Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 03, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Investors Bancorp, Inc. | |
Entity Central Index Key | 1,594,012 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 297,878,426 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 195,995 | $ 618,394 |
Equity securities | 5,753 | 5,701 |
Debt securities available-for-sale, at estimated fair value | 1,915,265 | 1,982,026 |
Debt securities held-to-maturity, net (estimated fair value of $1,659,095 and $1,820,125 at June 30, 2018 and December 31, 2017, respectively) | 1,660,967 | 1,796,621 |
Loans receivable, net | 20,537,087 | 19,852,101 |
Loans held-for-sale | 5,949 | 5,185 |
Federal Home Loan Bank stock | 247,410 | 231,544 |
Accrued interest receivable | 73,944 | 72,855 |
Other real estate owned | 5,190 | 5,830 |
Office properties and equipment, net | 176,546 | 180,231 |
Net deferred tax asset | 131,761 | 121,663 |
Bank owned life insurance | 208,818 | 155,635 |
Goodwill and intangible assets | 100,621 | 97,665 |
Other assets | 99,586 | 3,793 |
Total assets | 25,364,892 | 25,129,244 |
Liabilities: | ||
Deposits | 16,917,405 | 17,357,697 |
Borrowed funds | 5,144,987 | 4,461,533 |
Advance payments by borrowers for taxes and insurance | 116,482 | 104,308 |
Other liabilities | 95,035 | 80,255 |
Total liabilities | 22,273,909 | 22,003,793 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 100,000,000 authorized shares; none issued | 0 | 0 |
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 359,070,852 issued at June 30, 2018 and December 31, 2017; 299,041,550 and 306,126,087 outstanding at June 30, 2018 and December 31, 2017, respectively | 3,591 | 3,591 |
Additional paid-in capital | 2,794,507 | 2,784,390 |
Retained earnings | 1,145,129 | 1,084,177 |
Treasury stock, at cost; 60,029,302 and 52,944,765 shares at June 30, 2018 and December 31, 2017, respectively | (729,944) | (633,110) |
Unallocated common stock held by the employee stock ownership plan | (82,760) | (84,258) |
Accumulated other comprehensive loss | (39,540) | (29,339) |
Total stockholders’ equity | 3,090,983 | 3,125,451 |
Total liabilities and stockholders’ equity | $ 25,364,892 | $ 25,129,244 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Debt securities held-to-maturity, estimated fair value | $ 1,659,095 | $ 1,820,125 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 359,070,852 | 359,070,852 |
Common stock, shares outstanding | 299,041,550 | 306,126,087 |
Treasury stock, shares | 60,029,302 | 52,944,765 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest and dividend income: | ||||
Loans receivable and loans held-for-sale | $ 211,791 | $ 192,891 | $ 416,513 | $ 378,852 |
Securities: | ||||
Equity | 33 | 30 | 68 | 78 |
Government-sponsored enterprise obligations | 273 | 28 | 547 | 36 |
Mortgage-backed securities | 19,633 | 17,274 | 39,655 | 33,983 |
Municipal bonds and other debt | 2,432 | 2,136 | 4,690 | 6,204 |
Interest-bearing deposits | 409 | 177 | 864 | 284 |
Federal Home Loan Bank stock | 3,831 | 2,972 | 7,632 | 6,165 |
Total interest and dividend income | 238,402 | 215,508 | 469,969 | 425,602 |
Interest expense: | ||||
Deposits | 42,067 | 25,336 | 78,443 | 47,520 |
Borrowed funds | 25,034 | 23,116 | 47,741 | 43,907 |
Total interest expense | 67,101 | 48,452 | 126,184 | 91,427 |
Net interest income | 171,301 | 167,056 | 343,785 | 334,175 |
Provision for loan losses | 4,000 | 6,000 | 6,500 | 10,000 |
Net interest income after provision for loan losses | 167,301 | 161,056 | 337,285 | 324,175 |
Non-interest income | ||||
Fees and service charges | 5,230 | 4,962 | 10,688 | 9,890 |
Income on bank owned life insurance | 1,543 | 1,166 | 2,829 | 1,891 |
Gain on loans, net | 663 | 1,206 | 920 | 2,198 |
Gain on securities, net | 1,147 | 48 | 1,101 | 1,275 |
Gain on sale of other real estate owned, net | 184 | 251 | 337 | 425 |
Other income | 2,711 | 1,687 | 4,713 | 3,344 |
Total non-interest income | 11,478 | 9,320 | 20,588 | 19,023 |
Non-interest expense | ||||
Compensation and fringe benefits | 60,799 | 53,881 | 119,860 | 111,155 |
Advertising and promotional expense | 3,807 | 4,516 | 5,894 | 6,601 |
Office occupancy and equipment expense | 14,717 | 14,333 | 31,295 | 29,180 |
Federal deposit insurance premiums | 4,525 | 3,900 | 9,025 | 7,610 |
General and administrative | 693 | 842 | 1,193 | 1,576 |
Professional fees | 3,801 | 14,580 | 8,203 | 22,001 |
Data processing and communication | 7,106 | 5,914 | 13,229 | 11,774 |
Other operating expenses | 7,136 | 8,302 | 14,970 | 15,929 |
Total non-interest expenses | 102,584 | 106,268 | 203,669 | 205,826 |
Total before tax | 76,195 | 64,108 | 154,204 | 137,372 |
Income tax expense | 19,098 | 24,475 | 39,182 | 51,719 |
Net income | $ 57,097 | $ 39,633 | $ 115,022 | $ 85,653 |
Basic earnings per share (usd per share) | $ 0.20 | $ 0.14 | $ 0.40 | $ 0.29 |
Diluted earnings per share (usd per share) | $ 0.20 | $ 0.14 | $ 0.40 | $ 0.29 |
Weighted average shares outstanding | ||||
Basic (shares) | 284,502,818 | 291,127,119 | 286,085,380 | 291,156,097 |
Diluted (shares) | 285,733,542 | 293,130,285 | 287,413,166 | 293,264,007 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 57,097 | $ 39,633 | $ 115,022 | $ 85,653 |
Other comprehensive income (loss), net of tax: | ||||
Change in funded status of retirement obligations | 103 | 84 | 206 | 167 |
Unrealized (losses) gains on debt securities available-for-sale | (6,297) | 2,001 | (29,020) | 4,680 |
Accretion of loss on debt securities reclassified to held to maturity | 159 | 192 | 326 | 400 |
Reclassification adjustment for security gains included in net income | 0 | (29) | 0 | (765) |
Other-than-temporary impairment accretion on debt securities | 215 | 185 | 431 | 584 |
Net gains (losses) on derivatives arising during the period | 6,020 | (3,104) | 18,462 | (1,884) |
Total other comprehensive income (loss) | 200 | (671) | (9,595) | 3,182 |
Total comprehensive income | $ 57,297 | $ 38,962 | $ 105,427 | $ 88,835 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Treasury stock | Unallocated common stock held by ESOP | Accumulated other comprehensive loss |
Balance, Beginning of period 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] | |||||||
Net income | 85,653 | 85,653 | |||||
Other comprehensive income, net of tax | 3,182 | 3,182 | |||||
Purchase of treasury stock | (24,631) | (24,631) | |||||
Treasury stock allocated to restricted stock plan | 0 | (6,186) | 1,008 | 5,178 | |||
Compensation cost for stock options and restricted stock | 10,027 | 10,027 | |||||
Option exercises | 3,760 | (3,306) | 7,066 | ||||
Restricted stock forfeitures | 0 | 2,789 | (304) | (2,485) | |||
Cash dividend paid | (49,640) | (49,640) | |||||
ESOP shares allocated or committed to be released | 3,323 | 1,825 | 1,498 | ||||
Balance, End of Period at Jun. 30, 2017 | 3,154,919 | 3,591 | 2,770,881 | 1,090,467 | (602,846) | (85,756) | (21,418) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reclassification due to the adoption of ASU No. 2016-01 | (606) | 606 | (606) | ||||
Balance, Beginning of period at Dec. 31, 2017 | 3,125,451 | 3,591 | 2,784,390 | 1,084,177 | (633,110) | (84,258) | (29,339) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 115,022 | 115,022 | |||||
Other comprehensive income, net of tax | (9,595) | (9,595) | |||||
Purchase of treasury stock | (103,020) | (103,020) | |||||
Treasury stock allocated to restricted stock plan | 0 | (341) | 36 | 305 | |||
Compensation cost for stock options and restricted stock | 9,133 | 9,133 | |||||
Option exercises | 5,221 | (4,000) | 9,221 | ||||
Restricted stock forfeitures | 0 | 3,586 | (246) | (3,340) | |||
Cash dividend paid | (54,466) | (54,466) | |||||
ESOP shares allocated or committed to be released | 3,237 | 1,739 | 1,498 | ||||
Balance, End of Period at Jun. 30, 2018 | $ 3,090,983 | $ 3,591 | $ 2,794,507 | $ 1,145,129 | $ (729,944) | $ (82,760) | $ (39,540) |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Purchase of treasury stock (shares) | 7,586,236 | 1,853,093 |
Treasury stock allocated to restricted stock plan (shares) | 25,106 | 430,000 |
Common stock repurchased for restricted stock plan (shares) | 286,000 | 223,305 |
Dividends paid per share (usd per share) | $ 0.18 | $ 0.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 115,022,000 | $ 85,653,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
ESOP and stock-based compensation expense | 12,370,000 | 13,350,000 |
Amortization of premiums and accretion of discounts on securities, net | 5,832,000 | 8,631,000 |
Amortization of premiums and accretion of fees and costs on loans, net | (4,212,000) | (2,600,000) |
Amortization of other intangible assets | 1,020,000 | 1,246,000 |
Provision for loan losses | 6,500,000 | 10,000,000 |
Depreciation and amortization of office properties and equipment | 9,055,000 | 8,283,000 |
Gain on securities, net | (1,101,000) | (1,275,000) |
Mortgage loans originated for sale | (19,308,000) | (83,392,000) |
Proceeds from mortgage loan sales | 19,085,000 | 116,328,000 |
Gain on sales of mortgage loans, net | (541,000) | (1,673,000) |
Gain on sale of other real estate owned | (337,000) | (425,000) |
Income on bank owned life insurance | (2,829,000) | (1,891,000) |
Increase in accrued interest receivable | (1,089,000) | (3,608,000) |
Deferred tax (benefit) expense | (3,560,000) | 3,125,000 |
Decrease in other assets | 1,756,000 | 10,261,000 |
Increase in other liabilities | 15,332,000 | 1,136,000 |
Total adjustments | 37,973,000 | 77,496,000 |
Net cash provided by operating activities | 152,995,000 | 163,149,000 |
Cash flows from investing activities: | ||
Purchases of loans receivable | (184,754,000) | (186,988,000) |
Net originations of loans receivable | (173,851,000) | (874,281,000) |
Proceeds from disposition of loans held for investment | 379,000 | 525,000 |
Loss on disposition of loans held for investment | (379,000) | (525,000) |
Net proceeds from sale of other real estate owned | 2,947,000 | 2,450,000 |
Proceeds from principal repayments/calls/maturities of debt securities available-for-sale | 177,154,000 | 161,490,000 |
Proceeds from sales of debt securities available-for-sale | 0 | 102,120,000 |
Proceeds from principal repayments/calls/maturities of debt securities held-to-maturity | 163,983,000 | 166,581,000 |
Proceeds from sales of debt securities held to maturity | 0 | 0 |
Purchases of equity securities | (45,000) | 0 |
Purchases of debt securities available-for-sale | (153,887,000) | (452,750,000) |
Purchases of debt securities held-to-maturity | (27,212,000) | (60,558,000) |
Proceeds from redemptions of Federal Home Loan Bank stock | 137,858,000 | 137,918,000 |
Purchases of Federal Home Loan Bank stock | (153,724,000) | (145,434,000) |
Purchases of office properties and equipment | (5,370,000) | (8,937,000) |
Death benefit proceeds from bank owned life insurance | 3,619,000 | 10,047,000 |
Purchases of bank owned life insurance | (125,000,000) | 0 |
Cash paid for acquisition | (340,183,000) | 0 |
Net cash used in investing activities | (678,465,000) | (1,148,342,000) |
Cash flows from financing activities: | ||
Net (decrease) increase in deposits | (440,292,000) | 761,212,000 |
Repayments of funds borrowed under other repurchase agreements | 150,000,000 | 0 |
Net increase in borrowed funds | 533,454,000 | 336,079,000 |
Net increase in advance payments by borrowers for taxes and insurance | 12,174,000 | 8,142,000 |
Dividends paid | (54,466,000) | (49,640,000) |
Exercise of stock options | 5,221,000 | 3,760,000 |
Purchase of treasury stock | (103,020,000) | (24,631,000) |
Net cash provided by financing activities | 103,071,000 | 1,034,922,000 |
Net (decrease) increase in cash and cash equivalents | (422,399,000) | 49,729,000 |
Cash and cash equivalents at beginning of period | 618,394,000 | 164,178,000 |
Cash and cash equivalents at beginning of period | 195,995,000 | 213,907,000 |
Non-cash investing activities: | ||
Real estate acquired through foreclosure | 2,078,000 | 2,518,000 |
Cash paid during the year for: | ||
Interest | 122,513,000 | 89,125,000 |
Income taxes | 31,036,000 | 39,723,000 |
Non-cash assets acquired: | ||
Loans | 330,747,000 | 0 |
Goodwill and other intangible assets, net | 4,975,000 | 0 |
Total non-cash assets acquired | $ 335,722,000 | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
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 subsidiary, Investors Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries (collectively, the “Company”). In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair presentation of the consolidated financial condition and the consolidated results of operations for the unaudited periods presented have been included. The results of operations and other data presented for the three and six months ended June 30, 2018 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Form 10-Q. The consolidated financial statements presented should be read in conjunction with the Company’s audited consolidated financial statements and notes to the audited consolidated financial statements included in the Company’s December 31, 2017 Annual Report on Form 10-K. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. |
Stock Transactions
Stock Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Stock Transactions | Stock Transactions Stock Repurchase Programs On March 16, 2015, the Company announced it had received approval from the Board of Governors of the Federal Reserve System to commence its first repurchase program since completion of its second step conversion. On June 30, 2015, the Company’s second repurchase program began upon completion of the first program. On April 28, 2016, the Company announced its third share repurchase program, which authorized the purchase of 10% of its publicly-held outstanding shares of common stock, or 31,481,189 shares. The third program commenced immediately upon completion of the second program on June 17, 2016 and remains the Company’s current program as of June 30, 2018 . During the six months ended June 30, 2018 , the Company purchased 7,586,236 shares at a cost of $103.0 million , or approximately $13.58 per share. During the six months ended June 30, 2018 , shares repurchased included 389,932 shares withheld to cover income taxes related to restricted stock vesting under our 2015 Equity Incentive Plan. Shares withheld to pay income taxes are repurchased pursuant to the terms of the 2015 Equity Incentive Plan. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations On February 2, 2018, the Company completed the acquisition of a $345.8 million equipment finance portfolio. The acquisition included a seven -person team of financing professionals to lead the Company’s Equipment Finance Group, which is a part of the Company’s business lending group and is classified within our commercial and industrial loan portfolio. The purchase price paid of $340.2 million was paid using available cash. The acquisition was accounted for under the acquisition method of accounting as prescribed by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 “Business Combinations”, as amended. Under this method of accounting, the purchase price has been allocated to the respective assets acquired based on their estimated fair values, net of applicable income tax effects. The excess cost over fair value of assets acquired, or $5.0 million , has been recorded as goodwill. The acquired portfolio was fair valued on the date of acquisition based on guidance from ASC 820-10 which defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The valuation methods utilized took into consideration adjustments for interest rate risk, funding cost, servicing cost, residual risk, credit and liquidity risk. The calculation of goodwill is subject to change for up to one year after the closing date of the transaction as additional information relative to closing date estimates and uncertainties becomes available. As the Company finalizes its analysis of these assets, there may be adjustments to the recorded carrying values. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following is a summary of our earnings per share calculations and reconciliation of basic to diluted earnings per share. For the Three Months Ended June 30, 2018 2017 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 57,097 $ 39,633 Shares Weighted-average common shares outstanding - basic 284,502,818 291,127,119 Effect of dilutive common stock equivalents (1) 1,230,724 2,003,166 Weighted-average common shares outstanding - diluted 285,733,542 293,130,285 Earnings per common share Basic $ 0.20 $ 0.14 Diluted $ 0.20 $ 0.14 (1) For the three months ended June 30, 2018 and 2017 , there were 9,971,644 and 11,245,406 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. For the Six Months Ended June 30, 2018 2017 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 115,022 $ 85,653 Shares Weighted-average common shares outstanding - basic 286,085,380 291,156,097 Effect of dilutive common stock equivalents (1) 1,327,786 2,107,910 Weighted-average common shares outstanding - diluted 287,413,166 293,264,007 Earnings per common share Basic $ 0.40 $ 0.29 Diluted $ 0.40 $ 0.29 (1) For the six months ended June 30, 2018 and 2017 , there were 9,758,591 and 10,753,977 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Equity Securities Equity securities are reported at fair value on the Company’s Consolidated Balance Sheets. The Company’s portfolio of equity securities had an estimated fair value of $5.8 million and $5.7 million as of June 30, 2018 and December 31, 2017 , respectively. Realized gains and losses from sales of equity securities as well as changes in fair value of equity securities still held at the reporting date are recognized in the Consolidated Statements of Income. The Company adopted FASB Accounting Standards Update (“ASU”) 2016-01 on January 1, 2018 resulting in the cumulative-effect adjustment of $606,000 reflected in the consolidated statement of stockholders’ equity. The update supersedes the guidance to classify equity securities with readily determinable fair values into different categories and requires equity securities to be measured at fair value with changes in the fair value recognized through net income rather than other comprehensive income. The following table presents the disaggregated net gains on equity securities reported in the Consolidated Statements of Income: For the Three Months Ended June 30, 2018 For the Six Months Ended June 30, 2018 Net gains recognized during the period on equity securities $ 53 $ 7 Less: Net gains recognized during the period on equity securities sold — — Unrealized gains recognized during the period on equity securities $ 53 $ 7 Debt Securities The following tables present the carrying value, gross unrealized gains and losses and estimated fair value for available-for-sale debt securities and the amortized cost, net unrealized losses, carrying value, gross unrecognized gains and losses and estimated fair value for held-to-maturity debt securities as of the dates indicated: At June 30, 2018 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 709,830 221 22,026 688,025 Federal National Mortgage Association 1,237,718 193 44,149 1,193,762 Government National Mortgage Association 35,277 — 1,799 33,478 Total debt securities available-for-sale $ 1,982,825 414 67,974 1,915,265 At June 30, 2018 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 $ 41,251 — 41,251 — 1,876 39,375 Municipal bonds 24,878 — 24,878 1,036 — 25,914 Corporate and other debt securities 68,998 19,545 49,453 47,054 — 96,507 Total debt securities held-to-maturity 135,127 19,545 115,582 48,090 1,876 161,796 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 437,765 764 437,001 138 13,913 423,226 Federal National Mortgage Association 1,022,938 900 1,022,038 580 32,215 990,403 Government National Mortgage Association 86,346 — 86,346 — 2,676 83,670 Total mortgage-backed securities held-to-maturity 1,547,049 1,664 1,545,385 718 48,804 1,497,299 Total debt securities held-to-maturity $ 1,682,176 21,209 1,660,967 48,808 50,680 1,659,095 (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, 2017 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 649,060 382 9,200 640,242 Federal National Mortgage Association 1,322,255 700 19,379 1,303,576 Government National Mortgage Association 39,577 — 1,369 38,208 Total debt securities available-for-sale $ 2,010,892 1,082 29,948 1,982,026 At December 31, 2017 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 $ 43,281 — 43,281 — 685 42,596 Municipal bonds 40,595 — 40,595 1,251 — 41,846 Corporate and other debt securities 68,232 20,145 48,087 38,207 — 86,294 Total debt securities held-to-maturity 152,108 20,145 131,963 39,458 685 170,736 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 474,314 969 473,345 530 5,439 468,436 Federal National Mortgage Association 1,102,242 1,149 1,101,093 2,787 12,280 1,091,600 Government National Mortgage Association 90,220 — 90,220 — 867 89,353 Total mortgage-backed securities held-to-maturity 1,666,776 2,118 1,664,658 3,317 18,586 1,649,389 Total debt securities held-to-maturity $ 1,818,884 22,263 1,796,621 42,775 19,271 1,820,125 (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 June 30, 2018 , 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 June 30, 2018 , the TruPS had a carrying value and estimated fair value of $44.5 million and $91.5 million , respectively. While all were investment grade at purchase, securities classified as non-investment grade at June 30, 2018 had a carrying value and estimated fair value of $42.4 million and $84.9 million , respectively. Fair value is derived from considering specific assumptions, including terms of the TruPS structure, events of deferrals, defaults and liquidations, the projected cash flow for principal and interest payments, and discounted cash flow modeling. Investment securities with a carrying value of $793.6 million and an estimated fair value of $764.6 million are pledged to secure borrowings and municipal deposits. 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 other than mortgage-backed securities at June 30, 2018 , by contractual maturity, are shown below. June 30, 2018 Carrying value Estimated fair value (In thousands) Due in one year or less $ 20,578 20,578 Due after one year through five years — — Due after five years through ten years 50,551 49,767 Due after ten years 44,453 91,451 Total $ 115,582 161,796 Gross unrealized losses on debt securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2018 and December 31, 2017 , was as follows: June 30, 2018 Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses (In thousands) Available-for-sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 434,494 12,065 196,224 9,961 630,718 22,026 Federal National Mortgage Association 747,059 22,220 414,910 21,929 1,161,969 44,149 Government National Mortgage Association 12,917 529 20,561 1,270 33,478 1,799 Total debt securities available-for-sale 1,194,470 34,814 631,695 33,160 1,826,165 67,974 Held-to-maturity: Debt securities: Government-sponsored enterprises 23,936 1,064 15,439 812 39,375 1,876 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 323,921 9,741 97,368 4,172 421,289 13,913 Federal National Mortgage Association 568,716 13,804 394,352 18,411 963,068 32,215 Government National Mortgage Association 83,670 2,676 — — 83,670 2,676 Total mortgage-backed securities held-to-maturity 976,307 26,221 491,720 22,583 1,468,027 48,804 Total debt securities held-to-maturity 1,000,243 27,285 507,159 23,395 1,507,402 50,680 Total $ 2,194,713 62,099 1,138,854 56,555 3,333,567 118,654 December 31, 2017 Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses (In thousands) Available-for-sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 365,078 3,115 220,744 6,085 585,822 9,200 Federal National Mortgage Association 684,327 6,276 447,310 13,103 1,131,637 19,379 Government National Mortgage Association 14,981 283 23,227 1,086 38,208 1,369 Total debt securities available-for-sale 1,064,386 9,674 691,281 20,274 1,755,667 29,948 Held-to-maturity: Debt securities: Government-sponsored enterprises $ 42,596 685 — — 42,596 685 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 290,340 2,946 111,849 2,493 402,189 5,439 Federal National Mortgage Association 369,484 2,380 430,955 9,900 800,439 12,280 Government National Mortgage Association 51,126 867 — — 51,126 867 Total mortgage-backed securities held-to-maturity 710,950 6,193 542,804 12,393 1,253,754 18,586 Total debt securities held-to-maturity 753,546 6,878 542,804 12,393 1,296,350 19,271 Total $ 1,817,932 16,552 1,234,085 32,667 3,052,017 49,219 At June 30, 2018 , the majority of gross unrealized losses primarily relate to our mortgage-backed-security portfolio which is comprised of debt securities issued by U.S. Government Sponsored Enterprises. The fair values of these securities have been negatively impacted by the 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 forecasted using assumptions for defaults, recoveries, pre-payments and amortization. At June 30, 2018 and 2017 , 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 three and six months ended June 30, 2018 and 2017 . At June 30, 2018 , non-credit related OTTI recorded on the previously impaired TruPS was $19.5 million ( $14.1 million after-tax). This amount is being accreted into income over the estimated remaining life of the securities. The following table presents the changes in the credit loss component of the impairment loss of debt securities that the Company has written down for such loss as an other-than-temporary impairment recognized in earnings. For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Balance of credit related OTTI, beginning of period $ 84,845 88,997 85,768 95,743 Additions: Initial credit impairments — — — — Subsequent credit impairments — — — — Reductions: Accretion of credit loss impairment due to an increase in expected cash flows (922 ) (1,076 ) (1,845 ) (4,011 ) Reductions for securities sold or paid off during the period — — — (3,811 ) Balance of credit related OTTI, end of period $ 83,923 87,921 83,923 87,921 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 OTTI occurred prior to the period presented. If OTTI is recognized in earnings for credit impaired debt securities, they would be presented as additions based upon whether the current period is the first time a debt security was credit impaired (initial credit impairment) or is not the first time a debt security was credit impaired (subsequent credit impairments). The credit loss component is reduced if the Company sells, intends to sell or believes it will be required to sell previously credit impaired debt securities. Additionally, the credit loss component is reduced if (i) the Company receives cash flows in excess of what it expected to receive over the remaining life of the credit impaired debt security, (ii) the security matures or (iii) the security is fully written down. Realized Gains and Losses Gains and losses on the sale of all securities are determined using the specific identification method. For the three and six months ended June 30, 2018 , there were no sales of equity or debt securities; however, in the second quarter of 2018, the Company received proceeds of $1.5 million from the payoff of a TruP security which resulted in a gain of $1.1 million . For the three months ended June 30, 2017 , the Company received proceeds of $54.8 million on pools of mortgage-backed securities sold from the debt securities available-for-sale portfolio resulting in gross realized gains of $48,000 . For the six months ended June 30, 2017 , the Company received proceeds of $102.1 million on pools of mortgage-backed securities sold from the debt securities available-for-sale portfolio resulting in gross realized gains of $1.3 million . There were no sales from the debt securities held-to-maturity portfolio for the three and six months ended June 30, 2017 ; however, the Company received proceeds of $3.1 million from the liquidation of a TruP security in the first quarter of 2017 . As a result, $1.9 million was recognized as interest income from securities in the Consolidated Statements of Income. There were no sales from the equity securities portfolio for the three and six months ended June 30, 2017 . |
Loans Receivable, Net
Loans Receivable, Net | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans Receivable, Net | Loans Receivable, Net The detail of the loan portfolio as of June 30, 2018 and December 31, 2017 was as follows: June 30, December 31, (In thousands) Multi-family loans $ 7,903,469 7,802,835 Commercial real estate loans 4,648,024 4,541,347 Commercial and industrial loans 2,147,430 1,625,375 Construction loans 270,892 416,883 Total commercial loans 14,969,815 14,386,440 Residential mortgage loans 5,139,661 5,025,266 Consumer and other loans 667,911 670,820 Total loans excluding PCI loans 20,777,387 20,082,526 PCI loans 7,679 8,322 Deferred fees and premiums, net (1) (17,141 ) (7,778 ) Allowance for loan losses (230,838 ) (230,969 ) Net loans $ 20,537,087 19,852,101 (1) Included in deferred fees and premiums are accretable purchase accounting adjustments in connection with loans acquired. Allowance for Loan Losses An analysis of the allowance for loan losses is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Balance at beginning of the period $ 231,144 230,912 230,969 228,373 Loans charged off (7,036 ) (8,492 ) (14,143 ) (11,497 ) Recoveries 2,730 1,608 7,512 3,152 Net charge-offs (4,306 ) (6,884 ) (6,631 ) (8,345 ) Provision for loan losses 4,000 6,000 6,500 10,000 Balance at end of the period $ 230,838 230,028 230,838 230,028 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 losses, the Company performs an analysis on acquired loans to determine whether or not an allowance should be ascribed to those 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. For the six months ended June 30, 2018 and 2017 , the Company recorded charge-offs of $257,000 and $87,000 , respectively, 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, industry trends and lending and credit management policies and procedures, 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 provide for the imprecision and the uncertainty that is inherent in estimates of probable credit losses. Our lending emphasis has been the origination of multi-family loans, commercial real estate loans, commercial and industrial loans, one- to four-family residential mortgage loans secured by one- to four-family residential real estate, construction loans and consumer loans, the majority of which are home equity loans, home equity lines of credit and cash surrender value lending on life insurance contracts. 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. The Company obtains an appraisal for all commercial loans that are collateral dependent 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 losses process, the Company reviews each collateral dependent commercial 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 assets 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 June 30, 2018 and December 31, 2017 : June 30, 2018 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, 2017 $ 81,469 56,137 54,563 11,609 21,835 3,099 2,257 230,969 Charge-offs (442 ) (5,844 ) (3,369 ) — (3,727 ) (761 ) — (14,143 ) Recoveries — 716 6,203 — 567 26 — 7,512 Provision 3,000 3,914 432 (4,682 ) 3,453 775 (392 ) 6,500 Ending balance-June 30, 2018 $ 84,027 54,923 57,829 6,927 22,128 3,139 1,865 230,838 Individually evaluated for impairment $ — — — — 2,151 71 — 2,222 Collectively evaluated for impairment 84,027 54,923 57,829 6,927 19,977 3,068 1,865 228,616 Loans acquired with deteriorated credit quality — — — — — — — — Balance at June 30, 2018 $ 84,027 54,923 57,829 6,927 22,128 3,139 1,865 230,838 Loans: Individually evaluated for impairment $ 16,304 11,198 25,172 — 26,698 600 — 79,972 Collectively evaluated for impairment 7,887,165 4,636,826 2,122,258 270,892 5,112,963 667,311 — 20,697,415 Loans acquired with deteriorated credit quality — 6,568 — — 895 216 — 7,679 Balance at June 30, 2018 $ 7,903,469 4,654,592 2,147,430 270,892 5,140,556 668,127 — 20,785,066 December 31, 2017 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, 2016 $ 95,561 52,796 43,492 11,653 19,831 2,850 2,190 228,373 Charge-offs (6 ) (8,072 ) (5,656 ) (100 ) (4,875 ) (500 ) — (19,209 ) Recoveries 1,677 549 200 — 2,816 313 — 5,555 Provision (15,763 ) 10,864 16,527 56 4,063 436 67 16,250 Ending balance-December 31, 2017 $ 81,469 56,137 54,563 11,609 21,835 3,099 2,257 230,969 Individually evaluated for impairment $ — — — — 1,678 97 — 1,775 Collectively evaluated for impairment 81,469 56,137 54,563 11,609 20,157 3,002 2,257 229,194 Loans acquired with deteriorated credit quality — — — — — — — — Balance at December 31, 2017 $ 81,469 56,137 54,563 11,609 21,835 3,099 2,257 230,969 Loans: Individually evaluated for impairment $ 14,776 29,736 8,989 — 26,376 879 — 80,756 Collectively evaluated for impairment 7,788,059 4,511,611 1,616,386 416,883 4,998,890 669,941 — 20,001,770 Loans acquired with deteriorated credit quality — 6,754 — — 1,251 317 — 8,322 Balance at December 31, 2017 $ 7,802,835 4,548,101 1,625,375 416,883 5,026,517 671,137 — 20,090,848 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 warrants 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 and consumer 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 and consumer 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 and consumer 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 June 30, 2018 and December 31, 2017 by class of loans, excluding PCI loans: June 30, 2018 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,766,965 849,602 133,539 153,363 — — 7,903,469 Commercial real estate 3,827,574 543,577 120,111 156,762 — — 4,648,024 Commercial and industrial 1,518,185 464,629 88,129 76,487 — — 2,147,430 Construction 193,647 60,092 16,892 261 — — 270,892 Total commercial loans 12,306,371 1,917,900 358,671 386,873 — — 14,969,815 Residential mortgage 5,045,925 13,098 8,941 71,697 — — 5,139,661 Consumer and other 654,401 8,087 615 4,808 — — 667,911 Total $ 18,006,697 1,939,085 368,227 463,378 — — 20,777,387 December 31, 2017 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,791,999 702,384 154,125 154,327 — — 7,802,835 Commercial real estate 3,751,790 528,179 105,089 156,289 — — 4,541,347 Commercial and industrial 1,102,304 443,669 37,944 41,458 — — 1,625,375 Construction 272,882 109,252 34,454 295 — — 416,883 Total commercial loans 11,918,975 1,783,484 331,612 352,369 — — 14,386,440 Residential mortgage 4,926,002 14,272 7,749 77,243 — — 5,025,266 Consumer and other 657,515 6,270 521 6,514 — — 670,820 Total $ 17,502,492 1,804,026 339,882 436,126 — — 20,082,526 The following tables present the payment status of the recorded investment in past due loans as of June 30, 2018 and December 31, 2017 by class of loans, excluding PCI loans: June 30, 2018 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 30,131 — 2,759 32,890 7,870,579 7,903,469 Commercial real estate 8,896 — 9,119 18,015 4,630,009 4,648,024 Commercial and industrial 2,947 2,087 14,913 19,947 2,127,483 2,147,430 Construction — — 261 261 270,631 270,892 Total commercial loans 41,974 2,087 27,052 71,113 14,898,702 14,969,815 Residential mortgage 13,881 9,186 49,689 72,756 5,066,905 5,139,661 Consumer and other 8,088 615 4,210 12,913 654,998 667,911 Total $ 63,943 11,888 80,951 156,782 20,620,605 20,777,387 December 31, 2017 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 7,263 7,652 203 15,118 7,787,717 7,802,835 Commercial real estate 19,355 778 11,519 31,652 4,509,695 4,541,347 Commercial and industrial 4,855 — 75 4,930 1,620,445 1,625,375 Construction — 295 — 295 416,588 416,883 Total commercial loans 31,473 8,725 11,797 51,995 14,334,445 14,386,440 Residential mortgage 15,191 8,739 54,900 78,830 4,946,436 5,025,266 Consumer and other 6,357 521 5,755 12,633 658,187 670,820 Total $ 53,021 17,985 72,452 143,458 19,939,068 20,082,526 The following table presents non-accrual loans, excluding PCI loans, at the dates indicated: June 30, 2018 December 31, 2017 # of loans Amount # of loans Amount (Dollars in thousands) Non-accrual: Multi-family 9 $ 19,515 5 $ 14,978 Commercial real estate 36 16,685 37 34,043 Commercial and industrial 13 28,949 11 9,989 Construction 1 261 1 295 Total commercial loans 59 65,410 54 59,305 Residential mortgage and consumer 375 69,220 427 76,422 Total non-accrual loans 434 $ 134,630 481 $ 135,727 Included in the non-accrual table above are TDR loans whose payment status is current but the Company has classified as non-accrual as the loans have not maintained their current payment status for six consecutive months under the restructured terms and therefore do not meet the criteria for accrual status. As of June 30, 2018 and December 31, 2017 , these loans are comprised of the following: June 30, 2018 December 31, 2017 # of loans Amount # of loans Amount (Dollars in thousands) TDR with payment status current classified as non-accrual: Commercial real estate — $ — 1 $ 10 Commercial and industrial 3 9,540 — — Residential mortgage and consumer 28 3,713 24 4,103 Total TDR with payment status current classified as non-accrual 31 $ 13,253 25 $ 4,113 The following table presents TDR loans which were also 30-89 days delinquent and classified as non-accrual at the dates indicated: June 30, 2018 December 31, 2017 # of loans Amount # of loans Amount (Dollars in thousands) TDR 30-89 days delinquent classified as non-accrual: Multi-family — $ — 1 $ 918 Commercial real estate 1 49 2 14,321 Total commercial loans 1 49 3 15,239 Residential mortgage and consumer 6 1,025 13 1,995 Total TDR 30-89 days delinquent classified as non-accrual 7 $ 1,074 16 $ 17,234 The Company has no loans past due 90 days or more delinquent that are still accruing interest. PCI loans are excluded from non-accrual loans, as they are recorded at fair value based on the present value of expected future cash flows. As of June 30, 2018 , PCI loans with a carrying value of $7.7 million included $7.0 million of which were current, $206,000 of which were 30 - 89 days delinquent and $509,000 of which were 90 days or more delinquent. As of December 31, 2017 , PCI loans with a carrying value of $8.3 million included $7.1 million of which were current, $203,000 of which were 30 - 89 days delinquent and $1.0 million of which were 90 days or more delinquent. At June 30, 2018 and December 31, 2017 , loans meeting the Company’s definition of an impaired loan were primarily collateral dependent loans which totaled $80.0 million and $80.8 million , respectively, with allocations of the allowance for loan losses of $2.2 million and $1.8 million for the periods ending June 30, 2018 and December 31, 2017 , respectively. During the six months ended June 30, 2018 and 2017 , interest income received and recognized on these loans totaled $602,000 and $600,000 , respectively. The following tables present loans individually evaluated for impairment by portfolio segment as of June 30, 2018 and December 31, 2017 : June 30, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 16,304 16,707 — 16,312 267 Commercial real estate 11,198 19,361 — 11,500 44 Commercial and industrial 25,172 32,399 — 24,642 115 Construction — — — — — Total commercial loans 52,674 68,467 — 52,454 426 Residential mortgage and consumer 11,088 15,077 — 12,008 57 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 16,210 16,879 2,222 15,290 119 Total: Multi-family 16,304 16,707 — 16,312 267 Commercial real estate 11,198 19,361 — 11,500 44 Commercial and industrial 25,172 32,399 — 24,642 115 Construction — — — — — Total commercial loans 52,674 68,467 — 52,454 426 Residential mortgage and consumer 27,298 31,956 2,222 27,298 176 Total impaired loans $ 79,972 100,423 2,222 79,752 602 December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 14,776 14,819 — 14,365 249 Commercial real estate 29,736 37,288 — 29,974 404 Commercial and industrial 8,989 12,008 — 8,681 28 Construction — — — — — Total commercial loans 53,501 64,115 — 53,020 681 Residential mortgage and consumer 12,357 16,236 — 12,100 430 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 14,898 15,461 1,775 14,767 386 Total: Multi-family 14,776 14,819 — 14,365 249 Commercial real estate 29,736 37,288 — 29,974 404 Commercial and industrial 8,989 12,008 — 8,681 28 Construction — — — — — Total commercial loans 53,501 64,115 — 53,020 681 Residential mortgage and consumer 27,255 31,697 1,775 26,867 816 Total impaired loans $ 80,756 95,812 1,775 79,887 1,497 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 tables present the total TDR loans at June 30, 2018 and December 31, 2017 . There were five residential PCI loans that were classified as TDRs for the period ended June 30, 2018 . There were four residential PCI loans that were classified as TDRs for the period ended December 31, 2017 . June 30, 2018 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 1 $ 904 1 $ 904 Commercial real estate — — 3 634 3 634 Commercial and industrial 1 570 4 10,765 5 11,335 Total commercial loans 1 570 8 12,303 9 12,873 Residential mortgage and consumer 55 12,215 73 15,085 128 27,300 Total 56 $ 12,785 81 $ 27,388 137 $ 40,173 December 31, 2017 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 1 $ 918 1 $ 918 Commercial real estate — — 4 14,489 4 14,489 Commercial and industrial — — 1 1,287 1 1,287 Total commercial loans — — 6 16,694 6 16,694 Residential mortgage and consumer 49 10,957 71 16,298 120 27,255 Total 49 $ 10,957 77 $ 32,992 126 $ 43,949 The following tables present information about TDRs that occurred during the three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, 2018 2017 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) Commercial real estate — $ — $ — 2 $ 20,059 $ 15,621 Commercial and industrial 2 9,536 9,536 — — — Residential mortgage and consumer 6 788 788 4 372 372 Six Months Ended June 30, 2018 2017 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) Commercial real estate 2 $ 788 $ 616 3 $ 20,225 $ 15,787 Commercial and industrial 3 9,971 9,971 — — — Residential mortgage and consumer 12 1,500 1,500 17 3,251 3,251 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 charge-offs of $42,000 and $214,000 for collateral dependent TDRs during the three and six months ended June 30, 2018 . There were charge-offs of $4.4 million and $4.5 million for collateral dependent TDRs during the three and six months ended June 30, 2017 . The allowance for loan losses associated with the TDRs presented in the above tables totaled $2.2 million and $1.8 million at June 30, 2018 and December 31, 2017 , respectively. Residential mortgage loan modifications generally involve the reduction in loan interest rate and extension of loan maturity dates and also may include step up interest rates in their modified terms which will impact their weighted average yield in the future. All residential loans deemed to be TDRs were modified to reflect a reduction in interest rates to current market rates. The commercial loan modifications which qualified as TDRs had their maturity extended as well as the reduction in loan interest rate. The following tables present information about pre and post modification interest yield for TDRs which occurred during the three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, 2018 2017 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Commercial real estate — — % — % 2 4.67 % 4.67 % Commercial and industrial 2 6.07 % 6.07 % — — % — % Residential mortgage and consumer 6 4.85 % 3.17 % 4 5.03 % 3.94 % Six Months Ended June 30, 2018 2017 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Commercial real estate 2 4.68 % 4.68 % 3 4.67 % 4.67 % Commercial and industrial 3 6.01 % 6.01 % — — — Residential mortgage and consumer 12 4.78 % 3.22 % 17 4.36 % 3.59 % Payment defaults for loans modified as a TDR in the previous 12 months to June 30, 2018 consisted of 7 residential loans, 1 commercial real estate loan and 1 multi-family loan with a recorded investment of $560,000 , $203,000 and $918,000 , respectively, at June 30, 2018 . Payment defaults for loans modified as a TDR in the previous 12 months to June 30, 2017 consisted of 8 residential loans and 2 commercial real estate loans with a recorded investment of $1.5 million and $554,000 , respectively, at June 30, 2017 . |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2018 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits are summarized as follows: June 30, 2018 December 31, 2017 (In thousands) Non-interest bearing: Checking accounts $ 2,368,406 2,424,608 Interest bearing: Checking accounts 4,286,337 4,909,054 Money market deposits 3,800,143 4,243,545 Savings 2,159,279 2,320,228 Certificates of deposit 4,303,240 3,460,262 Total deposits $ 16,917,405 17,357,697 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table summarizes goodwill and intangible assets at June 30, 2018 and December 31, 2017 : June 30, 2018 December 31, 2017 (In thousands) Mortgage servicing rights $ 12,272 13,228 Core deposit premiums 5,005 6,024 Other 798 842 Total other intangible assets 18,075 20,094 Goodwill 82,546 77,571 Goodwill and intangible assets $ 100,621 97,665 For the period ending June 30, 2018 , the increase in goodwill reflects the acquisition of the equipment finance portfolio. The following table summarizes other intangible assets as of June 30, 2018 and December 31, 2017 : Gross Intangible Asset Accumulated Amortization Valuation Allowance Net Intangible Assets (In thousands) June 30, 2018 Mortgage servicing rights $ 19,318 (6,872 ) (174 ) 12,272 Core deposit premiums 25,058 (20,053 ) — 5,005 Other 1,150 (352 ) — 798 Total other intangible assets $ 45,526 (27,277 ) (174 ) 18,075 December 31, 2017 Mortgage servicing rights $ 20,236 (6,886 ) (122 ) 13,228 Core deposit premiums 25,058 (19,034 ) — 6,024 Other 1,150 (308 ) — 842 Total other intangible assets $ 46,444 (26,228 ) (122 ) 20,094 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 $1.67 billion and $1.77 billion at June 30, 2018 and December 31, 2017 , respectively, all of which relate to residential mortgage loans. At June 30, 2018 and December 31, 2017 , the servicing asset, included in other intangible assets, had an estimated fair value of $15.2 million and $15.0 million , respectively. At June 30, 2018 , fair value was based on expected future cash flows considering a weighted average discount rate of 12.68% , a weighted average constant prepayment rate on mortgages of 8.64% and a weighted average life of 7.3 years . See Note 13 for additional details. Core deposit premiums are amortized using an accelerated method and having a weighted average amortization period of 10 years . |
Equity Incentive Plan
Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plan | Equity Incentive Plan At the annual meeting held on June 9, 2015, stockholders of the Company approved the Investors Bancorp, Inc. 2015 Equity Incentive Plan (“2015 Plan”) which provides for the issuance or delivery of up to 30,881,296 shares ( 13,234,841 restricted stock awards and 17,646,455 stock options) of Investors Bancorp, Inc. common stock. Restricted shares granted under the 2015 Plan vest in equal installments, over the service period generally ranging from 5 to 7 years beginning one year from the date of grant. Additionally, certain restricted shares awarded are performance vesting awards, which may or may not vest depending upon the attainment of certain corporate financial targets. The vesting of restricted stock may accelerate in accordance with the terms of the 2015 Plan. The product of the number of shares granted and the grant date closing market price of the Company’s common stock determines 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 six months ended June 30, 2018 and June 30, 2017 , the Company granted 25,106 and 430,000 shares of restricted stock awards under the 2015 Plan, respectively. During the first quarter of 2018 , it was determined that the performance-based stock awards granted during 2015 were achieved at 70% of target based upon the performance criteria. This resulted in 70% of these performance-based stock awards being deemed earned and converted to time-based stock awards that vest over a service period and the balance being forfeited. 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 six months ended June 30, 2018 and June 30, 2017 , the Company granted 15,000 and 80,000 stock options under the 2015 Plan, respectively. 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: Six Months Ended June 30, 2018 2017 Weighted average expected life (in years) 6.50 5.00 Weighted average risk-free rate of return 2.74 % 2.04 % Weighted average volatility 18.29 % 24.75 % Dividend yield 2.64 % 2.44 % Weighted average fair value of options granted $ 2.15 $ 3.00 Total stock options granted 15,000 80,000 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 three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Stock option expense $ 1,470 1,478 2,900 2,904 Restricted stock expense 4,210 3,692 6,150 7,123 Total share based compensation expense $ 5,680 5,170 9,050 10,027 The following is a summary of the Company’s stock option activity and related information for the six months ended June 30, 2018 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2017 11,469,417 $12.00 7.0 $21,587 Granted 15,000 13.62 9.7 Exercised (762,595 ) 6.85 1.3 Forfeited (90,428 ) 12.54 Expired (94,640 ) 7.54 Outstanding at June 30, 2018 10,536,754 $12.41 7.0 $4,071 Exercisable at June 30, 2018 5,323,372 $12.29 6.9 $2,666 Expected future expense relating to the non-vested options outstanding as of June 30, 2018 is $17.8 million over a weighted average period of 3.26 years. The following is a summary of the status of the Company’s restricted shares as of June 30, 2018 and changes therein during the six months ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding at December 31, 2017 4,940,335 $ 12.67 Granted 25,106 13.60 Vested (1,145,479 ) 12.67 Forfeited (286,000 ) 12.54 Outstanding and non vested at June 30, 2018 3,533,962 $ 12.69 Expected future expense relating to the non-vested restricted shares outstanding as of June 30, 2018 is $42.4 million over a weighted average period of 3.54 years. |
Net Periodic Benefit Plan Expen
Net Periodic Benefit Plan Expense | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Plan Expense | Net Periodic Benefit Plan Expense The Company has an Executive Supplemental Retirement Wage Replacement Plan (“Wage Replacement Plan”) and the Supplemental Retirement Plan (“SERP I”) (collectively, the “SERPs”). The Wage Replacement Plan is a nonqualified, defined benefit plan which provides benefits to certain executives as designated by the Compensation and Benefits 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 participant’s credited service period) reduced by the sum of the benefits provided under the Pentegra Defined Benefit Plan for Financial Institutions (“Pentegra DB Plan”) and SERP I. Effective as of the close of business of December 31, 2016, the Wage Replacement Plan was amended to freeze future benefit accruals, and for certain participants, structure the benefits payable attributable solely to the participants’ 2016 year of service to vest over a two -year period such that the participants had a right to 50% of their accrued benefits attributable to their 2016 year of service as of December 31, 2016, which became 100% vested as of December 31, 2017. The Supplemental ESOP compensates certain executives (as designated by the Compensation and Benefits Committee of the Board of Directors) participating in 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. The Directors’ Plan was frozen on November 21, 2006 such that no new benefits accrued under, and no new directors were eligible to participate in the plan. The Wage Replacement Plan, Supplemental ESOP and the Directors’ Plan are unfunded and the costs of the plans are recognized over the period that services are provided. The components of net periodic benefit cost for the Directors’ Plan and the Wage Replacement Plan are as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Service cost $ — 372 — 743 Interest cost 354 378 709 756 Amortization of: Net loss 127 114 253 229 Total net periodic benefit cost $ 481 864 962 1,728 Due to the unfunded nature of the SERPs and the Directors’ Plan, no contributions have been made or were expected to be made during the six months ended June 30, 2018 . The Company also maintains the Pentegra DB Plan. Since it is a multiemployer plan, costs of the pension plan are based on contributions required to be made to the pension plan. As of December 31, 2016, the annual benefit provided under the Pentegra DB plan was frozen by an amendment to the plan. Freezing the plan eliminates all future benefit accruals and each participant’s frozen accrued benefit was determined as of December 31, 2016 and no further benefits will accrue beyond such date. There was no contribution required during the six months ended June 30, 2018 . We anticipate contributing funds to the plan to meet any minimum funding requirements for the remainder of 2018 . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 and December 31, 2017 , the Company has cash flow hedges with aggregate notional amounts of $1.30 billion and $900.0 million , respectively. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are primarily to 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. Changes in the fair value of derivatives designated and that qualify as cash flow hedges are initially recorded in other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and six months ended June 30, 2018 and 2017 , such derivatives were used to hedge the variability in cash flows associated with certain short term wholesale funding transactions. Amounts reported in accumulated other comprehensive income (loss) 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 $6.6 million will be reclassified as a decrease 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 June 30, 2018 and December 31, 2017 : Asset Derivatives Liability Derivatives June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 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 $ 267 Other assets $ — Other liabilities $ — Other liabilities $ 613 Total derivatives designated as hedging instruments $ 267 $ — $ — $ 613 Effective January 3, 2017, the Chicago Mercantile Exchange (“CME”) amended their rules to legally characterize the variation margin posted between counterparties to be classified as settlements of the outstanding derivative contracts instead of cash collateral. The Company adopted the new rule on a prospective basis to include the accrued interest and variation margin posted by the CME in the fair value. Effect of Derivative Instruments on the Income Statement The following table presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income as of June 30, 2018 and 2017 . Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Cash Flow Hedges - Interest rate swaps (In thousands) Amount of gain (loss) recognized in other comprehensive income $ 8,980 (6,527 ) 25,918 (5,271 ) Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense 606 (1,279 ) 237 (2,086 ) 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 June 30, 2018 and December 31, 2017 . The net amounts of derivative liabilities and assets can be reconciled to the tabular disclosure of the fair value hierarchy, see Note 13, Fair Value Measurements. 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) June 30, 2018 Assets: Interest Rate Swaps $ 267 — 267 — — 267 Total $ 267 — 267 — — 267 December 31, 2017 Liabilities: Interest Rate Swaps $ 613 — 613 — — 613 Total $ 613 — 613 — — 613 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 certain of 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. |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Comprehensive Income | Comprehensive Income The components of comprehensive income, both gross and net of tax, are as follows: Three Months Ended June 30, 2018 2017 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 76,195 (19,098 ) 57,097 64,108 (24,475 ) 39,633 Other comprehensive income (loss): Change in funded status of retirement obligations 143 (40 ) 103 141 (57 ) 84 Unrealized (losses) gains on debt securities available-for-sale (8,159 ) 1,862 (6,297 ) 3,160 (1,159 ) 2,001 Accretion of loss on debt securities reclassified to held-to-maturity from available-for-sale 221 (62 ) 159 324 (132 ) 192 Reclassification adjustment for security gains included in net income — — — (48 ) 19 (29 ) Other-than-temporary impairment accretion on debt securities 300 (85 ) 215 314 (129 ) 185 Net gains (losses) on derivatives arising during the period 8,374 (2,354 ) 6,020 (5,248 ) 2,144 (3,104 ) Total other comprehensive income (loss) 879 (679 ) 200 (1,357 ) 686 (671 ) Total comprehensive income $ 77,074 (19,777 ) 57,297 62,751 (23,789 ) 38,962 Six Months Ended June 30, 2018 2017 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 154,204 (39,182 ) 115,022 137,372 (51,719 ) 85,653 Other comprehensive (loss) income: Change in funded status of retirement obligations 286 (80 ) 206 282 (115 ) 167 Unrealized (losses) gains on debt securities available-for-sale (38,694 ) 9,674 (29,020 ) 7,451 (2,771 ) 4,680 Accretion of loss on securities reclassified to held-to-maturity from available-for-sale 454 (128 ) 326 676 (276 ) 400 Reclassification adjustment for security gains included in net income — — — (1,275 ) 510 (765 ) Other-than-temporary impairment accretion on debt securities 600 (169 ) 431 987 (403 ) 584 Net gains (losses) on derivatives arising during the period 25,681 (7,219 ) 18,462 (3,185 ) 1,301 (1,884 ) Total other comprehensive (loss) income (11,673 ) 2,078 (9,595 ) 4,936 (1,754 ) 3,182 Total comprehensive income $ 142,531 (37,104 ) 105,427 142,308 (53,473 ) 88,835 The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the six months ended June 30, 2018 and 2017 : Change in funded status of retirement obligations Accretion of loss on debt securities reclassified to held-to-maturity Unrealized (losses) gains on debt securities available-for-sale and gains included in net income Other-than- temporary impairment accretion on debt securities Unrealized gains (losses) on derivatives Total accumulated other comprehensive loss (Dollars in thousands) Balance - December 31, 2017 $ (5,640 ) (1,520 ) (21,184 ) (14,482 ) 13,487 (29,339 ) Net change 206 326 (29,020 ) 431 18,462 (9,595 ) Reclassification due to the adoption of ASU No. 2016-01 — — (606 ) — — (606 ) Balance - June 30, 2018 $ (5,434 ) (1,194 ) (50,810 ) (14,051 ) 31,949 (39,540 ) Balance - December 31, 2016 $ (4,895 ) (1,988 ) (12,271 ) (12,870 ) 7,424 (24,600 ) Net change 167 400 3,915 584 (1,884 ) 3,182 Balance - June 30, 2017 $ (4,728 ) (1,588 ) (8,356 ) (12,286 ) 5,540 (21,418 ) 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. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Reclassification adjustment for gains included in net income Gain on securities transactions, net $ — (48 ) — (1,275 ) Change in funded status of retirement obligations Amortization of net loss 129 120 259 240 Interest expense Reclassification adjustment for unrealized (gains) losses on derivatives (606 ) 1,279 (237 ) 2,086 Total before tax (477 ) 1,351 22 1,051 Income tax benefit (expense) 120 (526 ) (6 ) (390 ) Net of tax $ (357 ) 825 16 661 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
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 other real estate owned. These non-recurring fair value adjustments involve the application of lower-of-cost-or-market accounting or write-downs of individual assets. Additionally, in connection with our mortgage banking activities we have commitments to fund loans held-for-sale and commitments to sell loans, which are considered free-standing derivative instruments, the fair values of which are not material to our financial condition or results of operations. In accordance with FASB ASC 820, “ Fair Value Measurements and Disclosures ”, we group our assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: • Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. • Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. • Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. We base our fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets Measured at Fair Value on a Recurring Basis Equity securities Our equity securities portfolio is carried at estimated fair value on a recurring basis, with any gains and losses reported in the Consolidated Statements of Income. The fair values of equity securities are based on quoted market prices (Level 1). The Company adopted FASB ASU 2016-01 on January 1, 2018. Debt 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 debt securities available-for-sale are based upon quoted prices for similar instruments in active markets (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 June 30, 2018 and December 31, 2017 . Carrying Value at June 30, 2018 Total Level 1 Level 2 Level 3 (In thousands) Assets: Equity securities $ 5,753 5,753 — — Debt securities available for sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation 688,025 — 688,025 — Federal National Mortgage Association 1,193,762 — 1,193,762 — Government National Mortgage Association 33,478 — 33,478 — Total debt securities available-for-sale $ 1,915,265 — 1,915,265 — Derivative financial instruments $ 267 — 267 — Carrying Value at December 31, 2017 Total Level 1 Level 2 Level 3 (In thousands) Assets: Equity securities $ 5,701 5,701 — — Debt securities available for sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation 640,242 — 640,242 — Federal National Mortgage Association 1,303,576 — 1,303,576 — Government National Mortgage Association 38,208 — 38,208 — Total debt securities available-for-sale $ 1,982,026 — 1,982,026 — Liabilities: Derivative financial instruments $ 613 — 613 — There have been no changes in the methodologies used at June 30, 2018 from December 31, 2017 , and there were no transfers between Level 1 and Level 2 during the six months ended June 30, 2018 . There were no Level 3 assets measured at fair value on a recurring basis for the six months ended June 30, 2018 and December 31, 2017 . 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 June 30, 2018 , the fair value model used prepayment speeds ranging from 4.92% to 27.72% and a discount rate of 12.68% for the valuation of the mortgage servicing rights. At December 31, 2017 , the fair value model used prepayment speeds ranging from 5.56% to 23.22% and a discount rate of 13.20% for the valuation of the mortgage servicing rights. A significant degree of judgment is involved in valuing the mortgage servicing rights using Level 3 inputs. The use of different assumptions could have a significant positive or negative effect on the fair value estimate. Impaired Loans Receivable Loans which meet certain criteria are evaluated individually for impairment. A loan is deemed to be impaired if it is a commercial loan with an outstanding balance greater than $1.0 million and on non-accrual status, loans modified in a troubled debt restructuring, and other commercial loans with $1.0 million in outstanding principal if management has specific information that it is probable they will not collect all amounts due under the contractual terms of the loan agreement. Our impaired loans are generally collateral dependent and, as such, are carried at the estimated fair value of the collateral less estimated selling costs. Estimated fair value is calculated using an independent third-party appraiser 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. Appraisals were discounted in a range of 0% to 25% . 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% to 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 further declines in the estimated fair value of the asset occur, 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 June 30, 2018 and December 31, 2017 . For the three months ended June 30, 2018 there was no change to the carrying value of other real estate owned or loans held for sale. At December 31, 2017 there was no change to carrying value of MSR or loans held for sale measured at fair value on a non-recurring basis. Carrying Value at June 30, 2018 Security Type Valuation Technique Unobservable Input Range Weighted Average Total Level 1 Level 2 Level 3 (In thousands) MSR, net Estimated cash flow Prepayment speeds 4.92% - 27.72% 8.64% $ 5,222 — — 5,222 Impaired loans Market comparable and estimated cash flow Lack of marketability and probability of default 1.0% - 45.0% 36.16% $ 13,867 — — 13,867 $ 19,089 — — 19,089 Carrying Value at December 31, 2017 Security Type Valuation Technique Unobservable Input Range Weighted Average Total Level 1 Level 2 Level 3 (In thousands) Impaired loans Market comparable and estimated cash flow Lack of marketability and probability of default 1.0% - 45.0% 21.00% $ 30,445 — — 30,445 Other real estate owned Market comparable Lack of marketability 0.0% - 25.0% 21.65% 263 — — 263 $ 30,708 — — 30,708 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. Debt Securities Held-to-Maturity Our debt securities 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 and or FHLB advances outstanding. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential mortgage and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and non-performing categories. The fair value estimates are made at a specific point in time based on relevant market information. They do not reflect any premium or discount that could result from offering for sale a particular financial instrument. Fair value estimates are based on judgments regarding future expected loss experience, risk characteristics and economic conditions. These estimates are subjective, involve uncertainties, and cannot be determined with precision. Deposit Liabilities The fair value of deposits with no stated maturity, such as savings, checking accounts and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates which approximate currently offered for deposits of similar remaining maturities. Borrowings The fair value of borrowings are based on securities dealers’ estimated fair values, when available, or estimated using discounted contractual cash flows using rates which approximate the rates offered for borrowings of similar remaining maturities. Commitments to Extend Credit The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For commitments to originate fixed rate loans, fair value also considers the difference between current levels of interest rates and the committed rates. Due to the short-term nature of our outstanding commitments, the fair values of these commitments are immaterial to our financial condition. The carrying values and estimated fair values of the Company’s financial instruments are presented in the following table. June 30, 2018 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 195,995 195,995 195,995 — — Equity securities 5,753 5,753 5,753 — — Debt securities available-for-sale 1,915,265 1,915,265 — 1,915,265 — Debt securities held-to-maturity 1,660,967 1,659,095 — 1,567,644 91,451 FHLB stock 247,410 247,410 247,410 — — Loans held for sale 5,949 5,949 — 5,949 — Net loans 20,537,087 20,348,671 — — 20,348,671 Derivative financial instruments 267 267 — 267 — Financial liabilities: Deposits, other than time deposits $ 12,614,165 12,614,165 12,614,165 — — Time deposits 4,303,240 4,274,128 — 4,274,128 — Borrowed funds 5,144,987 5,093,232 — 5,093,232 — December 31, 2017 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 618,394 618,394 618,394 — — Equity securities 5,701 5,701 5,701 — — Securities available-for-sale 1,982,026 1,982,026 — 1,982,026 — Securities held-to-maturity 1,796,621 1,820,125 — 1,738,906 81,219 FHLB stock 231,544 231,544 231,544 — — Loans held for sale 5,185 5,185 — 5,185 — Net loans 19,852,101 20,003,717 — — 20,003,717 Financial liabilities: Deposits, other than time deposits $ 13,897,435 13,897,435 13,897,435 — — Time deposits 3,460,262 3,438,673 — 3,438,673 — Borrowed funds 4,461,533 4,437,346 — 4,437,346 — Derivative financial instruments 613 613 — 613 — 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. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” 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 non-financial assets unless those contracts are in the scope of other standards. Revenue associated with financial instruments, including loans, leases, securities and derivatives, that are accounted for under other U.S. GAAP are specifically excluded from Topic 606. The Company’s contracts with customers in the scope of Topic 606 are contracts for deposit accounts and contracts for non-deposit investment accounts through a third party service provider. Both types of contracts result in non-interest income being recognized. The revenue resulting from deposit accounts, which includes fees such as insufficient funds fees, wire transfer fees and out-of-network ATM transaction fees, is included as a component of fees and service charges on the consolidated statements of income. The revenue resulting from non-deposit investment accounts is included as a component of other income on the consolidated statements of income. Revenue from contracts with customers included in fees and service charges was $3.4 million and $3.2 million for the three months ended June 30, 2018 and June 30, 2017 , respectively, and $6.5 million and $6.2 million for the six months ended June 30, 2018 and June 30, 2017 , respectively. Revenue from contracts with customers included in other income was $2.4 million and $1.5 million for the three months ended June 30, 2018 and June 30, 2017 , respectively, and $4.2 million and $2.8 million for the six months ended June 30, 2018 and June 30, 2017 , respectively. For our contracts with customers, we satisfy our performance obligations each day as services are rendered. For our deposit account revenue, we receive payment on a daily basis as services are rendered and for our non-deposit investment account revenue, we receive payment on a monthly basis from our third party service provider as services are rendered. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Adopted In May 2018, the FASB issued ASU 2018-06, “ Codification Improvements to Topic 942, Financial Services-Depository and Lending”, which supersedes the guidance within Subtopic 942-740 that has been rescinded by the Office of the Comptroller of the Currency and is no longer relevant. ASU 2018-06 is effective on its date of issuance of May 7, 2018 and did not have any impact on the Company’s consolidated financial position, results of operations or cash flows. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. The purpose of this guidance is to better align a company’s financial reporting for hedging relationships with the company’s risk management activities by expanding strategies that qualify for hedge accounting, modifying the presentation of certain hedging relationships in the financial statements and simplifying the application of hedge accounting in certain situations. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted in any interim or annual period before the effective date. ASU 2017-12 will be applied using a modified retrospective approach through a cumulative-effect adjustment related to the elimination of the separate measurement of ineffectiveness to the balance of accumulated other comprehensive income with a corresponding adjustment to retained earnings as of the beginning of the fiscal year in which the amendments in this update are adopted. The amended presentation and disclosure guidance is required only prospectively. The Company early adopted ASU 2017-12 on January 1, 2018, which did not have any impact on the Company’s consolidated financial position, results of operations or cash flows. In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting”. This update provides guidance about changes to terms or conditions of a share-based payment award which would require modification accounting. In particular, an entity is required to account for the effects of a modification if the fair value, vesting condition or the equity/liability classification of the modified award is not the same immediately before and after a change to the terms and conditions of the award. The update is to be applied prospectively for awards modified on or after the adoption date. The Company adopted ASU 2017-09 on January 1, 2018, which did not have any impact on the Company’s Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, which requires that companies disaggregate the service cost component from other components of net benefit cost. This update calls for companies that offer postretirement benefits to present the service cost, which is the amount an employer has to set aside each quarter or fiscal year to cover the benefits, in the same line item with other current employee compensation costs. Other components of net benefit cost will be presented in the income statement separately from the service cost component and outside the subtotal of income from operations, if one is presented. The Company adopted ASU 2017-07 on January 1, 2018, which did not have a material impact on the Company’s Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The amendments in this ASU provide a practical way to determine when a set of assets and activities is not a business. The screen provided in this ASU requires that when all or substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The amendments also provide other considerations to determine whether a set is a business if the screen is not met. The update is to be applied prospectively. The Company adopted ASU 2017-01 on January 1, 2018. The adoption of this new guidance is not expected to have a material impact on the determination of whether future acquisitions are considered a business combination and the resulting impact on the consolidated financial statements. 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 U.S. GAAP by eliminating the exception for intra-entity transfers of assets other than inventory to defer such recognition until sale to an outside party. The Company adopted ASU 2016-16 on January 1, 2018, which did not have an impact 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. 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 adopted ASU 2016-15 on January 1, 2018, which did not have a material impact 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. 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. Subsequently, the FASB issued ASU 2018-03, “ Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”, which targets specific areas of improvement such as discontinuation of and adjustments to equity securities without a readily determinable fair value, forward contracts and purchased options. Similarly, the FASB issued ASU 2018-04, “Investments-Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273”, which supersedes and adds various SEC paragraphs pursuant to the issuance of SAB 117. The Company adopted ASU 2016-01, 2018-03 and 2018-04 on January 1, 2018, which did not have a material impact on the Company’s 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 was 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”; ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”; and ASU 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” 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 adopted ASU 2014-09 on January 1, 2018. As the guidance does not apply to revenue associated with financial instruments, including loans, leases, securities and derivatives that are accounted for under other U.S. GAAP, the new revenue recognition standard did not have a material impact on the Company’s Consolidated Financial Statements. See Footnote 14, Revenue Recognition, for further details. In January 2017, the FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update)”, which amends certain paragraphs in the ASC to give effect to announcements made by the SEC observer at two recent Emerging Issues Task Force meetings. SEC registrants are required to reasonably estimate the impact that adoption of the standards on revenue recognition, leases, and measurement of credit losses on financial instruments is expected to have on financial statements. If such estimate is indeterminate, registrants should consider providing additional qualitative disclosures to assess the effect on financial statements as a result of adopting of these new standards. There is no effective date or transition requirements for this standard. Accounting Pronouncements Not Yet Adopted In June 2018, the FASB issued ASU 2018-07, “ Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting”. The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees and to apply the guidance therein except for specific guidance on inputs to an option pricing model and the attribution of cost; i.e., the period of time over which share-based payment awards vest and the pattern of cost recognition over that period. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide financing to the issuer or awards granted in conjunction with selling goods and services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted if the entity has already adopted Topic 606. Upon adoption, an entity should remeasure liability-classified awards that have not been settled at date of adoption and equity-classified awards for which a measurement date has not been established through a cumulative-effect adjustment to retained earnings as of the first day of the fiscal year of adoption. Upon transition, an entity should measure these nonemployee awards at fair value as of the adoption date but must not remeasure assets that are completed. The Company currently applies the guidance of Topic 718 to its accounting for share-based payment awards to its Board of Directors, and, therefore, does not expect ASU 2018-07 to have an impact on the Company’s consolidated financial position, results of operations or cash flows. In March 2017, the FASB issued ASU 2017-08, “Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities”. The amendments in this update require the premium on callable debt securities to be amortized to the earliest call date rather than the maturity date; however, securities held at a discount continue to be amortized to maturity. The amendments apply only to debt securities purchased at a premium that are callable at fixed prices and on preset dates. The amendments more closely align interest income recorded on debt securities held at a premium or discount with the economics of the underlying instrument. ASU No. 2017-08 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating its provisions to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU simplifies subsequent measurement of goodwill by eliminating Step 2 of the impairment test while retaining the option to perform the qualitative assessment for a reporting unit to determine whether the quantitative impairment test is necessary. The ASU also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019 with early adoption permitted for interim or annual goodwill impairment testing dates beginning after January 1, 2017. The update is to be applied prospectively. The Company does not expect ASU No. 2017-04 to have a material impact 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. Upon adoption, any impact to the allowance for credit losses - currently allowance for loan and lease losses - will have an offsetting impact on retained earnings. 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 for leases classified as operating leases as well as finance leases. The update also requires new quantitative disclosures related to leases in the Consolidated Financial Statements. There are practical expedients in this update that relate to leases that commenced before the effective date, initial direct costs and the use of hindsight to extend or terminate a lease or purchase the leased asset. Lessor accounting remains largely unchanged under the new guidance. In January 2018, the FASB issued ASU 2018-01, “ Leases (Topic 842) - Land Easement Practical Expedient for Transition to Topic 842”, which provides an optional practical expedient to not evaluate land easements which were existing or expired before the adoption of Topic 842 that were not accounted for as leases under Topic 840. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases” and ASU 2018-11, “Leases (Topic 842) - Targeted Improvements”, which provides an optional transition method under which comparative periods presented in the financial statements will continue to be in accordance with current Topic 840, Leases, and a practical expedient to not separate non-lease components from the associated lease component. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. 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 and regulatory capital and risk-weighted assets; however, the Company does not expect the amendment to have a material impact on its results of operations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
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 U.S. GAAP. On July 26, 2018, the Company declared a cash dividend of $0.09 per share. The $0.09 dividend per share will be paid to stockholders on August 24, 2018, with a record date of August 10, 2018. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Summary of our earnings per share calculations and reconciliation of basic to diluted earnings per share | The following is a summary of our earnings per share calculations and reconciliation of basic to diluted earnings per share. For the Three Months Ended June 30, 2018 2017 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 57,097 $ 39,633 Shares Weighted-average common shares outstanding - basic 284,502,818 291,127,119 Effect of dilutive common stock equivalents (1) 1,230,724 2,003,166 Weighted-average common shares outstanding - diluted 285,733,542 293,130,285 Earnings per common share Basic $ 0.20 $ 0.14 Diluted $ 0.20 $ 0.14 (1) For the three months ended June 30, 2018 and 2017 , there were 9,971,644 and 11,245,406 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. For the Six Months Ended June 30, 2018 2017 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 115,022 $ 85,653 Shares Weighted-average common shares outstanding - basic 286,085,380 291,156,097 Effect of dilutive common stock equivalents (1) 1,327,786 2,107,910 Weighted-average common shares outstanding - diluted 287,413,166 293,264,007 Earnings per common share Basic $ 0.40 $ 0.29 Diluted $ 0.40 $ 0.29 (1) For the six months ended June 30, 2018 and 2017 , there were 9,758,591 and 10,753,977 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of disaggregated net gains and losses on equity securities | The following table presents the disaggregated net gains on equity securities reported in the Consolidated Statements of Income: For the Three Months Ended June 30, 2018 For the Six Months Ended June 30, 2018 Net gains recognized during the period on equity securities $ 53 $ 7 Less: Net gains recognized during the period on equity securities sold — — Unrealized gains recognized during the period on equity securities $ 53 $ 7 |
Summary of securities | The following tables present the carrying value, gross unrealized gains and losses and estimated fair value for available-for-sale debt securities and the amortized cost, net unrealized losses, carrying value, gross unrecognized gains and losses and estimated fair value for held-to-maturity debt securities as of the dates indicated: At June 30, 2018 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 709,830 221 22,026 688,025 Federal National Mortgage Association 1,237,718 193 44,149 1,193,762 Government National Mortgage Association 35,277 — 1,799 33,478 Total debt securities available-for-sale $ 1,982,825 414 67,974 1,915,265 At June 30, 2018 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 $ 41,251 — 41,251 — 1,876 39,375 Municipal bonds 24,878 — 24,878 1,036 — 25,914 Corporate and other debt securities 68,998 19,545 49,453 47,054 — 96,507 Total debt securities held-to-maturity 135,127 19,545 115,582 48,090 1,876 161,796 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 437,765 764 437,001 138 13,913 423,226 Federal National Mortgage Association 1,022,938 900 1,022,038 580 32,215 990,403 Government National Mortgage Association 86,346 — 86,346 — 2,676 83,670 Total mortgage-backed securities held-to-maturity 1,547,049 1,664 1,545,385 718 48,804 1,497,299 Total debt securities held-to-maturity $ 1,682,176 21,209 1,660,967 48,808 50,680 1,659,095 (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, 2017 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 649,060 382 9,200 640,242 Federal National Mortgage Association 1,322,255 700 19,379 1,303,576 Government National Mortgage Association 39,577 — 1,369 38,208 Total debt securities available-for-sale $ 2,010,892 1,082 29,948 1,982,026 At December 31, 2017 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 $ 43,281 — 43,281 — 685 42,596 Municipal bonds 40,595 — 40,595 1,251 — 41,846 Corporate and other debt securities 68,232 20,145 48,087 38,207 — 86,294 Total debt securities held-to-maturity 152,108 20,145 131,963 39,458 685 170,736 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 474,314 969 473,345 530 5,439 468,436 Federal National Mortgage Association 1,102,242 1,149 1,101,093 2,787 12,280 1,091,600 Government National Mortgage Association 90,220 — 90,220 — 867 89,353 Total mortgage-backed securities held-to-maturity 1,666,776 2,118 1,664,658 3,317 18,586 1,649,389 Total debt securities held-to-maturity $ 1,818,884 22,263 1,796,621 42,775 19,271 1,820,125 (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. |
The amortized cost and estimated fair value of debt securities by contract maturity | The amortized cost and estimated fair value of debt securities other than mortgage-backed securities at June 30, 2018 , by contractual maturity, are shown below. June 30, 2018 Carrying value Estimated fair value (In thousands) Due in one year or less $ 20,578 20,578 Due after one year through five years — — Due after five years through ten years 50,551 49,767 Due after ten years 44,453 91,451 Total $ 115,582 161,796 |
Gross unrealized losses on debt securities and the estimated fair value of the related securities, aggregated by investment category | Gross unrealized losses on debt securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2018 and December 31, 2017 , was as follows: June 30, 2018 Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses (In thousands) Available-for-sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 434,494 12,065 196,224 9,961 630,718 22,026 Federal National Mortgage Association 747,059 22,220 414,910 21,929 1,161,969 44,149 Government National Mortgage Association 12,917 529 20,561 1,270 33,478 1,799 Total debt securities available-for-sale 1,194,470 34,814 631,695 33,160 1,826,165 67,974 Held-to-maturity: Debt securities: Government-sponsored enterprises 23,936 1,064 15,439 812 39,375 1,876 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 323,921 9,741 97,368 4,172 421,289 13,913 Federal National Mortgage Association 568,716 13,804 394,352 18,411 963,068 32,215 Government National Mortgage Association 83,670 2,676 — — 83,670 2,676 Total mortgage-backed securities held-to-maturity 976,307 26,221 491,720 22,583 1,468,027 48,804 Total debt securities held-to-maturity 1,000,243 27,285 507,159 23,395 1,507,402 50,680 Total $ 2,194,713 62,099 1,138,854 56,555 3,333,567 118,654 December 31, 2017 Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses (In thousands) Available-for-sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 365,078 3,115 220,744 6,085 585,822 9,200 Federal National Mortgage Association 684,327 6,276 447,310 13,103 1,131,637 19,379 Government National Mortgage Association 14,981 283 23,227 1,086 38,208 1,369 Total debt securities available-for-sale 1,064,386 9,674 691,281 20,274 1,755,667 29,948 Held-to-maturity: Debt securities: Government-sponsored enterprises $ 42,596 685 — — 42,596 685 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 290,340 2,946 111,849 2,493 402,189 5,439 Federal National Mortgage Association 369,484 2,380 430,955 9,900 800,439 12,280 Government National Mortgage Association 51,126 867 — — 51,126 867 Total mortgage-backed securities held-to-maturity 710,950 6,193 542,804 12,393 1,253,754 18,586 Total debt securities held-to-maturity 753,546 6,878 542,804 12,393 1,296,350 19,271 Total $ 1,817,932 16,552 1,234,085 32,667 3,052,017 49,219 |
Changes in the credit loss component of the impairment loss of debt securities | The following table presents the changes in the credit loss component of the impairment loss of debt securities that the Company has written down for such loss as an other-than-temporary impairment recognized in earnings. For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Balance of credit related OTTI, beginning of period $ 84,845 88,997 85,768 95,743 Additions: Initial credit impairments — — — — Subsequent credit impairments — — — — Reductions: Accretion of credit loss impairment due to an increase in expected cash flows (922 ) (1,076 ) (1,845 ) (4,011 ) Reductions for securities sold or paid off during the period — — — (3,811 ) Balance of credit related OTTI, end of period $ 83,923 87,921 83,923 87,921 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Schedule of loan portfolio | The detail of the loan portfolio as of June 30, 2018 and December 31, 2017 was as follows: June 30, December 31, (In thousands) Multi-family loans $ 7,903,469 7,802,835 Commercial real estate loans 4,648,024 4,541,347 Commercial and industrial loans 2,147,430 1,625,375 Construction loans 270,892 416,883 Total commercial loans 14,969,815 14,386,440 Residential mortgage loans 5,139,661 5,025,266 Consumer and other loans 667,911 670,820 Total loans excluding PCI loans 20,777,387 20,082,526 PCI loans 7,679 8,322 Deferred fees and premiums, net (1) (17,141 ) (7,778 ) Allowance for loan losses (230,838 ) (230,969 ) Net loans $ 20,537,087 19,852,101 (1) Included in deferred fees and premiums are accretable purchase accounting adjustments in connection with loans acquired. |
Summary of analysis of the allowance for loan losses | An analysis of the allowance for loan losses is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Balance at beginning of the period $ 231,144 230,912 230,969 228,373 Loans charged off (7,036 ) (8,492 ) (14,143 ) (11,497 ) Recoveries 2,730 1,608 7,512 3,152 Net charge-offs (4,306 ) (6,884 ) (6,631 ) (8,345 ) Provision for loan losses 4,000 6,000 6,500 10,000 Balance at end of the period $ 230,838 230,028 230,838 230,028 |
Summary of allowance for loan losses and the recorded investment in loans by portfolio segment | 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 June 30, 2018 and December 31, 2017 : June 30, 2018 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, 2017 $ 81,469 56,137 54,563 11,609 21,835 3,099 2,257 230,969 Charge-offs (442 ) (5,844 ) (3,369 ) — (3,727 ) (761 ) — (14,143 ) Recoveries — 716 6,203 — 567 26 — 7,512 Provision 3,000 3,914 432 (4,682 ) 3,453 775 (392 ) 6,500 Ending balance-June 30, 2018 $ 84,027 54,923 57,829 6,927 22,128 3,139 1,865 230,838 Individually evaluated for impairment $ — — — — 2,151 71 — 2,222 Collectively evaluated for impairment 84,027 54,923 57,829 6,927 19,977 3,068 1,865 228,616 Loans acquired with deteriorated credit quality — — — — — — — — Balance at June 30, 2018 $ 84,027 54,923 57,829 6,927 22,128 3,139 1,865 230,838 Loans: Individually evaluated for impairment $ 16,304 11,198 25,172 — 26,698 600 — 79,972 Collectively evaluated for impairment 7,887,165 4,636,826 2,122,258 270,892 5,112,963 667,311 — 20,697,415 Loans acquired with deteriorated credit quality — 6,568 — — 895 216 — 7,679 Balance at June 30, 2018 $ 7,903,469 4,654,592 2,147,430 270,892 5,140,556 668,127 — 20,785,066 December 31, 2017 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, 2016 $ 95,561 52,796 43,492 11,653 19,831 2,850 2,190 228,373 Charge-offs (6 ) (8,072 ) (5,656 ) (100 ) (4,875 ) (500 ) — (19,209 ) Recoveries 1,677 549 200 — 2,816 313 — 5,555 Provision (15,763 ) 10,864 16,527 56 4,063 436 67 16,250 Ending balance-December 31, 2017 $ 81,469 56,137 54,563 11,609 21,835 3,099 2,257 230,969 Individually evaluated for impairment $ — — — — 1,678 97 — 1,775 Collectively evaluated for impairment 81,469 56,137 54,563 11,609 20,157 3,002 2,257 229,194 Loans acquired with deteriorated credit quality — — — — — — — — Balance at December 31, 2017 $ 81,469 56,137 54,563 11,609 21,835 3,099 2,257 230,969 Loans: Individually evaluated for impairment $ 14,776 29,736 8,989 — 26,376 879 — 80,756 Collectively evaluated for impairment 7,788,059 4,511,611 1,616,386 416,883 4,998,890 669,941 — 20,001,770 Loans acquired with deteriorated credit quality — 6,754 — — 1,251 317 — 8,322 Balance at December 31, 2017 $ 7,802,835 4,548,101 1,625,375 416,883 5,026,517 671,137 — 20,090,848 |
Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment | The following tables present the risk category of loans as of June 30, 2018 and December 31, 2017 by class of loans, excluding PCI loans: June 30, 2018 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,766,965 849,602 133,539 153,363 — — 7,903,469 Commercial real estate 3,827,574 543,577 120,111 156,762 — — 4,648,024 Commercial and industrial 1,518,185 464,629 88,129 76,487 — — 2,147,430 Construction 193,647 60,092 16,892 261 — — 270,892 Total commercial loans 12,306,371 1,917,900 358,671 386,873 — — 14,969,815 Residential mortgage 5,045,925 13,098 8,941 71,697 — — 5,139,661 Consumer and other 654,401 8,087 615 4,808 — — 667,911 Total $ 18,006,697 1,939,085 368,227 463,378 — — 20,777,387 December 31, 2017 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,791,999 702,384 154,125 154,327 — — 7,802,835 Commercial real estate 3,751,790 528,179 105,089 156,289 — — 4,541,347 Commercial and industrial 1,102,304 443,669 37,944 41,458 — — 1,625,375 Construction 272,882 109,252 34,454 295 — — 416,883 Total commercial loans 11,918,975 1,783,484 331,612 352,369 — — 14,386,440 Residential mortgage 4,926,002 14,272 7,749 77,243 — — 5,025,266 Consumer and other 657,515 6,270 521 6,514 — — 670,820 Total $ 17,502,492 1,804,026 339,882 436,126 — — 20,082,526 |
Payment status of the recorded investment in past due loans | The following tables present the payment status of the recorded investment in past due loans as of June 30, 2018 and December 31, 2017 by class of loans, excluding PCI loans: June 30, 2018 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 30,131 — 2,759 32,890 7,870,579 7,903,469 Commercial real estate 8,896 — 9,119 18,015 4,630,009 4,648,024 Commercial and industrial 2,947 2,087 14,913 19,947 2,127,483 2,147,430 Construction — — 261 261 270,631 270,892 Total commercial loans 41,974 2,087 27,052 71,113 14,898,702 14,969,815 Residential mortgage 13,881 9,186 49,689 72,756 5,066,905 5,139,661 Consumer and other 8,088 615 4,210 12,913 654,998 667,911 Total $ 63,943 11,888 80,951 156,782 20,620,605 20,777,387 December 31, 2017 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 7,263 7,652 203 15,118 7,787,717 7,802,835 Commercial real estate 19,355 778 11,519 31,652 4,509,695 4,541,347 Commercial and industrial 4,855 — 75 4,930 1,620,445 1,625,375 Construction — 295 — 295 416,588 416,883 Total commercial loans 31,473 8,725 11,797 51,995 14,334,445 14,386,440 Residential mortgage 15,191 8,739 54,900 78,830 4,946,436 5,025,266 Consumer and other 6,357 521 5,755 12,633 658,187 670,820 Total $ 53,021 17,985 72,452 143,458 19,939,068 20,082,526 |
Non-accrual loans status | The following table presents non-accrual loans, excluding PCI loans, at the dates indicated: June 30, 2018 December 31, 2017 # of loans Amount # of loans Amount (Dollars in thousands) Non-accrual: Multi-family 9 $ 19,515 5 $ 14,978 Commercial real estate 36 16,685 37 34,043 Commercial and industrial 13 28,949 11 9,989 Construction 1 261 1 295 Total commercial loans 59 65,410 54 59,305 Residential mortgage and consumer 375 69,220 427 76,422 Total non-accrual loans 434 $ 134,630 481 $ 135,727 Included in the non-accrual table above are TDR loans whose payment status is current but the Company has classified as non-accrual as the loans have not maintained their current payment status for six consecutive months under the restructured terms and therefore do not meet the criteria for accrual status. As of June 30, 2018 and December 31, 2017 , these loans are comprised of the following: June 30, 2018 December 31, 2017 # of loans Amount # of loans Amount (Dollars in thousands) TDR with payment status current classified as non-accrual: Commercial real estate — $ — 1 $ 10 Commercial and industrial 3 9,540 — — Residential mortgage and consumer 28 3,713 24 4,103 Total TDR with payment status current classified as non-accrual 31 $ 13,253 25 $ 4,113 The following table presents TDR loans which were also 30-89 days delinquent and classified as non-accrual at the dates indicated: June 30, 2018 December 31, 2017 # of loans Amount # of loans Amount (Dollars in thousands) TDR 30-89 days delinquent classified as non-accrual: Multi-family — $ — 1 $ 918 Commercial real estate 1 49 2 14,321 Total commercial loans 1 49 3 15,239 Residential mortgage and consumer 6 1,025 13 1,995 Total TDR 30-89 days delinquent classified as non-accrual 7 $ 1,074 16 $ 17,234 |
Table present loans individually evaluated for impairment by portfolio segment | The following tables present loans individually evaluated for impairment by portfolio segment as of June 30, 2018 and December 31, 2017 : June 30, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 16,304 16,707 — 16,312 267 Commercial real estate 11,198 19,361 — 11,500 44 Commercial and industrial 25,172 32,399 — 24,642 115 Construction — — — — — Total commercial loans 52,674 68,467 — 52,454 426 Residential mortgage and consumer 11,088 15,077 — 12,008 57 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 16,210 16,879 2,222 15,290 119 Total: Multi-family 16,304 16,707 — 16,312 267 Commercial real estate 11,198 19,361 — 11,500 44 Commercial and industrial 25,172 32,399 — 24,642 115 Construction — — — — — Total commercial loans 52,674 68,467 — 52,454 426 Residential mortgage and consumer 27,298 31,956 2,222 27,298 176 Total impaired loans $ 79,972 100,423 2,222 79,752 602 December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 14,776 14,819 — 14,365 249 Commercial real estate 29,736 37,288 — 29,974 404 Commercial and industrial 8,989 12,008 — 8,681 28 Construction — — — — — Total commercial loans 53,501 64,115 — 53,020 681 Residential mortgage and consumer 12,357 16,236 — 12,100 430 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 14,898 15,461 1,775 14,767 386 Total: Multi-family 14,776 14,819 — 14,365 249 Commercial real estate 29,736 37,288 — 29,974 404 Commercial and industrial 8,989 12,008 — 8,681 28 Construction — — — — — Total commercial loans 53,501 64,115 — 53,020 681 Residential mortgage and consumer 27,255 31,697 1,775 26,867 816 Total impaired loans $ 80,756 95,812 1,775 79,887 1,497 |
Troubled debt restructured loans | The following tables present the total TDR loans at June 30, 2018 and December 31, 2017 . There were five residential PCI loans that were classified as TDRs for the period ended June 30, 2018 . There were four residential PCI loans that were classified as TDRs for the period ended December 31, 2017 . June 30, 2018 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 1 $ 904 1 $ 904 Commercial real estate — — 3 634 3 634 Commercial and industrial 1 570 4 10,765 5 11,335 Total commercial loans 1 570 8 12,303 9 12,873 Residential mortgage and consumer 55 12,215 73 15,085 128 27,300 Total 56 $ 12,785 81 $ 27,388 137 $ 40,173 December 31, 2017 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 1 $ 918 1 $ 918 Commercial real estate — — 4 14,489 4 14,489 Commercial and industrial — — 1 1,287 1 1,287 Total commercial loans — — 6 16,694 6 16,694 Residential mortgage and consumer 49 10,957 71 16,298 120 27,255 Total 49 $ 10,957 77 $ 32,992 126 $ 43,949 |
Schedule of troubled debt restructuring | The following tables present information about TDRs that occurred during the three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, 2018 2017 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) Commercial real estate — $ — $ — 2 $ 20,059 $ 15,621 Commercial and industrial 2 9,536 9,536 — — — Residential mortgage and consumer 6 788 788 4 372 372 Six Months Ended June 30, 2018 2017 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) Commercial real estate 2 $ 788 $ 616 3 $ 20,225 $ 15,787 Commercial and industrial 3 9,971 9,971 — — — Residential mortgage and consumer 12 1,500 1,500 17 3,251 3,251 |
Schedule of troubled debt restructuring, interest yield | The following tables present information about pre and post modification interest yield for TDRs which occurred during the three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, 2018 2017 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Commercial real estate — — % — % 2 4.67 % 4.67 % Commercial and industrial 2 6.07 % 6.07 % — — % — % Residential mortgage and consumer 6 4.85 % 3.17 % 4 5.03 % 3.94 % Six Months Ended June 30, 2018 2017 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Commercial real estate 2 4.68 % 4.68 % 3 4.67 % 4.67 % Commercial and industrial 3 6.01 % 6.01 % — — — Residential mortgage and consumer 12 4.78 % 3.22 % 17 4.36 % 3.59 % |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Banking and Thrift [Abstract] | |
Summary of deposits | Deposits are summarized as follows: June 30, 2018 December 31, 2017 (In thousands) Non-interest bearing: Checking accounts $ 2,368,406 2,424,608 Interest bearing: Checking accounts 4,286,337 4,909,054 Money market deposits 3,800,143 4,243,545 Savings 2,159,279 2,320,228 Certificates of deposit 4,303,240 3,460,262 Total deposits $ 16,917,405 17,357,697 |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and intangible assets | The following table summarizes goodwill and intangible assets at June 30, 2018 and December 31, 2017 : June 30, 2018 December 31, 2017 (In thousands) Mortgage servicing rights $ 12,272 13,228 Core deposit premiums 5,005 6,024 Other 798 842 Total other intangible assets 18,075 20,094 Goodwill 82,546 77,571 Goodwill and intangible assets $ 100,621 97,665 |
Summary of intangible assets | The following table summarizes other intangible assets as of June 30, 2018 and December 31, 2017 : Gross Intangible Asset Accumulated Amortization Valuation Allowance Net Intangible Assets (In thousands) June 30, 2018 Mortgage servicing rights $ 19,318 (6,872 ) (174 ) 12,272 Core deposit premiums 25,058 (20,053 ) — 5,005 Other 1,150 (352 ) — 798 Total other intangible assets $ 45,526 (27,277 ) (174 ) 18,075 December 31, 2017 Mortgage servicing rights $ 20,236 (6,886 ) (122 ) 13,228 Core deposit premiums 25,058 (19,034 ) — 6,024 Other 1,150 (308 ) — 842 Total other intangible assets $ 46,444 (26,228 ) (122 ) 20,094 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of share-based payment award, stock options, valuation assumptions | The fair value of stock options granted as part of the 2015 Plan was estimated utilizing the Black-Scholes option pricing model using the following assumptions for the period presented below: Six Months Ended June 30, 2018 2017 Weighted average expected life (in years) 6.50 5.00 Weighted average risk-free rate of return 2.74 % 2.04 % Weighted average volatility 18.29 % 24.75 % Dividend yield 2.64 % 2.44 % Weighted average fair value of options granted $ 2.15 $ 3.00 Total stock options granted 15,000 80,000 |
Schedule of share based compensation expense | The following table presents the share based compensation expense for the three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Stock option expense $ 1,470 1,478 2,900 2,904 Restricted stock expense 4,210 3,692 6,150 7,123 Total share based compensation expense $ 5,680 5,170 9,050 10,027 |
Schedule of Company’s stock option activity and related information | The following is a summary of the Company’s stock option activity and related information for the six months ended June 30, 2018 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2017 11,469,417 $12.00 7.0 $21,587 Granted 15,000 13.62 9.7 Exercised (762,595 ) 6.85 1.3 Forfeited (90,428 ) 12.54 Expired (94,640 ) 7.54 Outstanding at June 30, 2018 10,536,754 $12.41 7.0 $4,071 Exercisable at June 30, 2018 5,323,372 $12.29 6.9 $2,666 |
Schedule of status of the Company’s restricted shares | The following is a summary of the status of the Company’s restricted shares as of June 30, 2018 and changes therein during the six months ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding at December 31, 2017 4,940,335 $ 12.67 Granted 25,106 13.60 Vested (1,145,479 ) 12.67 Forfeited (286,000 ) 12.54 Outstanding and non vested at June 30, 2018 3,533,962 $ 12.69 |
Net Periodic Benefit Plan Exp31
Net Periodic Benefit Plan Expense (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components of of net periodic benefit cost for the Directors’ Plan and the Wage Replacement Plan | The components of net periodic benefit cost for the Directors’ Plan and the Wage Replacement Plan are as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Service cost $ — 372 — 743 Interest cost 354 378 709 756 Amortization of: Net loss 127 114 253 229 Total net periodic benefit cost $ 481 864 962 1,728 |
Derivatives and Hedging Activ32
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of the Company’s derivative financial instruments | 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 June 30, 2018 and December 31, 2017 : Asset Derivatives Liability Derivatives June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 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 $ 267 Other assets $ — Other liabilities $ — Other liabilities $ 613 Total derivatives designated as hedging instruments $ 267 $ — $ — $ 613 |
The table presents the effect of the Company’s derivative financial instruments on the Consolidated Statement of Income | The following table presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income as of June 30, 2018 and 2017 . Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Cash Flow Hedges - Interest rate swaps (In thousands) Amount of gain (loss) recognized in other comprehensive income $ 8,980 (6,527 ) 25,918 (5,271 ) Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense 606 (1,279 ) 237 (2,086 ) |
Offsetting assets | 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) June 30, 2018 Assets: Interest Rate Swaps $ 267 — 267 — — 267 Total $ 267 — 267 — — 267 December 31, 2017 Liabilities: Interest Rate Swaps $ 613 — 613 — — 613 Total $ 613 — 613 — — 613 |
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) June 30, 2018 Assets: Interest Rate Swaps $ 267 — 267 — — 267 Total $ 267 — 267 — — 267 December 31, 2017 Liabilities: Interest Rate Swaps $ 613 — 613 — — 613 Total $ 613 — 613 — — 613 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
The components of comprehensive income, both gross and net of tax | The components of comprehensive income, both gross and net of tax, are as follows: Three Months Ended June 30, 2018 2017 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 76,195 (19,098 ) 57,097 64,108 (24,475 ) 39,633 Other comprehensive income (loss): Change in funded status of retirement obligations 143 (40 ) 103 141 (57 ) 84 Unrealized (losses) gains on debt securities available-for-sale (8,159 ) 1,862 (6,297 ) 3,160 (1,159 ) 2,001 Accretion of loss on debt securities reclassified to held-to-maturity from available-for-sale 221 (62 ) 159 324 (132 ) 192 Reclassification adjustment for security gains included in net income — — — (48 ) 19 (29 ) Other-than-temporary impairment accretion on debt securities 300 (85 ) 215 314 (129 ) 185 Net gains (losses) on derivatives arising during the period 8,374 (2,354 ) 6,020 (5,248 ) 2,144 (3,104 ) Total other comprehensive income (loss) 879 (679 ) 200 (1,357 ) 686 (671 ) Total comprehensive income $ 77,074 (19,777 ) 57,297 62,751 (23,789 ) 38,962 Six Months Ended June 30, 2018 2017 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 154,204 (39,182 ) 115,022 137,372 (51,719 ) 85,653 Other comprehensive (loss) income: Change in funded status of retirement obligations 286 (80 ) 206 282 (115 ) 167 Unrealized (losses) gains on debt securities available-for-sale (38,694 ) 9,674 (29,020 ) 7,451 (2,771 ) 4,680 Accretion of loss on securities reclassified to held-to-maturity from available-for-sale 454 (128 ) 326 676 (276 ) 400 Reclassification adjustment for security gains included in net income — — — (1,275 ) 510 (765 ) Other-than-temporary impairment accretion on debt securities 600 (169 ) 431 987 (403 ) 584 Net gains (losses) on derivatives arising during the period 25,681 (7,219 ) 18,462 (3,185 ) 1,301 (1,884 ) Total other comprehensive (loss) income (11,673 ) 2,078 (9,595 ) 4,936 (1,754 ) 3,182 Total comprehensive income $ 142,531 (37,104 ) 105,427 142,308 (53,473 ) 88,835 |
Component of accumulated other comprehensive loss | The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the six months ended June 30, 2018 and 2017 : Change in funded status of retirement obligations Accretion of loss on debt securities reclassified to held-to-maturity Unrealized (losses) gains on debt securities available-for-sale and gains included in net income Other-than- temporary impairment accretion on debt securities Unrealized gains (losses) on derivatives Total accumulated other comprehensive loss (Dollars in thousands) Balance - December 31, 2017 $ (5,640 ) (1,520 ) (21,184 ) (14,482 ) 13,487 (29,339 ) Net change 206 326 (29,020 ) 431 18,462 (9,595 ) Reclassification due to the adoption of ASU No. 2016-01 — — (606 ) — — (606 ) Balance - June 30, 2018 $ (5,434 ) (1,194 ) (50,810 ) (14,051 ) 31,949 (39,540 ) Balance - December 31, 2016 $ (4,895 ) (1,988 ) (12,271 ) (12,870 ) 7,424 (24,600 ) Net change 167 400 3,915 584 (1,884 ) 3,182 Balance - June 30, 2017 $ (4,728 ) (1,588 ) (8,356 ) (12,286 ) 5,540 (21,418 ) 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. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Reclassification adjustment for gains included in net income Gain on securities transactions, net $ — (48 ) — (1,275 ) Change in funded status of retirement obligations Amortization of net loss 129 120 259 240 Interest expense Reclassification adjustment for unrealized (gains) losses on derivatives (606 ) 1,279 (237 ) 2,086 Total before tax (477 ) 1,351 22 1,051 Income tax benefit (expense) 120 (526 ) (6 ) (390 ) Net of tax $ (357 ) 825 16 661 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 and December 31, 2017 . Carrying Value at June 30, 2018 Total Level 1 Level 2 Level 3 (In thousands) Assets: Equity securities $ 5,753 5,753 — — Debt securities available for sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation 688,025 — 688,025 — Federal National Mortgage Association 1,193,762 — 1,193,762 — Government National Mortgage Association 33,478 — 33,478 — Total debt securities available-for-sale $ 1,915,265 — 1,915,265 — Derivative financial instruments $ 267 — 267 — Carrying Value at December 31, 2017 Total Level 1 Level 2 Level 3 (In thousands) Assets: Equity securities $ 5,701 5,701 — — Debt securities available for sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation 640,242 — 640,242 — Federal National Mortgage Association 1,303,576 — 1,303,576 — Government National Mortgage Association 38,208 — 38,208 — Total debt securities available-for-sale $ 1,982,026 — 1,982,026 — Liabilities: Derivative financial instruments $ 613 — 613 — |
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 June 30, 2018 and December 31, 2017 . For the three months ended June 30, 2018 there was no change to the carrying value of other real estate owned or loans held for sale. At December 31, 2017 there was no change to carrying value of MSR or loans held for sale measured at fair value on a non-recurring basis. Carrying Value at June 30, 2018 Security Type Valuation Technique Unobservable Input Range Weighted Average Total Level 1 Level 2 Level 3 (In thousands) MSR, net Estimated cash flow Prepayment speeds 4.92% - 27.72% 8.64% $ 5,222 — — 5,222 Impaired loans Market comparable and estimated cash flow Lack of marketability and probability of default 1.0% - 45.0% 36.16% $ 13,867 — — 13,867 $ 19,089 — — 19,089 Carrying Value at December 31, 2017 Security Type Valuation Technique Unobservable Input Range Weighted Average Total Level 1 Level 2 Level 3 (In thousands) Impaired loans Market comparable and estimated cash flow Lack of marketability and probability of default 1.0% - 45.0% 21.00% $ 30,445 — — 30,445 Other real estate owned Market comparable Lack of marketability 0.0% - 25.0% 21.65% 263 — — 263 $ 30,708 — — 30,708 |
Carrying amounts and estimated fair values | The carrying values and estimated fair values of the Company’s financial instruments are presented in the following table. June 30, 2018 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 195,995 195,995 195,995 — — Equity securities 5,753 5,753 5,753 — — Debt securities available-for-sale 1,915,265 1,915,265 — 1,915,265 — Debt securities held-to-maturity 1,660,967 1,659,095 — 1,567,644 91,451 FHLB stock 247,410 247,410 247,410 — — Loans held for sale 5,949 5,949 — 5,949 — Net loans 20,537,087 20,348,671 — — 20,348,671 Derivative financial instruments 267 267 — 267 — Financial liabilities: Deposits, other than time deposits $ 12,614,165 12,614,165 12,614,165 — — Time deposits 4,303,240 4,274,128 — 4,274,128 — Borrowed funds 5,144,987 5,093,232 — 5,093,232 — December 31, 2017 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 618,394 618,394 618,394 — — Equity securities 5,701 5,701 5,701 — — Securities available-for-sale 1,982,026 1,982,026 — 1,982,026 — Securities held-to-maturity 1,796,621 1,820,125 — 1,738,906 81,219 FHLB stock 231,544 231,544 231,544 — — Loans held for sale 5,185 5,185 — 5,185 — Net loans 19,852,101 20,003,717 — — 20,003,717 Financial liabilities: Deposits, other than time deposits $ 13,897,435 13,897,435 13,897,435 — — Time deposits 3,460,262 3,438,673 — 3,438,673 — Borrowed funds 4,461,533 4,437,346 — 4,437,346 — Derivative financial instruments 613 613 — 613 — |
Stock Transactions (Details)
Stock Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 28, 2016 | Jun. 30, 2018 | Jun. 30, 2017 |
Stock Transactions [Line Items] | |||
Percentage of shares to be repurchased (percentage) | 10.00% | ||
Number of shares authorized to be repurchased (shares) | 31,481,189 | ||
Purchase of treasury stock (shares) | 7,586,236 | 1,853,093 | |
Stock repurchased during period, value | $ 103,020 | $ 24,631 | |
Stock repurchase cost, per share (usd per share) | $ 13.58 | ||
Restricted Stock | |||
Stock Transactions [Line Items] | |||
Purchase of treasury stock (shares) | 389,932 |
Business Combinations (Details)
Business Combinations (Details) $ in Thousands | Feb. 02, 2018USD ($)employee | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||
Goodwill | $ 82,546 | $ 77,571 | ||
Payments to acquire business | $ 340,183 | $ 0 | ||
Everbank Portfolio | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 345,800 | |||
Number of employees in acquired entity | employee | 7 | |||
Goodwill | $ 5,000 | |||
Payments to acquire business | $ 340,200 |
Earnings Per Share (Summary of
Earnings Per Share (Summary of Calculations and Reconciliation of Basic to Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings for basic and diluted earnings per common share | ||||
Earnings applicable to common stockholders | $ 57,097 | $ 39,633 | $ 115,022 | $ 85,653 |
Shares | ||||
Income available to common stockholders, Basic (shares) | 284,502,818 | 291,127,119 | 286,085,380 | 291,156,097 |
Effect of dilutive common stock equivalents, Basic (shares) | 1,230,724 | 2,003,166 | 1,327,786 | 2,107,910 |
Income available to common stockholders, Diluted (shares) | 285,733,542 | 293,130,285 | 287,413,166 | 293,264,007 |
Earnings per common share | ||||
Basic (usd per share) | $ 0.20 | $ 0.14 | $ 0.40 | $ 0.29 |
Diluted (usd per share) | $ 0.20 | $ 0.14 | $ 0.40 | $ 0.29 |
Equity awards | ||||
Earnings per common share | ||||
Securities excluded from computation of diluted earnings per share (shares) | 9,971,644 | 11,245,406 | 9,758,591 | 10,753,977 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Investment [Line Items] | |||||
Equity securities | $ 5,753,000 | $ 5,753,000 | $ 5,701,000 | ||
Effect of adopting ASU No. 2016-01 | (606,000) | ||||
Carrying value of held to maturity security | 1,660,967,000 | 1,660,967,000 | 1,796,621,000 | ||
Estimated fair value | 1,659,095,000 | 1,659,095,000 | 1,820,125,000 | ||
Held-to-maturity securities pledged as collateral | 793,600,000 | 793,600,000 | |||
Held-to-maturity securities pledged as collateral, fair value | 764,600,000 | 764,600,000 | |||
Accumulated non credit-related OTTI | 19,500,000 | 19,500,000 | |||
Accumulated non credit-related OTTI, after-tax | 14,100,000 | 14,100,000 | |||
Proceeds from sale of Available for sale securities | 0 | 0 | |||
Proceeds from sales of debt securities held to maturity | 0 | $ 0 | 0 | $ 0 | |
Proceeds from sale of equity securities | 0 | 0 | 0 | 0 | |
Gross realized gain from Held to maturity | 1,900,000 | ||||
TruP Security | |||||
Investment [Line Items] | |||||
Proceeds from sales of debt securities held to maturity | 1,500,000 | 3,100,000 | |||
Gross realized gain from Held to maturity | (1,100,000) | ||||
Mortgage-backed securities: | |||||
Investment [Line Items] | |||||
Carrying value of held to maturity security | 1,545,385,000 | 1,545,385,000 | 1,664,658,000 | ||
Estimated fair value | 1,497,299,000 | 1,497,299,000 | 1,649,389,000 | ||
Proceeds from sale of Available for sale securities | 54,800,000 | 102,100,000 | |||
Gross realized gain from sale of Available-for-sale securities | $ 48,000 | $ 1,300,000 | |||
Corporate and other debt securities | |||||
Investment [Line Items] | |||||
Carrying value of held to maturity security | 49,453,000 | 49,453,000 | 48,087,000 | ||
Estimated fair value | $ 96,507,000 | 96,507,000 | 86,294,000 | ||
Debt maturities, term (years) | 20 years | ||||
Corporate and other debt securities | TruP Security | |||||
Investment [Line Items] | |||||
Carrying value of held to maturity security | $ 44,500,000 | 44,500,000 | |||
Estimated fair value | 91,500,000 | 91,500,000 | |||
Corporate and other debt securities | Non Investment Grade | |||||
Investment [Line Items] | |||||
Carrying value of held to maturity security | 42,400,000 | 42,400,000 | |||
Estimated fair value | $ 84,900,000 | $ 84,900,000 | |||
Retained earnings | |||||
Investment [Line Items] | |||||
Effect of adopting ASU No. 2016-01 | $ 606,000 |
Securities (Equity Securities)
Securities (Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net losses recognized during the period on equity securities | $ 53 | $ 7 |
Less: Net gains (losses) recognized during the period on equity securities sold | 0 | 0 |
Unrealized (losses) recognized during the period on equity securities | $ 53 | $ 7 |
Securities (Summary of Securiti
Securities (Summary of Securities- AFS) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Carrying value | $ 1,982,825 | $ 2,010,892 |
Gross unrealized gains | 414 | 1,082 |
Gross unrealized losses | 67,974 | 29,948 |
Estimated fair value | 1,915,265 | 1,982,026 |
Federal Home Loan Mortgage Corporation | ||
Debt Securities, Available-for-sale [Line Items] | ||
Carrying value | 709,830 | 649,060 |
Gross unrealized gains | 221 | 382 |
Gross unrealized losses | 22,026 | 9,200 |
Estimated fair value | 688,025 | 640,242 |
Federal National Mortgage Association | ||
Debt Securities, Available-for-sale [Line Items] | ||
Carrying value | 1,237,718 | 1,322,255 |
Gross unrealized gains | 193 | 700 |
Gross unrealized losses | 44,149 | 19,379 |
Estimated fair value | 1,193,762 | 1,303,576 |
Government National Mortgage Association | ||
Debt Securities, Available-for-sale [Line Items] | ||
Carrying value | 35,277 | 39,577 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 1,799 | 1,369 |
Estimated fair value | $ 33,478 | $ 38,208 |
Securities (Summary of Securi41
Securities (Summary of Securities- HTM) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Net unrealized losses | $ 83,923 | $ 84,845 | $ 85,768 | $ 87,921 | $ 88,997 | $ 95,743 |
Carrying value | 1,660,967 | 1,796,621 | ||||
Gross unrealized losses | 50,680 | 19,271 | ||||
Estimated fair value | 1,659,095 | 1,820,125 | ||||
Held-to-maturity: | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 1,682,176 | 1,818,884 | ||||
Net unrealized losses | 21,209 | 22,263 | ||||
Carrying value | 1,660,967 | 1,796,621 | ||||
Gross unrecognized gains | 48,808 | 42,775 | ||||
Gross unrealized losses | 50,680 | 19,271 | ||||
Estimated fair value | 1,659,095 | 1,820,125 | ||||
Total debt securities held-to-maturity | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 135,127 | 152,108 | ||||
Net unrealized losses | 19,545 | 20,145 | ||||
Carrying value | 115,582 | 131,963 | ||||
Gross unrecognized gains | 48,090 | 39,458 | ||||
Gross unrealized losses | 1,876 | 685 | ||||
Estimated fair value | 161,796 | 170,736 | ||||
Government-sponsored enterprises | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 41,251 | 43,281 | ||||
Net unrealized losses | 0 | 0 | ||||
Carrying value | 41,251 | 43,281 | ||||
Gross unrecognized gains | 0 | 0 | ||||
Gross unrealized losses | 1,876 | 685 | ||||
Estimated fair value | 39,375 | 42,596 | ||||
Municipal bonds | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 24,878 | 40,595 | ||||
Net unrealized losses | 0 | 0 | ||||
Carrying value | 24,878 | 40,595 | ||||
Gross unrecognized gains | 1,036 | 1,251 | ||||
Gross unrealized losses | 0 | 0 | ||||
Estimated fair value | 25,914 | 41,846 | ||||
Corporate and other debt securities | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 68,998 | 68,232 | ||||
Net unrealized losses | 19,545 | 20,145 | ||||
Carrying value | 49,453 | 48,087 | ||||
Gross unrecognized gains | 47,054 | 38,207 | ||||
Gross unrealized losses | 0 | 0 | ||||
Estimated fair value | 96,507 | 86,294 | ||||
Mortgage-backed securities: | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 1,547,049 | 1,666,776 | ||||
Net unrealized losses | 1,664 | 2,118 | ||||
Carrying value | 1,545,385 | 1,664,658 | ||||
Gross unrecognized gains | 718 | 3,317 | ||||
Gross unrealized losses | 48,804 | 18,586 | ||||
Estimated fair value | 1,497,299 | 1,649,389 | ||||
Federal Home Loan Mortgage Corporation | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 437,765 | 474,314 | ||||
Net unrealized losses | 764 | 969 | ||||
Carrying value | 437,001 | 473,345 | ||||
Gross unrecognized gains | 138 | 530 | ||||
Gross unrealized losses | 13,913 | 5,439 | ||||
Estimated fair value | 423,226 | 468,436 | ||||
Federal National Mortgage Association | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 1,022,938 | 1,102,242 | ||||
Net unrealized losses | 900 | 1,149 | ||||
Carrying value | 1,022,038 | 1,101,093 | ||||
Gross unrecognized gains | 580 | 2,787 | ||||
Gross unrealized losses | 32,215 | 12,280 | ||||
Estimated fair value | 990,403 | 1,091,600 | ||||
Government National Mortgage Association | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 86,346 | 90,220 | ||||
Net unrealized losses | 0 | 0 | ||||
Carrying value | 86,346 | 90,220 | ||||
Gross unrecognized gains | 0 | 0 | ||||
Gross unrealized losses | 2,676 | 867 | ||||
Estimated fair value | $ 83,670 | $ 89,353 |
Securities (Amortized Cost and
Securities (Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Carrying value | ||
Carrying value | $ 1,660,967 | $ 1,796,621 |
Estimated fair value | ||
Total, Estimated fair value | 1,659,095 | $ 1,820,125 |
Debt Securities Other than Securities Pledged | ||
Carrying value | ||
Due in one year or less | 20,578 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 50,551 | |
Due after ten years | 44,453 | |
Carrying value | 115,582 | |
Estimated fair value | ||
Due in one year or less, Estimated fair value | 20,578 | |
Due after one year through five years, Estimated fair value | 0 | |
Due after five years through ten years, Estimated fair value | 49,767 | |
Due after ten years, Estimated fair value | 91,451 | |
Total, Estimated fair value | $ 161,796 |
Securities (Investment Securiti
Securities (Investment Securities, Continuous Unrealized Loss Position And Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Available-for-sale, Estimated fair value | ||
Less than 12 months | $ 1,194,470 | $ 1,064,386 |
12 months or more | 631,695 | 691,281 |
Total | 1,826,165 | 1,755,667 |
Less than 12 months | 34,814 | 9,674 |
12 months or more | 33,160 | 20,274 |
Total | 67,974 | 29,948 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 1,000,243 | 753,546 |
12 months or more | 507,159 | 542,804 |
Total | 1,507,402 | 1,296,350 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 27,285 | 6,878 |
12 months or more | 23,395 | 12,393 |
Total | 50,680 | 19,271 |
Estimated fair value, Less than 12 months, Total | 2,194,713 | 1,817,932 |
Unrealized losses, Less than 12 months, Total | 62,099 | 16,552 |
Estimated fair value, 12 months or more, Total | 1,138,854 | 1,234,085 |
Unrealized losses, 12 months or more, Total | 56,555 | 32,667 |
Estimated fair value, Total | 3,333,567 | 3,052,017 |
Unrealized losses, Total | 118,654 | 49,219 |
Government-sponsored enterprises | ||
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 23,936 | 42,596 |
12 months or more | 15,439 | 0 |
Total | 39,375 | 42,596 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 1,064 | 685 |
12 months or more | 812 | 0 |
Total | 1,876 | 685 |
Federal National Mortgage Association | ||
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 369,484 | |
12 months or more | 430,955 | |
Total | 800,439 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 2,380 | |
12 months or more | 9,900 | |
Total | 12,280 | |
Mortgage-backed securities: | ||
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 976,307 | 710,950 |
12 months or more | 491,720 | 542,804 |
Total | 1,468,027 | 1,253,754 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 26,221 | 6,193 |
12 months or more | 22,583 | 12,393 |
Total | 48,804 | 18,586 |
Federal Home Loan Mortgage Corporation | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 434,494 | 365,078 |
12 months or more | 196,224 | 220,744 |
Total | 630,718 | 585,822 |
Less than 12 months | 12,065 | 3,115 |
12 months or more | 9,961 | 6,085 |
Total | 22,026 | 9,200 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 323,921 | 290,340 |
12 months or more | 97,368 | 111,849 |
Total | 421,289 | 402,189 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 9,741 | 2,946 |
12 months or more | 4,172 | 2,493 |
Total | 13,913 | 5,439 |
Federal National Mortgage Association | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 747,059 | 684,327 |
12 months or more | 414,910 | 447,310 |
Total | 1,161,969 | 1,131,637 |
Less than 12 months | 22,220 | 6,276 |
12 months or more | 21,929 | 13,103 |
Total | 44,149 | 19,379 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 568,716 | |
12 months or more | 394,352 | |
Total | 963,068 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 13,804 | |
12 months or more | 18,411 | |
Total | 32,215 | 12,280 |
Government National Mortgage Association | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 12,917 | 14,981 |
12 months or more | 20,561 | 23,227 |
Total | 33,478 | 38,208 |
Less than 12 months | 529 | 283 |
12 months or more | 1,270 | 1,086 |
Total | 1,799 | 1,369 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 83,670 | 51,126 |
12 months or more | 0 | 0 |
Total | 83,670 | 51,126 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 2,676 | 867 |
12 months or more | 0 | 0 |
Total | $ 2,676 | $ 867 |
Securities (Changes in Credit L
Securities (Changes in Credit Loss Component of the Impairment Loss of Debt Securities for Other-than-Temporary Impairment Recognized in Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance of credit related OTTI, beginning of period | $ 84,845 | $ 88,997 | $ 85,768 | $ 95,743 |
Initial credit impairments | 0 | 0 | 0 | 0 |
Subsequent credit impairments | 0 | 0 | 0 | 0 |
Accretion of credit loss impairment due to an increase in expected cash flows | (922) | (1,076) | (1,845) | (4,011) |
Reductions for securities sold or paid off during the period | 0 | 0 | 0 | (3,811) |
Balance of credit related OTTI, end of period | $ 83,923 | $ 87,921 | $ 83,923 | $ 87,921 |
Loans Receivable, Net (Narrativ
Loans Receivable, Net (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Dec. 31, 2017USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans acquired | $ 257,000 | $ 87,000 | |||
Outstanding minimum balance of loans to be evaluated for impairment individually, greater than | $ 1,000,000 | 1,000,000 | |||
Outstanding minimum balance of loans that are evaluated for impairment individually | 1,000,000 | $ 1,000,000 | |||
Residential mortgage loans, appraisal update period, years | 2 years | ||||
Loans that are 90 days past due and still accruing | 0 | $ 0 | |||
PCI loans | 7,679,000 | 7,679,000 | $ 8,322,000 | ||
Loans, Individually evaluated for impairment | 79,972,000 | 79,972,000 | 80,756,000 | ||
Related allowance | 2,222,000 | 2,222,000 | 1,775,000 | ||
Interest income received and recognized on loans | 602,000 | $ 600,000 | |||
Allowance for loan losses, charge-offs | 14,143,000 | 19,209,000 | |||
Allowance for loan losses, individually evaluated for impairment | 2,222,000 | 2,222,000 | 1,775,000 | ||
Commercial Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding minimum balance of loans to be evaluated for impairment individually, greater than | 1,000,000 | 1,000,000 | |||
Outstanding minimum balance of loans that are evaluated for impairment individually | 1,000,000 | 1,000,000 | |||
Commercial Real Estate Construction And Multi Family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding minimum balance of loans to be evaluated for impairment individually, greater than | 500,000 | 500,000 | |||
Outstanding minimum balance of loans that are evaluated for impairment individually | 2,000,000 | $ 2,000,000 | |||
Watch | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 30 days | ||||
Watch | Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 59 days | ||||
Commercial Portfolio Segment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Related allowance | 0 | $ 0 | 0 | ||
Commercial Portfolio Segment | Construction Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, Individually evaluated for impairment | 0 | 0 | 0 | ||
Related allowance | 0 | 0 | 0 | ||
Allowance for loan losses, charge-offs | 0 | 100,000 | |||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | ||
Commercial Portfolio Segment | Commercial Real Estate Sector | Retail Site | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, Individually evaluated for impairment | 11,198,000 | 11,198,000 | 29,736,000 | ||
Related allowance | $ 0 | $ 0 | 0 | ||
Number of Loans | loan | 0 | 2 | 2 | 3 | |
Allowance for loan losses, charge-offs | $ 5,844,000 | 8,072,000 | |||
Allowance for loan losses, individually evaluated for impairment | $ 0 | $ 0 | 0 | ||
Number loans modified as TDR in the last 12 months for which there was a default payment | loan | 1 | 2 | |||
Recorded investment | $ 203,000 | $ 554,000 | |||
Commercial Portfolio Segment | Commercial Real Estate Sector | Multifamily | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, Individually evaluated for impairment | 16,304,000 | 16,304,000 | 14,776,000 | ||
Related allowance | 0 | 0 | 0 | ||
Allowance for loan losses, charge-offs | 442,000 | 6,000 | |||
Allowance for loan losses, individually evaluated for impairment | 0 | $ 0 | 0 | ||
Number loans modified as TDR in the last 12 months for which there was a default payment | loan | 1 | ||||
Recorded investment | $ 918,000 | ||||
Consumer Portfolio Segment | Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, Individually evaluated for impairment | 26,698,000 | 26,698,000 | 26,376,000 | ||
Allowance for loan losses, charge-offs | 3,727,000 | 4,875,000 | |||
Allowance for loan losses, individually evaluated for impairment | 2,151,000 | $ 2,151,000 | 1,678,000 | ||
Number loans modified as TDR in the last 12 months for which there was a default payment | loan | 7 | 8 | |||
Recorded investment | $ 560,000 | $ 1,500,000 | |||
Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 90 days | ||||
Special Mention Residential | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 60 days | ||||
Special Mention Residential | Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 89 days | ||||
Substandard Residential | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 90 days | ||||
PCI Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans | 7,700,000 | $ 7,700,000 | $ 8,300,000 | ||
PCI Loans | Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Loans | loan | 5 | 4 | |||
PCI Loans | Financing Receivables, 1 to 29 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans | 7,000,000 | $ 7,000,000 | $ 7,100,000 | ||
PCI Loans | Financing Receivables, 30 to 89 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans | 206,000 | 206,000 | 203,000 | ||
PCI Loans | Greater than 90 Days | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans | 509,000 | 509,000 | 1,000,000 | ||
Collateral Dependent Tdrs | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, charge-offs | 42,000 | $ 4,400,000 | 214,000 | $ 4,500,000 | |
Allowance for loan losses, individually evaluated for impairment | $ 2,200,000 | $ 2,200,000 | $ 1,800,000 |
Loans Receivable, Net (Summary
Loans Receivable, Net (Summary of Loan Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | $ 20,777,387 | $ 20,082,526 | ||||
PCI loans | 7,679 | 8,322 | ||||
Net unamortized premiums and deferred loan costs | (17,141) | (7,778) | ||||
Allowance for loan losses | (230,838) | $ (231,144) | (230,969) | $ (230,028) | $ (230,912) | $ (228,373) |
Net loans | 20,537,087 | 19,852,101 | ||||
Commercial Portfolio Segment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 14,969,815 | 14,386,440 | ||||
Commercial Portfolio Segment | Commercial and Industrial Sector | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 2,147,430 | 1,625,375 | ||||
Commercial Portfolio Segment | Construction Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 270,892 | 416,883 | ||||
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 7,903,469 | 7,802,835 | ||||
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 4,648,024 | 4,541,347 | ||||
Consumer Portfolio Segment | Residential Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 5,139,661 | 5,025,266 | ||||
Consumer Portfolio Segment | Consumer and Other Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | $ 667,911 | $ 670,820 |
Loans Receivable, Net (Summar47
Loans Receivable, Net (Summary of Analysis of the Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of the period | $ 231,144 | $ 230,912 | $ 230,969 | $ 228,373 |
Loans charged off | (7,036) | (8,492) | (14,143) | (11,497) |
Recoveries | 2,730 | 1,608 | 7,512 | 3,152 |
Net charge-offs | (4,306) | (6,884) | (6,631) | (8,345) |
Provision for loan losses | 4,000 | 6,000 | 6,500 | 10,000 |
Balance at end of the period | $ 230,838 | $ 230,028 | $ 230,838 | $ 230,028 |
Loans Receivable, Net (Summar48
Loans Receivable, Net (Summary of Allowance for Loan Losses and the Recorded Investment in Loans by Portfolio Segment And Based On Impairment Method) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | $ 230,969 | $ 228,373 |
Allowance for loan losses, Charge-offs | (14,143) | (19,209) |
Allowance for loan losses, Recoveries | 7,512 | 5,555 |
Allowance for loan losses, Provision | 6,500 | 16,250 |
Allowance for loan losses, Ending balance | 230,838 | 230,969 |
Allowance for loan losses, individually evaluated for impairment | 2,222 | 1,775 |
Allowance for loan losses, collectively evaluated for impairment | 228,616 | 229,194 |
Loans, Individually evaluated for impairment | 79,972 | 80,756 |
Loans, Collectively evaluated for impairment | 20,697,415 | 20,001,770 |
Loan, Loans acquired with deteriorated credit quality | 20,777,387 | 20,082,526 |
Ending Balance | 20,785,066 | 20,090,848 |
Unallocated | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 2,257 | 2,190 |
Allowance for loan losses, Charge-offs | 0 | 0 |
Allowance for loan losses, Recoveries | 0 | 0 |
Allowance for loan losses, Provision | (392) | 67 |
Allowance for loan losses, Ending balance | 1,865 | 2,257 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 1,865 | 2,257 |
Loans, Individually evaluated for impairment | 0 | 0 |
Loans, Collectively evaluated for impairment | 0 | 0 |
Ending Balance | 0 | 0 |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 7,679 | 8,322 |
Receivables Acquired with Deteriorated Credit Quality | Unallocated | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Loan, Loans acquired with deteriorated credit quality | 14,969,815 | 14,386,440 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 11,609 | 11,653 |
Allowance for loan losses, Charge-offs | 0 | (100) |
Allowance for loan losses, Recoveries | 0 | 0 |
Allowance for loan losses, Provision | (4,682) | 56 |
Allowance for loan losses, Ending balance | 6,927 | 11,609 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 6,927 | 11,609 |
Loans, Individually evaluated for impairment | 0 | 0 |
Loans, Collectively evaluated for impairment | 270,892 | 416,883 |
Loan, Loans acquired with deteriorated credit quality | 270,892 | 416,883 |
Ending Balance | 270,892 | 416,883 |
Commercial Portfolio Segment | Receivables Acquired with Deteriorated Credit Quality | Construction Loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 54,563 | 43,492 |
Allowance for loan losses, Charge-offs | (3,369) | (5,656) |
Allowance for loan losses, Recoveries | 6,203 | 200 |
Allowance for loan losses, Provision | 432 | 16,527 |
Allowance for loan losses, Ending balance | 57,829 | 54,563 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 57,829 | 54,563 |
Loans, Individually evaluated for impairment | 25,172 | 8,989 |
Loans, Collectively evaluated for impairment | 2,122,258 | 1,616,386 |
Loan, Loans acquired with deteriorated credit quality | 2,147,430 | 1,625,375 |
Ending Balance | 2,147,430 | 1,625,375 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 81,469 | 95,561 |
Allowance for loan losses, Charge-offs | (442) | (6) |
Allowance for loan losses, Recoveries | 0 | 1,677 |
Allowance for loan losses, Provision | 3,000 | (15,763) |
Allowance for loan losses, Ending balance | 84,027 | 81,469 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 84,027 | 81,469 |
Loans, Individually evaluated for impairment | 16,304 | 14,776 |
Loans, Collectively evaluated for impairment | 7,887,165 | 7,788,059 |
Loan, Loans acquired with deteriorated credit quality | 7,903,469 | 7,802,835 |
Ending Balance | 7,903,469 | 7,802,835 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 56,137 | 52,796 |
Allowance for loan losses, Charge-offs | (5,844) | (8,072) |
Allowance for loan losses, Recoveries | 716 | 549 |
Allowance for loan losses, Provision | 3,914 | 10,864 |
Allowance for loan losses, Ending balance | 54,923 | 56,137 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 54,923 | 56,137 |
Loans, Individually evaluated for impairment | 11,198 | 29,736 |
Loans, Collectively evaluated for impairment | 4,636,826 | 4,511,611 |
Loan, Loans acquired with deteriorated credit quality | 4,648,024 | 4,541,347 |
Ending Balance | 4,654,592 | 4,548,101 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 6,568 | 6,754 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 21,835 | 19,831 |
Allowance for loan losses, Charge-offs | (3,727) | (4,875) |
Allowance for loan losses, Recoveries | 567 | 2,816 |
Allowance for loan losses, Provision | 3,453 | 4,063 |
Allowance for loan losses, Ending balance | 22,128 | 21,835 |
Allowance for loan losses, individually evaluated for impairment | 2,151 | 1,678 |
Allowance for loan losses, collectively evaluated for impairment | 19,977 | 20,157 |
Loans, Individually evaluated for impairment | 26,698 | 26,376 |
Loans, Collectively evaluated for impairment | 5,112,963 | 4,998,890 |
Loan, Loans acquired with deteriorated credit quality | 5,139,661 | 5,025,266 |
Ending Balance | 5,140,556 | 5,026,517 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 3,099 | 2,850 |
Allowance for loan losses, Charge-offs | (761) | (500) |
Allowance for loan losses, Recoveries | 26 | 313 |
Allowance for loan losses, Provision | 775 | 436 |
Allowance for loan losses, Ending balance | 3,139 | 3,099 |
Allowance for loan losses, individually evaluated for impairment | 71 | 97 |
Allowance for loan losses, collectively evaluated for impairment | 3,068 | 3,002 |
Loans, Individually evaluated for impairment | 600 | 879 |
Loans, Collectively evaluated for impairment | 667,311 | 669,941 |
Loan, Loans acquired with deteriorated credit quality | 667,911 | 670,820 |
Ending Balance | 668,127 | 671,137 |
Consumer Portfolio Segment | Receivables Acquired with Deteriorated Credit Quality | Residential Mortgage Loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 895 | 1,251 |
Consumer Portfolio Segment | Receivables Acquired with Deteriorated Credit Quality | Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | $ 216 | $ 317 |
Loans Receivable, Net (Schedule
Loans Receivable, Net (Schedule of Risk Category of Loans by Class of Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | $ 20,777,387 | $ 20,082,526 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 18,006,697 | 17,502,492 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 1,939,085 | 1,804,026 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 368,227 | 339,882 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 463,378 | 436,126 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 14,969,815 | 14,386,440 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 270,892 | 416,883 |
Commercial Portfolio Segment | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 12,306,371 | 11,918,975 |
Commercial Portfolio Segment | Pass | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 193,647 | 272,882 |
Commercial Portfolio Segment | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 1,917,900 | 1,783,484 |
Commercial Portfolio Segment | Watch | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 60,092 | 109,252 |
Commercial Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 358,671 | 331,612 |
Commercial Portfolio Segment | Special Mention | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 16,892 | 34,454 |
Commercial Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 386,873 | 352,369 |
Commercial Portfolio Segment | Substandard | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 261 | 295 |
Commercial Portfolio Segment | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Commercial Portfolio Segment | Doubtful | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Commercial Portfolio Segment | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Commercial Portfolio Segment | Loss | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 2,147,430 | 1,625,375 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 1,518,185 | 1,102,304 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 464,629 | 443,669 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 88,129 | 37,944 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 76,487 | 41,458 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 7,903,469 | 7,802,835 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 6,766,965 | 6,791,999 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 849,602 | 702,384 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 133,539 | 154,125 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 153,363 | 154,327 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 4,648,024 | 4,541,347 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 3,827,574 | 3,751,790 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 543,577 | 528,179 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 120,111 | 105,089 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 156,762 | 156,289 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 5,139,661 | 5,025,266 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 667,911 | 670,820 |
Consumer Portfolio Segment | Pass | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 5,045,925 | 4,926,002 |
Consumer Portfolio Segment | Pass | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 654,401 | 657,515 |
Consumer Portfolio Segment | Watch | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 13,098 | 14,272 |
Consumer Portfolio Segment | Watch | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 8,087 | 6,270 |
Consumer Portfolio Segment | Special Mention | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 8,941 | 7,749 |
Consumer Portfolio Segment | Special Mention | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 615 | 521 |
Consumer Portfolio Segment | Substandard | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 71,697 | 77,243 |
Consumer Portfolio Segment | Substandard | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 4,808 | 6,514 |
Consumer Portfolio Segment | Doubtful | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Consumer Portfolio Segment | Doubtful | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Consumer Portfolio Segment | Loss | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 0 |
Consumer Portfolio Segment | Loss | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | $ 0 | $ 0 |
Loans Receivable, Net (Payment
Loans Receivable, Net (Payment Status of the Recorded Investment in Past Due Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 156,782 | $ 143,458 |
Current | 20,620,605 | 19,939,068 |
Total Loans Receivable | 20,777,387 | 20,082,526 |
30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 63,943 | 53,021 |
60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,888 | 17,985 |
Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 80,951 | 72,452 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 71,113 | 51,995 |
Current | 14,898,702 | 14,334,445 |
Total Loans Receivable | 14,969,815 | 14,386,440 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 261 | 295 |
Current | 270,631 | 416,588 |
Total Loans Receivable | 270,892 | 416,883 |
Commercial Portfolio Segment | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 41,974 | 31,473 |
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 | 2,087 | 8,725 |
Commercial Portfolio Segment | 60-89 Days | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 295 |
Commercial Portfolio Segment | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 27,052 | 11,797 |
Commercial Portfolio Segment | Greater than 90 Days | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 261 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,947 | 4,930 |
Current | 2,127,483 | 1,620,445 |
Total Loans Receivable | 2,147,430 | 1,625,375 |
Commercial Portfolio Segment | Commercial and Industrial Sector | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,947 | 4,855 |
Commercial Portfolio Segment | Commercial and Industrial Sector | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,087 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,913 | 75 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32,890 | 15,118 |
Current | 7,870,579 | 7,787,717 |
Total Loans Receivable | 7,903,469 | 7,802,835 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30,131 | 7,263 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 7,652 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,759 | 203 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 18,015 | 31,652 |
Current | 4,630,009 | 4,509,695 |
Total Loans Receivable | 4,648,024 | 4,541,347 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,896 | 19,355 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 778 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,119 | 11,519 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12,913 | 12,633 |
Current | 654,998 | 658,187 |
Total Loans Receivable | 667,911 | 670,820 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 72,756 | 78,830 |
Current | 5,066,905 | 4,946,436 |
Total Loans Receivable | 5,139,661 | 5,025,266 |
Consumer Portfolio Segment | 30-59 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,088 | 6,357 |
Consumer Portfolio Segment | 30-59 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,881 | 15,191 |
Consumer Portfolio Segment | 60-89 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 615 | 521 |
Consumer Portfolio Segment | 60-89 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,186 | 8,739 |
Consumer Portfolio Segment | Greater than 90 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,210 | 5,755 |
Consumer Portfolio Segment | Greater than 90 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 49,689 | $ 54,900 |
Loans Receivable, Net (Non-Accr
Loans Receivable, Net (Non-Accrual Loans Status) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 434 | 481 |
Non-accrual, Amount | $ | $ 134,630 | $ 135,727 |
Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 31 | 25 |
Non-accrual, Amount | $ | $ 13,253 | $ 4,113 |
Financing Receivables, 30 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 7 | 16 |
Non-accrual, Amount | $ | $ 1,074 | $ 17,234 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 59 | 54 |
Non-accrual, Amount | $ | $ 65,410 | $ 59,305 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 1 |
Non-accrual, Amount | $ | $ 261 | $ 295 |
Commercial Portfolio Segment | Financing Receivables, 30 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 3 |
Non-accrual, Amount | $ | $ 49 | $ 15,239 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 13 | 11 |
Non-accrual, Amount | $ | $ 28,949 | $ 9,989 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 3 | 0 |
Non-accrual, Amount | $ | $ 9,540 | $ 0 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 9 | 5 |
Non-accrual, Amount | $ | $ 19,515 | $ 14,978 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | Financing Receivables, 30 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 0 | 1 |
Non-accrual, Amount | $ | $ 0 | $ 918 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 36 | 37 |
Non-accrual, Amount | $ | $ 16,685 | $ 34,043 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 0 | 1 |
Non-accrual, Amount | $ | $ 0 | $ 10 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | Financing Receivables, 30 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 2 |
Non-accrual, Amount | $ | $ 49 | $ 14,321 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 375 | 427 |
Non-accrual, Amount | $ | $ 69,220 | $ 76,422 |
Consumer Portfolio Segment | Financing Receivables, 1 to 29 Days Past Due | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 28 | 24 |
Non-accrual, Amount | $ | $ 3,713 | $ 4,103 |
Consumer Portfolio Segment | Financing Receivables, 30 to 89 Days Past Due | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 6 | 13 |
Non-accrual, Amount | $ | $ 1,025 | $ 1,995 |
Loans Receivable, Net (Loans In
Loans Receivable, Net (Loans Individually Evaluated for Impairment by Class of Loans) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Recorded Investment | ||
Total: | $ 79,972 | $ 80,756 |
Unpaid Principal Balance | ||
Total: | 100,423 | 95,812 |
Related Allowance | 2,222 | 1,775 |
Average Recorded Investment | ||
Total: | 79,752 | 79,887 |
Interest Income Recognized | ||
Total: | 602 | 1,497 |
Commercial Portfolio Segment | ||
Recorded Investment | ||
With no related allowance: | 52,674 | 53,501 |
With an allowance recorded: | 0 | 0 |
Total: | 52,674 | 53,501 |
Unpaid Principal Balance | ||
With no related allowance: | 68,467 | 64,115 |
With an allowance recorded: | 0 | 0 |
Total: | 68,467 | 64,115 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 52,454 | 53,020 |
With an allowance recorded: | 0 | 0 |
Total: | 52,454 | 53,020 |
Interest Income Recognized | ||
With no related allowance: | 426 | 681 |
With an allowance recorded: | 0 | 0 |
Total: | 426 | 681 |
Commercial Portfolio Segment | Construction Loans | ||
Recorded Investment | ||
With no related allowance: | 0 | 0 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 0 |
Unpaid Principal Balance | ||
With no related allowance: | 0 | 0 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 0 | 0 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 0 |
Interest Income Recognized | ||
With no related allowance: | 0 | 0 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Recorded Investment | ||
With no related allowance: | 25,172 | 8,989 |
With an allowance recorded: | 0 | 0 |
Total: | 25,172 | 8,989 |
Unpaid Principal Balance | ||
With no related allowance: | 32,399 | 12,008 |
With an allowance recorded: | 0 | 0 |
Total: | 32,399 | 12,008 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 24,642 | 8,681 |
With an allowance recorded: | 0 | 0 |
Total: | 24,642 | 8,681 |
Interest Income Recognized | ||
With no related allowance: | 115 | 28 |
With an allowance recorded: | 0 | 0 |
Total: | 115 | 28 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | ||
Recorded Investment | ||
With no related allowance: | 16,304 | 14,776 |
With an allowance recorded: | 0 | 0 |
Total: | 16,304 | 14,776 |
Unpaid Principal Balance | ||
With no related allowance: | 16,707 | 14,819 |
With an allowance recorded: | 0 | 0 |
Total: | 16,707 | 14,819 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 16,312 | 14,365 |
With an allowance recorded: | 0 | 0 |
Total: | 16,312 | 14,365 |
Interest Income Recognized | ||
With no related allowance: | 267 | 249 |
With an allowance recorded: | 0 | 0 |
Total: | 267 | 249 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||
Recorded Investment | ||
With no related allowance: | 11,198 | 29,736 |
With an allowance recorded: | 0 | 0 |
Total: | 11,198 | 29,736 |
Unpaid Principal Balance | ||
With no related allowance: | 19,361 | 37,288 |
With an allowance recorded: | 0 | 0 |
Total: | 19,361 | 37,288 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 11,500 | 29,974 |
With an allowance recorded: | 0 | 0 |
Total: | 11,500 | 29,974 |
Interest Income Recognized | ||
With no related allowance: | 44 | 404 |
With an allowance recorded: | 0 | 0 |
Total: | 44 | 404 |
Consumer Portfolio Segment | Residential And Consumer | ||
Recorded Investment | ||
With no related allowance: | 11,088 | 12,357 |
With an allowance recorded: | 16,210 | 14,898 |
Total: | 27,298 | 27,255 |
Unpaid Principal Balance | ||
With no related allowance: | 15,077 | 16,236 |
With an allowance recorded: | 16,879 | 15,461 |
Total: | 31,956 | 31,697 |
Related Allowance | 2,222 | 1,775 |
Average Recorded Investment | ||
With no related allowance: | 12,008 | 12,100 |
With an allowance recorded: | 15,290 | 14,767 |
Total: | 27,298 | 26,867 |
Interest Income Recognized | ||
With no related allowance: | 57 | 430 |
With an allowance recorded: | 119 | 386 |
Total: | $ 176 | $ 816 |
Loans Receivable, Net (Troubled
Loans Receivable, Net (Troubled Debt Restructured Loans) (Details) $ in Thousands | Jun. 30, 2018USD ($)loan | Dec. 31, 2017USD ($)loan |
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 56 | 49 |
Accrual, amount | $ | $ 12,785 | $ 10,957 |
Non-accrual, number of loans | loan | 81 | 77 |
Non-accrual, amount | $ | $ 27,388 | $ 32,992 |
Number of loans | loan | 137 | 126 |
Troubled debt restructuring, Amount | $ | $ 40,173 | $ 43,949 |
Commercial Portfolio Segment | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 1 | 0 |
Accrual, amount | $ | $ 570 | $ 0 |
Non-accrual, number of loans | loan | 8 | 6 |
Non-accrual, amount | $ | $ 12,303 | $ 16,694 |
Number of loans | loan | 9 | 6 |
Troubled debt restructuring, Amount | $ | $ 12,873 | $ 16,694 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 1 | 0 |
Accrual, amount | $ | $ 570 | $ 0 |
Non-accrual, number of loans | loan | 4 | 1 |
Non-accrual, amount | $ | $ 10,765 | $ 1,287 |
Number of loans | loan | 5 | 1 |
Troubled debt restructuring, Amount | $ | $ 11,335 | $ 1,287 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 0 | 0 |
Accrual, amount | $ | $ 0 | $ 0 |
Non-accrual, number of loans | loan | 1 | 1 |
Non-accrual, amount | $ | $ 904 | $ 918 |
Number of loans | loan | 1 | 1 |
Troubled debt restructuring, Amount | $ | $ 904 | $ 918 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 0 | 0 |
Accrual, amount | $ | $ 0 | $ 0 |
Non-accrual, number of loans | loan | 3 | 4 |
Non-accrual, amount | $ | $ 634 | $ 14,489 |
Number of loans | loan | 3 | 4 |
Troubled debt restructuring, Amount | $ | $ 634 | $ 14,489 |
Consumer Portfolio Segment | Residential And Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 55 | 49 |
Accrual, amount | $ | $ 12,215 | $ 10,957 |
Non-accrual, number of loans | loan | 73 | 71 |
Non-accrual, amount | $ | $ 15,085 | $ 16,298 |
Number of loans | loan | 128 | 120 |
Troubled debt restructuring, Amount | $ | $ 27,300 | $ 27,255 |
Loans Receivable, Net (Schedu54
Loans Receivable, Net (Schedule Of Troubled Debt Restructurings) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | |
Commercial and Industrial Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 3 | 0 | ||
Pre-modification Recorded Investment | $ | $ 9,971,000 | $ 0 | ||
Post- modification Recorded Investment | $ | $ 9,971 | $ 0 | ||
Number of Loans | loan | 3 | 0 | ||
Pre-modification Interest Yield | 6.01% | 0.00% | ||
Post- modification Interest Yield | 6.01% | 0.00% | ||
Commercial Portfolio Segment | Commercial and Industrial Sector | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 2 | 0 | ||
Pre-modification Recorded Investment | $ | $ 9,536,000 | $ 0 | ||
Post- modification Recorded Investment | $ | $ 9,536,000 | $ 0 | ||
Number of Loans | loan | 2 | 0 | ||
Pre-modification Interest Yield | 6.07% | 0.00% | ||
Post- modification Interest Yield | 6.07% | 0.00% | ||
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 0 | 2 | 2 | 3 |
Pre-modification Recorded Investment | $ | $ 0 | $ 20,059,000 | $ 788,000 | $ 20,225,000 |
Post- modification Recorded Investment | $ | $ 0 | $ 15,621,000 | $ 616,000 | $ 15,787,000 |
Number of Loans | loan | 0 | 2 | 2 | 3 |
Pre-modification Interest Yield | 0.00% | 4.67% | 4.68% | 4.67% |
Post- modification Interest Yield | 0.00% | 4.67% | 4.68% | 4.67% |
Consumer Portfolio Segment | Residential And Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 6 | 4 | 12 | 17 |
Pre-modification Recorded Investment | $ | $ 788,000 | $ 372,000 | $ 1,500,000 | $ 3,251,000 |
Post- modification Recorded Investment | $ | $ 788,000 | $ 372,000 | $ 1,500,000 | $ 3,251,000 |
Number of Loans | loan | 6 | 4 | 12 | 17 |
Pre-modification Interest Yield | 4.85% | 5.03% | 4.78% | 4.36% |
Post- modification Interest Yield | 3.17% | 3.94% | 3.22% | 3.59% |
Deposits (Summary of Deposits)
Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Non-interest bearing: | ||
Checking accounts | $ 2,368,406 | $ 2,424,608 |
Interest bearing: | ||
Checking accounts | 4,286,337 | 4,909,054 |
Money market deposits | 3,800,143 | 4,243,545 |
Savings | 2,159,279 | 2,320,228 |
Certificates of deposit | 4,303,240 | 3,460,262 |
Total deposits | $ 16,917,405 | $ 17,357,697 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | $ 45,526 | $ 46,444 |
Accumulated Amortization | (27,277) | (26,228) |
Valuation Allowance | (174) | (122) |
Net Intangible Assets | 18,075 | 20,094 |
Goodwill | 82,546 | 77,571 |
Goodwill and intangible assets | 100,621 | 97,665 |
Mortgage servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 19,318 | 20,236 |
Accumulated Amortization | (6,872) | (6,886) |
Valuation Allowance | (174) | (122) |
Net Intangible Assets | 12,272 | 13,228 |
Core deposit premiums | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 25,058 | 25,058 |
Accumulated Amortization | (20,053) | (19,034) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | 5,005 | 6,024 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 1,150 | 1,150 |
Accumulated Amortization | (352) | (308) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | $ 798 | $ 842 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Loans sold | $ 1,670 | $ 1,770 |
Estimated fair value of servicing asset in intangible assets | $ 15.2 | $ 15 |
Weighted average discount rate of servicing assets | 12.68% | |
Weighted average constant prepayment rate on mortgages | 8.64% | |
Weighted average life of servicing assets, years | 7 years 4 months | |
Core deposit premiums | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life, years | 10 years |
Equity Incentive Plan (Narrativ
Equity Incentive Plan (Narrative) (Details) - USD ($) $ in Millions | Jun. 09, 2015 | Mar. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance target (percentage) | 70.00% | |||
Performance stock converted to stock awards (percentage) | 70.00% | |||
Total stock options granted (in shares) | 15,000 | 80,000 | ||
Compensation not yet recognized | $ 17.8 | |||
Compensation cost not yet recognized, period for recognition | 3 years 3 months 5 days | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted (shares) | 25,106 | 430,000 | ||
Compensation cost not yet recognized, period for recognition | 3 years 6 months 13 days | |||
Compensation not yet recognized, restricted stock | $ 42.4 | |||
2015 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (shares) | 30,881,296 | |||
2015 Plan | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (shares) | 13,234,841 | |||
2015 Plan | Equity Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (shares) | 17,646,455 | |||
Expiration period (years) | 10 years | |||
Minimum | 2015 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (years) | 5 years | |||
Maximum | 2015 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (years) | 7 years |
Equity Incentive Plan (Fair Val
Equity Incentive Plan (Fair Value) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted average expected life (in years) | 6 years 6 months | 5 years |
Weighted average risk-free rate of return (in percentage) | 2.74% | 2.04% |
Weighted average volatility (in percentage) | 18.29% | 24.75% |
Dividend yield (in percentage) | 2.64% | 2.44% |
Weighted average fair value of options granted (in usd per share) | $ 2.15 | $ 3 |
Total stock options granted (in shares) | 15,000 | 80,000 |
Equity Incentive Plan (Shares-b
Equity Incentive Plan (Shares-based compensation expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock option expense | $ 1,470 | $ 1,478 | $ 2,900 | $ 2,904 |
Restricted stock expense | 4,210 | 3,692 | 6,150 | 7,123 |
Total share based compensation expense | $ 5,680 | $ 5,170 | $ 9,050 | $ 10,027 |
Equity Incentive Plan (Summary
Equity Incentive Plan (Summary of Stock Option Activity and Related Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Number of Stock Options | |||
Beginning balance (shares) | 11,469,417 | ||
Granted (shares) | 15,000 | 80,000 | |
Exercised (shares) | (762,595) | ||
Forfeited (shares) | (90,428) | ||
Expired (shares) | (94,640) | ||
Ending balance (shares) | 10,536,754 | 11,469,417 | |
Exercisable at period end(shares) | 5,323,372 | ||
Weighted Average Exercise Price | |||
Beginning balance (usd per share) | $ 12 | ||
Granted (usd per share) | 13.62 | ||
Exercised (usd per share) | 6.85 | ||
Forfeited (usd per share) | 12.54 | ||
Expired (usd per share) | 7.54 | ||
Ending balance (usd per share) | 12.41 | $ 12 | |
Exercisable end of the year (usd per share) | $ 12.29 | ||
Outstanding, Weighted Average Remaining Contractual Life | 7 years | 7 years | |
Granted, Weighted Average Remaining Contractual Life | 9 years 8 months 15 days | ||
Exercised, Weighted Average Remaining Contractual Life | 1 year 3 months | ||
Weighted Average Remaining Contractual Life, Exercisable Ending Balance | 6 years 11 months | ||
Aggregate Intrinsic Value, Outstanding | $ 4,071 | $ 21,587 | |
Aggregate Intrinsic Value, Exercisable | $ 2,666 |
Equity Incentive Plan (Restrict
Equity Incentive Plan (Restricted Stock) (Details) - Restricted Stock - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Number of Shares Awarded | ||
Beginning balance (shares) | 4,940,335 | |
Granted (shares) | 25,106 | 430,000 |
Vested (shares) | (1,145,479) | |
Forfeited (shares) | (286,000) | |
Ending balance (shares) | 3,533,962 | |
Weighted Average Exercise Price | ||
Beginning balance (usd per share) | $ 12.67 | |
Granted (usd per share) | 13.60 | |
Vested (usd per share) | 12.67 | |
Forfeited (usd per share) | 12.54 | |
Ending balance (usd per share) | $ 12.69 |
Net Periodic Benefit Plan Exp63
Net Periodic Benefit Plan Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Retirement Benefits [Abstract] | ||||
Maximum annual contributions per employee, Percent | 60.00% | |||
Annual benefit, period (in months) | 36 months | |||
Vesting period (in years) | 2 years | |||
Percentage of vesting, year 1 | 50.00% | |||
Percentage of vesting, year 2 | 100.00% | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 0 | $ 372,000 | $ 0 | $ 743,000 |
Interest cost | 354,000 | 378,000 | 709,000 | 756,000 |
Net loss | 127,000 | 114,000 | 253,000 | 229,000 |
Total net periodic benefit cost | $ 481,000 | $ 864,000 | 962,000 | $ 1,728,000 |
Contribution and pension cost | $ 0 |
Derivatives and Hedging Activ64
Derivatives and Hedging Activities (Narrative) (Details) - Derivatives designated as hedging instruments: - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Amount of gain (loss) recognized in other comprehensive income | ||
Derivative [Line Items] | ||
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense | $ 6.6 | |
Cash Flow Hedging | Interest Rate Contract | ||
Derivative [Line Items] | ||
Notional amount | $ 1,300 | $ 900 |
Derivatives and Hedging Activ65
Derivatives and Hedging Activities - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 267 | |
Liability derivatives | $ 613 | |
Amount of gain (loss) recognized in other comprehensive income | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 267 | |
Liability derivatives | 613 | |
Amount of gain (loss) recognized in other comprehensive income | Derivatives designated as hedging instruments: | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 267 | 0 |
Amount of gain (loss) recognized in other comprehensive income | Derivatives designated as hedging instruments: | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 0 | $ 613 |
Derivatives and Hedging Activ66
Derivatives and Hedging Activities - Effective Derivative Instrument (Details) - Amount of gain (loss) recognized in other comprehensive income - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flow Hedges - Interest rate swaps | ||||
Amount of gain (loss) recognized in other comprehensive income | $ 8,980 | $ (6,527) | $ 25,918 | $ (5,271) |
Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense | $ 606 | $ (1,279) | $ 237 | $ (2,086) |
Derivatives and Hedging Activ67
Derivatives and Hedging Activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Derivative Asset, Fair Value, Gross Asset | $ 267 | |
Derivative Asset, Fair Value, Gross Liability | 0 | |
Derivative Asset | 267 | |
Derivative, Collateral, Obligation to Return Securities | 0 | |
Derivative, Collateral, Obligation to Return Cash | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 267 | |
Liabilities: | ||
Gross Amounts Recognized | $ 613 | |
Gross Amounts Offset | 0 | |
Net Amounts Presented | 613 | |
Gross Amounts Not Offset, Financial Instruments | 0 | |
Gross Amounts Not Offset, Cash Collateral Posted | 0 | |
Net Amount | 613 | |
Amount of gain (loss) recognized in other comprehensive income | ||
Assets: | ||
Derivative Asset, Fair Value, Gross Asset | 267 | |
Derivative Asset, Fair Value, Gross Liability | 0 | |
Derivative Asset | 267 | |
Derivative, Collateral, Obligation to Return Securities | 0 | |
Derivative, Collateral, Obligation to Return Cash | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 267 | |
Liabilities: | ||
Gross Amounts Recognized | 613 | |
Gross Amounts Offset | 0 | |
Net Amounts Presented | 613 | |
Gross Amounts Not Offset, Financial Instruments | 0 | |
Gross Amounts Not Offset, Cash Collateral Posted | 0 | |
Net Amount | $ 613 |
Comprehensive Income (Component
Comprehensive Income (Components of Comprehensive Income (Loss), Gross and Net Of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net income, Gross | $ 76,195 | $ 64,108 | $ 154,204 | $ 137,372 |
Net income, Tax | (19,098) | (24,475) | (39,182) | (51,719) |
Net income | 57,097 | 39,633 | 115,022 | 85,653 |
Other comprehensive (loss) income, Gross | 879 | (1,357) | (11,673) | 4,936 |
Other comprehensive (loss) income, Tax | (679) | 686 | 2,078 | (1,754) |
Total other comprehensive income (loss) | 200 | (671) | (9,595) | 3,182 |
Comprehensive income, Gross | 77,074 | 62,751 | 142,531 | 142,308 |
Comprehensive income, Tax | (19,777) | (23,789) | (37,104) | (53,473) |
Total comprehensive income | 57,297 | 38,962 | 105,427 | 88,835 |
Change in funded status of retirement obligations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive (loss) income, Gross | 143 | 141 | 286 | 282 |
Other comprehensive (loss) income, Tax | (40) | (57) | (80) | (115) |
Total other comprehensive income (loss) | 103 | 84 | 206 | 167 |
Unrealized (losses) gains on debt securities available-for-sale and gains included in net income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive (loss) income, Gross | (8,159) | 3,160 | (38,694) | 7,451 |
Other comprehensive (loss) income, Tax | 1,862 | (1,159) | 9,674 | (2,771) |
Total other comprehensive income (loss) | (6,297) | 2,001 | (29,020) | 4,680 |
Accretion of loss on debt securities reclassified to held-to-maturity | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive (loss) income, Gross | 221 | 324 | 454 | 676 |
Other comprehensive (loss) income, Tax | (62) | (132) | (128) | (276) |
Total other comprehensive income (loss) | 159 | 192 | 326 | 400 |
Reclassification adjustment for security gains included in net income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive (loss) income, Gross | 0 | (48) | 0 | (1,275) |
Other comprehensive (loss) income, Tax | 0 | 19 | 0 | 510 |
Total other comprehensive income (loss) | 0 | (29) | 0 | (765) |
Other-than- temporary impairment accretion on debt securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive (loss) income, Gross | 300 | 314 | 600 | 987 |
Other comprehensive (loss) income, Tax | (85) | (129) | (169) | (403) |
Total other comprehensive income (loss) | 215 | 185 | 431 | 584 |
Unrealized gains on derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive (loss) income, Gross | 8,374 | (5,248) | 25,681 | (3,185) |
Other comprehensive (loss) income, Tax | (2,354) | 2,144 | (7,219) | 1,301 |
Total other comprehensive income (loss) | $ 6,020 | $ (3,104) | $ 18,462 | $ (1,884) |
Comprehensive Income (Compone69
Comprehensive Income (Component of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance, Beginning of period | $ 3,125,451 | $ 3,123,245 | |||
Net change | $ 200 | $ (671) | (9,595) | 3,182 | |
Effect of adopting ASU No. 2016-01 | $ (606) | ||||
Balance, End of Period | 3,090,983 | 3,154,919 | 3,090,983 | 3,154,919 | |
Total accumulated other comprehensive loss | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance, Beginning of period | (29,339) | (24,600) | |||
Net change | (9,595) | 3,182 | |||
Effect of adopting ASU No. 2016-01 | (606) | ||||
Balance, End of Period | (39,540) | (21,418) | (39,540) | (21,418) | |
Change in funded status of retirement obligations | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance, Beginning of period | (5,640) | (4,895) | |||
Net change | 103 | 84 | 206 | 167 | |
Effect of adopting ASU No. 2016-01 | 0 | ||||
Balance, End of Period | (5,434) | (4,728) | (5,434) | (4,728) | |
Accretion of loss on debt securities reclassified to held-to-maturity | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance, Beginning of period | (1,520) | (1,988) | |||
Net change | 159 | 192 | 326 | 400 | |
Effect of adopting ASU No. 2016-01 | 0 | ||||
Balance, End of Period | (1,194) | (1,588) | (1,194) | (1,588) | |
Unrealized (losses) gains on debt securities available-for-sale and gains included in net income | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance, Beginning of period | (21,184) | (12,271) | |||
Net change | (29,020) | 3,915 | |||
Effect of adopting ASU No. 2016-01 | (606) | ||||
Balance, End of Period | (50,810) | (8,356) | (50,810) | (8,356) | |
Other-than- temporary impairment accretion on debt securities | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance, Beginning of period | (14,482) | (12,870) | |||
Net change | 215 | 185 | 431 | 584 | |
Effect of adopting ASU No. 2016-01 | 0 | ||||
Balance, End of Period | (14,051) | (12,286) | (14,051) | (12,286) | |
Unrealized gains (losses) on derivatives | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance, Beginning of period | 13,487 | 7,424 | |||
Net change | 18,462 | (1,884) | |||
Effect of adopting ASU No. 2016-01 | $ 0 | ||||
Balance, End of Period | $ 31,949 | $ 5,540 | $ 31,949 | $ 5,540 |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassification Adjustment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on securities, net | $ (1,147) | $ (48) | $ (1,101) | $ (1,275) |
Amortization of net loss | 60,799 | 53,881 | 119,860 | 111,155 |
Reclassification adjustment for unrealized (gains) losses on derivatives | 67,101 | 48,452 | 126,184 | 91,427 |
Total before tax | 76,195 | 64,108 | 154,204 | 137,372 |
Income tax benefit (expense) | (19,098) | (24,475) | (39,182) | (51,719) |
Net income | 57,097 | 39,633 | 115,022 | 85,653 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | (477) | 1,351 | 22 | 1,051 |
Income tax benefit (expense) | 120 | (526) | (6) | (390) |
Net income | (357) | 825 | 16 | 661 |
Unrealized (losses) gains on debt 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 securities, net | 0 | (48) | 0 | (1,275) |
Change in funded status of retirement obligations | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of net loss | 129 | 120 | 259 | 240 |
Interest expense | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification adjustment for unrealized (gains) losses on derivatives | $ (606) | $ 1,279 | $ (237) | $ 2,086 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Equity securities | $ 5,753 | $ 5,701 |
Debt securities available-for-sale, at estimated fair value | 1,915,265 | 1,982,026 |
Derivative financial instruments | 267 | |
Liabilities: | ||
Derivative financial instruments | 613 | |
Federal Home Loan Mortgage Corporation | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 688,025 | 640,242 |
Federal National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 1,193,762 | 1,303,576 |
Government National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 33,478 | 38,208 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Equity securities | 5,753 | 5,701 |
Debt securities available-for-sale, at estimated fair value | 1,915,265 | 1,982,026 |
Derivative financial instruments | 267 | |
Liabilities: | ||
Derivative financial instruments | 613 | |
Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 688,025 | 640,242 |
Fair Value, Measurements, Recurring | Federal National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 1,193,762 | 1,303,576 |
Fair Value, Measurements, Recurring | Government National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 33,478 | 38,208 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Equity securities | 5,753 | 5,701 |
Debt securities available-for-sale, at estimated fair value | 0 | 0 |
Derivative financial instruments | 0 | |
Liabilities: | ||
Derivative financial instruments | 0 | |
Level 1 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Federal National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Government National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Equity securities | 0 | 0 |
Debt securities available-for-sale, at estimated fair value | 1,915,265 | 1,982,026 |
Derivative financial instruments | 267 | |
Liabilities: | ||
Derivative financial instruments | 613 | |
Level 2 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 688,025 | 640,242 |
Level 2 | Fair Value, Measurements, Recurring | Federal National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 1,193,762 | 1,303,576 |
Level 2 | Fair Value, Measurements, Recurring | Government National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 33,478 | 38,208 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Equity securities | 0 | 0 |
Debt securities available-for-sale, at estimated fair value | 0 | 0 |
Derivative financial instruments | 0 | |
Liabilities: | ||
Derivative financial instruments | 0 | |
Level 3 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Federal National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Government National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | Jun. 30, 2018USD ($) | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Outstanding minimum balance of loans to be evaluated for impairment individually | $ 1,000,000 | |
Outstanding minimum balance of loans that are evaluated for impairment individually | $ 1,000,000 | |
Prepayment speeds | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net input | 0.0492 | 0.0556 |
Prepayment speeds | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net input | 0.2772 | 0.2322 |
Measurement Input, Discount Rate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net input | 0.1268 | 0.1320 |
Measurement Input, Discount Rate [Member] | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 0.00% | |
Other real estate owned, measurement input | 0 | |
Measurement Input, Discount Rate [Member] | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 25.00% | |
Other real estate owned, measurement input | 0.25 |
Fair Value Measurements (Carr73
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 79,972 | $ 80,756 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, fair value | 19,089 | 30,708 |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, fair value | 19,089 | 30,708 |
Market comparable and estimated cash flow | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 13,867 | 30,445 |
Market comparable and estimated cash flow | Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Market comparable and estimated cash flow | Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Market comparable and estimated cash flow | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 13,867 | 30,445 |
Estimated cash flow | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 5,222 | |
Estimated cash flow | Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 0 | |
Estimated cash flow | Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | 0 | |
Estimated cash flow | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | $ 5,222 | |
Market comparable | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 263 | |
Market comparable | Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | |
Market comparable | Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | |
Market comparable | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 263 | |
Prepayment speeds | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net input | 0.0492 | 0.0556 |
Prepayment speeds | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net input | 0.2772 | 0.2322 |
Prepayment speeds | Estimated cash flow | Minimum | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net input | 0.0492 | |
Prepayment speeds | Estimated cash flow | Maximum | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net input | 0.2772 | |
Prepayment speeds | Estimated cash flow | Weighted Average | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net input | 0.0864 | |
Lack of marketability and probability of default | Market comparable and estimated cash flow | Minimum | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 1.00% | 1.00% |
Lack of marketability and probability of default | Market comparable and estimated cash flow | Maximum | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 45.00% | 45.00% |
Lack of marketability and probability of default | Market comparable and estimated cash flow | Weighted Average | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 36.16% | 21.00% |
Lack of marketability | Market comparable | Minimum | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned, measurement input | 0 | |
Lack of marketability | Market comparable | Maximum | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned, measurement input | 0.250 | |
Lack of marketability | Market comparable | Weighted Average | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned, measurement input | 0.2165 |
Fair Value Measurements (Carr74
Fair Value Measurements (Carrying Amounts and Estimated Fair Values) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Equity securities | $ 5,753 | $ 5,701 |
Debt securities available-for-sale | 1,915,265 | 1,982,026 |
Securities held-to-maturity | 1,659,095 | 1,820,125 |
Derivative financial instruments | 267 | |
Financial liabilities: | ||
Derivative financial instruments | 613 | |
Carrying value | ||
Assets: | ||
Cash and cash equivalents | 195,995 | 618,394 |
Equity securities | 5,753 | 5,701 |
Debt securities available-for-sale | 1,915,265 | 1,982,026 |
Securities held-to-maturity | 1,660,967 | 1,796,621 |
FHLB stock | 247,410 | 231,544 |
Loans held for sale | 5,949 | 5,185 |
Net loans | 20,537,087 | 19,852,101 |
Derivative financial instruments | 267 | |
Financial liabilities: | ||
Deposits, other than time deposits | 12,614,165 | 13,897,435 |
Time deposits | 4,303,240 | 3,460,262 |
Borrowed funds | 5,144,987 | 4,461,533 |
Derivative financial instruments | 613 | |
Estimated fair value | ||
Assets: | ||
Cash and cash equivalents | 195,995 | 618,394 |
Equity securities | 5,753 | 5,701 |
Debt securities available-for-sale | 1,915,265 | 1,982,026 |
Securities held-to-maturity | 1,659,095 | 1,820,125 |
FHLB stock | 247,410 | 231,544 |
Loans held for sale | 5,949 | 5,185 |
Net loans | 20,348,671 | 20,003,717 |
Derivative financial instruments | 267 | |
Financial liabilities: | ||
Deposits, other than time deposits | 12,614,165 | 13,897,435 |
Time deposits | 4,274,128 | 3,438,673 |
Borrowed funds | 5,093,232 | 4,437,346 |
Derivative financial instruments | 613 | |
Level 1 | Estimated fair value | ||
Assets: | ||
Cash and cash equivalents | 195,995 | 618,394 |
Equity securities | 5,753 | 5,701 |
Debt securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
FHLB stock | 247,410 | 231,544 |
Loans held for sale | 0 | 0 |
Net loans | 0 | 0 |
Derivative financial instruments | 0 | |
Financial liabilities: | ||
Deposits, other than time deposits | 12,614,165 | 13,897,435 |
Time deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Derivative financial instruments | 0 | |
Level 2 | Estimated fair value | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Equity securities | 0 | 0 |
Debt securities available-for-sale | 1,915,265 | 1,982,026 |
Securities held-to-maturity | 1,567,644 | 1,738,906 |
FHLB stock | 0 | 0 |
Loans held for sale | 5,949 | 5,185 |
Net loans | 0 | 0 |
Derivative financial instruments | 267 | |
Financial liabilities: | ||
Deposits, other than time deposits | 0 | 0 |
Time deposits | 4,274,128 | 3,438,673 |
Borrowed funds | 5,093,232 | 4,437,346 |
Derivative financial instruments | 613 | |
Level 3 | Estimated fair value | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Equity securities | 0 | 0 |
Debt securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 91,451 | 81,219 |
FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans | 20,348,671 | 20,003,717 |
Derivative financial instruments | 0 | |
Financial liabilities: | ||
Deposits, other than time deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | $ 0 | 0 |
Derivative financial instruments | $ 0 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fee and Service Charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 3.4 | $ 3.2 | $ 6.5 | $ 6.2 |
Other Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2.4 | $ 1.5 | $ 4.2 | $ 2.8 |
Subsequent Event (Details)
Subsequent Event (Details) - $ / shares | Aug. 24, 2018 | Jul. 26, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Subsequent Event [Line Items] | ||||
Dividends paid per share (usd per share) | $ 0.18 | $ 0.16 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share (usd per share) | $ 0.09 | |||
Scenario, Forecast | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends paid per share (usd per share) | $ 0.09 |