Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 04, 2016 | |
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 | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 309,294,255 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 168,629 | $ 148,904 |
Securities available-for-sale, at estimated fair value | 1,512,146 | 1,304,697 |
Securities held-to-maturity, net (estimated fair value of $1,868,397 and $1,888,686 at September 30, 2016 and December 31, 2015, respectively) | 1,794,131 | 1,844,223 |
Loans receivable, net | 18,068,182 | 16,661,133 |
Loans held-for-sale | 24,240 | 7,431 |
Federal Home Loan Bank stock | 222,562 | 178,437 |
Accrued interest receivable | 66,048 | 58,563 |
Other real estate owned | 4,835 | 6,283 |
Office properties and equipment, net | 178,623 | 172,519 |
Net deferred tax asset | 228,902 | 237,367 |
Bank owned life insurance | 161,187 | 159,152 |
Goodwill and intangible assets | 102,825 | 105,311 |
Other assets | 3,667 | 4,664 |
Total assets | 22,535,977 | 20,888,684 |
Liabilities: | ||
Deposits | 14,951,742 | 14,063,656 |
Borrowed funds | 4,203,711 | 3,263,090 |
Advance payments by borrowers for taxes and insurance | 122,823 | 108,721 |
Other liabilities | 142,612 | 141,570 |
Total liabilities | 19,420,888 | 17,577,037 |
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 September 30, 2016 and December 31, 2015; 310,528,382 and 334,894,181 outstanding at September 30, 2016 and December 31, 2015, respectively | 3,591 | 3,591 |
Additional paid-in capital | 2,780,312 | 2,785,503 |
Retained earnings | 1,009,727 | 936,040 |
Treasury stock, at cost; 48,542,470 and 24,176,671 shares at September 30, 2016 and December 31, 2015, respectively | (575,187) | (295,412) |
Unallocated common stock held by the employee stock ownership plan | (88,003) | (90,250) |
Accumulated other comprehensive loss | (15,351) | (27,825) |
Total stockholders’ equity | 3,115,089 | 3,311,647 |
Total liabilities and stockholders’ equity | $ 22,535,977 | $ 20,888,684 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Estimated fair value | $ 1,868,397 | $ 1,888,686 |
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 | 310,528,382 | 334,894,181 |
Treasury stock, shares | 48,542,470 | 24,176,671 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest and dividend income: | ||||
Loans receivable and loans held-for-sale | $ 179,234 | $ 169,216 | $ 527,989 | $ 493,783 |
Securities: | ||||
Equity | 49 | 25 | 147 | 73 |
Government-sponsored enterprise obligations | 8 | 11 | 27 | 34 |
Mortgage-backed securities | 14,653 | 14,171 | 44,581 | 40,374 |
Municipal bonds and other debt | 2,039 | 1,535 | 6,048 | 4,151 |
Interest-bearing deposits | 76 | 68 | 253 | 124 |
Federal Home Loan Bank stock | 2,315 | 1,871 | 6,396 | 5,046 |
Total interest and dividend income | 198,374 | 186,897 | 585,441 | 543,585 |
Interest expense: | ||||
Deposits | 20,326 | 18,664 | 61,639 | 51,112 |
Borrowed Funds | 18,442 | 16,959 | 52,328 | 48,205 |
Total interest expense | 38,768 | 35,623 | 113,967 | 99,317 |
Net interest income | 159,606 | 151,274 | 471,474 | 444,268 |
Provision for loan losses | 5,000 | 5,000 | 15,000 | 21,000 |
Net interest income after provision for loan losses | 154,606 | 146,274 | 456,474 | 423,268 |
Non-interest income | ||||
Fees and service charges | 4,108 | 4,347 | 12,925 | 12,949 |
Income on bank owned life insurance | 1,006 | 949 | 3,267 | 2,961 |
Gain on loans, net | 1,401 | 2,138 | 3,516 | 6,461 |
Gain on securities transactions, net | 72 | 933 | 3,100 | 1,017 |
Gain (loss) on sale of other real estate owned, net | 35 | 830 | (67) | 1,141 |
Other income | 1,898 | 2,109 | 5,956 | 6,896 |
Total non-interest income | 8,520 | 11,306 | 28,697 | 31,425 |
Non-interest expense | ||||
Compensation and fringe benefits | 53,051 | 49,024 | 158,475 | 137,700 |
Advertising and promotional expense | 1,495 | 3,260 | 5,640 | 8,532 |
Office occupancy and equipment expense | 14,099 | 12,856 | 41,612 | 37,398 |
Federal deposit insurance premiums | 3,600 | 2,200 | 8,800 | 6,800 |
Stationery, printing, supplies and telephone | 641 | 1,742 | 2,407 | 3,379 |
Professional fees | 5,673 | 3,880 | 14,493 | 11,593 |
Data processing service fees | 5,299 | 5,979 | 15,821 | 16,775 |
Other operating expenses | 7,540 | 6,980 | 22,304 | 20,489 |
Total non-interest expenses | 91,398 | 85,921 | 269,552 | 242,666 |
Income before income tax expense | 71,728 | 71,659 | 215,619 | 212,027 |
Income tax expense | 28,287 | 22,865 | 84,196 | 74,924 |
Net income | $ 43,441 | $ 48,794 | $ 131,423 | $ 137,103 |
Basic earnings per share (usd per share) | $ 0.15 | $ 0.15 | $ 0.44 | $ 0.41 |
Diluted earnings per share (usd per share) | $ 0.15 | $ 0.15 | $ 0.43 | $ 0.41 |
Weighted average shares outstanding | ||||
Basic (shares) | 292,000,061 | 324,065,364 | 299,873,985 | 333,786,211 |
Diluted (shares) | 294,174,812 | 327,193,519 | 302,854,220 | 337,005,469 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 43,441 | $ 48,794 | $ 131,423 | $ 137,103 |
Other comprehensive (loss) income, net of tax: | ||||
Change in funded status of retirement obligations | 318 | 207 | 952 | 626 |
Unrealized (loss) gain on securities available-for-sale | (1,655) | 3,198 | 11,966 | 3,728 |
Accretion of loss on securities reclassified to held to maturity | 279 | 371 | 847 | 1,130 |
Reclassification adjustment for security gains included in net income | (43) | (1,537) | (1,358) | (1,537) |
Other-than-temporary impairment accretion on debt securities | 315 | 189 | 698 | 571 |
Net losses on derivatives arising during the period | (631) | 0 | (631) | 0 |
Total other comprehensive income (loss) | (1,417) | 2,428 | 12,474 | 4,518 |
Total comprehensive income | $ 42,024 | $ 51,222 | $ 143,897 | $ 141,621 |
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, 2014 | $ 3,577,855 | $ 3,591 | $ 2,864,406 | $ 836,639 | $ (11,131) | $ (93,246) | $ (22,404) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 137,103 | 137,103 | |||||
Other comprehensive income, net of tax | 4,518 | 4,518 | |||||
Purchase of treasury stock | (304,242) | (304,242) | |||||
Treasury stock allocated to restricted stock plan | 0 | (85,897) | 5,473 | 80,424 | |||
Compensation cost for stock options and restricted stock | 4,848 | 4,848 | |||||
Net tax benefit from stock-based compensation | 1,944 | 1,944 | |||||
Option exercise | 6,422 | (5,487) | 11,909 | ||||
Cash dividend paid | (70,475) | (70,475) | |||||
ESOP shares allocated or committed to be released | 4,211 | 1,964 | 2,247 | ||||
Balance at Sep. 30, 2015 | 3,362,184 | 3,591 | 2,781,778 | 908,740 | (223,040) | (90,999) | (17,886) |
Balance at Dec. 31, 2015 | 3,311,647 | 3,591 | 2,785,503 | 936,040 | (295,412) | (90,250) | (27,825) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 131,423 | 131,423 | |||||
Other comprehensive income, net of tax | 12,474 | 12,474 | |||||
Purchase of treasury stock | (337,487) | (337,487) | |||||
Treasury stock allocated to restricted stock plan | 0 | (3,167) | (94) | 3,261 | |||
Compensation cost for stock options and restricted stock | 15,156 | 15,156 | |||||
Net tax benefit from stock-based compensation | 8,238 | 8,238 | |||||
Option exercise | 27,135 | (27,501) | 54,636 | ||||
Restricted stock forfeitures (17,500 shares) | 0 | 220 | (35) | (185) | |||
Cash dividend paid | (57,607) | (57,607) | |||||
ESOP shares allocated or committed to be released | 4,110 | 1,863 | 2,247 | ||||
Balance at Sep. 30, 2016 | $ 3,115,089 | $ 3,591 | $ 2,780,312 | $ 1,009,727 | $ (575,187) | $ (88,003) | $ (15,351) |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Purchase of treasury stock (shares) | 29,184,897 | 25,312,847 |
Dividends paid per share (usd per share) | $ 0.18 | $ 0.20 |
Treasury stock allocated to restricted stock plan (shares) | 271,890 | 6,849,832 |
Common stock repurchased for restricted stock plan (shares) | 17,500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 131,423,000 | $ 137,103,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
ESOP and stock-based compensation expense | 19,266,000 | 9,060,000 |
Amortization of premiums and accretion of discounts on securities, net | 10,372,000 | 10,795,000 |
Amortization of premiums and accretion of fees and costs on loans, net | (3,191,000) | (6,032,000) |
Amortization of intangible assets | 2,194,000 | 2,547,000 |
Provision for loan losses | 15,000,000 | 21,000,000 |
Depreciation and amortization of office properties and equipment | 11,732,000 | 10,019,000 |
Gain on securities, net | (3,100,000) | (1,017,000) |
Mortgage loans originated for sale | (166,469,000) | (186,979,000) |
Proceeds from mortgage loan sales | 152,670,000 | 537,577,000 |
Gain on sales of mortgage loans, net | (3,010,000) | (4,308,000) |
Loss (gain) on sale of other real estate owned | 67,000 | (1,141,000) |
Income on bank owned life insurance | (3,267,000) | (2,961,000) |
Fair value of borrowings hedged by derivative transactions | (1,067,000) | 0 |
Increase in accrued interest receivable | (7,485,000) | (5,912,000) |
Deferred tax expense | 397,000 | 58,000 |
Decrease in other assets | 1,353,000 | 5,895,000 |
Increase (decrease) in other liabilities | 3,413,000 | (61,495,000) |
Total adjustments | 28,875,000 | 327,106,000 |
Net cash provided by operating activities | 160,298,000 | 464,209,000 |
Cash flows from investing activities: | ||
Purchases of loans receivable | (92,828,000) | (188,850,000) |
Net originations of loans receivable | (1,335,186,000) | (1,468,831,000) |
Proceeds from sale of loans held for investment | 7,583,000 | 28,655,000 |
Gain on disposition of loans held for investment | (506,000) | (2,153,000) |
Net proceeds from sale of foreclosed real estate | 3,395,000 | 5,568,000 |
Proceeds from principal repayments/calls/maturities of securities available for sale | 216,161,000 | 188,917,000 |
Proceeds from sales of securities available for sale | 57,879,000 | 0 |
Proceeds from principal repayments/calls/maturities of securities held to maturity | 282,718,000 | 230,507,000 |
Proceeds from sales of securities held to maturity | 14,348,000 | 0 |
Purchases of securities available for sale | (468,168,000) | (289,298,000) |
Purchases of debt securities held-to-maturity | (247,568,000) | (464,895,000) |
Proceeds from redemptions of Federal Home Loan Bank stock | 161,772,000 | 122,867,000 |
Purchases of Federal Home Loan Bank stock | (205,897,000) | (154,430,000) |
Purchases of office properties and equipment | (17,836,000) | (17,578,000) |
Death benefit proceeds from bank owned life insurance | 472,000 | 6,405,000 |
Net cash used in investing activities | (1,623,661,000) | (2,003,116,000) |
Cash flows from financing activities: | ||
Net increase in deposits | 888,086,000 | 1,168,832,000 |
Repayments of funds borrowed under other repurchase agreements | 0 | (10,000,000) |
Net increase in other borrowings | 940,621,000 | 602,449,000 |
Net increase in advance payments by borrowers for taxes and insurance | 14,102,000 | 74,629,000 |
Dividends paid | (57,607,000) | (70,475,000) |
Exercise of stock options | 27,135,000 | 6,422,000 |
Purchase of treasury stock | (337,487,000) | (304,242,000) |
Net tax benefit from stock-based compensation | 8,238,000 | 1,944,000 |
Net cash provided by financing activities | 1,483,088,000 | 1,469,559,000 |
Net increase (decrease) in cash and cash equivalents | 19,725,000 | (69,348,000) |
Cash and cash equivalents at beginning of period | 148,904,000 | 230,961,000 |
Cash and cash equivalents at beginning of period | 168,629,000 | 161,613,000 |
Non-cash investing activities: | ||
Real estate acquired through foreclosure | 2,078,000 | 3,686,000 |
Cash paid during the year for: | ||
Interest | 114,419,000 | 98,909,000 |
Income taxes | $ 83,876,000 | $ 82,673,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements are comprised of the accounts of Investors Bancorp, Inc. and its wholly owned subsidiaries, including Investors Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries (collectively, the “Company”). 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 nine months ended September 30, 2016 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, 2015 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 | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stock Transactions | Stock Transactions Stock Repurchase Programs 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. The first program was completed on June 30, 2015. 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 34,779,211 shares. The second repurchase program commenced immediately upon completion of the first repurchase plan on June 30, 2015. The second program was completed on June 17, 2016. On April 28, 2016, the Company announced its third share repurchase program, which authorized the purchase of an additional 10% of its publicly-held outstanding shares of common stock, or 31,481,189 shares. The new repurchase program commenced immediately upon completion of the second repurchase plan on June 17, 2016. During the nine months ended September 30, 2016 , the Company purchased 29,184,897 shares at a cost of $337.5 million , or approximately $11.56 per share. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations On May 3, 2016, the Company announced the signing of a definitive merger agreement with The Bank of Princeton. Under the terms of the merger agreement, 60% of the common shares of Princeton Bank will be converted into the Company's common stock and the remaining 40% will be exchanged for cash. The Bank of Princeton shareholders will have the option to receive either 2.633 shares of the Company's common stock or $30.75 in cash for each share of The Bank of Princeton common stock, subject to proration to ensure that, in the aggregate, 60% of The Bank of Princeton's shares will be converted into the Company's common stock. As of June 30, 2016, The Bank of Princeton had assets of $1.0 billion , loans of $809 million and deposits of $812 million and operated 10 branches in New Jersey and 3 in the Philadelphia market. The merger agreement has been approved by the boards of directors of each company. Conditions required to be completed for this transaction include The Bank of Princeton shareholder approval, regulatory approvals, the effectiveness of the registration statement to be filed by the Company with respect to the stock exchanged to be issued in the transaction and other customary closing conditions. As the merger has not been completed, the transaction is not reflected in the balance sheet or results of operation for the periods presented in this document. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 2015 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 43,441 $ 48,794 Shares Weighted-average common shares outstanding - basic 292,000,061 324,065,364 Effect of dilutive common stock equivalents (1) 2,174,751 3,128,155 Weighted-average common shares outstanding - diluted 294,174,812 327,193,519 Earnings per common share Basic $ 0.15 $ 0.15 Diluted $ 0.15 $ 0.15 (1) For the three months ended September 30, 2016 and 2015 , there were 16,372,523 and 11,604,284 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 Nine Months Ended September 30, 2016 2015 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 131,423 $ 137,103 Shares Weighted-average common shares outstanding - basic 299,873,985 333,786,211 Effect of dilutive common stock equivalents (1) 2,980,235 3,219,258 Weighted-average common shares outstanding - diluted 302,854,220 337,005,469 Earnings per common share Basic $ 0.44 $ 0.41 Diluted $ 0.43 $ 0.41 (1) For the nine months ended September 30, 2016 and 2015 , there were 11,819,014 and 18,454,117 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Equity securities $ 5,800 823 — 6,623 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 514,305 7,112 436 520,981 Federal National Mortgage Association 922,200 12,450 514 934,136 Government National Mortgage Association 49,877 529 — 50,406 Total mortgage-backed securities available-for-sale 1,486,382 20,091 950 1,505,523 Total available-for-sale securities $ 1,492,182 20,914 950 1,512,146 At September 30, 2016 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 $ 2,151 — 2,151 23 — 2,174 Municipal bonds 23,244 — 23,244 1,623 — 24,867 Corporate and other debt securities 65,120 (22,070 ) 43,050 37,796 — 80,846 Total debt securities held-to-maturity 90,515 (22,070 ) 68,445 39,442 — 107,887 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 438,407 (1,771 ) 436,636 8,265 119 444,782 Federal National Mortgage Association 1,273,514 (2,003 ) 1,271,511 26,670 358 1,297,823 Government National Mortgage Association 17,539 — 17,539 366 — 17,905 Total mortgage-backed securities held-to-maturity 1,729,460 (3,774 ) 1,725,686 35,301 477 1,760,510 Total held-to-maturity securities $ 1,819,975 (25,844 ) 1,794,131 74,743 477 1,868,397 (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 charge is recognized on a held-to-maturity security, through the date of the balance sheet. At December 31, 2015 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Equity securities $ 5,778 733 16 6,495 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 546,652 3,242 2,443 547,451 Federal National Mortgage Association 724,851 4,520 3,299 726,072 Government National Mortgage Association 24,841 1 163 24,679 Total mortgage-backed securities available-for-sale 1,296,344 7,763 5,905 1,298,202 Total available-for-sale securities $ 1,302,122 8,496 5,921 1,304,697 At December 31, 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 $ 4,232 — 4,232 11 — 4,243 Municipal bonds 43,058 — 43,058 1,307 — 44,365 Corporate and other debt securities 58,358 (23,245 ) 35,113 42,704 — 77,817 Total debt securities held-to-maturity 105,648 (23,245 ) 82,403 44,022 — 126,425 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 516,841 (2,502 ) 514,339 2,213 3,082 513,470 Federal National Mortgage Association 1,228,845 (2,705 ) 1,226,140 7,305 6,120 1,227,325 Government National Mortgage Association 21,330 — 21,330 125 — 21,455 Federal housing authorities 11 — 11 — — 11 Total mortgage-backed securities held-to-maturity 1,767,027 (5,207 ) 1,761,820 9,643 9,202 1,762,261 Total held-to-maturity securities $ 1,872,675 (28,452 ) 1,844,223 53,665 9,202 1,888,686 (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 charge is recognized on a held-to-maturity security, through the date of the balance sheet. At September 30, 2016 , corporate and other debt securities include a portfolio of collateralized debt obligations backed by pooled trust preferred securities ("TruPS"), principally issued by banks and to a lesser extent insurance companies, real estate investment trusts, and collateralized debt obligations. At September 30, 2016 the TruPS had an amortized cost and estimated fair value of $38.1 million and $75.8 million , respectively. While all were investment grade at purchase, securities classified as non-investment grade at September 30, 2016 had an amortized cost and estimated fair value of $36.1 million and $69.5 million , respectively. Fair value is derived from considering specific assumptions, including terms of the TruPS structure, events of deferrals, defaults and liquidations, the projected cashflow for principal and interest payments, and discounted cash flow modeling. Approximately $480.0 million of the Company’s securities are pledged to secure borrowings. The contractual maturities of the Bank's mortgage-backed securities are generally less than 20 years with effective lives expected to be shorter due to prepayments. Expected maturities may differ from contractual maturities due to underlying loan prepayments or early call privileges of the issuer, therefore, mortgage-backed securities are not included in the following table. The amortized cost and estimated fair value of debt securities at September 30, 2016 , by contractual maturity, are shown below. September 30, 2016 Carrying Value Estimated fair value (In thousands) Due in one year or less $ 18,309 18,309 Due after one year through five years 2,296 2,319 Due after five years through ten years 5,000 5,000 Due after ten years 42,840 82,259 Total $ 68,445 107,887 Gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2016 and December 31, 2015 , was as follows: September 30, 2016 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 $ 77,355 403 13,648 33 91,003 436 Federal National Mortgage Association 207,088 444 12,578 70 219,666 514 Total available-for-sale securities $ 284,443 847 26,226 103 310,669 950 Held-to-maturity: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ — — 3,999 119 3,999 119 Federal National Mortgage Association 54,212 358 — — 54,212 358 Total held-to-maturity securities $ 54,212 358 3,999 119 58,211 477 Total $ 338,655 1,205 30,225 222 368,880 1,427 December 31, 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: Equity Securities $ 4,692 16 — — 4,692 16 Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 263,255 2,443 — — 263,255 2,443 Federal National Mortgage Association 375,792 2,850 14,821 449 390,613 3,299 Government National Mortgage Association 24,874 163 — — 24,874 163 Total mortgage-backed securities available-for-sale 663,921 5,456 14,821 449 678,742 5,905 Total available-for-sale securities $ 668,613 5,472 14,821 449 683,434 5,921 Held-to-maturity: Mortgage-backed securities: Federal Home Loan Mortgage Corporation 342,702 2,804 4,887 278 347,589 3,082 Federal National Mortgage Association 547,326 5,477 29,013 643 576,339 6,120 Total mortgage-backed securities held-to-maturity 890,028 8,281 33,900 921 923,928 9,202 Total held-to-maturity securities $ 890,028 8,281 33,900 921 923,928 9,202 Total $ 1,558,641 13,753 48,721 1,370 1,607,362 15,123 At September 30, 2016 , gross unrealized losses relate to our mortgage-backed-security portfolio which is comprised of securities issued by U.S. Government Sponsored Enterprises. The fair values of these securities have been negatively impacted by the recent increase in intermediate-term market interest rates. 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 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 issuer underlying our pooled trust preferred securities. Cash flows for each security are forecast using assumptions for defaults, recoveries, pre-payments and amortization. At September 30, 2016 and 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 periods ended September 30, 2016 and 2015 . At September 30, 2016 , non-credit related OTTI recorded on the previously impaired pooled trust preferred securities was $22.1 million ( $13.1 million after-tax.) This amount 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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Balance of credit related OTTI, beginning of period $ 97,977 106,872 100,200 108,817 Additions: Initial credit impairments — — — — Subsequent credit impairments — — — — Reductions: Accretion of credit loss impairment due to an increase in expected cash flows (1,112 ) (962 ) (3,335 ) (2,907 ) Reductions for securities sold or paid off during the period — (4,770 ) — (4,770 ) Balance of credit related OTTI, end of period $ 96,865 101,140 96,865 101,140 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 based upon whether the current period is the first time a debt security was credit impaired (initial credit impairment) or is not the first time a debt security was credit impaired (subsequent credit impairments). The credit loss component is reduced if the Company sells, intends to sell or believes it will be required to sell previously credit impaired debt securities. Additionally, the credit loss component is reduced if (i) the Company receives cash flows in excess of what it expected to receive over the remaining life of the credit impaired debt security, (ii) the security matures or (iii) the security is fully written down. Realized Gains and Losses Gains and losses on the sale of all securities are determined using the specific identification method. For the three months ended September 30, 2016 , the Company received sale proceeds of $122,200 on an equity security from the available-for-sale portfolio resulting in a gross realized gain of $72,200 . For the nine months ended September 30, 2016 , the Company received sale proceeds of $57.9 million on equity securities and pools of mortgage-backed securities sold from the available-for-sale portfolio resulting in a gross realized gain of $2.3 million . There were no proceeds from sales from this portfolio for the three months ended September 30, 2016 . For the nine months ended September 30, 2016 , the Company received sale proceeds of $14.3 million on a pool of mortgage-backed securities from the held-to-maturity portfolio resulting in a gross realized gain of $836,000 . These securities met the criteria of principal pay downs under 85% of the original investment amount and therefore did not result in a tainting of the held-to-maturity portfolio. The Company sells securities when, in management’s assessment market pricing presents an economic benefit that outweighs holding such securities, and when securities with smaller balance become cost prohibitive to carry. For the three and nine months ended September 30, 2015 , the Company received proceeds of $2.6 million on an equity security from the available-for-sale portfolio resulting in a gross realized gain of $1.5 million . For the three and nine months ended September 30, 2015 , the Company recognized gains on available-for-sale securities of $42,000 and $126,000 , respectively, which were related to capital distributions of equity securities held in the available-for-sale portfolio. For the three and nine months ended September 30, 2015 , there were no sales of securities from the held-to-maturity portfolio; however, the Company recognized a loss of $646,000 on a TruP security which was liquidated by its Trustee. |
Loans Receivable, Net
Loans Receivable, Net | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans Receivable, Net | Loans Receivable, Net The detail of the loan portfolio as of September 30, 2016 and December 31, 2015 was as follows: September 30, December 31, (In thousands) Multi-family loans $ 7,360,733 6,255,904 Commercial real estate loans 4,095,903 3,821,950 Commercial and industrial loans 1,191,178 1,044,329 Construction loans 275,969 224,057 Total commercial loans 12,923,783 11,346,240 Residential mortgage loans 4,796,852 5,037,898 Consumer and other loans 576,049 496,103 Total loans excluding PCI loans 18,296,684 16,880,241 PCI loans 10,476 11,089 Net unamortized premiums and deferred loan costs (1) (15,428 ) (11,692 ) Allowance for loan losses (223,550 ) (218,505 ) Net loans $ 18,068,182 16,661,133 (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 changes in the accretable yield for PCI loans during the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Balance, beginning of period $ 1,549 $ 740 $ 449 $ 971 Accretion (52 ) (232 ) (173 ) (463 ) Net reclassification from non-accretable difference (1) — — 1,221 — Balance, end of period $ 1,497 $ 508 $ 1,497 $ 508 (1) Reclassifications of the non-accretable difference to the accretable yield may occur subsequent to the loan acquisition dates due to increases in expected cash flows of the loans An analysis of the allowance for loan losses is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of the period $ 220,316 $ 213,962 $ 218,505 $ 200,284 Loans charged off (2,972 ) (1,390 ) (13,379 ) (5,667 ) Recoveries 1,206 886 3,424 2,841 Net charge-offs (1,766 ) (504 ) (9,955 ) (2,826 ) Provision for loan losses 5,000 5,000 15,000 21,000 Balance at end of the period $ 223,550 $ 218,458 $ 223,550 $ 218,458 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 nine months ended September 30, 2016 , the Company recorded charge-offs of $48,000 related to PCI loans acquired. 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 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. 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 among other things, loan and delinquency trends, general economic conditions, geographic concentrations, lending policies and procedures 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. Loans determined to be impaired are 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. Our 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 to our loan portfolio 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. 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 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 biennially for loans rated special mention with a balance of $2.0 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 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. 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 relevant information available; however, the level of the allowance for loan losses remains an estimate that is subject to significant judgment and short-term change. In addition, the Federal Deposit Insurance Corporation and the New Jersey Department of Banking and Insurance, as an integral part of their examination process, will periodically review our allowance for loan losses. Such agencies may require us to recognize adjustments to the allowance based on their judgments about information available to them at the time of their examination. The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2016 and December 31, 2015 : September 30, 2016 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, 2015 $ 88,223 46,999 40,585 6,794 31,443 3,155 1,306 218,505 Charge-offs (161 ) (324 ) (3,981 ) (52 ) (8,598 ) (263 ) — (13,379 ) Recoveries 1,570 373 219 259 904 99 — 3,424 Provision 3,788 2,933 7,285 2,987 (2,391 ) (114 ) 512 15,000 Ending balance-September 30, 2016 $ 93,420 49,981 44,108 9,988 21,358 2,877 1,818 223,550 Individually evaluated for impairment $ — — — — 1,448 11 — 1,459 Collectively evaluated for impairment 93,420 49,981 44,108 9,988 19,910 2,866 1,818 222,091 Loans acquired with deteriorated credit quality — — — — — — — — Balance at September 30, 2016 $ 93,420 49,981 44,108 9,988 21,358 2,877 1,818 223,550 Loans: Individually evaluated for impairment $ — 5,417 4,069 — 23,246 286 — 33,018 Collectively evaluated for impairment 7,360,733 4,090,486 1,187,109 275,969 4,773,606 575,763 — 18,263,666 Loans acquired with deteriorated credit quality — 7,347 56 1,186 1,534 353 — 10,476 Balance at September 30, 2016 $ 7,360,733 4,103,250 1,191,234 277,155 4,798,386 576,402 — 18,307,160 December 31, 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 (284 ) (1,021 ) (516 ) (466 ) (9,526 ) (403 ) — (12,216 ) Recoveries 445 807 295 317 2,295 278 — 4,437 Provision 16,915 3,183 20,047 455 (9,262 ) (67 ) (5,271 ) 26,000 Ending balance-December 31, 2015 $ 88,223 46,999 40,585 6,794 31,443 3,155 1,306 218,505 Individually evaluated for impairment $ — — 2,409 — 1,773 9 — 4,191 Collectively evaluated for impairment 88,223 46,999 38,176 6,794 29,670 3,146 1,306 214,314 Loans acquired with deteriorated credit quality — — — — — — — — Balance at December 31, 2015 $ 88,223 46,999 40,585 6,794 31,443 3,155 1,306 218,505 Loans: Individually evaluated for impairment $ 3,219 18,941 9,395 2,504 22,539 389 — 56,987 Collectively evaluated for impairment 6,252,685 3,803,009 1,034,934 221,553 5,015,359 495,714 — 16,823,254 Loans acquired with deteriorated credit quality — 7,149 56 1,786 1,645 453 — 11,089 Balance at December 31, 2015 $ 6,255,904 3,829,099 1,044,385 225,843 5,039,543 496,556 — 16,891,330 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. For non-homogeneous loans, such as commercial and commercial real estate loans the Company analyzes the loans individually by classifying the loans as to credit risk and assesses the probability of collection for each type of class. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: Pass - “Pass” assets are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. 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. Residential loans delinquent 30 - 59 days are considered watch if not already identified as impaired. 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 60 - 89 days are considered special mention if not already identified as impaired. 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 as well as those identified as impaired are considered substandard. Doubtful - An asset classified “Doubtful” has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values. Loss - An asset or portion thereof, classified “Loss” is considered uncollectible and of such little value that its continuance on the institution’s books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. This classification does not necessarily mean that an asset has no recovery or salvage value; but rather, there is much doubt about whether, how much, or when the recovery will occur. As such, it is not practical or desirable to defer the write-off. The following tables present the risk category of loans as of September 30, 2016 and December 31, 2015 by class of loans, excluding PCI loans: September 30, 2016 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,906,097 268,857 149,535 36,244 — — 7,360,733 Commercial real estate 3,646,611 346,115 80,956 22,221 — — 4,095,903 Commercial and industrial 870,745 291,261 13,432 15,740 — — 1,191,178 Construction 206,314 62,438 3,200 4,017 — — 275,969 Total commercial loans 11,629,767 968,671 247,123 78,222 — — 12,923,783 Residential mortgage 4,688,054 17,346 10,522 80,930 — — 4,796,852 Consumer and other 565,087 2,585 966 7,411 — — 576,049 Total $ 16,882,908 988,602 258,611 166,563 — — 18,296,684 December 31, 2015 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 5,876,425 325,414 17,033 37,032 — — 6,255,904 Commercial real estate 3,411,876 331,429 38,265 40,380 — — 3,821,950 Commercial and industrial 793,527 223,474 13,782 13,546 — — 1,044,329 Construction 207,499 12,833 — 3,725 — — 224,057 Total commercial loans 10,289,327 893,150 69,080 94,683 — — 11,346,240 Residential mortgage 4,930,961 24,584 13,796 68,557 — — 5,037,898 Consumer and other 482,715 3,987 427 8,974 — — 496,103 Total $ 15,703,003 921,721 83,303 172,214 — — 16,880,241 The following tables present the payment status of the recorded investment in past due loans as of September 30, 2016 and December 31, 2015 by class of loans, excluding PCI loans: September 30, 2016 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 4,132 1,089 239 5,460 7,355,273 7,360,733 Commercial real estate 24,391 16,351 5,505 46,247 4,049,656 4,095,903 Commercial and industrial 1,387 377 2,066 3,830 1,187,348 1,191,178 Construction — — — — 275,969 275,969 Total commercial loans 29,910 17,817 7,810 55,537 12,868,246 12,923,783 Residential mortgage 18,873 11,061 63,634 93,568 4,703,284 4,796,852 Consumer and other 2,585 966 7,126 10,677 565,372 576,049 Total $ 51,368 29,844 78,570 159,782 18,136,902 18,296,684 December 31, 2015 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 14,236 — 1,886 16,122 6,239,782 6,255,904 Commercial real estate 4,171 352 6,429 10,952 3,810,998 3,821,950 Commercial and industrial 957 — 4,386 5,343 1,038,986 1,044,329 Construction — — 792 792 223,265 224,057 Total commercial loans 19,364 352 13,493 33,209 11,313,031 11,346,240 Residential mortgage 27,092 14,956 68,560 110,608 4,927,290 5,037,898 Consumer and other 3,987 427 8,976 13,390 482,713 496,103 Total $ 50,443 15,735 91,029 157,207 16,723,034 16,880,241 The following table presents non-accrual loans, excluding PCI loans, at the dates indicated: September 30, 2016 December 31, 2015 # of loans Amount # of loans Amount (Dollars in thousands) Non-accrual: Multi-family 1 $ 240 4 $ 3,467 Commercial real estate 29 8,875 37 10,820 Commercial and industrial 6 2,248 17 9,225 Construction — — 4 792 Total commercial loans 36 11,363 62 24,304 Residential mortgage and consumer 481 86,127 500 91,122 Total non-accrual loans 517 $ 97,490 562 $ 115,426 Included in the non-accrual table above are troubled debt restructured ("TDR") loans whose payment status is current but the Company has classified as non-accrual as the loans have not maintained their current payment status for six consecutive months under the restructured terms and therefore do not meet the criteria for accrual status. As of September 30, 2016 and December 31, 2015 , these loans are comprised of the following: September 30, 2016 December 31, 2015 # of loans Amount # of loans Amount (Dollars in thousands) Current TDR classified as non-accrual: Multi-family — $ — 1 $ 1,032 Commercial real estate 3 329 2 240 Commercial and industrial 1 183 2 2,226 Total commercial loans 4 512 5 3,498 Residential mortgage and consumer 31 6,611 15 3,378 Total current TDR classified as non-accrual 35 $ 7,123 20 $ 6,876 The following table presents TDR loans which were also 30-89 days delinquent and classified as non-accrual at the dates indicated: September 30, 2016 December 31, 2015 # of loans Amount # of loans Amount (Dollars in thousands) TDR 30-89 days delinquent classified as non-accrual: Multi-family — $ — 1 $ 548 Commercial real estate 1 391 5 2,309 Commercial and industrial — — 1 360 Total commercial loans 1 391 7 3,217 Residential mortgage and consumer 9 2,066 11 3,338 Total current TDR classified as non-accrual 10 $ 2,457 18 $ 6,555 The Company has no loans past due 90 days or more delinquent that are still accruing interest. PCI loans are excluded from non-accrual loans, as they are recorded at fair value based on the present value of expected future cash flows. As of September 30, 2016 , PCI loans with a carrying value of $10.5 million included $9.0 million of which were current, $71,000 of which were 30 - 89 days delinquent and $1.4 million of which were 90 days or more delinquent. As of December 31, 2015 , PCI loans with a carrying value of $11.1 million included $9.0 million of which were current and $2.1 million of which were 90 days or more delinquent. At September 30, 2016 and December 31, 2015 , loans meeting the Company’s definition of an impaired loan were primarily collateral dependent loans which totaled $33.0 million and $57.0 million , respectively, with allocations of the allowance for loan losses of $1.5 million and $4.2 million for the periods ending September 30, 2016 and December 31, 2015 , respectively. During the nine months ended September 30, 2016 and 2015 , interest income received and recognized on these loans totaled $1.0 million and $2.1 million , respectively. The following tables present loans individually evaluated for impairment by portfolio segment as of September 30, 2016 and December 31, 2015 : September 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ — — — — — Commercial real estate 5,417 8,749 — 4,656 228 Commercial and industrial 4,069 4,158 — 3,982 146 Construction — — — — — Total commercial loans 9,486 12,907 — 8,638 374 Residential mortgage and consumer 10,785 14,425 — 9,275 377 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 12,747 13,093 1,459 14,237 294 Total: Multi-family — — — — — Commercial real estate 5,417 8,749 — 4,656 228 Commercial and industrial 4,069 4,158 — 3,982 146 Construction — — — — — Total commercial loans 9,486 12,907 — 8,638 374 Residential mortgage and consumer 23,532 27,518 1,459 23,512 671 Total impaired loans $ 33,018 40,425 1,459 32,150 1,045 December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 3,219 6,806 — 2,872 119 Commercial real estate 18,941 27,961 — 19,025 1,136 Commercial and industrial 5,155 5,160 — 3,575 200 Construction 2,504 6,412 — 4,288 226 Total commercial loans 29,819 46,339 — 29,760 1,681 Residential mortgage and consumer 8,020 12,433 — 7,611 463 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial 4,240 4,271 2,409 4,389 194 Construction — — — — — Total commercial loans 4,240 4,271 2,409 4,389 194 Residential mortgage and consumer 14,908 13,695 1,782 16,424 476 Total: Multi-family 3,219 6,806 — 2,872 119 Commercial real estate 18,941 27,961 — 19,025 1,136 Commercial and industrial 9,395 9,431 2,409 7,964 394 Construction 2,504 6,412 — 4,288 226 Total commercial loans 34,059 50,610 2,409 34,149 1,875 Residential mortgage and consumer 22,928 26,128 1,782 24,035 939 Total impaired loans $ 56,987 $ 76,738 $ 4,191 $ 58,184 $ 2,814 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 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 TDR loans at September 30, 2016 and December 31, 2015 . There were three residential PCI loans that were classified as TDRs and are included in the table below at September 30, 2016 . There were three residential PCI loans that were classified as TDRs for the period ended December 31, 2015 . September 30, 2016 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — — $ — — $ — Commercial real estate 2 280 6 3,802 8 4,082 Commercial and industrial 1 1,911 2 476 3 2,387 Construction — — — — — — Total commercial loans 3 2,191 8 4,278 11 6,469 Residential mortgage and consumer 28 6,601 67 16,931 95 23,532 Total 31 $ 8,792 75 $ 21,209 106 $ 30,001 December 31, 2015 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 2 $ 1,580 2 $ 1,580 Commercial real estate 5 13,161 9 5,826 14 18,987 Commercial and industrial 1 640 3 2,586 4 3,226 Construction 1 313 2 405 3 718 Total commercial loans 7 14,114 16 10,397 23 24,511 Residential mortgage and consumer 32 8,375 49 14,553 81 22,928 Total 39 $ 22,489 65 $ 24,950 104 $ 47,439 The following table presents information about troubled debt restructurings that occurred during the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 2015 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 Restructurings: Multi-family — $ — $ — 1 $ 1,115 $ 1,115 Commercial real estate 2 468 468 2 699 699 Construction — — — 1 182 182 Residential mortgage and consumer 6 1,051 1,051 3 376 376 Nine Months Ended September 30, 2016 2015 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 Restructurings: Multi-family — $ — $ — 1 $ 1,115 $ 1,115 Commercial real estate 5 1,039 1,039 3 777 777 Construction — — — 2 1,508 1,508 Residential mortgage and consumer 20 2,600 2,600 16 2,830 2,830 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 dependent 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 nine months ended September 30, 2016 and 2015 . The allowance for loan losses associated with the TDRs presented in the above tables totaled $1.5 million and $1.8 million at September 30, 2016 and December 31, 2015 , respectively. Residential mortgage loan modifications primarily involved the reduction in loan interest rate and extension of loan maturity dates. All residential loans deemed to be TDRs were modified to reflect a reduction in interest rates to current market rates. Several residential TDRs include step up interest rates in their modified terms which will impact their weighted average yield in the future. Commercial loan modifications which qualified as a TDR comprised of terms of maturity being extended and reduction in interest rates to current market terms. For the nine months ended September 30, 2016, the Company had an existing TDR commercial loan for which the Company extended an existing working capital line of credit, however that loan subsequently was paid off during the same time period. The following table presents information about pre and post modification interest yield for troubled debt restructurings which occurred during the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 2015 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Troubled Debt Restructurings: Multi-family — — % — % 1 3.88 % 3.88 % Commercial real estate 2 4.93 % 4.89 % 2 4.73 % 5.78 % Construction — — % — % 1 4.75 % 4.75 % Residential mortgage and consumer 6 6.30 % 2.86 % 3 5.28 % 3.19 % Nine Months Ended September 30, 2016 2015 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Troubled Debt Restructurings: Multi-family — — % — % 1 3.88 % 3.88 % Commercial real estate 5 4.38 % 4.50 % 3 4.78 % 5.64 % Construction — — % — % 2 4.97 % 4.97 % Residential mortgage and consumer 20 6.31 % 3.42 % 16 5.19 % 3.39 % Payment defau |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits are summarized as follows: September 30, 2016 December 31, 2015 (In thousands) Checking accounts $ 5,875,559 4,636,025 Money market deposits 4,038,561 3,861,317 Savings 2,093,421 2,150,004 Total transaction accounts 12,007,541 10,647,346 Certificates of deposit 2,944,201 3,416,310 Total deposits $ 14,951,742 14,063,656 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table summarizes net intangible assets and goodwill at September 30, 2016 and December 31, 2015 : September 30, December 31, (In thousands) Mortgage servicing rights $ 15,166 16,248 Core deposit premiums 9,138 11,332 Other 950 160 Total other intangible assets 25,254 27,740 Goodwill 77,571 77,571 Goodwill and intangible assets $ 102,825 105,311 The following table summarizes other intangible assets as of September 30, 2016 and December 31, 2015 : Gross Intangible Asset Accumulated Amortization Valuation Allowance Net Intangible Assets (In thousands) September 30, 2016 Mortgage servicing rights $ 26,386 (10,989 ) (231 ) 15,166 Core deposit premiums 25,058 (15,920 ) 9,138 Other 1,150 (200 ) 950 Total other intangible assets $ 52,594 (27,109 ) (231 ) 25,254 December 31, 2015 Mortgage servicing rights $ 23,411 (7,042 ) (121 ) 16,248 Core deposit premiums 25,058 (13,726 ) — 11,332 Other 300 (140 ) — 160 Total other intangible assets $ 48,769 (20,908 ) (121 ) 27,740 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 had an unpaid principal balance of $2.01 billion and $2.12 billion at September 30, 2016 and December 31, 2015 respectively, all of which relate to residential mortgage loans. At September 30, 2016 and December 31, 2015 , the servicing asset, included in intangible assets, had an estimated fair value of $15.2 million and $16.2 million , respectively. For the nine months ended September 30, 2016 , fair value was based on expected future cash flows considering a weighted average discount rate of 13.00% , a weighted average constant prepayment rate on mortgages of 13.32% and a weighted average life of 5.8 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 | 9 Months Ended |
Sep. 30, 2016 | |
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") which 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. For the nine months ended September 30, 2016 , the Company granted 271,890 shares of restricted stock awards under the 2015 Plan. 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. For the nine months ended September 30, 2016 , the Company granted 201,440 stock options under the 2015 Plan. The fair value of stock options granted as part of the 2015 Plan was estimated utilizing the Black-Scholes option pricing model using the following assumptions for the period presented below. Nine Months Ended September 30, Nine Months Ended September 30, 2016 2015 Weighted average expected life (in years) 7.00 7.43 Weighted average risk-free rate of return 1.67 % 1.96 % Weighted average volatility 24.05 % 25.33 % Dividend yield 1.93 % 1.59 % Weighted average fair value of options granted $ 2.80 $ 3.12 Total stock options granted 201,440 11,576,612 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 applies ASC 718 "Compensation- Stock Compensation," ("ASC 718") and expenses 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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Stock option expense $ 1,508 1,499 4,498 1,513 Restricted stock expense 3,954 2,994 10,658 3,335 Total share based compensation expense $ 5,462 4,493 15,156 4,848 The following is a summary of the Company’s stock option activity and related information for its option plan for the nine months ended September 30, 2016 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2015 18,804,816 $10.00 6.8 $46,996 Granted 201,440 11.60 9.6 Exercised (4,564,707 ) 5.94 0.3 Forfeited (65,360 ) 12.54 Expired (102 ) 8.08 Outstanding at September 30, 2016 14,376,087 $11.30 7.9 $16,204 Exercisable at September 30, 2016 4,681,871 $8.78 5.1 $16,122 Expected future expense relating to the non-vested options outstanding as of September 30, 2016 is $28.5 million over a weighted average period of 5.0 years. The following is a summary of the status of the Company’s restricted shares as of September 30, 2016 and changes therein during the nine months ended: Number of Shares Awarded Weighted Average Grant Date fair Value Outstanding at December 31, 2015 6,759,832 $ 12.54 Granted 271,890 11.52 Vested (971,571 ) 12.54 Forfeited (17,500 ) 12.54 Outstanding and non vested at September 30, 2016 6,042,651 $ 12.50 Expected future expense relating to the non-vested restricted shares outstanding as of September 30, 2016 is $65.9 million over a weighted average period of 5.0 years. |
Net Periodic Benefit Plan Expen
Net Periodic Benefit Plan Expense | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Net Periodic Benefit Plan Expense | Net Periodic Benefit Plan Expense The Company has an Executive Supplemental Retirement Wage Replacement Plan ("Wage Replacement Plan") and the Supplemental ESOP and Retirement Plan ("Supplemental ESOP") (collectively, the "SERPs"). The Wage Replacement Plan is a nonqualified, defined benefit plan which provides benefits to certain executives as designated by the Compensation Committee of the Board of Directors. More specifically, the Wage Replacement Plan is designed to provide participants with a normal retirement benefit equal to an annual benefit of 60% of the participant's highest annual base salary and cash inventive (over a consecutive 36-month period within the last 120 consecutive calendar months of employment) reduced by the sum of the benefits provided under the Pentagra DB Plan and the annualized value of their benefits payable under the defined benefit portion of the Supplemental ESOP. The Supplemental ESOP compensates certain executives (as designated by the Compensation Committee of the Board of Directors) participating in the Pentegra DB Plan and the ESOP whose contributions are limited by the Internal Revenue Code. The Company also maintains the Amended and Restated Director Retirement Plan ("Directors' Plan") for certain directors, which is a nonqualified, defined benefit plan. This plan was frozen on November 21, 2006 such that no new benefits accrued under, and no new directors were eligible to participate in the plan. The Wage Replacement Plan, Supplemental ESOP and the Directors’ Plan are unfunded and the costs of the plans are recognized over the period that services are provided. The components of net periodic benefit cost are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Service cost $ 894 774 2,681 2,322 Interest cost 474 374 1,422 1,123 Amortization of: Prior service cost — 12 — 37 Net gain 514 321 1,542 962 Total net periodic benefit cost $ 1,882 1,481 5,645 4,444 Due to the unfunded nature of these plans, no contributions have been made or were expected to be made to the SERPs and Directors’ Plan during the nine months ended September 30, 2016 . 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. There was no contribution to the defined benefit pension plan during the nine months ended September 30, 2016 . We anticipate contributing funds to the plan to meet any minimum funding requirements for the remainder of 2016 . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. Certain derivatives are designated as hedging instruments in a qualifying hedge accounting relationship (fair value or cash flow hedge.) Cash Flow Hedges of Interest Rate Risk The Company’s objective in using interest rate derivatives are to primarily reduce cost and add stability to interest expense in an effort to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of amounts subject to variability cuased by changes in interest rates from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is initially recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended September 30, 2016 , such derivatives were used to hedge the variability in cash flows associated with certain short term wholesale funding transactions. During the three months ended September 30, 2016 , the Company did not record any hedge ineffectiveness. The ineffective portion of the change in fair value of the derivatives would be recognized directly in earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate borrowings. During the next twelve months, the Company estimates that an additional $845,000 will be reclassified as an increase to interest expense. Fair Values of Derivative Instruments on the Balance Sheet The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015 : Asset Derivatives Liability Derivatives At September 30, 2016 At December 31, 2015 At September 30, 2016 At December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as hedging instruments: Interest Rate Swaps Other assets $ — Other assets $ — Other liabilities $ 1,067 Other liabilities $ — Total derivatives designated as hedging instruments $ — $ — $ 1,067 $ — Effect of Derivative Instruments on the Income Statement The following table presents the effect of the Company’s derivative financial instruments on the Consolidated Statement of Income as of September 30, 2016 and 2015 . The Company did not any have derivatives outstanding prior to the quarter ended September 30, 2016 . Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Three Months Ended September 30, Three Months Ended September 30, Three Months Ended September 30, 2016 2015 2016 2015 2016 2015 (In thousands) Derivatives in Cash Flow Hedging Relationships: Interest rate swaps $ (1,109 ) $ — Interest expense $ (42 ) $ — Other non-interest income $ — $ — Total $ (1,109 ) $ — $ (42 ) $ — $ — $ — Offsetting Derivatives The following table presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015 . The net amounts of derivative liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Company's Consolidated Balance Sheets. Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In thousands) September 30, 2016 Liabilities: Interest Rate Swaps $ 1,067 $ — $ 1,067 $ — $ (1,067 ) $ — Total $ 1,067 $ — $ 1,067 $ — $ (1,067 ) $ — December 31, 2015 Liabilities: Interest Rate Swaps $ — $ — $ — $ — $ — $ — Total $ — $ — $ — $ — $ — $ — Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company has agreements with certain of its derivative counterparties that contain a provision where if the company fails to maintain its status as a well capitalized institution, then the Company could be required to terminate its derivative positions with the counterparty. As of September 30, 2016 , the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $1.1 million . As of September 30, 2016 , the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $6.0 million against its obligations under these agreements. If the Company had breached any of these provisions at September 30, 2016 , it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Comprehensive Income | Comprehensive Income The components of comprehensive income, both gross and net of tax, are as follows: Three Months Ended September 30, 2016 2015 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 71,728 (28,287 ) 43,441 71,659 (22,865 ) 48,794 Other comprehensive income (loss): Change in funded status of retirement obligations 537 (219 ) 318 351 (144 ) 207 Unrealized (loss) gain on securities available-for-sale (2,708 ) 1,053 (1,655 ) 6,357 (3,159 ) 3,198 Accretion of loss on securities reclassified to held to maturity from available for sale 472 (193 ) 279 627 (256 ) 371 Reclassification adjustment for security gains included in net income (72 ) 29 (43 ) (1,537 ) — (1,537 ) Other-than-temporary impairment accretion on debt securities 533 (218 ) 315 319 (130 ) 189 Net losses on derivatives arising during the period (1,067 ) 436 (631 ) — — — Total other comprehensive (loss) income (2,305 ) 888 (1,417 ) 6,117 (3,689 ) 2,428 Total comprehensive income $ 69,423 (27,399 ) 42,024 77,776 (26,554 ) 51,222 Nine Months Ended September 30, 2016 2015 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 215,619 (84,196 ) 131,423 212,027 (74,924 ) 137,103 Other comprehensive income: Change in funded status of retirement obligations 1,610 (658 ) 952 1,058 (432 ) 626 Unrealized gain on securities available-for-sale 19,652 (7,686 ) 11,966 6,372 (2,644 ) 3,728 Accretion of loss on securities reclassified to held to maturity from available for sale 1,433 (586 ) 847 1,910 (780 ) 1,130 Reclassification adjustment for security gains included in net income (2,264 ) 906 (1,358 ) (1,537 ) — (1,537 ) Other-than-temporary impairment accretion on debt securities 1,179 (481 ) 698 965 (394 ) 571 Net losses on derivatives arising during the period (1,067 ) 436 (631 ) — — — Total other comprehensive income 20,543 (8,069 ) 12,474 8,768 (4,250 ) 4,518 Total comprehensive income $ 236,162 (92,265 ) 143,897 220,795 (79,174 ) 141,621 The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the nine months ended September 30, 2016 and 2015 : Change in funded status of retirement obligations Accretion of loss on securities reclassified to held to maturity Unrealized gains on securities available-for-sale and gains included in net income Other-than- temporary impairment accretion on debt securities Unrealized Losses on Derivatives Total accumulated other comprehensive loss (Dollars in thousands) Balance - December 31, 2015 $ (12,366 ) (3,080 ) 1,371 (13,750 ) — (27,825 ) Net change 952 847 10,608 698 (631 ) 12,474 Balance - September 30, 2016 $ (11,414 ) (2,233 ) 11,979 (13,052 ) (631 ) (15,351 ) Balance - December 31, 2014 $ (10,911 ) (4,528 ) 7,851 (14,816 ) — (22,404 ) Net change 626 1,130 2,191 571 — 4,518 Balance - September 30, 2015 $ (10,285 ) (3,398 ) 10,042 (14,245 ) — (17,886 ) 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Reclassification adjustment for gains included in net income Gain on security transactions, net $ (72 ) (1,537 ) (2,264 ) (1,537 ) Change in funded status of retirement obligations (1) Compensation and fringe benefits: Amortization of prior service cost — 12 — 40 Amortization of net gain 537 339 1,610 1,018 Compensation and fringe benefits 537 351 1,610 1,058 Reclassification adjustment for unrealized losses on derivatives Unrealized losses on derivatives 42 — 42 — Total before tax 507 (1,186 ) (612 ) (479 ) Income tax (expense) benefit (190 ) (144 ) 248 (432 ) Net of tax $ 317 (1,330 ) (364 ) (911 ) (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 | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Our securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets or liabilities on a non-recurring basis, such as held-to-maturity securities, mortgage servicing rights (“MSR”), loans receivable and real estate owned (“REO”). These non-recurring fair value adjustments involve the application of lower-of-cost-or-market accounting or write-downs of individual assets. Additionally, in connection with our mortgage banking activities we have commitments to fund loans held-for-sale and commitments to sell loans, which are considered free-standing derivative instruments, the fair values of which are not material to our financial condition or results of operations. In accordance with Financial Accounting Standards Board ("FASB") ASC 820, “ Fair Value Measurements and Disclosures ”, we group our assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: • Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. • Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. • Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. We base our fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets Measured at Fair Value on a Recurring Basis Securities available-for-sale Our available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. The fair values of available-for-sale securities are based on quoted market prices (Level 1), where available. The Company obtains one price for each security primarily from a third-party pricing service (pricing service), which generally uses quoted or other observable inputs for the determination of fair value. The pricing service normally derives the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available observable market information. For securities not actively traded (Level 2), the pricing service may use quoted market prices of comparable instruments or discounted cash flow analyses, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, benchmark yields, credit spreads, default rates, prepayment speeds and non-binding broker quotes. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. Derivatives The fair values of interest rate swap agreements are based on a valuation model that uses primarily observable inputs, such as benchmark yield curves and interest rate spreads. The following tables provide the level of valuation assumptions used to determine the carrying value of our assets and liabilities measured at fair value on a recurring basis at September 30, 2016 and December 31, 2015 . Carrying Value at September 30, 2016 Total Level 1 Level 2 Level 3 (In thousands) Assets: Securities available for sale: Equity securities $ 6,623 6,623 — — Mortgage-backed securities: Federal Home Loan Mortgage Corporation 520,981 — 520,981 — Federal National Mortgage Association 934,136 — 934,136 — Government National Mortgage Association 50,406 — 50,406 — Total mortgage-backed securities available-for-sale 1,505,523 — 1,505,523 — Total securities available-for-sale $ 1,512,146 6,623 1,505,523 — Liabilities: Derivative financial instruments $ 1,067 — 1,067 — Carrying Value at December 31, 2015 Total Level 1 Level 2 Level 3 (In thousands) Assets: Securities available for sale: Equity securities $ 6,495 6,495 — — Mortgage-backed securities: Federal Home Loan Mortgage Corporation 547,451 — 547,451 — Federal National Mortgage Association 726,072 — 726,072 — Government National Mortgage Association 24,679 — 24,679 — Total mortgage-backed securities available-for-sale 1,298,202 — 1,298,202 — Total securities available-for-sale $ 1,304,697 6,495 1,298,202 — Liabilities: Derivative financial instruments $ — — — — There have been no changes in the methodologies used at September 30, 2016 from December 31, 2015 , and there were no transfers between Level 1 and Level 2 during the nine months ended September 30, 2016 . 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 assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. At September 30, 2016 , the fair value model used prepayment speeds ranging from 2.59% to 27.96% and a discount rate of 13.00% for the valuation of the mortgage servicing rights. At December 31, 2015 , the fair value model used prepayment speeds ranging from 6.30% to 26.28% and a discount rate of 10.20% 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. Impaired Loans Receivable Loans which meet certain criteria are evaluated individually for impairment. A loan is deemed to be impaired if it is a commercial loan with an outstanding balance greater than $1.0 million and on non-accrual status, loans modified in a troubled debt restructuring, and other commercial loans with $1.0 million in outstanding principal if management has specific information that it is probable they will not collect all amounts due under the contractual terms of the loan agreement. Our impaired loans are generally collateral dependent and, as such, are carried at the estimated fair value of the collateral less estimated selling costs. In order to estimate fair value, once interest or principal payments are 90 days delinquent or when the timely collection of such income is considered doubtful an updated appraisal is obtained. Thereafter, in the event the most recent appraisal does not reflect the current market conditions due to the passage of time and other factors, management will obtain an updated appraisal or make downward adjustments to the existing appraised value based on their knowledge of the property, local real estate market conditions, recent real estate transactions, and for estimated selling costs, if applicable. At September 30, 2016 , appraisals were discounted in a range of 0% - 25% for estimated costs to sell. 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 September 30, 2016 and December 31, 2015 . For the three months ended September 30, 2016 there was no change to the carrying value of impaired loans measured at fair value on a non-recurring basis. For the year ended December 31, 2015 , there was no change to carrying value of impaired loans or mortgage servicing rights measured at fair value on a non-recurring basis. Carrying Value at September 30, 2016 Security Type Valuation Technique Unobservable Input Range Weighted Average Total Level 1 Level 2 Level 3 (In thousands) MSR, net Estimated cash flow Prepayment speeds 2.59% - 27.96% 13.32% $ 12,874 — — 12,874 Other real estate owned Market comparable Lack of marketability 0.0% - 25.0% 6.12% 97 — — 97 $ 12,971 — — 12,971 Carrying Value at December 31, 2015 Security Type Valuation Technique Unobservable Input Range Weighted Average Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned Market comparable Lack of marketability 0.0% - 25.0% 8.90% $ 510 — — 510 $ 510 — — 510 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 forecasted 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 the Federal Home Loan Bank of New York ("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 balance of mortgage related assets held by the member. Loans Held For Sale The fair value of loans held for sale is its carrying value, since this is the amount for which the Company intends to sell it for. The fair value is determined based on quoted prices for similar instruments in active markets. 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. September 30, 2016 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 168,629 168,629 168,629 — — Securities available-for-sale 1,512,146 1,512,146 6,623 1,505,523 — Securities held-to-maturity 1,794,131 1,868,397 — 1,792,551 75,846 Stock in FHLB 222,562 222,562 222,562 — — Loans held for sale 24,240 24,240 — 24,240 — Net loans 18,068,182 18,081,383 — — 18,081,383 Financial liabilities: Deposits, other than time deposits $ 12,007,541 12,007,541 12,007,541 — — Time deposits 2,944,201 2,944,208 — 2,944,208 — Borrowed funds 4,203,711 4,261,340 — 4,261,340 — December 31, 2015 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 148,904 148,904 148,904 — — Securities available-for-sale 1,304,697 1,304,697 6,495 1,298,202 — Securities held-to-maturity 1,844,223 1,888,686 — 1,810,869 77,817 Stock in FHLB 178,437 178,437 178,437 — — Loans held for sale 7,431 7,431 — 7,431 — Net loans 16,661,133 16,650,529 — — 16,650,529 Financial liabilities: Deposits, other than time deposits $ 10,647,346 10,647,346 10,647,346 — — Time deposits 3,416,310 3,414,528 — 3,414,528 — Borrowed funds 3,263,090 3,277,983 — 3,277,983 — 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 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 | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, " Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ", a new standard which addresses diversity in practice related to eight specific cash flow issues: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies), distributions received from equity method investees, beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Entities will apply the standard’s provisions using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is currently evaluating the provisions of ASU No. 2016-15 to determine the potential impact the new standard will have on the Company's Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. In issuing the standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company is currently evaluating the provisions of ASU No. 2016-13 to determine the potential impact the new standard will have on the Company's Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting", a new standard that changes the accounting for certain aspects of share-based payments to employees. The new guidance requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The standard also allows entities to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on its cash flows statement, and provides an accounting policy election to account for forfeitures as they occur. The new standard is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted in any interim or annual period. The Company is currently evaluating the provisions of ASU No. 2016-09 to determine the potential impact the new standard will have on the Company's Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently evaluating the provisions of ASU No. 2016-02 to determine the potential impact the new standard will have on the Company's Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01, “ Financial Instruments- Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities .” This amendment supersedes the guidance to classify equity securities with readily determinable fair values into different categories, requires equity securities to be measured at fair value with changes in the fair value recognized through net income, and simplifies the impairment assessment of equity investments without readily determinable fair values. The amendment requires public business entities that are required to disclose the fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using the exit price notion. The amendment requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option. The amendment requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the accompanying notes to the financial statements. The amendment reduces diversity in current practice by clarifying that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the entity’s other deferred tax assets. This amendment is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Entities should apply the amendment by means of a cumulative-effect adjustment as of the beginning of the fiscal year of adoption, with the exception of the amendment related to equity securities without readily determinable fair values, which should be applied prospectively to equity investments that exist as of the date of adoption. The Company intends to adopt the accounting standard during the first quarter of 2018, as required, and is currently evaluating the impact on its results of operations, financial position, and liquidity. 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. The ASU is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2017, and early adoption is permitted. Subsequently, the FASB issued the following standards related to ASU 2014-09: ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations” ; ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” ; ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting” ; and ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” . These amendments are intended to improve and clarify the implementation guidance of ASU 2014-09 and have the same effective date as the original standard. The Company is currently evaluating the impact on its results of operations, financial position, and liquidity. In September 2015, the FASB issued ASU 2015-16, “Business Combinations- Simplifying the Accounting for Measurement-Period Adjustments." Under the new rules, acquirers no longer have to retrospectively adjust provisional amounts included in acquisition-date financial statements, when final facts and circumstances are not known on the acquisition date, and later become known in the measurement period. Instead, adjustments that are made in a later period are to be reported in that period. However, acquirers must disclose the amount of adjustments to current period income relating to amounts that would have been recognized in previous periods if the adjustments were recognized as of the acquisition date. 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. This guidance did not have a material impact to the Company's consolidated financial statements. 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. This guidance did not have a material impact to the Company's consolidated financial statements. 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. This guidance did not have a material impact to the Company's consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
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 October 27, 2016, the Company declared a cash dividend of $0.08 per share. The $0.08 dividend per share will be paid to stockholders on November 23, 2016, with a record date of November 10, 2016. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 2015 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 43,441 $ 48,794 Shares Weighted-average common shares outstanding - basic 292,000,061 324,065,364 Effect of dilutive common stock equivalents (1) 2,174,751 3,128,155 Weighted-average common shares outstanding - diluted 294,174,812 327,193,519 Earnings per common share Basic $ 0.15 $ 0.15 Diluted $ 0.15 $ 0.15 (1) For the three months ended September 30, 2016 and 2015 , there were 16,372,523 and 11,604,284 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 Nine Months Ended September 30, 2016 2015 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 131,423 $ 137,103 Shares Weighted-average common shares outstanding - basic 299,873,985 333,786,211 Effect of dilutive common stock equivalents (1) 2,980,235 3,219,258 Weighted-average common shares outstanding - diluted 302,854,220 337,005,469 Earnings per common share Basic $ 0.44 $ 0.41 Diluted $ 0.43 $ 0.41 (1) For the nine months ended September 30, 2016 and 2015 , there were 11,819,014 and 18,454,117 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Equity securities $ 5,800 823 — 6,623 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 514,305 7,112 436 520,981 Federal National Mortgage Association 922,200 12,450 514 934,136 Government National Mortgage Association 49,877 529 — 50,406 Total mortgage-backed securities available-for-sale 1,486,382 20,091 950 1,505,523 Total available-for-sale securities $ 1,492,182 20,914 950 1,512,146 At September 30, 2016 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 $ 2,151 — 2,151 23 — 2,174 Municipal bonds 23,244 — 23,244 1,623 — 24,867 Corporate and other debt securities 65,120 (22,070 ) 43,050 37,796 — 80,846 Total debt securities held-to-maturity 90,515 (22,070 ) 68,445 39,442 — 107,887 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 438,407 (1,771 ) 436,636 8,265 119 444,782 Federal National Mortgage Association 1,273,514 (2,003 ) 1,271,511 26,670 358 1,297,823 Government National Mortgage Association 17,539 — 17,539 366 — 17,905 Total mortgage-backed securities held-to-maturity 1,729,460 (3,774 ) 1,725,686 35,301 477 1,760,510 Total held-to-maturity securities $ 1,819,975 (25,844 ) 1,794,131 74,743 477 1,868,397 (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 charge is recognized on a held-to-maturity security, through the date of the balance sheet. At December 31, 2015 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Equity securities $ 5,778 733 16 6,495 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 546,652 3,242 2,443 547,451 Federal National Mortgage Association 724,851 4,520 3,299 726,072 Government National Mortgage Association 24,841 1 163 24,679 Total mortgage-backed securities available-for-sale 1,296,344 7,763 5,905 1,298,202 Total available-for-sale securities $ 1,302,122 8,496 5,921 1,304,697 At December 31, 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 $ 4,232 — 4,232 11 — 4,243 Municipal bonds 43,058 — 43,058 1,307 — 44,365 Corporate and other debt securities 58,358 (23,245 ) 35,113 42,704 — 77,817 Total debt securities held-to-maturity 105,648 (23,245 ) 82,403 44,022 — 126,425 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 516,841 (2,502 ) 514,339 2,213 3,082 513,470 Federal National Mortgage Association 1,228,845 (2,705 ) 1,226,140 7,305 6,120 1,227,325 Government National Mortgage Association 21,330 — 21,330 125 — 21,455 Federal housing authorities 11 — 11 — — 11 Total mortgage-backed securities held-to-maturity 1,767,027 (5,207 ) 1,761,820 9,643 9,202 1,762,261 Total held-to-maturity securities $ 1,872,675 (28,452 ) 1,844,223 53,665 9,202 1,888,686 (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 charge is recognized on a held-to-maturity security, through the date of the balance sheet. |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at September 30, 2016 , by contractual maturity, are shown below. September 30, 2016 Carrying Value Estimated fair value (In thousands) Due in one year or less $ 18,309 18,309 Due after one year through five years 2,296 2,319 Due after five years through ten years 5,000 5,000 Due after ten years 42,840 82,259 Total $ 68,445 107,887 |
Investment Securities, Continuous Unrealized Loss Position and Fair Value | Gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2016 and December 31, 2015 , was as follows: September 30, 2016 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 $ 77,355 403 13,648 33 91,003 436 Federal National Mortgage Association 207,088 444 12,578 70 219,666 514 Total available-for-sale securities $ 284,443 847 26,226 103 310,669 950 Held-to-maturity: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ — — 3,999 119 3,999 119 Federal National Mortgage Association 54,212 358 — — 54,212 358 Total held-to-maturity securities $ 54,212 358 3,999 119 58,211 477 Total $ 338,655 1,205 30,225 222 368,880 1,427 December 31, 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: Equity Securities $ 4,692 16 — — 4,692 16 Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 263,255 2,443 — — 263,255 2,443 Federal National Mortgage Association 375,792 2,850 14,821 449 390,613 3,299 Government National Mortgage Association 24,874 163 — — 24,874 163 Total mortgage-backed securities available-for-sale 663,921 5,456 14,821 449 678,742 5,905 Total available-for-sale securities $ 668,613 5,472 14,821 449 683,434 5,921 Held-to-maturity: Mortgage-backed securities: Federal Home Loan Mortgage Corporation 342,702 2,804 4,887 278 347,589 3,082 Federal National Mortgage Association 547,326 5,477 29,013 643 576,339 6,120 Total mortgage-backed securities held-to-maturity 890,028 8,281 33,900 921 923,928 9,202 Total held-to-maturity securities $ 890,028 8,281 33,900 921 923,928 9,202 Total $ 1,558,641 13,753 48,721 1,370 1,607,362 15,123 |
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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Balance of credit related OTTI, beginning of period $ 97,977 106,872 100,200 108,817 Additions: Initial credit impairments — — — — Subsequent credit impairments — — — — Reductions: Accretion of credit loss impairment due to an increase in expected cash flows (1,112 ) (962 ) (3,335 ) (2,907 ) Reductions for securities sold or paid off during the period — (4,770 ) — (4,770 ) Balance of credit related OTTI, end of period $ 96,865 101,140 96,865 101,140 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The detail of the loan portfolio as of September 30, 2016 and December 31, 2015 was as follows: September 30, December 31, (In thousands) Multi-family loans $ 7,360,733 6,255,904 Commercial real estate loans 4,095,903 3,821,950 Commercial and industrial loans 1,191,178 1,044,329 Construction loans 275,969 224,057 Total commercial loans 12,923,783 11,346,240 Residential mortgage loans 4,796,852 5,037,898 Consumer and other loans 576,049 496,103 Total loans excluding PCI loans 18,296,684 16,880,241 PCI loans 10,476 11,089 Net unamortized premiums and deferred loan costs (1) (15,428 ) (11,692 ) Allowance for loan losses (223,550 ) (218,505 ) Net loans $ 18,068,182 16,661,133 (1) Included in unamortized premiums and deferred loan costs are accretable purchase accounting adjustments in connection with loans acquired. |
Schedule of Accretable Yield Movement | The following table presents changes in the accretable yield for PCI loans during the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Balance, beginning of period $ 1,549 $ 740 $ 449 $ 971 Accretion (52 ) (232 ) (173 ) (463 ) Net reclassification from non-accretable difference (1) — — 1,221 — Balance, end of period $ 1,497 $ 508 $ 1,497 $ 508 |
Summary of Analysis of the Allowance for Loan Losses | An analysis of the allowance for loan losses is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of the period $ 220,316 $ 213,962 $ 218,505 $ 200,284 Loans charged off (2,972 ) (1,390 ) (13,379 ) (5,667 ) Recoveries 1,206 886 3,424 2,841 Net charge-offs (1,766 ) (504 ) (9,955 ) (2,826 ) Provision for loan losses 5,000 5,000 15,000 21,000 Balance at end of the period $ 223,550 $ 218,458 $ 223,550 $ 218,458 |
Summary of Loan Losses and the Recorded Investment in Loans by Portfolio Segment and Based On Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2016 and December 31, 2015 : September 30, 2016 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, 2015 $ 88,223 46,999 40,585 6,794 31,443 3,155 1,306 218,505 Charge-offs (161 ) (324 ) (3,981 ) (52 ) (8,598 ) (263 ) — (13,379 ) Recoveries 1,570 373 219 259 904 99 — 3,424 Provision 3,788 2,933 7,285 2,987 (2,391 ) (114 ) 512 15,000 Ending balance-September 30, 2016 $ 93,420 49,981 44,108 9,988 21,358 2,877 1,818 223,550 Individually evaluated for impairment $ — — — — 1,448 11 — 1,459 Collectively evaluated for impairment 93,420 49,981 44,108 9,988 19,910 2,866 1,818 222,091 Loans acquired with deteriorated credit quality — — — — — — — — Balance at September 30, 2016 $ 93,420 49,981 44,108 9,988 21,358 2,877 1,818 223,550 Loans: Individually evaluated for impairment $ — 5,417 4,069 — 23,246 286 — 33,018 Collectively evaluated for impairment 7,360,733 4,090,486 1,187,109 275,969 4,773,606 575,763 — 18,263,666 Loans acquired with deteriorated credit quality — 7,347 56 1,186 1,534 353 — 10,476 Balance at September 30, 2016 $ 7,360,733 4,103,250 1,191,234 277,155 4,798,386 576,402 — 18,307,160 December 31, 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 (284 ) (1,021 ) (516 ) (466 ) (9,526 ) (403 ) — (12,216 ) Recoveries 445 807 295 317 2,295 278 — 4,437 Provision 16,915 3,183 20,047 455 (9,262 ) (67 ) (5,271 ) 26,000 Ending balance-December 31, 2015 $ 88,223 46,999 40,585 6,794 31,443 3,155 1,306 218,505 Individually evaluated for impairment $ — — 2,409 — 1,773 9 — 4,191 Collectively evaluated for impairment 88,223 46,999 38,176 6,794 29,670 3,146 1,306 214,314 Loans acquired with deteriorated credit quality — — — — — — — — Balance at December 31, 2015 $ 88,223 46,999 40,585 6,794 31,443 3,155 1,306 218,505 Loans: Individually evaluated for impairment $ 3,219 18,941 9,395 2,504 22,539 389 — 56,987 Collectively evaluated for impairment 6,252,685 3,803,009 1,034,934 221,553 5,015,359 495,714 — 16,823,254 Loans acquired with deteriorated credit quality — 7,149 56 1,786 1,645 453 — 11,089 Balance at December 31, 2015 $ 6,255,904 3,829,099 1,044,385 225,843 5,039,543 496,556 — 16,891,330 |
Schedule of Risk Category of Loans by Class of Loans | The following tables present the risk category of loans as of September 30, 2016 and December 31, 2015 by class of loans, excluding PCI loans: September 30, 2016 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,906,097 268,857 149,535 36,244 — — 7,360,733 Commercial real estate 3,646,611 346,115 80,956 22,221 — — 4,095,903 Commercial and industrial 870,745 291,261 13,432 15,740 — — 1,191,178 Construction 206,314 62,438 3,200 4,017 — — 275,969 Total commercial loans 11,629,767 968,671 247,123 78,222 — — 12,923,783 Residential mortgage 4,688,054 17,346 10,522 80,930 — — 4,796,852 Consumer and other 565,087 2,585 966 7,411 — — 576,049 Total $ 16,882,908 988,602 258,611 166,563 — — 18,296,684 December 31, 2015 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 5,876,425 325,414 17,033 37,032 — — 6,255,904 Commercial real estate 3,411,876 331,429 38,265 40,380 — — 3,821,950 Commercial and industrial 793,527 223,474 13,782 13,546 — — 1,044,329 Construction 207,499 12,833 — 3,725 — — 224,057 Total commercial loans 10,289,327 893,150 69,080 94,683 — — 11,346,240 Residential mortgage 4,930,961 24,584 13,796 68,557 — — 5,037,898 Consumer and other 482,715 3,987 427 8,974 — — 496,103 Total $ 15,703,003 921,721 83,303 172,214 — — 16,880,241 |
Payment Status of the Recorded Investment in Past Due Loans | The following tables present the payment status of the recorded investment in past due loans as of September 30, 2016 and December 31, 2015 by class of loans, excluding PCI loans: September 30, 2016 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 4,132 1,089 239 5,460 7,355,273 7,360,733 Commercial real estate 24,391 16,351 5,505 46,247 4,049,656 4,095,903 Commercial and industrial 1,387 377 2,066 3,830 1,187,348 1,191,178 Construction — — — — 275,969 275,969 Total commercial loans 29,910 17,817 7,810 55,537 12,868,246 12,923,783 Residential mortgage 18,873 11,061 63,634 93,568 4,703,284 4,796,852 Consumer and other 2,585 966 7,126 10,677 565,372 576,049 Total $ 51,368 29,844 78,570 159,782 18,136,902 18,296,684 December 31, 2015 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 14,236 — 1,886 16,122 6,239,782 6,255,904 Commercial real estate 4,171 352 6,429 10,952 3,810,998 3,821,950 Commercial and industrial 957 — 4,386 5,343 1,038,986 1,044,329 Construction — — 792 792 223,265 224,057 Total commercial loans 19,364 352 13,493 33,209 11,313,031 11,346,240 Residential mortgage 27,092 14,956 68,560 110,608 4,927,290 5,037,898 Consumer and other 3,987 427 8,976 13,390 482,713 496,103 Total $ 50,443 15,735 91,029 157,207 16,723,034 16,880,241 |
Non-Accrual Loans Status | The following table presents non-accrual loans, excluding PCI loans, at the dates indicated: September 30, 2016 December 31, 2015 # of loans Amount # of loans Amount (Dollars in thousands) Non-accrual: Multi-family 1 $ 240 4 $ 3,467 Commercial real estate 29 8,875 37 10,820 Commercial and industrial 6 2,248 17 9,225 Construction — — 4 792 Total commercial loans 36 11,363 62 24,304 Residential mortgage and consumer 481 86,127 500 91,122 Total non-accrual loans 517 $ 97,490 562 $ 115,426 Included in the non-accrual table above are troubled debt restructured ("TDR") loans whose payment status is current but the Company has classified as non-accrual as the loans have not maintained their current payment status for six consecutive months under the restructured terms and therefore do not meet the criteria for accrual status. As of September 30, 2016 and December 31, 2015 , these loans are comprised of the following: September 30, 2016 December 31, 2015 # of loans Amount # of loans Amount (Dollars in thousands) Current TDR classified as non-accrual: Multi-family — $ — 1 $ 1,032 Commercial real estate 3 329 2 240 Commercial and industrial 1 183 2 2,226 Total commercial loans 4 512 5 3,498 Residential mortgage and consumer 31 6,611 15 3,378 Total current TDR classified as non-accrual 35 $ 7,123 20 $ 6,876 The following table presents TDR loans which were also 30-89 days delinquent and classified as non-accrual at the dates indicated: September 30, 2016 December 31, 2015 # of loans Amount # of loans Amount (Dollars in thousands) TDR 30-89 days delinquent classified as non-accrual: Multi-family — $ — 1 $ 548 Commercial real estate 1 391 5 2,309 Commercial and industrial — — 1 360 Total commercial loans 1 391 7 3,217 Residential mortgage and consumer 9 2,066 11 3,338 Total current TDR classified as non-accrual 10 $ 2,457 18 $ 6,555 |
Loans Individually Evaluated for Impairment by Class of Loans | The following tables present loans individually evaluated for impairment by portfolio segment as of September 30, 2016 and December 31, 2015 : September 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ — — — — — Commercial real estate 5,417 8,749 — 4,656 228 Commercial and industrial 4,069 4,158 — 3,982 146 Construction — — — — — Total commercial loans 9,486 12,907 — 8,638 374 Residential mortgage and consumer 10,785 14,425 — 9,275 377 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 12,747 13,093 1,459 14,237 294 Total: Multi-family — — — — — Commercial real estate 5,417 8,749 — 4,656 228 Commercial and industrial 4,069 4,158 — 3,982 146 Construction — — — — — Total commercial loans 9,486 12,907 — 8,638 374 Residential mortgage and consumer 23,532 27,518 1,459 23,512 671 Total impaired loans $ 33,018 40,425 1,459 32,150 1,045 December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 3,219 6,806 — 2,872 119 Commercial real estate 18,941 27,961 — 19,025 1,136 Commercial and industrial 5,155 5,160 — 3,575 200 Construction 2,504 6,412 — 4,288 226 Total commercial loans 29,819 46,339 — 29,760 1,681 Residential mortgage and consumer 8,020 12,433 — 7,611 463 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial 4,240 4,271 2,409 4,389 194 Construction — — — — — Total commercial loans 4,240 4,271 2,409 4,389 194 Residential mortgage and consumer 14,908 13,695 1,782 16,424 476 Total: Multi-family 3,219 6,806 — 2,872 119 Commercial real estate 18,941 27,961 — 19,025 1,136 Commercial and industrial 9,395 9,431 2,409 7,964 394 Construction 2,504 6,412 — 4,288 226 Total commercial loans 34,059 50,610 2,409 34,149 1,875 Residential mortgage and consumer 22,928 26,128 1,782 24,035 939 Total impaired loans $ 56,987 $ 76,738 $ 4,191 $ 58,184 $ 2,814 |
Troubled Debt Restructured Loans | The following table presents the total TDR loans at September 30, 2016 and December 31, 2015 . There were three residential PCI loans that were classified as TDRs and are included in the table below at September 30, 2016 . There were three residential PCI loans that were classified as TDRs for the period ended December 31, 2015 . September 30, 2016 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — — $ — — $ — Commercial real estate 2 280 6 3,802 8 4,082 Commercial and industrial 1 1,911 2 476 3 2,387 Construction — — — — — — Total commercial loans 3 2,191 8 4,278 11 6,469 Residential mortgage and consumer 28 6,601 67 16,931 95 23,532 Total 31 $ 8,792 75 $ 21,209 106 $ 30,001 December 31, 2015 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 2 $ 1,580 2 $ 1,580 Commercial real estate 5 13,161 9 5,826 14 18,987 Commercial and industrial 1 640 3 2,586 4 3,226 Construction 1 313 2 405 3 718 Total commercial loans 7 14,114 16 10,397 23 24,511 Residential mortgage and consumer 32 8,375 49 14,553 81 22,928 Total 39 $ 22,489 65 $ 24,950 104 $ 47,439 |
Schedule of Troubled Debt Restructurings | The following table presents information about troubled debt restructurings that occurred during the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 2015 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 Restructurings: Multi-family — $ — $ — 1 $ 1,115 $ 1,115 Commercial real estate 2 468 468 2 699 699 Construction — — — 1 182 182 Residential mortgage and consumer 6 1,051 1,051 3 376 376 Nine Months Ended September 30, 2016 2015 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 Restructurings: Multi-family — $ — $ — 1 $ 1,115 $ 1,115 Commercial real estate 5 1,039 1,039 3 777 777 Construction — — — 2 1,508 1,508 Residential mortgage and consumer 20 2,600 2,600 16 2,830 2,830 |
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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 2015 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Troubled Debt Restructurings: Multi-family — — % — % 1 3.88 % 3.88 % Commercial real estate 2 4.93 % 4.89 % 2 4.73 % 5.78 % Construction — — % — % 1 4.75 % 4.75 % Residential mortgage and consumer 6 6.30 % 2.86 % 3 5.28 % 3.19 % Nine Months Ended September 30, 2016 2015 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Troubled Debt Restructurings: Multi-family — — % — % 1 3.88 % 3.88 % Commercial real estate 5 4.38 % 4.50 % 3 4.78 % 5.64 % Construction — — % — % 2 4.97 % 4.97 % Residential mortgage and consumer 20 6.31 % 3.42 % 16 5.19 % 3.39 % |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Summary of Deposits | Deposits are summarized as follows: September 30, 2016 December 31, 2015 (In thousands) Checking accounts $ 5,875,559 4,636,025 Money market deposits 4,038,561 3,861,317 Savings 2,093,421 2,150,004 Total transaction accounts 12,007,541 10,647,346 Certificates of deposit 2,944,201 3,416,310 Total deposits $ 14,951,742 14,063,656 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table summarizes net intangible assets and goodwill at September 30, 2016 and December 31, 2015 : September 30, December 31, (In thousands) Mortgage servicing rights $ 15,166 16,248 Core deposit premiums 9,138 11,332 Other 950 160 Total other intangible assets 25,254 27,740 Goodwill 77,571 77,571 Goodwill and intangible assets $ 102,825 105,311 |
Summary of Intangible Assets | The following table summarizes other intangible assets as of September 30, 2016 and December 31, 2015 : Gross Intangible Asset Accumulated Amortization Valuation Allowance Net Intangible Assets (In thousands) September 30, 2016 Mortgage servicing rights $ 26,386 (10,989 ) (231 ) 15,166 Core deposit premiums 25,058 (15,920 ) 9,138 Other 1,150 (200 ) 950 Total other intangible assets $ 52,594 (27,109 ) (231 ) 25,254 December 31, 2015 Mortgage servicing rights $ 23,411 (7,042 ) (121 ) 16,248 Core deposit premiums 25,058 (13,726 ) — 11,332 Other 300 (140 ) — 160 Total other intangible assets $ 48,769 (20,908 ) (121 ) 27,740 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 as part of the 2015 Plan was estimated utilizing the Black-Scholes option pricing model using the following assumptions for the period presented below. Nine Months Ended September 30, Nine Months Ended September 30, 2016 2015 Weighted average expected life (in years) 7.00 7.43 Weighted average risk-free rate of return 1.67 % 1.96 % Weighted average volatility 24.05 % 25.33 % Dividend yield 1.93 % 1.59 % Weighted average fair value of options granted $ 2.80 $ 3.12 Total stock options granted 201,440 11,576,612 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table presents the share based compensation expense for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Stock option expense $ 1,508 1,499 4,498 1,513 Restricted stock expense 3,954 2,994 10,658 3,335 Total share based compensation expense $ 5,462 4,493 15,156 4,848 |
Schedule of Share-based Compensation, Stock Options, Activity | The following is a summary of the Company’s stock option activity and related information for its option plan for the nine months ended September 30, 2016 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2015 18,804,816 $10.00 6.8 $46,996 Granted 201,440 11.60 9.6 Exercised (4,564,707 ) 5.94 0.3 Forfeited (65,360 ) 12.54 Expired (102 ) 8.08 Outstanding at September 30, 2016 14,376,087 $11.30 7.9 $16,204 Exercisable at September 30, 2016 4,681,871 $8.78 5.1 $16,122 |
Schedule of Nonvested Restricted Stock Units Activity | The following is a summary of the status of the Company’s restricted shares as of September 30, 2016 and changes therein during the nine months ended: Number of Shares Awarded Weighted Average Grant Date fair Value Outstanding at December 31, 2015 6,759,832 $ 12.54 Granted 271,890 11.52 Vested (971,571 ) 12.54 Forfeited (17,500 ) 12.54 Outstanding and non vested at September 30, 2016 6,042,651 $ 12.50 |
Net Periodic Benefit Plan Exp30
Net Periodic Benefit Plan Expense (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Service cost $ 894 774 2,681 2,322 Interest cost 474 374 1,422 1,123 Amortization of: Prior service cost — 12 — 37 Net gain 514 321 1,542 962 Total net periodic benefit cost $ 1,882 1,481 5,645 4,444 |
Derivatives and Hedging Activ31
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015 : Asset Derivatives Liability Derivatives At September 30, 2016 At December 31, 2015 At September 30, 2016 At December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as hedging instruments: Interest Rate Swaps Other assets $ — Other assets $ — Other liabilities $ 1,067 Other liabilities $ — Total derivatives designated as hedging instruments $ — $ — $ 1,067 $ — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents the effect of the Company’s derivative financial instruments on the Consolidated Statement of Income as of September 30, 2016 and 2015 . The Company did not any have derivatives outstanding prior to the quarter ended September 30, 2016 . Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Three Months Ended September 30, Three Months Ended September 30, Three Months Ended September 30, 2016 2015 2016 2015 2016 2015 (In thousands) Derivatives in Cash Flow Hedging Relationships: Interest rate swaps $ (1,109 ) $ — Interest expense $ (42 ) $ — Other non-interest income $ — $ — Total $ (1,109 ) $ — $ (42 ) $ — $ — $ — |
Offsetting Liabilities | The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Company's Consolidated Balance Sheets. Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In thousands) September 30, 2016 Liabilities: Interest Rate Swaps $ 1,067 $ — $ 1,067 $ — $ (1,067 ) $ — Total $ 1,067 $ — $ 1,067 $ — $ (1,067 ) $ — December 31, 2015 Liabilities: Interest Rate Swaps $ — $ — $ — $ — $ — $ — Total $ — $ — $ — $ — $ — $ — |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Components of Comprehensive Income (Loss), Gross and Net Of Tax | The components of comprehensive income, both gross and net of tax, are as follows: Three Months Ended September 30, 2016 2015 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 71,728 (28,287 ) 43,441 71,659 (22,865 ) 48,794 Other comprehensive income (loss): Change in funded status of retirement obligations 537 (219 ) 318 351 (144 ) 207 Unrealized (loss) gain on securities available-for-sale (2,708 ) 1,053 (1,655 ) 6,357 (3,159 ) 3,198 Accretion of loss on securities reclassified to held to maturity from available for sale 472 (193 ) 279 627 (256 ) 371 Reclassification adjustment for security gains included in net income (72 ) 29 (43 ) (1,537 ) — (1,537 ) Other-than-temporary impairment accretion on debt securities 533 (218 ) 315 319 (130 ) 189 Net losses on derivatives arising during the period (1,067 ) 436 (631 ) — — — Total other comprehensive (loss) income (2,305 ) 888 (1,417 ) 6,117 (3,689 ) 2,428 Total comprehensive income $ 69,423 (27,399 ) 42,024 77,776 (26,554 ) 51,222 Nine Months Ended September 30, 2016 2015 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 215,619 (84,196 ) 131,423 212,027 (74,924 ) 137,103 Other comprehensive income: Change in funded status of retirement obligations 1,610 (658 ) 952 1,058 (432 ) 626 Unrealized gain on securities available-for-sale 19,652 (7,686 ) 11,966 6,372 (2,644 ) 3,728 Accretion of loss on securities reclassified to held to maturity from available for sale 1,433 (586 ) 847 1,910 (780 ) 1,130 Reclassification adjustment for security gains included in net income (2,264 ) 906 (1,358 ) (1,537 ) — (1,537 ) Other-than-temporary impairment accretion on debt securities 1,179 (481 ) 698 965 (394 ) 571 Net losses on derivatives arising during the period (1,067 ) 436 (631 ) — — — Total other comprehensive income 20,543 (8,069 ) 12,474 8,768 (4,250 ) 4,518 Total comprehensive income $ 236,162 (92,265 ) 143,897 220,795 (79,174 ) 141,621 |
Component of Accumulated Other Comprehensive Loss | The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the nine months ended September 30, 2016 and 2015 : Change in funded status of retirement obligations Accretion of loss on securities reclassified to held to maturity Unrealized gains on securities available-for-sale and gains included in net income Other-than- temporary impairment accretion on debt securities Unrealized Losses on Derivatives Total accumulated other comprehensive loss (Dollars in thousands) Balance - December 31, 2015 $ (12,366 ) (3,080 ) 1,371 (13,750 ) — (27,825 ) Net change 952 847 10,608 698 (631 ) 12,474 Balance - September 30, 2016 $ (11,414 ) (2,233 ) 11,979 (13,052 ) (631 ) (15,351 ) Balance - December 31, 2014 $ (10,911 ) (4,528 ) 7,851 (14,816 ) — (22,404 ) Net change 626 1,130 2,191 571 — 4,518 Balance - September 30, 2015 $ (10,285 ) (3,398 ) 10,042 (14,245 ) — (17,886 ) 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Reclassification adjustment for gains included in net income Gain on security transactions, net $ (72 ) (1,537 ) (2,264 ) (1,537 ) Change in funded status of retirement obligations (1) Compensation and fringe benefits: Amortization of prior service cost — 12 — 40 Amortization of net gain 537 339 1,610 1,018 Compensation and fringe benefits 537 351 1,610 1,058 Reclassification adjustment for unrealized losses on derivatives Unrealized losses on derivatives 42 — 42 — Total before tax 507 (1,186 ) (612 ) (479 ) Income tax (expense) benefit (190 ) (144 ) 248 (432 ) Net of tax $ 317 (1,330 ) (364 ) (911 ) (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) | 9 Months Ended |
Sep. 30, 2016 | |
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 and liabilities measured at fair value on a recurring basis at September 30, 2016 and December 31, 2015 . Carrying Value at September 30, 2016 Total Level 1 Level 2 Level 3 (In thousands) Assets: Securities available for sale: Equity securities $ 6,623 6,623 — — Mortgage-backed securities: Federal Home Loan Mortgage Corporation 520,981 — 520,981 — Federal National Mortgage Association 934,136 — 934,136 — Government National Mortgage Association 50,406 — 50,406 — Total mortgage-backed securities available-for-sale 1,505,523 — 1,505,523 — Total securities available-for-sale $ 1,512,146 6,623 1,505,523 — Liabilities: Derivative financial instruments $ 1,067 — 1,067 — Carrying Value at December 31, 2015 Total Level 1 Level 2 Level 3 (In thousands) Assets: Securities available for sale: Equity securities $ 6,495 6,495 — — Mortgage-backed securities: Federal Home Loan Mortgage Corporation 547,451 — 547,451 — Federal National Mortgage Association 726,072 — 726,072 — Government National Mortgage Association 24,679 — 24,679 — Total mortgage-backed securities available-for-sale 1,298,202 — 1,298,202 — Total securities available-for-sale $ 1,304,697 6,495 1,298,202 — Liabilities: Derivative financial instruments $ — — — — |
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 September 30, 2016 and December 31, 2015 . For the three months ended September 30, 2016 there was no change to the carrying value of impaired loans measured at fair value on a non-recurring basis. For the year ended December 31, 2015 , there was no change to carrying value of impaired loans or mortgage servicing rights measured at fair value on a non-recurring basis. Carrying Value at September 30, 2016 Security Type Valuation Technique Unobservable Input Range Weighted Average Total Level 1 Level 2 Level 3 (In thousands) MSR, net Estimated cash flow Prepayment speeds 2.59% - 27.96% 13.32% $ 12,874 — — 12,874 Other real estate owned Market comparable Lack of marketability 0.0% - 25.0% 6.12% 97 — — 97 $ 12,971 — — 12,971 Carrying Value at December 31, 2015 Security Type Valuation Technique Unobservable Input Range Weighted Average Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned Market comparable Lack of marketability 0.0% - 25.0% 8.90% $ 510 — — 510 $ 510 — — 510 |
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. September 30, 2016 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 168,629 168,629 168,629 — — Securities available-for-sale 1,512,146 1,512,146 6,623 1,505,523 — Securities held-to-maturity 1,794,131 1,868,397 — 1,792,551 75,846 Stock in FHLB 222,562 222,562 222,562 — — Loans held for sale 24,240 24,240 — 24,240 — Net loans 18,068,182 18,081,383 — — 18,081,383 Financial liabilities: Deposits, other than time deposits $ 12,007,541 12,007,541 12,007,541 — — Time deposits 2,944,201 2,944,208 — 2,944,208 — Borrowed funds 4,203,711 4,261,340 — 4,261,340 — December 31, 2015 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 148,904 148,904 148,904 — — Securities available-for-sale 1,304,697 1,304,697 6,495 1,298,202 — Securities held-to-maturity 1,844,223 1,888,686 — 1,810,869 77,817 Stock in FHLB 178,437 178,437 178,437 — — Loans held for sale 7,431 7,431 — 7,431 — Net loans 16,661,133 16,650,529 — — 16,650,529 Financial liabilities: Deposits, other than time deposits $ 10,647,346 10,647,346 10,647,346 — — Time deposits 3,416,310 3,414,528 — 3,414,528 — Borrowed funds 3,263,090 3,277,983 — 3,277,983 — |
Stock Transactions (Details)
Stock Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 28, 2016 | Jun. 09, 2015 | Mar. 16, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Equity [Abstract] | |||||
Percentage of shares to be repurchased (percentage) | 10.00% | 10.00% | 5.00% | ||
Number of shares authorized to be repurchased (shares) | 34,779,211 | 17,911,561 | |||
Shares to repurchased (shares) | 31,481,189 | ||||
Purchase of treasury stock (shares) | 29,184,897 | 25,312,847 | |||
Stock repurchased during period, value | $ 337,487 | $ 304,242 | |||
Stock repurchase cost, per share (usd per share) | $ 11.56 |
Business Combinations (Details)
Business Combinations (Details) $ / shares in Units, $ in Thousands | May 03, 2016$ / sharesshares | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($)branch | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||
Assets | $ 22,535,977 | $ 20,888,684 | ||
Loans receivable, net | 18,068,182 | 16,661,133 | ||
Deposits | $ 14,951,742 | $ 14,063,656 | ||
Bank of Princeton | ||||
Business Acquisition [Line Items] | ||||
Percentage of shares to be acquired for shares (percentage) | 60.00% | |||
Percentage of shares to be acquired for cash (percentage) | 40.00% | |||
Shares received (shares) | shares | 2.633 | |||
Common stock exchange, cash exchange for each share (usd per share) | $ / shares | $ 30.75 | |||
Bank of Princeton | ||||
Business Acquisition [Line Items] | ||||
Assets | $ 1,000,000 | |||
Loans receivable, net | 809,000 | |||
Deposits | $ 812,000 | |||
New Jersy | ||||
Business Acquisition [Line Items] | ||||
Number of branches | branch | 10 | |||
Philadelphia | ||||
Business Acquisition [Line Items] | ||||
Number of branches | branch | 3 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Net income | $ 43,441 | $ 48,794 | $ 131,423 | $ 137,103 |
Income available to common stockholders, Basic (shares) | 292,000,061 | 324,065,364 | 299,873,985 | 333,786,211 |
Effect of dilutive common stock equivalents, Basic (shares) | 2,174,751 | 3,128,155 | 2,980,235 | 3,219,258 |
Income available to common stockholders, Diluted (shares) | 294,174,812 | 327,193,519 | 302,854,220 | 337,005,469 |
Basic earnings per common share (usd per share) | $ 0.15 | $ 0.15 | $ 0.44 | $ 0.41 |
Diluted earnings per common share (usd per share) | $ 0.15 | $ 0.15 | $ 0.43 | $ 0.41 |
Equity awards | ||||
Earnings Per Share Reconciliation [Abstract] | ||||
Securities excluded from computation of diluted earnings per share (shares) | 16,372,523 | 11,604,284 | 11,819,014 | 18,454,117 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Investment [Line Items] | |||||
Held-to-maturity securities pledged as collateral | $ 480,000,000 | $ 480,000,000 | |||
Carrying value of held to maturity security | 1,794,131,000 | 1,794,131,000 | $ 1,844,223,000 | ||
Estimated fair value | 1,868,397,000 | 1,868,397,000 | $ 1,888,686,000 | ||
Non credit-related OTTI | 22,100,000 | ||||
Non credit-related OTTI, after-tax | 13,100,000 | ||||
Sale proceeds | $ 2,600,000 | ||||
Gross realized gain from sale of Available-for-sale securities | 42,000 | $ 126,000 | |||
Proceeds from sales of securities held to maturity | 0 | 14,348,000 | 0 | ||
Recognized loss | $ 646,000 | 646,000 | |||
Corporate and other debt securities | |||||
Investment [Line Items] | |||||
Debt maturities, term (years) | 20 years | ||||
Carrying value of held to maturity security | $ 38,100,000 | 38,100,000 | |||
Estimated fair value | 75,800,000 | 75,800,000 | |||
Equity securities | |||||
Investment [Line Items] | |||||
Gross realized gain from sale of Available-for-sale securities | $ 1,500,000 | 1,500,000 | |||
Proceeds from sale of Available for sale securities | $ 2,600,000 | ||||
TruP Security | |||||
Investment [Line Items] | |||||
Sale proceeds | 100,000 | 2,300,000 | |||
Gross realized gain from sale of Available-for-sale securities | 72,000 | ||||
Proceeds from sale of Available for sale securities | 57,900,000 | ||||
Proceeds from sales of securities held to maturity | 14,300,000 | ||||
Gross realized gain from Held to maturity | 836,000 | ||||
Non Investment Grade | Corporate and other debt securities | |||||
Investment [Line Items] | |||||
Carrying value of held to maturity security | 36,100,000 | 36,100,000 | |||
Estimated fair value | $ 69,500,000 | $ 69,500,000 |
Securities (Summary of Securiti
Securities (Summary of Securities- AFS) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | $ 1,492,182 | $ 1,302,122 |
Gross unrealized gains | 20,914 | 8,496 |
Gross unrealized losses | 950 | 5,921 |
Estimated fair value | 1,512,146 | 1,304,697 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 5,800 | 5,778 |
Gross unrealized gains | 823 | 733 |
Gross unrealized losses | 0 | 16 |
Estimated fair value | 6,623 | 6,495 |
Mortgage-backed securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 1,486,382 | 1,296,344 |
Gross unrealized gains | 20,091 | 7,763 |
Gross unrealized losses | 950 | 5,905 |
Estimated fair value | 1,505,523 | 1,298,202 |
Federal Home Loan Mortgage Corporation | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 514,305 | 546,652 |
Gross unrealized gains | 7,112 | 3,242 |
Gross unrealized losses | 436 | 2,443 |
Estimated fair value | 520,981 | 547,451 |
Federal National Mortgage Association | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 922,200 | 724,851 |
Gross unrealized gains | 12,450 | 4,520 |
Gross unrealized losses | 514 | 3,299 |
Estimated fair value | 934,136 | 726,072 |
Government National Mortgage Association | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 49,877 | 24,841 |
Gross unrealized gains | 529 | 1 |
Gross unrealized losses | 0 | 163 |
Estimated fair value | $ 50,406 | $ 24,679 |
Securities (Summary of Securi39
Securities (Summary of Securities- HTM) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Net unrealized losses | $ (96,865) | $ (97,977) | $ (100,200) | $ (101,140) | $ (106,872) | $ (108,817) |
Carrying value | 1,794,131 | 1,844,223 | ||||
Gross unrealized losses | 477 | 9,202 | ||||
Estimated fair value | 1,868,397 | 1,888,686 | ||||
Held-to-maturity: | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 1,819,975 | 1,872,675 | ||||
Net unrealized losses | (25,844) | (28,452) | ||||
Carrying value | 1,794,131 | 1,844,223 | ||||
Gross unrecognized gains | 74,743 | 53,665 | ||||
Gross unrealized losses | 477 | 9,202 | ||||
Estimated fair value | 1,868,397 | 1,888,686 | ||||
Government-sponsored enterprises | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 2,151 | 4,232 | ||||
Net unrealized losses | 0 | 0 | ||||
Carrying value | 2,151 | 4,232 | ||||
Gross unrecognized gains | 23 | 11 | ||||
Gross unrealized losses | 0 | 0 | ||||
Estimated fair value | 2,174 | 4,243 | ||||
Municipal bonds | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 23,244 | 43,058 | ||||
Net unrealized losses | 0 | 0 | ||||
Carrying value | 23,244 | 43,058 | ||||
Gross unrecognized gains | 1,623 | 1,307 | ||||
Gross unrealized losses | 0 | 0 | ||||
Estimated fair value | 24,867 | 44,365 | ||||
Corporate and other debt securities | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 65,120 | 58,358 | ||||
Net unrealized losses | (22,070) | (23,245) | ||||
Carrying value | 43,050 | 35,113 | ||||
Gross unrecognized gains | 37,796 | 42,704 | ||||
Gross unrealized losses | 0 | 0 | ||||
Estimated fair value | 80,846 | 77,817 | ||||
Total debt securities held-to-maturity | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 90,515 | 105,648 | ||||
Net unrealized losses | (22,070) | (23,245) | ||||
Carrying value | 68,445 | 82,403 | ||||
Gross unrecognized gains | 39,442 | 44,022 | ||||
Gross unrealized losses | 0 | 0 | ||||
Estimated fair value | 107,887 | 126,425 | ||||
Mortgage-backed securities: | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 1,729,460 | 1,767,027 | ||||
Net unrealized losses | (3,774) | (5,207) | ||||
Carrying value | 1,725,686 | 1,761,820 | ||||
Gross unrecognized gains | 35,301 | 9,643 | ||||
Gross unrealized losses | 477 | 9,202 | ||||
Estimated fair value | 1,760,510 | 1,762,261 | ||||
Federal Home Loan Mortgage Corporation | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 438,407 | 516,841 | ||||
Net unrealized losses | (1,771) | (2,502) | ||||
Carrying value | 436,636 | 514,339 | ||||
Gross unrecognized gains | 8,265 | 2,213 | ||||
Gross unrealized losses | 119 | 3,082 | ||||
Estimated fair value | 444,782 | 513,470 | ||||
Federal National Mortgage Association | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 1,273,514 | 1,228,845 | ||||
Net unrealized losses | (2,003) | (2,705) | ||||
Carrying value | 1,271,511 | 1,226,140 | ||||
Gross unrecognized gains | 26,670 | 7,305 | ||||
Gross unrealized losses | 358 | 6,120 | ||||
Estimated fair value | 1,297,823 | 1,227,325 | ||||
Government National Mortgage Association | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 17,539 | 21,330 | ||||
Net unrealized losses | 0 | 0 | ||||
Carrying value | 17,539 | 21,330 | ||||
Gross unrecognized gains | 366 | 125 | ||||
Gross unrealized losses | 0 | 0 | ||||
Estimated fair value | $ 17,905 | 21,455 | ||||
Federal Housing Authorities | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 11 | |||||
Net unrealized losses | 0 | |||||
Carrying value | 11 | |||||
Gross unrecognized gains | 0 | |||||
Gross unrealized losses | 0 | |||||
Estimated fair value | $ 11 |
Securities (Amortized Cost and
Securities (Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying value | $ 1,794,131 | $ 1,844,223 |
Total, Estimated fair value | 1,868,397 | $ 1,888,686 |
Debt Securities Other than Securities Pledged | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less | 18,309 | |
Due after one year through five years | 2,296 | |
Due after five years through ten years | 5,000 | |
Due after ten years | 42,840 | |
Carrying value | 68,445 | |
Due in one year or less, Estimated fair value | 18,309 | |
Due after one year through five years, Estimated fair value | 2,319 | |
Due after five years through ten years, Estimated fair value | 5,000 | |
Due after ten years, Estimated fair value | 82,259 | |
Total, Estimated fair value | $ 107,887 |
Securities (Investment Securiti
Securities (Investment Securities, Continuous Unrealized Loss Position And Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Available-for-sale, Estimated fair value | ||
Less than 12 months | $ 284,443 | $ 668,613 |
12 months or more | 26,226 | 14,821 |
Total | 310,669 | 683,434 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 847 | 5,472 |
12 months or more | 103 | 449 |
Total | 950 | 5,921 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 54,212 | 890,028 |
12 months or more | 3,999 | 33,900 |
Total | 58,211 | 923,928 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 358 | 8,281 |
12 months or more | 119 | 921 |
Total | 477 | 9,202 |
Estimated fair value, Less than 12 months, Total | 338,655 | 1,558,641 |
Unrealized losses, Less than 12 months, Total | 1,205 | 13,753 |
Estimated fair value, 12 months or more, Total | 30,225 | 48,721 |
Unrealized losses, 12 months or more, Total | 222 | 1,370 |
Estimated fair value, Total | 368,880 | 1,607,362 |
Unrealized losses, Total | 1,427 | 15,123 |
Equity securities | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 4,692 | |
12 months or more | 0 | |
Total | 4,692 | |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 16 | |
12 months or more | 0 | |
Total | 16 | |
Federal Home Loan Mortgage Corporation | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 77,355 | 263,255 |
12 months or more | 13,648 | 0 |
Total | 91,003 | 263,255 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 403 | 2,443 |
12 months or more | 33 | 0 |
Total | 436 | 2,443 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 0 | 342,702 |
12 months or more | 3,999 | 4,887 |
Total | 3,999 | 347,589 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 0 | 2,804 |
12 months or more | 119 | 278 |
Total | 119 | 3,082 |
Federal National Mortgage Association | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 207,088 | 375,792 |
12 months or more | 12,578 | 14,821 |
Total | 219,666 | 390,613 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 444 | 2,850 |
12 months or more | 70 | 449 |
Total | 514 | 3,299 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 54,212 | |
12 months or more | 0 | |
Total | 54,212 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 358 | |
12 months or more | 0 | |
Total | $ 358 | |
Government National Mortgage Association | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 24,874 | |
12 months or more | 0 | |
Total | 24,874 | |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 163 | |
12 months or more | 0 | |
Total | 163 | |
Federal National Mortgage Association | ||
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 547,326 | |
12 months or more | 29,013 | |
Total | 576,339 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 5,477 | |
12 months or more | 643 | |
Total | 6,120 | |
Mortgage-backed securities: | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 663,921 | |
12 months or more | 14,821 | |
Total | 678,742 | |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 5,456 | |
12 months or more | 449 | |
Total | 5,905 | |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 890,028 | |
12 months or more | 33,900 | |
Total | 923,928 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 8,281 | |
12 months or more | 921 | |
Total | $ 9,202 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance of credit related OTTI, beginning of period | $ 97,977 | $ 106,872 | $ 100,200 | $ 108,817 |
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 | (1,112) | (962) | (3,335) | (2,907) |
Reductions for securities sold or paid off during the period | 0 | (4,770) | 0 | (4,770) |
Balance of credit related OTTI, end of period | $ 96,865 | $ 101,140 | $ 96,865 | $ 101,140 |
Loans Receivable, Net (Narrativ
Loans Receivable, Net (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | Dec. 31, 2015USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans acquired | $ 0 | ||||
Outstanding minimum balance of loans that are evaluated for impairment individually | $ 1,000,000 | $ 1,000,000 | |||
Residential mortgage loans, appraisal update period, years | 2 years | ||||
Loans that are 90 days past due and still accruing | 0 | $ 0 | |||
PCI loans | 10,476,000 | 10,476,000 | $ 11,089,000 | ||
Loans, Individually evaluated for impairment | 33,018,000 | 33,018,000 | 56,987,000 | ||
Related Allowance | 1,459,000 | 1,459,000 | $ 4,191,000 | ||
Interest income received and recognized on loans | $ 1,000,000 | $ 2,069,000 | |||
Troubled debt restructured, number of loans | loan | 106 | 104 | |||
Recorded investment | 30,001,000 | $ 30,001,000 | $ 47,439,000 | ||
Allowance for loan losses, individually evaluated for impairment | 1,459,000 | 1,459,000 | 4,191,000 | ||
Collateral Dependant TDRs | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Related Allowance | 1,500,000 | 1,500,000 | 4,200,000 | ||
Allowance for loan losses, individually evaluated for impairment | 1,500,000 | 1,500,000 | 1,800,000 | ||
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 | |||
Commercial Real Estate Construction And Multi Family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
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 | 2,000,000 | $ 2,000,000 | |||
PCI Loans | Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Troubled debt restructured, number of loans | loan | 3 | 3 | |||
Marathon Banking Corporation and Marathon National Bank of New York | PCI Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans | 10,500,000 | $ 10,500,000 | 11,100,000 | ||
Financing Receivables, 1 to 29 Days Past Due | Upto 90 Days | Marathon Banking Corporation and Marathon National Bank of New York | PCI Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans | 9,000,000 | 9,000,000 | 9,000,000 | ||
Financing Receivables, 30 to 89 Days Past Due | 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 | 71,000 | 71,000 | |||
Greater than 90 Days | 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 | 1,400,000 | $ 1,400,000 | 2,100,000 | ||
Watch | Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 59 days | ||||
Watch | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 30 days | ||||
Commercial Portfolio Segment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Related Allowance | 0 | $ 0 | $ 2,409,000 | ||
Troubled debt restructured, number of loans | loan | 11 | 23 | |||
Recorded investment | 6,469,000 | $ 6,469,000 | $ 24,511,000 | ||
Commercial Portfolio Segment | Construction Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, Individually evaluated for impairment | 0 | 0 | 2,504,000 | ||
Related Allowance | 0 | $ 0 | $ 0 | ||
Troubled debt restructured, number of loans | loan | 0 | 3 | |||
Recorded investment | 0 | $ 0 | $ 718,000 | ||
Allowance for loan losses, individually evaluated for impairment | $ 0 | $ 0 | 0 | ||
Number of Loans | loan | 0 | 1 | 0 | 2 | |
Loans modified as TDR in the last 12 months for which there was a default payment | loan | 1 | ||||
Recorded investment | $ 132,000 | ||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 182,000 | 0 | $ 1,508,000 | |
Commercial Portfolio Segment | Commercial Real Estate Sector | Retail Site | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, Individually evaluated for impairment | 5,417,000 | 5,417,000 | 18,941,000 | ||
Related Allowance | 0 | $ 0 | $ 0 | ||
Troubled debt restructured, number of loans | loan | 8 | 14 | |||
Recorded investment | 4,082,000 | $ 4,082,000 | $ 18,987,000 | ||
Allowance for loan losses, individually evaluated for impairment | $ 0 | $ 0 | 0 | ||
Number of Loans | loan | 2 | 2 | 5 | 3 | |
Loans modified as TDR in the last 12 months for which there was a default payment | loan | 4 | ||||
Recorded investment | $ 588,000 | ||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 468,000 | $ 699,000 | 1,039,000 | $ 777,000 | |
Consumer Portfolio Segment | Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, Individually evaluated for impairment | 23,246,000 | 23,246,000 | 22,539,000 | ||
Allowance for loan losses, individually evaluated for impairment | $ 1,448,000 | $ 1,448,000 | $ 1,773,000 | ||
Loans modified as TDR in the last 12 months for which there was a default payment | loan | 6 | 1 | |||
Recorded investment | $ 1,034,000 | $ 478,000 | |||
Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 90 days | ||||
Special Mention Residential | Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 89 days | ||||
Special Mention Residential | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 60 days | ||||
Substandard Residential | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 90 days |
Loans Receivable, Net (Details)
Loans Receivable, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | $ 18,296,684 | $ 16,880,241 | ||||
PCI loans | 10,476 | 11,089 | ||||
Net unamortized premiums and deferred loan costs | (15,428) | (11,692) | ||||
Allowance for loan losses | (223,550) | $ (220,316) | (218,505) | $ (218,458) | $ (213,962) | $ (200,284) |
Net loans | 18,068,182 | 16,661,133 | ||||
Commercial Portfolio Segment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 12,923,783 | 11,346,240 | ||||
Commercial Portfolio Segment | Commercial and Industrial Sector | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 1,191,178 | 1,044,329 | ||||
Commercial Portfolio Segment | Construction Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 275,969 | 224,057 | ||||
Consumer Portfolio Segment | Residential Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 4,796,852 | 5,037,898 | ||||
Consumer Portfolio Segment | Consumer and Other Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 576,049 | 496,103 | ||||
Retail Site | Commercial Portfolio Segment | Commercial Real Estate Sector | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 4,095,903 | 3,821,950 | ||||
Multifamily | Commercial Portfolio Segment | Commercial Real Estate Sector | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | $ 7,360,733 | $ 6,255,904 |
Loans Receivable, Net (Purchase
Loans Receivable, Net (Purchased Credit Impaired Loans) (Details) - PCI Loans - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accretable Yeild [Roll Forward] | ||||
Balance, beginning of period | $ 1,549 | $ 740 | $ 449 | $ 971 |
Accretion | (52) | (232) | (173) | (463) |
Net reclassification from non-accretable difference (1) | 0 | 0 | 1,221 | 0 |
Balance, ending of period | $ 1,497 | $ 508 | $ 1,497 | $ 508 |
Loans Receivable, Net (Summary
Loans Receivable, Net (Summary of Analysis of the Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of the period | $ 220,316 | $ 213,962 | $ 218,505 | $ 200,284 |
Loans charged off | (2,972) | (1,390) | (13,379) | (5,667) |
Recoveries | 1,206 | 886 | 3,424 | 2,841 |
Net charge-offs | (1,766) | (504) | (9,955) | (2,826) |
Provision for loan losses | 5,000 | 5,000 | 15,000 | 21,000 |
Balance at end of the period | $ 223,550 | $ 218,458 | $ 223,550 | $ 218,458 |
Loans Receivable, Net (Summar47
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | $ 218,505 | $ 200,284 |
Allowance for loan losses, Charge-offs | (13,379) | (12,216) |
Allowance for loan losses, Recoveries | 3,424 | 4,437 |
Allowance for loan losses, Provision | 15,000 | 26,000 |
Allowance for loan losses, Ending balance | 223,550 | 218,505 |
Allowance for loan losses, individually evaluated for impairment | 1,459 | 4,191 |
Allowance for loan losses, collectively evaluated for impairment | 222,091 | 214,314 |
Loans, Individually evaluated for impairment | 33,018 | 56,987 |
Loans, Collectively evaluated for impairment | 18,263,666 | 16,823,254 |
Loan, Loans acquired with deteriorated credit quality | 18,296,684 | 16,880,241 |
Ending Balance | 18,307,160 | 16,891,330 |
Unallocated | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 1,306 | 6,577 |
Allowance for loan losses, Charge-offs | 0 | 0 |
Allowance for loan losses, Recoveries | 0 | 0 |
Allowance for loan losses, Provision | 512 | (5,271) |
Allowance for loan losses, Ending balance | 1,818 | 1,306 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 1,818 | 1,306 |
Loans, Individually evaluated for impairment | 0 | 0 |
Loans, Collectively evaluated for impairment | 0 | 0 |
Ending Balance | 0 | 0 |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 10,476 | 11,089 |
Receivables Acquired with Deteriorated Credit Quality | Unallocated | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 31,443 | 47,936 |
Allowance for loan losses, Charge-offs | (8,598) | (9,526) |
Allowance for loan losses, Recoveries | 904 | 2,295 |
Allowance for loan losses, Provision | (2,391) | (9,262) |
Allowance for loan losses, Ending balance | 21,358 | 31,443 |
Allowance for loan losses, individually evaluated for impairment | 1,448 | 1,773 |
Allowance for loan losses, collectively evaluated for impairment | 19,910 | 29,670 |
Loans, Individually evaluated for impairment | 23,246 | 22,539 |
Loans, Collectively evaluated for impairment | 4,773,606 | 5,015,359 |
Loan, Loans acquired with deteriorated credit quality | 4,796,852 | 5,037,898 |
Ending Balance | 4,798,386 | 5,039,543 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 3,155 | 3,347 |
Allowance for loan losses, Charge-offs | (263) | (403) |
Allowance for loan losses, Recoveries | 99 | 278 |
Allowance for loan losses, Provision | (114) | (67) |
Allowance for loan losses, Ending balance | 2,877 | 3,155 |
Allowance for loan losses, individually evaluated for impairment | 11 | 9 |
Allowance for loan losses, collectively evaluated for impairment | 2,866 | 3,146 |
Loans, Individually evaluated for impairment | 286 | 389 |
Loans, Collectively evaluated for impairment | 575,763 | 495,714 |
Loan, Loans acquired with deteriorated credit quality | 576,049 | 496,103 |
Ending Balance | 576,402 | 496,556 |
Consumer Portfolio Segment | Receivables Acquired with Deteriorated Credit Quality | Residential Mortgage Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 1,534 | 1,645 |
Consumer Portfolio Segment | Receivables Acquired with Deteriorated Credit Quality | Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 353 | 453 |
Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 12,923,783 | 11,346,240 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 6,794 | 6,488 |
Allowance for loan losses, Charge-offs | (52) | (466) |
Allowance for loan losses, Recoveries | 259 | 317 |
Allowance for loan losses, Provision | 2,987 | 455 |
Allowance for loan losses, Ending balance | 9,988 | 6,794 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 9,988 | 6,794 |
Loans, Individually evaluated for impairment | 0 | 2,504 |
Loans, Collectively evaluated for impairment | 275,969 | 221,553 |
Loan, Loans acquired with deteriorated credit quality | 275,969 | 224,057 |
Ending Balance | 277,155 | 225,843 |
Commercial Portfolio Segment | Receivables Acquired with Deteriorated Credit Quality | Construction Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 1,186 | 1,786 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 40,585 | 20,759 |
Allowance for loan losses, Charge-offs | (3,981) | (516) |
Allowance for loan losses, Recoveries | 219 | 295 |
Allowance for loan losses, Provision | 7,285 | 20,047 |
Allowance for loan losses, Ending balance | 44,108 | 40,585 |
Allowance for loan losses, individually evaluated for impairment | 0 | 2,409 |
Allowance for loan losses, collectively evaluated for impairment | 44,108 | 38,176 |
Loans, Individually evaluated for impairment | 4,069 | 9,395 |
Loans, Collectively evaluated for impairment | 1,187,109 | 1,034,934 |
Loan, Loans acquired with deteriorated credit quality | 1,191,178 | 1,044,329 |
Ending Balance | 1,191,234 | 1,044,385 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 56 | 56 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 88,223 | 71,147 |
Allowance for loan losses, Charge-offs | (161) | (284) |
Allowance for loan losses, Recoveries | 1,570 | 445 |
Allowance for loan losses, Provision | 3,788 | 16,915 |
Allowance for loan losses, Ending balance | 93,420 | 88,223 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 93,420 | 88,223 |
Loans, Individually evaluated for impairment | 0 | 3,219 |
Loans, Collectively evaluated for impairment | 7,360,733 | 6,252,685 |
Loan, Loans acquired with deteriorated credit quality | 7,360,733 | 6,255,904 |
Ending Balance | 7,360,733 | 6,255,904 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 46,999 | 44,030 |
Allowance for loan losses, Charge-offs | (324) | (1,021) |
Allowance for loan losses, Recoveries | 373 | 807 |
Allowance for loan losses, Provision | 2,933 | 3,183 |
Allowance for loan losses, Ending balance | 49,981 | 46,999 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 49,981 | 46,999 |
Loans, Individually evaluated for impairment | 5,417 | 18,941 |
Loans, Collectively evaluated for impairment | 4,090,486 | 3,803,009 |
Loan, Loans acquired with deteriorated credit quality | 4,095,903 | 3,821,950 |
Ending Balance | 4,103,250 | 3,829,099 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | $ 7,347 | $ 7,149 |
Loans Receivable, Net (Schedule
Loans Receivable, Net (Schedule of Risk Category of Loans by Class of Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | $ 18,296,684 | $ 16,880,241 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 16,882,908 | 15,703,003 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 988,602 | 921,721 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 258,611 | 83,303 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 166,563 | 172,214 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 12,923,783 | 11,346,240 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 275,969 | 224,057 |
Commercial Portfolio Segment | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 11,629,767 | 10,289,327 |
Commercial Portfolio Segment | Pass | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 206,314 | 207,499 |
Commercial Portfolio Segment | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 968,671 | 893,150 |
Commercial Portfolio Segment | Watch | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 62,438 | 12,833 |
Commercial Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 247,123 | 69,080 |
Commercial Portfolio Segment | Special Mention | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 3,200 | 0 |
Commercial Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 78,222 | 94,683 |
Commercial Portfolio Segment | Substandard | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 4,017 | 3,725 |
Commercial Portfolio Segment | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Doubtful | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 1,191,178 | 1,044,329 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 870,745 | 793,527 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 291,261 | 223,474 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 13,432 | 13,782 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 15,740 | 13,546 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 7,360,733 | 6,255,904 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 6,906,097 | 5,876,425 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 268,857 | 325,414 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 149,535 | 17,033 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 36,244 | 37,032 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 4,095,903 | 3,821,950 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 3,646,611 | 3,411,876 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 346,115 | 331,429 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 80,956 | 38,265 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 22,221 | 40,380 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 4,796,852 | 5,037,898 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 576,049 | 496,103 |
Consumer Portfolio Segment | Pass | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 4,688,054 | 4,930,961 |
Consumer Portfolio Segment | Pass | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 565,087 | 482,715 |
Consumer Portfolio Segment | Watch | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 17,346 | 24,584 |
Consumer Portfolio Segment | Watch | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 2,585 | 3,987 |
Consumer Portfolio Segment | Special Mention | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 10,522 | 13,796 |
Consumer Portfolio Segment | Special Mention | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 966 | 427 |
Consumer Portfolio Segment | Substandard | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 80,930 | 68,557 |
Consumer Portfolio Segment | Substandard | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 7,411 | 8,974 |
Consumer Portfolio Segment | Doubtful | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Consumer Portfolio Segment | Doubtful | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Consumer Portfolio Segment | Loss | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Consumer Portfolio Segment | Loss | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Loans Receivable, Net (Payment
Loans Receivable, Net (Payment Status of the Recorded Investment in Past Due Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 159,782 | $ 157,207 |
Current | 18,136,902 | 16,723,034 |
Total Loans Receivable | 18,296,684 | 16,880,241 |
30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 51,368 | 50,443 |
60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 29,844 | 15,735 |
Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 78,570 | 91,029 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 55,537 | 33,209 |
Current | 12,868,246 | 11,313,031 |
Total Loans Receivable | 12,923,783 | 11,346,240 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 792 |
Current | 275,969 | 223,265 |
Total Loans Receivable | 275,969 | 224,057 |
Commercial Portfolio Segment | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 29,910 | 19,364 |
Commercial Portfolio Segment | 30-59 Days | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Portfolio Segment | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17,817 | 352 |
Commercial Portfolio Segment | 60-89 Days | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Portfolio Segment | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,810 | 13,493 |
Commercial Portfolio Segment | Greater than 90 Days | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 792 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,830 | 5,343 |
Current | 1,187,348 | 1,038,986 |
Total Loans Receivable | 1,191,178 | 1,044,329 |
Commercial Portfolio Segment | Commercial and Industrial Sector | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,387 | 957 |
Commercial Portfolio Segment | Commercial and Industrial Sector | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 377 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,066 | 4,386 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,460 | 16,122 |
Current | 7,355,273 | 6,239,782 |
Total Loans Receivable | 7,360,733 | 6,255,904 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,132 | 14,236 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,089 | 0 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 239 | 1,886 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 46,247 | 10,952 |
Current | 4,049,656 | 3,810,998 |
Total Loans Receivable | 4,095,903 | 3,821,950 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 24,391 | 4,171 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 16,351 | 352 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,505 | 6,429 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,677 | 13,390 |
Current | 565,372 | 482,713 |
Total Loans Receivable | 576,049 | 496,103 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 93,568 | 110,608 |
Current | 4,703,284 | 4,927,290 |
Total Loans Receivable | 4,796,852 | 5,037,898 |
Consumer Portfolio Segment | 30-59 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,585 | 3,987 |
Consumer Portfolio Segment | 30-59 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 18,873 | 27,092 |
Consumer Portfolio Segment | 60-89 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 966 | 427 |
Consumer Portfolio Segment | 60-89 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,061 | 14,956 |
Consumer Portfolio Segment | Greater than 90 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,126 | 8,976 |
Consumer Portfolio Segment | Greater than 90 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 63,634 | $ 68,560 |
Loans Receivable, Net (Non-Accr
Loans Receivable, Net (Non-Accrual Loans Status) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 517 | 562 |
Non-accrual, Amount | $ | $ 97,490 | $ 115,426 |
Financing Receivables, 30 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 10 | 18 |
Non-accrual, Amount | $ | $ 2,457 | $ 6,555 |
Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 35 | 20 |
Non-accrual, Amount | $ | $ 7,123 | $ 6,876 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 36 | 62 |
Non-accrual, Amount | $ | $ 11,363 | $ 24,304 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 0 | 4 |
Non-accrual, Amount | $ | $ 0 | $ 792 |
Commercial Portfolio Segment | Financing Receivables, 30 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 7 |
Non-accrual, Amount | $ | $ 391 | $ 3,217 |
Commercial Portfolio Segment | Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 4 | 5 |
Non-accrual, Amount | $ | $ 512 | $ 3,498 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 6 | 17 |
Non-accrual, Amount | $ | $ 2,248 | $ 9,225 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Financing Receivables, 30 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 0 | 1 |
Non-accrual, Amount | $ | $ 0 | $ 360 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 2 |
Non-accrual, Amount | $ | $ 183 | $ 2,226 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 4 |
Non-accrual, Amount | $ | $ 240 | $ 3,467 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | Financing Receivables, 30 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 0 | 1 |
Non-accrual, Amount | $ | $ 0 | $ 548 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 0 | 1 |
Non-accrual, Amount | $ | $ 0 | $ 1,032 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 29 | 37 |
Non-accrual, Amount | $ | $ 8,875 | $ 10,820 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | Financing Receivables, 30 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 5 |
Non-accrual, Amount | $ | $ 391 | $ 2,309 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 3 | 2 |
Non-accrual, Amount | $ | $ 329 | $ 240 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 481 | 500 |
Non-accrual, Amount | $ | $ 86,127 | $ 91,122 |
Consumer Portfolio Segment | Financing Receivables, 30 to 89 Days Past Due | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 9 | 11 |
Non-accrual, Amount | $ | $ 2,066 | $ 3,338 |
Consumer Portfolio Segment | Financing Receivables, 1 to 29 Days Past Due | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 31 | 15 |
Non-accrual, Amount | $ | $ 6,611 | $ 3,378 |
Loans Receivable, Net (Loans In
Loans Receivable, Net (Loans Individually Evaluated for Impairment by Class of Loans) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Recorded Investment | ||
Total: | $ 33,018 | $ 56,987 |
Unpaid Principal Balance | ||
Total: | 40,425 | 76,738 |
Related Allowance | 1,459 | 4,191 |
Average Recorded Investment | ||
Total: | 32,150 | 58,184 |
Interest Income Recognized | ||
Total: | 1,045 | 2,814 |
Commercial Portfolio Segment | ||
Recorded Investment | ||
With no related allowance: | 9,486 | 29,819 |
With an allowance recorded: | 0 | 4,240 |
Total: | 9,486 | 34,059 |
Unpaid Principal Balance | ||
With no related allowance: | 12,907 | 46,339 |
With an allowance recorded: | 0 | 4,271 |
Total: | 12,907 | 50,610 |
Related Allowance | 0 | 2,409 |
Average Recorded Investment | ||
With no related allowance: | 8,638 | 29,760 |
With an allowance recorded: | 0 | 4,389 |
Total: | 8,638 | 34,149 |
Interest Income Recognized | ||
With no related allowance: | 374 | 1,681 |
With an allowance recorded: | 0 | 194 |
Total: | 374 | 1,875 |
Commercial Portfolio Segment | Construction Loans | ||
Recorded Investment | ||
With no related allowance: | 0 | 2,504 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 2,504 |
Unpaid Principal Balance | ||
With no related allowance: | 0 | 6,412 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 6,412 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 0 | 4,288 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 4,288 |
Interest Income Recognized | ||
With no related allowance: | 0 | 226 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 226 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Recorded Investment | ||
With no related allowance: | 4,069 | 5,155 |
With an allowance recorded: | 0 | 4,240 |
Total: | 4,069 | 9,395 |
Unpaid Principal Balance | ||
With no related allowance: | 4,158 | 5,160 |
With an allowance recorded: | 0 | 4,271 |
Total: | 4,158 | 9,431 |
Related Allowance | 0 | 2,409 |
Average Recorded Investment | ||
With no related allowance: | 3,982 | 3,575 |
With an allowance recorded: | 0 | 4,389 |
Total: | 3,982 | 7,964 |
Interest Income Recognized | ||
With no related allowance: | 146 | 200 |
With an allowance recorded: | 0 | 194 |
Total: | 146 | 394 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | ||
Recorded Investment | ||
With no related allowance: | 0 | 3,219 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 3,219 |
Unpaid Principal Balance | ||
With no related allowance: | 0 | 6,806 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 6,806 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 0 | 2,872 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 2,872 |
Interest Income Recognized | ||
With no related allowance: | 0 | 119 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 119 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||
Recorded Investment | ||
With no related allowance: | 5,417 | 18,941 |
With an allowance recorded: | 0 | 0 |
Total: | 5,417 | 18,941 |
Unpaid Principal Balance | ||
With no related allowance: | 8,749 | 27,961 |
With an allowance recorded: | 0 | 0 |
Total: | 8,749 | 27,961 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 4,656 | 19,025 |
With an allowance recorded: | 0 | 0 |
Total: | 4,656 | 19,025 |
Interest Income Recognized | ||
With no related allowance: | 228 | 1,136 |
With an allowance recorded: | 0 | 0 |
Total: | 228 | 1,136 |
Consumer Portfolio Segment | Residential And Consumer | ||
Recorded Investment | ||
With no related allowance: | 10,785 | 8,020 |
With an allowance recorded: | 12,747 | 14,908 |
Total: | 23,532 | 22,928 |
Unpaid Principal Balance | ||
With no related allowance: | 14,425 | 12,433 |
With an allowance recorded: | 13,093 | 13,695 |
Total: | 27,518 | 26,128 |
Related Allowance | 1,459 | 1,782 |
Average Recorded Investment | ||
With no related allowance: | 9,275 | 7,611 |
With an allowance recorded: | 14,237 | 16,424 |
Total: | 23,512 | 24,035 |
Interest Income Recognized | ||
With no related allowance: | 377 | 463 |
With an allowance recorded: | 294 | 476 |
Total: | $ 671 | $ 939 |
Loans Receivable, Net (Troubled
Loans Receivable, Net (Troubled Debt Restructured Loans) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 31 | 39 |
Accrual, amount | $ | $ 8,792 | $ 22,489 |
Non-accrual, number of loans | loan | 75 | 65 |
Non-accrual, amount | $ | $ 21,209 | $ 24,950 |
Troubled debt restructured, number of loans | loan | 106 | 104 |
Troubled debt restructuring, Amount | $ | $ 30,001 | $ 47,439 |
Commercial Portfolio Segment | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 3 | 7 |
Accrual, amount | $ | $ 2,191 | $ 14,114 |
Non-accrual, number of loans | loan | 8 | 16 |
Non-accrual, amount | $ | $ 4,278 | $ 10,397 |
Troubled debt restructured, number of loans | loan | 11 | 23 |
Troubled debt restructuring, Amount | $ | $ 6,469 | $ 24,511 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 0 | 1 |
Accrual, amount | $ | $ 0 | $ 313 |
Non-accrual, number of loans | loan | 0 | 2 |
Non-accrual, amount | $ | $ 0 | $ 405 |
Troubled debt restructured, number of loans | loan | 0 | 3 |
Troubled debt restructuring, Amount | $ | $ 0 | $ 718 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 1 | 1 |
Accrual, amount | $ | $ 1,911 | $ 640 |
Non-accrual, number of loans | loan | 2 | 3 |
Non-accrual, amount | $ | $ 476 | $ 2,586 |
Troubled debt restructured, number of loans | loan | 3 | 4 |
Troubled debt restructuring, Amount | $ | $ 2,387 | $ 3,226 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 0 | 0 |
Accrual, amount | $ | $ 0 | $ 0 |
Non-accrual, number of loans | loan | 0 | 2 |
Non-accrual, amount | $ | $ 0 | $ 1,580 |
Troubled debt restructured, number of loans | loan | 0 | 2 |
Troubled debt restructuring, Amount | $ | $ 0 | $ 1,580 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 2 | 5 |
Accrual, amount | $ | $ 280 | $ 13,161 |
Non-accrual, number of loans | loan | 6 | 9 |
Non-accrual, amount | $ | $ 3,802 | $ 5,826 |
Troubled debt restructured, number of loans | loan | 8 | 14 |
Troubled debt restructuring, Amount | $ | $ 4,082 | $ 18,987 |
Consumer Portfolio Segment | Residential And Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 28 | 32 |
Accrual, amount | $ | $ 6,601 | $ 8,375 |
Non-accrual, number of loans | loan | 67 | 49 |
Non-accrual, amount | $ | $ 16,931 | $ 14,553 |
Troubled debt restructured, number of loans | loan | 95 | 81 |
Troubled debt restructuring, Amount | $ | $ 23,532 | $ 22,928 |
Loans Receivable, Net (Schedu53
Loans Receivable, Net (Schedule Of Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | |
Commercial Portfolio Segment | Construction Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 0 | 1 | 0 | 2 |
Pre-modification Recorded Investment | $ | $ 0 | $ 182 | $ 0 | $ 1,508 |
Post- modification Recorded Investment | $ | $ 0 | $ 182 | $ 0 | $ 1,508 |
Number of Loans | loan | 0 | 1 | 0 | 2 |
Pre-modification Interest Yield | 0.00% | 4.75% | 0.00% | 4.97% |
Post- modification Interest Yield | 0.00% | 4.75% | 0.00% | 4.97% |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 0 | 1 | 0 | 1 |
Pre-modification Recorded Investment | $ | $ 0 | $ 1,115 | $ 0 | $ 1,115 |
Post- modification Recorded Investment | $ | $ 0 | $ 1,115 | $ 0 | $ 1,115 |
Number of Loans | loan | 0 | 1 | 0 | 1 |
Pre-modification Interest Yield | 0.00% | 3.88% | 0.00% | 3.88% |
Post- modification Interest Yield | 0.00% | 3.88% | 0.00% | 3.88% |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 2 | 2 | 5 | 3 |
Pre-modification Recorded Investment | $ | $ 468 | $ 699 | $ 1,039 | $ 777 |
Post- modification Recorded Investment | $ | $ 468 | $ 699 | $ 1,039 | $ 777 |
Number of Loans | loan | 2 | 2 | 5 | 3 |
Pre-modification Interest Yield | 4.93% | 4.73% | 4.38% | 4.78% |
Post- modification Interest Yield | 4.89% | 5.78% | 4.50% | 5.64% |
Consumer Portfolio Segment | Residential And Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 6 | 3 | 20 | 16 |
Pre-modification Recorded Investment | $ | $ 1,051 | $ 376 | $ 2,600 | $ 2,830 |
Post- modification Recorded Investment | $ | $ 1,051 | $ 376 | $ 2,600 | $ 2,830 |
Number of Loans | loan | 6 | 3 | 20 | 16 |
Pre-modification Interest Yield | 6.30% | 5.28% | 6.31% | 5.19% |
Post- modification Interest Yield | 2.86% | 3.19% | 3.42% | 3.39% |
Deposits (Summary of Deposits)
Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | ||
Checking accounts | $ 5,875,559 | $ 4,636,025 |
Money market deposits | 4,038,561 | 3,861,317 |
Savings | 2,093,421 | 2,150,004 |
Total transaction accounts | 12,007,541 | 10,647,346 |
Certificates of deposit | 2,944,201 | 3,416,310 |
Total deposits | $ 14,951,742 | $ 14,063,656 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | $ 52,594 | $ 48,769 |
Accumulated Amortization | (27,109) | (20,908) |
Valuation Allowance | (231) | (121) |
Net Intangible Assets | 25,254 | 27,740 |
Goodwill | 77,571 | 77,571 |
Goodwill and intangible assets | 102,825 | 105,311 |
Mortgage servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 26,386 | 23,411 |
Accumulated Amortization | (10,989) | (7,042) |
Valuation Allowance | (231) | (121) |
Net Intangible Assets | 15,166 | 16,248 |
Core deposit premiums | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 25,058 | 25,058 |
Accumulated Amortization | (15,920) | (13,726) |
Valuation Allowance | 0 | |
Net Intangible Assets | 9,138 | 11,332 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 1,150 | 300 |
Accumulated Amortization | (200) | (140) |
Valuation Allowance | 0 | |
Net Intangible Assets | $ 950 | $ 160 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Loans sold | $ 2,010 | $ 2,120 |
Estimated fair value of servicing asset in intangible assets | $ 15.2 | $ 16.2 |
Weighted average discount rate of servicing assets | 13.00% | |
Weighted average constant prepayment rate on mortgages | 13.32% | |
Weighted average life of servicing assets, years | 5 years 9 months 16 days | |
Core deposit premiums | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life, years | 10 years |
Equity Incentive Plan (Narrativ
Equity Incentive Plan (Narrative) (Details) - USD ($) $ in Millions | Jun. 09, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (shares) | 201,440 | 11,576,612 | |
Compensation not yet recognized | $ 28.5 | ||
Compensation cost not yet recognized, period for recognition (in years) | 4 years 11 months 23 days | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (shares) | 271,890 | ||
Compensation cost not yet recognized, period for recognition, restricted stock (in years) | $ 65.9 | ||
Compensation cost not yet recognized, period for recognition (in years) | 4 years 11 months 16 days | ||
2015 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (shares) | 30,881,296 | ||
2015 Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (shares) | 13,234,841 | ||
2015 Plan | Equity Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (shares) | 17,646,455 | ||
Expiration period (in years) | 10 years | ||
Minimum | 2015 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years | ||
Maximum | 2015 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 7 years |
Equity Incentive Plan (Assumpti
Equity Incentive Plan (Assumptions) (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted average expected life (in years) | 7 years | 7 years 5 months 5 days |
Weighted average risk-free rate of return | 1.67% | 1.96% |
Weighted average volatility | 24.05% | 25.33% |
Dividend yield | 1.93% | 1.59% |
Weighted average fair value of options granted (usd per share) | $ 2.80 | $ 3.12 |
Granted (shares) | 201,440 | 11,576,612 |
(Shares-based compensation expe
(Shares-based compensation expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock option expense | $ 1,508 | $ 1,499 | $ 4,498 | $ 1,513 |
Restricted stock expense | 3,954 | 2,994 | 10,658 | 3,335 |
Total share based compensation expense | $ 5,462 | $ 4,493 | $ 15,156 | $ 4,848 |
(Summary of Stock Option Activi
(Summary of Stock Option Activity and Related Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Number of Stock Options | |||
Beginning balance (shares) | 18,804,816 | ||
Granted (shares) | 201,440 | 11,576,612 | |
Exercised (shares) | (4,564,707) | ||
Forfeited (shares) | (65,360) | ||
Expired (shares) | (102) | ||
Ending balance (shares) | 14,376,087 | 18,804,816 | |
Exercisable at period end(shares) | 4,681,871 | ||
Weighted Average Exercise Price | |||
Beginning balance (usd per share) | $ 10 | ||
Granted (usd per share) | 11.60 | ||
Exercised (usd per share) | 5.94 | ||
Forfeited (usd per share) | 12.54 | ||
Expired (usd per share) | 8.08 | ||
Ending balance (usd per share) | 11.30 | $ 10 | |
Exercisable end of the year (usd per share) | $ 8.78 | ||
Outstanding, Weighted Average Remaining Contractual Life (in years) | 7 years 10 months 21 days | 6 years 9 months 18 days | |
Granted, Weighted Average Remaining Contractual Life (in years) | 9 years 7 months 11 days | ||
Exercised, Weighted Average Remaining Contractual Life (in years) | 3 months 26 days | ||
Weighted Average Remaining Contractual Life, Exercisable Ending Balance (in years) | 5 years 1 month 23 days | ||
Aggregate Intrinsic Value, Outstanding | $ 16,204 | $ 46,996 | |
Aggregate Intrinsic Value, Exercisable | $ 16,122 |
Equity Incentive Plan (Restrict
Equity Incentive Plan (Restricted Stock) (Details) - Restricted Stock | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Number of Shares Awarded | |
Beginning balance (shares) | shares | 6,759,832 |
Granted (shares) | shares | 271,890 |
Vested (shares) | shares | (971,571) |
Forfeited (shares) | shares | (17,500) |
Ending balance (shares) | shares | 6,042,651 |
Weighted Average Exercise Price | |
Beginning balance (usd per share) | $ / shares | $ 12.54 |
Granted (usd per share) | $ / shares | 11.52 |
Vested (usd per share) | $ / shares | 12.54 |
Forfeited (usd per share) | $ / shares | 12.54 |
Ending balance (usd per share) | $ / shares | $ 12.50 |
Net Periodic Benefit Plan Exp62
Net Periodic Benefit Plan Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Service cost | $ 894,000 | $ 774,000 | $ 2,681,000 | $ 2,322,000 |
Interest cost | 474,000 | 374,000 | 1,422,000 | 1,123,000 |
Prior service cost | 0 | 12,000 | 0 | 37,000 |
Net gain | 514,000 | 321,000 | 1,542,000 | 962,000 |
Total net periodic benefit cost | $ 1,882,000 | $ 1,481,000 | 5,645,000 | $ 4,444,000 |
Contribution and pension cost | $ 0 |
Derivatives and Hedging Activ63
Derivatives and Hedging Activities (Details) | 3 Months Ended |
Sep. 30, 2016USD ($) | |
Derivative [Line Items] | |
Derivative, fair value | $ 1,100,000 |
Collateral, fair value | 6,000,000 |
Derivatives designated as hedging instruments: | Interest rate swaps | |
Derivative [Line Items] | |
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense | $ 845,000 |
Derivatives and Hedging Activ64
Derivatives and Hedging Activities - Fair Value of Derivative Instruments on the Blaance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Net Amounts Presented | $ 1,067 | $ 0 |
Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Net Amounts Presented | 1,067 | 0 |
Interest rate swaps | Derivatives designated as hedging instruments: | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Net Amounts Presented | 0 | 0 |
Interest rate swaps | Derivatives designated as hedging instruments: | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Net Amounts Presented | $ 1,067 | $ 0 |
Derivatives and Hedging Activ65
Derivatives and Hedging Activities - Effective Derivative Instrument (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $ (1,109) | $ 0 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (42) | 0 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | 0 | 0 |
Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | (1,109) | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (42) | 0 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | $ 0 | $ 0 |
Derivatives and Hedging Activ66
Derivatives and Hedging Activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross Amounts Recognized | $ 1,067 | $ 0 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 1,067 | 0 |
Financial Instruments | 0 | 0 |
Cash Collateral Posted | (1,067) | 0 |
Net Amount | 0 | 0 |
Interest rate swaps | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross Amounts Recognized | 1,067 | 0 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 1,067 | 0 |
Financial Instruments | 0 | 0 |
Cash Collateral Posted | (1,067) | 0 |
Net Amount | $ 0 | $ 0 |
Comprehensive Income (Component
Comprehensive Income (Components of Comprehensive Income (Loss), Gross and Net Of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Equity [Abstract] | ||||
Net income, Gross | $ 71,728 | $ 71,659 | $ 215,619 | $ 212,027 |
Net income, Tax | (28,287) | (22,865) | (84,196) | (74,924) |
Net income | 43,441 | 48,794 | 131,423 | 137,103 |
Change in funded status of retirement obligations, Gross | 537 | 351 | 1,610 | 1,058 |
Change in funded status of retirement obligations, Tax | (219) | (144) | (658) | (432) |
Change in funded status of retirement obligations | 318 | 207 | 952 | 626 |
Unrealized gain (loss) on securities available-for-sale, Gross | (2,708) | 6,357 | 19,652 | 6,372 |
Unrealized gain (loss) on securities available-for-sale, Tax | 1,053 | (3,159) | (7,686) | (2,644) |
Unrealized gain (loss) on securities available-for-sale | (1,655) | 3,198 | 11,966 | 3,728 |
Accretion of loss on securities reclassified to held to maturity, Gross | 472 | 627 | 1,433 | 1,910 |
Accretion of loss on securities reclassified to held to maturity, Tax | (193) | (256) | (586) | (780) |
Accretion of loss on securities reclassified to held to maturity | 279 | 371 | 847 | 1,130 |
Reclassification adjustments for losses included in net income, Gross | (72) | (1,537) | (2,264) | (1,537) |
Reclassification adjustments for losses included in net income, Tax | 29 | 0 | 906 | 0 |
Reclassification adjustment for losses Included in net income | (43) | (1,537) | (1,358) | (1,537) |
Other-than-temporary impairment accretion on debt securities, Gross | 533 | 319 | 1,179 | 965 |
Other-than-temporary impairment accretion on debt securities, Tax | (218) | (130) | (481) | (394) |
Other-than-temporary impairment accretion on debt securities | 315 | 189 | 698 | 571 |
Net (losses) on derivatives arising during the period, Gross | (1,067) | 0 | (1,067) | 0 |
Net (losses) on derivatives arising during the period, Tax | 436 | 0 | 436 | 0 |
Net (losses) on derivatives arising during the period, Net | (631) | 0 | (631) | 0 |
Total other comprehensive income (loss), Gross | (2,305) | 6,117 | 20,543 | 8,768 |
Total other comprehensive income (loss), Tax | 888 | (3,689) | (8,069) | (4,250) |
Total other comprehensive income (loss) | (1,417) | 2,428 | 12,474 | 4,518 |
Total comprehensive income, Gross | 69,423 | 77,776 | 236,162 | 220,795 |
Total comprehensive income, Tax | (27,399) | (26,554) | (92,265) | (79,174) |
Total comprehensive income | $ 42,024 | $ 51,222 | $ 143,897 | $ 141,621 |
Comprehensive Income (Compone68
Comprehensive Income (Component of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Total accumulated other comprehensive loss, Beginning Balance | $ (27,825) | |||
Total accumulated other comprehensive loss, Net change | $ (1,417) | $ 2,428 | 12,474 | $ 4,518 |
Total accumulated other comprehensive loss, Ending Balance | (15,351) | (15,351) | ||
Change in funded status of retirement obligations | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Total accumulated other comprehensive loss, Beginning Balance | (12,366) | (10,911) | ||
Total accumulated other comprehensive loss, Net change | 952 | 626 | ||
Total accumulated other comprehensive loss, Ending Balance | (11,414) | (10,285) | (11,414) | (10,285) |
Accretion of loss on securities reclassified to held to maturity | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Total accumulated other comprehensive loss, Beginning Balance | (3,080) | (4,528) | ||
Total accumulated other comprehensive loss, Net change | 847 | 1,130 | ||
Total accumulated other comprehensive loss, Ending Balance | (2,233) | (3,398) | (2,233) | (3,398) |
Unrealized gains on securities available-for-sale and gains included in net income | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Total accumulated other comprehensive loss, Beginning Balance | 1,371 | 7,851 | ||
Total accumulated other comprehensive loss, Net change | 10,608 | 2,191 | ||
Total accumulated other comprehensive loss, Ending Balance | 11,979 | 10,042 | 11,979 | 10,042 |
Other-than- temporary impairment accretion on debt securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Total accumulated other comprehensive loss, Beginning Balance | (13,750) | (14,816) | ||
Total accumulated other comprehensive loss, Net change | 698 | 571 | ||
Total accumulated other comprehensive loss, Ending Balance | (13,052) | (14,245) | (13,052) | (14,245) |
Unrealized Losses on Derivatives | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Total accumulated other comprehensive loss, Beginning Balance | 0 | 0 | ||
Total accumulated other comprehensive loss, Net change | (631) | 0 | ||
Total accumulated other comprehensive loss, Ending Balance | (631) | 0 | (631) | 0 |
Total accumulated other comprehensive loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Total accumulated other comprehensive loss, Beginning Balance | (27,825) | (22,404) | ||
Total accumulated other comprehensive loss, Net change | 12,474 | 4,518 | ||
Total accumulated other comprehensive loss, Ending Balance | $ (15,351) | $ (17,886) | $ (15,351) | $ (17,886) |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassification Adjustment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Compensation and fringe benefits | $ 53,051 | $ 49,024 | $ 158,475 | $ 137,700 |
Income tax expense (benefit) | (28,287) | (22,865) | (84,196) | (74,924) |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 507 | (1,186) | (612) | (479) |
Income tax expense (benefit) | (190) | (144) | 248 | (432) |
Income before undistributed earnings of subsidiary | 317 | (1,330) | (364) | (911) |
Unrealized gains on securities available-for-sale and gains included in net income | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on security transactions, net | (72) | (1,537) | (2,264) | (1,537) |
Change in funded status of retirement obligations | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of prior service cost | 0 | 12 | 0 | 40 |
Amortization of net gain | 537 | 339 | 1,610 | 1,018 |
Compensation and fringe benefits | 537 | 351 | 1,610 | 1,058 |
Reclassification adjustment for unrealized losses on derivatives | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized losses on derivatives | $ 42 | $ 0 | $ 42 | $ 0 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | $ 1,512,146 | $ 1,304,697 |
Derivative financial instruments | 1,067 | 0 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 6,623 | 6,495 |
Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 1,505,523 | 1,298,202 |
Federal Home Loan Mortgage Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 520,981 | 547,451 |
Federal National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 934,136 | 726,072 |
Government National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 50,406 | 24,679 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 1,512,146 | 1,304,697 |
Derivative financial instruments | 1,067 | 0 |
Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 6,623 | 6,495 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 1,505,523 | 1,298,202 |
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 | 520,981 | 547,451 |
Fair Value, Measurements, Recurring | Federal National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 934,136 | 726,072 |
Fair Value, Measurements, Recurring | Government National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 50,406 | 24,679 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 6,623 | 6,495 |
Derivative financial instruments | 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 | 6,623 | 6,495 |
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 | 1,505,523 | 1,298,202 |
Derivative financial instruments | 1,067 | |
Level 2 | 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 2 | Fair Value, Measurements, Recurring | Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 1,505,523 | 1,298,202 |
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 | 520,981 | 547,451 |
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 | 934,136 | 726,072 |
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 | 50,406 | 24,679 |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 0 | 0 |
Derivative financial instruments | 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 (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 (percentage) | 13.00% | 10.20% |
Mortgage servicing rights | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment range (percentage) | 27.96% | 26.28% |
Mortgage servicing rights | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment range (percentage) | 2.59% | 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 (percentage) | 25.00% | |
Loans Receivable | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate (percentage) | 0.00% | |
Other real estate owned | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate (percentage) | 25.00% | |
Other real estate owned | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate (percentage) | 0.00% |
Fair Value Measurements (Carr72
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | $ 15,200 | $ 16,200 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 12,874 | |
Other real estate owned | 97 | 510 |
Total | 12,971 | 510 |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 0 | |
Other real estate owned | 0 | 0 |
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 0 | |
Other real estate owned | 0 | 0 |
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 12,874 | |
Other real estate owned | 97 | 510 |
Total | $ 12,971 | $ 510 |
Other real estate owned | Minimum | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 0.00% | 0.00% |
Other real estate owned | Maximum | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 25.00% | 25.00% |
Other real estate owned | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 6.12% | 8.90% |
MSR, net | Minimum | ||
Fair Value Inputs [Abstract] | ||
Prepayment range (percentage) | 2.59% | |
MSR, net | Maximum | ||
Fair Value Inputs [Abstract] | ||
Prepayment range (percentage) | 27.96% | |
MSR, net | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Prepayment range (percentage) | 13.32% |
Fair Value Measurements (Carr73
Fair Value Measurements (Carrying Amounts and Estimated Fair Values) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale | $ 1,512,146 | $ 1,304,697 |
Securities held-to-maturity | 1,868,397 | 1,888,686 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 168,629 | 148,904 |
Securities available-for-sale | 1,512,146 | 1,304,697 |
Securities held-to-maturity | 1,794,131 | 1,844,223 |
Stock in FHLB | 222,562 | 178,437 |
Loans held for sale | 24,240 | 7,431 |
Net loans | 18,068,182 | 16,661,133 |
Deposits, other than time deposits | 12,007,541 | 10,647,346 |
Time deposits | 2,944,201 | 3,416,310 |
Borrowed funds | 4,203,711 | 3,263,090 |
Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 168,629 | 148,904 |
Securities available-for-sale | 1,512,146 | 1,304,697 |
Securities held-to-maturity | 1,868,397 | 1,888,686 |
Stock in FHLB | 222,562 | 178,437 |
Loans held for sale | 24,240 | 7,431 |
Net loans | 18,081,383 | 16,650,529 |
Deposits, other than time deposits | 12,007,541 | 10,647,346 |
Time deposits | 2,944,208 | 3,414,528 |
Borrowed funds | 4,261,340 | 3,277,983 |
Level 1 | Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 168,629 | 148,904 |
Securities available-for-sale | 6,623 | 6,495 |
Securities held-to-maturity | 0 | 0 |
Stock in FHLB | 222,562 | 178,437 |
Loans held for sale | 0 | 0 |
Net loans | 0 | 0 |
Deposits, other than time deposits | 12,007,541 | 10,647,346 |
Time deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 2 | Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 1,505,523 | 1,298,202 |
Securities held-to-maturity | 1,792,551 | 1,810,869 |
Stock in FHLB | 0 | 0 |
Loans held for sale | 24,240 | 7,431 |
Net loans | 0 | 0 |
Deposits, other than time deposits | 0 | 0 |
Time deposits | 2,944,208 | 3,414,528 |
Borrowed funds | 4,261,340 | 3,277,983 |
Level 3 | Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 75,846 | 77,817 |
Stock in FHLB | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans | 18,081,383 | 16,650,529 |
Deposits, other than time deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | $ 0 | $ 0 |
Subsequent Event (Details)
Subsequent Event (Details) - $ / shares | Nov. 23, 2016 | Oct. 27, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Subsequent Event [Line Items] | ||||
Dividends paid per share (usd per share) | $ 0.18 | $ 0.20 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share (usd per share) | $ 0.08 | |||
Scenario, Forecast | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends paid per share (usd per share) | $ 0.08 |