Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 23, 2017 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 309,878,591 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,470 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 164,178 | $ 148,904 |
Securities available-for-sale, at estimated fair value | 1,660,433 | 1,304,697 |
Securities held-to-maturity, net (estimated fair value of $1,782,801 and $1,888,686 at December 31, 2016 and 2015, respectively) | 1,755,556 | 1,844,223 |
Loans receivable, net | 18,569,855 | 16,661,133 |
Loans held-for-sale | 38,298 | 7,431 |
Federal Home Loan Bank stock | 237,878 | 178,437 |
Accrued interest receivable | 65,969 | 58,563 |
Other real estate owned | 4,492 | 6,283 |
Office properties and equipment, net | 177,417 | 172,519 |
Net deferred tax asset | 222,277 | 237,367 |
Bank owned life insurance | 161,940 | 159,152 |
Goodwill and intangible assets | 101,839 | 105,311 |
Other assets | 14,543 | 4,664 |
Total assets | 23,174,675 | 20,888,684 |
Liabilities: | ||
Deposits | 15,280,833 | 14,063,656 |
Borrowed funds | 4,546,251 | 3,263,090 |
Advance payments by borrowers for taxes and insurance | 105,851 | 108,721 |
Other liabilities | 118,495 | 141,570 |
Total liabilities | 20,051,430 | 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 December 31, 2016 and 2015; 309,449,388 and 334,894,181 outstanding at December 31, 2016 and 2015, respectively | 3,591 | 3,591 |
Additional paid-in capital | 2,765,732 | 2,785,503 |
Retained earnings | 1,053,750 | 936,040 |
Treasury stock, at cost; 49,621,464 and 24,176,671 shares at December 31, 2016 and 2015, respectively | (587,974) | (295,412) |
Unallocated common stock held by the employee stock ownership plan | (87,254) | (90,250) |
Accumulated other comprehensive loss | (24,600) | (27,825) |
Total stockholders’ equity | 3,123,245 | 3,311,647 |
Total liabilities and stockholders’ equity | $ 23,174,675 | $ 20,888,684 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity securities, estimated fair value | $ 1,782,801 | $ 1,888,686 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (shares) | 359,070,852 | 359,070,852 |
Common stock, shares outstanding (shares) | 309,449,388 | 334,894,181 |
Treasury stock (shares) | 49,621,464 | 24,176,671 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and dividend income: | |||||||
Loans receivable and loans held-for-sale | $ 715,901 | $ 663,424 | $ 603,438 | ||||
Securities: | |||||||
Equity | 198 | 123 | 115 | ||||
Government-sponsored enterprise obligations | 36 | 45 | 46 | ||||
Mortgage-backed securities | 60,211 | 55,096 | 44,183 | ||||
Municipal bonds and other debt | 7,713 | 5,929 | 5,667 | ||||
Interest-bearing deposits | 342 | 225 | 552 | ||||
Federal Home Loan Bank stock | 9,120 | 6,881 | 6,861 | ||||
Total interest and dividend income | $ 208,079 | $ 198,374 | $ 194,960 | $ 192,107 | 793,521 | 731,723 | 660,862 |
Interest expense: | |||||||
Deposits | 82,057 | 71,414 | 59,206 | ||||
Borrowed Funds | 71,279 | 65,225 | 59,685 | ||||
Total interest expense | 39,369 | 38,768 | 37,655 | 37,544 | 153,336 | 136,639 | 118,891 |
Net interest income | 168,710 | 159,606 | 157,305 | 154,563 | 640,185 | 595,084 | 541,971 |
Provision for loan losses | 4,750 | 5,000 | 5,000 | 5,000 | 19,750 | 26,000 | 37,500 |
Net interest income after provision for loan losses | 163,960 | 154,606 | 152,305 | 149,563 | 620,435 | 569,084 | 504,471 |
Non-interest income | |||||||
Fees and service charges | 17,148 | 17,119 | 19,399 | ||||
Income on bank owned life insurance | 4,423 | 3,948 | 4,652 | ||||
Gain on loans, net | 4,787 | 7,786 | 5,257 | ||||
Gain on securities transactions, net | 3,100 | 1,036 | 1,546 | ||||
Gain on sale of other real estate owned, net | 96 | 1,631 | 809 | ||||
Other income | 7,647 | 8,605 | 10,198 | ||||
Total non-interest income | 8,504 | 8,520 | 11,469 | 8,707 | 37,201 | 40,125 | 41,861 |
Non-interest expense | |||||||
Compensation and fringe benefits | 206,698 | 186,320 | 172,068 | ||||
Advertising and promotional expense | 8,644 | 10,988 | 12,238 | ||||
Office occupancy and equipment expense | 56,220 | 50,865 | 49,668 | ||||
Federal deposit insurance premiums | 12,183 | 9,050 | 14,390 | ||||
General and administrative | 3,131 | 4,372 | 4,238 | ||||
Professional fees | 20,104 | 16,104 | 14,672 | ||||
Data processing and communication | 21,043 | 22,366 | 25,333 | ||||
Contribution to charitable foundation | 0 | 0 | 20,000 | ||||
Other operating expenses | 30,541 | 28,267 | 27,253 | ||||
Total non-interest expenses | 89,010 | 91,398 | 91,009 | 87,146 | 358,564 | 328,332 | 339,860 |
Income before income tax expense | 83,454 | 71,728 | 72,765 | 71,124 | 299,072 | 280,877 | 206,472 |
Income tax expense | 30,989 | 21,878 | 27,625 | 26,455 | 106,947 | 99,372 | 74,751 |
Net income | $ 52,465 | $ 49,850 | $ 45,140 | $ 44,669 | $ 192,125 | $ 181,505 | $ 131,721 |
Basic earnings per share (usd per share) | $ 0.18 | $ 0.17 | $ 0.15 | $ 0.14 | $ 0.65 | $ 0.55 | $ 0.38 |
Diluted earnings per share (usd per share) | $ 0.18 | $ 0.17 | $ 0.15 | $ 0.14 | $ 0.64 | $ 0.55 | $ 0.38 |
Weighted average shares outstanding | |||||||
Basic (shares) | 297,580,834 | 329,763,527 | 344,389,259 | ||||
Diluted (shares) | 300,954,885 | 332,933,448 | 347,731,571 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 52,465 | $ 49,850 | $ 45,140 | $ 44,669 | $ 44,402 | $ 48,794 | $ 46,362 | $ 41,947 | $ 192,125 | $ 181,505 | $ 131,721 |
Other comprehensive income (loss), net of tax: | |||||||||||
Change in funded status of retirement obligations | 7,471 | (1,455) | (5,042) | ||||||||
Unrealized (loss) gain on securities available-for-sale | (12,284) | (4,933) | 5,952 | ||||||||
Accretion of loss on securities reclassified to held to maturity | 1,092 | 1,448 | 1,726 | ||||||||
Reclassification adjustment for security gains included in net income | (1,358) | (1,547) | (138) | ||||||||
Other-than-temporary impairment accretion on debt securities | 880 | 1,066 | 794 | ||||||||
Net gains on derivatives arising during the period | 7,424 | 0 | 0 | ||||||||
Total other comprehensive income (loss) | 3,225 | (5,421) | 3,292 | ||||||||
Total comprehensive income | $ 195,350 | $ 176,084 | $ 135,013 |
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 | Total accumulated other comprehensive loss | Common stockAdditional paid-in capital | Common stockRetained earnings | Common stockTreasury stock |
Balance at Dec. 31, 2013 | $ 1,334,327 | $ 1,519 | $ 720,766 | $ 734,563 | $ (67,046) | $ (29,779) | $ (25,696) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 131,721 | 131,721 | ||||||||
Other comprehensive income(loss), net of tax | 3,292 | 3,292 | ||||||||
Conversion of Investors Bancorp, MHC | 2,093,719 | 2,140 | 2,091,579 | |||||||
Purchase by ESOP | 66 | 66,108 | (66,174) | |||||||
Treasury stock retired | (143) | (64,126) | 64,269 | |||||||
Contribution of MHC | 12,652 | 12,652 | ||||||||
Equity from Gateway acquisition | 22,000 | 0 | 22,000 | |||||||
Purchase of treasury stock | (13,523) | (13,523) | ||||||||
Treasury stock allocated to restricted stock plan | (390) | 258 | 132 | |||||||
Compensation cost for stock options and restricted stock | 13,701 | 13,701 | ||||||||
Net tax benefit from stock-based compensation | 3,710 | 3,710 | ||||||||
Option exercise | 13,810 | 9 | 8,764 | 5,037 | ||||||
Cash dividend paid | (42,555) | (42,555) | ||||||||
ESOP shares allocated or committed to be released | 5,001 | 2,294 | 2,707 | |||||||
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 | 181,505 | 181,505 | ||||||||
Other comprehensive income(loss), net of tax | (5,421) | (5,421) | ||||||||
Purchase of treasury stock | (382,922) | (382,922) | ||||||||
Treasury stock allocated to restricted stock plan | (85,897) | 5,472 | 80,425 | |||||||
Compensation cost for stock options and restricted stock | 9,220 | 9,220 | ||||||||
Net tax benefit from stock-based compensation | 2,985 | 2,985 | ||||||||
Option exercise | 10,119 | 0 | (9,045) | 19,164 | ||||||
Common stock repurchased for restricted stock plan | $ 1,129 | $ (181) | $ (948) | |||||||
Cash dividend paid | (87,395) | (87,395) | ||||||||
ESOP shares allocated or committed to be released | 5,701 | 2,705 | 2,996 | |||||||
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 | 192,125 | 192,125 | ||||||||
Other comprehensive income(loss), net of tax | 3,225 | 3,225 | ||||||||
Purchase of treasury stock | (363,410) | (363,410) | ||||||||
Treasury stock allocated to restricted stock plan | (3,237) | (85) | 3,322 | |||||||
Compensation cost for stock options and restricted stock | 21,975 | 21,975 | ||||||||
Option exercise | 34,317 | (34,325) | 68,642 | |||||||
Common stock repurchased for restricted stock plan | 1,206 | (90) | $ (1,116) | |||||||
Cash dividend paid | (82,291) | (82,291) | ||||||||
ESOP shares allocated or committed to be released | 5,657 | 2,661 | 2,996 | |||||||
Balance at Dec. 31, 2016 | $ 3,123,245 | $ 3,591 | $ 2,765,732 | $ 1,053,750 | $ (587,974) | $ (87,254) | $ (24,600) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Cumulative effect of adopting ASU No. 2016-09 | $ (8,051) | $ 8,051 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Purchase of treasury stock (shares) | 31,336,369 | 31,576,421 | 1,295,193 |
Treasury stock allocated to restricted stock plan (shares) | 276,890 | 6,849,832 | |
Initial public stock offering (shares) | 213,963,274 | ||
Employee stock ownership plan | 6,617,421 | ||
Shares, retired | 14,293,439 | ||
Dividends paid per share (usd per share) | $ 0.26 | $ 0.25 | $ 0.12 |
Common stock | |||
Purchase of treasury stock (shares) | 100,205 | 90,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 192,125 | $ 181,505 | $ 131,721 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Contribution of stock to charitable foundation | 0 | 0 | 10,000 |
ESOP and stock-based compensation expense | 27,632 | 14,921 | 18,702 |
Amortization of premiums and accretion of discounts on securities, net | 13,702 | 13,943 | 10,173 |
Amortization of premiums and accretion of fees and costs on loans, net | (4,508) | (10,122) | (1,794) |
Amortization of intangible assets | 2,881 | 3,350 | 3,806 |
Provision for loan losses | 19,750 | 26,000 | 37,500 |
Depreciation and amortization of office properties and equipment | 16,190 | 13,930 | 13,151 |
Gain on securities transactions, net | (3,100) | (1,036) | (1,546) |
Mortgage loans originated for sale | (245,792) | (238,608) | (150,099) |
Proceeds from mortgage loan sales | 219,078 | 590,636 | 186,747 |
Gain on sales of mortgage loans, net | (4,154) | (5,258) | (2,832) |
Gain on sale of other real estate owned | (96) | (1,631) | (809) |
Gain on bargain purchase of acquisitions | 0 | 0 | (1,482) |
Income on bank owned life insurance | (4,423) | (3,948) | (4,652) |
Increase in accrued interest receivable | (7,406) | (3,296) | (7,100) |
Deferred tax expense (benefit) | 11,640 | (3,180) | (9,786) |
Decrease in other assets | 3,479 | 4,245 | 4,425 |
Net tax benefit from stock-based compensation | 10,414 | 0 | 0 |
(Decrease) increase in other liabilities | (20,276) | (48,317) | 41,263 |
Total adjustments | 35,011 | 351,629 | 145,667 |
Net cash provided by operating activities | 227,136 | 533,134 | 277,388 |
Cash flows from investing activities: | |||
Purchases of loans receivable | (141,562) | (198,623) | (233,856) |
Net originations of loans receivable | (1,795,505) | (1,990,008) | (1,650,629) |
Proceeds from sale of loans held for investment | 10,398 | 49,938 | 2,425 |
Gain on disposition of loans held for investment | (646) | (2,528) | (2,425) |
Net proceeds from sale of foreclosed real estate | 5,021 | 7,104 | 7,614 |
Proceeds from paydowns on equity securities available for sale | 302,769 | 252,683 | 174,255 |
Proceeds from sales of securities available for sale | 57,879 | 0 | 51,093 |
Proceeds from paydowns/maturities on debt securities held-to-maturity | 368,543 | 300,549 | 183,482 |
Proceeds from sales of securities held to maturity | 14,348 | 0 | 19,177 |
Purchases of securities available for sale | (744,380) | (375,605) | (587,952) |
Purchases of debt securities held-to-maturity | (295,157) | (582,337) | (930,256) |
Proceeds from redemptions of Federal Home Loan Bank stock | 215,142 | 157,342 | 143,707 |
Purchases of Federal Home Loan Bank stock | (274,583) | (184,492) | (116,403) |
Purchases of office properties and equipment | (21,088) | (25,550) | (31,655) |
Death benefit proceeds from bank owned life insurance | 875 | 6,405 | 5,455 |
Cash received from MHC for merger | 0 | 0 | 11,307 |
Cash received, net of cash consideration paid for acquisitions | 0 | 0 | 17,917 |
Net cash used in investing activities | (2,297,946) | (2,585,122) | (2,936,744) |
Cash flows from financing activities: | |||
Net increase in deposits | 1,217,177 | 1,891,330 | 1,198,843 |
Net proceeds from sale of common stock | 0 | 0 | 2,149,893 |
Loan to ESOP for purchase of common stock | 0 | 0 | (66,174) |
Repayments of funds borrowed under other repurchase agreements | 0 | (10,000) | (98,205) |
Net increase (decrease) in other borrowings | 1,283,161 | 506,986 | (508,150) |
Net (decrease) increase in advance payments by borrowers for taxes and insurance | (2,870) | 38,828 | 1,979 |
Dividends paid | (82,291) | (87,395) | (42,555) |
Exercise of stock options | 34,317 | 10,119 | 13,810 |
Purchase of treasury stock | (363,410) | (382,922) | (13,523) |
Net tax benefit from stock-based compensation | 0 | 2,985 | 3,710 |
Net cash provided by financing activities | 2,086,084 | 1,969,931 | 2,639,628 |
Net increase (decrease) in cash and cash equivalents | 15,274 | (82,057) | (19,728) |
Cash and cash equivalents at beginning of year | 148,904 | 230,961 | 250,689 |
Cash and cash equivalents at end of year | 164,178 | 148,904 | 230,961 |
Non-cash investing activities: | |||
Real estate acquired through foreclosure | 3,351 | 4,448 | 6,404 |
Transfer of loans to loans held for sale | 0 | 347,955 | 32,411 |
Cash paid during the year for: | |||
Interest | 152,807 | 135,930 | 118,140 |
Income taxes | 117,127 | 88,169 | 85,796 |
Non-cash assets acquired: | |||
Investment securities available for sale | 0 | 0 | 50,347 |
Loans | 0 | 0 | 195,062 |
Goodwill and other intangible assets, net | 0 | 0 | 1,853 |
Other assets | 0 | 0 | 21,343 |
Total non-cash assets acquired | 0 | 0 | 268,605 |
Liabilities assumed: | |||
Deposits | 0 | 0 | 254,672 |
Borrowings | 0 | 0 | 5,185 |
Other liabilities | 0 | 0 | 3,184 |
Total liabilities assumed | 0 | 0 | 263,041 |
Net non-cash assets acquired | 0 | 0 | 5,564 |
Common stock issued for acquisitions | $ 0 | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The following significant accounting and reporting policies of Investors Bancorp, Inc. and subsidiaries (collectively, the Company) conform to U.S. generally accepted accounting principles (GAAP), and are used in preparing and presenting these consolidated financial statements. (a) Basis of Presentation The consolidated financial statements are 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"). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair presentation of the consolidated financial condition and the consolidated results of operations for the periods presented have been included. The results of operations and other data presented for the years ended December 31, 2016 , 2015 and 2014 are not necessarily indicative of the results of operations that may be expected for subsequent years. In January 1997, the Bank completed a Plan of Mutual Holding Company Reorganization, utilizing the multi-tier mutual holding company structure. In a series of steps, the Bank formed a Delaware-chartered stock corporation (Investors Bancorp, Inc.) which owned 100% of the common stock of the Bank and formed a New Jersey-chartered mutual holding company (Investors Bancorp, MHC) which initially owned all of the common stock of Investors Bancorp, Inc. On October 11, 2005 , Investors Bancorp, Inc. completed an initial public stock offering. See Note 2. On May 7, 2014, Investors Bancorp, MHC, Investors Bancorp, Inc. and the Bank completed the Plan of Conversion and Reorganization of the Mutual Holding Company (the “Plan”) in which the Bank reorganized from a two-tier mutual holding company structure to a fully public stock holding company structure. The Company raised net proceeds of $2.15 billion by selling a total of 219,580,695 shares of common stock at $10.00 per share in the second step stock offering and issued 1,000,000 shares of common stock to the Investors Charitable Foundation. Concurrent with the completion of the stock offering, each share of Old Investors Bancorp common stock owned by public stockholders (stockholders other than Investors Bancorp, MHC) was exchanged for 2.55 shares of Company common stock. A total of 137,560,968 shares of Company common stock were issued in the exchange. The conversion was accounted for as a capital raising transaction by entities under common control. The historical financial results of Investors Bancorp, MHC are immaterial to the results of the Company and therefore upon completion of the conversion, the net assets of Investors Bancorp, MHC were merged into the Company and are reflected as an increase to stockholders' equity. In addition, the second step conversion resulted in the accelerated vesting of all outstanding stock awards as of the conversion date. The withholding of shares for payment of taxes with respect to these awards resulted in treasury stock of 1,101,694 shares. As a result of the conversion, all share information has been revised to reflect the 2.55 - to- one exchange ratio. Financial information presented in this Form 10-K is derived in part from the consolidated financial statements of Old Investors Bancorp and subsidiaries. See Note 2. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimate of our allowance for loan losses, the valuation of mortgage servicing rights (“MSR”), the valuation of deferred tax assets, impairment judgments regarding goodwill and fair value, impairment of securities, stock based compensation and derivative instruments are particularly critical because they involve a higher degree of complexity and subjectivity and require estimates and assumptions about highly uncertain matters. Actual results may differ from our estimates and assumptions. The current economic environment has increased the degree of uncertainty inherent in these material estimates. Business Investors Bancorp, Inc.’s primary business is holding the common stock of the Bank and a loan to the Investors Bank Employee Stock Ownership Plan. The Bank provides banking services to customers primarily through branch offices in New Jersey and New York. The Bank is subject to competition from other financial institutions and is subject to the regulations of certain federal and state regulatory authorities and undergoes periodic examinations by those regulatory authorities. (b) Cash Equivalents Cash equivalents consist of cash on hand, amounts due from banks and interest-bearing deposits in other financial institutions. The Company is required by the Federal Reserve System to maintain cash reserves equal to a percentage of certain deposits. The reserve requirement totaled $62.8 million at December 31, 2016 and $43.4 million at December 31, 2015 . (c) Securities Securities include securities held-to-maturity and securities available-for-sale. Management determines the appropriate classification of securities at the time of purchase. If management has the positive intent not to sell and the Company would not be required to sell prior to maturity, they are classified as held-to-maturity securities. Such securities are stated at amortized cost, adjusted for unamortized purchase premiums and discounts. Securities in the available-for-sale category are debt and mortgage-backed securities which the Company may sell prior to maturity, and all marketable equity securities. Available-for-sale securities are reported at fair value with any unrealized appreciation or depreciation, net of tax effects, reported as accumulated other comprehensive income/loss in stockholders’ equity. Discounts and premiums on securities are accreted or amortized using the level-yield method over the estimated lives of the securities, including the effect of prepayments. Realized gains and losses are recognized when securities are sold or called using the specific identification method. The Company periodically evaluates the security portfolio for other-than-temporary impairment. Other-than-temporary impairment means the Company believes the security’s impairment is due to factors that could include its inability to pay interest or dividends, its potential for default, and/or other factors. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 320, “Investments — Debt and Equity Securities” , when a held to maturity or available for sale debt security is assessed for other-than-temporary impairment, the Company has to first consider (a) whether it intends to sell the security, and (b) whether it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis. If one of these circumstances applies to a security, an other-than-temporary impairment loss is recognized in the statement of income equal to the full amount of the decline in fair value below amortized cost. If neither of these circumstances applies to a security, but the Company does not expect to recover the entire amortized cost basis, an other-than-temporary impairment loss has occurred that must be separated into two categories: (a) the amount related to credit loss, and (b) the amount related to other factors. In assessing the level of other-than-temporary impairment attributable to credit loss, the Company compares the present value of cash flows expected to be collected with the amortized cost basis of the security. The portion of the total other-than-temporary impairment related to credit loss is recognized in earnings, while the amount related to other factors is recognized in other comprehensive income. The total other-than-temporary impairment loss is presented in the statement of income, less the portion recognized in other comprehensive income. When a debt security becomes other-than-temporarily impaired, its amortized cost basis is reduced to reflect the portion of the total impairment related to credit loss. To determine whether a security’s impairment is other-than-temporary, the Company considers factors that include, the duration and severity of the impairment; the Company’s ability and intent to hold security investments until they recover in value (as well as the likelihood of such a recovery in the near term); the Company’s intent to sell security investments; and whether it is more likely than not that the Company will be required to sell such securities before recovery of their individual amortized cost basis less any current-period credit loss. For debt securities, the primary consideration in determining whether impairment is other-than-temporary is whether or not it is probable that current or future contractual cash flows have been or may be impaired. (d) Loans Receivable, Net Loans receivable, other than loans held-for-sale, are stated at unpaid principal balance, adjusted by unamortized premiums and unearned discounts, net deferred origination fees and costs, net purchase accounting adjustments and the allowance for loan losses. Interest income on loans is accrued and credited to income as earned. Premiums and discounts on purchased loans and net loan origination fees and costs are deferred and amortized to interest income over the estimated life of the loan as an adjustment to yield. The allowance for loan losses is increased by the provision for loan losses charged to earnings and is decreased by charge-offs, net of recoveries. The provision for loan losses is based on management’s evaluation of the adequacy of the allowance which considers, among other things, the Company’s past loan loss experience (using the appropriate look-back and loss emergence periods), known and inherent risks in the portfolio, existing adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and current economic conditions. While management uses available information to recognize estimated losses on loans, future additions may be necessary based on changes in economic or other conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based upon their judgments and information available to them at the time of their examinations. A loan is considered delinquent when we have not received a payment within 30 days of its contractual due date. The accrual of income on loans is discontinued when interest or principal payments are 90 days in arrears or when the timely collection of such income is doubtful. Loans on which the accrual of income has been discontinued are designated as non-accrual loans and outstanding interest previously credited is reversed. Interest income on non-accrual loans and impaired loans is recognized in the period collected unless the ultimate collection of principal is considered doubtful. A loan is returned to accrual status when all amounts due have been received and the remaining principal is deemed collectible. Loans are generally charged off after an analysis is completed which indicates that collectability of the full principal balance is in doubt. The Company defines an impaired loan as a loan for which it is probable, based on current information, that the lender will not collect all amounts due under the contractual terms of the loan agreement. The Company evaluates commercial loans with an outstanding balance greater than $1.0 million and on non-accrual status, loans modified in a troubled debt restructuring (“TDR”), and other commercial loans greater than $1.0 million outstanding balance if management has specific information that it is probable they will not collect all amounts due under the contractual terms of the loan agreement for impairment. Impaired loans are individually evaluated to determine that the loan’s carrying value is not in excess of the fair value of the collateral or the present value of the expected future cash flows. Smaller balance homogeneous loans are evaluated for impairment collectively unless they are modified in a trouble debt restructure. Such loans include residential mortgage loans, consumer loans, and loans not meeting the Company’s definition of impaired, and are specifically excluded from impaired loans. Purchased Credit-Impaired ("PCI") loans, are loans acquired at a discount that is due, in part, to credit quality. PCI loans are accounted for in accordance with ASC Subtopic 310-30 and are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance (i.e., the allowance for loan losses). The difference between the undiscounted cash flows expected at acquisition and the initial carrying amount (fair value) of the PCI loans, or the “accretable yield,” is recognized as interest income utilizing the level-yield method over the life of the loans. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non-accretable difference,” are not recognized as a yield adjustment, as a loss accrual or a valuation allowance. Reclassifications of the non-accretable difference to the accretable yield may occur subsequent to the loan acquisition dates due to increases in expected cash flows of the loans and result in an increase in yield on a prospective basis. (e) Loans Held-for-Sale Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. (f) Stock in the Federal Home Loan Bank The Bank, as a member of the Federal Home Loan Bank of New York (“FHLB”), is required to hold shares of capital stock of the FHLB based on our activities, primarily our outstanding borrowings, with the FHLB. The stock is carried at cost, less any impairment. (g) Office Properties and Equipment, Net Land is carried at cost. Office buildings, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Office buildings and furniture, fixtures and equipment are depreciated using an accelerated basis over the estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the terms of the respective leases or the lives of the assets, whichever is shorter. (h) Bank Owned Life Insurance Bank owned life insurance is carried at the amount that could be realized under the Company’s life insurance contracts as of the date of the consolidated balance sheets and is classified as a non-interest earning asset. Increases in the carrying value are recorded as non-interest income in the consolidated statements of income and insurance proceeds received are generally recorded as a reduction of the carrying value. The carrying value consists of cash surrender value of $152.8 million at December 31, 2016 and $152.5 million at December 31, 2015 and a claims stabilization reserve of $9.1 million at December 31, 2016 and $6.6 million at December 31, 2015 . Repayment of the claims stabilization reserve (funds transferred from the cash surrender value to provide for future death benefit payments) and the deferred acquisition costs (costs incurred by the insurance carrier for the policy issuance) is guaranteed by the insurance carrier provided that certain conditions are met at the date on which a contract is surrendered. The Company satisfied these conditions at December 31, 2016 and 2015 . (i) Intangible Assets Goodwill. Goodwill is presumed to have an indefinite useful life and is tested, at least annually, for impairment at the reporting unit level. Impairment exists when the carrying amount of goodwill exceeds its implied fair value. For purposes of our goodwill impairment testing, we have identified the Bank as a single reporting unit. At December 31, 2016 , the carrying amount of our goodwill totaled $77.6 million . In connection with our annual impairment assessment we applied the guidance in FASB Accounting Standards Update (“ASU”) 2011-08, Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment, which permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. For the year ended December 31, 2016 , the Company’s qualitative assessment concluded that it was not more likely than not that the fair value of the reporting unit is less than its carrying amount and, therefore, the two-step goodwill impairment test was not required. Mortgage Servicing Rights . The Company recognizes as separate assets the rights to service mortgage loans. The right to service loans for others is generally obtained through the sale of loans with servicing retained. The initial asset recognized for originated mortgage servicing rights (“MSR”) is measured at fair value. The fair value of MSR is estimated by reference to current market values of similar loans sold with servicing released. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings as a component of fees and service charges. Subsequent increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income when the related mortgage loan payments are collected. Core Deposit Premiums . Core deposit premiums represent the intangible value of depositor relationships assumed in purchase acquisitions and are amortized on an accelerated basis over 10 years. The Company periodically evaluates the value of core deposit premiums to ensure the carrying amount exceeds it implied fair value. (j) Other Real Estate Owned Real estate owned (“REO”) consists of properties acquired through foreclosure or deed in lieu of foreclosure. Such assets are carried at the lower of cost or fair value, less estimated selling costs, based on independent appraisals. Write-downs required at the time of acquisition are charged to the allowance for loan losses. Thereafter, decreases in the properties’ estimated fair value are charged to income along with any additional property maintenance and protection expenses incurred in owning the properties. (k) Borrowed Funds Our FHLB borrowings, frequently referred to as advances, are over collateralized by our residential and non residential mortgage portfolios as well as qualified investment securities. The Bank also enters into sales of securities under agreements to repurchase with selected brokers and the FHLB. The securities underlying the agreements are delivered to the counterparty who agrees to resell to the Bank the identical securities at the maturity or call of the agreement. These agreements are recorded as financing transactions, as the Bank maintains effective control over the transferred securities, and no gain or loss is recognized. The dollar amount of the securities underlying the agreements continues to be carried in the Bank’s securities portfolio. The obligations to repurchase the securities are reported as a liability in the consolidated balance sheets. (l) Income Taxes The Company records income taxes in accordance with ASC 740, “ Income Taxes ,” as amended, using the asset and liability method. Accordingly, deferred tax assets and liabilities: (i) are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns; (ii) are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases; and (iii) are measured using enacted tax rates expected to apply in the years when those temporary differences are expected to be recovered or settled. Where applicable, deferred tax assets are reduced by a valuation allowance for any portions determined not likely to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period of enactment. The valuation allowance is adjusted, by a charge or credit to income tax expense, as changes in facts and circumstances warrant. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, where applicable, in income tax expense. (m) Employee Benefits The Company has a defined benefit pension plan which covers all employees who satisfy the eligibility requirements. The Company participates in a multiemployer plan. Costs of the pension plan are based on the contributions required to be made to the plan. The Company has two Supplemental Employee Retirement Plans (“SERPs”). The SERPs are a nonqualified, defined benefit plans which provide benefits to certain eligible employees of the Company whose benefits and/or contributions under the pension plan are limited by the Internal Revenue Code. The Company also has a nonqualified, defined benefit plan which provides benefits to its directors. The SERPs and the Directors’ Plan are unfunded and the costs of the plans are recognized over the period that services are provided. The Company has a 401(k) plan covering substantially all employees. The Company matches 50% of the first 6% contributed by participants and recognizes expense as its contributions are made. The employee stock ownership plan (ESOP) is accounted for in accordance with the provisions of ASC 718-40, “ Employers’ Accounting for Employee Stock Ownership Plans .” The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions over a period of up to 30 years. The Company’s common stock not yet allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the market price of the Company’s stock and is recognized as shares are committed to be released to participants due to the repayment of the loan by the ESOP to the Company. The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of those awards in accordance with ASC 718, “ Compensation-Stock Compensation ”. The Company estimates the per share fair value of option grants on the date of grant using the Black-Scholes option pricing model using assumptions for the expected dividend yield, expected stock price volatility, risk-free interest rate and expected option term. These assumptions are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision. The Black-Scholes option pricing model also contains certain inherent limitations when applied to options that are not traded on public markets. 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 per share fair value of options is highly sensitive to changes in assumptions. In general, the per share fair value of options will move in the same direction as changes in the expected stock price volatility, risk-free interest rate and expected option term, and in the opposite direction as changes in the expected dividend yield. For example, the per share fair value of options will generally increase as expected stock price volatility increases, risk-free interest rate increases, expected option term increases and expected dividend yield decreases. The use of different assumptions or different option pricing models could result in materially different per share fair values of options. (n) Earnings Per Share Basic earnings per common share, or EPS, are computed by dividing net income by the weighted-average common shares outstanding during the year. The weighted-average common shares outstanding includes the weighted-average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted stock and unallocated shares held by the ESOP. For EPS calculations, ESOP shares that have been committed to be released are considered outstanding. ESOP shares that have not been committed to be released are excluded from outstanding shares on a weighted average basis for EPS calculations. Diluted EPS is computed using the same method as basic EPS, but includes the effect of all potentially dilutive common shares that were outstanding during the period, such as unexercised stock options and unvested shares of restricted stock, calculated using the treasury stock method. When applying the treasury stock method, we add: (1) the assumed proceeds from option exercises and (2) the average unamortized compensation costs related to unvested shares of restricted stock and stock options. We then divide this sum by our average stock price to calculate shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted EPS. (o) Derivative Financial Instruments As part of our interest rate risk management, we may utilize, from time-to-time, derivative financial instruments which are recorded as either assets or liabilities in the consolidated balance sheet at fair value. 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. The ineffective portion of the change in fair value of the derivatives would be recognized directly in earnings. |
Stock Transactions
Stock Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stock Transactions | Stock Transactions Stock Offering Investors Bancorp, Inc. (the “Company”) is a Delaware corporation that was incorporated in December 2013 to be the successor to Investors Bancorp, Inc. (“Old Investors Bancorp”) upon completion of the mutual-to-stock conversion of Investors Bancorp, MHC, the top tier holding company of Old Investors Bancorp. Old Investors Bancorp completed its initial public stock offering on October 11, 2005 selling 131,649,089 shares, or 43.74% of its outstanding common stock, to subscribers in the offering, including 10,847,883 shares purchased by the ESOP. Upon completion of the initial public offering, Investors Bancorp, MHC, a New Jersey chartered mutual holding company held 165,353,151 shares, or 54.94% of the Company’s outstanding common stock (shares restated to include shares issued in a business combination subsequent to initial public offering). Additionally, the Company contributed $5.2 million in cash and issued 3,949,473 shares of common stock, or 1.32% of its outstanding shares, to Investors Bank Charitable Foundation resulting in a pre-tax expense charge of $20.7 million . Net proceeds from the initial offering were $509.7 million . The Company contributed $255.0 million of the net proceeds to the Bank. In conjunction with the second step conversion, Investors Bancorp, MHC merged into Old Investors Bancorp (and ceased to exist), and Old Investors Bancorp merged into the Company and the Company became its successor under the name Investors Bancorp, Inc. The second step conversion was completed May 7, 2014. The Company raised net proceeds of $2.15 billion by selling a total of 219,580,695 shares of common stock at $10.00 per share in the second step stock offering and issued 1,000,000 shares of common stock to the Investors Charitable Foundation. Concurrent with the completion of the stock offering, each share of Old Investors Bancorp common stock owned by public stockholders (stockholders other than Investors Bancorp, MHC) was exchanged for 2.55 shares of Company common stock. A total of 137,560,968 shares of Company common stock were issued in the exchange. The conversion was accounted for as a capital raising transaction by entities under common control. The historical financial results of Investors Bancorp, MHC are immaterial to the results of the Company and therefore upon completion of the conversion, the net assets of Investors Bancorp, MHC were merged into the Company and are reflected as an increase to stockholders' equity. In addition, the second step conversion resulted in the accelerated vesting of all outstanding stock awards as of the conversion date. The withholding of shares for payment of taxes with respect to these awards resulted in treasury stock of 1,101,694 shares. Stock Repurchase Programs 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 year ended December 31, 2016 , the Company purchased 31,336,369 shares at a cost of $363.4 million , or approximately $11.60 per share. During the year ended December 31, 2015 , the Company purchased 31,576,421 shares at a cost of $382.9 million , or approximately $12.13 per share. During the year ended December 31, 2014 , prior to the second step conversion, the Company purchased 1,295,193 shares at a cost of $13.5 million , or approximately $10.44 per share. The second step conversion on May 7, 2014 resulted in the accelerated vesting of all outstanding stock awards. The withholding of shares for payments of taxes with respect to these awards resulted in the purchase of 1,101,694 shares. Cash Dividends Since September 2012, we have paid a quarterly cash dividend. Our dividend payout ratio for the year ending December 31, 2016 was 40%. |
Securities
Securities | 12 Months Ended |
Dec. 31, 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 December 31, 2016 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Equity securities $ 5,825 918 83 6,660 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 603,774 1,971 7,306 598,439 Federal National Mortgage Association 1,022,383 2,678 16,474 1,008,587 Government National Mortgage Association 47,538 — 791 46,747 Total mortgage-backed securities available-for-sale 1,673,695 4,649 24,571 1,653,773 Total available-for-sale securities $ 1,679,520 5,567 24,654 1,660,433 At December 31, 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 $ 2,128 — 2,128 12 — 2,140 Municipal bonds 37,978 — 37,978 1,515 — 39,493 Corporate and other debt securities 65,852 21,760 44,092 40,153 — 84,245 Total debt securities held-to-maturity 105,958 21,760 84,198 41,680 — 125,878 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 411,692 1,559 410,133 793 3,502 407,424 Federal National Mortgage Association 1,246,635 1,802 1,244,833 3,635 15,389 1,233,079 Government National Mortgage Association 16,392 — 16,392 28 — 16,420 Total mortgage-backed securities held-to-maturity 1,674,719 3,361 1,671,358 4,456 18,891 1,656,923 Total held-to-maturity securities $ 1,780,677 25,121 1,755,556 46,136 18,891 1,782,801 (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 December 31, 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 December 31, 2016 the TruPS had an amortized cost and estimated fair value of $39.1 million and $79.2 million , respectively. While all were investment grade at purchase, securities classified as non-investment grade at December 31, 2016 had an amortized cost and estimated fair value of $37.1 million and $72.9 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 $469.4 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 December 31, 2016 , by contractual maturity, are shown below. December 31, 2016 Carrying Value Estimated fair value (In thousands) Due in one year or less $ 33,348 33,348 Due after one year through five years 2,203 2,215 Due after five years through ten years 5,000 5,003 Due after ten years 43,647 85,312 Total $ 84,198 125,878 Gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2016 and December 31, 2015 , was as follows: December 31, 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: Equity Securities $ 4,722 83 — — 4,722 83 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 406,878 7,220 12,756 86 419,634 7,306 Federal National Mortgage Association 762,272 15,977 25,089 497 787,361 16,474 Government National Mortgage Association 46,747 791 — — 46,747 791 Total mortgage-backed securities available-for-sale 1,215,897 23,988 37,845 583 1,253,742 24,571 Total available-for-sale securities 1,220,619 24,071 37,845 583 1,258,464 24,654 Held-to-maturity: Mortgage-backed securities: Federal Home Loan Mortgage Corporation 339,666 3,354 3,623 148 343,289 3,502 Federal National Mortgage Association 970,194 15,389 — — 970,194 15,389 Total held-to-maturity securities $ 1,309,860 18,743 3,623 148 1,313,483 18,891 Total $ 2,530,479 42,814 41,468 731 2,571,947 43,545 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 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 December 31, 2016 and 2015 gross unrealized losses primarily 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 debt security is other-than-temporarily impaired, the Company will estimate the amount of the unrealized loss that is attributable to credit and all other non-credit related factors. The credit related component will be recognized as an other-than-temporary impairment charge in non-interest income. The non-credit related component will be recorded as an adjustment to accumulated other comprehensive income, net of tax. With the assistance of a valuation specialist, we evaluate the credit and performance of each issuer underlying our pooled trust preferred securities. Cash flows for each security are forecast using assumptions for defaults, recoveries, pre-payments and amortization. At December 31, 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 December 31, 2016 and 2015 . At December 31, 2016 , non-credit related OTTI recorded on the previously impaired pooled trust preferred securities was $21.8 million ( $12.9 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 Years Ended December 31, 2016 2015 2014 (In thousands) Balance of credit related OTTI, beginning of period $ 100,200 108,817 112,235 Additions: Initial credit impairments — — — Subsequent credit impairments — — — Reductions: Accretion of credit loss impairment due to an increase in expected cash flows (4,457 ) (3,804 ) (3,418 ) Reduction for securities sold or paid off during the period — (4,813 ) — Balance of credit related OTTI, end of period $ 95,743 100,200 108,817 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 year ended December 31, 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 . For the year ended December 31, 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 year ended December 31, 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 year ended December 31, 2015, the Company recognized gains on available-for-sale securities of $145,000 related to capital distributions of equity securities held in the available-for-sale portfolio. For the year ended December 31, 2015, there were no sales of securities from held-to-maturity portfolio, however for the year ended December 31, 2015, the Company recognized a loss of $646,000 on a TruP security which was liquidated by its Trustee. For the year ended December 31, 2014, the Company recognized net gains on available-for-sale securities of $619,000 , of which $145,000 were related to capital distributions of equity securities held in the available-for-sale portfolio. In December 2013, regulatory agencies adopted a rule on the treatment of certain collateralized debt obligations backed by trust preferred securities to implement sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act, known as the Volcker Rule. As a result of the evaluation of the impact of the Volcker Rule, the Company reclassified one trust preferred security to available-for-sale. The Company sold the security for the year ended December 31, 2014, resulting in gross realized gains of $474,000 . For the year ended December 31, 2014 total proceeds of securities from the held-to-maturity portfolio were $19.2 million , which resulted in gross realized gains of $927,000 . For the year ended December 31, 2014, sales of mortgage back securities from the held-to-maturity portfolio, which had a book value of $18.3 million resulted in gross realized gains of $877,000 . These securities met the criteria of principal pay downs under 85% of the original investment amount and therefore did not result in a tainting of the held-to-maturity portfolio. The Company sells securities when market pricing presents, in management’s assessment, an economic benefit that outweighs holding such securities, and when smaller balance securities become cost prohibitive to carry. In addition, for the year ended December 31, 2014, the Company recognized a gain of $50,000 on a TruP security which was entirely liquidated by its Trustee. For the year ended December 31, 2014 there were no losses recognized. |
Loans Receivable, Net
Loans Receivable, Net | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans Receivable, Net | Loans Receivable, Net The detail of the loan portfolio as of December 31, 2016 and December 31, 2015 was as follows: December 31, December 31, (In thousands) Multi-family loans $ 7,459,131 6,255,904 Commercial real estate loans 4,445,194 3,821,950 Commercial and industrial loans 1,275,283 1,044,329 Construction loans 314,843 224,057 Total commercial loans 13,494,451 11,346,240 Residential mortgage loans 4,710,373 5,037,898 Consumer and other loans 596,922 496,103 Total loans excluding PCI loans 18,801,746 16,880,241 PCI loans 8,956 11,089 Net unamortized premiums and deferred loan costs (1) (12,474 ) (11,692 ) Allowance for loan losses (228,373 ) (218,505 ) Net loans $ 18,569,855 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 years ended December 31, 2016 and 2015 : Years Ended December 31, 2016 2015 (In thousands) Balance, beginning of period $ 449 971 Acquisitions — — Accretion (219 ) (522 ) Net reclassification from non-accretable difference (1) 1,221 — Balance, end of period $ 1,451 449 (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: Years Ended December 31, 2016 2015 2014 (In thousands) Balance at beginning of the period $ 218,505 200,284 173,928 Loans charged off (14,997 ) (12,216 ) (18,244 ) Recoveries 5,115 4,437 7,100 Net charge-offs (9,882 ) (7,779 ) (11,144 ) Provision for loan losses 19,750 26,000 37,500 Balance at end of the period $ 228,373 218,505 200,284 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 its calculation of the allowance for loan loss. For the year ended December 31, 2016 , the Company recorded charge-offs of $52,000 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. Reserves for each loan segment or the loss factors are generally determined 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, credit concentrations, lending policies and procedures and industry trends, 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. The 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 special asset 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 the years ended December 31, 2016 and 2015 : December 31, 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 ) (455 ) (4,485 ) (52 ) (9,425 ) (419 ) — (14,997 ) Recoveries 1,885 689 541 267 1,631 102 — 5,115 Provision 5,614 5,563 6,851 4,644 (3,818 ) 12 884 19,750 Ending balance-December 31, 2016 $ 95,561 52,796 43,492 11,653 19,831 2,850 2,190 228,373 Individually evaluated for impairment $ — — — — 1,581 20 — 1,601 Collectively evaluated for impairment 95,561 52,796 43,492 11,653 18,250 2,830 2,190 226,772 Loans acquired with deteriorated credit quality — — — — — — — — Balance at December 31, 2016 $ 95,561 52,796 43,492 11,653 19,831 2,850 2,190 228,373 Loans: Individually evaluated for impairment $ 248 5,962 3,370 — 24,453 371 — 34,404 Collectively evaluated for impairment 7,458,883 4,439,232 1,271,913 314,843 4,685,920 596,551 — 18,767,342 Loans acquired with deteriorated credit quality — 7,106 — — 1,507 343 — 8,956 Balance at December 31, 2016 $ 7,459,131 4,452,300 1,275,283 314,843 4,711,880 597,265 — 18,810,702 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 December 31, 2016 and December 31, 2015 by class of loans excluding PCI loans: December 31, 2016 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,961,809 276,858 165,948 54,516 — — 7,459,131 Commercial real estate 3,900,988 373,319 134,154 36,733 — — 4,445,194 Commercial and industrial 900,190 344,628 23,588 6,877 — — 1,275,283 Construction 230,630 76,773 3,200 4,240 — — 314,843 Total commercial loans 11,993,617 1,071,578 326,890 102,366 — — 13,494,451 Residential mortgage 4,600,611 21,873 10,239 77,650 — — 4,710,373 Consumer and other 583,140 5,627 719 7,436 — — 596,922 Total $ 17,177,368 1,099,078 337,848 187,452 — — 18,801,746 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 December 31, 2016 and December 31, 2015 by class of loans excluding PCI loans: December 31, 2016 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 5,272 1,099 234 6,605 7,452,526 7,459,131 Commercial real estate 6,568 31,964 6,445 44,977 4,400,217 4,445,194 Commercial and industrial 864 885 2,971 4,720 1,270,563 1,275,283 Construction — — — — 314,843 314,843 Total commercial loans 12,704 33,948 9,650 56,302 13,438,149 13,494,451 Residential mortgage 24,052 10,930 58,119 93,101 4,617,272 4,710,373 Consumer and other 5,627 719 7,065 13,411 583,511 596,922 Total $ 42,383 45,597 74,834 162,814 18,638,932 18,801,746 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: December 31, 2016 December 31, 2015 # of loans amount # of loans amount (Dollars in thousands) Non-accrual: Multi-family 2 $ 482 4 $ 3,467 Commercial real estate 24 9,205 37 10,820 Commercial and industrial 8 4,659 17 9,225 Construction — — 4 792 Total commercial loans 34 14,346 62 24,304 Residential and consumer 478 79,928 500 91,122 Total non-accrual loans 512 $ 94,274 562 $ 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 December 31, 2016 and December 31, 2015 , these loans are comprised of the following: December 31, 2016 December 31, 2015 # of loans Amount # of loans Amount (Dollars in thousands) Current TDR classified as non-accrual: Multi-family 1 $ 248 1 $ 1,032 Commercial real estate 1 63 2 240 Commercial and industrial 1 286 2 2,226 Construction — — — — Total commercial loans 3 597 5 3,498 Residential mortgage and consumer 23 5,721 15 3,378 Total current TDR classified as non-accrual 26 $ 6,318 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: December 31, 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 2 169 5 2,309 Commercial and industrial — — 1 360 Construction — — — — Total commercial loans 2 169 7 3,217 Residential mortgage and consumer 14 2,869 11 3,338 Total current TDR classified as non-accrual 16 $ 3,038 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 December 31, 2016 , PCI loans with a carrying value of $9.0 million included $7.7 million of which were current, none of which were 30 - 89 days delinquent and $1.3 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 December 31, 2016 and 2015 , loans meeting the Company’s definition of an impaired loan were primarily collateral dependent loans which totaled $34.4 million and $57.0 million , respectively, with allocations of the allowance for loan losses of $1.6 million and $4.2 million for the periods ending December 31, 2016 and 2015 , respectively. During the years ended December 31, 2016 and 2015 , interest income received and recognized on these loans totaled $1.5 million and $2.8 million , respectively. The following tables present loans individually evaluated for impairment by portfolio segment as of December 31, 2016 and December 31, 2015 : December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 248 248 — 252 20 Commercial real estate 5,962 9,265 — 5,790 301 Commercial and industrial 3,370 3,972 — 3,953 169 Construction — — — — — Total commercial loans 9,580 13,485 — 9,995 490 Residential mortgage and consumer 11,030 14,565 — 9,899 483 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 13,794 14,382 1,601 13,689 479 Total: Multi-family 248 248 — 252 20 Commercial real estate 5,962 9,265 — 5,790 301 Commercial and industrial 3,370 3,972 — 3,953 169 Construction — — — — — Total commercial loans 9,580 13,485 — 9,995 490 Residential mortgage and consumer 24,824 28,947 1,601 23,588 962 Total impaired loans $ 34,404 42,432 1,601 33,583 1,452 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 December 31, 2016 and December 31, 2015 . There were three residential PCI loans that were classified as TDRs and are included in the table below at December 31, 2016 . There were three residential PCI loans that were classified as TDRs for the period ended December 31, 2015 . December 31, 2016 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 1 $ 248 1 $ 248 Commercial real estate 2 352 4 3,240 6 3,592 Commercial and industrial — — 2 1,688 2 1,688 Construction — — — — — — Total commercial loans 2 352 7 5,176 9 5,528 Residential mortgage and consumer 40 9,093 61 15,731 101 24,824 Total 42 $ 9,445 68 $ 20,907 110 $ 30,352 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 years ended December 31, 2016 and 2015 : Years Ended December 31, 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 Restructings: Multi-family — $ — $ — 1 $ 1,115 $ 1,115 Commercial real estate 6 1,289 1,289 4 824 824 Construction — — — 2 1,508 1,508 Commercial and industrial — — — 2 2,246 2,246 Residential mortgage 27 4,538 4,538 19 3,413 3,413 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 dependent TDRs during the year ended December 31, 2016 . During the year ended December 31, 2015 there were no charges-offs for collateral dependent TDRs. The allowance for loan losses associated with the TDRs presented in the above tables totaled $1.6 million and $1.8 million for the periods at December 31, 2016 and 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. During the year ended December 31, 2016 , the Company had an existing TDR commercial loan for which the Company extended an existing working capital line of credit; however, that loan was subsequently repaid 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 years ended December 31, 2016 and 2015 : Years Ended December 31, 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 6 5.11 % 5.20 % 4 4.53 % 5.35 % Construction — — % — % 2 4.97 % 4.97 % Commercial and industrial — — % — % 2 6.24 % 6.24 % Residential mortgage 27 6.18 % 3.61 % 19 4.84 % 3.40 % Payment defaults for loans modified as a TDR in the twelve months ended December 31, 2016 consisted of 11 residential loans, 4 commercial real estate loans and 1 construction loan with a recorded investment of $1.8 million , $573,000 and $132,000 , respectively, at December 31, 2016 . Of the 5 commercial loans (commercial real estate and construction) with payment defaults described above, 4 were paid in full prior to December 31, 2016 . Payment defaults for loans modified as a TDR in the twelve months ended December 31, 2015 consisted of 1 construction loan with a recorded investment of $225,000 . Loan Sales For the year ended December 31, 2016 , the Company sold $9.7 million of performing residential loans resulting in a net gain of approximately $600,000 . For the year ended December 31, 2015 , the Company sold $20.9 million of non-performing and PCI residential loans which resulted in a $4.5 million charge off recorded through the allowance. In addition, the Company sold $347.3 million of performing residential loans resulting in a gain |
Office Properties and Equipment
Office Properties and Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Office Properties and Equipment, Net | Office Properties and Equipment, Net Office properties and equipment are summarized as follows: December 31, 2016 2015 (In thousands) Land $ 20,006 20,569 Office buildings 83,699 87,832 Leasehold improvements 95,489 79,898 Furniture, fixtures and equipment 83,246 77,096 Construction in process 13,070 12,075 295,510 277,470 Less accumulated depreciation and amortization 118,093 104,951 $ 177,417 172,519 Depreciation and amortization expense for the years ended December 31, 2016 , 2015 and 2014 was $16.2 million , $13.9 million and $13.2 million , respectively. |
Goodwill and Intangibles Assets
Goodwill and Intangibles Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets The following table summarizes net intangible assets and goodwill at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 (In thousands) Mortgage servicing rights $ 14,889 16,248 Core deposit premiums 8,451 11,332 Other 928 160 Total other intangible assets 24,268 27,740 Goodwill 77,571 77,571 Goodwill and intangible assets $ 101,839 105,311 The following table summarizes other intangible assets as of December 31, 2016 and December 31, 2015 : Gross Intangible Asset Accumulated Amortization Valuation Allowance Net Intangible Assets (In thousands) December 31, 2016 Mortgage Servicing Rights $ 24,340 (9,286 ) (165 ) 14,889 Core Deposit Premiums 25,058 (16,607 ) — 8,451 Other 1,150 (222 ) — 928 Total other intangible assets $ 50,548 (26,115 ) (165 ) 24,268 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 $1.98 billion and $2.12 billion at December 31, 2016 and December 31, 2015 respectively, all of which relate to residential mortgage loans. At December 31, 2016 and 2015, the servicing asset, included in intangible assets, had an estimated fair value of $14.9 million and $16.2 million , respectively. For the period ending December 31, 2016, fair value was based on expected future cash flows considering a weighted average discount rate of 14.27% , a weighted average constant prepayment rate on mortgages of 9.84% and a weighted average life of 6.8 years. Core deposit premiums are amortized using an accelerated method and having a weighted average amortization period of 10 years . The following presents the estimated future amortization expense of other intangible assets for the next five years: Mortgage Servicing Rights Core Deposit Premiums Other (In thousands) 2017 $ 461 $ 2,427 $ 87 2018 491 1,974 87 2019 508 1,521 87 2020 524 1,112 87 2021 541 756 67 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits are summarized as follows: December 31, 2016 2015 Weighted Average Rate Amount % of Total Weighted Average Rate Amount % of Total (In thousands) Non-interest bearing: Checking accounts — % $ 2,173,493 14.22 % — % $ 1,890,536 13.44 % Interest-bearing: Checking accounts 0.45 % 3,916,208 25.63 % 0.29 % 2,745,489 19.52 % Money market deposits 0.65 % 4,150,583 27.16 % 0.67 % 3,861,317 27.46 % Savings 0.29 % 2,092,989 13.70 % 0.29 % 2,150,004 15.29 % Certificates of deposit 0.91 % 2,947,560 19.29 % 1.14 % 3,416,310 24.29 % Total Deposits 0.51 % $ 15,280,833 100.00 % 0.56 % $ 14,063,656 100.00 % Included in the above balances for the years ended December 31, 2016 and December 31, 2015 are money market deposits of $736.8 million and $614.2 million , respectively, obtained through brokers and certificates of deposits of $687.8 million and $417.4 million , respectively, obtained through brokers. Scheduled maturities of certificates of deposit are as follows: December 31, 2016 2015 (In thousands) Within one year $ 1,866,000 2,586,076 One to two years 674,552 496,288 Two to three years 237,506 167,028 Three to four years 62,500 57,443 After four years 107,002 109,475 $ 2,947,560 3,416,310 The aggregate amount of certificates of deposit in denominations of $100,000 or more totaled approximately $1.94 billion and $2.10 billion at December 31, 2016 and December 31, 2015 , respectively. Interest expense on deposits consists of the following: For the Years Ended December 31, 2016 2015 2014 (In thousands) Checking accounts $ 16,268 9,642 8,755 Money market deposits 25,621 24,136 13,664 Savings 6,304 6,402 6,639 Certificates of deposit 33,864 31,234 30,148 Total $ 82,057 71,414 59,206 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Borrowed funds are summarized as follows: December 31, 2016 2015 Principal Weighted Average Rate Principal Weighted Average Rate (Dollars in thousands) Funds borrowed under repurchase agreements: FHLB $ 23,629 3.90% $ 24,383 3.90% Other brokers 131,202 1.88% 131,924 1.89% Total funds borrowed under repurchase agreements 154,831 2.19% 156,307 2.21% Other borrowed funds: FHLB advances 4,391,420 1.79% 3,106,783 2.12% Total borrowed funds $ 4,546,251 1.81% $ 3,263,090 2.13% Borrowed funds had scheduled maturities as follows: December 31, 2016 2015 Principal Weighted Average Rate Principal Weighted Average Rate (Dollars in thousands) Within one year $ 983,629 1.26% $ 500,000 1.99% One to two years 862,202 2.12% 249,383 3.00% Two to three years 619,567 1.80% 862,924 2.13% Three to four years 775,000 1.96% 469,782 1.78% Four to five years 600,000 2.01% 650,000 1.99% After five years 705,853 1.84% 531,001 2.30% Total borrowed funds $ 4,546,251 1.81% $ 3,263,090 2.13% Mortgage-backed securities have been sold, subject to repurchase agreements, to the FHLB and various brokers. Mortgage-backed securities sold, subject to repurchase agreements, are held by the FHLB for the benefit of the Company. Repurchase agreements require repurchase of the identical securities. Whole mortgage loans have been pledged to the FHLB as collateral for advances, but are held by the Company. The amortized cost and fair value of the underlying securities used as collateral for securities sold under agreements to repurchase are as follows: December 31, 2016 2015 (Dollars in thousands) Amortized cost of collateral: Mortgage-backed securities $ 468,159 475,984 Total amortized cost of collateral $ 468,159 475,984 Fair value of collateral: Mortgage-backed securities $ 469,200 481,401 Total fair value of collateral $ 469,200 481,401 During the years ended December 31, 2016 , 2015 and 2014, the maximum month-end balance of the repurchase agreements was $153.0 million , $ 163.0 million and $261.2 million , respectively. The average amount of repurchase agreements outstanding during the years ended December 31, 2016 , 2015 and 2014 was $153.0 million , $159.4 million and $192.9 million , respectively, and the average interest rate was 2.16% , 2.25% and 2.02% , respectively. At December 31, 2016 , our borrowing capacity at the FHLB was $10.25 billion , of which the Company had outstanding borrowings of $4.41 billion and outstanding letters of credit of $2.92 billion . In addition, the Bank had access to unsecured overnight borrowings (Fed Funds) with other financial institutions totaling $325 million , of which no balance was outstanding at December 31, 2016 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income tax expense are as follows: Years Ended December 31, 2016 2015 2014 (In thousands) Current tax expense: Federal $ 82,708 87,748 77,029 State 12,599 14,804 7,508 95,307 102,552 84,537 Deferred tax expense (benefit): Federal 8,107 4,310 (3,846 ) State 3,533 (7,490 ) (5,940 ) 11,640 (3,180 ) (9,786 ) Total income tax expense $ 106,947 99,372 74,751 The following table presents the reconciliation between the actual income tax expense and the “expected” amount computed using the applicable statutory federal income tax rate of 35% : Years Ended December 31, 2016 2015 2014 (In thousands) “Expected” federal income tax expense $ 104,675 98,307 72,265 State tax, net 9,887 4,753 1,019 Bank owned life insurance (1,548 ) (1,382 ) (1,628 ) Excess tax benefits from employee share-based payments (7,735 ) — — Acquisition related net operating loss — (4,076 ) — ESOP fair market value adjustment 931 947 349 Non-deductible compensation 1,602 276 3,334 Expiration of stock options — 19 2 Other (865 ) 528 (590 ) Total income tax expense $ 106,947 99,372 74,751 The temporary differences and loss carryforwards which comprise the deferred tax asset and liability are as follows: December 31, 2016 2015 (In thousands) Deferred tax asset: Employee benefits $ 34,218 36,372 Deferred compensation 1,596 1,417 Premises and equipment 1,587 2,262 Allowance for loan losses 92,738 88,894 Net unrealized loss on securities 17,078 10,420 Net other than temporary impairment loss on securities 40,228 42,085 ESOP 4,333 3,695 Allowance for delinquent interest 14,539 13,071 Fair value adjustments related to acquisitions 20,823 31,986 Charitable contribution carryforward 406 5,823 Loan origination costs 9,599 7,127 Intangible assets — 45 Other 1,305 1,409 Gross deferred tax asset 238,450 244,606 Valuation allowance (346 ) (346 ) 238,104 244,260 Deferred tax liability: Intangible assets 363 — Discount accretion 4,080 — Mortgage servicing rights 6,257 6,893 Net unrealized gain on hedging activities 5,127 — Gross deferred tax liability 15,827 6,893 Net deferred tax asset $ 222,277 237,367 A deferred tax asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards. The measurement of deferred tax assets is reduced by the amount of any tax benefits that, based on available evidence, are more likely than not to be realized. The ultimate realization of the deferred tax asset is dependent upon the generation of future taxable income during the periods in which those temporary differences and carryforwards become deductible. A valuation allowance is recorded for tax benefits which management has determined are not more likely than not to be realized. In connection with the Company’s second step conversion, a $20.0 million charitable contribution was made to Investors Charitable Foundation. $10.0 million of the contribution was made in cash at the Bank level, and is expected to be fully realized based on the Bank’s future taxable income. The remaining $10.0 million contribution was made by Investors Bancorp, Inc., and based on the standalone future state taxable income at the Bancorp level, a valuation allowance of $346,000 was established as of December 31, 2014 for the portion of the state tax benefit related to the contribution that is not more likely than not to be realized. At December 31, 2016 the Company's valuation allowance pertaining to the charitable contributions remained at $346,000 . Based upon projections of future taxable income and the ability to carry back losses for two years, management believes it is more likely than not the Company will realize the remaining deferred tax asset. Retained earnings at December 31, 2016 included approximately $45.2 million for which deferred income taxes of approximately $19.0 million have not been provided. The retained earnings amount represents the base year allocation of income to bad debt deductions for tax purposes only. Base year reserves are subject to recapture if the Bank makes certain non-dividend distributions, repurchases any of its stock, pays dividends in excess of tax earnings and profits, or ceases to maintain a bank charter. Under ASC 740, this amount is treated as a permanent difference and deferred taxes are not recognized unless it appears that it will be reduced and result in taxable income in the foreseeable future. Events that would result in taxation of these reserves include failure to qualify as a bank for tax purposes or distributions in complete or partial liquidation. The Company had no unrecognized tax benefits or related interest or penalties at December 31, 2016 and 2015 . The Company files income tax returns in the United States federal jurisdiction and in the states of New Jersey and New York. As of December 31, 2016 , the Company is no longer subject to federal income tax examination for years prior to 2013. Investors Bank and its affiliates are currently under audit by the New York State Department of Taxation and Finance for tax years 2013 and 2014. The Company is no longer subject to income tax examination by New Jersey and New York for years prior to 2012 and 2013, respectively. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Plans | Benefit Plans Defined Benefit Pension Plan The Company participates in the Pentegra Defined Benefit Plan for Financial Institutions (“Pentegra DB Plan”), a tax-qualified defined-benefit pension plan. The Pentegra DB Plan’s Employer Identification Number is 13-5645888 and the Plan Number is 333. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan. The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan contributions made by a participating employer may be used to provide benefits to participants of other participating employers. The funded status (fair value of plan assets divided by funding target) as of July 1, 2016 and 2015 was 94.92% and 99.17% , respectively. The fair value of plan assets reflects any contributions received through June 30, 2016. The Company’s required contribution and pension cost was $4.2 million , $6.4 million and $5.3 million in the years ended December 31, 2016 , 2015 and 2014 , respectively. The accrued pension liability was $780,000 and $727,000 at December 31, 2016 and 2015 , respectively. The Company’s contributions to the Pentegra DB Plan are not more than 5% of the total contributions to the Pentegra DB Plan. The Company’s expected contribution for the 2017 year is approximately $3.8 million . As of December 31, 2016 the annual benefit provided under the Pentegra DB plan has been amended to freeze the plan. Freezing the plan eliminates all future benefit accruals and each participants frozen accrued benefit will be determined as of December 31, 2016 and no further benefits will accrue beyond such date. SERPs, Directors’ Plan and Other Postretirement Benefits Plan 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 was 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 incentive (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. Effective as of the close of business of December 31, 2016, the Wage Replacement Plan was amended, to cease future benefit accruals and, for certain participants, structure the benefits payable attributable attributable solely to the participants’ 2016 year of service to vest over a two-year period such that the participants would have a right to 50% of their accrued benefits attributable to their 2016 years of service as of December 31, 2016, which will become 100% vested provided the participants remained continuously employed through and including December 31, 2017. 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 following table sets forth information regarding the Wage Replacement Plan and the Directors’ Plan: December 31, 2016 2015 (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 47,887 40,522 Service cost 2,088 3,096 Interest cost 1,895 1,497 Gain due to change in mortality assumption (468 ) (778 ) Loss (gain) due to change in discount rate 1,035 (1,587 ) (Gain) loss due to demographic changes (6,716 ) 6,008 Settlements (233 ) — Actuarial gain (27 ) — Curtailment (4,294 ) — Benefits paid (871 ) (871 ) Benefit obligation at end of year 40,296 47,887 Funded status $ (40,296 ) (47,887 ) The unfunded pension benefits of $40.3 million and $47.9 million at December 31, 2016 and 2015 , respectively, are included in other liabilities in the consolidated balance sheets. The components of accumulated other comprehensive loss related to pension plans, on a pre-tax basis, at December 31, 2016 and 2015 , are summarized in the following table. December 31, 2016 2015 (In thousands) Prior service cost $ — — Net actuarial gain 6,759 19,284 Total amounts recognized in accumulated other comprehensive income $ 6,759 19,284 The accumulated benefit obligation for the Wage Replacement Plan and Directors’ Plan was $33.5 million and $28.6 million at December 31, 2016 and 2015 , respectively. The measurement date for our Wage Replacement Plan and Directors’ Plan is December 31 for the years ended December 31, 2016 and 2015 . The weighted-average actuarial assumptions used in the plan determinations at December 31, 2016 and 2015 were as follows: December 31, 2016 2015 Discount rate 3.80 % 3.99 % Rate of compensation increase — % 4.36 % The components of net periodic benefit cost are as follows: Years Ended December 31, 2016 2015 2014 (In thousands) Service cost $ 2,088 3,096 2,319 Interest cost 1,895 1,497 1,322 Amortization of: Prior service cost — 49 98 Net loss 2,055 1,282 633 Total net periodic benefit cost $ 6,038 5,924 4,372 The following are the weighted average assumptions used to determine net periodic benefit cost: Years Ended December 31, 2016 2015 2014 Discount rate 3.99 % 3.71 % 4.53 % Rate of compensation increase 4.36 % 4.19 % 4.00 % Estimated future benefit payments, which reflect expected future service, as appropriate for the next ten calendar years are as follows: Amount (In thousands) 2017 $ 942 2018 921 2019 899 2020 2,092 2021 2,728 2022 through 2026 14,146 401(k) Plan The Company has a 401(k) plan covering substantially all employees provided they meet the eligibility age requirement of age 21. The Company matches 50% of the first 6% contributed by the participants to the 401(k) plan. The Company’s aggregate contributions to the 401(k) plan for the years ended December 31, 2016 , 2015 and 2014 were $2.6 million , $2.2 million and $2.0 million , respectively. Employee Stock Ownership Plan The ESOP is a tax-qualified plan designed to invest primarily in the Company’s common stock that provides employees with the opportunity to receive a funded retirement benefit from the Bank, based primarily on the value of the Company’s common stock. During the Company's initial public stock offering in October 2005, the ESOP was authorized to purchase, and did purchase, 10,847,883 shares of the Company’s common stock at a price of $3.92 per share with the proceeds of a loan from the Company to the ESOP. In connection with the completion of the Company's mutual to stock conversion on May 7, 2014, the ESOP purchased an additional 6,617,421 common shares of stock at a price of $10.00 per share with the proceeds of a loan from the Company to the ESOP. The Company refinanced the outstanding principal and interest balance of $33.9 million and borrowed an additional $66.2 million to purchase the additional shares. The outstanding loan principal balance at December 31, 2016 was $92.8 million . Shares of the Company’s common stock pledged as collateral for the loan are released from the pledge pro-rata for allocation to participants as loan payments are made. At December 31, 2016 , shares allocated to participants were 4,675,456 since the plan inception. ESOP shares that were unallocated or not yet committed to be released totaled 12,789,847 at December 31, 2016 , and had a fair value of $178.4 million . ESOP compensation expense for the years ended December 31, 2016 , 2015 and 2014 was $5.4 million , $5.5 million and $5.1 million , respectively, representing the fair value of shares allocated or committed to be released during the year. The Supplemental ESOP also provides supplemental benefits to certain executives as designated by the Compensation Committee of the Board of Directors who are prevented from receiving the full benefits contemplated by ESOP's benefit formula due to the Internal Revenue Code. During the years ended December 31, 2016 , 2015 and 2014 , compensation expense related to this plan amounted to $766,000 , $656,000 and $568,000 , respectively. 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 year ended December 31, 2016 , the Company granted 276,890 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 year ended December 31, 2016 , the Company granted 201,440 stock options under the 2015 Plan. During the year ended December 31, 2015 , the Compensation and Benefits Committee approved the issuance of 6,849,832 restricted stock awards and 11,576,611 stock options to certain officers under the Investors Bancorp, Inc. 2015 Plan. During the year ended December 31, 2014 , the Compensation and Benefits Committee approved the issuance of 38,250 restricted stock awards and 144,177 stock options to certain officers under the Investors Bancorp, Inc. 2006 Equity Incentive Plan (the "2006 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: Year ended December 31, 2016 Year ended December 31, 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 11,576,611 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. Upon exercise of vested options, management expects to draw on treasury stock as the source for shares. The following table presents the share based compensation expense for the years ended December 31, 2016 2015 and 2014 . Upon completion of the mutual-to-stock conversion of Investors Bancorp, MHC on May 7, 2014, vesting accelerated for both stock options and restricted stock outstanding awards and all applicable expenses were recognized during the period. Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Stock option expense $ 6,556 2,905 1,800 Restricted stock expense 15,419 6,315 11,901 Total share based compensation expense $ 21,975 9,220 13,701 The following is a summary of the status of the Company’s restricted shares as of December 31, 2016 and changes therein during the year then ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at December 31, 2015 6,759,832 $ 12.64 Granted 276,890 11.69 Vested (1,060,026 ) 12.54 Forfeited (100,205 ) 12.03 Non-vested at December 31, 2016 5,876,491 $ 12.51 Expected future expenses relating to the non-vested restricted shares outstanding as of December 31, 2016 is $64.2 million over a weighted average period of 4.82 years. The following is a summary of the Company’s stock option activity and related information for its option plan for the year ended December 31, 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 11.76 9.7 Exercised (5,714,890 ) 6.00 0.3 Forfeited (125,931 ) 12.54 Expired (102 ) 8.08 Outstanding at December 31, 2016 13,165,333 $ 11.74 8.2 $ 29,101 Exercisable at December 31, 2016 3,735,974 $ 9.77 6.2 $ 15,631 The weighted average grant date fair value of options granted during the years ended December 31, 2016 and 2015 was $2.80 and $3.12 per share, respectively. Expected future expense relating to the non-vested options outstanding as of December 31, 2016 is $26.4 million over a weighted average period of 4.86 years . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 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.) As of December 31, 2016 the Company has cash flow hedges. 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 caused 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. The Company did not any have derivatives outstanding prior to September 30, 2016. During 2016, such derivatives were used to hedge the variability in cash flows associated with certain short term wholesale funding transactions. Since entering into the derivatives in the third quarter of 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 $1.5 million 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 December 31, 2016 and December 31, 2015 : Asset Derivatives Liability Derivatives At December 31, 2016 At December 31, 2015 At December 31, 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 $ 12,550 Other assets $ — Other liabilities $ — Other liabilities $ — Total derivatives designated as hedging instruments $ 12,550 $ — $ — $ — 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 December 31, 2016 and 2015 . The Company did not any have derivatives outstanding prior to 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) Twelve Months Ended December 31, Twelve Months Ended December 31, Twelve Months Ended December 31, 2016 2015 2016 2015 2016 2015 (In thousands) Derivatives in Cash Flow Hedging Relationships: Interest rate swaps $ 12,110 $ — Interest expense $ (440 ) $ — Other non-interest income $ — $ — Total $ 12,110 $ — $ (440 ) $ — $ — $ — 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 December 31, 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) December 31, 2016 Assets: Interest Rate Swaps $ 12,550 $ — $ 12,550 $ — $ (12,550 ) $ — Total $ 12,550 $ — $ 12,550 $ — $ (12,550 ) $ — December 31, 2015 Assets: 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. The Company has minimum collateral posting thresholds with its derivative counterparties and posts collateral on a daily basis as required by the clearing house against the Company’s obligations, as required by these agreements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is a defendant in certain claims and legal actions arising in the ordinary course of business. Management and the Company’s legal counsel are of the opinion that the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial condition, results of operations or liquidity. At December 31, 2016 , the Company was obligated under various non-cancelable operating leases on buildings and land used for office space and banking purposes. These operating leases contain escalation clauses which provide for increased rental expense, based primarily on increases in real estate taxes and cost-of-living indices. Rental expense under these leases aggregated approximately $22.3 million , $19.2 million and $17.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The projected annual minimum rental commitments are as follows: Amount (In thousands) 2017 $ 23,004 2018 23,367 2019 22,554 2020 20,970 2021 19,467 Thereafter 128,666 $ 238,028 Financial Transactions with Off-Balance-Sheet Risk and Concentrations of Credit Risk The Company is a party to transactions with off-balance-sheet risk in the normal course of business in order to meet the financing needs of its customers. These transactions consist of commitments to extend credit. These transactions involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the accompanying consolidated balance sheet. At December 31, 2016 , the Company had commitments to originate total commercial loans of $451.2 million . Additionally, the Company had commitments to originate residential loans of approximately $113.9 million , commitments to purchase residential loans of $151.6 million and unused home equity and overdraft lines of credit, and undisbursed business and construction loans, totaling approximately $1.07 billion . No commitments are included in the accompanying consolidated financial statements. The Company has no exposure to credit loss if the customer does not exercise its rights to borrow under the commitment. The Company uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance-sheet loans. Commitments to extend credit are agreements to lend to customers as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based on management’s credit evaluation of the borrower. Collateral held varies but primarily includes residential properties. The Company principally grants commercial real estate loans, multi-family loans, commercial and industrial loans, construction loans, residential mortgage loans and consumer and other loans to borrowers throughout New Jersey, New York and states in close proximity. Its borrowers’ abilities to repay their obligations are dependent upon various factors, including the borrowers’ income and net worth, cash flows generated by the underlying collateral, value of the underlying collateral and priority of the Company’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the Company’s control; the Company is, therefore, subject to risk of loss. The Company believes its lending policies and procedures adequately minimize the potential exposure to such risks and adequate provisions for loan losses are provided for all probable and estimable losses. Collateral and/or government or private guarantees are required for virtually all loans. The Company also holds in its loan portfolio interest-only one-to four-family mortgage loans in which the borrower makes only interest payments for the first five, seven or ten years of the mortgage loan term. This feature will result in future increases in the borrower’s contractually required payments due to the required amortization of the principal amount after the interest-only period. These payment increases could affect the borrower’s ability to repay the loan. The amount of interest-only one-to four-family mortgage loans at December 31, 2016 and December 31, 2015 was $122.0 million , and $172.3 million , respectively. The Company maintained stricter underwriting criteria for these interest-only loans than it did for its amortizing loans. The Company believes these criteria adequately control the potential exposure to such risks and that adequate provisions for loan losses are provided for all known and inherent risks. In the normal course of business the Company sells residential mortgage loans to third parties. These loan sales are subject to customary representations and warranties. In the event that the Company is found to be in breach of these representations and warranties, it may be obligated to repurchase certain of these loans. The Company has entered into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. During the year ended December 31, 2016 , such derivatives were used to hedge the variability in cash flows associated with certain short term wholesale funding transactions. The fair value of the derivative as of December 31, 2016 was an asset of $12.6 million . In connection with its mortgage banking activities, the Company has certain freestanding derivative instruments. At December 31, 2016 , the Company had commitments of approximately $47.6 million to fund loans which will be classified as held-for-sale with a like amount of commitments to sell such loans which are considered derivative instruments under ASC 815, “Derivatives and Hedging.” The Company also had commitments of $31.0 million to sell loans at December 31, 2016 . The fair values of these derivative instruments are immaterial to the Company’s financial condition and results of operations. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The guarantees generally extend for a term of up to one year and are fully collateralized. For each guarantee issued, if the customer defaults on a payment or performance to the third party, the Company would have to perform under the guarantee. Outstanding standby letters of credit totaled $20.0 million at December 31, 2016 . The fair values of these obligations were immaterial at December 31, 2016 . In addition, at December 31, 2016 , the Company had $205,000 in commercial letters of credit outstanding. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 and derivatives 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 Derivatives are reported at fair value utilizing Level 2 inputs. 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 December 31, 2016 and December 31, 2015 . Carrying Value at December 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) Securities available for sale: Equity securities $ 6,660 6,660 — — Mortgage-backed securities: Federal Home Loan Mortgage Corporation 598,439 — 598,439 — Federal National Mortgage Association 1,008,587 — 1,008,587 — Government National Mortgage Association 46,747 — 46,747 — Total mortgage-backed securities available-for-sale 1,653,773 — 1,653,773 — Total securities available-for-sale $ 1,660,433 6,660 1,653,773 — Derivative financial instruments $ 12,550 — 12,550 — Carrying Value at December 31, 2015 Total Level 1 Level 2 Level 3 (In thousands) 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 — Derivative financial instruments $ — — — — There have been no changes in the methodologies used at December 31, 2016 from December 31, 2015 , and there were no transfers between Level 1 and Level 2 during the year ended December 31, 2016 . There were no Level 3 assets measured at fair value on a recurring basis for the years ended December 31, 2016 and December 31, 2015 . 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 December 31, 2016 , the fair value model used prepayment speeds ranging from 3.15% to 24.18% and a discount rate of 14.27% 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. Estimated fair value is calculated using the fair value of collateral based on independent third-party appraisals for collateral-dependent loans. In the event the most recent appraisal does not reflect the current market conditions due to the passage of time and other factors, management will obtain an updated appraisal or make downward adjustments to the existing appraised value based on their knowledge of the property, local real estate market conditions, recent real estate transactions, and for estimated selling costs, if applicable. At December 31, 2016 , appraisals were discounted in a range of 0% - 25% for estimated costs to sell. For non collateral-dependent loans, management estimates the fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management's own estimates of the assumptions as a market participant would in pricing such loans. 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. Loans Held For Sale Residential mortgage loans held for sale are recorded at the lower of cost or fair value and are therefore measured at fair value on a non-recurring basis. When available, the Company uses observable secondary market data, including pricing on recent closed market transactions for loans with similar characteristics. The following tables provide the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a non-recurring basis at December 31, 2016 and December 31, 2015 . For the year ended December 31, 2016 , there was no change to carrying value of other real estate owned measured at fair value on a non-recurring basis. For the year ended December 31, 2015 , there was no change to carrying value of MSR, impaired loans or loans held for sale measured at fair value on a non-recurring basis. Security Type Valuation Technique Unobservable Input Range Weighted Average Input Carrying Value at December 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) MSR, net Estimated cash flow Prepayment speeds 3.15% - 24.18% 9.84% $ 12,877 — — 12,877 Impaired loans Estimated Cash Flow Lack of marketability and probability of default 22.0% - 29.0% 26.00% 1,403 — — 1,403 Loans held for sale Market comparable Lack of marketability 2.5% - 4.5% 3.45% 313 — — 313 $ 14,593 — — 14,593 Security Type Valuation Technique Unobservable Input Range Weighted Average Input Carrying Value at December 31, 2015 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 Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential mortgage and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and non-performing categories. The fair value of performing loans, except residential mortgage loans, is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the loan. For performing residential mortgage loans, fair value is estimated by discounting contractual cash flows adjusted for prepayment estimates using discount rates based on secondary market sources adjusted to reflect differences in servicing and credit costs, if applicable. Fair value for significant non-performing loans is based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. Fair values estimated in this manner do not fully incorporate an exit price approach to fair value, but instead are based on a comparison to current market rates for comparable loans. Deposit Liabilities The fair value of deposits with no stated maturity, such as savings, checking accounts and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates which approximate currently offered for deposits of similar remaining maturities. Borrowings The fair value of borrowings are based on securities dealers’ estimated fair values, when available, or estimated using discounted contractual cash flows using rates which approximate the rates offered for borrowings of similar remaining maturities. Commitments to Extend Credit The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For commitments to originate fixed rate loans, fair value also considers the difference between current levels of interest rates and the committed rates. Due to the short-term nature of our outstanding commitments, the fair values of these commitments are immaterial to our financial condition. The carrying values and estimated fair values of the Company’s financial instruments are presented in the following table. December 31, 2016 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 164,178 164,178 164,178 — — Securities available-for-sale 1,660,433 1,660,433 6,660 1,653,773 — Securities held-to-maturity 1,755,556 1,782,801 — 1,703,559 79,242 Stock in FHLB 237,878 237,878 237,878 — — Loans held for sale 38,298 38,298 — 38,298 — Net loans 18,569,855 18,391,018 — — 18,391,018 Financial liabilities: Deposits, other than time deposits $ 12,333,273 12,333,273 12,333,273 — — Time deposits 2,947,560 2,938,137 — 2,938,137 — Borrowed funds 4,546,251 4,545,745 — 4,545,745 — 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. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital | Regulatory Capital The Bank and the Company are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and the Company must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank and the Company to maintain minimum amounts and ratios of Tier 1 leverage ratio, Common equity tier 1 risk-based, Tier 1 risk-based capital and Total risk-based capital (as defined in the regulations). In July 2013, the Federal Deposit Insurance Corporation and the other federal bank regulatory agencies issued a final rule that revised their leverage and risk-based capital requirements and the method for calculating risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. The Final Capital Rules also revised the quantity and quality of required minimum risk-based and leverage capital requirements, consistent with the Reform Act and the Third Basel Accord adopted by the Basel Committee on Banking Supervision, or Basel III capital standards. The Common equity tier 1 risk-based ratio and changes to the calculation of risk-weighted assets became effective for the Bank and Company on January 1, 2015. The required minimum Conservation Buffer will be phased in incrementally, starting at 0.625% on January 1, 2016 and increasing to 1.25% on January 1, 2017, 1.875% on January 1, 2018 and 2.5% on January 1, 2019. The rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the minimum Conservation Buffer is not met. As of December 31, 2016 the Company and the Bank met the currently applicable Conservation Buffer of 0.625%. As of December 31, 2016 , the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank and the Company must maintain minimum Tier 1 leverage ratio, Common equity tier 1 risk-based, Tier 1 risk-based capital and Total risk-based capital as set forth in the tables. There are no conditions or events since that notification that management believes have changed the Bank and the Company's category. The following is a summary of the Bank and the Company’s actual capital amounts and ratios as of December 31, 2016 compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution. Actual Minimum Capital Requirement To be Well Capitalized Under Prompt Corrective Action Provisions (1) Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2016: Bank: Tier 1 Leverage Ratio $ 2,736,173 12.03 % $ 909,534 4.00 % $ 1,136,917 5.00 % Common equity tier 1 risk-based 2,736,173 14.75 % 950,740 5.125 % 1,205,817 6.50 % Tier 1 Risk-Based Capital 2,736,173 14.75 % 1,229,006 6.625 % 1,484,082 8.00 % Total Risk-Based Capital 2,965,720 15.99 % 1,600,026 8.625 % 1,855,103 10.00 % Investors Bancorp, Inc: Tier 1 Leverage Ratio $ 3,066,401 13.48 % $ 910,058 4.00 % n/a n/a Common equity tier 1 risk-based 3,066,401 16.52 % 951,411 5.125 % n/a n/a Tier 1 Risk-Based Capital 3,066,401 16.52 % 1,229,872 6.625 % n/a n/a Total Risk-Based Capital 3,295,948 17.75 % 1,601,155 8.625 % n/a n/a Actual Minimum Capital Requirement To be Well Capitalized Under Prompt Corrective Action Provisions (1) Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2015: Bank: Tier 1 Leverage Ratio $ 2,558,334 12.41 % $ 824,607 4.00 % $ 1,030,759 5.00 % Common equity tier 1 risk-based 2,558,334 15.87 % 725,523 4.50 % 1,047,978 6.50 % Tier 1 Risk-Based Capital 2,558,334 15.87 % 967,364 6.00 % 1,289,819 8.00 % Total Risk-Based Capital 2,760,081 17.12 % 1,289,819 8.00 % 1,612,274 10.00 % Investors Bancorp, Inc: Tier 1 Leverage Ratio $ 3,259,928 15.80 % $ 825,139 4.00 % n/a n/a Common equity tier 1 risk-based 3,259,928 20.20 % 726,146 4.50 % n/a n/a Tier 1 Risk-Based Capital 3,259,928 20.20 % 968,194 6.00 % n/a n/a Total Risk-Based Capital 3,461,649 21.45 % 1,290,926 8.00 % n/a n/a (1) Prompt corrective action provisions do not apply to the Bank holding company. |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | Parent Company Only Financial Statements The following condensed financial statements for Investors Bancorp, Inc. (parent company only) reflect the investment in its wholly-owned subsidiary, Investors Bank, using the equity method of accounting. Balance Sheets December 31, 2016 2015 (In thousands) Assets: Cash and due from bank $ 195,114 569,513 Securities available-for-sale, at estimated fair value 6,918 1,733 Investment in subsidiary 2,792,474 2,611,080 ESOP loan receivable 92,839 94,889 Other assets 43,711 45,898 Total Assets $ 3,131,056 3,323,113 Liabilities and Stockholders’ Equity: Total liabilities $ 7,811 11,466 Total stockholders’ equity 3,123,245 3,311,647 Total Liabilities and Stockholders’ Equity $ 3,131,056 3,323,113 Statements of Operations Year Ended December 31, 2016 2015 2014 (In thousands) Income: Interest on ESOP loan receivable $ 3,084 3,151 2,499 Dividend from subsidiary 30,000 — — Interest on deposit with subsidiary 2 2 2 Interest and dividends on investments 132 65 64 Gain on securities transactions 72 1,682 145 33,290 4,900 2,710 Expenses: Interest expense 120 54 43 Other expenses 3,933 3,170 12,197 Income (loss) before income tax expense 29,237 1,676 (9,530 ) Income tax (benefit) expense 452 540 (3,675 ) Income (loss) before undistributed earnings of subsidiary 28,785 1,136 (5,855 ) Equity in undistributed earnings of subsidiary 163,340 180,370 137,576 Net income $ 192,125 181,506 131,721 Other Comprehensive Income Year Ended December 31, 2016 2015 2014 (In thousands) Net income $ 192,125 181,506 131,721 Other comprehensive income, net of tax: Unrealized gain on securities available-for-sale 543 433 1,482 Total other comprehensive income 543 433 1,482 Total comprehensive income $ 192,668 181,939 133,203 Statements of Cash Flows Year Ended December 31, 2016 2015 2014 (In thousands) Cash flows from operating activities: Net income $ 192,125 181,506 131,721 Adjustments to reconcile net income to net cash provided by operating activities: (Equity in undistributed earnings of subsidiary) (163,340 ) (180,370 ) (137,576 ) Contribution in stock to charitable foundation — — 10,000 Gain on securities transactions (72 ) 1,682 145 Decrease (increase) in other assets 14,805 2,107 2,227 (Decrease) increase in other liabilities (3,655 ) 4,927 525 Net cash provided by operating activities 39,863 9,852 7,042 Cash flows from investing activities: Capital contributed to the Bank — — (1,074,947 ) Cash received net of cash paid for acquisition — — 48 Purchase of investments available-for-sale — — (493 ) Purchase of investments held-to-maturity (5,000 ) — — Redemption of equity securities available-for-sale 72 2,700 467 Principal collected on ESOP loan 2,050 2,062 3,093 Cash received from MHC merger — — 11,307 Net cash (used in) provided by investing activities (2,878 ) 4,762 (1,060,525 ) Cash flows from financing activities: Loan to ESOP — — (66,553 ) Proceeds from issuance of common stock — — 2,149,893 Proceeds from sale of treasury stock — — 38,227 Purchase of treasury stock (363,410 ) (382,922 ) (13,523 ) Option exercise 34,317 2,985 3,710 Dividends paid (82,291 ) (87,395 ) (42,555 ) Net cash (used in) provided by financing activities (411,384 ) (467,332 ) 2,069,199 Net (decrease) increase in cash and due from bank (374,399 ) (452,718 ) 1,015,716 Cash and due from bank at beginning of year 569,513 1,022,231 6,515 Cash and due from bank at end of year $ 195,114 569,513 1,022,231 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following tables are a summary of certain quarterly financial data for the years ended December 31, 2016 and 2015 . Income tax expense, net income and diluted shares included in the quarterly financial data previously disclosed 2016 interim periods have been revised to reflect the impact of the Company's adoption of ASU No. 2016-09, see Note 19, Recent Accounting Pronouncements. 2016 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Interest and dividend income $ 192,107 194,960 198,374 208,079 Interest expense 37,544 37,655 38,768 39,369 Net interest income 154,563 157,305 159,606 168,710 Provision for loan losses 5,000 5,000 5,000 4,750 Net interest income after provision for loan losses 149,563 152,305 154,606 163,960 Non-interest income 8,707 11,469 8,520 8,504 Non-interest expenses 87,146 91,009 91,398 89,010 Income before income tax expense 71,124 72,765 71,728 83,454 Income tax expense 26,455 27,625 21,878 30,989 Net income $ 44,669 45,140 49,850 52,465 Basic earnings per common share $ 0.14 0.15 0.17 0.18 Diluted earnings per common share $ 0.14 0.15 0.17 0.18 2015 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Interest and dividend income $ 175,159 181,529 186,897 188,138 Interest expense 30,717 32,977 35,623 37,322 Net interest income 144,442 148,552 151,274 150,816 Provision for loan losses 9,000 7,000 5,000 5,000 Net interest income after provision for loan losses 135,442 141,552 146,274 145,816 Non-interest income 8,534 11,585 11,306 8,700 Non-interest expenses 76,909 79,836 85,921 85,666 Income before income tax expense 67,067 73,301 71,659 68,850 Income tax expense 25,120 26,939 22,865 24,448 Net income $ 41,947 46,362 48,794 44,402 Basic earnings per common share $ 0.12 0.14 0.15 0.14 Diluted earnings per common share 0.12 0.14 0.15 0.14 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2016 2015 2014 Earnings for basic and diluted earnings per common share (Dollars in thousands, except per share data) Earnings applicable to common stockholders $ 192,125 $ 181,505 $ 131,721 Shares Weighted-average common shares outstanding - basic 297,580,834 329,763,527 344,389,259 Effect of dilutive common stock equivalents (1) 3,374,051 3,169,921 3,342,312 Weighted-average common shares outstanding - diluted 300,954,885 332,933,448 347,731,571 Earnings per common share Basic $ 0.65 $ 0.55 $ 0.38 Diluted $ 0.64 $ 0.55 $ 0.38 (1) For the years ended December 31, 2016 , 2015 and 2014 , there were 19,046,222 , 18,200,877 , and 142,953 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The components of comprehensive income (loss), both gross and net of tax, are as follows: Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Gross Tax Net Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 299,072 (106,947 ) 192,125 280,877 (99,372 ) 181,505 206,472 (74,751 ) 131,721 Other comprehensive income (loss): Change in funded status of retirement obligations 12,452 (4,981 ) 7,471 (2,425 ) 970 (1,455 ) (8,402 ) 3,360 (5,042 ) Unrealized (loss) gain on securities available-for-sale (19,399 ) 7,115 (12,284 ) (7,982 ) 3,049 (4,933 ) 9,836 (3,884 ) 5,952 Accretion of loss on securities reclassified to held to maturity available for sale 1,846 (754 ) 1,092 2,448 (1,000 ) 1,448 2,918 (1,192 ) 1,726 Reclassification adjustment for security gains included in net income (2,264 ) 906 (1,358 ) (1,553 ) 6 (1,547 ) (233 ) 95 (138 ) Other-than-temporary impairment accretion on debt securities 1,488 (608 ) 880 1,802 (736 ) 1,066 1,343 (549 ) 794 Net gains on derivatives arising during the period 12,550 (5,126 ) 7,424 — — — — — — Total other comprehensive (loss) income 6,673 (3,448 ) 3,225 (7,710 ) 2,289 (5,421 ) 5,462 (2,170 ) 3,292 Total comprehensive income $ 305,745 (110,395 ) 195,350 273,167 (97,083 ) 176,084 211,934 (76,921 ) 135,013 The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the years ended December 31, 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 gains 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 7,471 1,092 (13,642 ) 880 7,424 3,225 Balance - December 31, 2016 $ (4,895 ) (1,988 ) (12,271 ) (12,870 ) 7,424 (24,600 ) Balance - December 31, 2014 $ (10,911 ) (4,528 ) 7,851 (14,816 ) — (22,404 ) Net change (1,455 ) 1,448 (6,480 ) 1,066 — (5,421 ) Balance - December 31, 2015 $ (12,366 ) (3,080 ) 1,371 (13,750 ) — (27,825 ) The following table presents information about amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income and the affected line item in the statement where net income is presented. Year Ended December 31, 2016 2015 (In thousands) Reclassification adjustment for gains included in net income Gain on security transactions $ (2,264 ) (1,553 ) Change in funded status of retirement obligations (1) Compensation and fringe benefits: Adjustment of net obligation 249 2,512 Amortization of net obligation or asset — — Amortization of prior service cost — 49 Amortization of net gain 1,610 1,354 Compensation and fringe benefits 1,859 3,915 Interest Expense: Reclassification adjustment for unrealized losses on derivatives 440 — Total before tax 35 2,362 Income tax benefit 1,179 976 Net of tax $ (1,144 ) 1,386 (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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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. On December 31, 2016, The Company adopted ASU No. 2016-09 cumulatively, effective for the first quarter of 2016. Upon adoption, the Company recorded an cumulative-effect adjustment to the opening balances of retained earnings and additional paid in capital. The ASU No. 2016-09 requires that excess tax benefits and shortfalls be recorded as income tax benefit or expense in the income statement, rather than equity. This resulted in a benefit to income tax expense in each of the quarters of 2016. Relative to forfeitures, ASU No. 2016-09 allows an entity’s accounting policy election to either continue to estimate the number of awards that are expected to vest, as under current guidance, or account for forfeitures when they occur. The Company has elected to continue its existing practice of estimating the number of awards that will be forfeited. The income tax effects of ASU No. 2016-09 on the statement of cash flows are now classified as cash flows from operating activities, rather than cash flows from financing activities. The Company elected to apply this cash flow classification guidance prospectively and, therefore, prior periods have not been adjusted. ASU No. 2016-09 also requires the presentation of certain employee withholding taxes as a financing activity on the Consolidated Statement of Cash Flows; this is consistent with the manner in which we have presented such employee withholding taxes in the past. Accordingly, no reclassification for prior periods is required. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. " This ASU addresses the recognition of current and deferred taxes for an intra-entity asset transfer and amends current GAAP by eliminating the exception for intra-entity transfers of assets other than inventory to defer such recognition until sale to an outside party. ASU No. 2016-16 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been made available for issuance. The Company is currently evaluating the provisions of ASU No. 2016-16 to determine the potential impact the new standard will have on the Company's Consolidated Financial Statements. 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). While early adoption is permitted, the Company does not expect to elect that option. The Company has begun its evaluation of the amended guidance including the potential impact on its Consolidated Financial Statements. The extent of the change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. 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 continues to evaluate the impact of the guidance, including determining whether other contracts exist that are deemed to be in scope. As such, no conclusions have yet been reached regarding the potential impact on adoption 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's revenue is comprised of net interest income on interest earning assets and liabilities and non-interest income. The scope of guidance explicitly excludes net interest income as well as other revenues associated with financial assets and liabilities, including loans, leases, securities and derivatives. Accordingly, the majority of the Company's revenues will not be affected. 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 | 12 Months Ended |
Dec. 31, 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 January 24, 2017, the Company announced the entering into a Mutual Termination Agreement with The Bank of Princeton to terminate the merger agreement, which was originally entered into on May 3, 2016. The parties concluded that regulatory approval of the application submitted by Investors Bank to the Federal Deposit Insurance Corporation would not be obtained prior to the March 31, 2017 termination deadline set forth in the merger agreement. The Mutual Termination Agreement provides, among other things, that each party will bear its own costs and expenses in connection with the terminated transaction, without penalties, and mutually releases the parties from any claims of liability to one another relating to the merger transaction. As the merger was not completed, the transaction is not reflected in the balance sheet for the period presented in this document. The Company expensed costs which were to be capitalized in connection with the merger through its results of operation for the period ending December 31, 2016. On January 26, 2017, the Company declared a cash dividend of $0.08 per share. The $0.08 dividend per share was paid to stockholders on February 24, 2017, with a record date of February 10, 2017. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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"). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair presentation of the consolidated financial condition and the consolidated results of operations for the periods presented have been included. The results of operations and other data presented for the years ended December 31, 2016 , 2015 and 2014 are not necessarily indicative of the results of operations that may be expected for subsequent years. In January 1997, the Bank completed a Plan of Mutual Holding Company Reorganization, utilizing the multi-tier mutual holding company structure. In a series of steps, the Bank formed a Delaware-chartered stock corporation (Investors Bancorp, Inc.) which owned 100% of the common stock of the Bank and formed a New Jersey-chartered mutual holding company (Investors Bancorp, MHC) which initially owned all of the common stock of Investors Bancorp, Inc. On October 11, 2005 , Investors Bancorp, Inc. completed an initial public stock offering. See Note 2. On May 7, 2014, Investors Bancorp, MHC, Investors Bancorp, Inc. and the Bank completed the Plan of Conversion and Reorganization of the Mutual Holding Company (the “Plan”) in which the Bank reorganized from a two-tier mutual holding company structure to a fully public stock holding company structure. The Company raised net proceeds of $2.15 billion by selling a total of 219,580,695 shares of common stock at $10.00 per share in the second step stock offering and issued 1,000,000 shares of common stock to the Investors Charitable Foundation. Concurrent with the completion of the stock offering, each share of Old Investors Bancorp common stock owned by public stockholders (stockholders other than Investors Bancorp, MHC) was exchanged for 2.55 shares of Company common stock. A total of 137,560,968 shares of Company common stock were issued in the exchange. The conversion was accounted for as a capital raising transaction by entities under common control. The historical financial results of Investors Bancorp, MHC are immaterial to the results of the Company and therefore upon completion of the conversion, the net assets of Investors Bancorp, MHC were merged into the Company and are reflected as an increase to stockholders' equity. In addition, the second step conversion resulted in the accelerated vesting of all outstanding stock awards as of the conversion date. The withholding of shares for payment of taxes with respect to these awards resulted in treasury stock of 1,101,694 shares. As a result of the conversion, all share information has been revised to reflect the 2.55 - to- one exchange ratio. Financial information presented in this Form 10-K is derived in part from the consolidated financial statements of Old Investors Bancorp and subsidiaries. See Note 2. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimate of our allowance for loan losses, the valuation of mortgage servicing rights (“MSR”), the valuation of deferred tax assets, impairment judgments regarding goodwill and fair value, impairment of securities, stock based compensation and derivative instruments are particularly critical because they involve a higher degree of complexity and subjectivity and require estimates and assumptions about highly uncertain matters. Actual results may differ from our estimates and assumptions. The current economic environment has increased the degree of uncertainty inherent in these material estimates. Business Investors Bancorp, Inc.’s primary business is holding the common stock of the Bank and a loan to the Investors Bank Employee Stock Ownership Plan. The Bank provides banking services to customers primarily through branch offices in New Jersey and New York. The Bank is subject to competition from other financial institutions and is subject to the regulations of certain federal and state regulatory authorities and undergoes periodic examinations by those regulatory authorities. |
Cash Equivalents | Cash Equivalents Cash equivalents consist of cash on hand, amounts due from banks and interest-bearing deposits in other financial institutions. The Company is required by the Federal Reserve System to maintain cash reserves equal to a percentage of certain deposits. |
Securities | Securities Securities include securities held-to-maturity and securities available-for-sale. Management determines the appropriate classification of securities at the time of purchase. If management has the positive intent not to sell and the Company would not be required to sell prior to maturity, they are classified as held-to-maturity securities. Such securities are stated at amortized cost, adjusted for unamortized purchase premiums and discounts. Securities in the available-for-sale category are debt and mortgage-backed securities which the Company may sell prior to maturity, and all marketable equity securities. Available-for-sale securities are reported at fair value with any unrealized appreciation or depreciation, net of tax effects, reported as accumulated other comprehensive income/loss in stockholders’ equity. Discounts and premiums on securities are accreted or amortized using the level-yield method over the estimated lives of the securities, including the effect of prepayments. Realized gains and losses are recognized when securities are sold or called using the specific identification method. The Company periodically evaluates the security portfolio for other-than-temporary impairment. Other-than-temporary impairment means the Company believes the security’s impairment is due to factors that could include its inability to pay interest or dividends, its potential for default, and/or other factors. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 320, “Investments — Debt and Equity Securities” , when a held to maturity or available for sale debt security is assessed for other-than-temporary impairment, the Company has to first consider (a) whether it intends to sell the security, and (b) whether it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis. If one of these circumstances applies to a security, an other-than-temporary impairment loss is recognized in the statement of income equal to the full amount of the decline in fair value below amortized cost. If neither of these circumstances applies to a security, but the Company does not expect to recover the entire amortized cost basis, an other-than-temporary impairment loss has occurred that must be separated into two categories: (a) the amount related to credit loss, and (b) the amount related to other factors. In assessing the level of other-than-temporary impairment attributable to credit loss, the Company compares the present value of cash flows expected to be collected with the amortized cost basis of the security. The portion of the total other-than-temporary impairment related to credit loss is recognized in earnings, while the amount related to other factors is recognized in other comprehensive income. The total other-than-temporary impairment loss is presented in the statement of income, less the portion recognized in other comprehensive income. When a debt security becomes other-than-temporarily impaired, its amortized cost basis is reduced to reflect the portion of the total impairment related to credit loss. To determine whether a security’s impairment is other-than-temporary, the Company considers factors that include, the duration and severity of the impairment; the Company’s ability and intent to hold security investments until they recover in value (as well as the likelihood of such a recovery in the near term); the Company’s intent to sell security investments; and whether it is more likely than not that the Company will be required to sell such securities before recovery of their individual amortized cost basis less any current-period credit loss. For debt securities, the primary consideration in determining whether impairment is other-than-temporary is whether or not it is probable that current or future contractual cash flows have been or may be impaired. |
Loans Receivable, Net | Loans Receivable, Net Loans receivable, other than loans held-for-sale, are stated at unpaid principal balance, adjusted by unamortized premiums and unearned discounts, net deferred origination fees and costs, net purchase accounting adjustments and the allowance for loan losses. Interest income on loans is accrued and credited to income as earned. Premiums and discounts on purchased loans and net loan origination fees and costs are deferred and amortized to interest income over the estimated life of the loan as an adjustment to yield. The allowance for loan losses is increased by the provision for loan losses charged to earnings and is decreased by charge-offs, net of recoveries. The provision for loan losses is based on management’s evaluation of the adequacy of the allowance which considers, among other things, the Company’s past loan loss experience (using the appropriate look-back and loss emergence periods), known and inherent risks in the portfolio, existing adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and current economic conditions. While management uses available information to recognize estimated losses on loans, future additions may be necessary based on changes in economic or other conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based upon their judgments and information available to them at the time of their examinations. A loan is considered delinquent when we have not received a payment within 30 days of its contractual due date. The accrual of income on loans is discontinued when interest or principal payments are 90 days in arrears or when the timely collection of such income is doubtful. Loans on which the accrual of income has been discontinued are designated as non-accrual loans and outstanding interest previously credited is reversed. Interest income on non-accrual loans and impaired loans is recognized in the period collected unless the ultimate collection of principal is considered doubtful. A loan is returned to accrual status when all amounts due have been received and the remaining principal is deemed collectible. Loans are generally charged off after an analysis is completed which indicates that collectability of the full principal balance is in doubt. |
Impaired Loan | The Company defines an impaired loan as a loan for which it is probable, based on current information, that the lender will not collect all amounts due under the contractual terms of the loan agreement. The Company evaluates commercial loans with an outstanding balance greater than $1.0 million and on non-accrual status, loans modified in a troubled debt restructuring (“TDR”), and other commercial loans greater than $1.0 million outstanding balance if management has specific information that it is probable they will not collect all amounts due under the contractual terms of the loan agreement for impairment. Impaired loans are individually evaluated to determine that the loan’s carrying value is not in excess of the fair value of the collateral or the present value of the expected future cash flows. Smaller balance homogeneous loans are evaluated for impairment collectively unless they are modified in a trouble debt restructure. Such loans include residential mortgage loans, consumer loans, and loans not meeting the Company’s definition of impaired, and are specifically excluded from impaired loans. Purchased Credit-Impaired ("PCI") loans, are loans acquired at a discount that is due, in part, to credit quality. PCI loans are accounted for in accordance with ASC Subtopic 310-30 and are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance (i.e., the allowance for loan losses). The difference between the undiscounted cash flows expected at acquisition and the initial carrying amount (fair value) of the PCI loans, or the “accretable yield,” is recognized as interest income utilizing the level-yield method over the life of the loans. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non-accretable difference,” are not recognized as a yield adjustment, as a loss accrual or a valuation allowance. Reclassifications of the non-accretable difference to the accretable yield may occur subsequent to the loan acquisition dates due to increases in expected cash flows of the loans and result in an increase in yield on a prospective basis. |
Loans Held-for-Sale | Loans Held-for-Sale Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. |
Stock in Federal Home Loan Bank | Stock in the Federal Home Loan Bank The Bank, as a member of the Federal Home Loan Bank of New York (“FHLB”), is required to hold shares of capital stock of the FHLB based on our activities, primarily our outstanding borrowings, with the FHLB. The stock is carried at cost, less any impairment. |
Office Properties and Equipment, Net | Office Properties and Equipment, Net Land is carried at cost. Office buildings, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Office buildings and furniture, fixtures and equipment are depreciated using an accelerated basis over the estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the terms of the respective leases or the lives of the assets, whichever is shorter. |
Bank Owned Life Insurance | Bank Owned Life Insurance Bank owned life insurance is carried at the amount that could be realized under the Company’s life insurance contracts as of the date of the consolidated balance sheets and is classified as a non-interest earning asset. Increases in the carrying value are recorded as non-interest income in the consolidated statements of income and insurance proceeds received are generally recorded as a reduction of the carrying value. The carrying value consists of cash surrender value of $152.8 million at December 31, 2016 and $152.5 million at December 31, 2015 and a claims stabilization reserve of $9.1 million at December 31, 2016 and $6.6 million at December 31, 2015 . Repayment of the claims stabilization reserve (funds transferred from the cash surrender value to provide for future death benefit payments) and the deferred acquisition costs (costs incurred by the insurance carrier for the policy issuance) is guaranteed by the insurance carrier provided that certain conditions are met at the date on which a contract is surrendered. The Company satisfied these conditions at December 31, 2016 and 2015 . |
Intangible Assets | Intangible Assets Goodwill. Goodwill is presumed to have an indefinite useful life and is tested, at least annually, for impairment at the reporting unit level. Impairment exists when the carrying amount of goodwill exceeds its implied fair value. For purposes of our goodwill impairment testing, we have identified the Bank as a single reporting unit. At December 31, 2016 , the carrying amount of our goodwill totaled $77.6 million . In connection with our annual impairment assessment we applied the guidance in FASB Accounting Standards Update (“ASU”) 2011-08, Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment, which permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. For the year ended December 31, 2016 , the Company’s qualitative assessment concluded that it was not more likely than not that the fair value of the reporting unit is less than its carrying amount and, therefore, the two-step goodwill impairment test was not required. Mortgage Servicing Rights . The Company recognizes as separate assets the rights to service mortgage loans. The right to service loans for others is generally obtained through the sale of loans with servicing retained. The initial asset recognized for originated mortgage servicing rights (“MSR”) is measured at fair value. The fair value of MSR is estimated by reference to current market values of similar loans sold with servicing released. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings as a component of fees and service charges. Subsequent increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income when the related mortgage loan payments are collected. Core Deposit Premiums . Core deposit premiums represent the intangible value of depositor relationships assumed in purchase acquisitions and are amortized on an accelerated basis over 10 years. The Company periodically evaluates the value of core deposit premiums to ensure the carrying amount exceeds it implied fair value. |
Other Real Estate Owned | Other Real Estate Owned Real estate owned (“REO”) consists of properties acquired through foreclosure or deed in lieu of foreclosure. Such assets are carried at the lower of cost or fair value, less estimated selling costs, based on independent appraisals. Write-downs required at the time of acquisition are charged to the allowance for loan losses. Thereafter, decreases in the properties’ estimated fair value are charged to income along with any additional property maintenance and protection expenses incurred in owning the properties. |
Federal Home Loan Bank Borrowings | Our FHLB borrowings, frequently referred to as advances, are over collateralized by our residential and non residential mortgage portfolios as well as qualified investment securities. |
Borrowed Funds | The Bank also enters into sales of securities under agreements to repurchase with selected brokers and the FHLB. The securities underlying the agreements are delivered to the counterparty who agrees to resell to the Bank the identical securities at the maturity or call of the agreement. These agreements are recorded as financing transactions, as the Bank maintains effective control over the transferred securities, and no gain or loss is recognized. The dollar amount of the securities underlying the agreements continues to be carried in the Bank’s securities portfolio. The obligations to repurchase the securities are reported as a liability in the consolidated balance sheets. |
Income Taxes | Income Taxes The Company records income taxes in accordance with ASC 740, “ Income Taxes ,” as amended, using the asset and liability method. Accordingly, deferred tax assets and liabilities: (i) are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns; (ii) are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases; and (iii) are measured using enacted tax rates expected to apply in the years when those temporary differences are expected to be recovered or settled. Where applicable, deferred tax assets are reduced by a valuation allowance for any portions determined not likely to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period of enactment. The valuation allowance is adjusted, by a charge or credit to income tax expense, as changes in facts and circumstances warrant. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, where applicable, in income tax expense. |
Employee Benefits | Employee Benefits The Company has a defined benefit pension plan which covers all employees who satisfy the eligibility requirements. The Company participates in a multiemployer plan. Costs of the pension plan are based on the contributions required to be made to the plan. The Company has two Supplemental Employee Retirement Plans (“SERPs”). The SERPs are a nonqualified, defined benefit plans which provide benefits to certain eligible employees of the Company whose benefits and/or contributions under the pension plan are limited by the Internal Revenue Code. The Company also has a nonqualified, defined benefit plan which provides benefits to its directors. The SERPs and the Directors’ Plan are unfunded and the costs of the plans are recognized over the period that services are provided. The Company has a 401(k) plan covering substantially all employees. The Company matches 50% of the first 6% contributed by participants and recognizes expense as its contributions are made. |
Share-based Compensation | The employee stock ownership plan (ESOP) is accounted for in accordance with the provisions of ASC 718-40, “ Employers’ Accounting for Employee Stock Ownership Plans .” The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions over a period of up to 30 years. The Company’s common stock not yet allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the market price of the Company’s stock and is recognized as shares are committed to be released to participants due to the repayment of the loan by the ESOP to the Company. The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of those awards in accordance with ASC 718, “ Compensation-Stock Compensation ”. The Company estimates the per share fair value of option grants on the date of grant using the Black-Scholes option pricing model using assumptions for the expected dividend yield, expected stock price volatility, risk-free interest rate and expected option term. These assumptions are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision. The Black-Scholes option pricing model also contains certain inherent limitations when applied to options that are not traded on public markets. 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 per share fair value of options is highly sensitive to changes in assumptions. In general, the per share fair value of options will move in the same direction as changes in the expected stock price volatility, risk-free interest rate and expected option term, and in the opposite direction as changes in the expected dividend yield. For example, the per share fair value of options will generally increase as expected stock price volatility increases, risk-free interest rate increases, expected option term increases and expected dividend yield decreases. The use of different assumptions or different option pricing models could result in materially different per share fair values of options. |
Earnings Per Share | Earnings Per Share Basic earnings per common share, or EPS, are computed by dividing net income by the weighted-average common shares outstanding during the year. The weighted-average common shares outstanding includes the weighted-average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted stock and unallocated shares held by the ESOP. For EPS calculations, ESOP shares that have been committed to be released are considered outstanding. ESOP shares that have not been committed to be released are excluded from outstanding shares on a weighted average basis for EPS calculations. Diluted EPS is computed using the same method as basic EPS, but includes the effect of all potentially dilutive common shares that were outstanding during the period, such as unexercised stock options and unvested shares of restricted stock, calculated using the treasury stock method. When applying the treasury stock method, we add: (1) the assumed proceeds from option exercises and (2) the average unamortized compensation costs related to unvested shares of restricted stock and stock options. We then divide this sum by our average stock price to calculate shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted EPS. (o) Derivative Financial Instruments As part of our interest rate risk management, we may utilize, from time-to-time, derivative financial instruments which are recorded as either assets or liabilities in the consolidated balance sheet at fair value. 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. The ineffective portion of the change in fair value of the derivatives would be recognized directly in earnings. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Equity securities $ 5,825 918 83 6,660 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 603,774 1,971 7,306 598,439 Federal National Mortgage Association 1,022,383 2,678 16,474 1,008,587 Government National Mortgage Association 47,538 — 791 46,747 Total mortgage-backed securities available-for-sale 1,673,695 4,649 24,571 1,653,773 Total available-for-sale securities $ 1,679,520 5,567 24,654 1,660,433 At December 31, 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 $ 2,128 — 2,128 12 — 2,140 Municipal bonds 37,978 — 37,978 1,515 — 39,493 Corporate and other debt securities 65,852 21,760 44,092 40,153 — 84,245 Total debt securities held-to-maturity 105,958 21,760 84,198 41,680 — 125,878 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 411,692 1,559 410,133 793 3,502 407,424 Federal National Mortgage Association 1,246,635 1,802 1,244,833 3,635 15,389 1,233,079 Government National Mortgage Association 16,392 — 16,392 28 — 16,420 Total mortgage-backed securities held-to-maturity 1,674,719 3,361 1,671,358 4,456 18,891 1,656,923 Total held-to-maturity securities $ 1,780,677 25,121 1,755,556 46,136 18,891 1,782,801 (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 December 31, 2016 , by contractual maturity, are shown below. December 31, 2016 Carrying Value Estimated fair value (In thousands) Due in one year or less $ 33,348 33,348 Due after one year through five years 2,203 2,215 Due after five years through ten years 5,000 5,003 Due after ten years 43,647 85,312 Total $ 84,198 125,878 |
Investment Securities, Continuous Unrealized Loss Position and Fair Value | Gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2016 and December 31, 2015 , was as follows: December 31, 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: Equity Securities $ 4,722 83 — — 4,722 83 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 406,878 7,220 12,756 86 419,634 7,306 Federal National Mortgage Association 762,272 15,977 25,089 497 787,361 16,474 Government National Mortgage Association 46,747 791 — — 46,747 791 Total mortgage-backed securities available-for-sale 1,215,897 23,988 37,845 583 1,253,742 24,571 Total available-for-sale securities 1,220,619 24,071 37,845 583 1,258,464 24,654 Held-to-maturity: Mortgage-backed securities: Federal Home Loan Mortgage Corporation 339,666 3,354 3,623 148 343,289 3,502 Federal National Mortgage Association 970,194 15,389 — — 970,194 15,389 Total held-to-maturity securities $ 1,309,860 18,743 3,623 148 1,313,483 18,891 Total $ 2,530,479 42,814 41,468 731 2,571,947 43,545 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 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 Years Ended December 31, 2016 2015 2014 (In thousands) Balance of credit related OTTI, beginning of period $ 100,200 108,817 112,235 Additions: Initial credit impairments — — — Subsequent credit impairments — — — Reductions: Accretion of credit loss impairment due to an increase in expected cash flows (4,457 ) (3,804 ) (3,418 ) Reduction for securities sold or paid off during the period — (4,813 ) — Balance of credit related OTTI, end of period $ 95,743 100,200 108,817 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The detail of the loan portfolio as of December 31, 2016 and December 31, 2015 was as follows: December 31, December 31, (In thousands) Multi-family loans $ 7,459,131 6,255,904 Commercial real estate loans 4,445,194 3,821,950 Commercial and industrial loans 1,275,283 1,044,329 Construction loans 314,843 224,057 Total commercial loans 13,494,451 11,346,240 Residential mortgage loans 4,710,373 5,037,898 Consumer and other loans 596,922 496,103 Total loans excluding PCI loans 18,801,746 16,880,241 PCI loans 8,956 11,089 Net unamortized premiums and deferred loan costs (1) (12,474 ) (11,692 ) Allowance for loan losses (228,373 ) (218,505 ) Net loans $ 18,569,855 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 years ended December 31, 2016 and 2015 : Years Ended December 31, 2016 2015 (In thousands) Balance, beginning of period $ 449 971 Acquisitions — — Accretion (219 ) (522 ) Net reclassification from non-accretable difference (1) 1,221 — Balance, end of period $ 1,451 449 (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 |
Summary of Analysis of the Allowance for Loan Losses | An analysis of the allowance for loan losses is summarized as follows: Years Ended December 31, 2016 2015 2014 (In thousands) Balance at beginning of the period $ 218,505 200,284 173,928 Loans charged off (14,997 ) (12,216 ) (18,244 ) Recoveries 5,115 4,437 7,100 Net charge-offs (9,882 ) (7,779 ) (11,144 ) Provision for loan losses 19,750 26,000 37,500 Balance at end of the period $ 228,373 218,505 200,284 |
Summary of Loan Losses and the Recorded Investment in Loans by Portfolio Segment and Based On Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of the years ended December 31, 2016 and 2015 : December 31, 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 ) (455 ) (4,485 ) (52 ) (9,425 ) (419 ) — (14,997 ) Recoveries 1,885 689 541 267 1,631 102 — 5,115 Provision 5,614 5,563 6,851 4,644 (3,818 ) 12 884 19,750 Ending balance-December 31, 2016 $ 95,561 52,796 43,492 11,653 19,831 2,850 2,190 228,373 Individually evaluated for impairment $ — — — — 1,581 20 — 1,601 Collectively evaluated for impairment 95,561 52,796 43,492 11,653 18,250 2,830 2,190 226,772 Loans acquired with deteriorated credit quality — — — — — — — — Balance at December 31, 2016 $ 95,561 52,796 43,492 11,653 19,831 2,850 2,190 228,373 Loans: Individually evaluated for impairment $ 248 5,962 3,370 — 24,453 371 — 34,404 Collectively evaluated for impairment 7,458,883 4,439,232 1,271,913 314,843 4,685,920 596,551 — 18,767,342 Loans acquired with deteriorated credit quality — 7,106 — — 1,507 343 — 8,956 Balance at December 31, 2016 $ 7,459,131 4,452,300 1,275,283 314,843 4,711,880 597,265 — 18,810,702 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 December 31, 2016 and December 31, 2015 by class of loans excluding PCI loans: December 31, 2016 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,961,809 276,858 165,948 54,516 — — 7,459,131 Commercial real estate 3,900,988 373,319 134,154 36,733 — — 4,445,194 Commercial and industrial 900,190 344,628 23,588 6,877 — — 1,275,283 Construction 230,630 76,773 3,200 4,240 — — 314,843 Total commercial loans 11,993,617 1,071,578 326,890 102,366 — — 13,494,451 Residential mortgage 4,600,611 21,873 10,239 77,650 — — 4,710,373 Consumer and other 583,140 5,627 719 7,436 — — 596,922 Total $ 17,177,368 1,099,078 337,848 187,452 — — 18,801,746 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 December 31, 2016 and December 31, 2015 by class of loans excluding PCI loans: December 31, 2016 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 5,272 1,099 234 6,605 7,452,526 7,459,131 Commercial real estate 6,568 31,964 6,445 44,977 4,400,217 4,445,194 Commercial and industrial 864 885 2,971 4,720 1,270,563 1,275,283 Construction — — — — 314,843 314,843 Total commercial loans 12,704 33,948 9,650 56,302 13,438,149 13,494,451 Residential mortgage 24,052 10,930 58,119 93,101 4,617,272 4,710,373 Consumer and other 5,627 719 7,065 13,411 583,511 596,922 Total $ 42,383 45,597 74,834 162,814 18,638,932 18,801,746 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: December 31, 2016 December 31, 2015 # of loans amount # of loans amount (Dollars in thousands) Non-accrual: Multi-family 2 $ 482 4 $ 3,467 Commercial real estate 24 9,205 37 10,820 Commercial and industrial 8 4,659 17 9,225 Construction — — 4 792 Total commercial loans 34 14,346 62 24,304 Residential and consumer 478 79,928 500 91,122 Total non-accrual loans 512 $ 94,274 562 $ 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 December 31, 2016 and December 31, 2015 , these loans are comprised of the following: December 31, 2016 December 31, 2015 # of loans Amount # of loans Amount (Dollars in thousands) Current TDR classified as non-accrual: Multi-family 1 $ 248 1 $ 1,032 Commercial real estate 1 63 2 240 Commercial and industrial 1 286 2 2,226 Construction — — — — Total commercial loans 3 597 5 3,498 Residential mortgage and consumer 23 5,721 15 3,378 Total current TDR classified as non-accrual 26 $ 6,318 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: December 31, 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 2 169 5 2,309 Commercial and industrial — — 1 360 Construction — — — — Total commercial loans 2 169 7 3,217 Residential mortgage and consumer 14 2,869 11 3,338 Total current TDR classified as non-accrual 16 $ 3,038 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 December 31, 2016 and December 31, 2015 : December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 248 248 — 252 20 Commercial real estate 5,962 9,265 — 5,790 301 Commercial and industrial 3,370 3,972 — 3,953 169 Construction — — — — — Total commercial loans 9,580 13,485 — 9,995 490 Residential mortgage and consumer 11,030 14,565 — 9,899 483 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 13,794 14,382 1,601 13,689 479 Total: Multi-family 248 248 — 252 20 Commercial real estate 5,962 9,265 — 5,790 301 Commercial and industrial 3,370 3,972 — 3,953 169 Construction — — — — — Total commercial loans 9,580 13,485 — 9,995 490 Residential mortgage and consumer 24,824 28,947 1,601 23,588 962 Total impaired loans $ 34,404 42,432 1,601 33,583 1,452 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 December 31, 2016 and December 31, 2015 . There were three residential PCI loans that were classified as TDRs and are included in the table below at December 31, 2016 . There were three residential PCI loans that were classified as TDRs for the period ended December 31, 2015 . December 31, 2016 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 1 $ 248 1 $ 248 Commercial real estate 2 352 4 3,240 6 3,592 Commercial and industrial — — 2 1,688 2 1,688 Construction — — — — — — Total commercial loans 2 352 7 5,176 9 5,528 Residential mortgage and consumer 40 9,093 61 15,731 101 24,824 Total 42 $ 9,445 68 $ 20,907 110 $ 30,352 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 years ended December 31, 2016 and 2015 : Years Ended December 31, 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 Restructings: Multi-family — $ — $ — 1 $ 1,115 $ 1,115 Commercial real estate 6 1,289 1,289 4 824 824 Construction — — — 2 1,508 1,508 Commercial and industrial — — — 2 2,246 2,246 Residential mortgage 27 4,538 4,538 19 3,413 3,413 |
Schedule of Troubled Debt Restructuring, Interest Yield | The following table presents information about pre and post modification interest yield for troubled debt restructurings which occurred during the years ended December 31, 2016 and 2015 : Years Ended December 31, 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 6 5.11 % 5.20 % 4 4.53 % 5.35 % Construction — — % — % 2 4.97 % 4.97 % Commercial and industrial — — % — % 2 6.24 % 6.24 % Residential mortgage 27 6.18 % 3.61 % 19 4.84 % 3.40 % |
Office Properties and Equipme32
Office Properties and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary of Office Properties and Equipment | Office properties and equipment are summarized as follows: December 31, 2016 2015 (In thousands) Land $ 20,006 20,569 Office buildings 83,699 87,832 Leasehold improvements 95,489 79,898 Furniture, fixtures and equipment 83,246 77,096 Construction in process 13,070 12,075 295,510 277,470 Less accumulated depreciation and amortization 118,093 104,951 $ 177,417 172,519 |
Goodwill and Intangibles Asse33
Goodwill and Intangibles Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table summarizes net intangible assets and goodwill at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 (In thousands) Mortgage servicing rights $ 14,889 16,248 Core deposit premiums 8,451 11,332 Other 928 160 Total other intangible assets 24,268 27,740 Goodwill 77,571 77,571 Goodwill and intangible assets $ 101,839 105,311 |
Summary of Intangible Assets | The following table summarizes other intangible assets as of December 31, 2016 and December 31, 2015 : Gross Intangible Asset Accumulated Amortization Valuation Allowance Net Intangible Assets (In thousands) December 31, 2016 Mortgage Servicing Rights $ 24,340 (9,286 ) (165 ) 14,889 Core Deposit Premiums 25,058 (16,607 ) — 8,451 Other 1,150 (222 ) — 928 Total other intangible assets $ 50,548 (26,115 ) (165 ) 24,268 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 |
Schedule of Estimated Future Amortization Expense | The following presents the estimated future amortization expense of other intangible assets for the next five years: Mortgage Servicing Rights Core Deposit Premiums Other (In thousands) 2017 $ 461 $ 2,427 $ 87 2018 491 1,974 87 2019 508 1,521 87 2020 524 1,112 87 2021 541 756 67 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Summary of Deposits | Deposits are summarized as follows: December 31, 2016 2015 Weighted Average Rate Amount % of Total Weighted Average Rate Amount % of Total (In thousands) Non-interest bearing: Checking accounts — % $ 2,173,493 14.22 % — % $ 1,890,536 13.44 % Interest-bearing: Checking accounts 0.45 % 3,916,208 25.63 % 0.29 % 2,745,489 19.52 % Money market deposits 0.65 % 4,150,583 27.16 % 0.67 % 3,861,317 27.46 % Savings 0.29 % 2,092,989 13.70 % 0.29 % 2,150,004 15.29 % Certificates of deposit 0.91 % 2,947,560 19.29 % 1.14 % 3,416,310 24.29 % Total Deposits 0.51 % $ 15,280,833 100.00 % 0.56 % $ 14,063,656 100.00 % |
Scheduled Maturities Of Certificates Of Deposit | Scheduled maturities of certificates of deposit are as follows: December 31, 2016 2015 (In thousands) Within one year $ 1,866,000 2,586,076 One to two years 674,552 496,288 Two to three years 237,506 167,028 Three to four years 62,500 57,443 After four years 107,002 109,475 $ 2,947,560 3,416,310 |
Interest Expense On Deposits | Interest expense on deposits consists of the following: For the Years Ended December 31, 2016 2015 2014 (In thousands) Checking accounts $ 16,268 9,642 8,755 Money market deposits 25,621 24,136 13,664 Savings 6,304 6,402 6,639 Certificates of deposit 33,864 31,234 30,148 Total $ 82,057 71,414 59,206 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Borrowed Funds | Borrowed funds are summarized as follows: December 31, 2016 2015 Principal Weighted Average Rate Principal Weighted Average Rate (Dollars in thousands) Funds borrowed under repurchase agreements: FHLB $ 23,629 3.90% $ 24,383 3.90% Other brokers 131,202 1.88% 131,924 1.89% Total funds borrowed under repurchase agreements 154,831 2.19% 156,307 2.21% Other borrowed funds: FHLB advances 4,391,420 1.79% 3,106,783 2.12% Total borrowed funds $ 4,546,251 1.81% $ 3,263,090 2.13% |
Borrowed Funds Scheduled Maturities | Borrowed funds had scheduled maturities as follows: December 31, 2016 2015 Principal Weighted Average Rate Principal Weighted Average Rate (Dollars in thousands) Within one year $ 983,629 1.26% $ 500,000 1.99% One to two years 862,202 2.12% 249,383 3.00% Two to three years 619,567 1.80% 862,924 2.13% Three to four years 775,000 1.96% 469,782 1.78% Four to five years 600,000 2.01% 650,000 1.99% After five years 705,853 1.84% 531,001 2.30% Total borrowed funds $ 4,546,251 1.81% $ 3,263,090 2.13% |
Amortized Cost And Fair Value Of The Underlying Securities Used As Collateral For Securities Sold Under Agreements To Repurchase | The amortized cost and fair value of the underlying securities used as collateral for securities sold under agreements to repurchase are as follows: December 31, 2016 2015 (Dollars in thousands) Amortized cost of collateral: Mortgage-backed securities $ 468,159 475,984 Total amortized cost of collateral $ 468,159 475,984 Fair value of collateral: Mortgage-backed securities $ 469,200 481,401 Total fair value of collateral $ 469,200 481,401 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows: Years Ended December 31, 2016 2015 2014 (In thousands) Current tax expense: Federal $ 82,708 87,748 77,029 State 12,599 14,804 7,508 95,307 102,552 84,537 Deferred tax expense (benefit): Federal 8,107 4,310 (3,846 ) State 3,533 (7,490 ) (5,940 ) 11,640 (3,180 ) (9,786 ) Total income tax expense $ 106,947 99,372 74,751 |
Summary of Reconciliation Between the Actual Income Tax Expense (Benefit) and the 'Expected' Amount Computed Using the Applicable Statutory Federal Income Tax Rate | The following table presents the reconciliation between the actual income tax expense and the “expected” amount computed using the applicable statutory federal income tax rate of 35% : Years Ended December 31, 2016 2015 2014 (In thousands) “Expected” federal income tax expense $ 104,675 98,307 72,265 State tax, net 9,887 4,753 1,019 Bank owned life insurance (1,548 ) (1,382 ) (1,628 ) Excess tax benefits from employee share-based payments (7,735 ) — — Acquisition related net operating loss — (4,076 ) — ESOP fair market value adjustment 931 947 349 Non-deductible compensation 1,602 276 3,334 Expiration of stock options — 19 2 Other (865 ) 528 (590 ) Total income tax expense $ 106,947 99,372 74,751 |
Summary of Deferred Tax Asset and Liability in Temporary Differences and Loss Carryforwards | The temporary differences and loss carryforwards which comprise the deferred tax asset and liability are as follows: December 31, 2016 2015 (In thousands) Deferred tax asset: Employee benefits $ 34,218 36,372 Deferred compensation 1,596 1,417 Premises and equipment 1,587 2,262 Allowance for loan losses 92,738 88,894 Net unrealized loss on securities 17,078 10,420 Net other than temporary impairment loss on securities 40,228 42,085 ESOP 4,333 3,695 Allowance for delinquent interest 14,539 13,071 Fair value adjustments related to acquisitions 20,823 31,986 Charitable contribution carryforward 406 5,823 Loan origination costs 9,599 7,127 Intangible assets — 45 Other 1,305 1,409 Gross deferred tax asset 238,450 244,606 Valuation allowance (346 ) (346 ) 238,104 244,260 Deferred tax liability: Intangible assets 363 — Discount accretion 4,080 — Mortgage servicing rights 6,257 6,893 Net unrealized gain on hedging activities 5,127 — Gross deferred tax liability 15,827 6,893 Net deferred tax asset $ 222,277 237,367 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule Of Information Regarding Supplemental Executive Retirement Wage Replacement Plan And The Directors' Benefit Plan | The following table sets forth information regarding the Wage Replacement Plan and the Directors’ Plan: December 31, 2016 2015 (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 47,887 40,522 Service cost 2,088 3,096 Interest cost 1,895 1,497 Gain due to change in mortality assumption (468 ) (778 ) Loss (gain) due to change in discount rate 1,035 (1,587 ) (Gain) loss due to demographic changes (6,716 ) 6,008 Settlements (233 ) — Actuarial gain (27 ) — Curtailment (4,294 ) — Benefits paid (871 ) (871 ) Benefit obligation at end of year 40,296 47,887 Funded status $ (40,296 ) (47,887 ) |
Schedule Of Accumulated Other Comprehensive Loss Related To Pension Plans On A Pre-Tax Basis | The components of accumulated other comprehensive loss related to pension plans, on a pre-tax basis, at December 31, 2016 and 2015 , are summarized in the following table. December 31, 2016 2015 (In thousands) Prior service cost $ — — Net actuarial gain 6,759 19,284 Total amounts recognized in accumulated other comprehensive income $ 6,759 19,284 |
Components Of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows: Years Ended December 31, 2016 2015 2014 (In thousands) Service cost $ 2,088 3,096 2,319 Interest cost 1,895 1,497 1,322 Amortization of: Prior service cost — 49 98 Net loss 2,055 1,282 633 Total net periodic benefit cost $ 6,038 5,924 4,372 |
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 years ended December 31, 2016 2015 and 2014 . Upon completion of the mutual-to-stock conversion of Investors Bancorp, MHC on May 7, 2014, vesting accelerated for both stock options and restricted stock outstanding awards and all applicable expenses were recognized during the period. Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Stock option expense $ 6,556 2,905 1,800 Restricted stock expense 15,419 6,315 11,901 Total share based compensation expense $ 21,975 9,220 13,701 |
Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost | The following are the weighted average assumptions used to determine net periodic benefit cost: Years Ended December 31, 2016 2015 2014 Discount rate 3.99 % 3.71 % 4.53 % Rate of compensation increase 4.36 % 4.19 % 4.00 % The weighted-average actuarial assumptions used in the plan determinations at December 31, 2016 and 2015 were as follows: December 31, 2016 2015 Discount rate 3.80 % 3.99 % Rate of compensation increase — % 4.36 % |
Estimated Future Benefit Payments | Estimated future benefit payments, which reflect expected future service, as appropriate for the next ten calendar years are as follows: Amount (In thousands) 2017 $ 942 2018 921 2019 899 2020 2,092 2021 2,728 2022 through 2026 14,146 |
Summary Of Non-Vested Options And Restricted Shares | The following is a summary of the status of the Company’s restricted shares as of December 31, 2016 and changes therein during the year then ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at December 31, 2015 6,759,832 $ 12.64 Granted 276,890 11.69 Vested (1,060,026 ) 12.54 Forfeited (100,205 ) 12.03 Non-vested at December 31, 2016 5,876,491 $ 12.51 |
Summary Of Stock Option Activity And Related Information | The following is a summary of the Company’s stock option activity and related information for its option plan for the year ended December 31, 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 11.76 9.7 Exercised (5,714,890 ) 6.00 0.3 Forfeited (125,931 ) 12.54 Expired (102 ) 8.08 Outstanding at December 31, 2016 13,165,333 $ 11.74 8.2 $ 29,101 Exercisable at December 31, 2016 3,735,974 $ 9.77 6.2 $ 15,631 |
Schedule Of Fair Value Of Option Grants Estimated On The Date Of Grant | 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: Year ended December 31, 2016 Year ended December 31, 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 11,576,611 |
Derivatives and Hedging Activ38
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and December 31, 2015 : Asset Derivatives Liability Derivatives At December 31, 2016 At December 31, 2015 At December 31, 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 $ 12,550 Other assets $ — Other liabilities $ — Other liabilities $ — Total derivatives designated as hedging instruments $ 12,550 $ — $ — $ — |
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 December 31, 2016 and 2015 . The Company did not any have derivatives outstanding prior to 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) Twelve Months Ended December 31, Twelve Months Ended December 31, Twelve Months Ended December 31, 2016 2015 2016 2015 2016 2015 (In thousands) Derivatives in Cash Flow Hedging Relationships: Interest rate swaps $ 12,110 $ — Interest expense $ (440 ) $ — Other non-interest income $ — $ — Total $ 12,110 $ — $ (440 ) $ — $ — $ — |
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) December 31, 2016 Assets: Interest Rate Swaps $ 12,550 $ — $ 12,550 $ — $ (12,550 ) $ — Total $ 12,550 $ — $ 12,550 $ — $ (12,550 ) $ — December 31, 2015 Assets: Interest Rate Swaps $ — $ — $ — $ — $ — $ — Total $ — $ — $ — $ — $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Projected Annual Minimum Rental Commitments | Amount (In thousands) 2017 $ 23,004 2018 23,367 2019 22,554 2020 20,970 2021 19,467 Thereafter 128,666 $ 238,028 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and December 31, 2015 . Carrying Value at December 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) Securities available for sale: Equity securities $ 6,660 6,660 — — Mortgage-backed securities: Federal Home Loan Mortgage Corporation 598,439 — 598,439 — Federal National Mortgage Association 1,008,587 — 1,008,587 — Government National Mortgage Association 46,747 — 46,747 — Total mortgage-backed securities available-for-sale 1,653,773 — 1,653,773 — Total securities available-for-sale $ 1,660,433 6,660 1,653,773 — Derivative financial instruments $ 12,550 — 12,550 — Carrying Value at December 31, 2015 Total Level 1 Level 2 Level 3 (In thousands) 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 — Derivative financial instruments $ — — — — |
Carrying Value Of Our Assets Measured At Fair Value On A Non-Recurring Basis | The following tables provide the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a non-recurring basis at December 31, 2016 and December 31, 2015 . For the year ended December 31, 2016 , there was no change to carrying value of other real estate owned measured at fair value on a non-recurring basis. For the year ended December 31, 2015 , there was no change to carrying value of MSR, impaired loans or loans held for sale measured at fair value on a non-recurring basis. Security Type Valuation Technique Unobservable Input Range Weighted Average Input Carrying Value at December 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) MSR, net Estimated cash flow Prepayment speeds 3.15% - 24.18% 9.84% $ 12,877 — — 12,877 Impaired loans Estimated Cash Flow Lack of marketability and probability of default 22.0% - 29.0% 26.00% 1,403 — — 1,403 Loans held for sale Market comparable Lack of marketability 2.5% - 4.5% 3.45% 313 — — 313 $ 14,593 — — 14,593 Security Type Valuation Technique Unobservable Input Range Weighted Average Input Carrying Value at December 31, 2015 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. December 31, 2016 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 164,178 164,178 164,178 — — Securities available-for-sale 1,660,433 1,660,433 6,660 1,653,773 — Securities held-to-maturity 1,755,556 1,782,801 — 1,703,559 79,242 Stock in FHLB 237,878 237,878 237,878 — — Loans held for sale 38,298 38,298 — 38,298 — Net loans 18,569,855 18,391,018 — — 18,391,018 Financial liabilities: Deposits, other than time deposits $ 12,333,273 12,333,273 12,333,273 — — Time deposits 2,947,560 2,938,137 — 2,938,137 — Borrowed funds 4,546,251 4,545,745 — 4,545,745 — 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 — |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Regulatory Capital | The following is a summary of the Bank and the Company’s actual capital amounts and ratios as of December 31, 2016 compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution. Actual Minimum Capital Requirement To be Well Capitalized Under Prompt Corrective Action Provisions (1) Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2016: Bank: Tier 1 Leverage Ratio $ 2,736,173 12.03 % $ 909,534 4.00 % $ 1,136,917 5.00 % Common equity tier 1 risk-based 2,736,173 14.75 % 950,740 5.125 % 1,205,817 6.50 % Tier 1 Risk-Based Capital 2,736,173 14.75 % 1,229,006 6.625 % 1,484,082 8.00 % Total Risk-Based Capital 2,965,720 15.99 % 1,600,026 8.625 % 1,855,103 10.00 % Investors Bancorp, Inc: Tier 1 Leverage Ratio $ 3,066,401 13.48 % $ 910,058 4.00 % n/a n/a Common equity tier 1 risk-based 3,066,401 16.52 % 951,411 5.125 % n/a n/a Tier 1 Risk-Based Capital 3,066,401 16.52 % 1,229,872 6.625 % n/a n/a Total Risk-Based Capital 3,295,948 17.75 % 1,601,155 8.625 % n/a n/a Actual Minimum Capital Requirement To be Well Capitalized Under Prompt Corrective Action Provisions (1) Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2015: Bank: Tier 1 Leverage Ratio $ 2,558,334 12.41 % $ 824,607 4.00 % $ 1,030,759 5.00 % Common equity tier 1 risk-based 2,558,334 15.87 % 725,523 4.50 % 1,047,978 6.50 % Tier 1 Risk-Based Capital 2,558,334 15.87 % 967,364 6.00 % 1,289,819 8.00 % Total Risk-Based Capital 2,760,081 17.12 % 1,289,819 8.00 % 1,612,274 10.00 % Investors Bancorp, Inc: Tier 1 Leverage Ratio $ 3,259,928 15.80 % $ 825,139 4.00 % n/a n/a Common equity tier 1 risk-based 3,259,928 20.20 % 726,146 4.50 % n/a n/a Tier 1 Risk-Based Capital 3,259,928 20.20 % 968,194 6.00 % n/a n/a Total Risk-Based Capital 3,461,649 21.45 % 1,290,926 8.00 % n/a n/a (1) Prompt corrective action provisions do not apply to the Bank holding company. |
Parent Company Only Financial42
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Balance Sheets | Balance Sheets December 31, 2016 2015 (In thousands) Assets: Cash and due from bank $ 195,114 569,513 Securities available-for-sale, at estimated fair value 6,918 1,733 Investment in subsidiary 2,792,474 2,611,080 ESOP loan receivable 92,839 94,889 Other assets 43,711 45,898 Total Assets $ 3,131,056 3,323,113 Liabilities and Stockholders’ Equity: Total liabilities $ 7,811 11,466 Total stockholders’ equity 3,123,245 3,311,647 Total Liabilities and Stockholders’ Equity $ 3,131,056 3,323,113 |
Statements Of Operations | Statements of Operations Year Ended December 31, 2016 2015 2014 (In thousands) Income: Interest on ESOP loan receivable $ 3,084 3,151 2,499 Dividend from subsidiary 30,000 — — Interest on deposit with subsidiary 2 2 2 Interest and dividends on investments 132 65 64 Gain on securities transactions 72 1,682 145 33,290 4,900 2,710 Expenses: Interest expense 120 54 43 Other expenses 3,933 3,170 12,197 Income (loss) before income tax expense 29,237 1,676 (9,530 ) Income tax (benefit) expense 452 540 (3,675 ) Income (loss) before undistributed earnings of subsidiary 28,785 1,136 (5,855 ) Equity in undistributed earnings of subsidiary 163,340 180,370 137,576 Net income $ 192,125 181,506 131,721 |
Other Comprehensive Income | Other Comprehensive Income Year Ended December 31, 2016 2015 2014 (In thousands) Net income $ 192,125 181,506 131,721 Other comprehensive income, net of tax: Unrealized gain on securities available-for-sale 543 433 1,482 Total other comprehensive income 543 433 1,482 Total comprehensive income $ 192,668 181,939 133,203 |
Statements Of Cash Flows | Statements of Cash Flows Year Ended December 31, 2016 2015 2014 (In thousands) Cash flows from operating activities: Net income $ 192,125 181,506 131,721 Adjustments to reconcile net income to net cash provided by operating activities: (Equity in undistributed earnings of subsidiary) (163,340 ) (180,370 ) (137,576 ) Contribution in stock to charitable foundation — — 10,000 Gain on securities transactions (72 ) 1,682 145 Decrease (increase) in other assets 14,805 2,107 2,227 (Decrease) increase in other liabilities (3,655 ) 4,927 525 Net cash provided by operating activities 39,863 9,852 7,042 Cash flows from investing activities: Capital contributed to the Bank — — (1,074,947 ) Cash received net of cash paid for acquisition — — 48 Purchase of investments available-for-sale — — (493 ) Purchase of investments held-to-maturity (5,000 ) — — Redemption of equity securities available-for-sale 72 2,700 467 Principal collected on ESOP loan 2,050 2,062 3,093 Cash received from MHC merger — — 11,307 Net cash (used in) provided by investing activities (2,878 ) 4,762 (1,060,525 ) Cash flows from financing activities: Loan to ESOP — — (66,553 ) Proceeds from issuance of common stock — — 2,149,893 Proceeds from sale of treasury stock — — 38,227 Purchase of treasury stock (363,410 ) (382,922 ) (13,523 ) Option exercise 34,317 2,985 3,710 Dividends paid (82,291 ) (87,395 ) (42,555 ) Net cash (used in) provided by financing activities (411,384 ) (467,332 ) 2,069,199 Net (decrease) increase in cash and due from bank (374,399 ) (452,718 ) 1,015,716 Cash and due from bank at beginning of year 569,513 1,022,231 6,515 Cash and due from bank at end of year $ 195,114 569,513 1,022,231 |
Selected Quarterly Financial 43
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Certain Quarterly Financial Data | The following tables are a summary of certain quarterly financial data for the years ended December 31, 2016 and 2015 . Income tax expense, net income and diluted shares included in the quarterly financial data previously disclosed 2016 interim periods have been revised to reflect the impact of the Company's adoption of ASU No. 2016-09, see Note 19, Recent Accounting Pronouncements. 2016 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Interest and dividend income $ 192,107 194,960 198,374 208,079 Interest expense 37,544 37,655 38,768 39,369 Net interest income 154,563 157,305 159,606 168,710 Provision for loan losses 5,000 5,000 5,000 4,750 Net interest income after provision for loan losses 149,563 152,305 154,606 163,960 Non-interest income 8,707 11,469 8,520 8,504 Non-interest expenses 87,146 91,009 91,398 89,010 Income before income tax expense 71,124 72,765 71,728 83,454 Income tax expense 26,455 27,625 21,878 30,989 Net income $ 44,669 45,140 49,850 52,465 Basic earnings per common share $ 0.14 0.15 0.17 0.18 Diluted earnings per common share $ 0.14 0.15 0.17 0.18 2015 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Interest and dividend income $ 175,159 181,529 186,897 188,138 Interest expense 30,717 32,977 35,623 37,322 Net interest income 144,442 148,552 151,274 150,816 Provision for loan losses 9,000 7,000 5,000 5,000 Net interest income after provision for loan losses 135,442 141,552 146,274 145,816 Non-interest income 8,534 11,585 11,306 8,700 Non-interest expenses 76,909 79,836 85,921 85,666 Income before income tax expense 67,067 73,301 71,659 68,850 Income tax expense 25,120 26,939 22,865 24,448 Net income $ 41,947 46,362 48,794 44,402 Basic earnings per common share $ 0.12 0.14 0.15 0.14 Diluted earnings per common share 0.12 0.14 0.15 0.14 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2016 2015 2014 Earnings for basic and diluted earnings per common share (Dollars in thousands, except per share data) Earnings applicable to common stockholders $ 192,125 $ 181,505 $ 131,721 Shares Weighted-average common shares outstanding - basic 297,580,834 329,763,527 344,389,259 Effect of dilutive common stock equivalents (1) 3,374,051 3,169,921 3,342,312 Weighted-average common shares outstanding - diluted 300,954,885 332,933,448 347,731,571 Earnings per common share Basic $ 0.65 $ 0.55 $ 0.38 Diluted $ 0.64 $ 0.55 $ 0.38 (1) For the years ended December 31, 2016 , 2015 and 2014 , there were 19,046,222 , 18,200,877 , and 142,953 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Components of Comprehensive Income (Loss), Gross and Net Of Tax | The components of comprehensive income (loss), both gross and net of tax, are as follows: Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Gross Tax Net Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 299,072 (106,947 ) 192,125 280,877 (99,372 ) 181,505 206,472 (74,751 ) 131,721 Other comprehensive income (loss): Change in funded status of retirement obligations 12,452 (4,981 ) 7,471 (2,425 ) 970 (1,455 ) (8,402 ) 3,360 (5,042 ) Unrealized (loss) gain on securities available-for-sale (19,399 ) 7,115 (12,284 ) (7,982 ) 3,049 (4,933 ) 9,836 (3,884 ) 5,952 Accretion of loss on securities reclassified to held to maturity available for sale 1,846 (754 ) 1,092 2,448 (1,000 ) 1,448 2,918 (1,192 ) 1,726 Reclassification adjustment for security gains included in net income (2,264 ) 906 (1,358 ) (1,553 ) 6 (1,547 ) (233 ) 95 (138 ) Other-than-temporary impairment accretion on debt securities 1,488 (608 ) 880 1,802 (736 ) 1,066 1,343 (549 ) 794 Net gains on derivatives arising during the period 12,550 (5,126 ) 7,424 — — — — — — Total other comprehensive (loss) income 6,673 (3,448 ) 3,225 (7,710 ) 2,289 (5,421 ) 5,462 (2,170 ) 3,292 Total comprehensive income $ 305,745 (110,395 ) 195,350 273,167 (97,083 ) 176,084 211,934 (76,921 ) 135,013 |
Component of Accumulated Other Comprehensive Loss | The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the years ended December 31, 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 gains 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 7,471 1,092 (13,642 ) 880 7,424 3,225 Balance - December 31, 2016 $ (4,895 ) (1,988 ) (12,271 ) (12,870 ) 7,424 (24,600 ) Balance - December 31, 2014 $ (10,911 ) (4,528 ) 7,851 (14,816 ) — (22,404 ) Net change (1,455 ) 1,448 (6,480 ) 1,066 — (5,421 ) Balance - December 31, 2015 $ (12,366 ) (3,080 ) 1,371 (13,750 ) — (27,825 ) The following table presents information about amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income and the affected line item in the statement where net income is presented. Year Ended December 31, 2016 2015 (In thousands) Reclassification adjustment for gains included in net income Gain on security transactions $ (2,264 ) (1,553 ) Change in funded status of retirement obligations (1) Compensation and fringe benefits: Adjustment of net obligation 249 2,512 Amortization of net obligation or asset — — Amortization of prior service cost — 49 Amortization of net gain 1,610 1,354 Compensation and fringe benefits 1,859 3,915 Interest Expense: Reclassification adjustment for unrealized losses on derivatives 440 — Total before tax 35 2,362 Income tax benefit 1,179 976 Net of tax $ (1,144 ) 1,386 (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. |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details) | May 07, 2014USD ($)$ / sharesshares | May 07, 2014$ / sharesshares | Oct. 11, 2005shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014shares | Jan. 31, 2007 |
Schedule of Accounting Policies [Line Items] | |||||||
Proceeds from issuance of common stock | $ | $ 2,150,000,000 | ||||||
Initial public stock offering (shares) | shares | 213,963,274 | ||||||
Purchase of treasury stock, shares | shares | 31,336,369 | 31,576,421 | 1,295,193 | ||||
Cash equivalents, reserve requirement | $ | $ 62,800,000 | $ 43,400,000 | |||||
Loan delinquent, not received payment, period, days | 30 days | ||||||
Accrual of income on loans discontinued when interest or principal payments are in arrears, period, days | 90 days | ||||||
Loans impairment analysis to include minimum commercial real estate, multi-family and construction loans outstanding balance | $ | $ 1,000,000 | ||||||
Outstanding minimum balance of loans that are evaluated for impairment individually | $ | 1,000,000 | ||||||
Bank owned life insurance, carrying value consists of cash surrender value | $ | 152,800,000 | 152,500,000 | |||||
Bank owned life insurance, carrying value consists of claims stabilization reserve | $ | 9,100,000 | 6,600,000 | |||||
Carrying amount of goodwill | $ | $ 77,571,000 | $ 77,571,000 | |||||
Matching contribution percentage of the first 6% contributed by participants under 401 (k) plan (percentage) | 50.00% | ||||||
Employee contribution percentage that company matches 50% | 6.00% | ||||||
Maximum repayment period funds borrowed by ESOP to purchase common stock, years | 30 years | ||||||
Core Deposit Premiums | |||||||
Schedule of Accounting Policies [Line Items] | |||||||
Core deposit premiums, amortized on an accelerated basis, years | 10 years | ||||||
Investors Bancorp, MHC | |||||||
Schedule of Accounting Policies [Line Items] | |||||||
Percentage of common stock owned | 100.00% | ||||||
Initial public stock offering (shares) | shares | 165,353,151 | ||||||
Successor | IPO | |||||||
Schedule of Accounting Policies [Line Items] | |||||||
Initial public stock offering (shares) | shares | 219,580,695 | ||||||
Share price (per share) | $ / shares | $ 10 | $ 10 | |||||
Shares issued in exchange of each share of converted stock (shares) | 2.55 | ||||||
Shares issued as part of conversion (shares) | shares | 137,560,968 | ||||||
Purchase of treasury stock, shares | shares | 1,101,694 | 1,101,694 | |||||
Investors Charitable Foundation | Successor | IPO | |||||||
Schedule of Accounting Policies [Line Items] | |||||||
Initial public stock offering (shares) | shares | 1,000,000 |
Stock Transactions Stock Transa
Stock Transactions Stock Transactions (Details) $ / shares in Units, $ in Thousands | Apr. 28, 2016shares | Jun. 09, 2015shares | Mar. 16, 2015shares | May 07, 2014USD ($)$ / sharesshares | May 07, 2014$ / sharesshares | Oct. 11, 2005USD ($)shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares |
Stock Transactions [Line Items] | |||||||||
Initial public stock offering (shares) | 213,963,274 | ||||||||
Company contributed cash for common stock issued | $ | $ 5,200 | ||||||||
Stock issue expense, pre tax | $ | 20,700 | ||||||||
Proceeds from issuance initial public offering | $ | $ 509,700 | ||||||||
Proceeds from issuance of common stock | $ | $ 2,150,000 | ||||||||
Purchase of treasury stock, shares | 31,336,369 | 31,576,421 | 1,295,193 | ||||||
Percentage of shares to be repurchased | 10.00% | 10.00% | 5.00% | ||||||
Number of shares authorized to be repurchased | 31,481,189 | 34,779,211 | 17,911,561 | ||||||
Stock repurchased during period, value | $ | $ 363,410 | $ 382,922 | $ 13,523 | ||||||
Stock repurchase cost, per share | $ / shares | $ 11.60 | $ 12.13 | $ 10.44 | ||||||
Common stock | |||||||||
Stock Transactions [Line Items] | |||||||||
Initial public stock offering (shares) | 131,649,089 | ||||||||
Public shares outstanding, percentage | 43.74% | ||||||||
Investors bank employee stock ownership plan (shares) | 10,847,883 | ||||||||
Purchase of treasury stock, shares | 100,205 | 90,000 | |||||||
Investors Bancorp, MHC | |||||||||
Stock Transactions [Line Items] | |||||||||
Initial public stock offering (shares) | 165,353,151 | ||||||||
Public shares outstanding, percentage | 54.94% | ||||||||
Investors Bank Charitable Foundation | |||||||||
Stock Transactions [Line Items] | |||||||||
Initial public stock offering (shares) | 3,949,473 | ||||||||
Public shares outstanding, percentage | 1.32% | ||||||||
Investors Bank | |||||||||
Stock Transactions [Line Items] | |||||||||
Proceeds from issuance initial public offering | $ | $ 255,000 | ||||||||
IPO | Successor | |||||||||
Stock Transactions [Line Items] | |||||||||
Initial public stock offering (shares) | 219,580,695 | ||||||||
Share price (per share) | $ / shares | $ 10 | $ 10 | |||||||
Shares issued in exchange of each share of converted stock (shares) | 2.55 | ||||||||
Shares issued as part of conversion (shares) | 137,560,968 | ||||||||
Purchase of treasury stock, shares | 1,101,694 | 1,101,694 | |||||||
Investors Charitable Foundation | IPO | Successor | |||||||||
Stock Transactions [Line Items] | |||||||||
Initial public stock offering (shares) | 1,000,000 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment [Line Items] | |||
Carrying value of held to maturity security | $ 1,755,556 | $ 1,844,223 | |
Securities held-to-maturity | 1,782,801 | 1,888,686 | |
Held-to-maturity securities pledged as collateral | 469,400 | ||
Non credit-related OTTI | 21,800 | ||
Non credit-related OTTI, after-tax | 12,900 | ||
Recognized net gains on available-for-sale securities | $ 619 | ||
Gain (loss) on capital distributions of equity securities | 1,500 | ||
Gross realized gain from sale of Available-for-sale securities | 474 | ||
Proceeds from sales of securities held to maturity | 14,348 | 0 | 19,177 |
Gross realized gains from sale of Held-to-maturity securities | 927 | ||
Sales from held-to-maturity, book value | 18,300 | ||
Held-to-maturity securities, gross realized gains (losses) | 836 | $ 877 | |
Percentage of held-to-maturity portfolio sold on the original investment | 85.00% | ||
Gain on securities transactions, net | $ 3,100 | 1,036 | $ 1,546 |
Corporate and other debt securities | |||
Investment [Line Items] | |||
Held-to-maturity securities, Term ( in years) | 20 years | ||
Carrying value of held to maturity security | $ 39,100 | ||
Securities held-to-maturity | 79,200 | ||
Equity Securities | |||
Investment [Line Items] | |||
Gross realized gain from sale of Available-for-sale securities | 2,300 | ||
Sale proceeds from sale of Available-for-sale securities, | 57,900 | 2,600 | |
TruP Security | |||
Investment [Line Items] | |||
Held-to-maturity securities, gross realized gains (losses) | (646) | ||
Gain on securities transactions, net | 50 | ||
Available-for-sale Securities | |||
Investment [Line Items] | |||
Gain (loss) on capital distributions of equity securities | $ 145 | $ 145 | |
Internal Noninvestment Grade | Corporate and other debt securities | |||
Investment [Line Items] | |||
Carrying value of held to maturity security | 37,100 | ||
Securities held-to-maturity | $ 72,900 |
Securities (Summary of Securiti
Securities (Summary of Securities- Available for sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | $ 1,679,520 | $ 1,302,122 |
Gross unrecognized gains | 5,567 | 8,496 |
Gross unrecognized losses | 24,654 | 5,921 |
Estimated fair value | 1,660,433 | 1,304,697 |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 5,825 | 5,778 |
Gross unrecognized gains | 918 | 733 |
Gross unrecognized losses | 83 | 16 |
Estimated fair value | 6,660 | 6,495 |
Mortgage-backed securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 1,673,695 | 1,296,344 |
Gross unrecognized gains | 4,649 | 7,763 |
Gross unrecognized losses | 24,571 | 5,905 |
Estimated fair value | 1,653,773 | 1,298,202 |
Federal Home Loan Mortgage Corporation | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 603,774 | 546,652 |
Gross unrecognized gains | 1,971 | 3,242 |
Gross unrecognized losses | 7,306 | 2,443 |
Estimated fair value | 598,439 | 547,451 |
Federal National Mortgage Association | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 1,022,383 | 724,851 |
Gross unrecognized gains | 2,678 | 4,520 |
Gross unrecognized losses | 16,474 | 3,299 |
Estimated fair value | 1,008,587 | 726,072 |
Government National Mortgage Association | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 47,538 | 24,841 |
Gross unrecognized gains | 0 | 1 |
Gross unrecognized losses | 791 | 163 |
Estimated fair value | $ 46,747 | $ 24,679 |
Securities (Summary - Held to M
Securities (Summary - Held to Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Net unrealized losses | $ 95,743 | $ 100,200 | $ 108,817 | $ 112,235 |
Carrying value of held to maturity security | 1,755,556 | 1,844,223 | ||
Gross unrealized losses | 18,891 | 9,202 | ||
Total, Estimated fair value | 1,782,801 | 1,888,686 | ||
Held-to-maturity Securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 1,780,677 | 1,872,675 | ||
Net unrealized losses | 25,121 | 28,452 | ||
Carrying value of held to maturity security | 1,755,556 | 1,844,223 | ||
Gross unrealized gains | 46,136 | 53,665 | ||
Gross unrealized losses | 18,891 | 9,202 | ||
Total, Estimated fair value | 1,782,801 | 1,888,686 | ||
Debt Securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 105,958 | 105,648 | ||
Net unrealized losses | 21,760 | 23,245 | ||
Carrying value of held to maturity security | 84,198 | 82,403 | ||
Gross unrealized gains | 41,680 | 44,022 | ||
Gross unrealized losses | 0 | 0 | ||
Total, Estimated fair value | 125,878 | 126,425 | ||
Government-sponsored enterprises | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 2,128 | 4,232 | ||
Net unrealized losses | 0 | 0 | ||
Carrying value of held to maturity security | 2,128 | 4,232 | ||
Gross unrealized gains | 12 | 11 | ||
Gross unrealized losses | 0 | 0 | ||
Total, Estimated fair value | 2,140 | 4,243 | ||
Municipal bonds | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 37,978 | 43,058 | ||
Net unrealized losses | 0 | 0 | ||
Carrying value of held to maturity security | 37,978 | 43,058 | ||
Gross unrealized gains | 1,515 | 1,307 | ||
Gross unrealized losses | 0 | 0 | ||
Total, Estimated fair value | 39,493 | 44,365 | ||
Corporate and other debt securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 65,852 | 58,358 | ||
Net unrealized losses | 21,760 | 23,245 | ||
Carrying value of held to maturity security | 44,092 | 35,113 | ||
Gross unrealized gains | 40,153 | 42,704 | ||
Gross unrealized losses | 0 | 0 | ||
Total, Estimated fair value | 84,245 | 77,817 | ||
Mortgage-backed securities: | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 1,674,719 | 1,767,027 | ||
Net unrealized losses | 3,361 | 5,207 | ||
Carrying value of held to maturity security | 1,671,358 | 1,761,820 | ||
Gross unrealized gains | 4,456 | 9,643 | ||
Gross unrealized losses | 18,891 | 9,202 | ||
Total, Estimated fair value | 1,656,923 | 1,762,261 | ||
Federal Home Loan Mortgage Corporation | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 411,692 | 516,841 | ||
Net unrealized losses | 1,559 | 2,502 | ||
Carrying value of held to maturity security | 410,133 | 514,339 | ||
Gross unrealized gains | 793 | 2,213 | ||
Gross unrealized losses | 3,502 | 3,082 | ||
Total, Estimated fair value | 407,424 | 513,470 | ||
Federal National Mortgage Association | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 1,246,635 | 1,228,845 | ||
Net unrealized losses | 1,802 | 2,705 | ||
Carrying value of held to maturity security | 1,244,833 | 1,226,140 | ||
Gross unrealized gains | 3,635 | 7,305 | ||
Gross unrealized losses | 15,389 | 6,120 | ||
Total, Estimated fair value | 1,233,079 | 1,227,325 | ||
Government National Mortgage Association | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 16,392 | 21,330 | ||
Net unrealized losses | 0 | 0 | ||
Carrying value of held to maturity security | 16,392 | 21,330 | ||
Gross unrealized gains | 28 | 125 | ||
Gross unrealized losses | 0 | 0 | ||
Total, Estimated fair value | $ 16,420 | 21,455 | ||
Federal housing authorities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 11 | |||
Net unrealized losses | 0 | |||
Carrying value of held to maturity security | 11 | |||
Gross unrealized gains | 0 | |||
Gross unrealized losses | 0 | |||
Total, 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 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying value of held to maturity security | $ 1,755,556 | $ 1,844,223 |
Total, Estimated fair value | 1,782,801 | $ 1,888,686 |
Debt Securities Other than Securities Pledged | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less, Amortized cost | 33,348 | |
Due after one year through five years, Amortized cost | 2,203 | |
Due after five years through ten years, Amortized cost | 5,000 | |
Due after ten years, Amortized cost | 43,647 | |
Carrying value of held to maturity security | 84,198 | |
Due in one year or less, Estimated fair value | 33,348 | |
Due after one year through five years, Estimated fair value | 2,215 | |
Due after five years through ten years, Estimated fair value | 5,003 | |
Due after ten years, Estimated fair value | 85,312 | |
Total, Estimated fair value | $ 125,878 |
Securities (Investment Securiti
Securities (Investment Securities, Continuous Unrealized Loss Position And Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale, Estimated fair value | ||
Less than 12 months | $ 1,220,619 | $ 668,613 |
12 months or more | 37,845 | 14,821 |
Total | 1,258,464 | 683,434 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 24,071 | 5,472 |
12 months or more | 583 | 449 |
Total | 24,654 | 5,921 |
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 3,623 | 33,900 |
Less than 12 months | 1,309,860 | 890,028 |
Total | 1,313,483 | 923,928 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 18,743 | 8,281 |
12 months or more | 148 | 921 |
Total | 18,891 | 9,202 |
Estimated fair value, Less than 12 months, Total | 2,530,479 | 1,558,641 |
Unrealized losses, Less than 12 months, Total | 42,814 | 13,753 |
Estimated fair value, 12 months or more, Total | 41,468 | 48,721 |
Unrealized losses, 12 months or more, Total | 731 | 1,370 |
Estimated fair value, Total | 2,571,947 | 1,607,362 |
Unrealized losses, Total | 43,545 | 15,123 |
Equity Securities | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 4,722 | 4,692 |
12 months or more | 0 | 0 |
Total | 4,722 | 4,692 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 83 | 16 |
12 months or more | 0 | 0 |
Total | 83 | 16 |
Federal Home Loan Mortgage Corporation | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 406,878 | 263,255 |
12 months or more | 12,756 | 0 |
Total | 419,634 | 263,255 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 7,220 | 2,443 |
12 months or more | 86 | 0 |
Total | 7,306 | 2,443 |
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 3,623 | 4,887 |
Less than 12 months | 339,666 | 342,702 |
Total | 343,289 | 347,589 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 3,354 | 2,804 |
12 months or more | 148 | 278 |
Total | 3,502 | 3,082 |
Federal National Mortgage Association | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 762,272 | 375,792 |
12 months or more | 25,089 | 14,821 |
Total | 787,361 | 390,613 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 15,977 | 2,850 |
12 months or more | 497 | 449 |
Total | 16,474 | 3,299 |
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 0 | |
Less than 12 months | 970,194 | |
Total | 970,194 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 15,389 | |
12 months or more | 0 | |
Total | 15,389 | |
Government National Mortgage Association | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 46,747 | 24,874 |
12 months or more | 0 | 0 |
Total | 46,747 | 24,874 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 791 | 163 |
12 months or more | 0 | 0 |
Total | 791 | 163 |
Mortgage-backed securities: | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 1,215,897 | 663,921 |
12 months or more | 37,845 | 14,821 |
Total | 1,253,742 | 678,742 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 23,988 | 5,456 |
12 months or more | 583 | 449 |
Total | $ 24,571 | 5,905 |
Federal National Mortgage Association [Member] | ||
Held-to-maturity Securities, Estimated Fair Value | ||
12 months or more | 29,013 | |
Less than 12 months | 547,326 | |
Total | 576,339 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 5,477 | |
12 months or more | 643 | |
Total | $ 6,120 |
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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Balance of credit related OTTI, beginning of period | $ 100,200 | $ 108,817 | $ 112,235 |
Initial credit impairments | 0 | 0 | 0 |
Subsequent credit impairments | 0 | 0 | 0 |
Accretion of credit loss impairment due to an increase in expected cash flows | (4,457) | (3,804) | (3,418) |
Reduction for securities sold or paid off during the period | 0 | (4,813) | 0 |
Balance of credit related OTTI, end of period | $ 95,743 | $ 100,200 | $ 108,817 |
Loans Receivable, Net (Narrativ
Loans Receivable, Net (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
PCI loans acquired | $ 52,000 | ||||||||||
Outstanding minimum balance of loans that are evaluated for impairment individually | $ 1,000,000 | $ 1,000,000 | |||||||||
Residential mortgage loans, appraisal update period, years | 2 years | ||||||||||
PCI loans | 8,956,000 | $ 11,089,000 | $ 8,956,000 | $ 11,089,000 | |||||||
Allowance for loan losses, individually evaluated for impairment | 1,601,000 | 4,191,000 | $ 1,601,000 | $ 4,191,000 | |||||||
Number of non-accrual loans | loan | 512 | 562 | |||||||||
Loans that are 90 days past due and still accruing | 0 | $ 0 | |||||||||
Provision for loan losses | 4,750,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | 5,000,000 | $ 5,000,000 | $ 7,000,000 | $ 9,000,000 | 19,750,000 | $ 26,000,000 | $ 37,500,000 |
Loans, Individually evaluated for impairment | 34,404,000 | 56,987,000 | 34,404,000 | 56,987,000 | |||||||
Interest income received and recognized on loans | 1,500,000 | 2,800,000 | |||||||||
Charges-offs for collateral dependent TDRs | $ 14,997,000 | $ 12,216,000 | |||||||||
Troubled debt restructured, number of loans | loan | 110 | 104 | |||||||||
Recorded investment | 30,352,000 | 47,439,000 | $ 30,352,000 | $ 47,439,000 | |||||||
Transfer of loans to loans held for sale | 0 | 347,955,000 | $ 32,411,000 | ||||||||
Collateral Dependant TDRs | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Allowance for loan losses, individually evaluated for impairment | 1,601,000 | 1,800,000 | 1,601,000 | 1,800,000 | |||||||
Charges-offs for collateral dependent TDRs | 0 | 0 | |||||||||
Residential Loans [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Transfer of loans to loans held for sale | $ 9,700,000 | ||||||||||
Sale of non performing and PCI loans | 347,300,000 | ||||||||||
Commercial and Industrial Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Troubled debt restructured, number of loans | loan | 2 | ||||||||||
Recorded investment | 1,688,000 | $ 1,688,000 | |||||||||
Residential Mortgage Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Delinquency period in days | 90 days | ||||||||||
Troubled debt restructured, number of loans | loan | 101 | ||||||||||
Recorded investment | 24,824,000 | $ 24,824,000 | |||||||||
Commercial Real Estate Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Troubled debt restructured, number of loans | loan | 6 | ||||||||||
Recorded investment | 3,592,000 | $ 3,592,000 | |||||||||
Multi- Family Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Troubled debt restructured, number of loans | loan | 1 | ||||||||||
Recorded investment | 248,000 | $ 248,000 | |||||||||
Construction Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Troubled debt restructured, number of loans | loan | 0 | ||||||||||
Recorded investment | 0 | $ 0 | |||||||||
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 | |||||||||
Troubled debt restructured, number of loans | loan | 9 | ||||||||||
Recorded investment | 5,528,000 | $ 5,528,000 | |||||||||
Commercial Real Estate Construction And Multi Family [Member] | |||||||||||
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 | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
PCI loans | 9,000,000 | 11,100,000 | $ 9,000,000 | $ 11,100,000 | |||||||
PCI Loans | Residential Mortgage Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Troubled debt restructured, number of loans | loan | 3 | 3 | |||||||||
Special Mention Residential [Member] | Maximum | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Delinquency period in days | 89 days | ||||||||||
Special Mention Residential [Member] | Minimum | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Delinquency period in days | 60 days | ||||||||||
Substandard Residential [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Delinquency period in days | 90 days | ||||||||||
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 | ||||||||||
Nonperforming Financial Instruments [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Charges-offs for collateral dependent TDRs | $ 4,500,000 | ||||||||||
Transfer of loans to loans held for sale | $ 20,900,000 | ||||||||||
Gain on Loan Transactions, Net [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Gain (loss) on sales, net | 600,000 | 611,000 | |||||||||
Collateral Pledged [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Provision for loan losses | $ 1,600,000 | $ 4,200,000 | |||||||||
Current TDR classified as non-accrual: | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of non-accrual loans | loan | 26 | 20 | |||||||||
Current TDR classified as non-accrual: | PCI Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
PCI loans | 7,700,000 | 9,000,000 | $ 7,700,000 | $ 9,000,000 | |||||||
TDR 30-89 days delinquent classified as non-accrual: | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of non-accrual loans | loan | 16 | 18 | |||||||||
TDR 30-89 days delinquent classified as non-accrual: | PCI Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
PCI loans | 0 | 2,100,000 | $ 0 | $ 2,100,000 | |||||||
Greater than 90 Days | PCI Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
PCI loans | 1,300,000 | $ 1,300,000 | |||||||||
Commercial Portfolio Segment | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of non-accrual loans | loan | 34 | 62 | |||||||||
Loans modified as TDR in the last 12 months for which there was a default payment | loan | 5 | ||||||||||
Troubled debt restructured, number of loans | loan | 23 | ||||||||||
Recorded investment | 24,511,000 | $ 24,511,000 | |||||||||
Commercial Portfolio Segment | Construction Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | $ 0 | $ 0 | |||||||
Number of non-accrual loans | loan | 0 | 4 | |||||||||
Loans, Individually evaluated for impairment | 0 | 2,504,000 | $ 0 | $ 2,504,000 | |||||||
Charges-offs for collateral dependent TDRs | $ 52,000 | $ 466,000 | |||||||||
Post- modification Interest Yield | 0.00% | 4.97% | |||||||||
Weighted average modified yield | 0.00% | 4.97% | |||||||||
Loans modified as TDR in the last 12 months for which there was a default payment | loan | 1 | 1 | |||||||||
Recorded investment | $ 132,000 | $ 225,000 | |||||||||
Troubled debt restructured, number of loans | loan | 3 | ||||||||||
Recorded investment | 718,000 | $ 718,000 | |||||||||
Commercial Portfolio Segment | Current TDR classified as non-accrual: | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of non-accrual loans | loan | 3 | 5 | |||||||||
Commercial Portfolio Segment | Current TDR classified as non-accrual: | Construction Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of non-accrual loans | loan | 0 | 0 | |||||||||
Commercial Portfolio Segment | TDR 30-89 days delinquent classified as non-accrual: | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of non-accrual loans | loan | 2 | 7 | |||||||||
Commercial Portfolio Segment | TDR 30-89 days delinquent classified as non-accrual: | Construction Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of non-accrual loans | loan | 0 | 0 | |||||||||
Consumer Portfolio Segment | Residential Mortgage Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Allowance for loan losses, individually evaluated for impairment | 1,581,000 | 1,773,000 | $ 1,581,000 | $ 1,773,000 | |||||||
Number of non-accrual loans | loan | 478 | 500 | |||||||||
Loans, Individually evaluated for impairment | 24,453,000 | 22,539,000 | $ 24,453,000 | $ 22,539,000 | |||||||
Charges-offs for collateral dependent TDRs | $ 9,425,000 | $ 9,526,000 | |||||||||
Loans modified as TDR in the last 12 months for which there was a default payment | loan | 11 | ||||||||||
Recorded investment | $ 1,807,000 | ||||||||||
Consumer Portfolio Segment | Residential And Consumer | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Post- modification Interest Yield | 3.61% | 3.40% | |||||||||
Weighted average modified yield | 6.18% | 4.84% | |||||||||
Troubled debt restructured, number of loans | loan | 81 | ||||||||||
Recorded investment | 22,928,000 | $ 22,928,000 | |||||||||
Consumer Portfolio Segment | Current TDR classified as non-accrual: | Residential Mortgage Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of non-accrual loans | loan | 23 | 15 | |||||||||
Consumer Portfolio Segment | TDR 30-89 days delinquent classified as non-accrual: | Residential Mortgage Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of non-accrual loans | loan | 14 | 11 | |||||||||
Retail Site | Real Estate Sector | Commercial Portfolio Segment | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | $ 0 | $ 0 | |||||||
Number of non-accrual loans | loan | 24 | 37 | |||||||||
Loans, Individually evaluated for impairment | $ 5,962,000 | 18,941,000 | $ 5,962,000 | $ 18,941,000 | |||||||
Charges-offs for collateral dependent TDRs | $ 455,000 | $ 1,021,000 | |||||||||
Post- modification Interest Yield | 5.20% | 5.35% | |||||||||
Weighted average modified yield | 5.11% | 4.53% | |||||||||
Loans modified as TDR in the last 12 months for which there was a default payment | loan | 4 | ||||||||||
Recorded investment | $ 573,000 | ||||||||||
Troubled debt restructured, number of loans | loan | 14 | ||||||||||
Recorded investment | $ 18,987,000 | $ 18,987,000 | |||||||||
Retail Site | Real Estate Sector | Commercial Portfolio Segment | Current TDR classified as non-accrual: | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of non-accrual loans | loan | 1 | 2 | |||||||||
Retail Site | Real Estate Sector | Commercial Portfolio Segment | TDR 30-89 days delinquent classified as non-accrual: | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of non-accrual loans | loan | 2 | 5 |
Loans Receivable, Net (Details)
Loans Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | $ 18,801,746 | $ 16,880,241 | ||
PCI loans | 8,956 | 11,089 | ||
Net unamortized premiums and deferred loan costs | (12,474) | (11,692) | ||
Allowance for loan losses | (228,373) | (218,505) | $ (200,284) | $ (173,928) |
Net loans | 18,569,855 | 16,661,133 | ||
Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | 13,494,451 | 11,346,240 | ||
Commercial Portfolio Segment | Commercial and Industrial Sector | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | 1,275,283 | 1,044,329 | ||
Commercial Portfolio Segment | Construction Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | 314,843 | 224,057 | ||
Consumer Portfolio Segment | Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | 4,710,373 | 5,037,898 | ||
Consumer Portfolio Segment | Consumer and Other Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | 596,922 | 496,103 | ||
Multifamily | Commercial Portfolio Segment | Real Estate Sector | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | 7,459,131 | 6,255,904 | ||
Retail Site | Commercial Portfolio Segment | Real Estate Sector | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | $ 4,445,194 | $ 3,821,950 |
Loans Receivable, Net (Purchase
Loans Receivable, Net (Purchased Credit Impaired Loans) (Details) - PCI Loans - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accretable Yeild [Roll Forward] | ||
Balance, beginning of period | $ 449 | $ 971 |
Acquisitions | 0 | 0 |
Accretion | (219) | (522) |
Net reclassification from non-accretable difference (1) | 1,221 | 0 |
Balance, ending of period | $ 1,451 | $ 449 |
Loans Receivable, Net (Summary
Loans Receivable, Net (Summary of Analysis of the Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of year | $ 218,505 | $ 200,284 | $ 218,505 | $ 200,284 | $ 173,928 | ||||||
Loans charged off | (14,997) | (12,216) | (18,244) | ||||||||
Recoveries | 5,115 | 4,437 | 7,100 | ||||||||
Net charge-offs | (9,882) | (7,779) | (11,144) | ||||||||
Provision for loan losses | $ 4,750 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 5,000 | $ 7,000 | $ 9,000 | 19,750 | 26,000 | 37,500 |
Balance at end of year | $ 228,373 | $ 218,505 | $ 228,373 | $ 218,505 | $ 200,284 |
Loans Receivable, Net (Summar58
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 | 12 Months Ended | |
Dec. 31, 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 | (14,997) | (12,216) |
Allowance for loan losses, Recoveries | 5,115 | 4,437 |
Allowance for loan losses, Provision | 19,750 | 26,000 |
Allowance for loan losses, Ending balance | 228,373 | 218,505 |
Allowance for loan losses, Individually evaluated for impairment | 1,601 | 4,191 |
Allowance for loan losses, Collectively evaluated for impairment | 226,772 | 214,314 |
Loans, Individually evaluated for impairment | 34,404 | 56,987 |
Loans, Collectively evaluated for impairment | 18,767,342 | 16,823,254 |
Ending Balance | 18,810,702 | 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 | 884 | (5,271) |
Allowance for loan losses, Ending balance | 2,190 | 1,306 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 2,190 | 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 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Ending Balance | 8,956 | 11,089 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Unallocated | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Ending Balance | 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 | (9,425) | (9,526) |
Allowance for loan losses, Recoveries | 1,631 | 2,295 |
Allowance for loan losses, Provision | (3,818) | (9,262) |
Allowance for loan losses, Ending balance | 19,831 | 31,443 |
Allowance for loan losses, Individually evaluated for impairment | 1,581 | 1,773 |
Allowance for loan losses, Collectively evaluated for impairment | 18,250 | 29,670 |
Loans, Individually evaluated for impairment | 24,453 | 22,539 |
Loans, Collectively evaluated for impairment | 4,685,920 | 5,015,359 |
Ending Balance | 4,711,880 | 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 | (419) | (403) |
Allowance for loan losses, Recoveries | 102 | 278 |
Allowance for loan losses, Provision | 12 | (67) |
Allowance for loan losses, Ending balance | 2,850 | 3,155 |
Allowance for loan losses, Individually evaluated for impairment | 20 | 9 |
Allowance for loan losses, Collectively evaluated for impairment | 2,830 | 3,146 |
Loans, Individually evaluated for impairment | 371 | 389 |
Loans, Collectively evaluated for impairment | 596,551 | 495,714 |
Ending Balance | 597,265 | 496,556 |
Consumer Portfolio Segment | Receivables Acquired with Deteriorated Credit Quality [Member] | 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 |
Ending Balance | 1,507 | 1,645 |
Consumer Portfolio Segment | Receivables Acquired with Deteriorated Credit Quality [Member] | 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 |
Ending Balance | 343 | 453 |
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 | 267 | 317 |
Allowance for loan losses, Provision | 4,644 | 455 |
Allowance for loan losses, Ending balance | 11,653 | 6,794 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 11,653 | 6,794 |
Loans, Individually evaluated for impairment | 0 | 2,504 |
Loans, Collectively evaluated for impairment | 314,843 | 221,553 |
Ending Balance | 314,843 | 225,843 |
Commercial Portfolio Segment | Receivables Acquired with Deteriorated Credit Quality [Member] | 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 |
Ending Balance | 0 | 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 | (4,485) | (516) |
Allowance for loan losses, Recoveries | 541 | 295 |
Allowance for loan losses, Provision | 6,851 | 20,047 |
Allowance for loan losses, Ending balance | 43,492 | 40,585 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 2,409 |
Allowance for loan losses, Collectively evaluated for impairment | 43,492 | 38,176 |
Loans, Individually evaluated for impairment | 3,370 | 9,395 |
Loans, Collectively evaluated for impairment | 1,271,913 | 1,034,934 |
Ending Balance | 1,275,283 | 1,044,385 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Ending Balance | 0 | 56 |
Commercial Portfolio Segment | Retail Site | 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 | (455) | (1,021) |
Allowance for loan losses, Recoveries | 689 | 807 |
Allowance for loan losses, Provision | 5,563 | 3,183 |
Allowance for loan losses, Ending balance | 52,796 | 46,999 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 52,796 | 46,999 |
Loans, Individually evaluated for impairment | 5,962 | 18,941 |
Loans, Collectively evaluated for impairment | 4,439,232 | 3,803,009 |
Ending Balance | 4,452,300 | 3,829,099 |
Commercial Portfolio Segment | Retail Site | Real Estate Sector | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Ending Balance | 7,106 | 7,149 |
Commercial Portfolio Segment | Multifamily | 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 | 1,885 | 445 |
Allowance for loan losses, Provision | 5,614 | 16,915 |
Allowance for loan losses, Ending balance | 95,561 | 88,223 |
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, Collectively evaluated for impairment | 95,561 | 88,223 |
Loans, Individually evaluated for impairment | 248 | 3,219 |
Loans, Collectively evaluated for impairment | 7,458,883 | 6,252,685 |
Ending Balance | 7,459,131 | 6,255,904 |
Commercial Portfolio Segment | Multifamily | Real Estate Sector | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Ending Balance | $ 0 | $ 0 |
Loans Receivable, Net (Schedule
Loans Receivable, Net (Schedule of Risk Category of Loans by Class of Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | $ 18,801,746 | $ 16,880,241 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 17,177,368 | 15,703,003 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 1,099,078 | 921,721 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 337,848 | 83,303 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 187,452 | 172,214 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 4,710,373 | 5,037,898 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 596,922 | 496,103 |
Consumer Portfolio Segment | Pass | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 4,600,611 | 4,930,961 |
Consumer Portfolio Segment | Pass | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 583,140 | 482,715 |
Consumer Portfolio Segment | Watch | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 21,873 | 24,584 |
Consumer Portfolio Segment | Watch | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 5,627 | 3,987 |
Consumer Portfolio Segment | Special Mention | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 10,239 | 13,796 |
Consumer Portfolio Segment | Special Mention | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 719 | 427 |
Consumer Portfolio Segment | Substandard | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 77,650 | 68,557 |
Consumer Portfolio Segment | Substandard | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 7,436 | 8,974 |
Consumer Portfolio Segment | Doubtful | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Consumer Portfolio Segment | Doubtful | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 13,494,451 | 11,346,240 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 314,843 | 224,057 |
Commercial Portfolio Segment | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 11,993,617 | 10,289,327 |
Commercial Portfolio Segment | Pass | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 230,630 | 207,499 |
Commercial Portfolio Segment | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 1,071,578 | 893,150 |
Commercial Portfolio Segment | Watch | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 76,773 | 12,833 |
Commercial Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 326,890 | 69,080 |
Commercial Portfolio Segment | Special Mention | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 3,200 | 0 |
Commercial Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 102,366 | 94,683 |
Commercial Portfolio Segment | Substandard | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 4,240 | 3,725 |
Commercial Portfolio Segment | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Commercial Portfolio Segment | Doubtful | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 1,275,283 | 1,044,329 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 900,190 | 793,527 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 344,628 | 223,474 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 23,588 | 13,782 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 6,877 | 13,546 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Retail Site | Commercial Portfolio Segment | Real Estate Sector | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 4,445,194 | 3,821,950 |
Retail Site | Commercial Portfolio Segment | Real Estate Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 3,900,988 | 3,411,876 |
Retail Site | Commercial Portfolio Segment | Real Estate Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 373,319 | 331,429 |
Retail Site | Commercial Portfolio Segment | Real Estate Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 134,154 | 38,265 |
Retail Site | Commercial Portfolio Segment | Real Estate Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 36,733 | 40,380 |
Retail Site | Commercial Portfolio Segment | Real Estate Sector | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 0 | 0 |
Multifamily | Commercial Portfolio Segment | Real Estate Sector | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 7,459,131 | 6,255,904 |
Multifamily | Commercial Portfolio Segment | Real Estate Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 6,961,809 | 5,876,425 |
Multifamily | Commercial Portfolio Segment | Real Estate Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 276,858 | 325,414 |
Multifamily | Commercial Portfolio Segment | Real Estate Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 165,948 | 17,033 |
Multifamily | Commercial Portfolio Segment | Real Estate Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | 54,516 | 37,032 |
Multifamily | Commercial Portfolio Segment | Real Estate Sector | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Risk category of loans | $ 0 | $ 0 |
Loans Receivable, Net (Payment
Loans Receivable, Net (Payment Status of the Recorded Investment in Past Due Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 162,814 | $ 157,207 |
Current | 18,638,932 | 16,723,034 |
Total Loans Receivable | 18,801,746 | 16,880,241 |
30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 42,383 | 50,443 |
60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 45,597 | 15,735 |
Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 74,834 | 91,029 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 93,101 | 110,608 |
Current | 4,617,272 | 4,927,290 |
Total Loans Receivable | 4,710,373 | 5,037,898 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,411 | 13,390 |
Current | 583,511 | 482,713 |
Total Loans Receivable | 596,922 | 496,103 |
Consumer Portfolio Segment | 30-59 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 24,052 | 27,092 |
Consumer Portfolio Segment | 30-59 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,627 | 3,987 |
Consumer Portfolio Segment | 60-89 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,930 | 14,956 |
Consumer Portfolio Segment | 60-89 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 719 | 427 |
Consumer Portfolio Segment | Greater than 90 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 58,119 | 68,560 |
Consumer Portfolio Segment | Greater than 90 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,065 | 8,976 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 56,302 | 33,209 |
Current | 13,438,149 | 11,313,031 |
Total Loans Receivable | 13,494,451 | 11,346,240 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 792 |
Current | 314,843 | 223,265 |
Total Loans Receivable | 314,843 | 224,057 |
Commercial Portfolio Segment | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12,704 | 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 | 33,948 | 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 | 9,650 | 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 | 4,720 | 5,343 |
Current | 1,270,563 | 1,038,986 |
Total Loans Receivable | 1,275,283 | 1,044,329 |
Commercial Portfolio Segment | Commercial and Industrial Sector | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 864 | 957 |
Commercial Portfolio Segment | Commercial and Industrial Sector | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 885 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,971 | 4,386 |
Commercial Portfolio Segment | Retail Site | Real Estate Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 44,977 | 10,952 |
Current | 4,400,217 | 3,810,998 |
Total Loans Receivable | 4,445,194 | 3,821,950 |
Commercial Portfolio Segment | Retail Site | Real Estate Sector | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,568 | 4,171 |
Commercial Portfolio Segment | Retail Site | Real Estate Sector | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 31,964 | 352 |
Commercial Portfolio Segment | Retail Site | Real Estate Sector | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,445 | 6,429 |
Commercial Portfolio Segment | Multifamily | Real Estate Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,605 | 16,122 |
Current | 7,452,526 | 6,239,782 |
Total Loans Receivable | 7,459,131 | 6,255,904 |
Commercial Portfolio Segment | Multifamily | Real Estate Sector | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,272 | 14,236 |
Commercial Portfolio Segment | Multifamily | Real Estate Sector | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,099 | 0 |
Commercial Portfolio Segment | Multifamily | Real Estate Sector | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 234 | $ 1,886 |
Loans Receivable, Net (Non-Accr
Loans Receivable, Net (Non-Accrual Loans Status) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 512 | 562 |
Non-accrual, Amount | $ | $ 94,274 | $ 115,426 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 478 | 500 |
Non-accrual, Amount | $ | $ 79,928 | $ 91,122 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 34 | 62 |
Non-accrual, Amount | $ | $ 14,346 | $ 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 | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 8 | 17 |
Non-accrual, Amount | $ | $ 4,659 | $ 9,225 |
Commercial Portfolio Segment | Retail Site | Real Estate Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 24 | 37 |
Non-accrual, Amount | $ | $ 9,205 | $ 10,820 |
Commercial Portfolio Segment | Multifamily | Real Estate Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 2 | 4 |
Non-accrual, Amount | $ | $ 482 | $ 3,467 |
Current TDR classified as non-accrual: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 26 | 20 |
Non-accrual, Amount | $ | $ 6,318 | $ 6,876 |
Current TDR classified as non-accrual: | Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 23 | 15 |
Non-accrual, Amount | $ | $ 5,721 | $ 3,378 |
Current TDR classified as non-accrual: | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 3 | 5 |
Non-accrual, Amount | $ | $ 597 | $ 3,498 |
Current TDR classified as non-accrual: | Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 0 | 0 |
Non-accrual, Amount | $ | $ 0 | $ 0 |
Current TDR classified as non-accrual: | Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 2 |
Non-accrual, Amount | $ | $ 286 | $ 2,226 |
Current TDR classified as non-accrual: | Commercial Portfolio Segment | Retail Site | Real Estate Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 2 |
Non-accrual, Amount | $ | $ 63 | $ 240 |
Current TDR classified as non-accrual: | Commercial Portfolio Segment | Multifamily | Real Estate Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 1 |
Non-accrual, Amount | $ | $ 248 | $ 1,032 |
TDR 30-89 days delinquent classified as non-accrual: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 16 | 18 |
Non-accrual, Amount | $ | $ 3,038 | $ 6,555 |
TDR 30-89 days delinquent classified as non-accrual: | Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 14 | 11 |
Non-accrual, Amount | $ | $ 2,869 | $ 3,338 |
TDR 30-89 days delinquent classified as non-accrual: | Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 2 | 7 |
Non-accrual, Amount | $ | $ 169 | $ 3,217 |
TDR 30-89 days delinquent classified as non-accrual: | Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 0 | 0 |
Non-accrual, Amount | $ | $ 0 | $ 0 |
TDR 30-89 days delinquent classified as non-accrual: | Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 0 | 1 |
Non-accrual, Amount | $ | $ 0 | $ 360 |
TDR 30-89 days delinquent classified as non-accrual: | Commercial Portfolio Segment | Retail Site | Real Estate Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 2 | 5 |
Non-accrual, Amount | $ | $ 169 | $ 2,309 |
TDR 30-89 days delinquent classified as non-accrual: | Commercial Portfolio Segment | Multifamily | Real Estate Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 0 | 1 |
Non-accrual, Amount | $ | $ 0 | $ 548 |
Loans Receivable, Net (Loans In
Loans Receivable, Net (Loans Individually Evaluated for Impairment by Class of Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Recorded Investment | ||
Total | $ 34,404 | $ 56,987 |
Unpaid Principal Balance | ||
Total | 42,432 | 76,738 |
Related Allowance | 1,601 | 4,191 |
Average Recorded Investment | ||
Total | 33,583 | 58,184 |
Interest Income Recognized | ||
Total | 1,452 | 2,814 |
Consumer Portfolio Segment | Residential And Consumer | ||
Recorded Investment | ||
With no related allowance | 11,030 | 8,020 |
With an allowance recorded | 13,794 | 14,908 |
Total | 24,824 | 22,928 |
Unpaid Principal Balance | ||
With no related allowance | 14,565 | 12,433 |
With an allowance recorded | 14,382 | 13,695 |
Total | 28,947 | 26,128 |
Related Allowance | 1,601 | 1,782 |
Average Recorded Investment | ||
With no related allowance | 9,899 | 7,611 |
With an allowance recorded | 13,689 | 16,424 |
Total | 23,588 | 24,035 |
Interest Income Recognized | ||
With no related allowance | 483 | 463 |
With an allowance recorded | 479 | 476 |
Total | 962 | 939 |
Commercial Portfolio Segment | ||
Recorded Investment | ||
With no related allowance | 9,580 | 29,819 |
With an allowance recorded | 0 | 4,240 |
Total | 9,580 | 34,059 |
Unpaid Principal Balance | ||
With no related allowance | 13,485 | 46,339 |
With an allowance recorded | 0 | 4,271 |
Total | 13,485 | 50,610 |
Related Allowance | 0 | 2,409 |
Average Recorded Investment | ||
With no related allowance | 9,995 | 29,760 |
With an allowance recorded | 0 | 4,389 |
Total | 9,995 | 34,149 |
Interest Income Recognized | ||
With no related allowance | 490 | 1,681 |
With an allowance recorded | 0 | 194 |
Total | 490 | 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 | 3,370 | 5,155 |
With an allowance recorded | 0 | 4,240 |
Total | 3,370 | 9,395 |
Unpaid Principal Balance | ||
With no related allowance | 3,972 | 5,160 |
With an allowance recorded | 0 | 4,271 |
Total | 3,972 | 9,431 |
Related Allowance | 0 | 2,409 |
Average Recorded Investment | ||
With no related allowance | 3,953 | 3,575 |
With an allowance recorded | 0 | 4,389 |
Total | 3,953 | 7,964 |
Interest Income Recognized | ||
With no related allowance | 169 | 200 |
With an allowance recorded | 0 | 194 |
Total | 169 | 394 |
Commercial Portfolio Segment | Retail Site | Real Estate Sector | ||
Recorded Investment | ||
With no related allowance | 5,962 | 18,941 |
With an allowance recorded | 0 | 0 |
Total | 5,962 | 18,941 |
Unpaid Principal Balance | ||
With no related allowance | 9,265 | 27,961 |
With an allowance recorded | 0 | 0 |
Total | 9,265 | 27,961 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance | 5,790 | 19,025 |
With an allowance recorded | 0 | 0 |
Total | 5,790 | 19,025 |
Interest Income Recognized | ||
With no related allowance | 301 | 1,136 |
With an allowance recorded | 0 | 0 |
Total | 301 | 1,136 |
Commercial Portfolio Segment | Multifamily | Real Estate Sector | ||
Recorded Investment | ||
With no related allowance | 248 | 3,219 |
With an allowance recorded | 0 | 0 |
Total | 248 | 3,219 |
Unpaid Principal Balance | ||
With no related allowance | 248 | 6,806 |
With an allowance recorded | 0 | 0 |
Total | 248 | 6,806 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance | 252 | 2,872 |
With an allowance recorded | 0 | 0 |
Total | 252 | 2,872 |
Interest Income Recognized | ||
With no related allowance | 20 | 119 |
With an allowance recorded | 0 | 0 |
Total | $ 20 | $ 119 |
Loans Receivable, Net (Troubled
Loans Receivable, Net (Troubled Debt Restructured Loans) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Accrual, number of loans | loan | 42 | 39 | |
Accrual, amount | $ 9,445 | $ 22,489 | |
Non-accrual, number of loans | loan | 68 | 65 | |
Non-accrual, amount | $ 20,907 | $ 24,950 | |
Troubled debt restructured, number of loans | loan | 110 | 104 | |
Troubled debt restructuring, Amount | $ 30,352 | $ 47,439 | |
Transfer of loans to loans held for sale | $ 0 | $ 347,955 | $ 32,411 |
Multi- Family Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Accrual, number of loans | loan | 0 | ||
Accrual, amount | $ 0 | ||
Non-accrual, number of loans | loan | 1 | ||
Non-accrual, amount | $ 248 | ||
Troubled debt restructured, number of loans | loan | 1 | ||
Troubled debt restructuring, Amount | $ 248 | ||
Commercial Real Estate Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Accrual, number of loans | loan | 2 | ||
Accrual, amount | $ 352 | ||
Non-accrual, number of loans | loan | 4 | ||
Non-accrual, amount | $ 3,240 | ||
Troubled debt restructured, number of loans | loan | 6 | ||
Troubled debt restructuring, Amount | $ 3,592 | ||
Commercial and Industrial Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Accrual, number of loans | loan | 0 | ||
Accrual, amount | $ 0 | ||
Non-accrual, number of loans | loan | 2 | ||
Non-accrual, amount | $ 1,688 | ||
Troubled debt restructured, number of loans | loan | 2 | ||
Troubled debt restructuring, Amount | $ 1,688 | ||
Construction Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Accrual, number of loans | loan | 0 | ||
Accrual, amount | $ 0 | ||
Non-accrual, number of loans | loan | 0 | ||
Non-accrual, amount | $ 0 | ||
Troubled debt restructured, number of loans | loan | 0 | ||
Troubled debt restructuring, Amount | $ 0 | ||
Commercial Loan | |||
Financing Receivable, Modifications [Line Items] | |||
Accrual, number of loans | loan | 2 | ||
Accrual, amount | $ 352 | ||
Non-accrual, number of loans | loan | 7 | ||
Non-accrual, amount | $ 5,176 | ||
Troubled debt restructured, number of loans | loan | 9 | ||
Troubled debt restructuring, Amount | $ 5,528 | ||
Residential Mortgage Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Accrual, number of loans | loan | 40 | ||
Accrual, amount | $ 9,093 | ||
Non-accrual, number of loans | loan | 61 | ||
Non-accrual, amount | $ 15,731 | ||
Troubled debt restructured, number of loans | loan | 101 | ||
Troubled debt restructuring, Amount | $ 24,824 | ||
Consumer Portfolio Segment | Residential And Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Accrual, number of loans | loan | 32 | ||
Accrual, amount | $ 8,375 | ||
Non-accrual, number of loans | loan | 49 | ||
Non-accrual, amount | $ 14,553 | ||
Troubled debt restructured, number of loans | loan | 81 | ||
Troubled debt restructuring, Amount | $ 22,928 | ||
Commercial Portfolio Segment | |||
Financing Receivable, Modifications [Line Items] | |||
Accrual, number of loans | loan | 7 | ||
Accrual, amount | $ 14,114 | ||
Non-accrual, number of loans | loan | 16 | ||
Non-accrual, amount | $ 10,397 | ||
Troubled debt restructured, number of loans | loan | 23 | ||
Troubled debt restructuring, Amount | $ 24,511 | ||
Commercial Portfolio Segment | Construction Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Accrual, number of loans | loan | 1 | ||
Accrual, amount | $ 313 | ||
Non-accrual, number of loans | loan | 2 | ||
Non-accrual, amount | $ 405 | ||
Troubled debt restructured, number of loans | loan | 3 | ||
Troubled debt restructuring, Amount | $ 718 | ||
Commercial Portfolio Segment | Commercial and Industrial Sector | |||
Financing Receivable, Modifications [Line Items] | |||
Accrual, number of loans | loan | 1 | ||
Accrual, amount | $ 640 | ||
Non-accrual, number of loans | loan | 3 | ||
Non-accrual, amount | $ 2,586 | ||
Troubled debt restructured, number of loans | loan | 4 | ||
Troubled debt restructuring, Amount | $ 3,226 | ||
Commercial Portfolio Segment | Retail Site | Real Estate Sector | |||
Financing Receivable, Modifications [Line Items] | |||
Accrual, number of loans | loan | 5 | ||
Accrual, amount | $ 13,161 | ||
Non-accrual, number of loans | loan | 9 | ||
Non-accrual, amount | $ 5,826 | ||
Troubled debt restructured, number of loans | loan | 14 | ||
Troubled debt restructuring, Amount | $ 18,987 | ||
Commercial Portfolio Segment | Multifamily | Real Estate Sector | |||
Financing Receivable, Modifications [Line Items] | |||
Accrual, number of loans | loan | 0 | ||
Accrual, amount | $ 0 | ||
Non-accrual, number of loans | loan | 2 | ||
Non-accrual, amount | $ 1,580 | ||
Troubled debt restructured, number of loans | loan | 2 | ||
Troubled debt restructuring, Amount | $ 1,580 |
Loans Receivable, Net (Schedu64
Loans Receivable, Net (Schedule Of Troubled Debt Restructurings) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Consumer Portfolio Segment | Residential And Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | loan | 27 | 19 |
Pre- modification Recorded Investment | $ | $ 4,538 | $ 3,413 |
Post- modification Recorded Investment | $ | $ 4,538 | $ 3,413 |
Number of Loans | loan | 27 | 19 |
Pre-modification Interest Yield | 6.18% | 4.84% |
Post- modification Interest Yield | 3.61% | 3.40% |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | loan | 0 | 2 |
Pre- modification Recorded Investment | $ | $ 0 | $ 1,508 |
Post- modification Recorded Investment | $ | $ 0 | $ 1,508 |
Number of Loans | loan | 0 | 2 |
Pre-modification Interest Yield | 0.00% | 4.97% |
Post- modification Interest Yield | 0.00% | 4.97% |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | loan | 0 | 2 |
Pre- modification Recorded Investment | $ | $ 0 | $ 2,246 |
Post- modification Recorded Investment | $ | $ 0 | $ 2,246 |
Number of Loans | loan | 0 | 2 |
Pre-modification Interest Yield | 0.00% | 6.24% |
Post- modification Interest Yield | 0.00% | 6.24% |
Commercial Portfolio Segment | Retail Site | Real Estate Sector | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | loan | 6 | 4 |
Pre- modification Recorded Investment | $ | $ 1,289 | $ 824 |
Post- modification Recorded Investment | $ | $ 1,289 | $ 824 |
Number of Loans | loan | 6 | 4 |
Pre-modification Interest Yield | 5.11% | 4.53% |
Post- modification Interest Yield | 5.20% | 5.35% |
Commercial Portfolio Segment | Multifamily | Real Estate Sector | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Pre- modification Recorded Investment | $ | $ 0 | $ 1,115 |
Post- modification Recorded Investment | $ | $ 0 | $ 1,115 |
Number of Loans | loan | 0 | 1 |
Pre-modification Interest Yield | 0.00% | 3.88% |
Post- modification Interest Yield | 0.00% | 3.88% |
Office Properties and Equipme65
Office Properties and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Office properties and equipment, gross | $ 295,510 | $ 277,470 | |
Less accumulated depreciation and amortization | 118,093 | 104,951 | |
Office properties and equipment, net | 177,417 | 172,519 | |
Depreciation and amortization expense | 16,190 | 13,930 | $ 13,151 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Office properties and equipment, gross | 20,006 | 20,569 | |
Office buildings | |||
Property, Plant and Equipment [Line Items] | |||
Office properties and equipment, gross | 83,699 | 87,832 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Office properties and equipment, gross | 95,489 | 79,898 | |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Office properties and equipment, gross | 83,246 | 77,096 | |
Construction in process | |||
Property, Plant and Equipment [Line Items] | |||
Office properties and equipment, gross | $ 13,070 | $ 12,075 |
Goodwill and Intangibles Asse66
Goodwill and Intangibles Assets Summary of Other Intangible Assets(Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | $ 50,548 | $ 48,769 |
Accumulated Amortization | (26,115) | (20,908) |
Valuation Allowance | (165) | (121) |
Net Intangible Assets | 24,268 | 27,740 |
Goodwill | 77,571 | 77,571 |
Goodwill and intangible assets | 101,839 | 105,311 |
MSR, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 24,340 | 23,411 |
Accumulated Amortization | (9,286) | (7,042) |
Valuation Allowance | (165) | (121) |
Net Intangible Assets | 14,889 | 16,248 |
Core Deposit Premiums | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 25,058 | 25,058 |
Accumulated Amortization | (16,607) | (13,726) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | 8,451 | 11,332 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 1,150 | 300 |
Accumulated Amortization | (222) | (140) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | $ 928 | $ 160 |
Goodwill and Intangibles Asse67
Goodwill and Intangibles Assets Estimated Future Amortization (Details) $ in Thousands | Dec. 31, 2016USD ($) |
MSR, net | |
Finite-Lived Intangible Assets [Line Items] | |
2,017 | $ 461 |
2,018 | 491 |
2,019 | 508 |
2,020 | 524 |
2,021 | 541 |
Core Deposit Premiums | |
Finite-Lived Intangible Assets [Line Items] | |
2,017 | 2,427 |
2,018 | 1,974 |
2,019 | 1,521 |
2,020 | 1,112 |
2,021 | 756 |
Other | |
Finite-Lived Intangible Assets [Line Items] | |
2,017 | 87 |
2,018 | 87 |
2,019 | 87 |
2,020 | 87 |
2,021 | $ 67 |
Goodwill and Intangibles Asse68
Goodwill and Intangibles Assets Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Loans sold | $ 1,980 | $ 2,120 |
Estimated fair value of servicing asset in intangible assets | $ 14.9 | $ 16.2 |
Weighted average discount rate of servicing assets | 14.27% | |
Weighted average constant prepayment rate on mortgages | 9.84% | |
Weighted average life of servicing assets, years | 6 years 9 months | |
Core Deposit Premiums | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 10 years |
Deposits (Summary of Deposits)
Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Non-interest bearing: | ||
Checking accounts, amount | $ 2,173,493 | $ 1,890,536 |
Checking accounts, Percentage of total | 14.22% | 13.44% |
Interest-bearing: | ||
Checking accounts, Weighted Average Rate | 0.45% | 0.29% |
Money market deposits, Weighted Average Rate | 0.65% | 0.67% |
Savings, Weighted Average Rate | 0.29% | 0.29% |
Certificates of deposit, Weighted Average Rate | 0.91% | 1.14% |
Total deposits, Weighted Average Rate | 0.51% | 0.56% |
Checking account, Amount | $ 3,916,208 | $ 2,745,489 |
Money market deposits, Amount | 4,150,583 | 3,861,317 |
Savings, Amount | 2,092,989 | 2,150,004 |
Certificates of deposit, Amount | $ 2,947,560 | $ 3,416,310 |
Checking accounts, Percentage of Total | 25.63% | 19.52% |
Money market deposit, Percentage of Total | 27.16% | 27.46% |
Savings, Percentage of Total | 13.70% | 15.29% |
Certificate of deposit, Percentage of Total | 19.29% | 24.29% |
Total Deposit, Amount | $ 15,280,833 | $ 14,063,656 |
Total Deposits, Percentage of Total | 100.00% | 100.00% |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities of Certificates of Deposit) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | ||
Within one year | $ 1,866,000 | $ 2,586,076 |
One to two years | 674,552 | 496,288 |
Two to three years | 237,506 | 167,028 |
Three to four years | 62,500 | 57,443 |
After four years | 107,002 | 109,475 |
Deposits, Domestic | 2,947,560 | 3,416,310 |
Certificates of deposit, $100,000 or More, Total | $ 1,940,000 | $ 2,100,000 |
Deposits (Interest Expense on D
Deposits (Interest Expense on Deposits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Banking and Thrift [Abstract] | |||
Checking accounts | $ 16,268 | $ 9,642 | $ 8,755 |
Money market deposits | 25,621 | 24,136 | 13,664 |
Savings | 6,304 | 6,402 | 6,639 |
Certificates of deposit | 33,864 | 31,234 | 30,148 |
Interest expense of deposits | $ 82,057 | $ 71,414 | $ 59,206 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | ||
Money market deposits, purchased through broker | $ 736.8 | $ 614.2 |
Certificate of deposits, purchased through broker | $ 687.8 | $ 417.4 |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Maximum month end balance of repurchase agreements | $ 153,000,000 | $ 163,000,000 | $ 261,200,000 |
Average amount of repurchase agreements outstanding during the years | $ 153,000,000 | $ 159,400,000 | $ 192,900,000 |
Repurchase agreements, average interest rate | 2.16% | 2.25% | 2.02% |
FHLB, borrowing capacity | $ 10,250,000,000 | ||
FHLB, borrowing capacity outstanding | 4,410,000,000 | ||
Letters of credit outstanding | $ 2,920,000,000 | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Federal funds rate, basis spread | 0.20% | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Federal funds rate, basis spread | 0.30% | ||
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Commitment for overnight with other institutions | $ 325,000,000 |
Borrowed Funds (Summary of Borr
Borrowed Funds (Summary of Borrowed Funds) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Summary Of Borrowed Funds [Line Items] | ||
Funds borrowed under repurchase agreements, Principal | $ 154,831 | $ 156,307 |
Funds borrowed under repurchase agreements, Weighted Average Rage | 2.19% | 2.21% |
FHLB advances, Principal | $ 4,391,420 | $ 3,106,783 |
FHLB advances, Weighted Average Rate | 1.79% | 2.12% |
Total borrowed funds, Principal | $ 4,546,251 | $ 3,263,090 |
Total borrowed funds, Weighted Average Rate | 1.81% | 2.13% |
Other brokers | ||
Summary Of Borrowed Funds [Line Items] | ||
Funds borrowed under repurchase agreements, Principal | $ 131,202 | $ 131,924 |
Funds borrowed under repurchase agreements, Weighted Average Rage | 1.88% | 1.89% |
FHLB | ||
Summary Of Borrowed Funds [Line Items] | ||
Funds borrowed under repurchase agreements, Principal | $ 23,629 | $ 24,383 |
Funds borrowed under repurchase agreements, Weighted Average Rage | 3.90% | 3.90% |
Borrowed Funds (Borrowed Funds
Borrowed Funds (Borrowed Funds Scheduled Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Within one year, Principal | $ 983,629 | $ 500,000 |
One to two years, Principal | 862,202 | 249,383 |
Two to three years, Principal | 619,567 | 862,924 |
Three to four years, Principal | 775,000 | 469,782 |
Four to five years, Principal | 600,000 | 650,000 |
After five years, Principal | 705,853 | 531,001 |
Total borrowed funds, Principal | $ 4,546,251 | $ 3,263,090 |
Within one year, Weighted Average Rate | 1.26% | 1.99% |
One to two years, Weighted Average Rate | 2.12% | 3.00% |
Two to three years, Weighted Average Rate | 1.80% | 2.13% |
Three to four years, Weighted Average Rate | 1.96% | 1.78% |
Four to five years, Weighted Average Rate | 2.01% | 1.99% |
After five years, Weighted Average Rate | 1.84% | 2.30% |
Total borrowed funds, Weighted Average Rate | 1.81% | 2.13% |
Borrowed Funds (Amortized Cost
Borrowed Funds (Amortized Cost and Fair Value of The Underlying Securities Used As Collateral For Securities Sold Under Agreements to Repurchase) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized cost of collateral | $ 468,159 | $ 475,984 |
Fair value of collateral | 469,200 | 481,401 |
Mortgage-backed securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized cost of collateral | 468,159 | 475,984 |
Fair value of collateral | $ 469,200 | $ 481,401 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | ||
Noncash Contribution Expense | $ 0 | $ 0 | $ 20,000 |
Contribution in stock to charitable foundation | 0 | 0 | 10,000 |
Deferred Tax Assets, Valuation Allowance | 346 | $ 346 | $ 346 |
Retained earnings without deferred income taxes | 45,200 | ||
Deferred income taxes | $ 19,000 |
Income Taxes (Summary of Compon
Income Taxes (Summary of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current tax expense, Federal | $ 82,708 | $ 87,748 | $ 77,029 | ||||||||
Current tax expense, State | 12,599 | 14,804 | 7,508 | ||||||||
Current tax expense, Total | 95,307 | 102,552 | 84,537 | ||||||||
Deferred tax (benefit) expense, Federal | 8,107 | 4,310 | (3,846) | ||||||||
Deferred tax (benefit) expense, State | 3,533 | (7,490) | (5,940) | ||||||||
Deferred tax (benefit) expense, Total | 11,640 | (3,180) | (9,786) | ||||||||
Total income tax expense | $ 30,989 | $ 21,878 | $ 27,625 | $ 26,455 | $ 24,448 | $ 22,865 | $ 26,939 | $ 25,120 | $ 106,947 | $ 99,372 | $ 74,751 |
Income Taxes (Summary of Reconc
Income Taxes (Summary of Reconciliation Between the Actual Income Tax Expense (Benefit) And The 'Expected' Amount Computed Using Applicable Statutory Federal Income Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
“Expected” federal income tax expense | $ 104,675 | $ 98,307 | $ 72,265 | ||||||||
State tax, net | 9,887 | 4,753 | 1,019 | ||||||||
Bank owned life insurance | (1,548) | (1,382) | (1,628) | ||||||||
Excess tax benefits from employee share-based payments | (7,735) | 0 | 0 | ||||||||
Acquisition related net operating loss | 0 | (4,076) | 0 | ||||||||
ESOP fair market value adjustment | 931 | 947 | 349 | ||||||||
Non-deductible compensation | 1,602 | 276 | 3,334 | ||||||||
Expiration of stock options | 0 | 19 | 2 | ||||||||
Other | (865) | 528 | (590) | ||||||||
Total income tax expense | $ 30,989 | $ 21,878 | $ 27,625 | $ 26,455 | $ 24,448 | $ 22,865 | $ 26,939 | $ 25,120 | $ 106,947 | $ 99,372 | $ 74,751 |
Income Taxes (Summary of Deferr
Income Taxes (Summary of Deferred Tax Asset and Liability in Temporary Differences And Loss Carryforwards) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | |||
Employee benefits | $ 34,218 | $ 36,372 | |
Deferred compensation | 1,596 | 1,417 | |
Premises and equipment | 1,587 | 2,262 | |
Allowance for loan losses | 92,738 | 88,894 | |
Net unrealized loss on securities | 17,078 | 10,420 | |
Net other than temporary impairment loss on securities | 40,228 | 42,085 | |
ESOP | 4,333 | 3,695 | |
Allowance for delinquent interest | 14,539 | 13,071 | |
Fair value adjustments related to acquisitions | 20,823 | 31,986 | |
Charitable contribution carryforward | 406 | 5,823 | |
Loan origination costs | 9,599 | 7,127 | |
Intangible assets | 0 | 45 | |
Other | 1,305 | 1,409 | |
Gross deferred tax asset | 238,450 | 244,606 | |
Valuation allowance | (346) | (346) | $ (346) |
Net deferred tax asset | 238,104 | 244,260 | |
Intangible assets | 363 | 0 | |
Discount accretion | 4,080 | 0 | |
Mortgage servicing rights | 6,257 | 6,893 | |
Net unrealized gain on hedging activities | 5,127 | 0 | |
Gross deferred tax liability | 15,827 | 6,893 | |
Net deferred tax asset | $ 222,277 | $ 237,367 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 23, 2015 | May 07, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2005 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan, funded (percentage) | 94.92% | 99.17% | ||||
Defined benefit plan maximum employer contribution, less than (in percentage) | 5.00% | |||||
Expected contribution for next year | $ 3,800 | |||||
Accumulated benefit obligation | $ 33,500 | $ 28,600 | ||||
Matching contribution (percentage) | 50.00% | |||||
Contribution by participants (percentage) | 6.00% | |||||
Company's aggregate contributions | $ 2,600 | $ 2,200 | $ 2,000 | |||
Weighted average grant date fair value of options granted (per share) | $ 0.0280 | $ 0.0312 | ||||
Number of stock option grated due to Roma Acquisition (shares) | 201,440 | |||||
Weighted average exercise price for options grated due to Roma Acquisition, (usd per share) | $ 11.76 | |||||
Future expense of non vested option outstanding | $ 26,400 | |||||
Expected future compensation expense relating to unvested restricted shares | 4 years 10 months 9 days | |||||
Employee Stock Ownership Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Shares authorized to purchase (shares) | 10,847,883 | |||||
Share price (usd per share) | $ 10 | $ 3.92 | ||||
Investors bank employee stock ownership plan (shares) | 6,617,421 | |||||
Outstanding loan principle balance | $ 33,900 | $ 92,800 | ||||
ESOP, Incremental borrowing, amount | $ 66,200 | |||||
Shares allocated to participants (shares) | 4,675,456 | |||||
Shares unallocated or not yet committed to be released (shares) | 12,789,847 | |||||
Fair market value | $ 178,400 | |||||
Compensation expense | 5,400 | $ 5,500 | 5,100 | |||
Amended And Restated Supplemental Esop And Retirement Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Compensation expense | 766 | 656 | 568 | |||
Pentegra DB Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Contribution and pension cost | 4,200 | 6,400 | $ 5,300 | |||
Accrued liability in pension plan | $ 780 | $ 727 | ||||
Employee Stock Option | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Issuance of additional restricted stock | 11,576,611 | 144,177 | ||||
Restricted Stock | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 276,890 | |||||
Issuance of additional restricted stock | 6,849,832 | 38,250 | ||||
Future expense of non vested option outstanding | $ 64,200 | |||||
Expected future compensation expense relating to unvested restricted shares | 4 years 9 months 26 days | |||||
2015 Equity Incentive Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Shares authorized to purchase (shares) | 30,881,296 | |||||
Weighted average grant date fair value of options granted (per share) | $ 2.80 | $ 3.12 | ||||
Number of stock option grated due to Roma Acquisition (shares) | 201,440,000 | 11,576,611,000 | ||||
2015 Equity Incentive Plan | Employee Stock Option | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Shares authorized to purchase (shares) | 17,646,455 | |||||
Contractual term of option (years) | 10 years | |||||
2015 Equity Incentive Plan | Restricted Stock | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Shares authorized to purchase (shares) | 13,234,841 | |||||
Minimum | 2015 Equity Incentive Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Vesting period (years) | 5 years | |||||
Maximum | 2015 Equity Incentive Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Vesting period (years) | 7 years |
Benefit Plans (Schedule of Info
Benefit Plans (Schedule of Information Regarding Supplemental Executive Retirement Wage Replacement Plan And The Directors' Defined Benefit Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 47,887 | $ 40,522 | |
Service cost | 2,088 | 3,096 | $ 2,319 |
Interest cost | 1,895 | 1,497 | 1,322 |
Gain due to change in mortality assumption | (468) | (778) | |
Loss (gain) due to change in discount rate | 1,035 | (1,587) | |
(Gain) loss due to demographic changes | (6,716) | 6,008 | |
Settlements | (233) | 0 | |
Actuarial gain | (27) | 0 | |
Curtailment | (4,294) | 0 | |
Benefits paid | (871) | (871) | |
Benefit obligation at end of year | 40,296 | 47,887 | $ 40,522 |
Funded status | $ (40,296) | $ (47,887) |
Benefit Plans (Components of Ac
Benefit Plans (Components of Accumulated Other Comprehensive Loss Related To Pension Plans On A Pre-Tax Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Prior service cost | $ 0 | $ 0 |
Net actuarial gain | 6,759 | 19,284 |
Total amounts recognized in accumulated other comprehensive income | $ 6,759 | $ 19,284 |
Benefit Plans (Schedule of Weig
Benefit Plans (Schedule of Weighted-Average Actuarial Assumptions Used) (Details) | Dec. 31, 2016 | Dec. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Discount rate | 3.80% | 3.99% |
Rate of compensation increase | 0.00% | 4.36% |
Benefit Plans (Components of Ne
Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Service cost | $ 2,088 | $ 3,096 | $ 2,319 |
Interest cost | 1,895 | 1,497 | 1,322 |
Amortization of prior service cost | 0 | 49 | 98 |
Amortization of net loss | 2,055 | 1,282 | 633 |
Total net periodic benefit cost | $ 6,038 | $ 5,924 | $ 4,372 |
Benefit Plans (Weighted Average
Benefit Plans (Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Discount rate (percentage) | 3.99% | 3.71% | 4.53% |
Rate of compensation increase (percentage) | 4.36% | 4.19% | 4.00% |
Benefit Plans (Estimated Future
Benefit Plans (Estimated Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Compensation and Retirement Disclosure [Abstract] | |
2,017 | $ 942 |
2,018 | 921 |
2,019 | 899 |
2,020 | 2,092 |
2,021 | 2,728 |
2022 through 2026 | $ 14,146 |
Benefit Plans (Weighted Avera88
Benefit Plans (Weighted Average Assumptions) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value of options granted (per share) | $ 0.0280 | $ 0.0312 |
Total stock options granted (in shares) | 201,440 | |
2015 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average expected life (in years) | 7 years | 7 years 5 months 5 days |
Weighted average risk-free rate of return (in percentage) | 1.67% | 1.96% |
Weighted average volatility (in percentage) | 24.05% | 25.33% |
Dividend yield (in percentage) | 1.93% | 1.59% |
Weighted average fair value of options granted (per share) | $ 2.80 | $ 3.12 |
Total stock options granted (in shares) | 201,440,000 | 11,576,611,000 |
Benefit Plans (Share-based comp
Benefit Plans (Share-based compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock option expense | $ 6,556 | $ 2,905 | $ 1,800 |
Restricted stock expense | 15,419 | 6,315 | 11,901 |
Total share based compensation expense | $ 21,975 | $ 9,220 | $ 13,701 |
Benefit Plans (Summary of Non-V
Benefit Plans (Summary of Non-Vested Options and Restricted Shares) (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Number of Shares Awarded | |
Number of Shares Awarded, Non-vested Beginning Balance (shares) | shares | 6,759,832 |
Number of Shares Awarded, Granted (shares) | shares | 276,890 |
Number of Shares Awarded, Vested (shares) | shares | (1,060,026) |
Number of Shares, Awarded, Forfeited (shares) | shares | (100,205) |
Number of Shares Awarded, Non-vested Ending Balance (shares) | shares | 5,876,491 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value, Non-vested Beginning Balance (usd per share) | $ / shares | $ 12.64 |
Weighted Average Grant Date Fair Value, Granted (usd per share) | $ / shares | 11.69 |
Weighted Average Grant Date Fair Value, Vested (usd per share) | $ / shares | 12.54 |
Weighted Average Grant Date Fair Value, Forfeited (usd per share) | $ / shares | 12.03 |
Weighted Average Grant Date Fair Value, Non-vested Ending Balance (usd per share) | $ / shares | $ 12.51 |
Benefit Plans (Summary of Stock
Benefit Plans (Summary of Stock Option Activity and Related Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Stock Options, Outstanding Beginning Balance (shares) | 18,804,816 | |
Number of Stock Options, Granted (shares) | 201,440 | |
Number of Stock Options, Exercised (shares) | (5,714,890) | |
Number of Stock Options, Forfeited (shares) | (125,931) | |
Number of Stock Options, Expired (shares) | (102) | |
Number of Stock Options, Outstanding Ending Balance (shares) | 13,165,333 | 18,804,816 |
Number of Stock Options, Exercisable Ending Balance | 3,735,974 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted Average Exercise Price, Outstanding Beginning Balance (usd per share) | $ 10 | |
Weighted Average Exercise Price, Granted (usd per share) | 11.76 | |
Weighted Average Exercise Price, Exercised (usd per share) | 6 | |
Weighted Average Exercise Price, Forfeited (usd per share) | 12.54 | |
Weighted Average Exercise Price, Expired (usd per share) | 8.08 | |
Weighted Average Exercise Price, Outstanding Ending Balance (usd per share) | 11.74 | $ 10 |
Weighted Average Exercise Price, Exercisable Ending Balance (usd per share) | $ 9.77 | |
Outstanding, Weighted Average Remaining Contractual Life (years) | 8 years 2 months 2 days | 6 years 9 months 11 days |
Granted, Weighted Average Remaining Contractual Life (years) | 9 years 8 months 12 days | |
Exercised, Weighted Average Remaining Contractual Life (years) | 3 months 18 days | |
Weighted Average Remaining Contractual Life, Exercisable Ending Balance (years) | 6 years 2 months 15 days | |
Aggregate Intrinsic Value, Outstanding Beginning Balance | $ 46,996 | |
Aggregate Intrinsic Value, Outstanding Ending Balance | 29,101 | $ 46,996 |
Aggregate Intrinsic Value, Exercisable at Ending Balance | $ 15,631 |
Derivatives and Hedging Activ92
Derivatives and Hedging Activities - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Asset Derivatives | $ 12,550 | $ 0 |
Interest Rate Swaps | ||
Derivative [Line Items] | ||
Asset Derivatives | 12,550 | 0 |
Other liabilities | Derivatives designated as hedging instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Liability Derivatives | 0 | 0 |
Other assets | Derivatives designated as hedging instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Asset Derivatives | $ 12,550 | $ 0 |
Derivatives and Hedging Activ93
Derivatives and Hedging Activities - Effective Derivative Instrument (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $ 12,110 | $ 0 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (440) | 0 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | 0 | 0 |
Interest Rate Swaps | ||
Derivative [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | 12,110 | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (440) | 0 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) | $ 0 | $ 0 |
Derivatives and Hedging Activ94
Derivatives and Hedging Activities - Offsetting (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Gross Amounts Recognized | $ 12,550 | $ 0 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 12,550 | 0 |
Cash Collateral Posted | (12,550) | 0 |
Financial Instruments | 0 | 0 |
Net Amount | 0 | 0 |
Interest Rate Swaps | ||
Derivative [Line Items] | ||
Gross Amounts Recognized | 12,550 | 0 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 12,550 | 0 |
Cash Collateral Posted | (12,550) | 0 |
Financial Instruments | 0 | 0 |
Net Amount | $ 0 | $ 0 |
Derivatives and Hedging Activ95
Derivatives and Hedging Activities (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Derivatives designated as hedging instruments: | Interest Rate Swaps | |
Derivative [Line Items] | |
Estimated reclassification in the next 12 months | $ 1.5 |
Commitments and Contingencies96
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Rental expense | $ 22,300 | $ 19,200 | $ 17,300 |
Loans receivable, net | 18,569,855 | 16,661,133 | |
Asset Derivatives | $ 12,550 | 0 | |
Standby letters of credit extended for a term, years | 1 year | ||
Letters of credit outstanding | $ 2,920,000 | ||
Commercial Real Estate Loans | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Commitments to fixed- and variable-rate loans | 451,200 | ||
Commitments To Originate Fixed | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Commitments to fixed- and variable-rate loans | 113,900 | ||
Commitments To Purchase Fixed | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Commitments to fixed- and variable-rate loans | 151,600 | ||
Unused lines of Credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Commitment | 1,070,000 | ||
Commitments To Fund Loans | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Commitment | 47,600 | ||
Commitments To Sell Loans | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Commitment | 31,000 | ||
Standby Letters of Credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Letters of credit outstanding | 20,000 | ||
Commercial Loan | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Letters of credit outstanding | 205 | ||
One to Four Family Mortgage Loans | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loans receivable, net | 122,000 | 172,300 | |
Interest Rate Swaps | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Asset Derivatives | 12,550 | 0 | |
Other assets | Derivatives designated as hedging instruments: | Interest Rate Swaps | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Asset Derivatives | $ 12,550 | $ 0 |
Commitments and Contingencies97
Commitments and Contingencies (Projected Annual Minimum Rental Commitments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 23,004 |
2,018 | 23,367 |
2,019 | 22,554 |
2,020 | 20,970 |
2,021 | 19,467 |
Thereafter | 128,666 |
Projected annual minimum rental commitments | $ 238,028 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 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 | |
MSR, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate (percentage) | 14.27% | |
MSR, net | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment range (percentage) | 24.18% | |
MSR, net | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment range (percentage) | 3.15% | |
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% | |
Lack of marketability, range (percentage) | 25.00% | 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% | |
Lack of marketability, range (percentage) | 0.00% | 0.00% |
Impaired loans | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Lack of marketability, range (percentage) | 29.00% | |
Impaired loans | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Lack of marketability, range (percentage) | 22.00% |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | $ 1,660,433 | $ 1,304,697 |
Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 6,660 | 6,495 |
Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 1,653,773 | 1,298,202 |
Federal Home Loan Mortgage Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 598,439 | 547,451 |
Federal National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 1,008,587 | 726,072 |
Government National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 46,747 | 24,679 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 1,660,433 | 1,304,697 |
Liability Derivatives | 12,550 | 0 |
Fair Value, Measurements, Recurring | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 6,660 | 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 | 1,653,773 | 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 | 598,439 | 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 | 1,008,587 | 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 | 46,747 | 24,679 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 6,660 | 6,495 |
Liability Derivatives | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 6,660 | 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 | 1,653,773 | 1,298,202 |
Liability Derivatives | 12,550 | 0 |
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 | 1,653,773 | 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 | 598,439 | 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 | 1,008,587 | 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 | 46,747 | 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 |
Liability Derivatives | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Federal National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Government National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value | $ 0 | $ 0 |
Fair Value Measurements (Car100
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | $ 14,900 | $ 16,200 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 12,877 | |
Impaired loans | 1,403 | |
Loans held for sale | 313 | |
Other real estate owned | 510 | |
Total | 14,593 | 510 |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 0 | |
Impaired loans | 0 | |
Loans held for sale | 0 | |
Other real estate owned | 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 | |
Impaired loans | 0 | |
Loans held for sale | 0 | |
Other real estate owned | 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 | 12,877 | |
Impaired loans | 1,403 | |
Loans held for sale | 313 | |
Other real estate owned | 510 | |
Total | $ 14,593 | $ 510 |
MSR, net | Minimum | ||
Fair Value Inputs [Abstract] | ||
Prepayment speeds, range (percentage) | 3.15% | |
MSR, net | Maximum | ||
Fair Value Inputs [Abstract] | ||
Prepayment speeds, range (percentage) | 24.18% | |
MSR, net | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Prepayment speeds, range (percentage) | 9.84% | |
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) | 8.90% | |
Impaired loans | Minimum | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 22.00% | |
Impaired loans | Maximum | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 29.00% | |
Impaired loans | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 26.00% | |
Loans held for sale | Minimum | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 2.50% | |
Loans held for sale | Maximum | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 4.50% | |
Loans held for sale | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 3.45% |
Fair Value Measurements (Car101
Fair Value Measurements (Carrying Amounts and Estimated Fair Values) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale | $ 1,660,433 | $ 1,304,697 |
Securities held-to-maturity | 1,782,801 | 1,888,686 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 164,178 | 148,904 |
Securities available-for-sale | 1,660,433 | 1,304,697 |
Securities held-to-maturity | 1,782,801 | 1,888,686 |
Stock in FHLB | 237,878 | 178,437 |
Loans held for sale | 38,298 | 7,431 |
Net loans | 18,391,018 | 16,650,529 |
Deposits, other than time deposits | 12,333,273 | 10,647,346 |
Time deposits | 2,938,137 | 3,414,528 |
Borrowed funds | 4,545,745 | 3,277,983 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 164,178 | 148,904 |
Securities available-for-sale | 1,660,433 | 1,304,697 |
Securities held-to-maturity | 1,755,556 | 1,844,223 |
Stock in FHLB | 237,878 | 178,437 |
Loans held for sale | 38,298 | 7,431 |
Net loans | 18,569,855 | 16,661,133 |
Deposits, other than time deposits | 12,333,273 | 10,647,346 |
Time deposits | 2,947,560 | 3,416,310 |
Borrowed funds | 4,546,251 | 3,263,090 |
Level 1 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 164,178 | 148,904 |
Securities available-for-sale | 6,660 | 6,495 |
Securities held-to-maturity | 0 | 0 |
Stock in FHLB | 237,878 | 178,437 |
Loans held for sale | 0 | 0 |
Net loans | 0 | 0 |
Deposits, other than time deposits | 12,333,273 | 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 | 1,653,773 | 1,298,202 |
Securities held-to-maturity | 1,703,559 | 1,810,869 |
Stock in FHLB | 0 | 0 |
Loans held for sale | 38,298 | 7,431 |
Net loans | 0 | 0 |
Deposits, other than time deposits | 0 | 0 |
Time deposits | 2,938,137 | 3,414,528 |
Borrowed funds | 4,545,745 | 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 | 79,242 | 77,817 |
Stock in FHLB | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans | 18,391,018 | 16,650,529 |
Deposits, other than time deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | $ 0 | $ 0 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I capital (to average assets) Actual, Amount | $ 2,736,173 | $ 2,558,334 |
Tier I capital (to average assets) Actual, Ratio | 12.03% | 12.41% |
Tier I capital (to average assets) For Capital Adequacy Purposes, Amount | $ 909,534 | $ 824,607 |
Tier I capital (to average assets) For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier I capital (to average assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,136,917 | $ 1,030,759 |
Tier I capital (to average assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Tier One Common Equity | $ 2,736,173 | $ 2,558,334 |
Tier One Common Equity Leverage Capital to Average Assets | 14.75% | 15.87% |
Tier One Leverage Common Equity Capital Required for Capital Adequacy | $ 950,740 | $ 725,523 |
Tier One Risk Based Common Equity Leverage Capital Required for Capital Adequacy to Average Assets | 5.125% | 4.50% |
Tier One Common Equity Risk Based Capital Required to be Well Capitalized | $ 1,205,817 | $ 1,047,978 |
Tier One Common Equity Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier I capital (to risk-weighted assets) Actual, Amount | $ 2,736,173 | $ 2,558,334 |
Tier I capital (to risk-weighted assets) Actual, Ratio | 14.75% | 15.87% |
Tier I capital (to risk-weighted assets) For Capital Adequacy Purposes, Amount | $ 1,229,006 | $ 967,364 |
Tier I capital (to risk-weighted assets) For Capital Adequacy Purposes, Ratio | 6.625% | 6.00% |
Tier I capital (to risk-weighted assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,484,082 | $ 1,289,819 |
Tier I capital (to risk-weighted assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets) Actual, Amount | $ 2,965,720 | $ 2,760,081 |
Total capital (to risk-weighted assets) Actual, Ratio | 15.99% | 17.12% |
Total capital (to risk-weighted assets) For Capital Adequacy Purposes, Amount | $ 1,600,026 | $ 1,289,819 |
Total capital (to risk-weighted assets) For Capital Adequacy Purposes, Ratio | 8.625% | 8.00% |
Total capital (to risk-weighted assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,855,103 | $ 1,612,274 |
Total capital (to risk-weighted assets) To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Company | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I capital (to average assets) Actual, Amount | $ 3,066,401 | $ 3,259,928 |
Tier I capital (to average assets) Actual, Ratio | 13.48% | 15.80% |
Tier I capital (to average assets) For Capital Adequacy Purposes, Amount | $ 910,058 | $ 825,139 |
Tier I capital (to average assets) For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier One Common Equity | $ 3,066,401 | $ 3,259,928 |
Tier One Common Equity Leverage Capital to Average Assets | 16.52% | 20.20% |
Tier One Leverage Common Equity Capital Required for Capital Adequacy | $ 951,411 | $ 726,146 |
Tier One Risk Based Common Equity Leverage Capital Required for Capital Adequacy to Average Assets | 5.125% | 4.50% |
Tier I capital (to risk-weighted assets) Actual, Amount | $ 3,066,401 | $ 3,259,928 |
Tier I capital (to risk-weighted assets) Actual, Ratio | 16.52% | 20.20% |
Tier I capital (to risk-weighted assets) For Capital Adequacy Purposes, Amount | $ 1,229,872 | $ 968,194 |
Tier I capital (to risk-weighted assets) For Capital Adequacy Purposes, Ratio | 6.625% | 6.00% |
Total capital (to risk-weighted assets) Actual, Amount | $ 3,295,948 | $ 3,461,649 |
Total capital (to risk-weighted assets) Actual, Ratio | 17.75% | 21.45% |
Total capital (to risk-weighted assets) For Capital Adequacy Purposes, Amount | $ 1,601,155 | $ 1,290,926 |
Total capital (to risk-weighted assets) For Capital Adequacy Purposes, Ratio | 8.625% | 8.00% |
Parent Company Only Financia103
Parent Company Only Financial Statements (Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Securities available-for-sale, at estimated fair value | $ 1,660,433 | $ 1,304,697 | ||
ESOP loan receivable | 18,569,855 | 16,661,133 | ||
Other assets | 14,543 | 4,664 | ||
Total assets | 23,174,675 | 20,888,684 | ||
Total liabilities | 20,051,430 | 17,577,037 | ||
Total stockholders' equity | 3,123,245 | 3,311,647 | $ 3,577,855 | $ 1,334,327 |
Total liabilities and stockholders’ equity | 23,174,675 | 20,888,684 | ||
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and due from banks | 195,114 | 569,513 | ||
Securities available-for-sale, at estimated fair value | 6,918 | 1,733 | ||
Investment in subsidiary | 2,792,474 | 2,611,080 | ||
ESOP loan receivable | 92,839 | 94,889 | ||
Other assets | 43,711 | 45,898 | ||
Total assets | 3,131,056 | 3,323,113 | ||
Total liabilities | 7,811 | 11,466 | ||
Total stockholders' equity | 3,123,245 | 3,311,647 | ||
Total liabilities and stockholders’ equity | $ 3,131,056 | $ 3,323,113 |
Parent Company Only Financia104
Parent Company Only Financial Statements (Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest in ESOP loan receivable | $ 715,901 | $ 663,424 | $ 603,438 | ||||||||
Total interest and dividend income | $ 208,079 | $ 198,374 | $ 194,960 | $ 192,107 | $ 188,138 | $ 186,897 | $ 181,529 | $ 175,159 | 793,521 | 731,723 | 660,862 |
Interest expense | 39,369 | 38,768 | 37,655 | 37,544 | 37,322 | 35,623 | 32,977 | 30,717 | 153,336 | 136,639 | 118,891 |
Other expenses | 30,541 | 28,267 | 27,253 | ||||||||
Income before income tax expense | 83,454 | 71,728 | 72,765 | 71,124 | 68,850 | 71,659 | 73,301 | 67,067 | 299,072 | 280,877 | 206,472 |
Income tax (benefit) expense | 30,989 | 21,878 | 27,625 | 26,455 | 24,448 | 22,865 | 26,939 | 25,120 | 106,947 | 99,372 | 74,751 |
Net income | $ 52,465 | $ 49,850 | $ 45,140 | $ 44,669 | $ 44,402 | $ 48,794 | $ 46,362 | $ 41,947 | 192,125 | 181,505 | 131,721 |
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest in ESOP loan receivable | 3,084 | 3,151 | 2,499 | ||||||||
Dividend from subsidiary | 30,000 | 0 | 0 | ||||||||
Interest on deposit with subsidiary | 2 | 2 | 2 | ||||||||
Interest and dividends on investments | 132 | 65 | 64 | ||||||||
Gain on securities transactions | 72 | 1,682 | 145 | ||||||||
Total interest and dividend income | 33,290 | 4,900 | 2,710 | ||||||||
Interest expense | 120 | 54 | 43 | ||||||||
Other expenses | 3,933 | 3,170 | 12,197 | ||||||||
Income before income tax expense | 29,237 | 1,676 | (9,530) | ||||||||
Income tax (benefit) expense | 452 | 540 | (3,675) | ||||||||
Income before undistributed earnings of subsidiary | 28,785 | 1,136 | (5,855) | ||||||||
Equity in undistributed earnings of subsidiary | 163,340 | 180,370 | 137,576 | ||||||||
Net income | $ 192,125 | $ 181,506 | $ 131,721 |
Parent Company Only Financia105
Parent Company Only Financial Statements (Statement of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | $ 52,465 | $ 49,850 | $ 45,140 | $ 44,669 | $ 44,402 | $ 48,794 | $ 46,362 | $ 41,947 | $ 192,125 | $ 181,505 | $ 131,721 |
Unrealized gain on securities available-for-sale | (12,284) | (4,933) | 5,952 | ||||||||
Total other comprehensive income (loss) | 3,225 | (5,421) | 3,292 | ||||||||
Total comprehensive income | 195,350 | 176,084 | 135,013 | ||||||||
Parent Company | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | 192,125 | 181,506 | 131,721 | ||||||||
Unrealized gain on securities available-for-sale | 543 | 433 | 1,482 | ||||||||
Total other comprehensive income (loss) | 543 | 433 | 1,482 | ||||||||
Total comprehensive income | $ 192,668 | $ 181,939 | $ 133,203 |
Parent Company Only Financia106
Parent Company Only Financial Statements (Statements of Cash Flows) (Details) - USD ($) $ in Thousands | May 07, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||
Net income | $ 52,465 | $ 49,850 | $ 45,140 | $ 44,669 | $ 44,402 | $ 48,794 | $ 46,362 | $ 41,947 | $ 192,125 | $ 181,505 | $ 131,721 | |
Contribution in stock to charitable foundation | 0 | 0 | 10,000 | |||||||||
Decrease (increase) in other assets | 3,479 | 4,245 | 4,425 | |||||||||
Net cash provided by operating activities | 227,136 | 533,134 | 277,388 | |||||||||
Purchases of securities available for sale | (744,380) | (375,605) | (587,952) | |||||||||
Purchases of debt securities held-to-maturity | (295,157) | (582,337) | (930,256) | |||||||||
Redemption of equity securities available-for-sale | 57,879 | 0 | 51,093 | |||||||||
Cash received from MHC for merger | 0 | 0 | 11,307 | |||||||||
Net cash used in investing activities | (2,297,946) | (2,585,122) | (2,936,744) | |||||||||
Proceeds from issuance of common stock | $ 2,150,000 | |||||||||||
Purchase of treasury stock | (363,410) | (382,922) | (13,523) | |||||||||
Option exercise | 0 | 2,985 | 3,710 | |||||||||
Dividends paid | (82,291) | (87,395) | (42,555) | |||||||||
Net cash provided by financing activities | 2,086,084 | 1,969,931 | 2,639,628 | |||||||||
Net increase (decrease) in cash and cash equivalents | 15,274 | (82,057) | (19,728) | |||||||||
Cash and cash equivalents at beginning of year | 148,904 | 230,961 | 148,904 | 230,961 | 250,689 | |||||||
Cash and cash equivalents at end of year | 164,178 | 148,904 | 164,178 | 148,904 | 230,961 | |||||||
Parent Company | ||||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||
Net income | 192,125 | 181,506 | 131,721 | |||||||||
(Equity in undistributed earnings of subsidiary) | (163,340) | (180,370) | (137,576) | |||||||||
Contribution in stock to charitable foundation | 0 | 0 | 10,000 | |||||||||
Gain on securities transactions | (72) | 1,682 | 145 | |||||||||
Decrease (increase) in other assets | 14,805 | 2,107 | 2,227 | |||||||||
(Decrease) increase in other liabilities | (3,655) | 4,927 | 525 | |||||||||
Net cash provided by operating activities | 39,863 | 9,852 | 7,042 | |||||||||
Capital contributed to the Bank | 0 | 0 | (1,074,947) | |||||||||
Cash received net of cash paid for acquisition | 0 | 0 | 48 | |||||||||
Purchases of securities available for sale | 0 | 0 | (493) | |||||||||
Purchases of debt securities held-to-maturity | (5,000) | 0 | 0 | |||||||||
Redemption of equity securities available-for-sale | 72 | 2,700 | 467 | |||||||||
Principal collected on ESOP loan | 2,050 | 2,062 | 3,093 | |||||||||
Cash received from MHC for merger | 0 | 0 | 11,307 | |||||||||
Net cash used in investing activities | (2,878) | 4,762 | (1,060,525) | |||||||||
Loan to ESOP | 0 | 0 | (66,553) | |||||||||
Proceeds from issuance of common stock | 0 | 0 | 2,149,893 | |||||||||
Proceeds from sale of treasury stock | 0 | 0 | 38,227 | |||||||||
Purchase of treasury stock | (363,410) | (382,922) | (13,523) | |||||||||
Option exercise | 34,317 | 2,985 | 3,710 | |||||||||
Dividends paid | (82,291) | (87,395) | (42,555) | |||||||||
Net cash provided by financing activities | (411,384) | (467,332) | 2,069,199 | |||||||||
Net increase (decrease) in cash and cash equivalents | (374,399) | (452,718) | 1,015,716 | |||||||||
Cash and cash equivalents at beginning of year | $ 569,513 | $ 1,022,231 | 569,513 | 1,022,231 | 6,515 | |||||||
Cash and cash equivalents at end of year | $ 195,114 | $ 569,513 | $ 195,114 | $ 569,513 | $ 1,022,231 |
Selected Quarterly Financial107
Selected Quarterly Financial Data (Unaudited) (Summary Of Certain Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest and dividend income | $ 208,079 | $ 198,374 | $ 194,960 | $ 192,107 | $ 188,138 | $ 186,897 | $ 181,529 | $ 175,159 | $ 793,521 | $ 731,723 | $ 660,862 |
Interest expense | 39,369 | 38,768 | 37,655 | 37,544 | 37,322 | 35,623 | 32,977 | 30,717 | 153,336 | 136,639 | 118,891 |
Net interest income | 168,710 | 159,606 | 157,305 | 154,563 | 150,816 | 151,274 | 148,552 | 144,442 | 640,185 | 595,084 | 541,971 |
Provision for loan losses | 4,750 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 7,000 | 9,000 | 19,750 | 26,000 | 37,500 |
Net interest income after provision for loan losses | 163,960 | 154,606 | 152,305 | 149,563 | 145,816 | 146,274 | 141,552 | 135,442 | 620,435 | 569,084 | 504,471 |
Non-interest income | 8,504 | 8,520 | 11,469 | 8,707 | 8,700 | 11,306 | 11,585 | 8,534 | 37,201 | 40,125 | 41,861 |
Non-interest expenses | 89,010 | 91,398 | 91,009 | 87,146 | 85,666 | 85,921 | 79,836 | 76,909 | 358,564 | 328,332 | 339,860 |
Income before income tax expense | 83,454 | 71,728 | 72,765 | 71,124 | 68,850 | 71,659 | 73,301 | 67,067 | 299,072 | 280,877 | 206,472 |
Income tax expense | 30,989 | 21,878 | 27,625 | 26,455 | 24,448 | 22,865 | 26,939 | 25,120 | 106,947 | 99,372 | 74,751 |
Net income | $ 52,465 | $ 49,850 | $ 45,140 | $ 44,669 | $ 44,402 | $ 48,794 | $ 46,362 | $ 41,947 | $ 192,125 | $ 181,505 | $ 131,721 |
Basic and diluted earnings per common share (usd per share) | $ 0.14 | $ 0.15 | $ 0.14 | $ 0.12 | $ 0.65 | $ 0.55 | $ 0.38 | ||||
Diluted earnings per common share (usd per share) | $ 0.18 | $ 0.17 | $ 0.15 | $ 0.14 | $ 0.14 | $ 0.15 | $ 0.14 | $ 0.12 | $ 0.64 | $ 0.55 | $ 0.38 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share Reconciliation [Abstract] | |||||||||||
Net income | $ 52,465 | $ 49,850 | $ 45,140 | $ 44,669 | $ 44,402 | $ 48,794 | $ 46,362 | $ 41,947 | $ 192,125 | $ 181,505 | $ 131,721 |
Weighted-average common shares outstanding - basic (shares) | 297,580,834 | 329,763,527 | 344,389,259 | ||||||||
Effect of dilutive common stock equivalents (shares) | 3,374,051 | 3,169,921 | 3,342,312 | ||||||||
Weighted-average common shares outstanding - diluted (shares) | 300,954,885 | 332,933,448 | 347,731,571 | ||||||||
Basic and diluted earnings per common share (usd per share) | $ 0.14 | $ 0.15 | $ 0.14 | $ 0.12 | $ 0.65 | $ 0.55 | $ 0.38 | ||||
Diluted earnings per common share (usd per share) | $ 0.18 | $ 0.17 | $ 0.15 | $ 0.14 | $ 0.14 | $ 0.15 | $ 0.14 | $ 0.12 | $ 0.64 | $ 0.55 | $ 0.38 |
Equity awards | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Securities excluded from computation of diluted earnings per share | 19,046,222 | 18,200,877 | 142,953 |
Comprehensive Income (Loss) (Co
Comprehensive Income (Loss) (Components of Comprehensive Income (Loss), Gross and Net Of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||||||||||
Net income, Gross | $ 83,454 | $ 71,728 | $ 72,765 | $ 71,124 | $ 68,850 | $ 71,659 | $ 73,301 | $ 67,067 | $ 299,072 | $ 280,877 | $ 206,472 |
Net income, Tax | (30,989) | (21,878) | (27,625) | (26,455) | (24,448) | (22,865) | (26,939) | (25,120) | (106,947) | (99,372) | (74,751) |
Net income | $ 52,465 | $ 49,850 | $ 45,140 | $ 44,669 | $ 44,402 | $ 48,794 | $ 46,362 | $ 41,947 | 192,125 | 181,505 | 131,721 |
Change in funded status of retirement obligations, Gross | 12,452 | (2,425) | (8,402) | ||||||||
Change in funded status of retirement obligations, Tax | (4,981) | 970 | 3,360 | ||||||||
Change in funded status of retirement obligations | 7,471 | (1,455) | (5,042) | ||||||||
Unrealized gain on securities available-for-sale, Gross | (19,399) | (7,982) | 9,836 | ||||||||
Unrealized gain on securities available-for-sale, Tax | 7,115 | 3,049 | (3,884) | ||||||||
Unrealized gain on securities available-for-sale | (12,284) | (4,933) | 5,952 | ||||||||
Accretion of loss on securities reclassified to held to maturity, Gross | 1,846 | 2,448 | 2,918 | ||||||||
Accretion of loss on securities reclassified to held to maturity, Tax | (754) | (1,000) | (1,192) | ||||||||
Accretion of loss on securities reclassified to held to maturity | 1,092 | 1,448 | 1,726 | ||||||||
Reclassification adjustments for losses included in net income, Gross | (2,264) | (1,553) | (233) | ||||||||
Reclassification adjustments for losses included in net income, Tax | 906 | 6 | 95 | ||||||||
Reclassification adjustment for losses Included in net income | (1,358) | (1,547) | (138) | ||||||||
Other-than-temporary impairment accretion on debt securities, Gross | 1,488 | 1,802 | 1,343 | ||||||||
Other-than-temporary impairment accretion on debt securities, Tax | (608) | (736) | (549) | ||||||||
Other-than-temporary impairment accretion on debt securities | 880 | 1,066 | 794 | ||||||||
Net losses on derivatives arising during the period, Gross | 12,550 | 0 | 0 | ||||||||
Net losses on derivatives arising during the period, Tax | (5,126) | 0 | 0 | ||||||||
Net losses on derivatives arising during the period | 7,424 | 0 | 0 | ||||||||
Total other comprehensive income (loss), Gross | 6,673 | (7,710) | 5,462 | ||||||||
Total other comprehensive income (loss), Tax | (3,448) | 2,289 | (2,170) | ||||||||
Total other comprehensive income (loss) | 3,225 | (5,421) | 3,292 | ||||||||
Total comprehensive income, Gross | 305,745 | 273,167 | 211,934 | ||||||||
Total comprehensive income, Tax | (110,395) | (97,083) | (76,921) | ||||||||
Total comprehensive income | $ 195,350 | $ 176,084 | $ 135,013 |
Comprehensive Income (Loss) 110
Comprehensive Income (Loss) (Component of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI [Roll Forward] | |||
Balance | $ 3,311,647 | $ 3,577,855 | $ 1,334,327 |
Net change | 3,225 | (5,421) | 3,292 |
Balance | 3,123,245 | 3,311,647 | 3,577,855 |
Change in funded status of retirement obligations | |||
AOCI [Roll Forward] | |||
Balance | (12,366) | (10,911) | |
Net change | 7,471 | (1,455) | |
Balance | (4,895) | (12,366) | (10,911) |
Accretion of loss on securities reclassified to held to maturity | |||
AOCI [Roll Forward] | |||
Balance | (3,080) | (4,528) | |
Net change | 1,092 | 1,448 | |
Balance | (1,988) | (3,080) | (4,528) |
Unrealized gains on securities available-for-sale and gains included in net income | |||
AOCI [Roll Forward] | |||
Balance | 1,371 | 7,851 | |
Net change | (13,642) | (6,480) | |
Balance | (12,271) | 1,371 | 7,851 |
Other-than- temporary impairment accretion on debt securities | |||
AOCI [Roll Forward] | |||
Balance | (13,750) | (14,816) | |
Net change | 880 | 1,066 | |
Balance | (12,870) | (13,750) | (14,816) |
Unrealized gains on derivatives | |||
AOCI [Roll Forward] | |||
Balance | 0 | 0 | |
Net change | 7,424 | 0 | |
Balance | 7,424 | 0 | 0 |
Total accumulated other comprehensive loss | |||
AOCI [Roll Forward] | |||
Balance | (27,825) | (22,404) | (25,696) |
Net change | 3,225 | (5,421) | 3,292 |
Balance | $ (24,600) | $ (27,825) | $ (22,404) |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassification Adjustment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Compensation and fringe benefits | $ 206,698 | $ 186,320 | $ 172,068 | ||||||||
Income tax expense | $ 30,989 | $ 21,878 | $ 27,625 | $ 26,455 | $ 24,448 | $ 22,865 | $ 26,939 | $ 25,120 | 106,947 | 99,372 | $ 74,751 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before tax | 35 | 2,362 | |||||||||
Income tax expense | 1,179 | 976 | |||||||||
Income before undistributed earnings of subsidiary | (1,144) | 1,386 | |||||||||
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 | (2,264) | (1,553) | |||||||||
Change in funded status of retirement obligations | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Adjustment of net obligation | 249 | 2,512 | |||||||||
Amortization of net obligation or asset | 0 | 0 | |||||||||
Amortization of prior service cost | 0 | 49 | |||||||||
Amortization of net gain | 1,610 | 1,354 | |||||||||
Compensation and fringe benefits | 1,859 | 3,915 | |||||||||
Unrealized gains on derivatives | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Reclassification adjustment for unrealized losses on derivatives | $ 440 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Feb. 24, 2017 | Jan. 26, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||||
Dividends paid per share (usd per share) | $ 0.26 | $ 0.25 | $ 0.12 | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per share (usd per share) | $ 0.08 | ||||
Dividends paid per share (usd per share) | $ 0.08 |