Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Investors Bancorp, Inc. | |
Entity Central Index Key | 1,594,012 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 345,503,955 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 228,967 | $ 230,961 |
Securities available-for-sale, at estimated fair value | 1,276,766 | 1,197,924 |
Securities held-to-maturity, net (estimated fair value of $1,812,785 and $1,609,365 at June 30, 2015 and December 31, 2014, respectively) | 1,760,558 | 1,564,479 |
Loans receivable, net | 15,475,787 | 14,887,570 |
Loans held-for-sale | 363,048 | 6,868 |
Stock in the Federal Home Loan Bank | 186,412 | 151,287 |
Accrued interest receivable | 57,817 | 55,267 |
Other real estate owned | 9,212 | 7,839 |
Office properties and equipment, net | 167,588 | 160,899 |
Net deferred tax asset | 239,411 | 231,898 |
Bank owned life insurance | 157,215 | 161,609 |
Goodwill and Intangible assets | 105,263 | 106,705 |
Other assets | 9,372 | 10,333 |
Total assets | 20,037,416 | 18,773,639 |
Liabilities: | ||
Deposits | 12,872,829 | 12,172,326 |
Borrowed funds | 3,446,121 | 2,766,104 |
Advance payments by borrowers for taxes and insurance | 86,643 | 69,893 |
Other liabilities | 223,369 | 187,461 |
Total liabilities | $ 16,628,962 | $ 15,195,784 |
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 issued at June 30, 2015 and December 31, 2014; 347,752,205 and 358,012,895 outstanding at June 30, 2015 and December 31, 2014, respectively | 3,591 | 3,591 |
Additional paid-in capital | 2,775,479 | 2,863,108 |
Retained earnings | 877,211 | 836,639 |
Treasury stock, at cost; 11,318,647 and 1,057,957 shares at June 30, 2015 and December 31, 2014, respectively | (136,872) | (11,131) |
Unallocated common stock held by the employee stock ownership plan | (89,580) | (91,948) |
Accumulated other comprehensive loss | (21,375) | (22,404) |
Total stockholders’ equity | 3,408,454 | 3,577,855 |
Total liabilities and stockholders’ equity | $ 20,037,416 | $ 18,773,639 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity securities, estimated fair value | $ 1,812,785 | $ 1,609,365 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 359,070,852 | 359,070,852 |
Common stock, shares outstanding | 347,752,205 | 358,012,895 |
Treasury stock, shares | 11,318,647 | 1,057,957 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest and dividend income: | ||||
Loans receivable and loans held-for-sale | $ 165,515 | $ 149,531 | $ 324,567 | $ 295,501 |
Securities: | ||||
Equity | 24 | 21 | 48 | 65 |
Government-sponsored enterprise obligations | 12 | 12 | 23 | 24 |
Mortgage-backed securities | 13,385 | 10,992 | 26,202 | 20,105 |
Municipal bonds and other debt | 1,024 | 1,548 | 2,616 | 2,802 |
Interest-bearing deposits | 27 | 274 | 56 | 309 |
Federal Home Loan Bank stock | 1,542 | 1,711 | 3,176 | 3,908 |
Total interest and dividend income | 181,529 | 164,089 | 356,688 | 322,714 |
Interest expense: | ||||
Deposits | 16,429 | 14,385 | 32,448 | 28,757 |
Borrowed Funds | 16,548 | 14,941 | 31,247 | 30,004 |
Total interest expense | 32,977 | 29,326 | 63,695 | 58,761 |
Net interest income | 148,552 | 134,763 | 292,993 | 263,953 |
Provision for loan losses | 7,000 | 8,000 | 16,000 | 17,000 |
Net interest income after provision for loan losses | 141,552 | 126,763 | 276,993 | 246,953 |
Non-interest income | ||||
Fees and service charges | 4,578 | 5,325 | 8,602 | 10,157 |
Income on bank owned life insurance | 975 | 1,034 | 2,012 | 1,965 |
Gain on loan transactions, net | 3,104 | 1,263 | 4,323 | 2,909 |
Gain on securities transactions | 42 | 108 | 84 | 639 |
Gain on sale of other real estate owned, net | 238 | 333 | 310 | 464 |
Other income | 2,648 | 2,110 | 4,787 | 5,981 |
Total non-interest income | 11,585 | 10,173 | 20,118 | 22,115 |
Non-interest expense | ||||
Compensation and fringe benefits | 45,344 | 53,213 | 88,676 | 93,029 |
Advertising and promotional expense | 2,737 | 3,385 | 5,272 | 5,954 |
Office occupancy and equipment expense | 11,996 | 12,232 | 24,542 | 24,983 |
Federal deposit insurance premiums | 2,400 | 4,000 | 4,600 | 8,800 |
Stationery, printing, supplies and telephone | 786 | 1,183 | 1,637 | 2,396 |
Professional fees | 4,442 | 3,774 | 7,713 | 7,564 |
Data processing service fees | 5,346 | 7,141 | 10,796 | 13,305 |
Noncash Contribution Expense | 0 | 20,000 | 0 | 20,000 |
Other operating expenses | 6,785 | 7,226 | 13,508 | 13,322 |
Total non-interest expenses | 79,836 | 112,154 | 156,744 | 189,353 |
Income before income tax expense | 73,301 | 24,782 | 140,367 | 79,715 |
Income tax expense | 26,939 | 9,596 | 52,058 | 30,111 |
Net income | $ 46,362 | $ 15,186 | $ 88,309 | $ 49,604 |
Basic and Diluted earnings per share (usd per share) | $ 0.14 | $ 0.04 | $ 0.26 | $ 0.14 |
Diluted earnings per share | $ 0.14 | $ 0.04 | $ 0.26 | $ 0.14 |
Weighted average shares outstanding | ||||
Basic | 333,277,572 | 344,455,224 | 338,727,198 | 345,003,202 |
Diluted | 336,452,548 | 347,980,539 | 341,869,777 | 349,116,256 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 46,362 | $ 15,186 | $ 88,309 | $ 49,604 |
Other comprehensive income (loss), net of tax: | ||||
Change in funded status of retirement obligations | 208 | 109 | 414 | 218 |
Unrealized (loss) gain on securities available-for-sale | (5,624) | 3,155 | (528) | 5,885 |
Accretion of loss on securities reclassified to held to maturity | 380 | 436 | 761 | 869 |
Reclassification adjustment for security gains included in net income | 0 | (4) | 0 | (138) |
Other-than-temporary impairment accretion on debt securities | 189 | 199 | 382 | 397 |
Total other comprehensive income (loss) | (4,847) | 3,895 | 1,029 | 7,231 |
Total comprehensive income | $ 41,515 | $ 19,081 | $ 89,338 | $ 56,835 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Treasury stock | Unallocated Common Stock Held by ESOP | Accumulated other comprehensive loss |
Balance at Dec. 31, 2013 | $ 1,334,327 | $ 1,519 | $ 720,766 | $ 734,563 | $ (67,046) | $ (29,779) | $ (25,696) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 49,604 | 49,604 | |||||
Other comprehensive income, net of tax | 7,231 | 7,231 | |||||
Conversion of Investors Bancorp, MHC (213,963,274 shares) | 2,093,719 | 2,140 | 2,091,579 | ||||
Purchase by ESOP (6,617,421 shares) | 0 | 66 | 66,108 | (66,174) | |||
Treasury stock retired (14,293,439 shares) | 0 | (143) | (64,126) | 64,269 | |||
Contribution of MHC | 12,652 | ||||||
Equity from Gateway acquisition | 22,000 | 0 | 22,000 | ||||
Purchase of treasury stock (1,295,193 shares) | (13,524) | (13,524) | |||||
Treasury stock allocated to restricted stock plan | 0 | (390) | 258 | 132 | |||
Compensation cost for stock options and restricted stock | 13,682 | 13,682 | |||||
Net tax benefit from stock-based compensation | 2,636 | 2,636 | |||||
Option exercise | 8,388 | 3,811 | 4,577 | ||||
Cash dividend declared (2015: $0.10, 2014: $0.02 per common share) | (13,954) | (13,954) | |||||
ESOP shares allocated or committed to be released | 2,192 | 836 | 1,356 | ||||
Balance at Jun. 30, 2014 | 3,518,953 | 3,582 | 2,856,902 | 783,123 | (11,592) | (94,597) | (18,465) |
Balance at Dec. 31, 2014 | 3,577,855 | 3,591 | 2,863,108 | 836,639 | (11,131) | (91,948) | (22,404) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 88,309 | 88,309 | |||||
Other comprehensive income, net of tax | 1,029 | 1,029 | |||||
Purchase of treasury stock (1,295,193 shares) | (215,070) | (215,070) | |||||
Treasury stock allocated to restricted stock plan | 0 | (85,897) | 5,473 | 80,424 | |||
Compensation cost for stock options and restricted stock | 355 | 355 | |||||
Net tax benefit from stock-based compensation | 1,453 | 1,453 | |||||
Option exercise | 4,960 | 0 | (3,945) | 8,905 | |||
Cash dividend declared (2015: $0.10, 2014: $0.02 per common share) | (53,210) | (53,210) | |||||
ESOP shares allocated or committed to be released | 2,773 | 405 | 2,368 | ||||
Balance at Jun. 30, 2015 | $ 3,408,454 | $ 3,591 | $ 2,775,479 | $ 877,211 | $ (136,872) | $ (89,580) | $ (21,375) |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended |
Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | |
Purchase of treasury stock, shares | 1,295,193 |
Dividends paid per share (usd per share) | $ 0.04 |
Initial public stock offering (shares) | 213,963,274 |
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 6,617,421 |
Treasury Stock, Shares, Retired | 14,293,439 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 88,309 | $ 49,604 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Contribution of stock to charitable foundation | 0 | 10,000 |
ESOP and stock-based compensation expense | 3,128 | 15,874 |
Amortization of premiums and accretion of discounts on securities, net | 6,950 | 3,531 |
Amortization of premiums and accretion of fees and costs on loans, net | (2,744) | 2,062 |
Amortization of intangible assets | 1,708 | 1,935 |
Provision for loan losses | 16,000 | 17,000 |
Depreciation and amortization of office properties and equipment | 6,210 | 5,756 |
Gain on securities, net | (84) | (639) |
Mortgage loans originated for sale | (131,793) | (62,771) |
Proceeds from mortgage loan sales | 125,209 | 91,643 |
Gain on sales of mortgage loans, net | (2,264) | (1,238) |
Gain on sale of other real estate owned | (310) | (464) |
Gain on bargain purchase | 0 | (1,482) |
Income on bank owned life insurance | (2,012) | (1,965) |
Increase in accrued interest receivable | (2,550) | (5,071) |
Deferred tax benefit | (8,076) | 115 |
Decrease in other assets | 1,030 | 8,036 |
Increase in other liabilities | 36,613 | 47,768 |
Total adjustments | 47,015 | 130,090 |
Net cash provided by operating activities | 135,324 | 179,694 |
Cash flows from investing activities: | ||
Purchases of loans receivable | (23,841) | (149,404) |
Net originations of loans receivable | (954,848) | (564,397) |
Proceeds from sale of loans held for investment | 28,561 | 1,670 |
Gain on disposition of loans held for investment | (2,059) | (1,670) |
Net proceeds from sale of foreclosed real estate | 1,985 | 4,025 |
Purchases of mortgage-backed securities held to maturity | (319,848) | (679,906) |
Purchases of debt securities held-to-maturity | (20,209) | (2,990) |
Purchases of mortgage-backed securities available-for-sale | (200,736) | (388,798) |
Proceeds from paydowns/maturities on mortgage-backed securities held-to-maturity | 118,678 | 62,231 |
Proceeds from paydowns on equity securities available for sale | 254 | 293 |
Proceeds from paydowns/maturities on debt securities held-to-maturity | 1,203 | 8,317 |
Proceeds from calls/maturities on debt securities held-to-maturity | 23,367 | 0 |
Proceeds from paydowns/maturities on mortgage-backed securities available-for-sale | 116,376 | 70,865 |
Proceeds from sales of mortgage-backed securities available-for-sale | 0 | 37,682 |
Proceeds from maturity of US Government and Agency Obligations available-for-sale | 14 | 3,000 |
Proceeds from sale of equity securities available for sale | 0 | 13,411 |
Redemption of equity securities available-for-sale | 0 | 164 |
Proceeds from redemptions of Federal Home Loan Bank stock | 93,596 | 104,080 |
Purchases of Federal Home Loan Bank stock | (128,721) | (68,749) |
Purchases of office properties and equipment | (12,899) | (15,083) |
Death benefit proceeds from bank owned life insurance | 6,406 | 1,188 |
Cash received from MHC for merger | 0 | 11,307 |
Cash received, net of cash consideration paid for acquisitions | 0 | 17,917 |
Net cash used in investing activities | (1,272,721) | (1,534,847) |
Cash flows from financing activities: | ||
Net increase in deposits | 700,503 | 272,953 |
Net proceeds from sale of common stock | 0 | 2,149,893 |
Loan to ESOP for purchase of common stock | 0 | (66,174) |
(Repayments) proceeds of funds borrowed under other repurchase agreements | 0 | (98,205) |
Net increase (decrease) in other borrowings | 680,017 | (845,169) |
Net increase in advance payments by borrowers for taxes and insurance | 16,750 | 9,011 |
Dividends paid | (53,210) | (13,954) |
Exercise of stock options | 4,960 | 8,388 |
Purchase of treasury stock | (215,070) | (13,524) |
Net tax benefit from stock-based compensation | 1,453 | 2,636 |
Net cash provided by financing activities | 1,135,403 | 1,405,855 |
Net (increase) decrease in cash and cash equivalents | (1,994) | 50,702 |
Cash and cash equivalents at beginning of period | 230,961 | 250,689 |
Cash and cash equivalents at beginning of period | 228,967 | 301,391 |
Non-cash investing activities: | ||
Real estate acquired through foreclosure | 3,383 | 2,679 |
Cash paid during the year for: | ||
Interest | 63,498 | 58,600 |
Income taxes | 48,140 | 46,850 |
Non-cash assets acquired: | ||
Investment securities available for sale | 0 | 50,347 |
Loans | 0 | 195,062 |
Goodwill and other intangible assets, net | 0 | 1,853 |
Other assets | 0 | 21,343 |
Total non-cash assets acquired | 0 | 268,605 |
Liabilities assumed: | ||
Deposits | 0 | 254,672 |
Borrowings | 0 | 5,185 |
Other liabilities | 0 | 3,184 |
Total liabilities assumed | $ 0 | $ 263,041 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Investors Bancorp, Inc. (the “Company”) is a Delaware corporation that was incorporated in December 2013 to be the successor to Investors Bancorp, Inc. (“Old Investors Bancorp”) upon completion of the mutual-to-stock conversion of Investors Bancorp, MHC, the top tier holding company of Old Investors Bancorp. Old Investors Bancorp was the former mid tier holding company for Investors Bank. Prior to completion of the second step conversion, approximately 62% of the shares of common stock of Old Investors Bancorp was owned by Investors Bancorp, MHC. In conjunction with the second step conversion, Investors Bancorp, MHC merged into Old Investors Bancorp (and ceased to exist), and Old Investors Bancorp merged into the Company and the Company became its successor under the name Investors Bancorp, Inc. The second step conversion was completed May 7, 2014. The Company raised net proceeds of $2.15 billion by selling a total of 219,580,695 shares of common stock at $10.00 per share in the second step stock offering and issued 1,000,000 shares of common stock to the Investors Charitable Foundation. Concurrent with the completion of the stock offering, each share of Old Investors Bancorp common stock owned by public stockholders (stockholders other than Investors Bancorp, MHC) was exchanged for 2.55 shares of Company common stock, as such all share information prior to May 7, 2014 has been adjusted to reflect the ratio. 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 were 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. In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair presentation of the consolidated financial condition and the consolidated results of operations for the unaudited periods presented have been included. The results of operations and other data presented for the six months ended June 30, 2015 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Form 10-Q. The consolidated financial statements presented should be read in conjunction with the Company’s audited consolidated financial statements and notes to the audited consolidated financial statements included in the Company’s December 31, 2014 Annual Report on Form 10-K. Certain reclassifications have been made to prior year amounts to conform to current year presentation. |
Stock Transactions
Stock Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stock Transactions | Stock Transactions Stock Repurchase Programs 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 was 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. On March 16, 2015, the Company announced it had received approval from the Board of Governors of the Federal Reserve System to commence a 5% buyback program prior to the one-year anniversary of the completion of its second step conversion. Accordingly, the Board of Directors authorized the repurchase of 17,911,561 shares. On June 9, 2015, the Company announced its second share repurchase program, which authorized the purchase of an additional 10% of its publicly-held outstanding shares of common stock, or approximately 34,779,211 shares. The new repurchase program commenced immediately upon completion of the first repurchase plan on June 30, 2015. During the six months ended June 30, 2015 , the Company purchased 17,951,462 shares at a cost of $215.1 million , or approximately $11.98 per share. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations On January 10, 2014, the Company completed its acquisition of Gateway Community Financial Corp., the federally-chartered holding company for GCF Bank ("Gateway"), which operated 4 branches in Gloucester County, New Jersey. After the purchase accounting adjustments, the Company added $254.7 million in customer deposits and acquired $195.1 million in loans. This transaction generated $1.9 million in core deposit premium. The acquisition was accounted for under the acquisition method of accounting as prescribed by Financial Accounting Standards Board ("FASB") 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 purchase accounting for the Gateway 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 acquisition 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. 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 2 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. The fair value of the liability represents the present value of the expected payments using the current rate of a replacement borrowing of the same type and remaining term to maturity and is valued utilizing Level 2 inputs. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
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 Three Months Ended June 30, 2015 2014 Income Shares Per Share Amount Income Shares Per Share Amount (Dollars in thousands, except per share data) Net Income $ 46,362 $ 15,186 Basic earnings per share: Income available to common stockholders $ 46,362 333,277,572 $ 0.14 $ 15,186 344,455,224 $ 0.04 Effect of dilutive common stock equivalents (1) 3,174,976 3,525,315 Diluted earnings per share: Income available to common stockholders $ 46,362 336,452,548 $ 0.14 $ 15,186 347,980,539 $ 0.04 (1) For the three months ended June 30, 2015 and 2014 , there were 18,454,239 and 114,750 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. For the Six Months Ended June 30, 2015 2014 Income Shares Per Share Amount Income Shares Per Share Amount (Dollars in thousands, except per share data) Net Income $ 88,309 $ 49,604 Basic earnings per share: Income available to common stockholders $ 88,309 338,727,198 $ 0.26 $ 49,604 345,003,202 $ 0.14 Effect of dilutive common stock equivalents (1) 3,142,579 4,113,054 Diluted earnings per share: Income available to common stockholders $ 88,309 341,869,777 $ 0.26 $ 49,604 349,116,256 $ 0.14 (1) For the six months ended June 30, 2015 and 2014 , there were 18,454,239 and 114,750 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2015 | |
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, carrying value, gross unrecognized gains and losses and estimated fair value for held-to-maturity securities as of the dates indicated: At June 30, 2015 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Equity securities $ 6,717 2,084 — 8,801 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 514,470 5,446 1,240 518,676 Federal National Mortgage Association 744,399 6,890 2,116 749,173 Government National Mortgage Association 115 1 — 116 Total mortgage-backed securities available-for-sale 1,258,984 12,337 3,356 1,267,965 Total available-for-sale securities $ 1,265,701 14,421 3,356 1,276,766 At June 30, 2015 Amortized cost Net unrealized losses (1) Carrying value Gross unrecognized gains (2) Gross unrecognized losses (2) Estimated fair value (In thousands) Held-to-maturity: Debt securities: Government-sponsored enterprises $ 4,311 — 4,311 28 — 4,339 Municipal bonds 21,162 — 21,162 880 — 22,042 Corporate and other debt securities 59,174 (24,402 ) 34,772 43,145 — 77,917 Total debt securities held-to-maturity 84,647 (24,402 ) 60,245 44,053 — 104,298 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 519,806 (3,096 ) 516,710 3,756 1,701 518,765 Federal National Mortgage Association 1,162,740 (3,276 ) 1,159,464 9,780 3,738 1,165,506 Government National Mortgage Association 24,058 — 24,058 77 — 24,135 Federal Housing Authorities 81 — 81 — — 81 Total mortgage-backed securities held-to-maturity 1,706,685 (6,372 ) 1,700,313 13,613 5,439 1,708,487 Total held-to-maturity securities $ 1,791,332 (30,774 ) 1,760,558 57,666 5,439 1,812,785 (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 other than temporary impairment ("OTTI") charge is recognized on a held-to-maturity security, through the date of the balance sheet. At December 31, 2014 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (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 unrecognized gains (2) Gross unrecognized losses (2) Estimated fair value (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. Gross unrecognized 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 June 30, 2015 and December 31, 2014 , was as follows: June 30, 2015 Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses (In thousands) Available-for-sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 162,028 1,238 6,344 2 168,372 1,240 Federal National Mortgage Association 203,132 1,499 32,211 617 235,343 2,116 Total mortgage-backed securities available-for-sale 365,160 2,737 38,555 619 403,715 3,356 Total available-for-sale securities $ 365,160 2,737 38,555 619 403,715 3,356 Held-to-maturity: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 225,123 1,272 5,586 429 230,709 1,701 Federal National Mortgage Association 334,309 2,961 30,886 777 365,195 3,738 Total mortgage-backed securities held-to-maturity 559,432 4,233 36,472 1,206 595,904 5,439 Total held-to-maturity securities $ 559,432 4,233 36,472 1,206 595,904 5,439 Total $ 924,592 6,970 75,027 1,825 999,619 8,795 December 31, 2014 Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized 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 At June 30, 2015 gross unrealized losses relate to our mortgage-backed-security portfolio which are securities issued by U.S. Government Sponsored Enterprises. The fair value of these securities have been negatively impacted by the recent increase in intermediate-term market interest rates. The gross unrealized losses at December 31, 2014 also relate to our mortgage-backed-security portfolio as well as our corporate and other debt securities whose estimated fair value has been adversely impacted by the economic environment, current market interest rates, wider credit spreads and credit deterioration subsequent to the purchase of these securities. At June 30, 2015 , the portfolio of corporate and other debt securities includes trust preferred securities ("TruPS") with an amortized cost and estimated fair values of $34.8 million and $77.9 million , respectively. The following table summarizes the Company’s pooled trust preferred securities as of June 30, 2015 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 June 30, 2015 the security had a fair value of $159,000 . The Company does not own any single-issuer trust preferred securities. (Dollars in 000’s) Description Class Book Value Fair Value Unrealized Gains Number of Issuers Currently Performing Current Deferrals and Defaults as a % of Total Collateral (1) Expected Deferrals and Defaults as % of Remaining Collateral (2) Excess Subordination as a % of Performing Collateral (3) Moody’s/ Fitch Credit Ratings Alesco PF II B1 $ 363 $ 787 $ 424 31 7.62 % 6.85 % — % Caa3 / C Alesco PF III B1 939 2,087 1,148 29 12.35 % 7.26 % — % Ca / C Alesco PF III B2 376 835 459 29 12.35 % 7.26 % — % Ca / C Alesco PF IV B1 449 839 389 38 1.19 % 9.11 % — % C / C Alesco PF VI C2 828 1,852 1,024 42 7.61 % 11.29 % — % Ca / C MM Comm III B 172 3,159 2,987 6 30.00 % 5.72 % 12.84 % Ba1 / BB MMCaps XVII C1 1,835 2,722 887 32 13.45 % 7.47 % — % Caa1 / C MMCaps XIX C 624 1,009 384 36 22.45 % 8.40 % — % C / C Tpref I B 1,677 2,531 855 5 54.22 % 11.07 % — % Ca / WD Tpref II B 4,467 6,489 2,022 20 34.91 % 7.91 % — % Caa3 / C US Cap I B2 997 1,980 983 31 10.51 % 6.68 % — % B3 / C US Cap I B1 2,973 5,939 2,966 31 10.51 % 6.68 % — % B3 / C US Cap II B1 1,565 3,249 1,684 35 13.42 % 9.90 % — % B3 / C US Cap III B1 2,020 3,311 1,291 29 16.22 % 9.50 % — % Caa2 / C Trapeza XII C1 2,040 5,059 3,019 33 20.01 % 9.61 % — % C / C Trapeza XIII C1 2,166 5,883 3,717 48 13.46 % 9.34 % — % Ca / CC Pretsl XXII A1 508 1,439 931 72 19.12 % 11.89 % 31.40 % A1 / A Pretsl XXIV A1 1,510 4,073 2,563 62 26.55 % 12.31 % 24.85 % A3 / BBB Pretsl IV Mez 154 222 68 6 18.05 % 6.72 % 19.00 % B1 / BB Pretsl VII Mez 522 2,277 1,755 12 47.77 % 9.63 % — % Ca / WD Pretsl XV B1 943 2,462 1,519 59 11.61 % 12.48 % — % Caa3 / C Pretsl XVII C 852 2,003 1,151 36 21.14 % 16.12 % — % C / CC Pretsl XVIII C 1,816 3,507 1,689 49 22.74 % 9.37 % — % Ca / C Pretsl XIX C 811 1,796 983 53 5.19 % 12.61 % — % C / C Pretsl XX C 481 1,168 687 45 20.31 % 12.18 % — % Ca / C Pretsl XXI C1 824 3,656 2,833 52 18.55 % 11.25 % — % Ca / C Pretsl XXIII A-FP 348 1,777 1,430 94 18.90 % 10.99 % 18.28 % Aa2 / BBB Pretsl XXIV C1 772 1,356 585 62 26.55 % 12.31 % — % C / C Pretsl XXV C1 513 1,321 809 52 23.39 % 11.11 % — % C / C Pretsl XXVI C1 597 1,545 948 55 23.36 % 10.65 % — % C / C Pref Pretsl IX B2 405 953 548 28 25.48 % 8.59 % — % B3 / C Pretsl X C2 225 472 248 32 26.90 % 9.32 % — % Caa1 / C $ 34,772 $ 77,758 $ 42,986 (1) At June 30, 2015 , current deferrals and defaults as a percent of collateral ranged from 1.2% to 54.2% . (2) At June 30, 2015 , expected deferrals and defaults as a percent of remaining collateral ranged from 5.7% to 16.1% . (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 June 30, 2015 , by contractual maturity, are shown below. June 30, 2015 Carrying Value Estimated fair value (In thousands) Due in one year or less $ 17,990 17,992 Due after one year through five years 2,477 2,504 Due after five years through ten years — — Due after ten years 39,778 83,802 Total $ 60,245 104,298 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 June 30, 2015 , 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 June 30, 2015 . At June 30, 2015 , non-credit related OTTI recorded on the previously impaired pooled trust preferred securities was $24.4 million ( $14.4 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 Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Balance of credit related OTTI, beginning of period $ 107,844 111,375 $ 108,817 $ 112,235 Additions: Initial credit impairments — — — — Subsequent credit impairments — — — — Reductions: Accretion of credit loss impairment due to an increase in expected cash flows (972 ) (853 ) (1,945 ) (1,713 ) Balance of credit related OTTI, end of period $ 106,872 110,522 106,872 110,522 The credit loss component of the impairment loss represents the difference between the present value of expected future cash flows and the amortized cost basis of the securities prior to considering credit losses. The beginning balance represents the credit loss component for debt securities for which other-than-temporary impairment occurred prior to the period presented. If other-than-temporary impairment is recognized in earnings for credit impaired debt securities, they would be presented as additions in two components based upon whether the current period is the first time a debt security was credit impaired (initial credit impairment) or is not the first time a debt security was credit impaired (subsequent credit impairments). The credit loss component is reduced if the Company sells, intends to sell or believes it will be required to sell previously credit impaired debt securities. Additionally, the credit loss component is reduced if (i) the Company receives cash flows in excess of what it expected to receive over the remaining life of the credit impaired debt security, (ii) the security matures or (iii) the security is fully written down. Realized Gains and Losses Gains and losses on the sale of all securities are determined using the specific identification method. For the three and six months ended June 30, 2015 , the Company recognized gains on available-for-sale securities of $42,000 and $84,000 which were related to capital distributions of equity securities from the available-for-sale portfolio. For the three and six months ended June 30, 2015 there were no losses recognized. For the three and six months ended June 30, 2014 , the Company recognized gains on available-for-sale securities of $108,000 and $639,000 , of which $108,000 and $116,000 were related to capital distributions of equity securities from the available-for-sale portfolio. In December 2013, regulatory agencies adopted a rule on the treatment of certain collateralized debt obligations backed by trust preferred securities to implement sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act, known as the Volcker Rule. As a result of the evaluation of the impact of the Volcker Rule, the Company reclassified one trust preferred security to available-for-sale. The Company sold the security during the six months ended June 30, 2014 . Proceeds from the sale of that security was $911,000 which resulted in gross realized gains of $474,000 . In addition, for the three months ended June 30, 2014 , the Company recognized a gain of $50,000 on a TruP security which was entirely liquidated by its Trustee. For the three months ended June 30, 2014 there were 0 losses recognized. |
Loans Receivable, Net
Loans Receivable, Net | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans Receivable, Net | Loans Receivable, Net The detail of the loan portfolio as of June 30, 2015 and December 31, 2014 was as follows: June 30, December 31, (In thousands) Multi-family loans $ 5,680,879 5,048,477 Commercial real estate loans 3,395,624 3,139,824 Commercial and industrial loans 777,212 544,402 Construction loans 189,419 143,664 Total commercial loans 10,043,134 8,876,367 Residential mortgage loans 5,189,180 5,764,896 Consumer and other loans 461,311 440,500 Total loans excluding PCI loans 15,693,625 15,081,763 PCI loans 13,922 17,789 Net unamortized premiums and deferred loan costs (1) (17,798 ) (11,698 ) Allowance for loan losses (213,962 ) (200,284 ) Net loans $ 15,475,787 14,887,570 (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: January 10, 2014 (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 changes in the accretable yield for PCI loans during the three an six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Balance, beginning of period 855 1,678 971 4,154 Acquisitions — — — 216 Accretion (1) (115 ) (277 ) (231 ) (2,969 ) Net reclassification from non-accretable difference — — — — Balance, end of period $ 740 1,401 $ 740 1,401 (1) Includes the impact of PCI loans transferred to held for sale at lower cost or market as of March 31, 2014. Allowance for Loan Loss An analysis of the allowance for loan losses is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance at beginning of the period $ 208,181 $ 180,706 $ 200,284 $ 173,928 Loans charged off (2,378 ) (4,007 ) (4,277 ) (7,103 ) Recoveries 1,159 1,371 1,955 2,245 Net charge-offs (1,219 ) (2,636 ) (2,322 ) (4,858 ) Provision for loan losses 7,000 8,000 16,000 17,000 Balance at end of the period $ 213,962 $ 186,070 $ 213,962 $ 186,070 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 six months ended June 30, 2015 , the Company recorded charge-offs related to PCI loans acquired of $133,000 . 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's residential portfolio is subdivided between fixed and adjustable rate loans as adjustable rate loans are deemed to be subject to more credit risk if interest rates rise. We also analyze historical loss experience using the appropriate look-back and loss emergence period. The loss factors used are 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 full 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 to account for qualitative or environmental factors that are likely to cause estimated credit losses inherent in the portfolio to differ from historical loss experience. This evaluation is based on delinquency trends, general economic conditions, geographic concentrations, and industry and peer comparisons, 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 different 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 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. 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. 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. Negative changes to appraisal 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. An updated appraisal is obtained annually for loans rated substandard or worse with a balance of $500,000 or greater. An updated appraisal is obtained bi-annually for loans rated special mention with a balance of $ 1.0 million or greater. This is done in order to determine the specific reserve or charge off needed. 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 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 including PCI loans, by portfolio segment and based on impairment method as of June 30, 2015 and December 31, 2014 : June 30, 2015 Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Loans Construction Loans Residential Mortgage Loans Consumer and Other Loans Unallocated Total (Dollars in thousands) Allowance for loan losses: Beginning balance-December 31, 2014 $ 71,147 44,030 20,759 6,488 47,936 3,347 6,577 200,284 Charge-offs (34 ) (646 ) (279 ) (307 ) (2,710 ) (301 ) — (4,277 ) Recoveries 27 400 219 258 889 162 — 1,955 Provision 8,136 281 7,501 (77 ) 73 788 (702 ) 16,000 Ending balance-June 30, 2015 $ 79,276 44,065 28,200 6,362 46,188 3,996 5,875 213,962 Individually evaluated for impairment $ 175 — — — 1,923 — — 2,098 Collectively evaluated for impairment 79,101 44,065 28,200 6,362 44,265 3,996 5,875 211,864 Loans acquired with deteriorated credit quality — — — — — — — — Balance at June 30, 2015 $ 79,276 44,065 28,200 6,362 46,188 3,996 5,875 213,962 Loans: Individually evaluated for impairment $ 3,762 18,434 3,137 2,402 24,523 175 — 52,433 Collectively evaluated for impairment 5,677,117 3,377,190 774,075 187,017 5,164,657 461,136 — 15,641,192 Loans acquired with deteriorated credit quality 637 7,044 56 1,786 3,961 438 — 13,922 Balance at June 30, 2015 $ 5,681,516 3,402,668 777,268 191,205 5,193,141 461,749 — 15,707,547 December 31, 2014 Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Loans Construction Loans Residential Mortgage Loans Consumer and Other Loans Unallocated Total (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 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: the most current financial information available, 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. Watch - A "Watch" asset has all the characteristics of a Pass asset but warrant more than the normal level of supervision. These loans may require more detailed reporting to management because some aspects of underwriting may not conform to policy or adverse events may have affected or could affect the cash flow or ability to continue operating profitably, provided, however, the events do not constitute an undue credit risk. 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 June 30, 2015 and December 31, 2014 by class of loans excluding PCI loans: June 30, 2015 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 5,296,044 290,766 66,617 27,452 — — 5,680,879 Commercial real estate 2,989,632 311,228 25,620 69,144 — — 3,395,624 Commercial and industrial 611,940 130,549 20,791 13,932 — — 777,212 Construction 175,116 8,993 2,175 3,135 — — 189,419 Total commercial loans 9,072,732 741,536 115,203 113,663 — — 10,043,134 Residential mortgage 5,067,090 — 27,934 94,156 — — 5,189,180 Consumer and other 453,983 — 1,806 5,522 — — 461,311 Total $ 14,593,805 741,536 144,943 213,341 — — 15,693,625 December 31, 2014 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 4,710,124 247,921 62,886 27,546 — — 5,048,477 Commercial real estate 2,757,949 276,660 29,248 75,967 — — 3,139,824 Commercial and industrial 405,021 110,374 20,321 8,686 — — 544,402 Construction 134,356 2,228 2,075 5,005 — — 143,664 Total commercial loans 8,007,450 637,183 114,530 117,204 — — 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 $ 14,082,608 637,183 146,579 215,393 — — 15,081,763 The following tables present the payment status of the recorded investment in past due loans as of June 30, 2015 and December 31, 2014 by class of loans excluding PCI loans: June 30, 2015 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 221 — 3,534 3,755 5,677,124 5,680,879 Commercial real estate 1,397 812 10,683 12,892 3,382,732 3,395,624 Commercial and industrial 2,209 — 2,160 4,369 772,843 777,212 Construction — — 865 865 188,554 189,419 Total commercial loans 3,827 812 17,242 21,881 10,021,253 10,043,134 Residential mortgage 20,621 12,225 76,485 109,331 5,079,849 5,189,180 Consumer and other 1,305 500 5,347 7,152 454,159 461,311 Total $ 25,753 13,537 99,074 138,364 15,555,261 15,693,625 December 31, 2014 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans 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 The following table presents non-accrual loans excluding PCI loans at the dates indicated: June 30, 2015 December 31, 2014 # of loans amount # of loans amount (Dollars in thousands) Non-accrual: Multi-family 6 $ 4,090 2 $ 2,989 Commercial real estate 36 12,983 36 13,940 Commercial and industrial 7 2,160 11 2,903 Construction 3 865 7 4,345 Total commercial loans 52 20,098 56 24,177 Residential mortgage and consumer 422 86,614 406 84,182 Total non-accrual loans 474 $ 106,712 462 $ 108,359 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 June 30, 2015 , these loans are comprised of 20 residential TDR loans totaling $4.8 million , 5 commercial TDR loans totaling $2.3 million and 1 multi-family TDR loan totaling $556,000 . There were 5 residential TDR loans totaling $1.0 million which were also 30 - 89 days delinquent and classified as non-accrual. 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. 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 June 30, 2015 , PCI loans with a carrying value of $13.9 million included $8.9 million of which were current and $5.0 million of which were 90 days or more delinquent. 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. At June 30, 2015 and December 31, 2014 , loans meeting the Company’s definition of an impaired loan were primarily collateral dependent loans which totaled $52.4 million and $60.5 million , respectively, with allocations of the allowance for loan losses of $2.1 million and $2.1 million , respectively. During the three months ended June 30, 2015 and 2014 , interest income received and recognized on these loans totaled $1.7 million and $466,000 , respectively. During the six months ended June 30, 2015 and 2014 , interest income received and recognized on these loans totaled $2.3 million and $1.1 million , respectively. The following tables present loans individually evaluated for impairment by portfolio segment as of June 30, 2015 and December 31, 2014 : June 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 1,888 5,602 — 2,701 22 Commercial real estate 18,434 23,139 — 18,958 552 Commercial and industrial 3,137 3,137 — 2,541 35 Construction 2,402 2,402 — 9,466 73 Total commercial loans 25,861 34,280 — 33,666 682 Residential mortgage and consumer 7,919 10,598 — 7,060 590 With an allowance recorded: Multi-family 1,874 1,874 175 1,992 — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans 1,874 1,874 175 1,992 — Residential mortgage and consumer 16,779 17,046 1,923 16,612 1,059 Total: Multi-family 3,762 7,476 175 4,693 22 Commercial real estate 18,434 23,139 — 18,958 552 Commercial and industrial 3,137 3,137 — 2,541 35 Construction 2,402 2,402 — 9,466 73 Total commercial loans 27,735 36,154 175 35,658 682 Residential mortgage and consumer 24,698 27,644 1,923 23,672 1,649 Total impaired loans $ 52,433 63,798 2,098 59,330 2,331 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income 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 and consumer 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 and consumer 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 and consumer 23,285 25,712 1,865 23,153 877 Total impaired loans $ 60,499 74,521 2,139 63,655 2,525 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 TDR 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 table presents the total troubled debt restructured loans at June 30, 2015 and December 31, 2014 . There were two residential PCI loans that were classified as TDRs and are included in the table below at June 30, 2015 . There were no PCI loans classified as a TDR for the period ended December 31, 2014 . June 30, 2015 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 2 $ 777 2 $ 777 Commercial real estate 5 12,960 6 5,479 11 18,439 Commercial and industrial 2 1,209 — — 2 1,209 Construction 2 1,596 1 805 3 2,401 Total commercial loans 9 15,765 9 7,061 18 22,826 Residential mortgage and consumer 39 13,871 40 10,613 79 24,484 Total 48 $ 29,636 49 $ 17,674 97 $ 47,310 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 and consumer 41 14,805 29 8,456 70 23,261 Total 55 $ 35,624 30 $ 11,653 85 $ 47,277 The following table presents information about troubled debt restructurings that occurred during the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 2014 Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment (Dollars in thousands) Troubled Debt Restructings: Commercial real estate 1 $ 78 $ 78 1 $ 1,108 $ 1,108 Residential mortgage and consumer 6 913 913 1 191 191 Six Months Ended June 30, 2015 2014 Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment (Dollars in thousands) Troubled Debt Restructings: Commercial real estate 1 $ 78 $ 78 1 $ 1,108 $ 1,108 Construction 1 1,326 1,326 — — — Residential mortgage and consumer 13 2,454 2,454 7 2,546 2,546 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 no charge-offs for collateral dependant TDRs during the three and six months ended June 30, 2015 and 2014 . The allowance for loan losses associated with the TDRs presented in the above tables totaled $1.9 million and $1.9 million at June 30, 2015 and December 31, 2014 , 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. For the three and six months ended June 30, 2015 , the commercial and construction loans which qualified as a TDR involved the maturity and payment terms being modified. As of June 30, 2015 and 2014 , 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 three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 2014 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Troubled Debt Restructings: Commercial real estate 1 5.00 5.00 1 8.00 8.00 Residential |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits are summarized as follows: June 30, 2015 December 31, 2014 (In thousands) Checking accounts $ 3,978,675 $ 3,892,839 Money market deposits 3,476,237 3,390,238 Savings 2,265,451 2,318,911 Total transaction accounts 9,720,363 9,601,988 Certificates of deposit 3,152,466 2,570,338 Total deposits $ 12,872,829 $ 12,172,326 |
Goodwill and Intangibles Assets
Goodwill and Intangibles Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets The carrying amount of goodwill at June 30, 2015 and December 31, 2014 was approximately $77.6 million . The following table summarizes other intangible assets as of June 30, 2015 and December 31, 2014 : Gross Intangible Asset Accumulated Amortization Valuation Allowance Net Intangible Assets (In thousands) June 30, 2015 Mortgage Servicing Rights $ 22,893 (8,229 ) (121 ) 14,543 Core Deposit Premiums 25,058 (12,084 ) — 12,974 Other 300 (125 ) — 175 Total other intangible assets $ 48,251 (20,438 ) (121 ) 27,692 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 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. The Company sells loans on a servicing-retained basis. Loans that were sold on this basis, amounted to $1.83 billion and $1.85 billion at June 30, 2015 and December 31, 2014 respectively, all of which relate to residential mortgage loans. At June 30, 2015 and December 31, 2014 , the servicing asset, included in intangible assets, had an estimated fair value of $14.5 million and $14.3 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 9.36% and a weighted average life of 6.0 years. Core deposit premiums are amortized using an accelerated method and having a weighted average amortization period of 10 years . |
Equity Incentive Plan
Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plan | Equity Incentive Plan At the annual meeting held on June 9, 2015, stockholders of the Company approved the Investors Bancorp, Inc. 2015 Equity Incentive Plan ("2015 Plan.") On June 23, 2015, the Company granted to directors and employees a total of 6,849,832 restricted stock awards and 11,576,612 stock options to purchase Company stock. The restricted stock awards and stock options were issued out of the 2015 Plan, which allows the Company to grant common stock or options to purchase common stock at specific prices to directors and employees of the Company. The 2015 Plan provides for the issuance or delivery of up to 30,881,296 shares ( 13,234,841 restricted stock awards and 17,646,455 stock options) of Investors Bancorp, Inc. common stock. Restricted shares granted under the 2015 Plan vest in equal installments, over the service period generally ranging from 5 to 7 years beginning one year from the date of grant. Additionally, certain restricted shares awarded are performance vesting awards, which may or may not vest depending upon the attainment of certain corporate financial targets. The vesting of restricted stock may accelerate in accordance with the terms of the 2015 Plan. The product of the number of shares granted and the grant date closing market price of the Company's common stock determine the fair value of restricted shares under the 2015 Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. Stock options granted under the 2015 Plan vest in equal installments, over the service period generally ranging from 5 to 7 years beginning one year from the date of grant. The vesting of stock options may accelerate in accordance with the terms of the 2015 Plan. Stock options were granted at an exercise price equal to the fair value of the Company's common stock on the grant date based on the closing market price and have an expiration period of 10 years. The fair value of stock options granted on June 23, 2015 was estimated utilizing the Black-Scholes option pricing model using the following assumptions: Stock Options Granted Weighted average expected life (in years) 7.43 Weighted average risk-free rate of return 1.96 % Weighted average volatility 25.33 % Dividend yield 1.59 % Weighted average fair value of options granted $ 3.12 The weighted average expected life of the stock option represents the period of time that stock options are expected to be outstanding and is estimated using historical data of stock option exercises and forfeitures. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on the historical volatility of the Company's stock. 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. The Company applied ASC, 718 “ Compensation- Stock Compensation," ("ASC 718") and began to expense the fair value of all share-based compensation granted over the requisite service periods. ASC 718 requires the Company to report as a financing cash flow the benefits of realized tax deductions in excess of previously recognized tax benefits on compensation expense. In accordance with SEC Staff Accounting Bulletin No. 107 (“SAB 107”), 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. The following table presents the share based compensation expense for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Stock option expense $ 111 $ 1,700 $ 115 $ 1,800 Restricted stock expense 240 11,200 240 11,900 Total share based compensation expense $ 351 12,900 355 13,700 The following is a summary of the Company’s stock option activity as of June 30, 2015 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2014 9,092,584 $6.06 2.8 $46,984 Granted 11,576,612 12.54 Exercised (840,940 ) 5.90 Forfeited — — Expired — — Outstanding at June 30, 2015 19,828,256 $9.85 6.8 $51,374 Exercisable at June 30, 2015 8,225,169 $6.06 2.3 $51,332 Expected future expenses relating to the non-vested options outstanding as of June 30, 2015 is $36.7 million over a weighted average period of 6.9 years. The following is a summary of the Company’s restricted shares as of June 30, 2015 : Number of Shares Awarded Weighted Average Grant Date fair Value Outstanding at December 31, 2014 — $ — Granted 6,849,832 12.54 Vested — — Forfeited — — Outstanding and non vested at June 30, 2015 6,849,832 $ 12.54 Expected future expenses relating to the non-vested restricted shares outstanding as of June 30, 2015 is $85.7 million over a weighted average period of 6.7 years. |
Net Periodic Benefits
Net Periodic Benefits | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Net Periodic Benefits | Net Periodic Benefit Plan Expense The Company has a Supplemental Executive Retirement Wage Replacement Plan (SERP). The SERP is a nonqualified, defined benefit plan which provides benefits to employees as designated by the Compensation Committee of the Board of Directors if their benefits and/or contributions under the pension plan are limited by the Internal Revenue Code. The Company also has a nonqualified, defined benefit plan which provides benefits to certain directors. The SERP and the directors’ plan are unfunded and the costs of the plans are recognized over the period that services are provided. The components of net periodic benefit cost are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Service cost $ 774 580 1,548 1,160 Interest cost 374 331 749 661 Amortization of: Prior service cost 12 24 24 49 Net gain 321 158 641 316 Total net periodic benefit cost $ 1,481 1,093 2,962 2,186 Due to the unfunded nature of these plans, no contributions have been made or were expected to be made to the SERP and Directors’ plans during the six months ended June 30, 2015 . The Company also maintains a defined benefit pension plan. Since it is a multiemployer plan, costs of the pension plan are based on contributions required to be made to the pension plan. We contributed $2.8 million to the defined benefit pension plan during the six months ended June 30, 2015 . We anticipate contributing funds to the plan to meet any minimum funding requirements for the remainder of 2015 . |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The components of comprehensive (loss) income, both gross and net of tax, are as follows: Three Months Ended June 30, 2015 2014 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 73,301 (26,939 ) 46,362 24,782 (9,596 ) 15,186 Other comprehensive (loss) income: Change in funded status of retirement obligations 352 (144 ) 208 184 (75 ) 109 Unrealized (loss) gain on securities available-for-sale (9,409 ) 3,785 (5,624 ) 5,323 (2,168 ) 3,155 Accretion of loss on securities reclassified to held to maturity available for sale 642 (262 ) 380 737 (301 ) 436 Reclassification adjustment for security gains included in net income — — — (4 ) — (4 ) Other-than-temporary impairment accretion on debt securities 319 (130 ) 189 336 (137 ) 199 Total other comprehensive (loss) income (8,096 ) 3,249 (4,847 ) 6,576 (2,681 ) 3,895 Total comprehensive income $ 65,205 (23,690 ) 41,515 31,358 (12,277 ) 19,081 Six Months Ended June 30, 2015 2014 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 140,367 (52,058 ) 88,309 79,715 (30,111 ) 49,604 Other comprehensive (loss) income: Change in funded status of retirement obligations 702 (288 ) 414 369 (151 ) 218 Unrealized (loss) gain on securities available-for-sale (1,041 ) 513 (528 ) 9,848 (3,963 ) 5,885 Accretion of loss on securities reclassified to held to maturity available for sale 1,285 (524 ) 761 1,469 (600 ) 869 Reclassification adjustment for security gains included in net income — — — (233 ) 95 (138 ) Other-than-temporary impairment accretion on debt securities 646 (264 ) 382 671 $ (274 ) 397 Total other comprehensive (loss) income 1,592 (563 ) 1,029 12,124 (4,893 ) 7,231 Total comprehensive income $ 141,959 (52,621 ) 89,338 91,839 (35,004 ) 56,835 The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the six months ended June 30, 2015 and 2014 : Change in funded status of retirement obligations Net Unrealized gains (losses) on investment securities Unrealized gain on securities available-for-sale Reclassification adjustment for losses included in net income Other-than- temporary impairment accretion on debt securities Total accumulated other comprehensive loss (Dollars in thousands) Balance - December 31, 2014 $ (10,911 ) (4,528 ) 7,851 — (14,816 ) (22,404 ) Net change 414 761 (528 ) — 382 1,029 Balance - June 30, 2015 $ (10,497 ) (3,767 ) 7,323 — (14,434 ) (21,375 ) Balance - December 31, 2013 $ (5,869 ) (6,255 ) 1,900 138 (15,610 ) (25,696 ) Net change 218 869 5,885 (138 ) 397 7,231 Balance - June 30, 2014 $ (5,651 ) (5,386 ) 7,785 — (15,213 ) (18,465 ) The following table presents information about amounts reclassified from accumulated other comprehensive loss to the consolidated statement of income and the affected line item in the statement where net income is presented. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Reclassification adjustment for gains included in net income Gain on security transactions $ — (4 ) — (233 ) Change in funded status of retirement obligations (1) Compensation and fringe benefits: Amortization of net obligation or asset — 6 — 13 Amortization of prior service cost 12 31 24 62 Amortization of net gain 339 147 678 294 Compensation and fringe benefits 351 184 702 369 Total before tax 351 180 702 136 Income tax (144 ) (75 ) (288 ) (56 ) Net of tax $ 207 105 414 80 (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 10 for additional details. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Our securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets or liabilities on a non-recurring basis, such as held-to-maturity securities, mortgage servicing rights (“MSR”), loans receivable and real estate owned (“REO”). These non-recurring fair value adjustments involve the application of lower-of-cost-or-market accounting or write-downs of individual assets. Additionally, in connection with our mortgage banking activities we have commitments to fund loans held-for-sale and commitments to sell loans, which are considered free-standing derivative instruments, the fair values of which are not material to our financial condition or results of operations. In accordance with FASB ASC 820, “ Fair Value Measurements and Disclosures ”, we group our assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: • Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. • Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. • Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. We base our fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets Measured at Fair Value on a Recurring Basis Securities available-for-sale Our available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. The fair values of available-for-sale securities are based on quoted market prices (Level 1), where available. The Company obtains one price for each security primarily from a third-party pricing service (pricing service), which generally uses quoted or other observable inputs for the determination of fair value. The pricing service normally derives the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available observable market information. For securities not actively traded (Level 2), the pricing service may use quoted market prices of comparable instruments or discounted cash flow analyses, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, benchmark yields, credit spreads, default rates, prepayment speeds and non-binding broker quotes. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. The following 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 June 30, 2015 and December 31, 2014 . Carrying Value at June 30, 2015 Total Level 1 Level 2 Level 3 (In thousands) Securities available for sale: Equity securities $ 8,801 — 8,801 — Mortgage-backed securities: Federal Home Loan Mortgage Corporation 518,676 — 518,676 — Federal National Mortgage Association 749,173 — 749,173 — Government National Mortgage Association 116 — 116 — Total mortgage-backed securities available-for-sale 1,267,965 — 1,267,965 — Total securities available-for-sale $ 1,276,766 — 1,276,766 — 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 — There have been no changes in the methodologies used at June 30, 2015 from December 31, 2014 , and there were no transfers between Level 1 and Level 2 during the three and six months ended June 30, 2015 . The changes in Level 3 assets measured at fair value on a recurring basis for the three and six months ended June 30, 2015 and 2014 are summarized below: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Balance beginning of period (1) $ — — — 670 Transfers from held-to-maturity — — — — Total net (losses) gains for the period included in: Net income — — — 470 Other comprehensive income (loss) — — — (229 ) Sales — — — (911 ) Settlements — — — — Balance end of period $ — — — — (1) Represents a trust preferred security transferred to available for sale 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 obligations backed by trust preferred securities. The security was subsequently sold during the six months ended June 30, 2014 . 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 June 30, 2015 , the fair value model used prepayment speeds ranging from 6.30% 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 June 30, 2015 , 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 June 30, 2015 and December 31, 2014 . For the three months ended June 30, 2015 there was no change to carrying value of impaired loans or mortgage servicing rights measured at fair value on a non-recurring basis. For the year ended December 31, 2014 , there was no change to carrying value of impaired loans measured at fair value on a non-recurring basis. Security Type Valuation Technique Unobservable Input Range Weighted Average Carrying Value at June 30, 2015 Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned Market comparable Lack of marketability 0.0% - 25.0% 8.29% 914 — — 914 $ 914 — — 914 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 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. June 30, 2015 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 228,967 228,967 228,967 — — Securities available-for-sale 1,276,766 1,276,766 — 1,276,766 — Securities held-to-maturity 1,760,558 1,812,785 — 1,734,868 77,917 Stock in FHLB 186,412 186,412 186,412 — — Loans held for sale 363,048 363,048 — 363,048 — Net loans 15,475,787 15,313,752 — — 15,313,752 Financial liabilities: Deposits, other than time deposits $ 9,720,363 9,720,363 9,720,363 — — Time deposits 3,152,466 3,165,603 — 3,165,603 — Borrowed funds 3,446,121 3,473,002 — 3,473,002 — 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 — 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” The ASU changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. According to the ASU’s Basis for Conclusions, debt issuance costs incurred before the associated funding is received should be reported on the balance sheet as deferred charges until that debt liability amount is recorded. For public business entities, the guidance in the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company does not anticipate a material impact to the consolidated financial statements related to this guidance. In April 2015, the FASB issued ASU 2015-04, "Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets." The ASU gives an employer whose fiscal year-end does not coincide with a calendar month-end the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month-end that is closest to its fiscal year-end. The ASU also provides guidance on accounting for contributions to the plan and significant events that require a remeasurement that occur during the period between a month-end measurement date and the employer’s fiscal year-end. An entity should reflect the effects of those contributions or significant events in the measurement of the retirement benefit obligations and related plan assets. The ASU is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company does not anticipate a material impact to the consolidated financial statements related to this guidance. 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. In April 2015, the FASB issued a proposed ASU to defer for one year the effective date of the new revenue standard. The original effective date was 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. The adoption of this pronouncement did not have a material impact on the Company’s financial condition or results of operations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
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 July 30, 2015, the Company declared a cash dividend of $0.05 per share. The $0.05 dividend per share will be paid to stockholders on August 25, 2015, with a record date of August 10, 2015. On June 30, 2015, the Company transferred $347.3 million of performing residential loans to held for sale. The sale was completed on July 31, 2015 resulting in a gain of $612,000 . |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified 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 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 Three Months Ended June 30, 2015 2014 Income Shares Per Share Amount Income Shares Per Share Amount (Dollars in thousands, except per share data) Net Income $ 46,362 $ 15,186 Basic earnings per share: Income available to common stockholders $ 46,362 333,277,572 $ 0.14 $ 15,186 344,455,224 $ 0.04 Effect of dilutive common stock equivalents (1) 3,174,976 3,525,315 Diluted earnings per share: Income available to common stockholders $ 46,362 336,452,548 $ 0.14 $ 15,186 347,980,539 $ 0.04 (1) For the three months ended June 30, 2015 and 2014 , there were 18,454,239 and 114,750 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. For the Six Months Ended June 30, 2015 2014 Income Shares Per Share Amount Income Shares Per Share Amount (Dollars in thousands, except per share data) Net Income $ 88,309 $ 49,604 Basic earnings per share: Income available to common stockholders $ 88,309 338,727,198 $ 0.26 $ 49,604 345,003,202 $ 0.14 Effect of dilutive common stock equivalents (1) 3,142,579 4,113,054 Diluted earnings per share: Income available to common stockholders $ 88,309 341,869,777 $ 0.26 $ 49,604 349,116,256 $ 0.14 (1) For the six months ended June 30, 2015 and 2014 , there were 18,454,239 and 114,750 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, carrying value, gross unrecognized gains and losses and estimated fair value for held-to-maturity securities as of the dates indicated: At June 30, 2015 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Equity securities $ 6,717 2,084 — 8,801 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 514,470 5,446 1,240 518,676 Federal National Mortgage Association 744,399 6,890 2,116 749,173 Government National Mortgage Association 115 1 — 116 Total mortgage-backed securities available-for-sale 1,258,984 12,337 3,356 1,267,965 Total available-for-sale securities $ 1,265,701 14,421 3,356 1,276,766 At June 30, 2015 Amortized cost Net unrealized losses (1) Carrying value Gross unrecognized gains (2) Gross unrecognized losses (2) Estimated fair value (In thousands) Held-to-maturity: Debt securities: Government-sponsored enterprises $ 4,311 — 4,311 28 — 4,339 Municipal bonds 21,162 — 21,162 880 — 22,042 Corporate and other debt securities 59,174 (24,402 ) 34,772 43,145 — 77,917 Total debt securities held-to-maturity 84,647 (24,402 ) 60,245 44,053 — 104,298 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 519,806 (3,096 ) 516,710 3,756 1,701 518,765 Federal National Mortgage Association 1,162,740 (3,276 ) 1,159,464 9,780 3,738 1,165,506 Government National Mortgage Association 24,058 — 24,058 77 — 24,135 Federal Housing Authorities 81 — 81 — — 81 Total mortgage-backed securities held-to-maturity 1,706,685 (6,372 ) 1,700,313 13,613 5,439 1,708,487 Total held-to-maturity securities $ 1,791,332 (30,774 ) 1,760,558 57,666 5,439 1,812,785 (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 other than temporary impairment ("OTTI") charge is recognized on a held-to-maturity security, through the date of the balance sheet. At December 31, 2014 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (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 unrecognized gains (2) Gross unrecognized losses (2) Estimated fair value (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. |
Investment Securities, Continuous Unrealized Loss Position and Fair Value | Gross unrecognized 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 June 30, 2015 and December 31, 2014 , was as follows: June 30, 2015 Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses (In thousands) Available-for-sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 162,028 1,238 6,344 2 168,372 1,240 Federal National Mortgage Association 203,132 1,499 32,211 617 235,343 2,116 Total mortgage-backed securities available-for-sale 365,160 2,737 38,555 619 403,715 3,356 Total available-for-sale securities $ 365,160 2,737 38,555 619 403,715 3,356 Held-to-maturity: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 225,123 1,272 5,586 429 230,709 1,701 Federal National Mortgage Association 334,309 2,961 30,886 777 365,195 3,738 Total mortgage-backed securities held-to-maturity 559,432 4,233 36,472 1,206 595,904 5,439 Total held-to-maturity securities $ 559,432 4,233 36,472 1,206 595,904 5,439 Total $ 924,592 6,970 75,027 1,825 999,619 8,795 December 31, 2014 Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized 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 |
Summary of Pooled Trust Preferred Securities | The following table summarizes the Company’s pooled trust preferred securities as of June 30, 2015 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 June 30, 2015 the security had a fair value of $159,000 . The Company does not own any single-issuer trust preferred securities. (Dollars in 000’s) Description Class Book Value Fair Value Unrealized Gains Number of Issuers Currently Performing Current Deferrals and Defaults as a % of Total Collateral (1) Expected Deferrals and Defaults as % of Remaining Collateral (2) Excess Subordination as a % of Performing Collateral (3) Moody’s/ Fitch Credit Ratings Alesco PF II B1 $ 363 $ 787 $ 424 31 7.62 % 6.85 % — % Caa3 / C Alesco PF III B1 939 2,087 1,148 29 12.35 % 7.26 % — % Ca / C Alesco PF III B2 376 835 459 29 12.35 % 7.26 % — % Ca / C Alesco PF IV B1 449 839 389 38 1.19 % 9.11 % — % C / C Alesco PF VI C2 828 1,852 1,024 42 7.61 % 11.29 % — % Ca / C MM Comm III B 172 3,159 2,987 6 30.00 % 5.72 % 12.84 % Ba1 / BB MMCaps XVII C1 1,835 2,722 887 32 13.45 % 7.47 % — % Caa1 / C MMCaps XIX C 624 1,009 384 36 22.45 % 8.40 % — % C / C Tpref I B 1,677 2,531 855 5 54.22 % 11.07 % — % Ca / WD Tpref II B 4,467 6,489 2,022 20 34.91 % 7.91 % — % Caa3 / C US Cap I B2 997 1,980 983 31 10.51 % 6.68 % — % B3 / C US Cap I B1 2,973 5,939 2,966 31 10.51 % 6.68 % — % B3 / C US Cap II B1 1,565 3,249 1,684 35 13.42 % 9.90 % — % B3 / C US Cap III B1 2,020 3,311 1,291 29 16.22 % 9.50 % — % Caa2 / C Trapeza XII C1 2,040 5,059 3,019 33 20.01 % 9.61 % — % C / C Trapeza XIII C1 2,166 5,883 3,717 48 13.46 % 9.34 % — % Ca / CC Pretsl XXII A1 508 1,439 931 72 19.12 % 11.89 % 31.40 % A1 / A Pretsl XXIV A1 1,510 4,073 2,563 62 26.55 % 12.31 % 24.85 % A3 / BBB Pretsl IV Mez 154 222 68 6 18.05 % 6.72 % 19.00 % B1 / BB Pretsl VII Mez 522 2,277 1,755 12 47.77 % 9.63 % — % Ca / WD Pretsl XV B1 943 2,462 1,519 59 11.61 % 12.48 % — % Caa3 / C Pretsl XVII C 852 2,003 1,151 36 21.14 % 16.12 % — % C / CC Pretsl XVIII C 1,816 3,507 1,689 49 22.74 % 9.37 % — % Ca / C Pretsl XIX C 811 1,796 983 53 5.19 % 12.61 % — % C / C Pretsl XX C 481 1,168 687 45 20.31 % 12.18 % — % Ca / C Pretsl XXI C1 824 3,656 2,833 52 18.55 % 11.25 % — % Ca / C Pretsl XXIII A-FP 348 1,777 1,430 94 18.90 % 10.99 % 18.28 % Aa2 / BBB Pretsl XXIV C1 772 1,356 585 62 26.55 % 12.31 % — % C / C Pretsl XXV C1 513 1,321 809 52 23.39 % 11.11 % — % C / C Pretsl XXVI C1 597 1,545 948 55 23.36 % 10.65 % — % C / C Pref Pretsl IX B2 405 953 548 28 25.48 % 8.59 % — % B3 / C Pretsl X C2 225 472 248 32 26.90 % 9.32 % — % Caa1 / C $ 34,772 $ 77,758 $ 42,986 (1) At June 30, 2015 , current deferrals and defaults as a percent of collateral ranged from 1.2% to 54.2% . (2) At June 30, 2015 , expected deferrals and defaults as a percent of remaining collateral ranged from 5.7% to 16.1% . (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 June 30, 2015 , by contractual maturity, are shown below. June 30, 2015 Carrying Value Estimated fair value (In thousands) Due in one year or less $ 17,990 17,992 Due after one year through five years 2,477 2,504 Due after five years through ten years — — Due after ten years 39,778 83,802 Total $ 60,245 104,298 |
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 Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Balance of credit related OTTI, beginning of period $ 107,844 111,375 $ 108,817 $ 112,235 Additions: Initial credit impairments — — — — Subsequent credit impairments — — — — Reductions: Accretion of credit loss impairment due to an increase in expected cash flows (972 ) (853 ) (1,945 ) (1,713 ) Balance of credit related OTTI, end of period $ 106,872 110,522 106,872 110,522 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The detail of the loan portfolio as of June 30, 2015 and December 31, 2014 was as follows: June 30, December 31, (In thousands) Multi-family loans $ 5,680,879 5,048,477 Commercial real estate loans 3,395,624 3,139,824 Commercial and industrial loans 777,212 544,402 Construction loans 189,419 143,664 Total commercial loans 10,043,134 8,876,367 Residential mortgage loans 5,189,180 5,764,896 Consumer and other loans 461,311 440,500 Total loans excluding PCI loans 15,693,625 15,081,763 PCI loans 13,922 17,789 Net unamortized premiums and deferred loan costs (1) (17,798 ) (11,698 ) Allowance for loan losses (213,962 ) (200,284 ) Net loans $ 15,475,787 14,887,570 (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: January 10, 2014 (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 |
Schedule of Accretable Yield Movement | The following table presents changes in the accretable yield for PCI loans during the three an six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Balance, beginning of period 855 1,678 971 4,154 Acquisitions — — — 216 Accretion (1) (115 ) (277 ) (231 ) (2,969 ) Net reclassification from non-accretable difference — — — — Balance, end of period $ 740 1,401 $ 740 1,401 (1) Includes the impact of PCI loans transferred to held for sale at lower cost or market as of March 31, 2014. |
Summary of Analysis of the Allowance for Loan Losses | An analysis of the allowance for loan losses is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance at beginning of the period $ 208,181 $ 180,706 $ 200,284 $ 173,928 Loans charged off (2,378 ) (4,007 ) (4,277 ) (7,103 ) Recoveries 1,159 1,371 1,955 2,245 Net charge-offs (1,219 ) (2,636 ) (2,322 ) (4,858 ) Provision for loan losses 7,000 8,000 16,000 17,000 Balance at end of the period $ 213,962 $ 186,070 $ 213,962 $ 186,070 |
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 including PCI loans, by portfolio segment and based on impairment method as of June 30, 2015 and December 31, 2014 : June 30, 2015 Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Loans Construction Loans Residential Mortgage Loans Consumer and Other Loans Unallocated Total (Dollars in thousands) Allowance for loan losses: Beginning balance-December 31, 2014 $ 71,147 44,030 20,759 6,488 47,936 3,347 6,577 200,284 Charge-offs (34 ) (646 ) (279 ) (307 ) (2,710 ) (301 ) — (4,277 ) Recoveries 27 400 219 258 889 162 — 1,955 Provision 8,136 281 7,501 (77 ) 73 788 (702 ) 16,000 Ending balance-June 30, 2015 $ 79,276 44,065 28,200 6,362 46,188 3,996 5,875 213,962 Individually evaluated for impairment $ 175 — — — 1,923 — — 2,098 Collectively evaluated for impairment 79,101 44,065 28,200 6,362 44,265 3,996 5,875 211,864 Loans acquired with deteriorated credit quality — — — — — — — — Balance at June 30, 2015 $ 79,276 44,065 28,200 6,362 46,188 3,996 5,875 213,962 Loans: Individually evaluated for impairment $ 3,762 18,434 3,137 2,402 24,523 175 — 52,433 Collectively evaluated for impairment 5,677,117 3,377,190 774,075 187,017 5,164,657 461,136 — 15,641,192 Loans acquired with deteriorated credit quality 637 7,044 56 1,786 3,961 438 — 13,922 Balance at June 30, 2015 $ 5,681,516 3,402,668 777,268 191,205 5,193,141 461,749 — 15,707,547 December 31, 2014 Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Loans Construction Loans Residential Mortgage Loans Consumer and Other Loans Unallocated Total (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 |
Schedule of Risk Category of Loans by Class of Loans | The following tables present the risk category of loans as of June 30, 2015 and December 31, 2014 by class of loans excluding PCI loans: June 30, 2015 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 5,296,044 290,766 66,617 27,452 — — 5,680,879 Commercial real estate 2,989,632 311,228 25,620 69,144 — — 3,395,624 Commercial and industrial 611,940 130,549 20,791 13,932 — — 777,212 Construction 175,116 8,993 2,175 3,135 — — 189,419 Total commercial loans 9,072,732 741,536 115,203 113,663 — — 10,043,134 Residential mortgage 5,067,090 — 27,934 94,156 — — 5,189,180 Consumer and other 453,983 — 1,806 5,522 — — 461,311 Total $ 14,593,805 741,536 144,943 213,341 — — 15,693,625 December 31, 2014 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 4,710,124 247,921 62,886 27,546 — — 5,048,477 Commercial real estate 2,757,949 276,660 29,248 75,967 — — 3,139,824 Commercial and industrial 405,021 110,374 20,321 8,686 — — 544,402 Construction 134,356 2,228 2,075 5,005 — — 143,664 Total commercial loans 8,007,450 637,183 114,530 117,204 — — 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 $ 14,082,608 637,183 146,579 215,393 — — 15,081,763 |
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 June 30, 2015 and December 31, 2014 by class of loans excluding PCI loans: June 30, 2015 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 221 — 3,534 3,755 5,677,124 5,680,879 Commercial real estate 1,397 812 10,683 12,892 3,382,732 3,395,624 Commercial and industrial 2,209 — 2,160 4,369 772,843 777,212 Construction — — 865 865 188,554 189,419 Total commercial loans 3,827 812 17,242 21,881 10,021,253 10,043,134 Residential mortgage 20,621 12,225 76,485 109,331 5,079,849 5,189,180 Consumer and other 1,305 500 5,347 7,152 454,159 461,311 Total $ 25,753 13,537 99,074 138,364 15,555,261 15,693,625 December 31, 2014 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans 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 |
Non-Accrual Loans Status | The following table presents non-accrual loans excluding PCI loans at the dates indicated: June 30, 2015 December 31, 2014 # of loans amount # of loans amount (Dollars in thousands) Non-accrual: Multi-family 6 $ 4,090 2 $ 2,989 Commercial real estate 36 12,983 36 13,940 Commercial and industrial 7 2,160 11 2,903 Construction 3 865 7 4,345 Total commercial loans 52 20,098 56 24,177 Residential mortgage and consumer 422 86,614 406 84,182 Total non-accrual loans 474 $ 106,712 462 $ 108,359 |
Loans Individually Evaluated for Impairment by Class of Loans | The following tables present loans individually evaluated for impairment by portfolio segment as of June 30, 2015 and December 31, 2014 : June 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 1,888 5,602 — 2,701 22 Commercial real estate 18,434 23,139 — 18,958 552 Commercial and industrial 3,137 3,137 — 2,541 35 Construction 2,402 2,402 — 9,466 73 Total commercial loans 25,861 34,280 — 33,666 682 Residential mortgage and consumer 7,919 10,598 — 7,060 590 With an allowance recorded: Multi-family 1,874 1,874 175 1,992 — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans 1,874 1,874 175 1,992 — Residential mortgage and consumer 16,779 17,046 1,923 16,612 1,059 Total: Multi-family 3,762 7,476 175 4,693 22 Commercial real estate 18,434 23,139 — 18,958 552 Commercial and industrial 3,137 3,137 — 2,541 35 Construction 2,402 2,402 — 9,466 73 Total commercial loans 27,735 36,154 175 35,658 682 Residential mortgage and consumer 24,698 27,644 1,923 23,672 1,649 Total impaired loans $ 52,433 63,798 2,098 59,330 2,331 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income 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 and consumer 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 and consumer 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 and consumer 23,285 25,712 1,865 23,153 877 Total impaired loans $ 60,499 74,521 2,139 63,655 2,525 |
Troubled Debt Restructured Loans | The following table presents the total troubled debt restructured loans at June 30, 2015 and December 31, 2014 . There were two residential PCI loans that were classified as TDRs and are included in the table below at June 30, 2015 . There were no PCI loans classified as a TDR for the period ended December 31, 2014 . June 30, 2015 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 2 $ 777 2 $ 777 Commercial real estate 5 12,960 6 5,479 11 18,439 Commercial and industrial 2 1,209 — — 2 1,209 Construction 2 1,596 1 805 3 2,401 Total commercial loans 9 15,765 9 7,061 18 22,826 Residential mortgage and consumer 39 13,871 40 10,613 79 24,484 Total 48 $ 29,636 49 $ 17,674 97 $ 47,310 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 and consumer 41 14,805 29 8,456 70 23,261 Total 55 $ 35,624 30 $ 11,653 85 $ 47,277 |
Schedule of Troubled Debt Restructurings | The following table presents information about troubled debt restructurings that occurred during the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 2014 Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment (Dollars in thousands) Troubled Debt Restructings: Commercial real estate 1 $ 78 $ 78 1 $ 1,108 $ 1,108 Residential mortgage and consumer 6 913 913 1 191 191 Six Months Ended June 30, 2015 2014 Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment (Dollars in thousands) Troubled Debt Restructings: Commercial real estate 1 $ 78 $ 78 1 $ 1,108 $ 1,108 Construction 1 1,326 1,326 — — — Residential mortgage and consumer 13 2,454 2,454 7 2,546 2,546 |
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 three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 2014 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Troubled Debt Restructings: Commercial real estate 1 5.00 5.00 1 8.00 8.00 Residential mortgage and consumer 6 5.89 3.54 1 5.25 3.25 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Summary of Deposits | Deposits are summarized as follows: June 30, 2015 December 31, 2014 (In thousands) Checking accounts $ 3,978,675 $ 3,892,839 Money market deposits 3,476,237 3,390,238 Savings 2,265,451 2,318,911 Total transaction accounts 9,720,363 9,601,988 Certificates of deposit 3,152,466 2,570,338 Total deposits $ 12,872,829 $ 12,172,326 |
Goodwill and Intangibles Asse28
Goodwill and Intangibles Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following table summarizes other intangible assets as of June 30, 2015 and December 31, 2014 : Gross Intangible Asset Accumulated Amortization Valuation Allowance Net Intangible Assets (In thousands) June 30, 2015 Mortgage Servicing Rights $ 22,893 (8,229 ) (121 ) 14,543 Core Deposit Premiums 25,058 (12,084 ) — 12,974 Other 300 (125 ) — 175 Total other intangible assets $ 48,251 (20,438 ) (121 ) 27,692 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 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options granted on June 23, 2015 was estimated utilizing the Black-Scholes option pricing model using the following assumptions: Stock Options Granted Weighted average expected life (in years) 7.43 Weighted average risk-free rate of return 1.96 % Weighted average volatility 25.33 % Dividend yield 1.59 % Weighted average fair value of options granted $ 3.12 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | At the annual meeting held on June 9, 2015, stockholders of the Company approved the Investors Bancorp, Inc. 2015 Equity Incentive Plan ("2015 Plan.") On June 23, 2015, the Company granted to directors and employees a total of 6,849,832 restricted stock awards and 11,576,612 stock options to purchase Company stock. The restricted stock awards and stock options were issued out of the 2015 Plan, which allows the Company to grant common stock or options to purchase common stock at specific prices to directors and employees of the Company. The 2015 Plan provides for the issuance or delivery of up to 30,881,296 shares ( 13,234,841 restricted stock awards and 17,646,455 stock options) of Investors Bancorp, Inc. common stock. Restricted shares granted under the 2015 Plan vest in equal installments, over the service period generally ranging from 5 to 7 years beginning one year from the date of grant. Additionally, certain restricted shares awarded are performance vesting awards, which may or may not vest depending upon the attainment of certain corporate financial targets. The vesting of restricted stock may accelerate in accordance with the terms of the 2015 Plan. The product of the number of shares granted and the grant date closing market price of the Company's common stock determine the fair value of restricted shares under the 2015 Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. Stock options granted under the 2015 Plan vest in equal installments, over the service period generally ranging from 5 to 7 years beginning one year from the date of grant. The vesting of stock options may accelerate in accordance with the terms of the 2015 Plan. Stock options were granted at an exercise price equal to the fair value of the Company's common stock on the grant date based on the closing market price and have an expiration period of 10 years. The fair value of stock options granted on June 23, 2015 was estimated utilizing the Black-Scholes option pricing model using the following assumptions: Stock Options Granted Weighted average expected life (in years) 7.43 Weighted average risk-free rate of return 1.96 % Weighted average volatility 25.33 % Dividend yield 1.59 % Weighted average fair value of options granted $ 3.12 The weighted average expected life of the stock option represents the period of time that stock options are expected to be outstanding and is estimated using historical data of stock option exercises and forfeitures. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on the historical volatility of the Company's stock. 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. The Company applied ASC, 718 “ Compensation- Stock Compensation," ("ASC 718") and began to expense the fair value of all share-based compensation granted over the requisite service periods. ASC 718 requires the Company to report as a financing cash flow the benefits of realized tax deductions in excess of previously recognized tax benefits on compensation expense. In accordance with SEC Staff Accounting Bulletin No. 107 (“SAB 107”), 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. The following table presents the share based compensation expense for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Stock option expense $ 111 $ 1,700 $ 115 $ 1,800 Restricted stock expense 240 11,200 240 11,900 Total share based compensation expense $ 351 12,900 355 13,700 |
Schedule of Share-based Compensation, Stock Options, Activity | The following is a summary of the Company’s stock option activity as of June 30, 2015 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2014 9,092,584 $6.06 2.8 $46,984 Granted 11,576,612 12.54 Exercised (840,940 ) 5.90 Forfeited — — Expired — — Outstanding at June 30, 2015 19,828,256 $9.85 6.8 $51,374 Exercisable at June 30, 2015 8,225,169 $6.06 2.3 $51,332 |
Schedule of Nonvested Restricted Stock Units Activity | The following is a summary of the Company’s restricted shares as of June 30, 2015 : Number of Shares Awarded Weighted Average Grant Date fair Value Outstanding at December 31, 2014 — $ — Granted 6,849,832 12.54 Vested — — Forfeited — — Outstanding and non vested at June 30, 2015 6,849,832 $ 12.54 |
Net Periodic Benefits (Tables)
Net Periodic Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Components Of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Service cost $ 774 580 1,548 1,160 Interest cost 374 331 749 661 Amortization of: Prior service cost 12 24 24 49 Net gain 321 158 641 316 Total net periodic benefit cost $ 1,481 1,093 2,962 2,186 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Components of Comprehensive Income (Loss), Gross and Net Of Tax | The components of comprehensive (loss) income, both gross and net of tax, are as follows: Three Months Ended June 30, 2015 2014 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 73,301 (26,939 ) 46,362 24,782 (9,596 ) 15,186 Other comprehensive (loss) income: Change in funded status of retirement obligations 352 (144 ) 208 184 (75 ) 109 Unrealized (loss) gain on securities available-for-sale (9,409 ) 3,785 (5,624 ) 5,323 (2,168 ) 3,155 Accretion of loss on securities reclassified to held to maturity available for sale 642 (262 ) 380 737 (301 ) 436 Reclassification adjustment for security gains included in net income — — — (4 ) — (4 ) Other-than-temporary impairment accretion on debt securities 319 (130 ) 189 336 (137 ) 199 Total other comprehensive (loss) income (8,096 ) 3,249 (4,847 ) 6,576 (2,681 ) 3,895 Total comprehensive income $ 65,205 (23,690 ) 41,515 31,358 (12,277 ) 19,081 |
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 six months ended June 30, 2015 and 2014 : Change in funded status of retirement obligations Net Unrealized gains (losses) on investment securities Unrealized gain on securities available-for-sale Reclassification adjustment for losses included in net income Other-than- temporary impairment accretion on debt securities Total accumulated other comprehensive loss (Dollars in thousands) Balance - December 31, 2014 $ (10,911 ) (4,528 ) 7,851 — (14,816 ) (22,404 ) Net change 414 761 (528 ) — 382 1,029 Balance - June 30, 2015 $ (10,497 ) (3,767 ) 7,323 — (14,434 ) (21,375 ) Balance - December 31, 2013 $ (5,869 ) (6,255 ) 1,900 138 (15,610 ) (25,696 ) Net change 218 869 5,885 (138 ) 397 7,231 Balance - June 30, 2014 $ (5,651 ) (5,386 ) 7,785 — (15,213 ) (18,465 ) The following table presents information about amounts reclassified from accumulated other comprehensive loss to the consolidated statement of income and the affected line item in the statement where net income is presented. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Reclassification adjustment for gains included in net income Gain on security transactions $ — (4 ) — (233 ) Change in funded status of retirement obligations (1) Compensation and fringe benefits: Amortization of net obligation or asset — 6 — 13 Amortization of prior service cost 12 31 24 62 Amortization of net gain 339 147 678 294 Compensation and fringe benefits 351 184 702 369 Total before tax 351 180 702 136 Income tax (144 ) (75 ) (288 ) (56 ) Net of tax $ 207 105 414 80 (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 10 for additional details. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 . Carrying Value at June 30, 2015 Total Level 1 Level 2 Level 3 (In thousands) Securities available for sale: Equity securities $ 8,801 — 8,801 — Mortgage-backed securities: Federal Home Loan Mortgage Corporation 518,676 — 518,676 — Federal National Mortgage Association 749,173 — 749,173 — Government National Mortgage Association 116 — 116 — Total mortgage-backed securities available-for-sale 1,267,965 — 1,267,965 — Total securities available-for-sale $ 1,276,766 — 1,276,766 — 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 — |
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 three and six months ended June 30, 2015 and 2014 are summarized below: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Balance beginning of period (1) $ — — — 670 Transfers from held-to-maturity — — — — Total net (losses) gains for the period included in: Net income — — — 470 Other comprehensive income (loss) — — — (229 ) Sales — — — (911 ) Settlements — — — — Balance end of period $ — — — — (1) Represents a trust preferred security transferred to available for sale 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 obligations 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 June 30, 2015 and December 31, 2014 . For the three months ended June 30, 2015 there was no change to carrying value of impaired loans or mortgage servicing rights measured at fair value on a non-recurring basis. For the year ended December 31, 2014 , there was no change to carrying value of impaired loans measured at fair value on a non-recurring basis. Security Type Valuation Technique Unobservable Input Range Weighted Average Carrying Value at June 30, 2015 Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned Market comparable Lack of marketability 0.0% - 25.0% 8.29% 914 — — 914 $ 914 — — 914 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 |
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. June 30, 2015 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 228,967 228,967 228,967 — — Securities available-for-sale 1,276,766 1,276,766 — 1,276,766 — Securities held-to-maturity 1,760,558 1,812,785 — 1,734,868 77,917 Stock in FHLB 186,412 186,412 186,412 — — Loans held for sale 363,048 363,048 — 363,048 — Net loans 15,475,787 15,313,752 — — 15,313,752 Financial liabilities: Deposits, other than time deposits $ 9,720,363 9,720,363 9,720,363 — — Time deposits 3,152,466 3,165,603 — 3,165,603 — Borrowed funds 3,446,121 3,473,002 — 3,473,002 — 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 — |
Basis of Presentation (Details)
Basis of Presentation (Details) $ / shares in Units, $ in Millions | May. 07, 2014USD ($)$ / sharesshares | May. 07, 2014$ / sharesshares | Jun. 30, 2015shares | Jun. 30, 2015shares | Jun. 30, 2014shares |
Schedule of Accounting Policies [Line Items] | |||||
Net proceeds from selling shares of common stock | $ | $ 2,150 | ||||
Initial public stock offering (shares) | 213,963,274 | ||||
Purchase of treasury stock, shares | 17,951,462 | 17,951,462 | 1,295,193 | ||
Predecessor [Member] | Investors Bancorp, MHC | |||||
Schedule of Accounting Policies [Line Items] | |||||
Sale of Stock, Percentage of Ownership before Transaction | 62.00% | ||||
Successor | IPO | |||||
Schedule of Accounting Policies [Line Items] | |||||
Initial public stock offering (shares) | 219,580,695 | ||||
Share price (per share) | $ / shares | $ 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 |
Stock Transactions Stock Transa
Stock Transactions Stock Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 10, 2015 | Mar. 16, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Equity [Abstract] | |||||
Purchase of treasury stock, shares | 17,951,462 | 17,951,462 | 1,295,193 | ||
Percentage of shares to be repurchased | 10.00% | 5.00% | |||
Number of shares authorized to be repurchased | 34,779,211 | 17,911,561 | 17,911,561 | ||
Stock repurchased during period, value | $ 215,070 | $ 13,524 | |||
Stock repurchase cost, per share | $ 11.98 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) $ in Thousands | Jan. 10, 2014USD ($)branchshares | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) |
Business Acquisition [Line Items] | |||
Bargain purchase gain | $ 0 | $ 1,482 | |
Gateway Community Financial Corporation | |||
Business Acquisition [Line Items] | |||
Number of branches acquired | branch | 4 | ||
Liabilities assumes, customer deposit | $ 254,700 | ||
Loans receivable | 195,100 | ||
Intangibles assumed | 1,900 | ||
Bargain purchase gain | $ 1,500 | ||
Investors Bancorp, MHC | Gateway Community Financial Corporation | |||
Business Acquisition [Line Items] | |||
Purchase price, common stock issued | shares | 1,945,079 |
Business Combinations (Summary
Business Combinations (Summary of Estimated Fair Values of the Assets Acquired and Liabilities Assumed) (Details) - Gateway Community Financial Corporation $ in Millions | Jan. 10, 2014USD ($) |
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 |
Earnings Per Share (Summary of
Earnings Per Share (Summary of Calculations and Reconciliation of Basic to Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Net income | $ 46,362 | $ 15,186 | $ 88,309 | $ 49,604 |
Income available to common stockholders, Basic | $ 46,362 | $ 15,186 | $ 88,309 | $ 49,604 |
Income available to common stockholders, Basic, Shares | 333,277,572 | 344,455,224 | 338,727,198 | 345,003,202 |
Basic and Diluted earnings per share (usd per share) | $ 0.14 | $ 0.04 | $ 0.26 | $ 0.14 |
Effect of dilutive common stock equivalents, Basic, Shares | 3,174,976 | 3,525,315 | 3,142,579 | 4,113,054 |
Income available to common stockholders, Diluted | $ 46,362 | $ 15,186 | $ 88,309 | $ 49,604 |
Income available to common stockholders, Diluted, Shares | 336,452,548 | 347,980,539 | 341,869,777 | 349,116,256 |
Diluted earnings per common share (usd per share) | $ 0.14 | $ 0.04 | $ 0.26 | $ 0.14 |
Equity awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of diluted earnings per share | 18,454,239 | 114,750 | 18,454,239 | 114,750 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Investment [Line Items] | |||||
Carrying value of held to maturity security | $ 1,760,558,000 | $ 1,760,558,000 | $ 1,564,479,000 | ||
Estimated fair value | 1,812,785,000 | 1,812,785,000 | 1,609,365,000 | ||
Non credit-related OTTI | 24,400,000 | ||||
Non credit-related OTTI, after-tax | 14,400,000 | ||||
Recognized net gains on available-for-sale securities | 42,000 | $ 108,000 | $ 639,000 | ||
Sale proceeds | 911,000 | ||||
Gross realized gain from sale of Available-for-sale securities | 474,000 | ||||
Gain on securities transactions | 42,000 | 108,000 | 84,000 | 639,000 | |
Gross realized losses | 0 | ||||
Corporate and other debt securities | |||||
Investment [Line Items] | |||||
Amortized cost | $ 0 | ||||
Carrying value of held to maturity security | 34,800,000 | 34,800,000 | |||
Estimated fair value | $ 77,900,000 | 77,900,000 | |||
Contractual maturities of mortgage-backed securities, years | 20 years | ||||
TruP Security | |||||
Investment [Line Items] | |||||
Estimated fair value | $ 159,000 | $ 159,000 | |||
Gain on securities transactions | 0 | 50,000 | |||
Available-for-sale Securities | |||||
Investment [Line Items] | |||||
Dividend income | $ 84,000 | $ 108,000 | $ 116,000 |
Securities (Summary of Securiti
Securities (Summary of Securities- AFS) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | $ 1,265,701 | $ 1,185,815 |
Gross unrecognized gains | 14,421 | 14,301 |
Gross unrecognized losses | 3,356 | 2,192 |
Estimated fair value | 1,276,766 | 1,197,924 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 6,717 | 6,887 |
Gross unrecognized gains | 2,084 | 1,636 |
Gross unrecognized losses | 0 | 0 |
Estimated fair value | 8,801 | 8,523 |
Mortgage-backed securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 1,258,984 | 1,178,928 |
Gross unrecognized gains | 12,337 | 12,665 |
Gross unrecognized losses | 3,356 | 2,192 |
Estimated fair value | 1,267,965 | 1,189,401 |
Federal Home Loan Mortgage Corporation | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 514,470 | 503,268 |
Gross unrecognized gains | 5,446 | 5,023 |
Gross unrecognized losses | 1,240 | 1,008 |
Estimated fair value | 518,676 | 507,283 |
Federal National Mortgage Association | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 744,399 | 675,535 |
Gross unrecognized gains | 6,890 | 7,641 |
Gross unrecognized losses | 2,116 | 1,184 |
Estimated fair value | 749,173 | 681,992 |
Government National Mortgage Association | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 115 | 125 |
Gross unrecognized gains | 1 | 1 |
Gross unrecognized losses | 0 | 0 |
Estimated fair value | $ 116 | $ 126 |
Securities (Summary of Securi40
Securities (Summary of Securities- HTM) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Net unrealized losses | $ (106,872) | $ (107,844) | $ (108,817) | $ (110,522) | $ (111,375) | $ (112,235) |
Carrying value | 1,760,558 | 1,564,479 | ||||
Gross unrealized losses | 5,439 | 3,483 | ||||
Estimated fair value | 1,812,785 | 1,609,365 | ||||
Held-to-maturity: | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 1,791,332 | 1,597,181 | ||||
Net unrealized losses | (30,774) | (32,702) | ||||
Carrying value | 1,760,558 | 1,564,479 | ||||
Gross unrecognized gains | 57,666 | 48,369 | ||||
Gross unrealized losses | 5,439 | 3,483 | ||||
Estimated fair value | 1,812,785 | 1,609,365 | ||||
Government-sponsored enterprises | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 4,311 | 4,388 | ||||
Net unrealized losses | 0 | 0 | ||||
Carrying value | 4,311 | 4,388 | ||||
Gross unrecognized gains | 28 | 15 | ||||
Gross unrealized losses | 0 | 0 | ||||
Estimated fair value | 4,339 | 4,403 | ||||
Municipal bonds | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 21,162 | 24,320 | ||||
Net unrealized losses | 0 | 0 | ||||
Carrying value | 21,162 | 24,320 | ||||
Gross unrecognized gains | 880 | 1,001 | ||||
Gross unrealized losses | 0 | 0 | ||||
Estimated fair value | 22,042 | 25,321 | ||||
Corporate and other debt securities | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 59,174 | 58,487 | ||||
Net unrealized losses | (24,402) | (25,047) | ||||
Carrying value | 34,772 | 33,440 | ||||
Gross unrecognized gains | 43,145 | 32,163 | ||||
Gross unrealized losses | 0 | 367 | ||||
Estimated fair value | 77,917 | 65,236 | ||||
Total debt securities held-to-maturity | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 84,647 | 87,195 | ||||
Net unrealized losses | (24,402) | (25,047) | ||||
Carrying value | 60,245 | 62,148 | ||||
Gross unrecognized gains | 44,053 | 33,179 | ||||
Gross unrealized losses | 0 | 367 | ||||
Estimated fair value | 104,298 | 94,960 | ||||
Mortgage-backed securities: | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 1,706,685 | 1,509,986 | ||||
Net unrealized losses | (6,372) | (7,655) | ||||
Carrying value | 1,700,313 | 1,502,331 | ||||
Gross unrecognized gains | 13,613 | 15,190 | ||||
Gross unrealized losses | 5,439 | 3,116 | ||||
Estimated fair value | 1,708,487 | 1,514,405 | ||||
Federal Home Loan Mortgage Corporation | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 519,806 | 504,407 | ||||
Net unrealized losses | (3,096) | (3,770) | ||||
Carrying value | 516,710 | 500,637 | ||||
Gross unrecognized gains | 3,756 | 3,561 | ||||
Gross unrealized losses | 1,701 | 1,878 | ||||
Estimated fair value | 518,765 | 502,320 | ||||
Federal National Mortgage Association | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 1,162,740 | 978,261 | ||||
Net unrealized losses | (3,276) | (3,885) | ||||
Carrying value | 1,159,464 | 974,376 | ||||
Gross unrecognized gains | 9,780 | 11,629 | ||||
Gross unrealized losses | 3,738 | 1,218 | ||||
Estimated fair value | 1,165,506 | 984,787 | ||||
Government National Mortgage Association | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 24,058 | 27,136 | ||||
Net unrealized losses | 0 | 0 | ||||
Carrying value | 24,058 | 27,136 | ||||
Gross unrecognized gains | 77 | 0 | ||||
Gross unrealized losses | 0 | 20 | ||||
Estimated fair value | 24,135 | 27,116 | ||||
Federal Housing Authorities | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 81 | 182 | ||||
Net unrealized losses | 0 | 0 | ||||
Carrying value | 81 | 182 | ||||
Gross unrecognized gains | 0 | 0 | ||||
Gross unrealized losses | 0 | 0 | ||||
Estimated fair value | $ 81 | $ 182 |
Securities (Investment Securiti
Securities (Investment Securities, Continuous Unrealized Loss Position And Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available-for-sale, Estimated fair value | ||
Less than 12 months | $ 365,160 | $ 143,542 |
12 months or more | 38,555 | 112,913 |
Total | 403,715 | 256,455 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 2,737 | 476 |
12 months or more | 619 | 1,716 |
Total | 3,356 | 2,192 |
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 36,472 | 85,642 |
Less than 12 months | 559,432 | 373,272 |
Total | 595,904 | 458,914 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 4,233 | 1,474 |
12 months or more | 1,206 | 2,009 |
Total | 5,439 | 3,483 |
Estimated fair value, Less than 12 months, Total | 924,592 | 516,814 |
Unrealized losses, Less than 12 months, Total | 6,970 | 1,950 |
Estimated fair value, 12 months or more, Total | 75,027 | 198,555 |
Unrealized losses, 12 months or more, Total | 1,825 | 3,725 |
Estimated fair value, Total | 999,619 | 715,369 |
Unrealized losses, Total | 8,795 | 5,675 |
Total debt securities held-to-maturity | ||
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 233 | |
Less than 12 months | 674 | |
Total | 907 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 40 | |
12 months or more | 327 | |
Total | 367 | |
Corporate and other debt securities | ||
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 233 | |
Less than 12 months | 674 | |
Total | 907 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 40 | |
12 months or more | 327 | |
Total | 367 | |
Federal Home Loan Mortgage Corporation | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 162,028 | 76,525 |
12 months or more | 6,344 | 60,394 |
Total | 168,372 | 136,919 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 1,238 | 426 |
12 months or more | 2 | 582 |
Total | 1,240 | 1,008 |
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 5,586 | 47,892 |
Less than 12 months | 225,123 | 199,962 |
Total | 230,709 | 247,854 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 1,272 | 1,043 |
12 months or more | 429 | 835 |
Total | 1,701 | 1,878 |
Federal National Mortgage Association | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 203,132 | 67,017 |
12 months or more | 32,211 | 52,519 |
Total | 235,343 | 119,536 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 1,499 | 50 |
12 months or more | 617 | 1,134 |
Total | 2,116 | 1,184 |
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 30,886 | |
Less than 12 months | 334,309 | |
Total | 365,195 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 2,961 | |
12 months or more | 777 | |
Total | 3,738 | |
Mortgage-backed securities: | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 365,160 | 143,542 |
12 months or more | 38,555 | 112,913 |
Total | 403,715 | 256,455 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 2,737 | 476 |
12 months or more | 619 | 1,716 |
Total | 3,356 | 2,192 |
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 36,472 | 85,409 |
Less than 12 months | 559,432 | 372,598 |
Total | 595,904 | 458,007 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 4,233 | 1,434 |
12 months or more | 1,206 | 1,682 |
Total | $ 5,439 | 3,116 |
Federal National Mortgage Association | ||
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 | |
Non Agency Securities [Member] | ||
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 |
Securities (Summary of Pooled T
Securities (Summary of Pooled Trust Preferred Securities) (Details) $ in Thousands | Jun. 30, 2015USD ($)issuer | Dec. 31, 2014USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 1,760,558 | $ 1,564,479 |
Fair Value | $ 1,812,785 | $ 1,609,365 |
Current deferrals and defaults, assumed recoveries range, low | 1.20% | |
Assumed recoveries range, high | 54.20% | |
Expected deferrals and defaults, assumed recoveries range, low | 5.70% | |
Expected deferrals and defaults, assumed recoveries range, high | 16.10% | |
Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 34,772 | |
Fair Value | 77,758 | |
Unrealized Gains | $ 42,986 | |
Moody's, B3 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% | |
Pref Pretsl IX | Moody's, B3 Rating | Fitch, C Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 405 | |
Fair Value | 953 | |
Unrealized Gains | $ 548 | |
Number of Issuers Currently Performing | issuer | 28 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 25.48% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 8.59% | |
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 | $ 597 | |
Fair Value | 1,545 | |
Unrealized Gains | $ 948 | |
Number of Issuers Currently Performing | issuer | 55 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 23.36% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 10.65% | |
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 | $ 513 | |
Fair Value | 1,321 | |
Unrealized Gains | $ 809 | |
Number of Issuers Currently Performing | issuer | 52 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 23.39% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 11.11% | |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | |
Pretsl XXI | Moody's, Ca Rating | Fitch, C Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 824 | |
Fair Value | 3,656 | |
Unrealized Gains | $ 2,833 | |
Number of Issuers Currently Performing | issuer | 52 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 18.55% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 11.25% | |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | |
Pretsl XX | Moody's, Ca Rating | Fitch, C Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 481 | |
Fair Value | 1,168 | |
Unrealized Gains | $ 687 | |
Number of Issuers Currently Performing | issuer | 45 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 20.31% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.18% | |
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 | $ 811 | |
Fair Value | 1,796 | |
Unrealized Gains | $ 983 | |
Number of Issuers Currently Performing | issuer | 53 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 5.19% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.61% | |
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 | $ 1,816 | |
Fair Value | 3,507 | |
Unrealized Gains | $ 1,689 | |
Number of Issuers Currently Performing | issuer | 49 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 22.74% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.37% | |
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 | $ 852 | |
Fair Value | 2,003 | |
Unrealized Gains | $ 1,151 | |
Number of Issuers Currently Performing | issuer | 36 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 21.14% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 16.12% | |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | |
Pretsl XV | Moody's, Caa3 Rating | Fitch, C Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 943 | |
Fair Value | 2,462 | |
Unrealized Gains | $ 1,519 | |
Number of Issuers Currently Performing | issuer | 59 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 11.61% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.48% | |
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 | $ 522 | |
Fair Value | 2,277 | |
Unrealized Gains | $ 1,755 | |
Number of Issuers Currently Performing | issuer | 12 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 47.77% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.63% | |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | |
Pretsl IV | Moody's, B1 Rating | Fitch, BB Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 154 | |
Fair Value | 222 | |
Unrealized Gains | $ 68 | |
Number of Issuers Currently Performing | issuer | 6 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 18.05% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 6.72% | |
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 | $ 772 | |
Fair Value | 1,356 | |
Unrealized Gains | $ 585 | |
Number of Issuers Currently Performing | issuer | 62 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 26.55% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.31% | |
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 | $ 1,510 | |
Fair Value | 4,073 | |
Unrealized Gains | $ 2,563 | |
Number of Issuers Currently Performing | issuer | 62 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 26.55% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 12.31% | |
Excess Subordination as a % of Performing Collateral (3) | 24.85% | |
Pretsl XXII | Moody's, Aa2 Rating | Fitch, BBB Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 348 | |
Fair Value | 1,777 | |
Unrealized Gains | $ 1,430 | |
Number of Issuers Currently Performing | issuer | 94 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 18.90% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 10.99% | |
Excess Subordination as a % of Performing Collateral (3) | 18.28% | |
Pretsl XXII | Moody's, A1 Rating | Fitch, A Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 508 | |
Fair Value | 1,439 | |
Unrealized Gains | $ 931 | |
Number of Issuers Currently Performing | issuer | 72 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 19.12% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 11.89% | |
Excess Subordination as a % of Performing Collateral (3) | 31.40% | |
Trapeza XIII | Moody's, Ca Rating | Fitch, CC Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 2,166 | |
Fair Value | 5,883 | |
Unrealized Gains | $ 3,717 | |
Number of Issuers Currently Performing | issuer | 48 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 13.46% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.34% | |
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 | $ 2,040 | |
Fair Value | 5,059 | |
Unrealized Gains | $ 3,019 | |
Number of Issuers Currently Performing | issuer | 33 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 20.01% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.61% | |
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 | $ 2,020 | |
Fair Value | 3,311 | |
Unrealized Gains | $ 1,291 | |
Number of Issuers Currently Performing | issuer | 29 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 16.22% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.50% | |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | |
US Cap II | Moody's, B3 Rating | Fitch, C Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 1,565 | |
Fair Value | 3,249 | |
Unrealized Gains | $ 1,684 | |
Number of Issuers Currently Performing | issuer | 35 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 13.42% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.90% | |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | |
U S Cap I, B1 Class | Moody's, B3 Rating | Fitch, C Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 2,973 | |
Fair Value | 5,939 | |
Unrealized Gains | $ 2,966 | |
Number of Issuers Currently Performing | issuer | 31 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 10.51% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 6.68% | |
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 | $ 4,467 | |
Fair Value | 6,489 | |
Unrealized Gains | $ 2,022 | |
Number of Issuers Currently Performing | issuer | 20 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 34.91% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 7.91% | |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | |
U S Cap I, B2 Class | Moody's, B3 Rating | Fitch, C Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 997 | |
Fair Value | 1,980 | |
Unrealized Gains | $ 983 | |
Number of Issuers Currently Performing | issuer | 31 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 10.51% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 6.68% | |
Tpref I | Moody's, Ca Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 1,677 | |
Fair Value | 2,531 | |
Unrealized Gains | $ 855 | |
Number of Issuers Currently Performing | issuer | 5 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 54.22% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 11.07% | |
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 | $ 624 | |
Fair Value | 1,009 | |
Unrealized Gains | $ 384 | |
Number of Issuers Currently Performing | issuer | 36 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 22.45% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 8.40% | |
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 | $ 1,835 | |
Fair Value | 2,722 | |
Unrealized Gains | $ 887 | |
Number of Issuers Currently Performing | issuer | 32 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 13.45% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 7.47% | |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | |
MM Comm III | Moody's, Ba1 Rating | Fitch, BB Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 172 | |
Fair Value | 3,159 | |
Unrealized Gains | $ 2,987 | |
Number of Issuers Currently Performing | issuer | 6 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 30.00% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 5.72% | |
Excess Subordination as a % of Performing Collateral (3) | 12.84% | |
Alesco PF VI | Moody's, Ca Rating | Fitch, C Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 828 | |
Fair Value | 1,852 | |
Unrealized Gains | $ 1,024 | |
Number of Issuers Currently Performing | issuer | 42 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 7.61% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 11.29% | |
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 | $ 449 | |
Fair Value | 839 | |
Unrealized Gains | $ 389 | |
Number of Issuers Currently Performing | issuer | 38 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 1.19% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.11% | |
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 | $ 376 | |
Fair Value | 835 | |
Unrealized Gains | $ 459 | |
Number of Issuers Currently Performing | issuer | 29 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 12.35% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 7.26% | |
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 | $ 939 | |
Fair Value | 2,087 | |
Unrealized Gains | $ 1,148 | |
Number of Issuers Currently Performing | issuer | 29 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 12.35% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 7.26% | |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | |
Alesco PF II | Moody's, Caa3 Rating | Fitch, C Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 363 | |
Fair Value | 787 | |
Unrealized Gains | $ 424 | |
Number of Issuers Currently Performing | issuer | 31 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 7.62% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 6.85% | |
Excess Subordination as a % of Performing Collateral (3) | 0.00% | |
Pretsl X | Moody's, Caa1 Rating | Fitch, C Rating | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Book Value | $ 225 | |
Fair Value | 472 | |
Unrealized Gains | $ 248 | |
Number of Issuers Currently Performing | issuer | 32 | |
Current Deferrals and Defaults as a % of Total Collateral (1) | 26.90% | |
Expected Deferrals and Defaults as % of Remaining Collateral (2) | 9.32% | |
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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying value | $ 1,760,558 | $ 1,564,479 |
Total, Estimated fair value | 1,812,785 | $ 1,609,365 |
Debt Securities Other than Securities Pledged | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less | 17,990 | |
Due after one year through five years | 2,477 | |
Due after five years through ten years | 0 | |
Due after ten years | 39,778 | |
Carrying value | 60,245 | |
Due in one year or less, Estimated fair value | 17,992 | |
Due after one year through five years, Estimated fair value | 2,504 | |
Due after five years through ten years, Estimated fair value | 0 | |
Due after ten years, Estimated fair value | 83,802 | |
Total, Estimated fair value | $ 104,298 |
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Balance of credit related OTTI, beginning of period | $ 107,844 | $ 111,375 | $ 108,817 | $ 112,235 |
Initial credit impairments | 0 | 0 | 0 | 0 |
Subsequent credit impairments | 0 | 0 | 0 | 0 |
Accretion of credit loss impairment due to an increase in expected cash flows | (972) | (853) | (1,945) | (1,713) |
Balance of credit related OTTI, end of period | $ 106,872 | $ 110,522 | $ 106,872 | $ 110,522 |
Loans Receivable, Net (Narrativ
Loans Receivable, Net (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)loan | Jun. 30, 2014USD ($)loan | Dec. 31, 2014USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Charge-off for collaterally dependent TDR's | $ 0 | $ 0 | |||
PCI loans | 13,922,000 | $ 13,922,000 | $ 17,789,000 | ||
Allowance for loan losses, individually evaluated for impairment | 2,098,000 | 2,098,000 | 2,139,000 | ||
PCI loans acquired | 133,000 | ||||
Outstanding minimum balance of loans to be evaluated for impairment individually | 500,000 | 500,000 | |||
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 | ||||
Loans, Individually evaluated for impairment | $ 52,433,000 | 52,433,000 | 60,499,000 | ||
Related Allowance | 2,098,000 | 2,098,000 | 2,139,000 | ||
Charges-offs for collateral dependent TDRs | $ 4,277,000 | $ 18,244,000 | |||
Post- modification Interest Yield | 5.00% | 0.00% | |||
Weighted average modified yield | 5.00% | 0.00% | |||
Interest income received and recognized on loans | 1,700,000 | $ 466,000 | $ 2,300,000 | $ 1,100,000 | |
Troubled debt restructured, number of loans | loan | 97 | 85 | |||
Recorded investment | $ 47,310,000 | $ 47,310,000 | $ 47,277,000 | ||
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 | ||||
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 | loan | 2 | 3 | |||
Recorded investment | $ 614,000 | $ 900,000 | $ 614,000 | $ 900,000 | |
Collateral Dependant TDRs | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, individually evaluated for impairment | 1,900,000 | 1,900,000 | 1,900,000 | ||
Related Allowance | $ 2,100,000 | 2,100,000 | 2,100,000 | ||
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 | ||
Loans, Individually evaluated for impairment | 3,137,000 | 3,137,000 | 3,310,000 | ||
Related Allowance | 0 | 0 | 0 | ||
Charges-offs for collateral dependent TDRs | 279,000 | 2,447,000 | |||
Residential Mortgage Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, individually evaluated for impairment | 1,923,000 | $ 1,923,000 | $ 1,865,000 | ||
Number of current loans classified as non-accrual, TDR | loan | 20 | 5 | |||
TDR number of current loans classified as non-accrual, amount | 1,000,000 | $ 1,000,000 | $ 2,900,000 | ||
Loans, Individually evaluated for impairment | $ 24,523,000 | 24,523,000 | 23,285,000 | ||
Charges-offs for collateral dependent TDRs | $ 2,710,000 | 7,715,000 | |||
Post- modification Interest Yield | 3.54% | 3.25% | 3.42% | 3.57% | |
Weighted average modified yield | 5.89% | 5.25% | 5.18% | 5.18% | |
TDR loans classified as non-accrual, 30-89 days delinquent, amount | $ 4,800,000 | $ 4,800,000 | $ 1,500,000 | ||
TDR loans classified as non-accrual, 30-89 days delinquent, number of loans | loan | 5 | 10 | |||
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 | 175,000 | $ 175,000 | $ 0 | ||
Number of current loans classified as non-accrual, TDR | loan | 1 | ||||
TDR number of current loans classified as non-accrual, amount | 556,000 | $ 556,000 | |||
Loans, Individually evaluated for impairment | 3,762,000 | 3,762,000 | 4,111,000 | ||
Related Allowance | 175,000 | 175,000 | 0 | ||
Charges-offs for collateral dependent TDRs | 34,000 | 323,000 | |||
Commercial Real Estate Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 274,000 | ||
Loans, Individually evaluated for impairment | 18,434,000 | 18,434,000 | 22,995,000 | ||
Related Allowance | $ 0 | 0 | 274,000 | ||
Charges-offs for collateral dependent TDRs | $ 646,000 | 6,147,000 | |||
Post- modification Interest Yield | 5.00% | 8.00% | 5.00% | 8.00% | |
Weighted average modified yield | 5.00% | 8.00% | 5.00% | 8.00% | |
Construction Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, individually evaluated for impairment | $ 0 | $ 0 | 0 | ||
Loans, Individually evaluated for impairment | 2,402,000 | 2,402,000 | 6,798,000 | ||
Related Allowance | 0 | 0 | 0 | ||
Charges-offs for collateral dependent TDRs | 307,000 | 640,000 | |||
Commercial Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
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 | |||
Number of current loans classified as non-accrual, TDR | loan | 5 | ||||
TDR number of current loans classified as non-accrual, amount | 2,300,000 | $ 2,300,000 | |||
Related Allowance | 175,000 | 175,000 | 274,000 | ||
Marathon Banking Corporation and Marathon National Bank of New York | PCI Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans | 13,900,000 | 13,900,000 | 17,800,000 | ||
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 | 8,900,000 | 8,900,000 | 9,200,000 | ||
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 | $ 5,000,000 | $ 5,000,000 | $ 8,600,000 |
Loans Receivable, Net (Details)
Loans Receivable, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Receivables [Abstract] | ||||||
Multi-family loans | $ 5,680,879 | $ 5,048,477 | ||||
Commercial real estate loans | 3,395,624 | 3,139,824 | ||||
Commercial and industrial loans | 777,212 | 544,402 | ||||
Construction loans | 189,419 | 143,664 | ||||
Total commercial loans | 10,043,134 | 8,876,367 | ||||
Residential mortgage loans | 5,189,180 | 5,764,896 | ||||
Consumer and other loans | 461,311 | 440,500 | ||||
Total loans excluding PCI loans | 15,693,625 | 15,081,763 | ||||
PCI loans | 13,922 | 17,789 | ||||
Net unamortized premiums and deferred loan costs | (17,798) | (11,698) | ||||
Allowance for loan losses | (213,962) | $ (208,181) | (200,284) | $ (186,070) | $ (180,706) | $ (173,928) |
Net loans | $ 15,475,787 | $ 14,887,570 |
Loans Receivable, Net (Purchase
Loans Receivable, Net (Purchased Credit Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jan. 10, 2014 | |
PCI Loans | |||||
Accretable Yeild [Roll Forward] | |||||
Balance, beginning of period | $ 855 | $ 1,678 | $ 971 | $ 4,154 | |
Acquisitions | 0 | 0 | 0 | 216 | |
Accretion (1) | (115) | (277) | (231) | (2,969) | |
Net reclassification from non-accretable difference | 0 | 0 | 0 | ||
Balance, ending of period | $ 740 | $ 1,401 | $ 740 | $ 1,401 | |
Gateway Community Financial Corporation | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period [Abstract] | |||||
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 |
Loans Receivable, Net (Summary
Loans Receivable, Net (Summary of Analysis of the Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of the period | $ 208,181 | $ 180,706 | $ 200,284 | $ 173,928 |
Loans charged off | (2,378) | (4,007) | (4,277) | (7,103) |
Recoveries | 1,159 | 1,371 | 1,955 | 2,245 |
Net charge-offs | (1,219) | (2,636) | (2,322) | (4,858) |
Provision for loan losses | 7,000 | 8,000 | 16,000 | 17,000 |
Balance at end of the period | $ 213,962 | $ 186,070 | $ 213,962 | $ 186,070 |
Loans Receivable, Net (Summar49
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 ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | $ 200,284 | $ 173,928 |
Allowance for loan losses, Charge-offs | (4,277) | (18,244) |
Allowance for loan losses, Recoveries | 1,955 | 7,100 |
Allowance for loan losses, Provision | 16,000 | 37,500 |
Allowance for loan losses, Ending balance | 213,962 | 200,284 |
Allowance for loan losses, Individually evaluated for impairment | 2,098 | 2,139 |
Allowance for loan losses, Collectively evaluated for impairment | 211,864 | 198,145 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 52,433 | 60,499 |
Loans, Collectively evaluated for impairment | 15,641,192 | 15,021,264 |
Loan, Loans acquired with deteriorated credit quality | 13,922 | 17,789 |
Ending Balance | 15,707,547 | 15,099,552 |
Multi- Family Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 71,147 | 42,103 |
Allowance for loan losses, Charge-offs | (34) | (323) |
Allowance for loan losses, Recoveries | 27 | 3,784 |
Allowance for loan losses, Provision | 8,136 | 25,583 |
Allowance for loan losses, Ending balance | 79,276 | 71,147 |
Allowance for loan losses, Individually evaluated for impairment | 175 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 79,101 | 71,147 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 3,762 | 4,111 |
Loans, Collectively evaluated for impairment | 5,677,117 | 5,044,366 |
Loan, Loans acquired with deteriorated credit quality | 637 | 637 |
Ending Balance | 5,681,516 | 5,049,114 |
Commercial Real Estate Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 44,030 | 46,657 |
Allowance for loan losses, Charge-offs | (646) | (6,147) |
Allowance for loan losses, Recoveries | 400 | 201 |
Allowance for loan losses, Provision | 281 | 3,319 |
Allowance for loan losses, Ending balance | 44,065 | 44,030 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 274 |
Allowance for loan losses, Collectively evaluated for impairment | 44,065 | 43,756 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 18,434 | 22,995 |
Loans, Collectively evaluated for impairment | 3,377,190 | 3,116,829 |
Loan, Loans acquired with deteriorated credit quality | 7,044 | 7,329 |
Ending Balance | 3,402,668 | 3,147,153 |
Commercial and Industrial Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 20,759 | 9,273 |
Allowance for loan losses, Charge-offs | (279) | (2,447) |
Allowance for loan losses, Recoveries | 219 | 516 |
Allowance for loan losses, Provision | 7,501 | 13,417 |
Allowance for loan losses, Ending balance | 28,200 | 20,759 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 28,200 | 20,759 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 3,137 | 3,310 |
Loans, Collectively evaluated for impairment | 774,075 | 541,092 |
Loan, Loans acquired with deteriorated credit quality | 56 | 56 |
Ending Balance | 777,268 | 544,458 |
Construction Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 6,488 | 8,947 |
Allowance for loan losses, Charge-offs | (307) | (640) |
Allowance for loan losses, Recoveries | 258 | 799 |
Allowance for loan losses, Provision | (77) | (2,618) |
Allowance for loan losses, Ending balance | 6,362 | 6,488 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 6,362 | 6,488 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 2,402 | 6,798 |
Loans, Collectively evaluated for impairment | 187,017 | 136,866 |
Loan, Loans acquired with deteriorated credit quality | 1,786 | 4,732 |
Ending Balance | 191,205 | 148,396 |
Residential Mortgage Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 47,936 | 51,760 |
Allowance for loan losses, Charge-offs | (2,710) | (7,715) |
Allowance for loan losses, Recoveries | 889 | 1,783 |
Allowance for loan losses, Provision | 73 | 2,108 |
Allowance for loan losses, Ending balance | 46,188 | 47,936 |
Allowance for loan losses, Individually evaluated for impairment | 1,923 | 1,865 |
Allowance for loan losses, Collectively evaluated for impairment | 44,265 | 46,071 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 24,523 | 23,285 |
Loans, Collectively evaluated for impairment | 5,164,657 | 5,741,611 |
Loan, Loans acquired with deteriorated credit quality | 3,961 | 4,581 |
Ending Balance | 5,193,141 | 5,769,477 |
Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 3,347 | 2,161 |
Allowance for loan losses, Charge-offs | (301) | (972) |
Allowance for loan losses, Recoveries | 162 | 17 |
Allowance for loan losses, Provision | 788 | 2,141 |
Allowance for loan losses, Ending balance | 3,996 | 3,347 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 3,996 | 3,347 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 0 | 0 |
Loans, Individually evaluated for impairment | 175 | 0 |
Loans, Collectively evaluated for impairment | 461,136 | 440,500 |
Loan, Loans acquired with deteriorated credit quality | 438 | 454 |
Ending Balance | 461,749 | 440,954 |
Unallocated | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 6,577 | 13,027 |
Allowance for loan losses, Charge-offs | 0 | 0 |
Allowance for loan losses, Recoveries | 0 | 0 |
Allowance for loan losses, Provision | (702) | (6,450) |
Allowance for loan losses, Ending balance | 5,875 | 6,577 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 5,875 | 6,577 |
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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | $ 15,693,625 | $ 15,081,763 |
Multi- Family Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 5,680,879 | 5,048,477 |
Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 3,395,624 | 3,139,824 |
Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 777,212 | 544,402 |
Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 189,419 | 143,664 |
Commercial Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 10,043,134 | 8,876,367 |
Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 5,189,180 | 5,764,896 |
Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 461,311 | 440,500 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 14,593,805 | 14,082,608 |
Pass | Multi- Family Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 5,296,044 | 4,710,124 |
Pass | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 2,989,632 | 2,757,949 |
Pass | Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 611,940 | 405,021 |
Pass | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 175,116 | 134,356 |
Pass | Commercial Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 9,072,732 | 8,007,450 |
Pass | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 5,067,090 | 5,641,190 |
Pass | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 453,983 | 433,968 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 741,536 | 637,183 |
Performing Financing Receivable [Member] | Multi- Family Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 290,766 | 247,921 |
Performing Financing Receivable [Member] | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 311,228 | 276,660 |
Performing Financing Receivable [Member] | Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 130,549 | 110,374 |
Performing Financing Receivable [Member] | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 8,993 | 2,228 |
Performing Financing Receivable [Member] | Commercial Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 741,536 | 637,183 |
Performing Financing Receivable [Member] | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Performing Financing Receivable [Member] | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 144,943 | 146,579 |
Special Mention | Multi- Family Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 66,617 | 62,886 |
Special Mention | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 25,620 | 29,248 |
Special Mention | Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 20,791 | 20,321 |
Special Mention | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 2,175 | 2,075 |
Special Mention | Commercial Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 115,203 | 114,530 |
Special Mention | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 27,934 | 29,710 |
Special Mention | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 1,806 | 2,339 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 213,341 | 215,393 |
Substandard | Multi- Family Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 27,452 | 27,546 |
Substandard | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 69,144 | 75,967 |
Substandard | Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 13,932 | 8,686 |
Substandard | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 3,135 | 5,005 |
Substandard | Commercial Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 113,663 | 117,204 |
Substandard | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 94,156 | 93,996 |
Substandard | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 5,522 | 4,193 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Doubtful | Multi- Family Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Doubtful | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Doubtful | Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Doubtful | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | |
Doubtful | Commercial Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Doubtful | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Doubtful | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | $ 0 | $ 0 |
Loans Receivable, Net (Payment
Loans Receivable, Net (Payment Status of the Recorded Investment in Past Due Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | $ 25,753 | $ 33,102 |
60-89 Days | 13,537 | 11,318 |
Greater than 90 Days | 99,074 | 103,998 |
Total Past Due | 138,364 | 148,418 |
Current | 15,555,261 | 14,933,345 |
Total Loans Receivable | 15,693,625 | 15,081,763 |
Multi- Family Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 221 | 698 |
60-89 Days | 0 | 239 |
Greater than 90 Days | 3,534 | 2,989 |
Total Past Due | 3,755 | 3,926 |
Current | 5,677,124 | 5,044,551 |
Total Loans Receivable | 5,680,879 | 5,048,477 |
Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 1,397 | 6,566 |
60-89 Days | 812 | 778 |
Greater than 90 Days | 10,683 | 13,940 |
Total Past Due | 12,892 | 21,284 |
Current | 3,382,732 | 3,118,540 |
Total Loans Receivable | 3,395,624 | 3,139,824 |
Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 2,209 | 792 |
60-89 Days | 0 | 395 |
Greater than 90 Days | 2,160 | 2,903 |
Total Past Due | 4,369 | 4,090 |
Current | 772,843 | 540,312 |
Total Loans Receivable | 777,212 | 544,402 |
Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 0 | 0 |
60-89 Days | 0 | 0 |
Greater than 90 Days | 865 | 4,345 |
Total Past Due | 865 | 4,345 |
Current | 188,554 | 139,319 |
Total Loans Receivable | 189,419 | 143,664 |
Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 3,827 | 8,056 |
60-89 Days | 812 | 1,412 |
Greater than 90 Days | 17,242 | 24,177 |
Total Past Due | 21,881 | 33,645 |
Current | 10,021,253 | 8,842,722 |
Total Loans Receivable | 10,043,134 | 8,876,367 |
Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 20,621 | 23,712 |
60-89 Days | 12,225 | 8,900 |
Greater than 90 Days | 76,485 | 75,610 |
Total Past Due | 109,331 | 108,222 |
Current | 5,079,849 | 5,656,674 |
Total Loans Receivable | 5,189,180 | 5,764,896 |
Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 1,305 | 1,334 |
60-89 Days | 500 | 1,006 |
Greater than 90 Days | 5,347 | 4,211 |
Total Past Due | 7,152 | 6,551 |
Current | 454,159 | 433,949 |
Total Loans Receivable | $ 461,311 | $ 440,500 |
Loans Receivable, Net (Non-Accr
Loans Receivable, Net (Non-Accrual Loans Status) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 474 | 462 |
Non-accrual, Amount | $ 106,712 | $ 108,359 |
Multi- Family Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 6 | 2 |
Non-accrual, Amount | $ 4,090 | $ 2,989 |
Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 36 | 36 |
Non-accrual, Amount | $ 12,983 | $ 13,940 |
Commercial and Industrial Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 7 | 11 |
Non-accrual, Amount | $ 2,160 | $ 2,903 |
Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 3 | 7 |
Non-accrual, Amount | $ 865 | $ 4,345 |
Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 52 | 56 |
Non-accrual, Amount | $ 20,098 | $ 24,177 |
Residential mortgage and consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 422 | 406 |
Non-accrual, Amount | $ 86,614 | $ 84,182 |
Loans Receivable, Net (Loans In
Loans Receivable, Net (Loans Individually Evaluated for Impairment by Class of Loans) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Recorded Investment | ||
With an allowance recorded: | $ 0 | |
Total: | $ 52,433 | 60,499 |
Unpaid Principal Balance | ||
With an allowance recorded: | 0 | |
Total: | 63,798 | 74,521 |
Related Allowance | 2,098 | 2,139 |
Average Recorded Investment | ||
With an allowance recorded: | 0 | |
Total: | 59,330 | 63,655 |
Interest Income Recognized | ||
With an allowance recorded: | 0 | |
Total: | 2,331 | 2,525 |
Multi- Family Loans | ||
Recorded Investment | ||
With no related allowance: | 1,888 | 4,111 |
With an allowance recorded: | 1,874 | 0 |
Total: | 3,762 | 4,111 |
Unpaid Principal Balance | ||
With no related allowance: | 5,602 | 7,846 |
With an allowance recorded: | 1,874 | 0 |
Total: | 7,476 | 7,846 |
Related Allowance | 175 | 0 |
Average Recorded Investment | ||
With no related allowance: | 2,701 | 4,746 |
With an allowance recorded: | 1,992 | 0 |
Total: | 4,693 | 4,746 |
Interest Income Recognized | ||
With no related allowance: | 22 | 135 |
With an allowance recorded: | 0 | 0 |
Total: | 22 | 135 |
Commercial Real Estate Loans | ||
Recorded Investment | ||
With no related allowance: | 18,434 | 19,901 |
With an allowance recorded: | 0 | 3,094 |
Total: | 18,434 | 22,995 |
Unpaid Principal Balance | ||
With no related allowance: | 23,139 | 23,601 |
With an allowance recorded: | 0 | 4,760 |
Total: | 23,139 | 28,361 |
Related Allowance | 0 | 274 |
Average Recorded Investment | ||
With no related allowance: | 18,958 | 17,056 |
With an allowance recorded: | 0 | 3,106 |
Total: | 18,958 | 20,162 |
Interest Income Recognized | ||
With no related allowance: | 552 | 879 |
With an allowance recorded: | 0 | 72 |
Total: | 552 | 951 |
Commercial and Industrial Loans | ||
Recorded Investment | ||
With no related allowance: | 3,137 | 3,310 |
With an allowance recorded: | 0 | |
Total: | 3,137 | 3,310 |
Unpaid Principal Balance | ||
With no related allowance: | 3,137 | 3,310 |
With an allowance recorded: | 0 | |
Total: | 3,137 | 3,310 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 2,541 | 1,985 |
With an allowance recorded: | 0 | |
Total: | 2,541 | 1,985 |
Interest Income Recognized | ||
With no related allowance: | 35 | 152 |
With an allowance recorded: | 0 | |
Total: | 35 | 152 |
Construction Loans | ||
Recorded Investment | ||
With no related allowance: | 2,402 | 6,798 |
With an allowance recorded: | 0 | 0 |
Total: | 2,402 | 6,798 |
Unpaid Principal Balance | ||
With no related allowance: | 2,402 | 9,292 |
With an allowance recorded: | 0 | 0 |
Total: | 2,402 | 9,292 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 9,466 | 13,609 |
With an allowance recorded: | 0 | 0 |
Total: | 9,466 | 13,609 |
Interest Income Recognized | ||
With no related allowance: | 73 | 410 |
With an allowance recorded: | 0 | 0 |
Total: | 73 | 410 |
Commercial Loan | ||
Recorded Investment | ||
With no related allowance: | 25,861 | 34,120 |
With an allowance recorded: | 1,874 | 3,094 |
Total: | 27,735 | 37,214 |
Unpaid Principal Balance | ||
With no related allowance: | 34,280 | 44,049 |
With an allowance recorded: | 1,874 | 4,760 |
Total: | 36,154 | 48,809 |
Related Allowance | 175 | 274 |
Average Recorded Investment | ||
With no related allowance: | 33,666 | 37,396 |
With an allowance recorded: | 1,992 | 3,106 |
Total: | 35,658 | 40,502 |
Interest Income Recognized | ||
With no related allowance: | 682 | 1,576 |
With an allowance recorded: | 0 | 72 |
Total: | 682 | 1,648 |
Residential mortgage and consumer | ||
Recorded Investment | ||
With no related allowance: | 7,919 | 6,755 |
With an allowance recorded: | 16,779 | 16,530 |
Total: | 24,698 | 23,285 |
Unpaid Principal Balance | ||
With no related allowance: | 10,598 | 8,830 |
With an allowance recorded: | 17,046 | 16,882 |
Total: | 27,644 | 25,712 |
Related Allowance | 1,923 | 1,865 |
Average Recorded Investment | ||
With no related allowance: | 7,060 | 6,606 |
With an allowance recorded: | 16,612 | 16,547 |
Total: | 23,672 | 23,153 |
Interest Income Recognized | ||
With no related allowance: | 590 | 370 |
With an allowance recorded: | 1,059 | 507 |
Total: | $ 1,649 | $ 877 |
Loans Receivable, Net (Troubled
Loans Receivable, Net (Troubled Debt Restructured Loans) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 48 | 55 |
Accrual, amount | $ 29,636 | $ 35,624 |
Non-accrual, number of loans | loan | 49 | 30 |
Non-accrual, amount | $ 17,674 | $ 11,653 |
Troubled debt restructured, number of loans | loan | 97 | 85 |
Troubled debt restructuring, Amount | $ 47,310 | $ 47,277 |
Multi- Family Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 0 | 2 |
Accrual, amount | $ 0 | $ 1,122 |
Non-accrual, number of loans | loan | 2 | 0 |
Non-accrual, amount | $ 777 | $ 0 |
Troubled debt restructured, number of loans | loan | 2 | 2 |
Troubled debt restructuring, Amount | $ 777 | $ 1,122 |
Commercial Real Estate Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 5 | 8 |
Accrual, amount | $ 12,960 | $ 15,250 |
Non-accrual, number of loans | loan | 6 | 1 |
Non-accrual, amount | $ 5,479 | $ 3,197 |
Troubled debt restructured, number of loans | loan | 11 | 9 |
Troubled debt restructuring, Amount | $ 18,439 | $ 18,447 |
Commercial and Industrial Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 2 | 2 |
Accrual, amount | $ 1,209 | $ 1,381 |
Non-accrual, number of loans | loan | 0 | 0 |
Non-accrual, amount | $ 0 | $ 0 |
Troubled debt restructured, number of loans | loan | 2 | 2 |
Troubled debt restructuring, Amount | $ 1,209 | $ 1,381 |
Construction Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 2 | 2 |
Accrual, amount | $ 1,596 | $ 3,066 |
Non-accrual, number of loans | loan | 1 | 0 |
Non-accrual, amount | $ 805 | $ 0 |
Troubled debt restructured, number of loans | loan | 3 | 2 |
Troubled debt restructuring, Amount | $ 2,401 | $ 3,066 |
Commercial Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 9 | 14 |
Accrual, amount | $ 15,765 | $ 20,819 |
Non-accrual, number of loans | loan | 9 | 1 |
Non-accrual, amount | $ 7,061 | $ 3,197 |
Troubled debt restructured, number of loans | loan | 18 | 15 |
Troubled debt restructuring, Amount | $ 22,826 | $ 24,016 |
Residential Mortgage Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 39 | 41 |
Accrual, amount | $ 13,871 | $ 14,805 |
Non-accrual, number of loans | loan | 40 | 29 |
Non-accrual, amount | $ 10,613 | $ 8,456 |
Troubled debt restructured, number of loans | loan | 79 | 70 |
Troubled debt restructuring, Amount | $ 24,484 | $ 23,261 |
Loans Receivable, Net (Schedu55
Loans Receivable, Net (Schedule Of Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)loan | Jun. 30, 2014USD ($)loan | Jun. 30, 2015USD ($)loan | Jun. 30, 2014USD ($)loan | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 1 | 0 | ||
Pre-modification Interest Yield | 5.00% | 0.00% | ||
Post- modification Interest Yield | 5.00% | 0.00% | ||
Construction Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 1 | 0 | ||
Pre- modification Recorded Investment | $ 1,326 | $ 0 | ||
Post- modification Recorded Investment | $ 1 | $ 0 | ||
Residential Mortgage Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 6 | 1 | 13 | 7 |
Pre- modification Recorded Investment | $ 913 | $ 191 | $ 2,454 | $ 2,546 |
Post- modification Recorded Investment | $ 913 | $ 191 | $ 2,454 | $ 2,546 |
Commercial Real Estate Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 1 | 1 | 1 | 1 |
Pre- modification Recorded Investment | $ 78 | $ 1,108 | $ 78 | $ 1,108 |
Post- modification Recorded Investment | $ 78 | $ 1,108 | $ 78 | $ 1,108 |
Residential Mortgage Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 6 | 1 | 13 | 7 |
Pre-modification Interest Yield | 5.89% | 5.25% | 5.18% | 5.18% |
Post- modification Interest Yield | 3.54% | 3.25% | 3.42% | 3.57% |
Commercial Real Estate Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 1 | 1 | 1 | 1 |
Pre-modification Interest Yield | 5.00% | 8.00% | 5.00% | 8.00% |
Post- modification Interest Yield | 5.00% | 8.00% | 5.00% | 8.00% |
Deposits (Summary of Deposits)
Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Checking accounts | $ 3,978,675 | $ 3,892,839 |
Money market deposits | 3,476,237 | 3,390,238 |
Savings | 2,265,451 | 2,318,911 |
Total transaction accounts | 9,720,363 | 9,601,988 |
Certificates of deposit | 3,152,466 | 2,570,338 |
Total deposits | $ 12,872,829 | $ 12,172,326 |
Goodwill and Intangibles Asse57
Goodwill and Intangibles Assets Summary of Other Intangible Assets(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | $ 48,251 | $ 49,283 |
Accumulated Amortization | (20,438) | (20,028) |
Valuation Allowance | (121) | (121) |
Net Intangible Assets | 27,692 | 29,134 |
Mortgage Servicing Rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 22,893 | 23,925 |
Accumulated Amortization | (8,229) | (9,543) |
Valuation Allowance | (121) | (121) |
Net Intangible Assets | 14,543 | 14,261 |
Core Deposit Premium | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 25,058 | 25,058 |
Accumulated Amortization | (12,084) | (10,375) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | 12,974 | 14,683 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 300 | 300 |
Accumulated Amortization | (125) | (110) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | $ 175 | $ 190 |
Goodwill and Intangibles Asse58
Goodwill and Intangibles Assets Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 77.6 | $ 77.6 |
Loans sold | 1,830 | 1,850 |
Estimated fair value of servicing asset in intangible assets | $ 14.5 | $ 14.3 |
Weighted average discount rate of servicing assets | 10.17% | |
Weighted average constant prepayment rate on mortgages | 9.36% | |
Weighted average life of servicing assets, years | 6 years | |
Core Deposit Premium | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 10 years |
Equity Incentive Plan (Narrativ
Equity Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 23, 2015 | Jun. 30, 2015 | Jun. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation not yet recognized | $ 36.7 | $ 36.7 | |
Compensation cost not yet recognized, period for recognition | 6 years 11 months 5 days | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (shares) | 6,849,832 | ||
Compensation cost not yet recognized, period for recognition | 6 years 8 months 12 days | ||
Compensation cost not yet recognized, period for recognition, restricted stock | $ 85.7 | $ 85.7 | |
2015 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (shares) | 6,849,832 | ||
Restricted stock granted (shares) | $ 11,576,612 | ||
Number of shares authorized | 30,881,296 | ||
2015 Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 13,234,841 | ||
2015 Plan | Equity Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 17,646,455 | ||
Expiration period | 10 years | ||
Minimum | 2015 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Maximum | 2015 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 7 years |
Equity Incentive Plan (Assumpti
Equity Incentive Plan (Assumptions) (Details) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted average expected life (in years) | 7 years 5 months 5 days |
Risk-free rate of return (percentage) | 1.96% |
Volatility (percentage) | 25.33% |
Dividend yield (percentage) | 1.59% |
Weighted average fair value of options granted (usd per share) | $ 3.12 |
(Shares-based compensation expe
(Shares-based compensation expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock option expense | $ 111 | $ 1,700 | $ 115 | $ 1,800 |
Restricted stock expense | 240 | 11,200 | 240 | 11,900 |
Total share based compensation expense | $ 351 | $ 12,900 | $ 355 | $ 13,700 |
(Summary of Stock Option Activi
(Summary of Stock Option Activity and Related Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Number of Stock Options (shares) | ||
Outstanding at December 31, 2014 | 9,092,584 | |
Granted | 11,576,612 | |
Exercised | (840,940) | |
Forfeited | 0 | |
Expired | 0 | |
Outstanding at June 30, 2015 | 19,828,256 | 9,092,584 |
Exercisable at June 30, 2015 | 8,225,169 | |
Weighted Average Exercise Price (usd per share) | ||
Outstanding at December 31, 2014 | $ 6.06 | |
Granted | 12.54 | |
Exercised | 5.90 | |
Forfeited | 0 | |
Expired | 0 | |
Outstanding at June 30, 2015 | 9.85 | $ 6.06 |
Exercisable at June 30, 2015 | $ 6.06 | |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1 | 2 years 3 months 5 days | |
Aggregate Intrinsic Value, Outstanding Beginning Balance | $ 46,984 | |
Aggregate Intrinsic Value, Outstanding Ending Balance | 51,374 | $ 46,984 |
Aggregate Intrinsic Value, Exercisable at Ending Balance | $ 51,332 | |
Outstanding, Weighted Average Remaining Contractual Life | 6 years 9 months 15 days | 2 years 10 months 3 days |
Equity Incentive Plan (Restrict
Equity Incentive Plan (Restricted Stock) (Details) - 6 months ended Jun. 30, 2015 - Restricted Stock - $ / shares | Total |
Number of Shares Awarded (shares) | |
Beginning balance | 0 |
Granted | 6,849,832 |
Vested | 0 |
Forfeited | 0 |
Ending balance | 6,849,832 |
Weighted Average Exercise Price (usd per share) | |
Beginning balance | $ 0 |
Granted | 12.54 |
Vested | 0 |
Forfeited | 0 |
Ending balance | $ 12.54 |
Net Periodic Benefits (Details)
Net Periodic Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Service cost | $ 774 | $ 580 | $ 1,548 | $ 1,160 |
Interest cost | 374 | 331 | 749 | 661 |
Amortization of prior service cost | 12 | 24 | 24 | 49 |
Amortization of net loss | 321 | 158 | 641 | 316 |
Total net periodic benefit cost | $ 1,481 | $ 1,093 | 2,962 | $ 2,186 |
Contribution and pension cost | $ 2,800 |
Comprehensive Income (Loss) (Co
Comprehensive Income (Loss) (Components of Comprehensive Income (Loss), Gross and Net Of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity [Abstract] | ||||
Net income, Gross | $ 73,301 | $ 24,782 | $ 140,367 | $ 79,715 |
Net income, Tax | (26,939) | (9,596) | (52,058) | (30,111) |
Net income | 46,362 | 15,186 | 88,309 | 49,604 |
Change in funded status of retirement obligations, Gross | 352 | 184 | 702 | 369 |
Change in funded status of retirement obligations, Tax | (144) | (75) | (288) | (151) |
Change in funded status of retirement obligations | 208 | 109 | 414 | 218 |
Unrealized gain on securities available-for-sale, Gross | (9,409) | 5,323 | (1,041) | 9,848 |
Unrealized gain on securities available-for-sale, Tax | 3,785 | (2,168) | 513 | (3,963) |
Unrealized gain on securities available-for-sale | (5,624) | 3,155 | (528) | 5,885 |
Accretion of loss on securities reclassified to held to maturity, Gross | 642 | 737 | 1,285 | 1,469 |
Accretion of loss on securities reclassified to held to maturity, Tax | (262) | (301) | (524) | (600) |
Accretion of loss on securities reclassified to held to maturity | 380 | 436 | 761 | 869 |
Reclassification adjustments for losses included in net income, Gross | 0 | (4) | 0 | (233) |
Reclassification adjustments for losses included in net income, Tax | 0 | 0 | 0 | 95 |
Reclassification adjustment for losses Included in net income | 0 | (4) | 0 | (138) |
Other-than-temporary impairment accretion on debt securities, Gross | 319 | 336 | 646 | 671 |
Other-than-temporary impairment accretion on debt securities, Tax | (130) | (137) | (264) | (274) |
Other-than-temporary impairment accretion on debt securities | 189 | 199 | 382 | 397 |
Total other comprehensive income (loss), Gross | (8,096) | 6,576 | 1,592 | 12,124 |
Total other comprehensive income (loss), Tax | 3,249 | (2,681) | (563) | (4,893) |
Total other comprehensive income (loss) | (4,847) | 3,895 | 1,029 | 7,231 |
Total comprehensive income, Gross | 65,205 | 31,358 | 141,959 | 91,839 |
Total comprehensive income, Tax | (23,690) | (12,277) | (52,621) | (35,004) |
Total comprehensive income | $ 41,515 | $ 19,081 | $ 89,338 | $ 56,835 |
Comprehensive Income (Loss) (66
Comprehensive Income (Loss) (Component of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss, Beginning Balance | $ (22,404) | $ (25,696) | ||
Total accumulated other comprehensive loss, Net change | $ (4,847) | $ 3,895 | 1,029 | 7,231 |
Total accumulated other comprehensive loss, Ending Balance | (21,375) | (18,465) | (21,375) | (18,465) |
Change in funded status of retirement obligations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss, Beginning Balance | (10,911) | (5,869) | ||
Total accumulated other comprehensive loss, Net change | 414 | 218 | ||
Total accumulated other comprehensive loss, Ending Balance | (10,497) | (5,651) | (10,497) | (5,651) |
Net Unrealized gains (losses) on investment securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss, Beginning Balance | (4,528) | (6,255) | ||
Total accumulated other comprehensive loss, Net change | 761 | 869 | ||
Total accumulated other comprehensive loss, Ending Balance | (3,767) | (5,386) | (3,767) | (5,386) |
Unrealized gain on securities available-for-sale | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss, Beginning Balance | 7,851 | 1,900 | ||
Total accumulated other comprehensive loss, Net change | (528) | 5,885 | ||
Total accumulated other comprehensive loss, Ending Balance | 7,323 | 7,785 | 7,323 | 7,785 |
Reclassification adjustment for losses included in net income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss, Beginning Balance | 0 | 138 | ||
Total accumulated other comprehensive loss, Net change | (138) | |||
Total accumulated other comprehensive loss, Ending Balance | 0 | 0 | 0 | 0 |
Other-than- temporary impairment accretion on debt securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive loss, Beginning Balance | (14,816) | (15,610) | ||
Total accumulated other comprehensive loss, Net change | 382 | 397 | ||
Total accumulated other comprehensive loss, Ending Balance | $ (14,434) | $ (15,213) | $ (14,434) | $ (15,213) |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassification Adjustment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Compensation and fringe benefits | $ 45,344 | $ 53,213 | $ 88,676 | $ 93,029 |
Income tax expense (benefit) | (26,939) | (9,596) | (52,058) | (30,111) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 351 | 180 | 702 | 136 |
Income tax expense (benefit) | (144) | (75) | (288) | (56) |
Income before undistributed earnings of subsidiary | 207 | 105 | 414 | 80 |
Unrealized gain on securities available-for-sale | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on security transactions | 0 | (4) | 0 | (233) |
Change in funded status of retirement obligations | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of net obligation or asset | 0 | 6 | 0 | 13 |
Amortization of prior service cost | 12 | 31 | 24 | 62 |
Amortization of net gain | 339 | 147 | 678 | 294 |
Compensation and fringe benefits | $ 351 | $ 184 | $ 702 | $ 369 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Jun. 30, 2015 - USD ($) | Total |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Outstanding minimum balance of loans to be evaluated for impairment individually | $ 500,000 |
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 | 6.30% |
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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | $ 1,276,766 | $ 1,197,924 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 8,801 | 8,523 |
Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 1,267,965 | 1,189,401 |
Federal Home Loan Mortgage Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 518,676 | 507,283 |
Federal National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 749,173 | 681,992 |
Government National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 116 | 126 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 1,276,766 | 1,197,924 |
Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 8,801 | 8,523 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 1,267,965 | 1,189,401 |
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 | 518,676 | 507,283 |
Fair Value, Measurements, Recurring | Federal National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 749,173 | 681,992 |
Fair Value, Measurements, Recurring | Government National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 116 | 126 |
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 | 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 | 1,276,766 | 1,197,924 |
Level 2 | Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 8,801 | 8,523 |
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 | 1,267,965 | 1,189,401 |
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 | 518,676 | 507,283 |
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 | 749,173 | 681,992 |
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 | 116 | 126 |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 0 | 0 |
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 | 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 (Carr70
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSR, net | $ 14,500 | $ 14,500 | $ 14,300 | |
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSR, net | 13,081 | |||
Other real estate owned | 914 | 914 | 566 | |
Total | 914 | 914 | 13,647 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSR, net | 0 | |||
Other real estate owned | 0 | 0 | 0 | |
Total | 0 | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSR, net | 0 | |||
Other real estate owned | 0 | 0 | 0 | |
Total | 0 | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSR, net | 13,081 | |||
Other real estate owned | 914 | 914 | 566 | |
Total | $ 914 | $ 914 | $ 13,647 | |
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 | 8.29% | 15.87% | ||
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||||
Beginning balance | $ 0 | $ 0 | $ 0 | $ 670 |
Transfers from held-to-maturity | 0 | 0 | 0 | 0 |
Net income | 0 | 0 | 0 | 470 |
Other comprehensive income (loss) | 0 | 0 | 0 | (229) |
Sales | 0 | 0 | 0 | (911) |
Settlements | 0 | 0 | 0 | 0 |
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Carr72
Fair Value Measurements (Carrying Amounts and Estimated Fair Values) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale | $ 1,276,766 | $ 1,197,924 |
Held-to-maturity securities, estimated fair value | 1,812,785 | 1,609,365 |
Estimated fair value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 228,967 | 230,961 |
Securities available-for-sale | 1,276,766 | 1,197,924 |
Held-to-maturity securities, estimated fair value | 1,812,785 | 1,609,365 |
Stock in FHLB | 186,412 | 151,287 |
Loans held for sale | 363,048 | 6,868 |
Net loans | 15,313,752 | 14,747,319 |
Deposits, other than time deposits | 9,720,363 | 9,601,988 |
Time deposits | 3,165,603 | 2,580,572 |
Borrowed funds | 3,473,002 | 2,796,969 |
Carrying value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 228,967 | 230,961 |
Securities available-for-sale | 1,276,766 | 1,197,924 |
Held-to-maturity securities, estimated fair value | 1,760,558 | 1,564,479 |
Stock in FHLB | 186,412 | 151,287 |
Loans held for sale | 363,048 | 6,868 |
Net loans | 15,475,787 | 14,887,570 |
Deposits, other than time deposits | 9,720,363 | 9,601,988 |
Time deposits | 3,152,466 | 2,570,338 |
Borrowed funds | 3,446,121 | 2,766,104 |
Level 1 | Estimated fair value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 228,967 | 230,961 |
Securities available-for-sale | 0 | 0 |
Held-to-maturity securities, estimated fair value | 0 | 0 |
Stock in FHLB | 186,412 | 151,287 |
Loans held for sale | 0 | 0 |
Net loans | 0 | 0 |
Deposits, other than time deposits | 9,720,363 | 9,601,988 |
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 | 1,276,766 | 1,197,924 |
Held-to-maturity securities, estimated fair value | 1,734,868 | 1,544,129 |
Stock in FHLB | 0 | 0 |
Loans held for sale | 363,048 | 6,868 |
Net loans | 0 | 0 |
Deposits, other than time deposits | 0 | 0 |
Time deposits | 3,165,603 | 2,580,572 |
Borrowed funds | 3,473,002 | 2,796,969 |
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 | 0 |
Held-to-maturity securities, estimated fair value | 77,917 | 65,236 |
Stock in FHLB | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans | 15,313,752 | 14,747,319 |
Deposits, other than time deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | $ 0 | $ 0 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 25, 2015 | Jul. 31, 2015 | Jul. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Subsequent Event [Line Items] | |||||
Dividends paid per share (usd per share) | $ 0.15 | $ 0.04 | |||
Held-to-maturity securities transferred to available for sale | $ 347,300 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per share (usd per share) | $ 0.05 | ||||
Gain from sale of security | $ 612 | ||||
Scenario, Forecast | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends paid per share (usd per share) | $ 0.05 |