Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Investors Bancorp, Inc. | |
Entity Central Index Key | 0001594012 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 278,715,537 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 186,083 | $ 196,891 |
Equity securities | 5,880 | 5,793 |
Debt securities available-for-sale, at estimated fair value | 2,156,340 | 2,122,162 |
Debt securities held-to-maturity, net (estimated fair value of $1,536,684 and $1,558,564 at March 31, 2019 and December 31, 2018, respectively) | 1,516,600 | 1,555,137 |
Loans receivable, net | 21,503,110 | 21,378,136 |
Loans held-for-sale | 6,827 | 4,074 |
Federal Home Loan Bank stock | 258,949 | 260,234 |
Accrued interest receivable | 82,417 | 77,501 |
Other real estate owned | 6,989 | 6,911 |
Office properties and equipment, net | 177,465 | 177,432 |
Operating lease right-of-use assets | 187,560 | |
Net deferred tax asset | 101,499 | 104,411 |
Bank owned life insurance | 213,491 | 211,914 |
Goodwill and intangible assets | 98,551 | 99,063 |
Other assets | 43,879 | 29,349 |
Total assets | 26,545,640 | 26,229,008 |
Liabilities: | ||
Deposits | 17,629,999 | 17,580,269 |
Borrowed funds | 5,549,587 | 5,435,681 |
Advance payments by borrowers for taxes and insurance | 148,277 | 129,891 |
Operating lease liabilities | 197,281 | |
Other liabilities | 64,666 | 77,837 |
Total liabilities | 23,589,810 | 23,223,678 |
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 March 31, 2019 and December 31, 2018; 280,066,465 and 286,273,114 outstanding at March 31, 2019 and December 31, 2018, respectively | 3,591 | 3,591 |
Additional paid-in capital | 2,810,832 | 2,805,423 |
Retained earnings | 1,191,020 | 1,173,897 |
Treasury stock, at cost; 79,004,387 and 72,797,738 shares at March 31, 2019 and December 31, 2018, respectively | (958,425) | (884,750) |
Unallocated common stock held by the employee stock ownership plan | (80,513) | (81,262) |
Accumulated other comprehensive loss | (10,675) | (11,569) |
Total stockholders’ equity | 2,955,830 | 3,005,330 |
Total liabilities and stockholders’ equity | $ 26,545,640 | $ 26,229,008 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Debt securities held-to-maturity, estimated fair value | $ 1,536,684 | $ 1,558,564 |
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 | 280,066,465 | 286,273,114 |
Treasury stock, shares | 79,004,387 | 72,797,738 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest and dividend income: | ||
Loans receivable and loans held-for-sale | $ 224,890 | $ 204,722 |
Securities: | ||
Equity | 37 | 35 |
Government-sponsored enterprise obligations | 266 | 274 |
Mortgage-backed securities | 23,630 | 20,022 |
Municipal bonds and other debt | 2,522 | 2,258 |
Interest-bearing deposits | 535 | 455 |
Federal Home Loan Bank stock | 4,337 | 3,801 |
Total interest and dividend income | 256,217 | 231,567 |
Interest expense: | ||
Deposits | 65,422 | 36,376 |
Borrowed funds | 28,117 | 22,707 |
Total interest expense | 93,539 | 59,083 |
Net interest income | 162,678 | 172,484 |
Provision for loan losses | 3,000 | 2,500 |
Net interest income after provision for loan losses | 159,678 | 169,984 |
Non-interest income | ||
Fees and service charges | 6,176 | 5,458 |
Income on bank owned life insurance | 1,577 | 1,286 |
Gain on loans, net | 433 | 257 |
Gain (loss) on securities, net | 64 | (46) |
Gain on sale of other real estate owned, net | 224 | 153 |
Other income | 2,720 | 2,002 |
Total non-interest income | 11,194 | 9,110 |
Non-interest expense | ||
Compensation and fringe benefits | 60,998 | 59,061 |
Advertising and promotional expense | 3,612 | 2,087 |
Office occupancy and equipment expense | 16,171 | 16,578 |
Federal deposit insurance premiums | 3,300 | 4,500 |
General and administrative | 484 | 500 |
Professional fees | 2,940 | 4,402 |
Data processing and communication | 7,999 | 6,123 |
Other operating expenses | 7,905 | 7,834 |
Total non-interest expenses | 103,409 | 101,085 |
Total before tax | 67,463 | 78,009 |
Income tax expense | 19,305 | 20,084 |
Net income | $ 48,158 | $ 57,925 |
Basic earnings per share (usd per share) | $ 0.18 | $ 0.20 |
Diluted earnings per share (usd per share) | $ 0.18 | $ 0.20 |
Weighted average shares outstanding | ||
Basic (shares) | 267,664,063 | 287,685,531 |
Diluted (shares) | 268,269,730 | 289,131,916 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 48,158 | $ 57,925 |
Other comprehensive income (loss), net of tax: | ||
Change in funded status of retirement obligations | 13 | 103 |
Unrealized gains (losses) on debt securities available-for-sale | 16,239 | (22,723) |
Accretion of loss on debt securities reclassified to held to maturity | 113 | 167 |
Other-than-temporary impairment accretion on debt securities | 180 | 216 |
Net (losses) gains on derivatives arising during the period | (15,651) | 12,442 |
Total other comprehensive income (loss) | 894 | (9,795) |
Total comprehensive income | $ 49,052 | $ 48,130 |
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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reclassification due to the adoption of ASU No. 2016-01 | $ (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 | 57,925 | 57,925 | |||||
Other comprehensive loss, net of tax | (9,795) | (9,795) | |||||
Purchase of treasury stock | (61,859) | (61,859) | |||||
Treasury stock allocated to restricted stock plan | 0 | (257) | 27 | 230 | |||
Compensation cost for stock options and restricted stock | 3,370 | 3,370 | |||||
Exercise of stock options | 2,714 | (2,428) | 5,142 | ||||
Restricted stock forfeitures | 0 | 3,135 | (216) | (2,919) | |||
Cash dividend paid | (27,366) | (27,366) | |||||
ESOP shares allocated or committed to be released | 1,641 | 892 | 749 | ||||
Balance, End of Period at Mar. 31, 2018 | 3,092,081 | 3,591 | 2,789,102 | 1,115,153 | (692,516) | (83,509) | (39,740) |
Balance, Beginning of period at Dec. 31, 2018 | 3,005,330 | 3,591 | 2,805,423 | 1,173,897 | (884,750) | (81,262) | (11,569) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 48,158 | 48,158 | |||||
Other comprehensive loss, net of tax | 894 | 894 | |||||
Purchase of treasury stock | (73,732) | (73,732) | |||||
Treasury stock allocated to restricted stock plan | 0 | (1,511) | 50 | 1,461 | |||
Compensation cost for stock options and restricted stock | 4,573 | 4,573 | |||||
Exercise of stock options | 168 | (65) | 233 | ||||
Restricted stock forfeitures | 0 | 1,731 | (94) | (1,637) | |||
Cash dividend paid | (30,991) | (30,991) | |||||
ESOP shares allocated or committed to be released | 1,430 | 681 | 749 | ||||
Balance, End of Period at Mar. 31, 2019 | $ 2,955,830 | $ 3,591 | $ 2,810,832 | $ 1,191,020 | $ (958,425) | $ (80,513) | $ (10,675) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Purchase of treasury stock (shares) | 6,208,379 | 4,525,023 |
Cash dividend paid (usd per share) | $ 0.11 | $ 0.09 |
Treasury stock allocated to restricted stock plan (shares) | 119,663 | 18,947 |
Restricted stock forfeitures (shares) | 137,066 | 250,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 48,158 | $ 57,925 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
ESOP and stock-based compensation expense | 6,003 | 5,012 |
Amortization of premiums and accretion of discounts on securities, net | 1,822 | 2,971 |
Amortization of premiums and accretion of fees and costs on loans, net | (2,063) | (2,126) |
Amortization of other intangible assets | 399 | 513 |
Provision for loan losses | 3,000 | 2,500 |
Depreciation and amortization of office properties and equipment | 4,667 | 4,569 |
(Gain) loss on securities, net | (64) | 46 |
Mortgage loans originated for sale | (27,556) | (5,271) |
Proceeds from mortgage loan sales | 25,226 | 9,690 |
Gain on sales of mortgage loans, net | (423) | (245) |
Gain on sale of other real estate owned | (224) | (153) |
Income on bank owned life insurance | (1,577) | (1,286) |
Amortization of operating lease right-of-use assets | 3,180 | |
Increase in accrued interest receivable | (4,916) | (1,345) |
Deferred tax expense (benefit) | 3,637 | (1,379) |
Increase in other assets | (11,152) | (3,866) |
(Decrease) increase in other liabilities | (31,565) | 15,994 |
Total adjustments | (31,606) | 25,624 |
Net cash provided by operating activities | 16,552 | 83,549 |
Cash flows from investing activities: | ||
Purchases of loans receivable | (91,265) | (86,198) |
Net originations of loans receivable | (36,517) | (83,095) |
Proceeds from disposition of loans receivable | 636 | 12 |
Gain on disposition of loans receivable | (10) | (12) |
Net proceeds from sale of other real estate owned | 1,308 | 1,620 |
Proceeds from principal repayments/calls/maturities of debt securities available for sale | 69,023 | 85,522 |
Proceeds from principal repayments/calls/maturities of debt securities held to maturity | 57,219 | 85,983 |
Purchases of equity securities | (23) | (22) |
Purchases of debt securities available for sale | (83,282) | (77,065) |
Purchases of debt securities held-to-maturity | (18,501) | (4,885) |
Proceeds from redemptions of Federal Home Loan Bank stock | 71,276 | 55,016 |
Purchases of Federal Home Loan Bank stock | (69,991) | (88,391) |
Purchases of office properties and equipment | (4,700) | (1,706) |
Death benefit proceeds from bank owned life insurance | 0 | 3,619 |
Purchases of bank owned life insurance | 0 | (125,000) |
Cash paid for acquisition | 0 | (340,183) |
Net cash used in investing activities | (104,827) | (574,785) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 49,730 | (811,372) |
Net increase in borrowed funds | 113,906 | 899,727 |
Net increase in advance payments by borrowers for taxes and insurance | 18,386 | 24,437 |
Dividends paid | (30,991) | (27,366) |
Exercise of stock options | 168 | 2,714 |
Purchase of treasury stock | (73,732) | (61,859) |
Net cash provided by financing activities | 77,467 | 26,281 |
Net decrease in cash and cash equivalents | (10,808) | (464,955) |
Cash and cash equivalents at beginning of period | 196,891 | 618,394 |
Cash and cash equivalents at end of period | 186,083 | 153,439 |
Non-cash investing activities: | ||
Real estate acquired through foreclosure | 1,245 | 564 |
Cash paid during the year for: | ||
Interest | 95,114 | 57,022 |
Income taxes | 3,921 | 0 |
Significant non-cash transactions: | ||
Initial recognition of operating lease right-of-use assets | 187,560 | |
Initial recognition of operating lease liabilities | 197,281 | |
Non-cash assets acquired: | ||
Loans | 0 | 330,747 |
Goodwill and other intangible assets, net | 0 | 4,975 |
Total non-cash assets acquired | $ 0 | $ 335,722 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, 2019 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, 2018 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 | 3 Months Ended |
Mar. 31, 2019 | |
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 June 17, 2016, the Company’s third share repurchase program began upon completion of the second program. On October 25, 2018, the Company announced its fourth share repurchase program, which authorized the purchase of 10% of its publicly-held outstanding shares of common stock, or 28,886,780 shares. The fourth program commenced immediately upon completion of the third program on December 10, 2018 and remains the Company’s current program as of March 31, 2019 . During the three months ended March 31, 2019 , the Company purchased 6,208,379 shares at a cost of $73.7 million , or approximately $11.88 per share. During the three months ended March 31, 2019 , shares repurchased included 128,379 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 | 3 Months Ended |
Mar. 31, 2019 | |
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 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. The accounting for the acquisition of the equipment finance portfolio is complete and is reflected in our Consolidated Financial Statements. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 2018 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 48,158 $ 57,925 Shares Weighted-average common shares outstanding - basic 267,664,063 287,685,531 Effect of dilutive common stock equivalents (1) 605,667 1,446,385 Weighted-average common shares outstanding - diluted 268,269,730 289,131,916 Earnings per common share Basic $ 0.18 $ 0.20 Diluted $ 0.18 $ 0.20 (1) For the three months ended March 31, 2019 and 2018 , there were 10,278,975 and 9,673,423 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 | 3 Months Ended |
Mar. 31, 2019 | |
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 $5.9 million and $5.8 million as of March 31, 2019 and December 31, 2018 , 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 following table presents the disaggregated net gains (losses) on equity securities reported in the Consolidated Statements of Income: For the Three Months Ended March 31, 2019 2018 (In thousands) Net gains (losses) recognized on equity securities $ 64 (46 ) Less: Net gains (losses) recognized on equity securities sold — — Unrealized gains (losses) recognized on equity securities $ 64 (46 ) 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 March 31, 2019 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 1,009,142 11,015 3,639 1,016,518 Federal National Mortgage Association 974,499 6,958 7,027 974,430 Government National Mortgage Association 163,128 2,264 — 165,392 Total debt securities available-for-sale $ 2,146,769 20,237 10,666 2,156,340 At March 31, 2019 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 $ 41,262 — 41,262 — 405 40,857 Municipal bonds 21,013 — 21,013 955 — 21,968 Corporate and other debt securities 66,402 15,603 50,799 34,635 — 85,434 Total debt securities held-to-maturity 128,677 15,603 113,074 35,590 405 148,259 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 398,597 526 398,071 322 4,840 393,553 Federal National Mortgage Association 926,662 600 926,062 1,672 11,888 915,846 Government National Mortgage Association 79,393 — 79,393 — 367 79,026 Total mortgage-backed securities held-to-maturity 1,404,652 1,126 1,403,526 1,994 17,095 1,388,425 Total debt securities held-to-maturity $ 1,533,329 16,729 1,516,600 37,584 17,500 1,536,684 (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 debt 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 debt 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, 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 $ 988,348 6,492 8,190 986,650 Federal National Mortgage Association 980,546 3,560 15,550 968,556 Government National Mortgage Association 165,211 1,745 — 166,956 Total debt securities available-for-sale $ 2,134,105 11,797 23,740 2,122,162 At December 31, 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 $ 41,258 — 41,258 — 1,236 40,022 Municipal bonds 25,513 — 25,513 942 — 26,455 Corporate and other debt securities 66,295 15,854 50,441 36,592 — 87,033 Total debt securities held-to-maturity 133,066 15,854 117,212 37,534 1,236 153,510 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 402,231 595 401,636 112 9,413 392,335 Federal National Mortgage Association 955,237 689 954,548 535 22,687 932,396 Government National Mortgage Association 81,741 — 81,741 — 1,418 80,323 Total mortgage-backed securities held-to-maturity 1,439,209 1,284 1,437,925 647 33,518 1,405,054 Total debt securities held-to-maturity $ 1,572,275 17,138 1,555,137 38,181 34,754 1,558,564 (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 debt 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 debt 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 March 31, 2019 , 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 and real estate investment trusts. At March 31, 2019 , the TruPS had a carrying value and estimated fair value of $45.8 million and $80.4 million , respectively. While all were investment grade at purchase, securities classified as non-investment grade at March 31, 2019 had a carrying value and estimated fair value of $43.9 million and $75.7 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. Debt securities with a carrying value of $706.0 million and an estimated fair value of $700.7 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 March 31, 2019 , by contractual maturity, are shown below. March 31, 2019 Carrying value Estimated fair value (In thousands) Due in one year or less $ 16,993 16,993 Due after one year through five years — — Due after five years through ten years 50,282 50,850 Due after ten years 45,799 80,416 Total $ 113,074 148,259 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 March 31, 2019 and December 31, 2018 , were as follows: March 31, 2019 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 $ 1,584 2 335,311 3,637 336,895 3,639 Federal National Mortgage Association 555 1 573,343 7,026 573,898 7,027 Total debt securities available-for-sale 2,139 3 908,654 10,663 910,793 10,666 Held-to-maturity: Debt securities: Government-sponsored enterprises — — 40,857 405 40,857 405 Mortgage-backed securities: Federal Home Loan Mortgage Corporation — — 360,580 4,840 360,580 4,840 Federal National Mortgage Association — — 744,965 11,888 744,965 11,888 Government National Mortgage Association — — 79,026 367 79,026 367 Total mortgage-backed securities held-to-maturity — — 1,184,571 17,095 1,184,571 17,095 Total debt securities held-to-maturity — — 1,225,428 17,500 1,225,428 17,500 Total $ 2,139 3 2,134,082 28,163 2,136,221 28,166 December 31, 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 $ 97,137 994 288,916 7,196 386,053 8,190 Federal National Mortgage Association 125,389 2,098 489,337 13,452 614,726 15,550 Total debt securities available-for-sale 222,526 3,092 778,253 20,648 1,000,779 23,740 Held-to-maturity: Debt securities: Government-sponsored enterprises — — 40,022 1,236 40,022 1,236 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 51,045 553 339,534 8,860 390,579 9,413 Federal National Mortgage Association 214,400 2,449 663,671 20,238 878,071 22,687 Government National Mortgage Association 35,499 492 44,824 926 80,323 1,418 Total mortgage-backed securities held-to-maturity 300,944 3,494 1,048,029 30,024 1,348,973 33,518 Total debt securities held-to-maturity 300,944 3,494 1,088,051 31,260 1,388,995 34,754 Total $ 523,470 6,586 1,866,304 51,908 2,389,774 58,494 At March 31, 2019 , the majority of gross unrealized losses 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 changes in 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 TruPS. Cash flows for each security are forecasted using assumptions for defaults, recoveries, pre-payments and amortization. At March 31, 2019 and 2018 , 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 months ended March 31, 2019 and 2018 . At March 31, 2019 , non-credit related OTTI recorded on the previously impaired TruPS was $15.6 million ( $11.2 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 March 31, 2019 2018 (In thousands) Balance of credit related OTTI, beginning of period $ 80,595 85,768 Additions: Initial credit impairments — — Subsequent credit impairments — — Reductions: Accretion of credit loss impairment due to an increase in expected cash flows (882 ) (923 ) Reductions for securities sold or paid off during the period — — Balance of credit related OTTI, end of period $ 79,713 84,845 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 months ended March 31, 2019 and 2018 , there were no sales of equity or debt securities. The Company recognized unrealized gains on equity securities of $64,000 and unrealized losses on equity securities of $46,000 , respectively, for the three months ended March 31, 2019 and 2018 . |
Loans Receivable, Net
Loans Receivable, Net | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans Receivable, Net | Loans Receivable, Net The detail of the loan portfolio as of March 31, 2019 and December 31, 2018 was as follows: March 31, December 31, (In thousands) Multi-family loans $ 8,174,342 8,165,187 Commercial real estate loans 4,848,729 4,783,095 Commercial and industrial loans 2,430,540 2,389,756 Construction loans 232,170 227,015 Total commercial loans 15,685,781 15,565,053 Residential mortgage loans 5,366,455 5,350,504 Consumer and other loans 691,136 707,746 Total loans excluding PCI loans 21,743,372 21,623,303 PCI loans 4,281 4,461 Deferred fees, premiums and other, net (1) (9,826 ) (13,811 ) Allowance for loan losses (234,717 ) (235,817 ) Net loans $ 21,503,110 21,378,136 (1) Included in deferred fees and premiums are accretable purchase accounting adjustments in connection with loans acquired and an adjustment to the carrying amount of the residential loans hedged. Allowance for Loan Losses An analysis of the allowance for loan losses is summarized as follows: Three Months Ended March 31, 2019 2018 (In thousands) Balance at beginning of the period $ 235,817 230,969 Loans charged off (5,445 ) (7,107 ) Recoveries 1,345 4,782 Net charge-offs (4,100 ) (2,325 ) Provision for loan losses 3,000 2,500 Balance at end of the period $ 234,717 231,144 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 three months ended March 31, 2019 and 2018 , the Company recorded charge-offs of $15,000 and $88,000 , 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: collectively evaluated and individually evaluated. 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 collectively evaluated component 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 $1.0 million 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 based on the growth and composition of the loan portfolio, the level of loan delinquency and the economic conditions in our lending area. 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 March 31, 2019 and December 31, 2018 : March 31, 2019 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, 2018 $ 82,876 48,449 71,084 7,486 20,776 3,102 2,044 235,817 Charge-offs (1,463 ) (8 ) (2,946 ) — (823 ) (205 ) — (5,445 ) Recoveries — 542 331 — 432 40 — 1,345 Provision (5,841 ) (1,356 ) 10,376 (183 ) 172 54 (222 ) 3,000 Ending balance-March 31, 2019 $ 75,572 47,627 78,845 7,303 20,557 2,991 1,822 234,717 Individually evaluated for impairment $ — — — — 1,986 72 — 2,058 Collectively evaluated for impairment 75,572 47,627 78,845 7,303 18,571 2,919 1,822 232,659 Loans acquired with deteriorated credit quality — — — — — — — — Balance at March 31, 2019 $ 75,572 47,627 78,845 7,303 20,557 2,991 1,822 234,717 Loans: Individually evaluated for impairment $ 32,346 5,173 17,152 — 28,297 846 — 83,814 Collectively evaluated for impairment 8,141,996 4,843,556 2,413,388 232,170 5,338,158 690,290 — 21,659,558 Loans acquired with deteriorated credit quality — 3,673 — — 515 93 — 4,281 Balance at March 31, 2019 $ 8,174,342 4,852,402 2,430,540 232,170 5,366,970 691,229 — 21,747,653 December 31, 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 (2,603 ) (7,200 ) (7,078 ) — (5,246 ) (1,963 ) — (24,090 ) Recoveries 17 5,213 9,478 — 2,193 37 — 16,938 Provision 3,993 (5,701 ) 14,121 (4,123 ) 1,994 1,929 (213 ) 12,000 Ending balance-December 31, 2018 $ 82,876 48,449 71,084 7,486 20,776 3,102 2,044 235,817 Individually evaluated for impairment $ — — — — 2,082 72 — 2,154 Collectively evaluated for impairment 82,876 48,449 71,084 7,486 18,694 3,030 2,044 233,663 Loans acquired with deteriorated credit quality — — — — — — — — Balance at December 31, 2018 $ 82,876 48,449 71,084 7,486 20,776 3,102 2,044 235,817 Loans: Individually evaluated for impairment $ 32,046 6,623 19,624 — 27,884 570 — 86,747 Collectively evaluated for impairment 8,133,141 4,776,472 2,370,132 227,015 5,322,620 707,176 — 21,536,556 Loans acquired with deteriorated credit quality — 3,730 — — 611 120 — 4,461 Balance at December 31, 2018 $ 8,165,187 4,786,825 2,389,756 227,015 5,351,115 707,866 — 21,627,764 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. In assessing and classifying our commercial loan portfolio, the Company places significant emphasis on the borrower’s ability to service its debt. 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 March 31, 2019 and December 31, 2018 by class of loans, excluding PCI loans: March 31, 2019 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,568,139 981,139 291,225 333,839 — — 8,174,342 Commercial real estate 4,027,646 516,444 150,022 154,617 — — 4,848,729 Commercial and industrial 1,625,810 607,526 57,203 140,001 — — 2,430,540 Construction 156,986 56,663 — 18,521 — — 232,170 Total commercial loans 12,378,581 2,161,772 498,450 646,978 — — 15,685,781 Residential mortgage 5,285,603 15,110 6,132 59,610 — — 5,366,455 Consumer and other 676,901 10,173 1,135 2,927 — — 691,136 Total $ 18,341,085 2,187,055 505,717 709,515 — — 21,743,372 December 31, 2018 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,462,056 1,061,168 313,498 328,465 — — 8,165,187 Commercial real estate 3,910,282 552,080 162,488 158,245 — — 4,783,095 Commercial and industrial 1,647,130 571,620 53,861 117,145 — — 2,389,756 Construction 163,503 35,774 9,200 18,538 — — 227,015 Total commercial loans 12,182,971 2,220,642 539,047 622,393 — — 15,565,053 Residential mortgage 5,268,234 12,082 7,712 62,476 — — 5,350,504 Consumer and other 694,432 8,443 1,650 3,221 — — 707,746 Total $ 18,145,637 2,241,167 548,409 688,090 — — 21,623,303 The following tables present the payment status of the recorded investment in past due loans as of March 31, 2019 and December 31, 2018 by class of loans, excluding PCI loans: March 31, 2019 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 29,637 3,621 31,420 64,678 8,109,664 8,174,342 Commercial real estate 5,579 314 644 6,537 4,842,192 4,848,729 Commercial and industrial 11,322 3,810 10,291 25,423 2,405,117 2,430,540 Construction — — 210 210 231,960 232,170 Total commercial loans 46,538 7,745 42,565 96,848 15,588,933 15,685,781 Residential mortgage 15,822 6,555 35,685 58,062 5,308,393 5,366,455 Consumer and other 10,173 1,215 2,100 13,488 677,648 691,136 Total $ 72,533 15,515 80,350 168,398 21,574,974 21,743,372 December 31, 2018 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 23,098 2,572 33,683 59,353 8,105,834 8,165,187 Commercial real estate 5,491 3,511 2,415 11,417 4,771,678 4,783,095 Commercial and industrial 2,988 867 4,560 8,415 2,381,341 2,389,756 Construction 9,200 — 227 9,427 217,588 227,015 Total commercial loans 40,777 6,950 40,885 88,612 15,476,441 15,565,053 Residential mortgage 13,811 7,712 39,255 60,778 5,289,726 5,350,504 Consumer and other 8,524 1,650 2,830 13,004 694,742 707,746 Total $ 63,112 16,312 82,970 162,394 21,460,909 21,623,303 The following table presents non-accrual loans, excluding PCI loans, at the dates indicated: March 31, 2019 December 31, 2018 # of loans Amount # of loans Amount (Dollars in thousands) Non-accrual: Multi-family 14 $ 34,069 15 $ 33,940 Commercial real estate 32 9,854 35 12,391 Commercial and industrial 14 17,184 14 19,394 Construction 1 210 1 227 Total commercial loans 61 61,317 65 65,952 Residential mortgage and consumer 296 56,370 320 58,961 Total non-accrual loans 357 $ 117,687 385 $ 124,913 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 March 31, 2019 and December 31, 2018 , these loans are comprised of the following: March 31, 2019 December 31, 2018 # of loans Amount # of loans Amount (Dollars in thousands) TDR with payment status current classified as non-accrual: Commercial real estate 2 $ 2,845 2 $ 2,817 Commercial and industrial 1 3,109 2 9,762 Total commercial loans 3 5,954 4 12,579 Residential mortgage and consumer 34 5,378 26 4,006 Total TDR with payment status current classified as non-accrual 37 $ 11,332 30 $ 16,585 The following table presents TDR loans which were also 30-89 days delinquent and classified as non-accrual at the dates indicated: March 31, 2019 December 31, 2018 # of loans Amount # of loans Amount (Dollars in thousands) TDR 30-89 days delinquent classified as non-accrual: Residential mortgage and consumer 8 $ 1,215 11 $ 1,810 Total TDR 30-89 days delinquent classified as non-accrual 8 $ 1,215 11 $ 1,810 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 March 31, 2019 , PCI loans with a carrying value of $4.3 million included $4.2 million of which were current, none of which were 30 - 89 days delinquent and $140,000 of which were 90 days or more delinquent. As of December 31, 2018 , PCI loans with a carrying value of $4.5 million included $4.1 million of which were current, $229,000 of which were 30 - 89 days delinquent and $248,000 of which were 90 days or more delinquent. At March 31, 2019 and December 31, 2018 , loans meeting the Company’s definition of an impaired loan were primarily collateral dependent loans which totaled $83.8 million and $86.7 million , respectively, with allocations of the allowance for loan losses of $2.1 million and $2.2 million as of March 31, 2019 and December 31, 2018 , respectively. During the three months ended March 31, 2019 and 2018 , interest income received and recognized on these loans totaled $268,000 and $242,000 , respectively. The following tables present loans individually evaluated for impairment by portfolio segment as of March 31, 2019 and December 31, 2018 : March 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 32,346 35,851 — 34,094 21 Commercial real estate 5,173 9,957 — 5,707 84 Commercial and industrial 17,152 25,527 — 16,833 74 Construction — — — — — Total commercial loans 54,671 71,335 — 56,634 179 Residential mortgage and consumer 13,765 18,464 — 12,189 48 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 15,378 16,073 2,058 15,723 41 Total: Multi-family 32,346 35,851 — 34,094 21 Commercial real estate 5,173 9,957 — 5,707 84 Commercial and industrial 17,152 25,527 — 16,833 74 Construction — — — — — Total commercial loans 54,671 71,335 — 56,634 179 Residential mortgage and consumer 29,143 34,537 2,058 27,912 89 Total impaired loans $ 83,814 105,872 2,058 84,546 268 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 32,046 34,199 — 33,656 146 Commercial real estate 6,623 11,896 — 6,611 79 Commercial and industrial 19,624 26,323 — 20,218 232 Construction — — — — — Total commercial loans 58,293 72,418 — 60,485 457 Residential mortgage and consumer 12,626 17,130 — 11,907 167 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 15,828 16,498 2,154 15,627 280 Total: Multi-family 32,046 34,199 — 33,656 146 Commercial real estate 6,623 11,896 — 6,611 79 Commercial and industrial 19,624 26,323 — 20,218 232 Construction — — — — — Total commercial loans 58,293 72,418 — 60,485 457 Residential mortgage and consumer 28,454 33,628 2,154 27,534 447 Total impaired loans $ 86,747 106,046 2,154 88,019 904 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 March 31, 2019 and December 31, 2018 . There were five residential loans that were previously designated as PCI classified as TDRs for the periods ended March 31, 2019 and December 31, 2018 . March 31, 2019 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Commercial real estate — $ — 3 $ 2,855 3 $ 2,855 Commercial and industrial 2 1,970 2 6,146 4 8,116 Total commercial loans 2 1,970 5 9,001 7 10,971 Residential mortgage and consumer 52 11,676 82 17,470 134 29,146 Total 54 $ 13,646 87 $ 26,471 141 $ 40,117 December 31, 2018 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 1 $ 892 1 $ 892 Commercial real estate — — 3 2,859 3 2,859 Commercial and industrial 2 2,070 4 13,479 6 15,549 Total commercial loans 2 2,070 8 17,230 10 19,300 Residential mortgage and consumer 52 11,550 79 16,908 131 28,458 Total 54 $ 13,620 87 $ 34,138 141 $ 47,758 The following tables present information about TDRs that occurred during the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 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 Commercial and industrial — — — 1 435 435 Residential mortgage and consumer 6 1,664 1,664 6 712 712 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 $477,000 in charge-offs for a TDR of an unsecured commercial and industrial loan during the three months ended March 31, 2019 . There were $172,000 in charge-offs for collateral dependent TDRs during the three months ended March 31, 2018 . This amount was fully recovered from the borrower during 2018. The allowance for loan losses associated with the TDRs presented in the above tables totaled $2.1 million and $2.2 million as of March 31, 2019 and December 31, 2018 , respectively. Loan modifications generally involve the reduction in loan interest rate and/or 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 in the three months ended March 31, 2018 had their maturity extended and one loan was modified to reflect a reduction in interest rate. The following tables present information about pre and post modification interest yield for TDRs which occurred during the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 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 % Commercial and industrial — — % — % 1 4.75 % 4.50 % Residential mortgage and consumer 6 5.26 % 4.90 % 6 4.70 % 3.28 % Payment defaults for loans modified as a TDR in the previous 12 months to March 31, 2019 consisted of 1 residential loan with a recorded investment of $270,000 , at March 31, 2019 . Payment defaults for loans modified as a TDR in the previous 12 months to March 31, 2018 consisted of 6 residential loans and 1 multi family loan with a recorded investment of $436,000 and $918,000 , respectively, at March 31, 2018 . |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits are summarized as follows: March 31, 2019 December 31, 2018 (In thousands) Non-interest bearing: Checking accounts $ 2,477,079 2,535,848 Interest bearing: Checking accounts 4,700,483 4,783,563 Money market deposits 3,619,546 3,641,070 Savings 1,976,798 2,048,941 Certificates of deposit 4,856,093 4,570,847 Total deposits $ 17,629,999 17,580,269 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (In thousands) Mortgage servicing rights $ 11,621 11,712 Core deposit premiums 3,651 4,050 Other 733 755 Total other intangible assets 16,005 16,517 Goodwill 82,546 82,546 Goodwill and intangible assets $ 98,551 99,063 The following table summarizes other intangible assets as of March 31, 2019 and December 31, 2018 : Gross Intangible Asset Accumulated Amortization Valuation Allowance Net Intangible Assets (In thousands) March 31, 2019 Mortgage servicing rights $ 18,701 (6,905 ) (175 ) 11,621 Core deposit premiums 25,058 (21,407 ) — 3,651 Other 1,150 (417 ) — 733 Total other intangible assets $ 44,909 (28,729 ) (175 ) 16,005 December 31, 2018 Mortgage servicing rights $ 19,808 (7,921 ) (175 ) 11,712 Core deposit premiums 25,058 (21,008 ) — 4,050 Other 1,150 (395 ) — 755 Total other intangible assets $ 46,016 (29,324 ) (175 ) 16,517 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 $1.60 billion and $1.62 billion at March 31, 2019 and December 31, 2018 , respectively, all of which relate to residential mortgage loans. At March 31, 2019 and December 31, 2018 , the servicing asset, included in other intangible assets, had an estimated fair value of $14.0 million and $14.9 million , respectively. At March 31, 2019 , fair value was based on expected future cash flows considering a weighted average discount rate of 12.50% , a weighted average constant prepayment rate on mortgages of 9.48% and a weighted average life of 6.8 years . See Note 14 for additional details. Core deposit premiums are amortized using an accelerated method and having a weighted average amortization period of 10 years . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company adopted ASU 2016-02, “ Leases (Topic 842) ” and all subsequent ASUs that modified Topic 842 on January 1, 2019. Topic 842 requires 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. We have operating leases for corporate offices, branch locations and certain equipment. Our leases have remaining lease terms of up to 17 years , some of which include options to extend the leases for up to 10 years , and some of which include options to terminate the leases within 1 year . Certain of our operating leases for branch locations contain variable lease payments related to consumer price index adjustments. The following table presents the balance sheet information related to our leases: March 31, 2019 (Dollars in thousands) Operating lease right-of-use assets $ 187,560 Operating lease liabilities 197,281 Weighted average remaining lease term 10.3 years Weighted average discount rate 2.73 % The discount rate used in determining the lease liability for each individual lease was the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. This corresponded with the remaining lease term as of January 1, 2019 for leases that existed at adoption and as of the lease commencement date for leases subsequently entered into. The following table presents the components of total lease cost recognized in the Consolidated Statement of Income: Three Months Ended March 31, 2019 (In thousands) Included in office occupancy and equipment expense: Operating lease cost $ 6,320 Short-term lease cost 83 Variable lease cost — Included in other income: Sublease income 67 The following table presents supplemental cash flow information related to leases: Three Months Ended March 31, 2019 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 6,138 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases 18 Future minimum operating lease payments and reconciliation to operating lease liabilities at March 31, 2019 : March 31, 2019 (In thousands) Remainder of 2019 $ 18,295 2020 23,791 2021 23,481 2022 21,751 2023 20,709 Thereafter 119,901 Total lease payments 227,928 Less: Imputed interest (30,647 ) Total operating lease liabilities $ 197,281 At December 31, 2018 , the Company’s minimum operating lease payments for non-cancelable operating leases were $24.4 million , $23.8 million , $23.4 million , $21.7 million and $20.7 million for 2019 through 2023, respectively, and $119.9 million in the aggregate for all years thereafter. |
Equity Incentive Plan
Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plan | Equity Incentive Plan At the annual meeting held on June 9, 2015, stockholders of the Company approved the Investors Bancorp, Inc. 2015 Equity Incentive Plan (“2015 Plan”) which provides for the issuance or delivery of up to 30,881,296 shares ( 13,234,841 restricted stock awards and 17,646,455 stock options) of Investors Bancorp, Inc. common stock. Restricted shares granted under the 2015 Plan vest in equal installments, over the service period generally ranging from 5 to 7 years beginning one year from the date of grant. Additionally, certain restricted shares awarded are performance vesting awards, which may or may not vest depending upon the attainment of certain corporate financial targets. The vesting of restricted stock may accelerate in accordance with the terms of the 2015 Plan. The product of the number of shares granted and the grant date closing market price of the Company’s common stock determine the fair value of restricted shares under the 2015 Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. For the three months ended March 31, 2019 and March 31, 2018 , the Company granted 119,663 and 18,947 shares of restricted stock awards under the 2015 Plan, respectively. 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 three months ended March 31, 2019 and March 31, 2018 , the Company granted 25,000 and 15,000 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 periods presented below: Three Months Ended March 31, 2019 2018 Weighted average expected life (in years) 6.50 6.50 Weighted average risk-free rate of return 2.55 % 2.74 % Weighted average volatility 18.59 % 18.29 % Dividend yield 3.49 % 2.64 % Weighted average fair value of options granted $ 1.65 $ 2.15 Total stock options granted 25,000 15,000 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 months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 (In thousands) Stock option expense $ 1,302 1,430 Restricted stock expense 3,271 1,940 Total share based compensation expense $ 4,573 3,370 The following is a summary of the Company’s stock option activity and related information for the three months ended March 31, 2019 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2018 10,216,047 $ 12.43 6.5 $ 522 Granted 25,000 12.59 9.9 Exercised (19,125 ) 8.80 4.6 Forfeited (184,286 ) 12.30 Expired (21,000 ) 12.71 Outstanding at March 31, 2019 10,016,636 12.44 6.2 812 Exercisable at March 31, 2019 5,093,217 $ 12.35 6.2 $ 807 Expected future expense relating to the non-vested options outstanding as of March 31, 2019 is $14.0 million over a weighted average period of 2.59 years. The following is a summary of the status of the Company’s restricted shares as of March 31, 2019 and changes therein during the three months ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 3,477,747 $ 12.69 Granted 119,663 12.62 Vested (282,114 ) 13.03 Forfeited (137,066 ) 12.63 Outstanding and non vested at March 31, 2019 3,178,230 $ 12.66 Expected future expense relating to the non-vested restricted shares outstanding as of March 31, 2019 is $32.1 million over a weighted average period of 2.98 years. |
Net Periodic Benefit Plan Expen
Net Periodic Benefit Plan Expense | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Plan Expense | Net Periodic Benefit Plan Expense The Company has an Executive Supplemental Retirement Wage Replacement Plan (“SERP II”) and the Supplemental ESOP and Retirement Plan (“SERP I”) (collectively, the “SERPs”). The SERP II 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 SERP II 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 the SERP I. Effective as of the close of business of December 31, 2016, the SERP II 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 SERP I 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 SERPs 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 SERP II are as follows: Three Months Ended March 31, 2019 2018 (In thousands) Interest cost $ 397 355 Amortization of: Net loss — 126 Total net periodic benefit cost $ 397 481 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 three months ended March 31, 2019 . The Company also maintains the Pentegra DB Plan. Since it is a multi-employer 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 eliminated all future benefit accruals and each participant’s frozen accrued benefit was determined as of December 31, 2016 with no further benefits accrued subsequent to December 31, 2016. There was no contribution required during the three months ended March 31, 2019 . We anticipate contributing funds to the plan to meet any minimum funding requirements for the remainder of 2019 . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s floating rate borrowings and pools of fixed-rate assets. 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. Such derivatives were used to hedge the variability in cash flows associated with borrowings. 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 $4.4 million will be reclassified as a decrease to interest expense. Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its fixed-rate assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Such derivatives were used to hedge the changes in fair value of certain of its pools of prepayable fixed rate assets. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. Derivatives Not Designated as Hedges The Company has credit derivatives resulting from participations in interest rate swaps provided to external lenders as part of loan participation arrangements which are, therefore, not used to manage interest rate risk in the Company’s assets or liabilities. Additionally, the Company provides interest rate risk management services to commercial customers, primarily interest rate swaps. The Company’s market risk from unfavorable movements in interest rates related to these derivative contracts is economically hedged by concurrently entering into offsetting derivative contracts that have identical notional values, terms and indices. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain lenders which participate in loans and commercial customers. Fair Values of Derivative Instruments on the Balance Sheet Asset Derivatives Liability Derivatives March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value (in millions) (In thousands) (in millions) (In thousands) (in millions) (In thousands) (in millions) (In thousands) Derivatives designated as hedging instruments: Interest Rate Swaps $ — Other assets $ — $ — Other assets $ — $ 3,055 Other liabilities $ 527 $ 2,605 Other liabilities $ 432 Total derivatives designated as hedging instruments $ — $ — $ 527 $ 432 Derivatives not designated as hedging instruments: Interest Rate Swaps $ 36 Other assets $ 1,534 $ — Other assets $ — $ 36 Other liabilities $ 14 $ — Other liabilities $ — Other Contracts — Other assets — — Other assets — 22 Other liabilities 91 18 Other liabilities 66 Total derivatives not designated as hedging instruments $ 1,534 $ — $ 105 $ 66 The Chicago Mercantile Exchange (“CME”) legally characterizes the variation margin posted between counterparties as settlements of the outstanding derivative contracts instead of cash collateral. Effect of Derivative Instruments on Accumulated Other Comprehensive Income (Loss) The following table presents the effect of the Company’s derivative financial instruments on Accumulated Other Comprehensive Income (Loss) for the three months ended March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 (In thousands) Cash Flow Hedges - Interest rate swaps Amount of (loss) gain recognized in other comprehensive income (loss) $ (19,681 ) 16,938 Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) to interest expense 2,090 (369 ) Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships The following table presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income as of March 31, 2019 and 2018 . For the Three Months Ended March 31, 2019 2018 The effects of fair value and cash flow hedging: Income statement location (In thousands) Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items Interest income on loans $ 922 — Derivatives designated as hedging instruments Interest income on loans (1,021 ) — Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest contracts Amount of gain or (loss) reclassified from accumulated other comprehensive income Interest expense on borrowings 2,090 (369 ) Amount of gain or (loss) reclassified from accumulated other comprehensive income as a result that a forecasted transaction is no longer probable of occurring Interest expense on borrowings — — Total amounts of income and expense line items presented in the income statement in which the effects of fair value are recorded $ 1,991 (369 ) As of March 31, 2019 , the following amounts were recorded on the Consolidated Balance Sheets related to cumulative basis adjustment for fair value hedges. There were no fair value hedges at March 31, 2018 : Balance sheet location Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (In thousands) Loans receivable, net (1) $ 1,256,215 1,005,294 $ 1,215 294 (1) At March 31, 2019 , the amortized cost basis of the closed portfolios used in these hedging relationships was $2.18 billion ; the cumulative basis adjustments associated with these hedging relationships was $1.2 million ; and the amounts of the designated hedged items were $1.26 billion . Location and Amount of Gain or (Loss) Recognized in Income on Derivatives Not Designated as Hedging Instruments The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements of Income as of March 31, 2019 . There were no derivative financial instruments that are not designated as hedging instruments as of March 31, 2018 : Consolidated Statements of Income location Amount of Gain or (Loss) Recognized in Income on Derivative For the Three Months Ended March 31, 2019 (In thousands) Other Contracts Other income / (expense) $ 29 Total $ 29 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 March 31, 2019 and December 31, 2018 . The net amounts of derivative assets and liabilities can be reconciled to the tabular disclosure of the fair value hierarchy, see Note 14, 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) March 31, 2019 Liabilities: Derivative contracts $ 632 — 632 — — 632 Total $ 632 — 632 — — 632 December 31, 2018 Liabilities: Derivative contracts $ 498 — 498 — — 498 Total $ 498 — 498 — — 498 |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Comprehensive Income | Comprehensive Income The components of comprehensive income, gross and net of tax, are as follows: Three Months Ended March 31, 2019 2018 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 67,463 (19,305 ) 48,158 78,009 (20,084 ) 57,925 Other comprehensive income (loss): Change in funded status of retirement obligations 18 (5 ) 13 143 (40 ) 103 Unrealized gains (losses) on debt securities available-for-sale 21,514 (5,275 ) 16,239 (30,535 ) 7,812 (22,723 ) Accretion of loss on debt securities reclassified to held-to-maturity from available-for-sale 157 (44 ) 113 233 (66 ) 167 Other-than-temporary impairment accretion on debt securities 251 (71 ) 180 300 (84 ) 216 Net (losses) gains on derivatives (21,771 ) 6,120 (15,651 ) 17,307 (4,865 ) 12,442 Total other comprehensive income (loss) 169 725 894 (12,552 ) 2,757 (9,795 ) Total comprehensive income $ 67,632 (18,580 ) 49,052 65,457 (17,327 ) 48,130 The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the three months ended March 31, 2019 and 2018 : 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, 2018 $ (3,018 ) (921 ) (8,884 ) (11,397 ) 12,651 (11,569 ) Net change 13 113 16,239 180 (15,651 ) 894 Balance - March 31, 2019 $ (3,005 ) (808 ) 7,355 (11,217 ) (3,000 ) (10,675 ) Balance - December 31, 2017 $ (5,640 ) (1,520 ) (21,184 ) (14,482 ) 13,487 (29,339 ) Net change 103 167 (22,723 ) 216 12,442 (9,795 ) Reclassification due to the adoption of ASU No. 2016-01 — — (606 ) — — (606 ) Balance - March 31, 2018 $ (5,537 ) (1,353 ) (44,513 ) (14,266 ) 25,929 (39,740 ) 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 March 31, 2019 2018 (In thousands) Change in funded status of retirement obligations Amortization of net (gain) loss $ (2 ) 129 Interest expense Reclassification adjustment for unrealized (gains) losses on derivatives (2,090 ) 369 Total before tax (2,092 ) 498 Income tax benefit (expense) 599 (128 ) Net of tax $ (1,493 ) 370 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
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 debt 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 debt 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 unrealized gains and losses recognized in the Consolidated Statements of Income. The fair values of equity securities are based on quoted market prices (Level 1). Debt securities available-for-sale Our debt securities 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 and risk participation 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 March 31, 2019 and December 31, 2018 . Carrying Value at March 31, 2019 Total Level 1 Level 2 Level 3 (In thousands) Assets: Equity securities $ 5,880 5,880 — — Debt securities available for sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 1,016,518 — 1,016,518 — Federal National Mortgage Association 974,430 — 974,430 — Government National Mortgage Association 165,392 — 165,392 — Total debt securities available-for-sale $ 2,156,340 — 2,156,340 — Interest rate swaps $ 1,534 — 1,534 — Liabilities: Derivatives: Interest rate swaps $ 541 — 541 — Other contracts 91 — 91 — Total derivatives $ 632 — 632 — Carrying Value at December 31, 2018 Total Level 1 Level 2 Level 3 (In thousands) Assets: Equity securities $ 5,793 5,793 — — Debt securities available for sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 986,650 — 986,650 — Federal National Mortgage Association 968,556 — 968,556 — Government National Mortgage Association 166,956 — 166,956 — Total debt securities available-for-sale $ 2,122,162 — 2,122,162 — Liabilities: Derivatives: Interest rate swaps $ 432 — 432 — Other contracts 66 — 66 — Total derivatives $ 498 — 498 — There have been no changes in the methodologies used at March 31, 2019 from December 31, 2018 , and there were no transfers between Level 1 and Level 2 during the three months ended March 31, 2019 . There were no Level 3 assets measured at fair value on a recurring basis for the three months ended March 31, 2019 and December 31, 2018 . 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 March 31, 2019 , the fair value model used prepayment speeds ranging from 5.40% to 27.12% and a discount rate of 12.50% for the valuation of the mortgage servicing rights. At December 31, 2018 , the fair value model used prepayment speeds ranging from 4.98% to 27.30% and a discount rate of 12.50% 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 generally 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 March 31, 2019 and December 31, 2018 . For the three months ended March 31, 2019 and December 31, 2018 there was no change to the carrying value of MSR or loans held for sale. Security Type Valuation Technique Unobservable Input Range Weighted Average Input Carrying Value at March 31, 2019 Minimum Maximum Total Level 1 Level 2 Level 3 (In thousands) Impaired loans Market comparable Lack of marketability 1.0% 51.0% 11.20% $ 27,594 — — 27,594 Other real estate owned Market comparable Lack of marketability 0.0% 25.0% 4.30% 697 — — 697 $ 28,291 — — 28,291 Security Type Valuation Technique Unobservable Input Range Weighted Average Input Carrying Value at December 31, 2018 Minimum Maximum 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% 83.0% 11.20% $ 15,148 — — 15,148 Other real estate owned Market comparable Lack of marketability 0.0% 25.0% 10.50% 241 — — 241 $ 15,389 — — 15,389 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. March 31, 2019 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 186,083 186,083 186,083 — — Equities 5,880 5,880 5,880 — — Debt securities available-for-sale 2,156,340 2,156,340 — 2,156,340 — Debt securities held-to-maturity 1,516,600 1,536,684 — 1,456,268 80,416 FHLB stock 258,949 258,949 258,949 — — Loans held for sale 6,827 6,827 — 6,827 — Net loans 21,503,110 21,451,866 — — 21,451,866 Derivative financial instruments 1,534 1,534 — 1,534 — Financial liabilities: Deposits, other than time deposits $ 12,773,906 12,773,906 12,773,906 — — Time deposits 4,856,093 4,840,838 — 4,840,838 — Borrowed funds 5,549,587 5,531,399 — 5,531,399 — Derivative financial instruments 632 632 — 632 — December 31, 2018 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 196,891 196,891 196,891 — — Equities 5,793 5,793 5,793 — — Debt securities available-for-sale 2,122,162 2,122,162 — 2,122,162 — Debt securities held-to-maturity 1,555,137 1,558,564 — 1,476,565 81,999 FHLB stock 260,234 260,234 260,234 — — Loans held for sale 4,074 4,074 — 4,074 — Net loans 21,378,136 21,085,185 — — 21,085,185 Financial liabilities: Deposits, other than time deposits $ 13,009,422 13,009,422 13,009,422 — — Time deposits 4,570,847 4,546,991 — 4,546,991 — Borrowed funds 5,435,681 5,398,553 — 5,398,553 — Derivative financial instruments 498 498 — 498 — 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 | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company’s contracts with customers in the scope of Topic 606, Revenue from Contracts with Customers , 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 and other income was as follows: Three Months Ended March 31, March 31, 2019 March 31, 2018 (Dollars in thousands) Revenue from contracts with customers included in: Fees and service charges $ 3,283 3,122 Other income 2,223 1,769 Total revenue from contracts with customers $ 5,506 4,891 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 | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Standard Description Required date of adoption Effect on Consolidated Financial Statements Standards Adopted in 2019 Leases (Topic 842) The amendment 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. ASU 2018-01 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. ASU 2018-10 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. ASU 2018-20 provides an accounting policy election for lessors related to sales and other similar taxes collected from lessees and addresses lessor accounting for variable payments. ASU 2019-01 addresses three issues related to (i) determination of the fair value of the underlying assets by lessors, (ii) presentation of sales-type and direct financing leases in the statement of cash flows and (iii) transition disclosures related to accounting changes and error corrections. January 1, 2019 Upon adoption, the Company recognized operating lease right-of-use assets and related operating lease liabilities totaling $193.3 million and $200.7 million, respectively. The Company adopted this amendment utilizing a modified retrospective approach and the optional transition method under which we use the effective date as the date of initial application of the amendments. The modified retrospective approach includes practical expedients such that we will not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. See Note 9 for expanded disclosures. Derivatives and Hedging (Topic 815)-Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes The amendment permits the use of the Overnight Index Swap (OIS) Rate based on the Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes. January 1, 2019 The Company is applying the amendments in this update prospectively for qualifying new or redesignated hedging relationships entered into on or after the effective date. 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. 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. January 1, 2019 The Company had applied the guidance of Topic 718 to its accounting for share-based payment awards to its Board of Directors prior to adoption of the amendments, and, therefore, this update did not have an impact on the Company’s Consolidated Financial Statements. Standard Description Required date of adoption Effect on Consolidated Financial Statements 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. January 1, 2019 The adoption of the amendments did not have an impact on the Company’s Consolidated Financial Statements. Standards Not Yet Adopted Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) This new guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Specifically, where a cloud computing arrangement includes a license to internal-use software, the software license is accounted for by the customer in accordance with Subtopic 350-40, “Intangibles- Goodwill and Other-Internal-Use Software”. January 1, 2020 Early adoption permitted The amendments in this Update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company does not expect ASU No. 2018-15 to have a material impact on the Company’s Consolidated Financial Statements. Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing disclosures that no longer are considered cost beneficial, clarifying the specific requirements of disclosures, and adding disclosure requirements identified as relevant. January 1, 2021 Early adoption permitted The update is to be applied on a retrospective basis. The Company will evaluate the effect of ASU 2018-14 on disclosures with regard to employee benefit plans but does not expect a material impact on the Company’s Consolidated Financial Statements. Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement The amendments remove the requirement to disclose the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of such transfers and the valuation processes for Level 3 fair value measurements. The ASU modifies the disclosure requirements for investments in certain entities that calculate net asset value and clarify the purpose of the measurement uncertainty disclosure. The ASU adds disclosure requirements about the changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. January 1, 2020 Early adoption permitted to any removed or modified disclosures and delay of adoption of additional disclosures until the effective date Changes should be applied retrospectively to all periods presented upon the effective date with the exception of the following, which should be applied prospectively: disclosures relating to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the disclosures for uncertainty measurement. The adoption of ASU 2018-13 will not have a material impact on the Company’s Consolidated Financial Statements. 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. January 1, 2020 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. Standard Description Required date of adoption Effect on Consolidated Financial Statements Measurement of Credit Losses on Financial Instruments This ASU changes how entities will report credit losses for financial assets held at amortized cost and available-for-sale debt securities. The amendments replace today’s “incurred loss” approach with a methodology that incorporates macroeconomic forecast assumptions and management judgments applicable to and through the expected life of the portfolios based on relevant information about past events, including historical loss experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. The amendments will apply to financial assets such as loans, leases and held-to-maturity investments; and certain off-balance sheet credit exposures. The amendments expand credit quality disclosure requirements. In November 2018, the FASB issued ASU 2018-19, “ Codification Improvements to Topic 326, Financial Instruments-Credit Losses”, which clarifies the scope of the guidance in the amendments in ASU 2016-13 with respect to operating lease receivables. January 1, 2020 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 losses - will have an offsetting impact on retained earnings. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
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 April 24, 2019, the Company declared a cash dividend of $0.11 per share. The $0.11 dividend per share will be paid to stockholders on May 24, 2019, with a record date of May 10, 2019. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent accounting pronouncements | Standard Description Required date of adoption Effect on Consolidated Financial Statements Standards Adopted in 2019 Leases (Topic 842) The amendment 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. ASU 2018-01 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. ASU 2018-10 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. ASU 2018-20 provides an accounting policy election for lessors related to sales and other similar taxes collected from lessees and addresses lessor accounting for variable payments. ASU 2019-01 addresses three issues related to (i) determination of the fair value of the underlying assets by lessors, (ii) presentation of sales-type and direct financing leases in the statement of cash flows and (iii) transition disclosures related to accounting changes and error corrections. January 1, 2019 Upon adoption, the Company recognized operating lease right-of-use assets and related operating lease liabilities totaling $193.3 million and $200.7 million, respectively. The Company adopted this amendment utilizing a modified retrospective approach and the optional transition method under which we use the effective date as the date of initial application of the amendments. The modified retrospective approach includes practical expedients such that we will not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. See Note 9 for expanded disclosures. Derivatives and Hedging (Topic 815)-Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes The amendment permits the use of the Overnight Index Swap (OIS) Rate based on the Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes. January 1, 2019 The Company is applying the amendments in this update prospectively for qualifying new or redesignated hedging relationships entered into on or after the effective date. 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. 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. January 1, 2019 The Company had applied the guidance of Topic 718 to its accounting for share-based payment awards to its Board of Directors prior to adoption of the amendments, and, therefore, this update did not have an impact on the Company’s Consolidated Financial Statements. Standard Description Required date of adoption Effect on Consolidated Financial Statements 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. January 1, 2019 The adoption of the amendments did not have an impact on the Company’s Consolidated Financial Statements. Standards Not Yet Adopted Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) This new guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Specifically, where a cloud computing arrangement includes a license to internal-use software, the software license is accounted for by the customer in accordance with Subtopic 350-40, “Intangibles- Goodwill and Other-Internal-Use Software”. January 1, 2020 Early adoption permitted The amendments in this Update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company does not expect ASU No. 2018-15 to have a material impact on the Company’s Consolidated Financial Statements. Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing disclosures that no longer are considered cost beneficial, clarifying the specific requirements of disclosures, and adding disclosure requirements identified as relevant. January 1, 2021 Early adoption permitted The update is to be applied on a retrospective basis. The Company will evaluate the effect of ASU 2018-14 on disclosures with regard to employee benefit plans but does not expect a material impact on the Company’s Consolidated Financial Statements. Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement The amendments remove the requirement to disclose the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of such transfers and the valuation processes for Level 3 fair value measurements. The ASU modifies the disclosure requirements for investments in certain entities that calculate net asset value and clarify the purpose of the measurement uncertainty disclosure. The ASU adds disclosure requirements about the changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. January 1, 2020 Early adoption permitted to any removed or modified disclosures and delay of adoption of additional disclosures until the effective date Changes should be applied retrospectively to all periods presented upon the effective date with the exception of the following, which should be applied prospectively: disclosures relating to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the disclosures for uncertainty measurement. The adoption of ASU 2018-13 will not have a material impact on the Company’s Consolidated Financial Statements. 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. January 1, 2020 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. Standard Description Required date of adoption Effect on Consolidated Financial Statements Measurement of Credit Losses on Financial Instruments This ASU changes how entities will report credit losses for financial assets held at amortized cost and available-for-sale debt securities. The amendments replace today’s “incurred loss” approach with a methodology that incorporates macroeconomic forecast assumptions and management judgments applicable to and through the expected life of the portfolios based on relevant information about past events, including historical loss experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. The amendments will apply to financial assets such as loans, leases and held-to-maturity investments; and certain off-balance sheet credit exposures. The amendments expand credit quality disclosure requirements. In November 2018, the FASB issued ASU 2018-19, “ Codification Improvements to Topic 326, Financial Instruments-Credit Losses”, which clarifies the scope of the guidance in the amendments in ASU 2016-13 with respect to operating lease receivables. January 1, 2020 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 losses - will have an offsetting impact on retained earnings. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 2018 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 48,158 $ 57,925 Shares Weighted-average common shares outstanding - basic 267,664,063 287,685,531 Effect of dilutive common stock equivalents (1) 605,667 1,446,385 Weighted-average common shares outstanding - diluted 268,269,730 289,131,916 Earnings per common share Basic $ 0.18 $ 0.20 Diluted $ 0.18 $ 0.20 (1) For the three months ended March 31, 2019 and 2018 , there were 10,278,975 and 9,673,423 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) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of disaggregated net gains and losses on equity securities | The following table presents the disaggregated net gains (losses) on equity securities reported in the Consolidated Statements of Income: For the Three Months Ended March 31, 2019 2018 (In thousands) Net gains (losses) recognized on equity securities $ 64 (46 ) Less: Net gains (losses) recognized on equity securities sold — — Unrealized gains (losses) recognized on equity securities $ 64 (46 ) |
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 March 31, 2019 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 1,009,142 11,015 3,639 1,016,518 Federal National Mortgage Association 974,499 6,958 7,027 974,430 Government National Mortgage Association 163,128 2,264 — 165,392 Total debt securities available-for-sale $ 2,146,769 20,237 10,666 2,156,340 At March 31, 2019 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 $ 41,262 — 41,262 — 405 40,857 Municipal bonds 21,013 — 21,013 955 — 21,968 Corporate and other debt securities 66,402 15,603 50,799 34,635 — 85,434 Total debt securities held-to-maturity 128,677 15,603 113,074 35,590 405 148,259 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 398,597 526 398,071 322 4,840 393,553 Federal National Mortgage Association 926,662 600 926,062 1,672 11,888 915,846 Government National Mortgage Association 79,393 — 79,393 — 367 79,026 Total mortgage-backed securities held-to-maturity 1,404,652 1,126 1,403,526 1,994 17,095 1,388,425 Total debt securities held-to-maturity $ 1,533,329 16,729 1,516,600 37,584 17,500 1,536,684 (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 debt 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 debt 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, 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 $ 988,348 6,492 8,190 986,650 Federal National Mortgage Association 980,546 3,560 15,550 968,556 Government National Mortgage Association 165,211 1,745 — 166,956 Total debt securities available-for-sale $ 2,134,105 11,797 23,740 2,122,162 At December 31, 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 $ 41,258 — 41,258 — 1,236 40,022 Municipal bonds 25,513 — 25,513 942 — 26,455 Corporate and other debt securities 66,295 15,854 50,441 36,592 — 87,033 Total debt securities held-to-maturity 133,066 15,854 117,212 37,534 1,236 153,510 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 402,231 595 401,636 112 9,413 392,335 Federal National Mortgage Association 955,237 689 954,548 535 22,687 932,396 Government National Mortgage Association 81,741 — 81,741 — 1,418 80,323 Total mortgage-backed securities held-to-maturity 1,439,209 1,284 1,437,925 647 33,518 1,405,054 Total debt securities held-to-maturity $ 1,572,275 17,138 1,555,137 38,181 34,754 1,558,564 (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 debt 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 debt 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 March 31, 2019 , by contractual maturity, are shown below. March 31, 2019 Carrying value Estimated fair value (In thousands) Due in one year or less $ 16,993 16,993 Due after one year through five years — — Due after five years through ten years 50,282 50,850 Due after ten years 45,799 80,416 Total $ 113,074 148,259 |
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 March 31, 2019 and December 31, 2018 , were as follows: March 31, 2019 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 $ 1,584 2 335,311 3,637 336,895 3,639 Federal National Mortgage Association 555 1 573,343 7,026 573,898 7,027 Total debt securities available-for-sale 2,139 3 908,654 10,663 910,793 10,666 Held-to-maturity: Debt securities: Government-sponsored enterprises — — 40,857 405 40,857 405 Mortgage-backed securities: Federal Home Loan Mortgage Corporation — — 360,580 4,840 360,580 4,840 Federal National Mortgage Association — — 744,965 11,888 744,965 11,888 Government National Mortgage Association — — 79,026 367 79,026 367 Total mortgage-backed securities held-to-maturity — — 1,184,571 17,095 1,184,571 17,095 Total debt securities held-to-maturity — — 1,225,428 17,500 1,225,428 17,500 Total $ 2,139 3 2,134,082 28,163 2,136,221 28,166 December 31, 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 $ 97,137 994 288,916 7,196 386,053 8,190 Federal National Mortgage Association 125,389 2,098 489,337 13,452 614,726 15,550 Total debt securities available-for-sale 222,526 3,092 778,253 20,648 1,000,779 23,740 Held-to-maturity: Debt securities: Government-sponsored enterprises — — 40,022 1,236 40,022 1,236 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 51,045 553 339,534 8,860 390,579 9,413 Federal National Mortgage Association 214,400 2,449 663,671 20,238 878,071 22,687 Government National Mortgage Association 35,499 492 44,824 926 80,323 1,418 Total mortgage-backed securities held-to-maturity 300,944 3,494 1,048,029 30,024 1,348,973 33,518 Total debt securities held-to-maturity 300,944 3,494 1,088,051 31,260 1,388,995 34,754 Total $ 523,470 6,586 1,866,304 51,908 2,389,774 58,494 |
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 March 31, 2019 2018 (In thousands) Balance of credit related OTTI, beginning of period $ 80,595 85,768 Additions: Initial credit impairments — — Subsequent credit impairments — — Reductions: Accretion of credit loss impairment due to an increase in expected cash flows (882 ) (923 ) Reductions for securities sold or paid off during the period — — Balance of credit related OTTI, end of period $ 79,713 84,845 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of loan portfolio | The detail of the loan portfolio as of March 31, 2019 and December 31, 2018 was as follows: March 31, December 31, (In thousands) Multi-family loans $ 8,174,342 8,165,187 Commercial real estate loans 4,848,729 4,783,095 Commercial and industrial loans 2,430,540 2,389,756 Construction loans 232,170 227,015 Total commercial loans 15,685,781 15,565,053 Residential mortgage loans 5,366,455 5,350,504 Consumer and other loans 691,136 707,746 Total loans excluding PCI loans 21,743,372 21,623,303 PCI loans 4,281 4,461 Deferred fees, premiums and other, net (1) (9,826 ) (13,811 ) Allowance for loan losses (234,717 ) (235,817 ) Net loans $ 21,503,110 21,378,136 (1) Included in deferred fees and premiums are accretable purchase accounting adjustments in connection with loans acquired and an adjustment to the carrying amount of the residential loans hedged. |
Summary of analysis of the allowance for loan losses | An analysis of the allowance for loan losses is summarized as follows: Three Months Ended March 31, 2019 2018 (In thousands) Balance at beginning of the period $ 235,817 230,969 Loans charged off (5,445 ) (7,107 ) Recoveries 1,345 4,782 Net charge-offs (4,100 ) (2,325 ) Provision for loan losses 3,000 2,500 Balance at end of the period $ 234,717 231,144 |
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 March 31, 2019 and December 31, 2018 : March 31, 2019 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, 2018 $ 82,876 48,449 71,084 7,486 20,776 3,102 2,044 235,817 Charge-offs (1,463 ) (8 ) (2,946 ) — (823 ) (205 ) — (5,445 ) Recoveries — 542 331 — 432 40 — 1,345 Provision (5,841 ) (1,356 ) 10,376 (183 ) 172 54 (222 ) 3,000 Ending balance-March 31, 2019 $ 75,572 47,627 78,845 7,303 20,557 2,991 1,822 234,717 Individually evaluated for impairment $ — — — — 1,986 72 — 2,058 Collectively evaluated for impairment 75,572 47,627 78,845 7,303 18,571 2,919 1,822 232,659 Loans acquired with deteriorated credit quality — — — — — — — — Balance at March 31, 2019 $ 75,572 47,627 78,845 7,303 20,557 2,991 1,822 234,717 Loans: Individually evaluated for impairment $ 32,346 5,173 17,152 — 28,297 846 — 83,814 Collectively evaluated for impairment 8,141,996 4,843,556 2,413,388 232,170 5,338,158 690,290 — 21,659,558 Loans acquired with deteriorated credit quality — 3,673 — — 515 93 — 4,281 Balance at March 31, 2019 $ 8,174,342 4,852,402 2,430,540 232,170 5,366,970 691,229 — 21,747,653 December 31, 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 (2,603 ) (7,200 ) (7,078 ) — (5,246 ) (1,963 ) — (24,090 ) Recoveries 17 5,213 9,478 — 2,193 37 — 16,938 Provision 3,993 (5,701 ) 14,121 (4,123 ) 1,994 1,929 (213 ) 12,000 Ending balance-December 31, 2018 $ 82,876 48,449 71,084 7,486 20,776 3,102 2,044 235,817 Individually evaluated for impairment $ — — — — 2,082 72 — 2,154 Collectively evaluated for impairment 82,876 48,449 71,084 7,486 18,694 3,030 2,044 233,663 Loans acquired with deteriorated credit quality — — — — — — — — Balance at December 31, 2018 $ 82,876 48,449 71,084 7,486 20,776 3,102 2,044 235,817 Loans: Individually evaluated for impairment $ 32,046 6,623 19,624 — 27,884 570 — 86,747 Collectively evaluated for impairment 8,133,141 4,776,472 2,370,132 227,015 5,322,620 707,176 — 21,536,556 Loans acquired with deteriorated credit quality — 3,730 — — 611 120 — 4,461 Balance at December 31, 2018 $ 8,165,187 4,786,825 2,389,756 227,015 5,351,115 707,866 — 21,627,764 |
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 March 31, 2019 and December 31, 2018 by class of loans, excluding PCI loans: March 31, 2019 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,568,139 981,139 291,225 333,839 — — 8,174,342 Commercial real estate 4,027,646 516,444 150,022 154,617 — — 4,848,729 Commercial and industrial 1,625,810 607,526 57,203 140,001 — — 2,430,540 Construction 156,986 56,663 — 18,521 — — 232,170 Total commercial loans 12,378,581 2,161,772 498,450 646,978 — — 15,685,781 Residential mortgage 5,285,603 15,110 6,132 59,610 — — 5,366,455 Consumer and other 676,901 10,173 1,135 2,927 — — 691,136 Total $ 18,341,085 2,187,055 505,717 709,515 — — 21,743,372 December 31, 2018 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,462,056 1,061,168 313,498 328,465 — — 8,165,187 Commercial real estate 3,910,282 552,080 162,488 158,245 — — 4,783,095 Commercial and industrial 1,647,130 571,620 53,861 117,145 — — 2,389,756 Construction 163,503 35,774 9,200 18,538 — — 227,015 Total commercial loans 12,182,971 2,220,642 539,047 622,393 — — 15,565,053 Residential mortgage 5,268,234 12,082 7,712 62,476 — — 5,350,504 Consumer and other 694,432 8,443 1,650 3,221 — — 707,746 Total $ 18,145,637 2,241,167 548,409 688,090 — — 21,623,303 |
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 March 31, 2019 and December 31, 2018 by class of loans, excluding PCI loans: March 31, 2019 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 29,637 3,621 31,420 64,678 8,109,664 8,174,342 Commercial real estate 5,579 314 644 6,537 4,842,192 4,848,729 Commercial and industrial 11,322 3,810 10,291 25,423 2,405,117 2,430,540 Construction — — 210 210 231,960 232,170 Total commercial loans 46,538 7,745 42,565 96,848 15,588,933 15,685,781 Residential mortgage 15,822 6,555 35,685 58,062 5,308,393 5,366,455 Consumer and other 10,173 1,215 2,100 13,488 677,648 691,136 Total $ 72,533 15,515 80,350 168,398 21,574,974 21,743,372 December 31, 2018 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 23,098 2,572 33,683 59,353 8,105,834 8,165,187 Commercial real estate 5,491 3,511 2,415 11,417 4,771,678 4,783,095 Commercial and industrial 2,988 867 4,560 8,415 2,381,341 2,389,756 Construction 9,200 — 227 9,427 217,588 227,015 Total commercial loans 40,777 6,950 40,885 88,612 15,476,441 15,565,053 Residential mortgage 13,811 7,712 39,255 60,778 5,289,726 5,350,504 Consumer and other 8,524 1,650 2,830 13,004 694,742 707,746 Total $ 63,112 16,312 82,970 162,394 21,460,909 21,623,303 |
Non-accrual loans status | The following table presents non-accrual loans, excluding PCI loans, at the dates indicated: March 31, 2019 December 31, 2018 # of loans Amount # of loans Amount (Dollars in thousands) Non-accrual: Multi-family 14 $ 34,069 15 $ 33,940 Commercial real estate 32 9,854 35 12,391 Commercial and industrial 14 17,184 14 19,394 Construction 1 210 1 227 Total commercial loans 61 61,317 65 65,952 Residential mortgage and consumer 296 56,370 320 58,961 Total non-accrual loans 357 $ 117,687 385 $ 124,913 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 March 31, 2019 and December 31, 2018 , these loans are comprised of the following: March 31, 2019 December 31, 2018 # of loans Amount # of loans Amount (Dollars in thousands) TDR with payment status current classified as non-accrual: Commercial real estate 2 $ 2,845 2 $ 2,817 Commercial and industrial 1 3,109 2 9,762 Total commercial loans 3 5,954 4 12,579 Residential mortgage and consumer 34 5,378 26 4,006 Total TDR with payment status current classified as non-accrual 37 $ 11,332 30 $ 16,585 The following table presents TDR loans which were also 30-89 days delinquent and classified as non-accrual at the dates indicated: March 31, 2019 December 31, 2018 # of loans Amount # of loans Amount (Dollars in thousands) TDR 30-89 days delinquent classified as non-accrual: Residential mortgage and consumer 8 $ 1,215 11 $ 1,810 Total TDR 30-89 days delinquent classified as non-accrual 8 $ 1,215 11 $ 1,810 |
Table present loans individually evaluated for impairment by portfolio segment | The following tables present loans individually evaluated for impairment by portfolio segment as of March 31, 2019 and December 31, 2018 : March 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 32,346 35,851 — 34,094 21 Commercial real estate 5,173 9,957 — 5,707 84 Commercial and industrial 17,152 25,527 — 16,833 74 Construction — — — — — Total commercial loans 54,671 71,335 — 56,634 179 Residential mortgage and consumer 13,765 18,464 — 12,189 48 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 15,378 16,073 2,058 15,723 41 Total: Multi-family 32,346 35,851 — 34,094 21 Commercial real estate 5,173 9,957 — 5,707 84 Commercial and industrial 17,152 25,527 — 16,833 74 Construction — — — — — Total commercial loans 54,671 71,335 — 56,634 179 Residential mortgage and consumer 29,143 34,537 2,058 27,912 89 Total impaired loans $ 83,814 105,872 2,058 84,546 268 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 32,046 34,199 — 33,656 146 Commercial real estate 6,623 11,896 — 6,611 79 Commercial and industrial 19,624 26,323 — 20,218 232 Construction — — — — — Total commercial loans 58,293 72,418 — 60,485 457 Residential mortgage and consumer 12,626 17,130 — 11,907 167 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 15,828 16,498 2,154 15,627 280 Total: Multi-family 32,046 34,199 — 33,656 146 Commercial real estate 6,623 11,896 — 6,611 79 Commercial and industrial 19,624 26,323 — 20,218 232 Construction — — — — — Total commercial loans 58,293 72,418 — 60,485 457 Residential mortgage and consumer 28,454 33,628 2,154 27,534 447 Total impaired loans $ 86,747 106,046 2,154 88,019 904 |
Troubled debt restructured loans | The following tables present the total TDR loans at March 31, 2019 and December 31, 2018 . There were five residential loans that were previously designated as PCI classified as TDRs for the periods ended March 31, 2019 and December 31, 2018 . March 31, 2019 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Commercial real estate — $ — 3 $ 2,855 3 $ 2,855 Commercial and industrial 2 1,970 2 6,146 4 8,116 Total commercial loans 2 1,970 5 9,001 7 10,971 Residential mortgage and consumer 52 11,676 82 17,470 134 29,146 Total 54 $ 13,646 87 $ 26,471 141 $ 40,117 December 31, 2018 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 1 $ 892 1 $ 892 Commercial real estate — — 3 2,859 3 2,859 Commercial and industrial 2 2,070 4 13,479 6 15,549 Total commercial loans 2 2,070 8 17,230 10 19,300 Residential mortgage and consumer 52 11,550 79 16,908 131 28,458 Total 54 $ 13,620 87 $ 34,138 141 $ 47,758 |
Schedule of troubled debt restructuring | The following tables present information about TDRs that occurred during the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 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 Commercial and industrial — — — 1 435 435 Residential mortgage and consumer 6 1,664 1,664 6 712 712 |
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 months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 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 % Commercial and industrial — — % — % 1 4.75 % 4.50 % Residential mortgage and consumer 6 5.26 % 4.90 % 6 4.70 % 3.28 % |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Summary of deposits | Deposits are summarized as follows: March 31, 2019 December 31, 2018 (In thousands) Non-interest bearing: Checking accounts $ 2,477,079 2,535,848 Interest bearing: Checking accounts 4,700,483 4,783,563 Money market deposits 3,619,546 3,641,070 Savings 1,976,798 2,048,941 Certificates of deposit 4,856,093 4,570,847 Total deposits $ 17,629,999 17,580,269 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and intangible assets | The following table summarizes goodwill and intangible assets at March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (In thousands) Mortgage servicing rights $ 11,621 11,712 Core deposit premiums 3,651 4,050 Other 733 755 Total other intangible assets 16,005 16,517 Goodwill 82,546 82,546 Goodwill and intangible assets $ 98,551 99,063 |
Summary of intangible assets | The following table summarizes other intangible assets as of March 31, 2019 and December 31, 2018 : Gross Intangible Asset Accumulated Amortization Valuation Allowance Net Intangible Assets (In thousands) March 31, 2019 Mortgage servicing rights $ 18,701 (6,905 ) (175 ) 11,621 Core deposit premiums 25,058 (21,407 ) — 3,651 Other 1,150 (417 ) — 733 Total other intangible assets $ 44,909 (28,729 ) (175 ) 16,005 December 31, 2018 Mortgage servicing rights $ 19,808 (7,921 ) (175 ) 11,712 Core deposit premiums 25,058 (21,008 ) — 4,050 Other 1,150 (395 ) — 755 Total other intangible assets $ 46,016 (29,324 ) (175 ) 16,517 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease Cost | The following table presents the components of total lease cost recognized in the Consolidated Statement of Income: Three Months Ended March 31, 2019 (In thousands) Included in office occupancy and equipment expense: Operating lease cost $ 6,320 Short-term lease cost 83 Variable lease cost — Included in other income: Sublease income 67 The following table presents supplemental cash flow information related to leases: Three Months Ended March 31, 2019 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 6,138 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases 18 |
Supplemental Balance Sheet Information | balance sheet information related to our leases: March 31, 2019 (Dollars in thousands) Operating lease right-of-use assets $ 187,560 Operating lease liabilities 197,281 Weighted average remaining lease term 10.3 years Weighted average discount rate 2.73 % |
Maturity of Operating Lease Liabilities | Future minimum operating lease payments and reconciliation to operating lease liabilities at March 31, 2019 : March 31, 2019 (In thousands) Remainder of 2019 $ 18,295 2020 23,791 2021 23,481 2022 21,751 2023 20,709 Thereafter 119,901 Total lease payments 227,928 Less: Imputed interest (30,647 ) Total operating lease liabilities $ 197,281 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 periods presented below: Three Months Ended March 31, 2019 2018 Weighted average expected life (in years) 6.50 6.50 Weighted average risk-free rate of return 2.55 % 2.74 % Weighted average volatility 18.59 % 18.29 % Dividend yield 3.49 % 2.64 % Weighted average fair value of options granted $ 1.65 $ 2.15 Total stock options granted 25,000 15,000 |
Schedule of share based compensation expense | The following table presents the share based compensation expense for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 (In thousands) Stock option expense $ 1,302 1,430 Restricted stock expense 3,271 1,940 Total share based compensation expense $ 4,573 3,370 |
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 three months ended March 31, 2019 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2018 10,216,047 $ 12.43 6.5 $ 522 Granted 25,000 12.59 9.9 Exercised (19,125 ) 8.80 4.6 Forfeited (184,286 ) 12.30 Expired (21,000 ) 12.71 Outstanding at March 31, 2019 10,016,636 12.44 6.2 812 Exercisable at March 31, 2019 5,093,217 $ 12.35 6.2 $ 807 |
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 March 31, 2019 and changes therein during the three months ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 3,477,747 $ 12.69 Granted 119,663 12.62 Vested (282,114 ) 13.03 Forfeited (137,066 ) 12.63 Outstanding and non vested at March 31, 2019 3,178,230 $ 12.66 |
Net Periodic Benefit Plan Exp_2
Net Periodic Benefit Plan Expense (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 SERP II are as follows: Three Months Ended March 31, 2019 2018 (In thousands) Interest cost $ 397 355 Amortization of: Net loss — 126 Total net periodic benefit cost $ 397 481 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of the Company’s derivative financial instruments | Asset Derivatives Liability Derivatives March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value (in millions) (In thousands) (in millions) (In thousands) (in millions) (In thousands) (in millions) (In thousands) Derivatives designated as hedging instruments: Interest Rate Swaps $ — Other assets $ — $ — Other assets $ — $ 3,055 Other liabilities $ 527 $ 2,605 Other liabilities $ 432 Total derivatives designated as hedging instruments $ — $ — $ 527 $ 432 Derivatives not designated as hedging instruments: Interest Rate Swaps $ 36 Other assets $ 1,534 $ — Other assets $ — $ 36 Other liabilities $ 14 $ — Other liabilities $ — Other Contracts — Other assets — — Other assets — 22 Other liabilities 91 18 Other liabilities 66 Total derivatives not designated as hedging instruments $ 1,534 $ — $ 105 $ 66 |
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 Accumulated Other Comprehensive Income (Loss) for the three months ended March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 (In thousands) Cash Flow Hedges - Interest rate swaps Amount of (loss) gain recognized in other comprehensive income (loss) $ (19,681 ) 16,938 Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) to interest expense 2,090 (369 ) The following table presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income as of March 31, 2019 and 2018 . For the Three Months Ended March 31, 2019 2018 The effects of fair value and cash flow hedging: Income statement location (In thousands) Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items Interest income on loans $ 922 — Derivatives designated as hedging instruments Interest income on loans (1,021 ) — Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest contracts Amount of gain or (loss) reclassified from accumulated other comprehensive income Interest expense on borrowings 2,090 (369 ) Amount of gain or (loss) reclassified from accumulated other comprehensive income as a result that a forecasted transaction is no longer probable of occurring Interest expense on borrowings — — Total amounts of income and expense line items presented in the income statement in which the effects of fair value are recorded $ 1,991 (369 ) |
Schedule of cumulative basis adjustment for fair value hedges | As of March 31, 2019 , the following amounts were recorded on the Consolidated Balance Sheets related to cumulative basis adjustment for fair value hedges. There were no fair value hedges at March 31, 2018 : Balance sheet location Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (In thousands) Loans receivable, net (1) $ 1,256,215 1,005,294 $ 1,215 294 (1) At March 31, 2019 , the amortized cost basis of the closed portfolios used in these hedging relationships was $2.18 billion ; the cumulative basis adjustments associated with these hedging relationships was $1.2 million ; and the amounts of the designated hedged items were $1.26 billion . |
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) March 31, 2019 Liabilities: Derivative contracts $ 632 — 632 — — 632 Total $ 632 — 632 — — 632 December 31, 2018 Liabilities: Derivative contracts $ 498 — 498 — — 498 Total $ 498 — 498 — — 498 |
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) March 31, 2019 Liabilities: Derivative contracts $ 632 — 632 — — 632 Total $ 632 — 632 — — 632 December 31, 2018 Liabilities: Derivative contracts $ 498 — 498 — — 498 Total $ 498 — 498 — — 498 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Components of comprehensive income | The components of comprehensive income, gross and net of tax, are as follows: Three Months Ended March 31, 2019 2018 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 67,463 (19,305 ) 48,158 78,009 (20,084 ) 57,925 Other comprehensive income (loss): Change in funded status of retirement obligations 18 (5 ) 13 143 (40 ) 103 Unrealized gains (losses) on debt securities available-for-sale 21,514 (5,275 ) 16,239 (30,535 ) 7,812 (22,723 ) Accretion of loss on debt securities reclassified to held-to-maturity from available-for-sale 157 (44 ) 113 233 (66 ) 167 Other-than-temporary impairment accretion on debt securities 251 (71 ) 180 300 (84 ) 216 Net (losses) gains on derivatives (21,771 ) 6,120 (15,651 ) 17,307 (4,865 ) 12,442 Total other comprehensive income (loss) 169 725 894 (12,552 ) 2,757 (9,795 ) Total comprehensive income $ 67,632 (18,580 ) 49,052 65,457 (17,327 ) 48,130 |
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 three months ended March 31, 2019 and 2018 : 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, 2018 $ (3,018 ) (921 ) (8,884 ) (11,397 ) 12,651 (11,569 ) Net change 13 113 16,239 180 (15,651 ) 894 Balance - March 31, 2019 $ (3,005 ) (808 ) 7,355 (11,217 ) (3,000 ) (10,675 ) Balance - December 31, 2017 $ (5,640 ) (1,520 ) (21,184 ) (14,482 ) 13,487 (29,339 ) Net change 103 167 (22,723 ) 216 12,442 (9,795 ) Reclassification due to the adoption of ASU No. 2016-01 — — (606 ) — — (606 ) Balance - March 31, 2018 $ (5,537 ) (1,353 ) (44,513 ) (14,266 ) 25,929 (39,740 ) 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 March 31, 2019 2018 (In thousands) Change in funded status of retirement obligations Amortization of net (gain) loss $ (2 ) 129 Interest expense Reclassification adjustment for unrealized (gains) losses on derivatives (2,090 ) 369 Total before tax (2,092 ) 498 Income tax benefit (expense) 599 (128 ) Net of tax $ (1,493 ) 370 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and December 31, 2018 . Carrying Value at March 31, 2019 Total Level 1 Level 2 Level 3 (In thousands) Assets: Equity securities $ 5,880 5,880 — — Debt securities available for sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 1,016,518 — 1,016,518 — Federal National Mortgage Association 974,430 — 974,430 — Government National Mortgage Association 165,392 — 165,392 — Total debt securities available-for-sale $ 2,156,340 — 2,156,340 — Interest rate swaps $ 1,534 — 1,534 — Liabilities: Derivatives: Interest rate swaps $ 541 — 541 — Other contracts 91 — 91 — Total derivatives $ 632 — 632 — Carrying Value at December 31, 2018 Total Level 1 Level 2 Level 3 (In thousands) Assets: Equity securities $ 5,793 5,793 — — Debt securities available for sale: Mortgage-backed securities: Federal Home Loan Mortgage Corporation $ 986,650 — 986,650 — Federal National Mortgage Association 968,556 — 968,556 — Government National Mortgage Association 166,956 — 166,956 — Total debt securities available-for-sale $ 2,122,162 — 2,122,162 — Liabilities: Derivatives: Interest rate swaps $ 432 — 432 — Other contracts 66 — 66 — Total derivatives $ 498 — 498 — |
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 March 31, 2019 and December 31, 2018 . For the three months ended March 31, 2019 and December 31, 2018 there was no change to the carrying value of MSR or loans held for sale. Security Type Valuation Technique Unobservable Input Range Weighted Average Input Carrying Value at March 31, 2019 Minimum Maximum Total Level 1 Level 2 Level 3 (In thousands) Impaired loans Market comparable Lack of marketability 1.0% 51.0% 11.20% $ 27,594 — — 27,594 Other real estate owned Market comparable Lack of marketability 0.0% 25.0% 4.30% 697 — — 697 $ 28,291 — — 28,291 Security Type Valuation Technique Unobservable Input Range Weighted Average Input Carrying Value at December 31, 2018 Minimum Maximum 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% 83.0% 11.20% $ 15,148 — — 15,148 Other real estate owned Market comparable Lack of marketability 0.0% 25.0% 10.50% 241 — — 241 $ 15,389 — — 15,389 |
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. March 31, 2019 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 186,083 186,083 186,083 — — Equities 5,880 5,880 5,880 — — Debt securities available-for-sale 2,156,340 2,156,340 — 2,156,340 — Debt securities held-to-maturity 1,516,600 1,536,684 — 1,456,268 80,416 FHLB stock 258,949 258,949 258,949 — — Loans held for sale 6,827 6,827 — 6,827 — Net loans 21,503,110 21,451,866 — — 21,451,866 Derivative financial instruments 1,534 1,534 — 1,534 — Financial liabilities: Deposits, other than time deposits $ 12,773,906 12,773,906 12,773,906 — — Time deposits 4,856,093 4,840,838 — 4,840,838 — Borrowed funds 5,549,587 5,531,399 — 5,531,399 — Derivative financial instruments 632 632 — 632 — December 31, 2018 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 196,891 196,891 196,891 — — Equities 5,793 5,793 5,793 — — Debt securities available-for-sale 2,122,162 2,122,162 — 2,122,162 — Debt securities held-to-maturity 1,555,137 1,558,564 — 1,476,565 81,999 FHLB stock 260,234 260,234 260,234 — — Loans held for sale 4,074 4,074 — 4,074 — Net loans 21,378,136 21,085,185 — — 21,085,185 Financial liabilities: Deposits, other than time deposits $ 13,009,422 13,009,422 13,009,422 — — Time deposits 4,570,847 4,546,991 — 4,546,991 — Borrowed funds 5,435,681 5,398,553 — 5,398,553 — Derivative financial instruments 498 498 — 498 — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue from contracts with customers included in fees and service charges and other income was as follows: Three Months Ended March 31, March 31, 2019 March 31, 2018 (Dollars in thousands) Revenue from contracts with customers included in: Fees and service charges $ 3,283 3,122 Other income 2,223 1,769 Total revenue from contracts with customers $ 5,506 4,891 |
Stock Transactions (Details)
Stock Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 25, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Stock Transactions [Line Items] | |||
Percentage of shares to be repurchased (percentage) | 10.00% | ||
Number of shares authorized to be repurchased (shares) | 28,886,780 | ||
Purchase of treasury stock (shares) | 6,208,379 | 4,525,023 | |
Stock repurchased during period, value | $ 73,732 | $ 61,859 | |
Stock repurchase cost, per share (usd per share) | $ 11.88 | ||
Restricted Stock | |||
Stock Transactions [Line Items] | |||
Purchase of treasury stock (shares) | 128,379 |
Business Combinations (Details)
Business Combinations (Details) $ in Thousands | Feb. 02, 2018USD ($)employee | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Payments to acquire business | $ 0 | $ 340,183 | ||
Goodwill | $ 82,546 | $ 82,546 | ||
Everbank Portfolio | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 345,800 | |||
Number of employees in acquired entity | employee | 7 | |||
Payments to acquire business | $ 340,200 | |||
Goodwill | $ 5,000 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings for basic and diluted earnings per common share | ||
Earnings applicable to common stockholders | $ 48,158 | $ 57,925 |
Shares | ||
Income available to common stockholders, Basic (shares) | 267,664,063 | 287,685,531 |
Effect of dilutive common stock equivalents, Basic (shares) | 605,667 | 1,446,385 |
Income available to common stockholders, Diluted (shares) | 268,269,730 | 289,131,916 |
Earnings per common share | ||
Basic (usd per share) | $ 0.18 | $ 0.20 |
Diluted (usd per share) | $ 0.18 | $ 0.20 |
Equity awards | ||
Earnings per common share | ||
Securities excluded from computation of diluted earnings per share (shares) | 10,278,975 | 9,673,423 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Investment [Line Items] | |||||
Equity securities | $ 5,880 | $ 5,793 | |||
Reclassification due to the adoption of ASU No. 2016-01 | $ (606) | ||||
Carrying value of held to maturity security | 1,516,600 | 1,555,137 | |||
Estimated fair value | 1,536,684 | 1,558,564 | |||
Held-to-maturity securities pledged as collateral | 706,000 | ||||
Held-to-maturity securities pledged as collateral, fair value | 700,700 | ||||
Accumulated non credit-related OTTI | 15,600 | ||||
Accumulated non credit-related OTTI, after-tax | 11,200 | ||||
Proceeds from sale of debt securities | 0 | $ 0 | |||
Proceeds from sale of equity securities | 0 | 0 | |||
Unrealized gains (losses) recognized during the period on equity securities | 64 | $ (46) | |||
Corporate and other debt securities | |||||
Investment [Line Items] | |||||
Carrying value of held to maturity security | 50,799 | 50,441 | |||
Estimated fair value | $ 85,434 | 87,033 | |||
Debt maturities, term (years) | 20 years | ||||
Corporate and other debt securities | TruP Security | |||||
Investment [Line Items] | |||||
Carrying value of held to maturity security | $ 45,800 | ||||
Estimated fair value | 80,400 | ||||
Corporate and other debt securities | Non Investment Grade | |||||
Investment [Line Items] | |||||
Carrying value of held to maturity security | 43,900 | ||||
Estimated fair value | 75,700 | ||||
Mortgage-backed securities | |||||
Investment [Line Items] | |||||
Carrying value of held to maturity security | 1,403,526 | 1,437,925 | |||
Estimated fair value | $ 1,388,425 | $ 1,405,054 | |||
Retained earnings | |||||
Investment [Line Items] | |||||
Reclassification due to the adoption of ASU No. 2016-01 | $ 606 |
Securities (Equity Securities)
Securities (Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net losses recognized during the period on equity securities | $ 64 | $ (46) |
Less: Net gains (losses) recognized during the period on equity securities sold | 0 | 0 |
Unrealized (losses) recognized during the period on equity securities | $ 64 | $ (46) |
Securities (Summary of Securiti
Securities (Summary of Securities- AFS) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Carrying value | $ 2,146,769 | $ 2,134,105 |
Gross unrealized gains | 20,237 | 11,797 |
Gross unrealized losses | 10,666 | 23,740 |
Estimated fair value | 2,156,340 | 2,122,162 |
Federal Home Loan Mortgage Corporation | ||
Debt Securities, Available-for-sale [Line Items] | ||
Carrying value | 1,009,142 | 988,348 |
Gross unrealized gains | 11,015 | 6,492 |
Gross unrealized losses | 3,639 | 8,190 |
Estimated fair value | 1,016,518 | 986,650 |
Federal National Mortgage Association | ||
Debt Securities, Available-for-sale [Line Items] | ||
Carrying value | 974,499 | 980,546 |
Gross unrealized gains | 6,958 | 3,560 |
Gross unrealized losses | 7,027 | 15,550 |
Estimated fair value | 974,430 | 968,556 |
Government National Mortgage Association | ||
Debt Securities, Available-for-sale [Line Items] | ||
Carrying value | 163,128 | 165,211 |
Gross unrealized gains | 2,264 | 1,745 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | $ 165,392 | $ 166,956 |
Securities (Summary of Securi_2
Securities (Summary of Securities- HTM) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Net unrealized losses | $ 79,713 | $ 80,595 | $ 84,845 | $ 85,768 |
Carrying value | 1,516,600 | 1,555,137 | ||
Gross unrealized losses | 17,500 | 34,754 | ||
Estimated fair value | 1,536,684 | 1,558,564 | ||
Held-to-maturity: | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 1,533,329 | 1,572,275 | ||
Net unrealized losses | 16,729 | 17,138 | ||
Carrying value | 1,516,600 | 1,555,137 | ||
Gross unrecognized gains | 37,584 | 38,181 | ||
Gross unrealized losses | 17,500 | 34,754 | ||
Estimated fair value | 1,536,684 | 1,558,564 | ||
Total debt securities held-to-maturity | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 128,677 | 133,066 | ||
Net unrealized losses | 15,603 | 15,854 | ||
Carrying value | 113,074 | 117,212 | ||
Gross unrecognized gains | 35,590 | 37,534 | ||
Gross unrealized losses | 405 | 1,236 | ||
Estimated fair value | 148,259 | 153,510 | ||
Government-sponsored enterprises | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 41,262 | 41,258 | ||
Net unrealized losses | 0 | 0 | ||
Carrying value | 41,262 | 41,258 | ||
Gross unrecognized gains | 0 | 0 | ||
Gross unrealized losses | 405 | 1,236 | ||
Estimated fair value | 40,857 | 40,022 | ||
Municipal bonds | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 21,013 | 25,513 | ||
Net unrealized losses | 0 | 0 | ||
Carrying value | 21,013 | 25,513 | ||
Gross unrecognized gains | 955 | 942 | ||
Gross unrealized losses | 0 | 0 | ||
Estimated fair value | 21,968 | 26,455 | ||
Corporate and other debt securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 66,402 | 66,295 | ||
Net unrealized losses | 15,603 | 15,854 | ||
Carrying value | 50,799 | 50,441 | ||
Gross unrecognized gains | 34,635 | 36,592 | ||
Gross unrealized losses | 0 | 0 | ||
Estimated fair value | 85,434 | 87,033 | ||
Mortgage-backed securities: | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 1,404,652 | 1,439,209 | ||
Net unrealized losses | 1,126 | 1,284 | ||
Carrying value | 1,403,526 | 1,437,925 | ||
Gross unrecognized gains | 1,994 | 647 | ||
Gross unrealized losses | 17,095 | 33,518 | ||
Estimated fair value | 1,388,425 | 1,405,054 | ||
Federal Home Loan Mortgage Corporation | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 398,597 | 402,231 | ||
Net unrealized losses | 526 | 595 | ||
Carrying value | 398,071 | 401,636 | ||
Gross unrecognized gains | 322 | 112 | ||
Gross unrealized losses | 4,840 | 9,413 | ||
Estimated fair value | 393,553 | 392,335 | ||
Federal National Mortgage Association | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 926,662 | 955,237 | ||
Net unrealized losses | 600 | 689 | ||
Carrying value | 926,062 | 954,548 | ||
Gross unrecognized gains | 1,672 | 535 | ||
Gross unrealized losses | 11,888 | 22,687 | ||
Estimated fair value | 915,846 | 932,396 | ||
Government National Mortgage Association | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized cost | 79,393 | 81,741 | ||
Net unrealized losses | 0 | 0 | ||
Carrying value | 79,393 | 81,741 | ||
Gross unrecognized gains | 0 | 0 | ||
Gross unrealized losses | 367 | 1,418 | ||
Estimated fair value | $ 79,026 | $ 80,323 |
Securities (Amortized Cost and
Securities (Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Carrying value | ||
Carrying value | $ 1,516,600 | $ 1,555,137 |
Estimated fair value | ||
Total | 1,536,684 | $ 1,558,564 |
Debt Securities Other than Securities Pledged | ||
Carrying value | ||
Due in one year or less | 16,993 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 50,282 | |
Due after ten years | 45,799 | |
Carrying value | 113,074 | |
Estimated fair value | ||
Due in one year or less | 16,993 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 50,850 | |
Due after ten years | 80,416 | |
Total | $ 148,259 |
Securities (Investment Securiti
Securities (Investment Securities, Continuous Unrealized Loss Position And Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available-for-sale, Estimated fair value | ||
Less than 12 months | $ 2,139 | $ 222,526 |
12 months or more | 908,654 | 778,253 |
Total | 910,793 | 1,000,779 |
Available-for-sale, Unrealized Losses | ||
Less than 12 months | 3 | 3,092 |
12 months or more | 10,663 | 20,648 |
Total | 10,666 | 23,740 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 0 | 300,944 |
12 months or more | 1,225,428 | 1,088,051 |
Total | 1,225,428 | 1,388,995 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 0 | 3,494 |
12 months or more | 17,500 | 31,260 |
Total | 17,500 | 34,754 |
Estimated fair value, Less than 12 months, Total | 2,139 | 523,470 |
Unrealized losses, Less than 12 months, Total | 3 | 6,586 |
Estimated fair value, 12 months or more, Total | 2,134,082 | 1,866,304 |
Unrealized losses, 12 months or more, Total | 28,163 | 51,908 |
Estimated fair value, Total | 2,136,221 | 2,389,774 |
Unrealized losses, Total | 28,166 | 58,494 |
Mortgage-backed securities: | ||
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 0 | 300,944 |
12 months or more | 1,184,571 | 1,048,029 |
Total | 1,184,571 | 1,348,973 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 0 | 3,494 |
12 months or more | 17,095 | 30,024 |
Total | 17,095 | 33,518 |
Federal Home Loan Mortgage Corporation | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 1,584 | 97,137 |
12 months or more | 335,311 | 288,916 |
Total | 336,895 | 386,053 |
Available-for-sale, Unrealized Losses | ||
Less than 12 months | 2 | 994 |
12 months or more | 3,637 | 7,196 |
Total | 3,639 | 8,190 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 0 | 51,045 |
12 months or more | 360,580 | 339,534 |
Total | 360,580 | 390,579 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 0 | 553 |
12 months or more | 4,840 | 8,860 |
Total | 4,840 | 9,413 |
Federal National Mortgage Association | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 555 | 125,389 |
12 months or more | 573,343 | 489,337 |
Total | 573,898 | 614,726 |
Available-for-sale, Unrealized Losses | ||
Less than 12 months | 1 | 2,098 |
12 months or more | 7,026 | 13,452 |
Total | 7,027 | 15,550 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 0 | 214,400 |
12 months or more | 744,965 | 663,671 |
Total | 744,965 | 878,071 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 0 | 2,449 |
12 months or more | 11,888 | 20,238 |
Total | 11,888 | 22,687 |
Government National Mortgage Association | ||
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 0 | 35,499 |
12 months or more | 79,026 | 44,824 |
Total | 79,026 | 80,323 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 0 | 492 |
12 months or more | 367 | 926 |
Total | 367 | 1,418 |
Total debt securities held-to-maturity | ||
Held-to-maturity Securities, Unrealized Losses | ||
Total | 405 | 1,236 |
Government-sponsored enterprises | ||
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or more | 40,857 | 40,022 |
Total | 40,857 | 40,022 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | 405 | 1,236 |
Total | $ 405 | $ 1,236 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance of credit related OTTI, beginning of period | $ 80,595 | $ 85,768 |
Initial credit impairments | 0 | 0 |
Subsequent credit impairments | 0 | 0 |
Accretion of credit loss impairment due to an increase in expected cash flows | (882) | (923) |
Reductions for securities sold or paid off during the period | 0 | 0 |
Balance of credit related OTTI, end of period | $ 79,713 | $ 84,845 |
Loans Receivable, Net (Narrativ
Loans Receivable, Net (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($)loan | Mar. 31, 2018USD ($)loan | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans acquired | $ 15,000 | $ 88,000 | |
Outstanding minimum balance of loans to be evaluated for impairment individually, greater than | 1,000,000 | ||
Outstanding minimum balance of loans that are evaluated for impairment individually | $ 1,000,000 | ||
Residential mortgage loans, appraisal update period, years | 2 years | ||
Loans that are 90 days past due and still accruing | $ 0 | ||
PCI loans | 4,281,000 | $ 4,461,000 | |
Loans, Individually evaluated for impairment | 83,814,000 | 86,747,000 | |
Related allowance | 2,058,000 | 2,154,000 | |
Interest income received and recognized on loans | 268,000 | $ 200,000 | |
Allowance for loan losses, charge-offs | 5,445,000 | 24,090,000 | |
Allowance for loan losses, individually evaluated for impairment | 2,058,000 | 2,154,000 | |
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 | ||
Outstanding minimum balance of loans that are evaluated for impairment individually | 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 | 1,000,000 | ||
Outstanding minimum balance of loans that are evaluated for impairment individually | $ 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 | |
Commercial Portfolio Segment | Construction Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, Individually evaluated for impairment | 0 | 0 | |
Related allowance | 0 | 0 | |
Allowance for loan losses, charge-offs | 0 | 0 | |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | |
Commercial Portfolio Segment | Commercial Real Estate Sector | Retail Site | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, Individually evaluated for impairment | 5,173,000 | 6,623,000 | |
Related allowance | $ 0 | 0 | |
Number of Loans | loan | 0 | 2 | |
Allowance for loan losses, charge-offs | $ 8,000 | 7,200,000 | |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | |
Commercial Portfolio Segment | Commercial Real Estate Sector | Multifamily | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, Individually evaluated for impairment | 32,346,000 | 32,046,000 | |
Related allowance | 0 | 0 | |
Allowance for loan losses, charge-offs | 1,463,000 | 2,603,000 | |
Allowance for loan losses, individually evaluated for impairment | 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 | 28,297,000 | 27,884,000 | |
Allowance for loan losses, charge-offs | 823,000 | 5,246,000 | |
Allowance for loan losses, individually evaluated for impairment | $ 1,986,000 | 2,082,000 | |
Number loans modified as TDR in the last 12 months for which there was a default payment | loan | 1 | 6 | |
Recorded investment | $ 270,000 | $ 436,000 | |
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 | $ 4,300,000 | 4,500,000 | |
PCI Loans | Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | loan | 5 | ||
PCI Loans | Financing Receivables, 1 to 29 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans | $ 4,200,000 | 4,100,000 | |
PCI Loans | Financing Receivables, 30 to 89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans | 0 | 229,000 | |
PCI Loans | Greater than 90 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI loans | 140,000 | 248,000 | |
Collateral Dependent Tdrs | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for loan losses, charge-offs | 477,000 | $ 172,000 | |
Allowance for loan losses, individually evaluated for impairment | $ 2,100,000 | $ 2,200,000 |
Loans Receivable, Net (Summary
Loans Receivable, Net (Summary of Loan Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | $ 21,743,372 | $ 21,623,303 | ||
PCI loans | 4,281 | 4,461 | ||
Deferred fees, premiums and other, net | (9,826) | (13,811) | ||
Allowance for loan losses | (234,717) | (235,817) | $ (231,144) | $ (230,969) |
Net loans | 21,503,110 | 21,378,136 | ||
Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | 15,685,781 | 15,565,053 | ||
Commercial Portfolio Segment | Commercial and Industrial Sector | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | 2,430,540 | 2,389,756 | ||
Commercial Portfolio Segment | Construction Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | 232,170 | 227,015 | ||
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | 8,174,342 | 8,165,187 | ||
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | 4,848,729 | 4,783,095 | ||
Consumer Portfolio Segment | Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | 5,366,455 | 5,350,504 | ||
Consumer Portfolio Segment | Consumer and Other Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans excluding PCI loans | $ 691,136 | $ 707,746 |
Loans Receivable, Net (Summar_2
Loans Receivable, Net (Summary of Analysis of the Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of the period | $ 235,817 | $ 230,969 |
Loans charged off | (5,445) | (7,107) |
Recoveries | 1,345 | 4,782 |
Net charge-offs | (4,100) | (2,325) |
Provision for loan losses | 3,000 | 2,500 |
Balance at end of the period | $ 234,717 | $ 231,144 |
Loans Receivable, Net (Summar_3
Loans Receivable, Net (Summary of Allowance for Loan Losses and the Recorded Investment in Loans by Portfolio Segment And Based On Impairment Method) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | $ 235,817 | $ 230,969 |
Allowance for loan losses, Charge-offs | (5,445) | (24,090) |
Allowance for loan losses, Recoveries | 1,345 | 16,938 |
Allowance for loan losses, Provision | 3,000 | 12,000 |
Allowance for loan losses, Ending balance | 234,717 | 235,817 |
Allowance for loan losses, individually evaluated for impairment | 2,058 | 2,154 |
Allowance for loan losses, collectively evaluated for impairment | 232,659 | 233,663 |
Loans, Individually evaluated for impairment | 83,814 | 86,747 |
Loans, Collectively evaluated for impairment | 21,659,558 | 21,536,556 |
Loan, Loans acquired with deteriorated credit quality | 21,743,372 | 21,623,303 |
Ending Balance | 21,747,653 | 21,627,764 |
Unallocated | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 2,044 | 2,257 |
Allowance for loan losses, Charge-offs | 0 | 0 |
Allowance for loan losses, Recoveries | 0 | 0 |
Allowance for loan losses, Provision | (222) | (213) |
Allowance for loan losses, Ending balance | 1,822 | 2,044 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 1,822 | 2,044 |
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 | 4,281 | 4,461 |
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 | 15,685,781 | 15,565,053 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 7,486 | 11,609 |
Allowance for loan losses, Charge-offs | 0 | 0 |
Allowance for loan losses, Recoveries | 0 | 0 |
Allowance for loan losses, Provision | (183) | (4,123) |
Allowance for loan losses, Ending balance | 7,303 | 7,486 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 7,303 | 7,486 |
Loans, Individually evaluated for impairment | 0 | 0 |
Loans, Collectively evaluated for impairment | 232,170 | 227,015 |
Loan, Loans acquired with deteriorated credit quality | 232,170 | 227,015 |
Ending Balance | 232,170 | 227,015 |
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 | 71,084 | 54,563 |
Allowance for loan losses, Charge-offs | (2,946) | (7,078) |
Allowance for loan losses, Recoveries | 331 | 9,478 |
Allowance for loan losses, Provision | 10,376 | 14,121 |
Allowance for loan losses, Ending balance | 78,845 | 71,084 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 78,845 | 71,084 |
Loans, Individually evaluated for impairment | 17,152 | 19,624 |
Loans, Collectively evaluated for impairment | 2,413,388 | 2,370,132 |
Loan, Loans acquired with deteriorated credit quality | 2,430,540 | 2,389,756 |
Ending Balance | 2,430,540 | 2,389,756 |
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 | 82,876 | 81,469 |
Allowance for loan losses, Charge-offs | (1,463) | (2,603) |
Allowance for loan losses, Recoveries | 0 | 17 |
Allowance for loan losses, Provision | (5,841) | 3,993 |
Allowance for loan losses, Ending balance | 75,572 | 82,876 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 75,572 | 82,876 |
Loans, Individually evaluated for impairment | 32,346 | 32,046 |
Loans, Collectively evaluated for impairment | 8,141,996 | 8,133,141 |
Loan, Loans acquired with deteriorated credit quality | 8,174,342 | 8,165,187 |
Ending Balance | 8,174,342 | 8,165,187 |
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 | 48,449 | 56,137 |
Allowance for loan losses, Charge-offs | (8) | (7,200) |
Allowance for loan losses, Recoveries | 542 | 5,213 |
Allowance for loan losses, Provision | (1,356) | (5,701) |
Allowance for loan losses, Ending balance | 47,627 | 48,449 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 47,627 | 48,449 |
Loans, Individually evaluated for impairment | 5,173 | 6,623 |
Loans, Collectively evaluated for impairment | 4,843,556 | 4,776,472 |
Loan, Loans acquired with deteriorated credit quality | 4,848,729 | 4,783,095 |
Ending Balance | 4,852,402 | 4,786,825 |
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 | 3,673 | 3,730 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 20,776 | 21,835 |
Allowance for loan losses, Charge-offs | (823) | (5,246) |
Allowance for loan losses, Recoveries | 432 | 2,193 |
Allowance for loan losses, Provision | 172 | 1,994 |
Allowance for loan losses, Ending balance | 20,557 | 20,776 |
Allowance for loan losses, individually evaluated for impairment | 1,986 | 2,082 |
Allowance for loan losses, collectively evaluated for impairment | 18,571 | 18,694 |
Loans, Individually evaluated for impairment | 28,297 | 27,884 |
Loans, Collectively evaluated for impairment | 5,338,158 | 5,322,620 |
Loan, Loans acquired with deteriorated credit quality | 5,366,455 | 5,350,504 |
Ending Balance | 5,366,970 | 5,351,115 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning balance | 3,102 | 3,099 |
Allowance for loan losses, Charge-offs | (205) | (1,963) |
Allowance for loan losses, Recoveries | 40 | 37 |
Allowance for loan losses, Provision | 54 | 1,929 |
Allowance for loan losses, Ending balance | 2,991 | 3,102 |
Allowance for loan losses, individually evaluated for impairment | 72 | 72 |
Allowance for loan losses, collectively evaluated for impairment | 2,919 | 3,030 |
Loans, Individually evaluated for impairment | 846 | 570 |
Loans, Collectively evaluated for impairment | 690,290 | 707,176 |
Loan, Loans acquired with deteriorated credit quality | 691,136 | 707,746 |
Ending Balance | 691,229 | 707,866 |
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 | 515 | 611 |
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 | $ 93 | $ 120 |
Loans Receivable, Net (Schedule
Loans Receivable, Net (Schedule of Risk Category of Loans by Class of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | $ 21,743,372 | $ 21,623,303 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 18,341,085 | 18,145,637 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 2,187,055 | 2,241,167 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 505,717 | 548,409 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 709,515 | 688,090 |
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 | 15,685,781 | 15,565,053 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 232,170 | 227,015 |
Commercial Portfolio Segment | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 12,378,581 | 12,182,971 |
Commercial Portfolio Segment | Pass | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 156,986 | 163,503 |
Commercial Portfolio Segment | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 2,161,772 | 2,220,642 |
Commercial Portfolio Segment | Watch | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 56,663 | 35,774 |
Commercial Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 498,450 | 539,047 |
Commercial Portfolio Segment | Special Mention | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 0 | 9,200 |
Commercial Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 646,978 | 622,393 |
Commercial Portfolio Segment | Substandard | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 18,521 | 18,538 |
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 | 2,430,540 | 2,389,756 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 1,625,810 | 1,647,130 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 607,526 | 571,620 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 57,203 | 53,861 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 140,001 | 117,145 |
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 | 8,174,342 | 8,165,187 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 6,568,139 | 6,462,056 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 981,139 | 1,061,168 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 291,225 | 313,498 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 333,839 | 328,465 |
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 | 4,848,729 | 4,783,095 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 4,027,646 | 3,910,282 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 516,444 | 552,080 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 150,022 | 162,488 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 154,617 | 158,245 |
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 | 5,366,455 | 5,350,504 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 691,136 | 707,746 |
Consumer Portfolio Segment | Pass | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 5,285,603 | 5,268,234 |
Consumer Portfolio Segment | Pass | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 676,901 | 694,432 |
Consumer Portfolio Segment | Watch | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 15,110 | 12,082 |
Consumer Portfolio Segment | Watch | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 10,173 | 8,443 |
Consumer Portfolio Segment | Special Mention | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 6,132 | 7,712 |
Consumer Portfolio Segment | Special Mention | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 1,135 | 1,650 |
Consumer Portfolio Segment | Substandard | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 59,610 | 62,476 |
Consumer Portfolio Segment | Substandard | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net | 2,927 | 3,221 |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 168,398 | $ 162,394 |
Current | 21,574,974 | 21,460,909 |
Total Loans Receivable | 21,743,372 | 21,623,303 |
30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 72,533 | 63,112 |
60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15,515 | 16,312 |
Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 80,350 | 82,970 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 96,848 | 88,612 |
Current | 15,588,933 | 15,476,441 |
Total Loans Receivable | 15,685,781 | 15,565,053 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 210 | 9,427 |
Current | 231,960 | 217,588 |
Total Loans Receivable | 232,170 | 227,015 |
Commercial Portfolio Segment | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 46,538 | 40,777 |
Commercial Portfolio Segment | 30-59 Days | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 9,200 |
Commercial Portfolio Segment | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,745 | 6,950 |
Commercial Portfolio Segment | 60-89 Days | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Portfolio Segment | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 42,565 | 40,885 |
Commercial Portfolio Segment | Greater than 90 Days | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 210 | 227 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 25,423 | 8,415 |
Current | 2,405,117 | 2,381,341 |
Total Loans Receivable | 2,430,540 | 2,389,756 |
Commercial Portfolio Segment | Commercial and Industrial Sector | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,322 | 2,988 |
Commercial Portfolio Segment | Commercial and Industrial Sector | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,810 | 867 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,291 | 4,560 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 64,678 | 59,353 |
Current | 8,109,664 | 8,105,834 |
Total Loans Receivable | 8,174,342 | 8,165,187 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 29,637 | 23,098 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,621 | 2,572 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 31,420 | 33,683 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,537 | 11,417 |
Current | 4,842,192 | 4,771,678 |
Total Loans Receivable | 4,848,729 | 4,783,095 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,579 | 5,491 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 314 | 3,511 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 644 | 2,415 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,488 | 13,004 |
Current | 677,648 | 694,742 |
Total Loans Receivable | 691,136 | 707,746 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 58,062 | 60,778 |
Current | 5,308,393 | 5,289,726 |
Total Loans Receivable | 5,366,455 | 5,350,504 |
Consumer Portfolio Segment | 30-59 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,173 | 8,524 |
Consumer Portfolio Segment | 30-59 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15,822 | 13,811 |
Consumer Portfolio Segment | 60-89 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,215 | 1,650 |
Consumer Portfolio Segment | 60-89 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,555 | 7,712 |
Consumer Portfolio Segment | Greater than 90 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,100 | 2,830 |
Consumer Portfolio Segment | Greater than 90 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 35,685 | $ 39,255 |
Loans Receivable, Net (Non-Accr
Loans Receivable, Net (Non-Accrual Loans Status) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 357 | 385 |
Non-accrual, Amount | $ | $ 117,687 | $ 124,913 |
Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 37 | 30 |
Non-accrual, Amount | $ | $ 11,332 | $ 16,585 |
Financing Receivables, 30 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 8 | 11 |
Non-accrual, Amount | $ | $ 1,215 | $ 1,810 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 61 | 65 |
Non-accrual, Amount | $ | $ 61,317 | $ 65,952 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 1 |
Non-accrual, Amount | $ | $ 210 | $ 227 |
Commercial Portfolio Segment | Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 3 | 4 |
Non-accrual, Amount | $ | $ 5,954 | $ 12,579 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 14 | 14 |
Non-accrual, Amount | $ | $ 17,184 | $ 19,394 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 2 |
Non-accrual, Amount | $ | $ 3,109 | $ 9,762 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 14 | 15 |
Non-accrual, Amount | $ | $ 34,069 | $ 33,940 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 32 | 35 |
Non-accrual, Amount | $ | $ 9,854 | $ 12,391 |
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 | 2 | 2 |
Non-accrual, Amount | $ | $ 2,845 | $ 2,817 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 296 | 320 |
Non-accrual, Amount | $ | $ 56,370 | $ 58,961 |
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 | 34 | 26 |
Non-accrual, Amount | $ | $ 5,378 | $ 4,006 |
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 | 8 | 11 |
Non-accrual, Amount | $ | $ 1,215 | $ 1,810 |
Loans Receivable, Net (Loans In
Loans Receivable, Net (Loans Individually Evaluated for Impairment by Class of Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Recorded Investment | ||
Total | $ 83,814 | $ 86,747 |
Unpaid Principal Balance | ||
Total: | 105,872 | 106,046 |
Related Allowance | 2,058 | 2,154 |
Average Recorded Investment | ||
Total: | 84,546 | 88,019 |
Interest Income Recognized | ||
Total: | 268 | 904 |
Commercial Portfolio Segment | ||
Recorded Investment | ||
With no related allowance: | 54,671 | 58,293 |
With an allowance recorded: | 0 | 0 |
Total | 54,671 | 58,293 |
Unpaid Principal Balance | ||
With no related allowance: | 71,335 | 72,418 |
With an allowance recorded: | 0 | 0 |
Total: | 71,335 | 72,418 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 56,634 | 60,485 |
With an allowance recorded: | 0 | 0 |
Total: | 56,634 | 60,485 |
Interest Income Recognized | ||
With no related allowance: | 179 | 457 |
With an allowance recorded: | 0 | 0 |
Total: | 179 | 457 |
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: | 17,152 | 19,624 |
With an allowance recorded: | 0 | 0 |
Total | 17,152 | 19,624 |
Unpaid Principal Balance | ||
With no related allowance: | 25,527 | 26,323 |
With an allowance recorded: | 0 | 0 |
Total: | 25,527 | 26,323 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 16,833 | 20,218 |
With an allowance recorded: | 0 | 0 |
Total: | 16,833 | 20,218 |
Interest Income Recognized | ||
With no related allowance: | 74 | 232 |
With an allowance recorded: | 0 | 0 |
Total: | 74 | 232 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | ||
Recorded Investment | ||
With no related allowance: | 32,346 | 32,046 |
With an allowance recorded: | 0 | 0 |
Total | 32,346 | 32,046 |
Unpaid Principal Balance | ||
With no related allowance: | 35,851 | 34,199 |
With an allowance recorded: | 0 | 0 |
Total: | 35,851 | 34,199 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 34,094 | 33,656 |
With an allowance recorded: | 0 | 0 |
Total: | 34,094 | 33,656 |
Interest Income Recognized | ||
With no related allowance: | 21 | 146 |
With an allowance recorded: | 0 | 0 |
Total: | 21 | 146 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||
Recorded Investment | ||
With no related allowance: | 5,173 | 6,623 |
With an allowance recorded: | 0 | 0 |
Total | 5,173 | 6,623 |
Unpaid Principal Balance | ||
With no related allowance: | 9,957 | 11,896 |
With an allowance recorded: | 0 | 0 |
Total: | 9,957 | 11,896 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 5,707 | 6,611 |
With an allowance recorded: | 0 | 0 |
Total: | 5,707 | 6,611 |
Interest Income Recognized | ||
With no related allowance: | 84 | 79 |
With an allowance recorded: | 0 | 0 |
Total: | 84 | 79 |
Consumer Portfolio Segment | Residential And Consumer | ||
Recorded Investment | ||
With no related allowance: | 13,765 | 12,626 |
With an allowance recorded: | 15,378 | 15,828 |
Total | 29,143 | 28,454 |
Unpaid Principal Balance | ||
With no related allowance: | 18,464 | 17,130 |
With an allowance recorded: | 16,073 | 16,498 |
Total: | 34,537 | 33,628 |
Related Allowance | 2,058 | 2,154 |
Average Recorded Investment | ||
With no related allowance: | 12,189 | 11,907 |
With an allowance recorded: | 15,723 | 15,627 |
Total: | 27,912 | 27,534 |
Interest Income Recognized | ||
With no related allowance: | 48 | 167 |
With an allowance recorded: | 41 | 280 |
Total: | $ 89 | $ 447 |
Loans Receivable, Net (Troubled
Loans Receivable, Net (Troubled Debt Restructured Loans) (Details) $ in Thousands | Mar. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan |
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 54 | 54 |
Accrual, amount | $ | $ 13,646 | $ 13,620 |
Non-accrual, number of loans | loan | 87 | 87 |
Non-accrual, amount | $ | $ 26,471 | $ 34,138 |
Number of loans | loan | 141 | 141 |
Troubled debt restructuring, Amount | $ | $ 40,117 | $ 47,758 |
Commercial Portfolio Segment | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 2 | 2 |
Accrual, amount | $ | $ 1,970 | $ 2,070 |
Non-accrual, number of loans | loan | 5 | 8 |
Non-accrual, amount | $ | $ 9,001 | $ 17,230 |
Number of loans | loan | 7 | 10 |
Troubled debt restructuring, Amount | $ | $ 10,971 | $ 19,300 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 2 | 2 |
Accrual, amount | $ | $ 1,970 | $ 2,070 |
Non-accrual, number of loans | loan | 2 | 4 |
Non-accrual, amount | $ | $ 6,146 | $ 13,479 |
Number of loans | loan | 4 | 6 |
Troubled debt restructuring, Amount | $ | $ 8,116 | $ 15,549 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 0 | |
Accrual, amount | $ | $ 0 | |
Non-accrual, number of loans | loan | 1 | |
Non-accrual, amount | $ | $ 892 | |
Number of loans | loan | 1 | |
Troubled debt restructuring, Amount | $ | $ 892 | |
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 | 3 |
Non-accrual, amount | $ | $ 2,855 | $ 2,859 |
Number of loans | loan | 3 | 3 |
Troubled debt restructuring, Amount | $ | $ 2,855 | $ 2,859 |
Consumer Portfolio Segment | Residential And Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 52 | 52 |
Accrual, amount | $ | $ 11,676 | $ 11,550 |
Non-accrual, number of loans | loan | 82 | 79 |
Non-accrual, amount | $ | $ 17,470 | $ 16,908 |
Number of loans | loan | 134 | 131 |
Troubled debt restructuring, Amount | $ | $ 29,146 | $ 28,458 |
Loans Receivable, Net (Schedu_2
Loans Receivable, Net (Schedule of Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)loan | Mar. 31, 2018USD ($)loan | |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Pre-modification Recorded Investment | $ | $ 0 | $ 435 |
Post-modification Recorded Investment | $ | $ 0 | $ 435 |
Number of Loans | loan | 0 | 1 |
Pre-modification Interest Yield | 0.00% | 4.75% |
Post-modification Interest Yield | 0.00% | 4.50% |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | loan | 0 | 2 |
Pre-modification Recorded Investment | $ | $ 0 | $ 788 |
Post-modification Recorded Investment | $ | $ 0 | $ 616 |
Number of Loans | loan | 0 | 2 |
Pre-modification Interest Yield | 0.00% | 4.68% |
Post-modification Interest Yield | 0.00% | 4.68% |
Consumer Portfolio Segment | Residential And Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | loan | 6 | 6 |
Pre-modification Recorded Investment | $ | $ 1,664 | $ 712 |
Post-modification Recorded Investment | $ | $ 1,664 | $ 712 |
Number of Loans | loan | 6 | 6 |
Pre-modification Interest Yield | 5.26% | 4.70% |
Post-modification Interest Yield | 4.90% | 3.28% |
Deposits (Summary of Deposits)
Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Non-interest bearing: | ||
Checking accounts | $ 2,477,079 | $ 2,535,848 |
Interest bearing: | ||
Checking accounts | 4,700,483 | 4,783,563 |
Money market deposits | 3,619,546 | 3,641,070 |
Savings | 1,976,798 | 2,048,941 |
Certificates of deposit | 4,856,093 | 4,570,847 |
Total deposits | $ 17,629,999 | $ 17,580,269 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Summary of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | $ 44,909 | $ 46,016 |
Accumulated Amortization | (28,729) | (29,324) |
Valuation Allowance | (175) | (175) |
Net Intangible Assets | 16,005 | 16,517 |
Goodwill | 82,546 | 82,546 |
Goodwill and intangible assets | 98,551 | 99,063 |
Mortgage servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 18,701 | 19,808 |
Accumulated Amortization | (6,905) | (7,921) |
Valuation Allowance | (175) | (175) |
Net Intangible Assets | 11,621 | 11,712 |
Core deposit premiums | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 25,058 | 25,058 |
Accumulated Amortization | (21,407) | (21,008) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | 3,651 | 4,050 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 1,150 | 1,150 |
Accumulated Amortization | (417) | (395) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | $ 733 | $ 755 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Loans sold | $ 1,600 | $ 1,620 |
Estimated fair value of servicing asset in intangible assets | $ 14 | $ 14.9 |
Weighted average discount rate of servicing assets (percentage) | 12.50% | |
Weighted average constant prepayment rate on mortgages (percentage) | 9.48% | |
Weighted average life of servicing assets, years | 6 years 9 months 12 days | |
Core deposit premiums | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life, years | 10 years |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||
Option to terminate the lease (in years) | 1 year | |
Operating lease payments, 2019 | $ 24.4 | |
Operating lease payments, 2020 | 23.8 | |
Operating lease payments, 2021 | 23.4 | |
Operating lease payments, 2022 | 21.7 | |
Operating lease payments, 2023 | 20.7 | |
Operating lease payments, thereafter | $ 119.9 | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease term (in years) | 17 years | |
Renewal term (in years) | 10 years |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 187,560 | $ 193,290 |
Operating lease liabilities | $ 197,281 | $ 200,694 |
Weighted average remaining lease term | 10 years 3 months 5 days | |
Weighted average discount rate | 2.73% |
Leases (Supplemental Income and
Leases (Supplemental Income and Expense Information) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Included in office occupancy and equipment expense: | |
Operating lease cost | $ 6,320 |
Short-term lease cost | 83 |
Variable lease cost | 0 |
Included in other income: | |
Sublease income | $ 67 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of operating lease liabilities: | |
Operating cash flows from operating leases | $ 6,138 |
Operating lease liabilities arising from obtaining right-of-use assets (non-cash): | |
Operating leases | $ 18 |
Leases (Maturity of Lease Liabi
Leases (Maturity of Lease Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Remainder of 2019 | $ 18,295 | |
2020 | 23,791 | |
2021 | 23,481 | |
2022 | 21,751 | |
2023 | 20,709 | |
Thereafter | 119,901 | |
Total lease payments | 227,928 | |
Less: Imputed interest | (30,647) | |
Total operating lease liabilities | $ 197,281 | $ 200,694 |
Equity Incentive Plan (Narrativ
Equity Incentive Plan (Narrative) (Details) - USD ($) $ in Millions | Jun. 09, 2015 | Mar. 31, 2019 | Mar. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock options granted (in shares) | 25,000 | 15,000 | |
Compensation not yet recognized | $ 14 | ||
Compensation cost not yet recognized, period for recognition | 2 years 7 months 3 days | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (shares) | 119,663 | 18,947 | |
Compensation cost not yet recognized, period for recognition | 2 years 11 months 22 days | ||
Compensation not yet recognized, restricted stock | $ 32.1 | ||
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 | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted average expected life (in years) | 6 years 6 months | 6 years 6 months |
Weighted average risk-free rate of return (in percentage) | 2.55% | 2.74% |
Weighted average volatility (in percentage) | 18.59% | 18.29% |
Dividend yield (in percentage) | 3.49% | 2.64% |
Weighted average fair value of options granted (in usd per share) | $ 1.65 | $ 2.15 |
Total stock options granted (in shares) | 25,000 | 15,000 |
Equity Incentive Plan (Shares-b
Equity Incentive Plan (Shares-based compensation expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock option expense | $ 1,302 | $ 1,430 |
Restricted stock expense | 3,271 | 1,940 |
Total share based compensation expense | $ 4,573 | $ 3,370 |
Equity Incentive Plan (Summary
Equity Incentive Plan (Summary of Stock Option Activity and Related Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Number of Stock Options | |||
Beginning balance (shares) | 10,216,047 | ||
Granted (shares) | 25,000 | 15,000 | |
Exercised (shares) | (19,125) | ||
Forfeited (shares) | (184,286) | ||
Expired (shares) | (21,000) | ||
Ending balance (shares) | 10,016,636 | 10,216,047 | |
Exercisable at period end (shares) | 5,093,217 | ||
Weighted Average Exercise Price | |||
Beginning balance (usd per share) | $ 12.43 | ||
Granted (usd per share) | 12.59 | ||
Exercised (usd per share) | 8.80 | ||
Forfeited (usd per share) | 12.30 | ||
Expired (usd per share) | 12.71 | ||
Ending balance (usd per share) | 12.44 | $ 12.43 | |
Exercisable end of the year (usd per share) | $ 12.35 | ||
Outstanding, Weighted Average Remaining Contractual Life | 6 years 2 months 15 days | 6 years 6 months | |
Granted, Weighted Average Remaining Contractual Life | 9 years 11 months | ||
Exercised, Weighted Average Remaining Contractual Life | 4 years 7 months | ||
Weighted Average Remaining Contractual Life, Exercisable Ending Balance | 6 years 2 months 15 days | ||
Aggregate Intrinsic Value, Outstanding | $ 812 | $ 522 | |
Aggregate Intrinsic Value, Exercisable | $ 807 |
Equity Incentive Plan (Restrict
Equity Incentive Plan (Restricted Stock) (Details) - Restricted Stock - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Number of Shares Awarded | ||
Beginning balance (shares) | 3,477,747 | |
Granted (shares) | 119,663 | 18,947 |
Vested (shares) | (282,114) | |
Forfeited (shares) | (137,066) | |
Ending balance (shares) | 3,178,230 | |
Weighted Average Grant Date Fair Value | ||
Beginning balance (usd per share) | $ 12.69 | |
Granted (usd per share) | 12.62 | |
Vested (usd per share) | 13.03 | |
Forfeited (usd per share) | 12.63 | |
Ending balance (usd per share) | $ 12.66 |
Net Periodic Benefit Plan Exp_3
Net Periodic Benefit Plan Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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] | ||
Interest cost | $ 397,000 | $ 355,000 |
Net loss | 0 | 126,000 |
Total net periodic benefit cost | 397,000 | $ 481,000 |
Multi-employer contributions | $ 0 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Derivatives designated as hedging instruments: | Derivative contracts | |
Derivative [Line Items] | |
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense | $ 4.4 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 632 | $ 498 |
Derivatives designated as hedging instruments: | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 0 | 0 |
Derivatives designated as hedging instruments: | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 527 | |
Derivatives not designated as hedging instruments: | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 1,534 | 0 |
Derivatives not designated as hedging instruments: | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 105 | 66 |
Interest Rate Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 632 | 498 |
Interest Rate Swaps | Derivatives designated as hedging instruments: | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, notional amount | 0 | 0 |
Asset derivatives | 0 | 0 |
Interest Rate Swaps | Derivatives designated as hedging instruments: | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives, notional amount | 3,055,000 | 2,605,000 |
Liability derivatives | 527 | 432 |
Interest Rate Swaps | Derivatives not designated as hedging instruments: | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, notional amount | 36,000 | 0 |
Asset derivatives | 1,534 | 0 |
Interest Rate Swaps | Derivatives not designated as hedging instruments: | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives, notional amount | 36,000 | 0 |
Liability derivatives | 14 | 0 |
Other Contracts | Derivatives not designated as hedging instruments: | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, notional amount | 0 | 0 |
Asset derivatives | 0 | 0 |
Other Contracts | Derivatives not designated as hedging instruments: | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives, notional amount | 22,000 | 18,000 |
Liability derivatives | $ 91 | $ 66 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Effective Derivative Instrument (Details) - Derivative contracts - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flow Hedges - Interest rate swaps | ||
Amount of (loss) gain recognized in other comprehensive income (loss) | $ (19,681) | $ 16,938 |
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) to interest expense | $ 2,090 | $ (369) |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Location in the Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 | ||
Amount of gain or (loss) reclassified from accumulated other comprehensive income | $ 162,678 | $ 172,484 |
Derivative not designated as hedging instruments | 29 | |
Interest contracts | ||
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 | ||
Total amounts of income and expense line items presented in the income statement in which the effects of fair value are recorded | 1,991 | (369) |
Interest contracts | Fair Value Hedging | Interest income on loans | ||
Gain or (loss) on fair value hedging relationships in Subtopic 815-20 | ||
Hedged items | 922 | 0 |
Derivatives designated as hedging instruments | (1,021) | 0 |
Interest contracts | Cash Flow Hedging | Cash flow hedge | Reclassification out of Accumulated Other Comprehensive Income | ||
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 | ||
Amount of gain or (loss) reclassified from accumulated other comprehensive income | 2,090 | |
Interest contracts | Cash Flow Hedging | Cash flow hedge | Reclassification out of Accumulated Other Comprehensive Income | ||
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 | ||
Amount of gain or (loss) reclassified from accumulated other comprehensive income | (369) | |
Interest contracts | Cash Flow Hedging | Interest expense on borrowings | ||
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 | ||
Amount of gain or (loss) reclassified from accumulated other comprehensive income as a result that a forecasted transaction is no longer probable of occurring | 0 | $ 0 |
Other Contracts | Other income / (expense) | ||
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 | ||
Derivative not designated as hedging instruments | $ 29 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Cumulative Basis Adjustment for Fair Value Hedges (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Carrying Amount of the Hedged Assets/(Liabilities) | $ 1,256,215 | $ 1,005,294 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | 1,215 | $ 294 |
Amortized cost basis of the closed portfolios used in these hedging relationships | $ 2,180,000 |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Liabilities: | ||
Gross Amounts Recognized | $ 632 | $ 498 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 632 | 498 |
Gross Amounts Not Offset, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset, Cash Collateral Posted | 0 | 0 |
Net Amount | 632 | 498 |
Derivative contracts | ||
Liabilities: | ||
Gross Amounts Recognized | 632 | 498 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 632 | 498 |
Gross Amounts Not Offset, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset, Cash Collateral Posted | 0 | 0 |
Net Amount | $ 632 | $ 498 |
Comprehensive Income (Component
Comprehensive Income (Components of Comprehensive Income (Loss), Gross and Net Of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net income, Gross | $ 67,463 | $ 78,009 |
Net income, Tax | (19,305) | (20,084) |
Net income | 48,158 | 57,925 |
Other comprehensive (loss) income, Gross | 169 | (12,552) |
Other comprehensive (loss) income, Tax | 725 | 2,757 |
Total other comprehensive income (loss) | 894 | (9,795) |
Comprehensive income, Gross | 67,632 | 65,457 |
Comprehensive income, Tax | (18,580) | (17,327) |
Total comprehensive income | 49,052 | 48,130 |
Change in funded status of retirement obligations | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive (loss) income, Gross | 18 | 143 |
Other comprehensive (loss) income, Tax | (5) | (40) |
Total other comprehensive income (loss) | 13 | 103 |
Unrealized gains (losses) on debt securities available-for-sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive (loss) income, Gross | 21,514 | (30,535) |
Other comprehensive (loss) income, Tax | (5,275) | 7,812 |
Total other comprehensive income (loss) | 16,239 | (22,723) |
Accretion of loss on debt securities reclassified to held-to-maturity | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive (loss) income, Gross | 157 | 233 |
Other comprehensive (loss) income, Tax | (44) | (66) |
Total other comprehensive income (loss) | 113 | 167 |
Other-than- temporary impairment accretion on debt securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive (loss) income, Gross | 251 | 300 |
Other comprehensive (loss) income, Tax | (71) | (84) |
Total other comprehensive income (loss) | 180 | 216 |
Net (losses) gains on derivatives | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive (loss) income, Gross | (21,771) | 17,307 |
Other comprehensive (loss) income, Tax | 6,120 | (4,865) |
Total other comprehensive income (loss) | $ (15,651) | $ 12,442 |
Comprehensive Income (Compone_2
Comprehensive Income (Component of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, Beginning of period | $ 3,005,330 | $ 3,125,451 | ||
Net change | 894 | (9,795) | ||
Reclassification due to the adoption of ASU No. 2016-01 | $ (606) | |||
Balance, End of Period | 2,955,830 | 3,092,081 | ||
Total accumulated other comprehensive loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, Beginning of period | (11,569) | (29,339) | ||
Net change | 894 | (9,795) | ||
Reclassification due to the adoption of ASU No. 2016-01 | $ (606) | |||
Balance, End of Period | (10,675) | (39,740) | ||
Change in funded status of retirement obligations | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, Beginning of period | (3,018) | (5,640) | ||
Net change | 13 | 103 | ||
Reclassification due to the adoption of ASU No. 2016-01 | 0 | |||
Balance, End of Period | (3,005) | (5,537) | ||
Accretion of loss on debt securities reclassified to held-to-maturity | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, Beginning of period | (921) | (1,520) | ||
Net change | 113 | 167 | ||
Reclassification due to the adoption of ASU No. 2016-01 | 0 | |||
Balance, End of Period | (808) | (1,353) | ||
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 | (8,884) | (21,184) | ||
Net change | 16,239 | (22,723) | ||
Reclassification due to the adoption of ASU No. 2016-01 | (606) | |||
Balance, End of Period | 7,355 | (44,513) | ||
Other-than- temporary impairment accretion on debt securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, Beginning of period | (11,397) | (14,482) | ||
Net change | 180 | 216 | ||
Reclassification due to the adoption of ASU No. 2016-01 | 0 | |||
Balance, End of Period | (11,217) | (14,266) | ||
Unrealized gains (losses) on derivatives | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, Beginning of period | 12,651 | 13,487 | ||
Net change | (15,651) | 12,442 | ||
Reclassification due to the adoption of ASU No. 2016-01 | $ 0 | |||
Balance, End of Period | $ (3,000) | $ 25,929 |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassification Adjustment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of net (gain) loss | $ (60,998) | $ (59,061) |
Reclassification adjustment for unrealized (gains) losses on derivatives | (93,539) | (59,083) |
Total before tax | 67,463 | 78,009 |
Income tax benefit (expense) | (19,305) | (20,084) |
Net income | 48,158 | 57,925 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (2,092) | 498 |
Income tax benefit (expense) | 599 | (128) |
Net income | (1,493) | 370 |
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 (gain) loss | (2) | 129 |
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 | $ (2,090) | $ 369 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Equity securities | $ 5,880 | $ 5,793 |
Debt securities available-for-sale, at estimated fair value | 2,156,340 | 2,122,162 |
Liabilities: | ||
Derivative financial instruments | 632 | 498 |
Federal Home Loan Mortgage Corporation | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 1,016,518 | 986,650 |
Federal National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 974,430 | 968,556 |
Government National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 165,392 | 166,956 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Equity securities | 5,880 | 5,793 |
Debt securities available-for-sale, at estimated fair value | 2,156,340 | 2,122,162 |
Liabilities: | ||
Derivative financial instruments | 632 | 498 |
Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 1,016,518 | 986,650 |
Fair Value, Measurements, Recurring | Federal National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 974,430 | 968,556 |
Fair Value, Measurements, Recurring | Government National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 165,392 | 166,956 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Equity securities | 5,880 | 5,793 |
Debt securities available-for-sale, at estimated fair value | 0 | 0 |
Liabilities: | ||
Derivative financial instruments | 0 | 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 | 2,156,340 | 2,122,162 |
Liabilities: | ||
Derivative financial instruments | 632 | 498 |
Level 2 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 1,016,518 | 986,650 |
Level 2 | Fair Value, Measurements, Recurring | Federal National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 974,430 | 968,556 |
Level 2 | Fair Value, Measurements, Recurring | Government National Mortgage Association | ||
Assets: | ||
Debt securities available-for-sale, at estimated fair value | 165,392 | 166,956 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Equity securities | 0 | 0 |
Debt securities available-for-sale, at estimated fair value | 0 | 0 |
Liabilities: | ||
Derivative financial instruments | 0 | 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 |
Derivative contracts | ||
Liabilities: | ||
Derivative financial instruments | 632 | 498 |
Derivative contracts | Fair Value, Measurements, Recurring | ||
Assets: | ||
Interest rate swaps | 1,534 | |
Liabilities: | ||
Derivative financial instruments | 541 | 432 |
Derivative contracts | Level 1 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Interest rate swaps | 0 | |
Liabilities: | ||
Derivative financial instruments | 0 | 0 |
Derivative contracts | Level 2 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Interest rate swaps | 1,534 | |
Liabilities: | ||
Derivative financial instruments | 541 | 432 |
Derivative contracts | Level 3 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Interest rate swaps | 0 | |
Liabilities: | ||
Derivative financial instruments | 0 | 0 |
Other contracts | Fair Value, Measurements, Recurring | ||
Liabilities: | ||
Derivative financial instruments | 91 | 66 |
Other contracts | Level 1 | Fair Value, Measurements, Recurring | ||
Liabilities: | ||
Derivative financial instruments | 0 | |
Other contracts | Level 2 | Fair Value, Measurements, Recurring | ||
Liabilities: | ||
Derivative financial instruments | $ 91 | 66 |
Other contracts | Level 3 | Fair Value, Measurements, Recurring | ||
Liabilities: | ||
Derivative financial instruments | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | Mar. 31, 2019USD ($) | Dec. 31, 2018 |
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 (percentage) | 0.0540 | 0.0498 |
Prepayment speeds | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net input (percentage) | 0.2712 | 0.2730 |
Discount Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net input (percentage) | 0.1250 | 0.1250 |
Discount Rate | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input (percentage) | 0.00% | |
Other real estate owned, measurement input (percentage) | 0 | |
Discount Rate | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input (percentage) | 25.00% | |
Other real estate owned, measurement input (percentage) | 0.25 |
Fair Value Measurements (Carr_2
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 83,814 | $ 86,747 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, fair value | 28,291 | 15,389 |
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 | 28,291 | 15,389 |
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 | 27,594 | 15,148 |
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 | 27,594 | 15,148 |
Market comparable | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 697 | 241 |
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 | 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 | 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 | $ 697 | $ 241 |
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 (percentage) | 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 (percentage) | 51.00% | 83.00% |
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 (percentage) | 11.20% | 11.20% |
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 (percentage) | 0 | 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 (percentage) | 0.250 | 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 (percentage) | 0.0430 | 0.1050 |
Fair Value Measurements (Carr_3
Fair Value Measurements (Carrying Amounts and Estimated Fair Values) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Equities | $ 5,880 | $ 5,793 |
Debt securities available-for-sale | 2,156,340 | 2,122,162 |
Debt securities held-to-maturity | 1,536,684 | 1,558,564 |
Financial liabilities: | ||
Derivative financial instruments | 632 | 498 |
Carrying value | ||
Assets: | ||
Cash and cash equivalents | 186,083 | 196,891 |
Equities | 5,880 | 5,793 |
Debt securities available-for-sale | 2,156,340 | 2,122,162 |
Debt securities held-to-maturity | 1,516,600 | 1,555,137 |
FHLB stock | 258,949 | 260,234 |
Loans held for sale | 6,827 | 4,074 |
Net loans | 21,503,110 | 21,378,136 |
Interest rate swaps | 1,534 | |
Financial liabilities: | ||
Deposits, other than time deposits | 12,773,906 | 13,009,422 |
Time deposits | 4,856,093 | 4,570,847 |
Borrowed funds | 5,549,587 | 5,435,681 |
Derivative financial instruments | 632 | 498 |
Estimated fair value | ||
Assets: | ||
Cash and cash equivalents | 186,083 | 196,891 |
Equities | 5,880 | 5,793 |
Debt securities available-for-sale | 2,156,340 | 2,122,162 |
Debt securities held-to-maturity | 1,536,684 | 1,558,564 |
FHLB stock | 258,949 | 260,234 |
Loans held for sale | 6,827 | 4,074 |
Net loans | 21,451,866 | 21,085,185 |
Interest rate swaps | 1,534 | |
Financial liabilities: | ||
Deposits, other than time deposits | 12,773,906 | 13,009,422 |
Time deposits | 4,840,838 | 4,546,991 |
Borrowed funds | 5,531,399 | 5,398,553 |
Derivative financial instruments | 632 | 498 |
Level 1 | Estimated fair value | ||
Assets: | ||
Cash and cash equivalents | 186,083 | 196,891 |
Equities | 5,880 | 5,793 |
Debt securities available-for-sale | 0 | 0 |
Debt securities held-to-maturity | 0 | 0 |
FHLB stock | 258,949 | 260,234 |
Loans held for sale | 0 | 0 |
Net loans | 0 | 0 |
Interest rate swaps | 0 | |
Financial liabilities: | ||
Deposits, other than time deposits | 12,773,906 | 13,009,422 |
Time deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Level 2 | Estimated fair value | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Equities | 0 | 0 |
Debt securities available-for-sale | 2,156,340 | 2,122,162 |
Debt securities held-to-maturity | 1,456,268 | 1,476,565 |
FHLB stock | 0 | 0 |
Loans held for sale | 6,827 | 4,074 |
Net loans | 0 | 0 |
Interest rate swaps | 1,534 | |
Financial liabilities: | ||
Deposits, other than time deposits | 0 | 0 |
Time deposits | 4,840,838 | 4,546,991 |
Borrowed funds | 5,531,399 | 5,398,553 |
Derivative financial instruments | 632 | 498 |
Level 3 | Estimated fair value | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Equities | 0 | 0 |
Debt securities available-for-sale | 0 | 0 |
Debt securities held-to-maturity | 80,416 | 81,999 |
FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans | 21,451,866 | 21,085,185 |
Interest rate swaps | 0 | |
Financial liabilities: | ||
Deposits, other than time deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Derivative financial instruments | $ 0 | $ 0 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 5,506 | $ 4,891 |
Fees and service charges | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,283 | 3,122 |
Other income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 2,223 | $ 1,769 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Accounting Changes and Error Corrections [Abstract] | ||
Operating lease right-of-use assets | $ 187,560 | $ 193,290 |
Operating lease liabilities | $ 197,281 | $ 200,694 |
Subsequent Event (Details)
Subsequent Event (Details) - $ / shares | May 24, 2019 | Apr. 24, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Subsequent Event [Line Items] | ||||
Dividends paid per share (usd per share) | $ 0.11 | $ 0.09 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share (usd per share) | $ 0.11 | |||
Scenario, Forecast | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends paid per share (usd per share) | $ 0.11 |