash received from MHC for merger | 11,307 | ||
Net cash provided by (used in) investing activities | -1,060,525 | 1,451 | -134,851 |
Loan to ESOP | -66,553 | 0 | 0 |
Proceeds from issuance of common stock | 2,149,893 | 0 | 0 |
Proceeds from sale of treasury stock | 38,227 | 6,916 | 2,633 |
Purchase of treasury stock | -13,523 | -1,531 | -902 |
Net tax benefit on stock awards | 3,710 | 1,262 | 93 |
Dividends paid | -42,555 | -22,404 | -5,595 |
Net cash (used in) provided by financing activities | 2,069,199 | -15,757 | -3,771 |
Net increase (decrease) in cash and due from bank | 1,015,716 | -589 | -2,606 |
Cash and cash equivalents at beginning of year | 6,515 | 7,104 | 9,710 |
Cash and cash equivalents at end of year | $1,022,231 | $6,515 | $7,104 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Summary Of Certain Quarterly Financial Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Interest and dividend income | $171,090 | $167,058 | $164,089 | $158,625 | $146,043 | $137,397 | $132,194 | $129,434 | $660,862 | $545,068 | $496,189 | |
Interest expense | 30,919 | 29,212 | 29,326 | 29,434 | 27,791 | 26,973 | 27,485 | 27,393 | 118,891 | 109,642 | 123,444 | |
Net interest income | 140,171 | 137,846 | 134,763 | 129,191 | 118,252 | 110,424 | 104,709 | 102,041 | 541,971 | 435,426 | 372,745 | |
Provision for loan losses | 11,500 | 9,000 | 8,000 | 9,000 | 9,250 | 13,750 | 13,750 | 13,750 | 37,500 | 50,500 | 65,000 | 2,100 |
Net interest income after provision for loan losses | 128,671 | 128,846 | 126,763 | 120,191 | 109,002 | 96,674 | 90,959 | 88,291 | 504,471 | 384,926 | 307,745 | |
Non-interest income | 9,874 | 9,872 | 10,173 | 11,942 | 7,453 | 9,491 | 9,538 | 10,089 | 41,861 | 36,571 | 44,112 | |
Non-interest expenses | 73,923 | 76,584 | 112,155 | 77,198 | 71,859 | 60,831 | 56,897 | 56,124 | 339,860 | 245,711 | 207,007 | |
Income before income tax expense | 64,622 | 62,134 | 24,781 | 54,935 | 44,596 | 45,334 | 43,600 | 42,256 | 206,472 | 175,786 | 144,850 | |
Income tax expense (benefit) | 21,547 | 23,092 | 9,596 | 20,516 | 17,089 | 16,053 | 15,524 | 15,089 | 74,751 | 63,755 | 56,083 | |
Net income | $43,075 | $39,042 | $15,185 | $34,419 | $27,507 | $29,281 | $28,076 | $27,167 | $131,721 | $112,031 | $88,767 | |
Basic earnings per common share | $0.13 | $0.11 | $0.04 | $0.10 | $0.38 | $0.40 | $0.32 | |||||
Diluted earnings per common share | $0.12 | $0.11 | $0.04 | $0.10 | $0.38 | $0.40 | $0.32 | |||||
Basic and diluted earnings per common share | $0.09 | $0.11 | $0.10 | $0.10 |
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 | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share Reconciliation [Abstract] | |||||||||||
Net income | $43,075 | $39,042 | $15,185 | $34,419 | $27,507 | $29,281 | $28,076 | $27,167 | $131,721 | $112,031 | $88,767 |
Income available to common stockholders, Basic | 131,721 | 112,031 | 88,767 | ||||||||
Income available to common stockholders, Basic, Shares | 344,389,259 | 279,632,558 | 273,797,796 | ||||||||
Basic and Diluted earnings per share | $0.13 | $0.11 | $0.04 | $0.10 | $0.38 | $0.40 | $0.32 | ||||
Effect of dilutive common stock equivalents, Basic, Shares | 3,342,312 | 3,403,286 | 1,835,584 | ||||||||
Income available to common stockholders, Diluted | $131,721 | $112,031 | $88,767 | ||||||||
Income available to common stockholders, Diluted, Shares | 347,731,571 | 283,035,844 | 275,633,380 | ||||||||
Diluted earnings per common share | $0.12 | $0.11 | $0.04 | $0.10 | $0.38 | $0.40 | $0.32 | ||||
Equity awards | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Securities excluded from computation of diluted earnings per share | 142,953 | 1,900,000 | 89,250 |
Comprehensive_Income_Loss_Comp
Comprehensive Income (Loss) (Components of Comprehensive Income (Loss), Gross and Net Of Tax) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||||||||||
Net income, Gross | $64,622 | $62,134 | $24,781 | $54,935 | $44,596 | $45,334 | $43,600 | $42,256 | $206,472 | $175,786 | $144,850 |
Net income, Tax | -21,547 | -23,092 | -9,596 | -20,516 | -17,089 | -16,053 | -15,524 | -15,089 | -74,751 | -63,755 | -56,083 |
Net income | 43,075 | 39,042 | 15,185 | 34,419 | 27,507 | 29,281 | 28,076 | 27,167 | 131,721 | 112,031 | 88,767 |
Change in funded status of retirement obligations, Gross | -8,402 | 16 | -4,267 | ||||||||
Change in funded status of retirement obligations, Tax | 3,360 | -6 | 1,707 | ||||||||
Change in funded status of retirement obligations | -5,042 | 10 | -2,560 | ||||||||
Unrealized gain on securities available-for-sale, Gross | 9,836 | -21,930 | 7,973 | ||||||||
Unrealized gain on securities available-for-sale, Tax | -3,884 | 9,103 | -2,893 | ||||||||
Unrealized gain on securities available-for-sale | 5,952 | -12,827 | 5,080 | ||||||||
Net Loss on Securities reclassified from available for sale to held to maturity, Gross | 0 | -12,243 | 0 | ||||||||
Net Loss on Securities reclassified from available for sale to held to maturity, Tax | 0 | 5,001 | 0 | ||||||||
Net Loss on Securities reclassified from available for sale to held to maturity | 0 | -7,242 | 0 | ||||||||
Accretion of loss on securities reclassified to held to maturity, Gross | 2,918 | 1,670 | 0 | ||||||||
Accretion of loss on securities reclassified to held to maturity, Tax | -1,192 | -682 | 0 | ||||||||
Accretion of loss on securities reclassified to held to maturity | 1,726 | 988 | 0 | ||||||||
Unrealized gain on security reclassified from held to maturity to available for sale, Gross | 0 | 233 | 0 | ||||||||
Unrealized gain on security reclassified from held to maturity to available for sale,Tax | 0 | -95 | 0 | ||||||||
Unrealized gain on security reclassified from held to maturity to available for sale | 0 | 138 | 0 | ||||||||
Reclassification adjustments for losses included in net income, Gross | -233 | -684 | 177 | ||||||||
Reclassification adjustments for losses included in net income, Tax | 95 | 279 | -72 | ||||||||
Reclassification adjustment for losses Included in net income | -138 | -405 | 105 | ||||||||
Noncredit related component other-than-temporary impairment on security, Gross | 0 | 38 | 0 | ||||||||
Noncredit related component other-than-temporary impairment on security, Tax | 0 | -16 | 0 | ||||||||
Noncredit related component other-than-temporary impairment on security | 0 | 22 | 0 | ||||||||
Other-than-temporary impairment accretion on debt securities, Gross | 1,343 | 2,075 | 1,478 | ||||||||
Other-than-temporary impairment accretion on debt securities, Tax | -549 | -848 | -604 | ||||||||
Other-than-temporary impairment accretion on debt securities | 794 | 1,227 | 874 | ||||||||
Total other comprehensive income (loss), Gross | 5,462 | -30,825 | 5,361 | ||||||||
Total other comprehensive income (loss), Tax | -2,170 | 12,736 | -1,862 | ||||||||
Total other comprehensive income (loss) | 3,292 | -18,089 | 3,499 | ||||||||
Total comprehensive income, Gross | 211,934 | 144,961 | 150,211 | ||||||||
Total comprehensive income, Tax | -76,921 | -51,019 | -57,945 | ||||||||
Total comprehensive income | $135,013 | $93,942 | $92,266 |
Comprehensive_Income_Loss_Comp1
Comprehensive Income (Loss) (Component of Accumulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive loss, Beginning Balance | ($25,696) | ($7,607) | |
Total accumulated other comprehensive loss, Net change | 3,292 | -18,089 | 3,499 |
Total accumulated other comprehensive loss, Ending Balance | -22,404 | -25,696 | -7,607 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive loss, Beginning Balance | -5,869 | -5,879 | |
Total accumulated other comprehensive loss, Net change | -5,042 | 10 | |
Total accumulated other comprehensive loss, Ending Balance | -10,911 | -5,869 | |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive loss, Beginning Balance | -19,827 | -1,728 | |
Total accumulated other comprehensive loss, Net change | 8,334 | -18,099 | |
Total accumulated other comprehensive loss, Ending Balance | ($11,493) | ($19,827) |
Comprehensive_Income_Loss_Recl
Comprehensive Income (Loss) (Reclassification Adjustment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Noncredit-related gains on securities not expected to be sold (recognized in other comprehensive income) | $0 | $38 | $0 | ||||||||
Compensation and fringe benefits | 172,068 | 128,765 | 109,197 | ||||||||
Income tax expense (benefit) | 21,547 | 23,092 | 9,596 | 20,516 | 17,089 | 16,053 | 15,524 | 15,089 | 74,751 | 63,755 | 56,083 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before tax | 322 | -630 | |||||||||
Income tax expense (benefit) | -205 | -257 | |||||||||
Income before undistributed earnings of subsidiary | 527 | -373 | |||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Gain on security transactions | -233 | -684 | |||||||||
Noncredit-related gains on securities not expected to be sold (recognized in other comprehensive income) | 0 | 38 | |||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Adjustment of net obligation | -175 | -941 | |||||||||
Amortization of net obligation or asset | 25 | 33 | |||||||||
Amortization of prior service cost | 125 | 147 | |||||||||
Amortization of net gain | 580 | 777 | |||||||||
Compensation and fringe benefits | $555 | $16 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 2 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||
Feb. 25, 2014 | Sep. 28, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 24, 2015 | Jan. 29, 2015 | |
Subsequent Event [Line Items] | ||||||
Dividends declared per share (usd per share) | $0.02 | |||||
Dividends paid per share (usd per share) | $0.05 | $0.12 | $0.08 | |||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared per share (usd per share) | $0.05 | |||||
Dividends paid per share (usd per share) | $0.10 |