Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | EBSB | |
Entity Registrant Name | Meridian Bancorp, Inc. | |
Entity Central Index Key | 1,600,125 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 53,970,209 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 300,297 | $ 236,423 |
Certificates of deposit | 75,192 | 80,323 |
Securities available for sale, at fair value | 44,661 | 67,663 |
Federal Home Loan Bank stock, at cost | 22,976 | 18,175 |
Loans held for sale | 3,707 | 3,944 |
Loans, net of fees and costs | 4,547,511 | 3,938,817 |
Less: allowance for loan losses | (45,643) | (40,149) |
Loans, net | 4,501,868 | 3,898,668 |
Bank-owned life insurance | 40,052 | 40,745 |
Foreclosed real estate, net | 1,690 | |
Premises and equipment, net | 40,077 | 41,427 |
Accrued interest receivable | 11,580 | 10,381 |
Deferred tax asset, net | 21,487 | 21,461 |
Goodwill | 13,687 | 13,687 |
Other assets | 9,140 | 3,105 |
Total assets | 5,086,414 | 4,436,002 |
Deposits: | ||
Non interest-bearing | 455,540 | 431,222 |
Interest-bearing | 3,489,929 | 3,044,615 |
Total deposits | 3,945,469 | 3,475,837 |
Long-term debt | 471,069 | 322,512 |
Accrued expenses and other liabilities | 29,472 | 30,356 |
Total liabilities | 4,446,010 | 3,828,705 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 53,947,394 and 53,596,105 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 539 | 536 |
Additional paid-in capital | 393,903 | 390,065 |
Retained earnings | 262,079 | 234,290 |
Accumulated other comprehensive income | 2,622 | 1,806 |
Unearned compensation-ESOP, 2,587,477 and 2,678,800 shares at September 30, 2017 and December 31, 2016, respectively | (18,739) | (19,400) |
Total stockholders' equity | 640,404 | 607,297 |
Total liabilities and stockholders' equity | $ 5,086,414 | $ 4,436,002 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 53,947,394 | 53,596,105 |
Common stock, shares outstanding | 53,947,394 | 53,596,105 |
Unearned compensation, ESOP | 2,587,477 | 2,678,800 |
Consolidated Statements of Net
Consolidated Statements of Net Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 46,597 | $ 37,444 | $ 130,281 | $ 105,369 |
Interest on debt securities: | ||||
Taxable | 58 | 203 | 260 | 707 |
Tax-exempt | 30 | 18 | 95 | |
Dividends on equity securities | 275 | 365 | 843 | 1,183 |
Interest on certificates of deposit | 221 | 75 | 629 | 380 |
Other interest and dividend income | 819 | 303 | 2,200 | 709 |
Total interest and dividend income | 47,970 | 38,420 | 134,231 | 108,443 |
Interest expense: | ||||
Interest on deposits | 8,528 | 6,273 | 23,882 | 17,162 |
Interest on short-term borrowings | 4 | 6 | ||
Interest on long-term debt | 1,388 | 845 | 3,482 | 2,139 |
Total interest expense | 9,916 | 7,118 | 27,368 | 19,307 |
Net interest income | 38,054 | 31,302 | 106,863 | 89,136 |
Provision for loan losses | 2,458 | 858 | 5,574 | 5,876 |
Net interest income, after provision for loan losses | 35,596 | 30,444 | 101,289 | 83,260 |
Non-interest income: | ||||
Customer service fees | 2,081 | 2,172 | 6,347 | 6,258 |
Loan fees | 180 | 293 | 1,882 | 583 |
Mortgage banking gains, net | 176 | 274 | 348 | 448 |
Gain on sales of securities, net | 865 | 266 | 3,247 | 393 |
Income from bank-owned life insurance | 294 | 296 | 874 | 894 |
Gain on life insurance distribution | 1,657 | 1,657 | ||
Total non-interest income | 5,253 | 3,301 | 14,355 | 8,576 |
Non-interest expenses: | ||||
Salaries and employee benefits | 12,973 | 12,169 | 39,400 | 36,661 |
Occupancy and equipment | 2,676 | 2,577 | 8,735 | 7,928 |
Data processing | 1,528 | 1,293 | 4,381 | 3,804 |
Marketing and advertising | 715 | 832 | 2,522 | 2,244 |
Professional services | 624 | 663 | 2,865 | 1,996 |
Deposit insurance | 660 | 572 | 2,164 | 1,556 |
Merger and acquisition | 271 | 271 | ||
Other general and administrative | 1,367 | 1,058 | 3,758 | 3,527 |
Total non-interest expenses | 20,814 | 19,164 | 64,096 | 57,716 |
Income before income taxes | 20,035 | 14,581 | 51,548 | 34,120 |
Provision for income taxes | 6,702 | 5,084 | 17,624 | 11,239 |
Net income | $ 13,333 | $ 9,497 | $ 33,924 | $ 22,881 |
Earnings per share: | ||||
Basic | $ 0.26 | $ 0.19 | $ 0.66 | $ 0.45 |
Diluted | $ 0.25 | $ 0.18 | $ 0.65 | $ 0.44 |
Weighted average shares: | ||||
Basic | 51,229,203 | 50,982,633 | 51,061,959 | 51,192,332 |
Diluted | 52,672,962 | 52,093,009 | 52,541,752 | 52,297,367 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 13,333 | $ 9,497 | $ 33,924 | $ 22,881 | |
Securities available for sale: | |||||
Unrealized holding gain | 2,067 | 1,781 | 4,621 | 5,653 | |
Reclassification adjustment for gains realized in income | [1] | (865) | (266) | (3,247) | (393) |
Net unrealized gain | 1,202 | 1,515 | 1,374 | 5,260 | |
Tax effect | (485) | (570) | (558) | (2,124) | |
Total other comprehensive income | 717 | 945 | 816 | 3,136 | |
Comprehensive income | $ 14,050 | $ 10,442 | $ 34,740 | $ 26,017 | |
[1] | Amounts are included in gain on sales of securities, net in the Consolidated Statements of Net Income. Provisions for income tax associated with the reclassification adjustments for the three months ended September 30, 2017 and 2016 were $349,000 and $100,000, respectively, and for the nine months ended September 30, 2017 and 2016 were $1.3 million and $159,000, respectively. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Income tax associated with reclassification adjustments | $ 349,000 | $ 100,000 | $ 1,300,000 | $ 159,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Unearned Compensation - ESOP [Member] |
Beginning Balance at Dec. 31, 2015 | $ 588,126 | $ 549 | $ 403,737 | $ 206,214 | $ (2,092) | $ (20,282) |
Beginning balance, shares at Dec. 31, 2015 | 54,875,237 | |||||
Comprehensive income | 26,017 | 22,881 | 3,136 | |||
Dividends declared | (4,586) | (4,586) | ||||
Repurchased stock related to buyback program | (16,955) | $ (12) | (16,943) | |||
Repurchased stock related to buyback program, shares | (1,220,711) | |||||
ESOP shares earned | 1,322 | 661 | 661 | |||
Share-based compensation expense - restricted stock, net of awards forfeited | 1,553 | 1,553 | ||||
Share-based compensation expense - restricted stock, net of awards forfeited, shares | (20,248) | |||||
Share-based compensation expense - stock options, net of awards forfeited | 872 | 872 | ||||
Excess tax benefits in connection with share-based compensation | 502 | 502 | ||||
Stock options exercised | 205 | 205 | ||||
Stock options exercised, shares | 79,913 | |||||
Ending Balance at Sep. 30, 2016 | 597,056 | $ 537 | 390,587 | 224,509 | 1,044 | (19,621) |
Ending balance, shares at Sep. 30, 2016 | 53,714,191 | |||||
Beginning Balance at Dec. 31, 2016 | $ 607,297 | $ 536 | 390,065 | 234,290 | 1,806 | (19,400) |
Beginning balance, shares at Dec. 31, 2016 | 53,596,105 | 53,596,105 | ||||
Comprehensive income | $ 34,740 | 33,924 | 816 | |||
Dividends declared | (6,135) | (6,135) | ||||
ESOP shares earned | 1,629 | 968 | 661 | |||
Share-based compensation expense - restricted stock, net of awards forfeited | 1,631 | $ 2 | 1,629 | |||
Share-based compensation expense - restricted stock, net of awards forfeited, shares | 255,196 | |||||
Share-based compensation expense - stock options, net of awards forfeited | 923 | 923 | ||||
Stock options exercised | 319 | $ 1 | 318 | |||
Stock options exercised, shares | 96,093 | |||||
Ending Balance at Sep. 30, 2017 | $ 640,404 | $ 539 | $ 393,903 | $ 262,079 | $ 2,622 | $ (18,739) |
Ending balance, shares at Sep. 30, 2017 | 53,947,394 | 53,947,394 |
Consolidated Statements of Cha8
Consolidated Statements of Changes In Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Dividends declared per share | $ 0.12 | $ 0.09 |
ESOP shares earned | 91,323 | 91,323 |
Common Stock [Member] | ||
Dividends declared per share | $ 0.12 | $ 0.09 |
ESOP shares earned | 91,323 | 91,323 |
Additional Paid-in Capital [Member] | ||
Dividends declared per share | $ 0.12 | $ 0.09 |
ESOP shares earned | 91,323 | 91,323 |
Retained Earnings [Member] | ||
Dividends declared per share | $ 0.12 | $ 0.09 |
ESOP shares earned | 91,323 | 91,323 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Dividends declared per share | $ 0.12 | $ 0.09 |
ESOP shares earned | 91,323 | 91,323 |
Unearned Compensation - ESOP [Member] | ||
Dividends declared per share | $ 0.12 | $ 0.09 |
ESOP shares earned | 91,323 | 91,323 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 33,924 | $ 22,881 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Accretion of acquisition fair value adjustments | (122) | (107) |
ESOP shares earned expense | 1,629 | 1,322 |
Provision for loan losses | 5,574 | 5,876 |
Accretion of net deferred loan origination fees | (913) | (787) |
Net accretion of securities available for sale | (5) | (45) |
Depreciation and amortization expense | 2,333 | 2,224 |
Gain on sales of securities, net | (3,247) | (393) |
Net loss and provision for foreclosed real estate | 15 | |
Deferred income tax benefit | (584) | (713) |
Income from bank-owned life insurance | (874) | (894) |
Gain on life insurance distribution | (1,657) | |
Share-based compensation expense | 2,554 | 2,425 |
Net changes in: | ||
Loans held for sale | 237 | 1,815 |
Accrued interest receivable | (1,199) | (635) |
Other assets | (5,719) | (3,638) |
Accrued expenses and other liabilities | (1,410) | 1,083 |
Net cash provided by operating activities | 30,521 | 30,429 |
Cash flows from investing activities: | ||
Purchases of certificates of deposit | (5,000) | (20,292) |
Maturities of certificates of deposit | 10,131 | 89,012 |
Activity in securities available for sale: | ||
Proceeds from maturities, calls and principal payments | 16,454 | 23,336 |
Purchase of mutual funds, net | (8) | (29,846) |
Proceeds from sales | 17,221 | 17,517 |
Purchases | (6,353) | (10,479) |
Loans originated, net of principal payments received | (609,507) | (622,051) |
Proceeds from the distribution of bank-owned life insurance | 3,224 | |
Purchases of premises and equipment | (921) | (2,661) |
Purchase of Federal Home Loan Bank stock | (4,801) | (6,887) |
Proceeds from sale of foreclosed real estate | 623 | |
Net cash used in investing activities | (579,560) | (561,728) |
Cash flows from financing activities: | ||
Net increase in deposits | 469,646 | 486,565 |
Net change in borrowings with maturities less than three months | (20,000) | |
Proceeds from Federal Home Loan Bank advances with maturities of three months or more | 260,625 | 210,000 |
Repayment of Federal Home Loan Bank advances with maturities of three months or more | (112,068) | (37,406) |
Cash dividends paid on common stock | (5,609) | (4,621) |
Stock options exercised | 319 | 205 |
Repurchase of common stock | (16,955) | |
Net cash provided by financing activities | 612,913 | 617,788 |
Net change in cash and cash equivalents | 63,874 | 86,489 |
Cash and cash equivalents at beginning of period | 236,423 | 96,363 |
Cash and cash equivalents at end of period | 300,297 | 182,852 |
Supplemental cash flow information: | ||
Interest paid on deposits | 23,690 | 16,920 |
Interest paid on borrowings | 3,312 | 2,032 |
Income taxes paid, net of refunds | 21,285 | 15,521 |
Non-cash investing and financing activities: | ||
Transfers from loans to foreclosed real estate | 1,690 | $ 638 |
Net amounts due from broker on security transactions | $ 316 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1 . BASIS OF PRESENTATION The consolidated financial statements include the accounts of Meridian Bancorp, Inc. (the “Company”) and all other entities in which it has a controlling financial interest. The Company owns 100% of the outstanding shares of East Boston Savings Bank (the “Bank”). The Bank’s subsidiaries include: (1) Prospect, Inc., which engages in securities transactions on its own behalf; (2) EBOSCO, LLC, which holds foreclosed real estate; and (3) East Boston Investment Services, Inc., which is authorized for third-party investment sales and is currently inactive. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q 10-01 S-X. 10-K www.sec.gov. In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the evaluation of securities for other-than-temporary impairment. Change in accounting principle—Share-based compensation In March 2016, the Financial Accounting Standards Board (the “FASB”) issued an Accounting Standards Update (“ASU”), No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Accounting for Income Taxes Entities will no longer record the excess tax benefits or deficiencies related to share-based compensation in additional paid-in paid-in |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 2. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments — Overall, (Subtopic 825-10). In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) right-to-use In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) held-to-maturity available-for-sale In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. EARNINGS PER SHARE Basic earnings per share excludes dilution and is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Rights to dividends on unvested stock awards are non-forfeitable, Basic and diluted earnings per share have been computed based on the following: Three Months Ended Nine Months Ended 2017 2016 2017 2016 (Dollars in thousands, expect per share amounts) Net income available to common stockholders $ 13,333 $ 9,497 $ 33,924 $ 22,881 Basic weighted average shares outstanding 51,229,203 50,982,633 51,061,959 51,192,332 Effect of dilutive stock options 1,443,759 1,110,376 1,479,793 1,105,035 Diluted weighted average shares outstanding $ 52,672,962 52,093,009 $ 52,541,752 52,297,367 Earnings per share: Basic $ 0.26 $ 0.19 $ 0.66 $ 0.45 Diluted $ 0.25 $ 0.18 $ 0.65 $ 0.44 For the three and nine months ended September 30, 2017 options for the exercise of 79,802 shares and 26,601 shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. An anti-dilutive option exists when the average stock price for the period is less than the exercise price of the option. For the three and nine months ended September 30, 2016, options for the exercise of 153,760 shares and 265,139 shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. On July 31, 2017, the Company granted 682,750 stock options and 272,750 restricted stock awards under the 2015 Equity Incentive Plan to its directors and officers, including named executive officers of the Company. Awards vest 20% per year over a period of five years beginning one year from the date of grant. |
Securities Available for Sale
Securities Available for Sale | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | 4. SECURITIES AVAILABLE FOR SALE The amortized cost and fair values of securities available for sale, with gross unrealized gains and losses, follows: Amortized Gross Gross Fair (In thousands) September 30, 2017 Debt securities: Municipal bonds $ 341 $ 6 $ — $ 347 Residential mortgage-backed securities: Government-sponsored enterprises 4,393 288 (2 ) 4,679 Private label 73 5 — 78 Total debt securities 4,807 299 (2 ) 5,104 Marketable equity securities: Common stocks: Basic materials 4,518 338 (230 ) 4,626 Consumer products and services 10,492 1,231 (745 ) 10,978 Financial services 4,471 1,296 (21 ) 5,746 Healthcare 7,827 1,688 (6 ) 9,509 Industrials 4,484 770 (4 ) 5,250 Technology 3,041 551 (154 ) 3,438 Total common stocks 34,833 5,874 (1,160 ) 39,547 Money market mutual funds 10 — — 10 Total marketable equity securities 34,843 5,874 (1,160 ) 39,557 Total securities available for sale $ 39,650 $ 6,173 $ (1,162 ) $ 44,661 December 31, 2016 Debt securities: Corporate bonds: Financial services $ 12,989 $ 16 $ (3 ) $ 13,002 Industrials 1,000 3 — 1,003 Total corporate bonds 13,989 19 (3 ) 14,005 Municipal bonds 1,202 17 — 1,219 Residential mortgage-backed securities: Government-sponsored enterprises 5,284 325 (3 ) 5,606 Private label 779 22 — 801 Total debt securities 21,254 383 (6 ) 21,631 Marketable equity securities: Common stocks: Basic materials 6,763 901 (232 ) 7,432 Consumer products and services 13,567 1,093 (382 ) 14,278 Financial services 5,953 970 — 6,923 Healthcare 8,225 533 (456 ) 8,302 Industrials 4,181 624 (11 ) 4,794 Technology 4,081 440 (220 ) 4,301 Total common stocks 42,770 4,561 (1,301 ) 46,030 Money market mutual funds 2 — — 2 Total marketable equity securities 42,772 4,561 (1,301 ) 46,032 Total securities available for sale $ 64,026 $ 4,944 $ (1,307 ) $ 67,663 At September 30, 2017, securities with an amortized cost of $3.5 million and $472,000 were pledged as collateral for Federal Home Loan Bank of Boston (“FHLB”) borrowings and for the Federal Reserve Bank discount window borrowings, respectively. The amortized cost and fair value of debt securities by contractual maturity at September 30, 2017 are as follows. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties. One Year or Less After One Year After Five Years Total Amortized Fair Amortized Fair Amortized Fair Amortized Fair (In thousands) Municipal bonds $ 341 $ 347 $ — $ — $ — $ — $ 341 $ 347 Residential mortgage-backed securities: Government-sponsored enterprises — — 1 1 4,392 4,678 4,393 4,679 Private label — — — — 73 78 73 78 Total $ 341 $ 347 $ 1 $ 1 $ 4,465 $ 4,756 $ 4,807 $ 5,104 For the three months ended September 30, 2017 and 2016, proceeds from sales of securities available for sale amounted to $5.6 million and $12.5 million, respectively. Gross gains of $937,000 and $2.4 million and gross losses of $72,000 and $2.1 million, respectively, were realized on those sales. For the nine months ended September 30, 2017 and 2016, proceeds from the sales of securities available for sale amounted to $17.2 million and $17.5 million, respectively. Gross gains of $3.3 million and $3.6 million and gross losses of $93,000 and $3.2 million, respectively, were realized on those sales. Information pertaining to securities available for sale as of September 30, 2017 and December 31, 2016, with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less Than Twelve Months Twelve Months or Longer Gross Fair Gross Fair (In thousands) September 30, 2017 Debt securities: Residential mortgage-backed securities: Government-sponsored enterprises $ — $ — $ 2 $ 174 Total debt securities — — 2 174 Marketable equity securities: Common stocks: Basic materials 46 833 184 1,573 Consumer products and services 136 1,192 609 1,929 Financial services 21 492 — — Healthcare 6 406 — — Industrials 4 971 — — Technology 146 1,227 8 337 Total common stocks and marketable equity securities 359 5,121 801 3,839 Total temporarily impaired securities $ 359 $ 5,121 $ 803 $ 4,013 Less Than Twelve Months Twelve Months or Longer Gross Fair Gross Fair (In thousands) December 31, 2016 Debt securities: Corporate bonds-financial services $ 3 $ 5,000 $ — $ — Residential mortgage-backed securities: Government-sponsored enterprises — — 3 205 Total debt securities 3 5,000 3 205 Marketable equity securities: Common stocks: Basic materials — — 232 1,568 Consumer products and services 237 3,496 145 1,618 Healthcare 259 2,039 197 1,377 Industrials 11 450 — — Technology — — 220 1,681 Total common stocks and marketable equity securities 507 5,985 794 6,244 Total temporarily impaired securities $ 510 $ 10,985 $ 797 $ 6,449 The Company determined no securities were other-than-temporarily impaired for the nine months ended September 30, 2017, and 2016. Management evaluates securities for other-than-temporary impairment on a quarterly basis, with more frequent evaluation for selected issuers or when economic or market concerns warrant such evaluations. At September 30, 2017, 18 marketable equity securities with a fair value of $9.0 million had gross unrealized losses totaling $1.2 million, or an aggregate depreciation of 11.5% from the Company’s cost basis. These marketable equity securities consisted of 11 securities with a fair value of $5.1 million and a gross unrealized loss of $359,000 for less than 12 months and seven securities with a fair value of $3.8 million and a gross unrealized loss of $801,000 for 12 months or longer. The marketable equity securities in a gross unrealized loss position for 12 months or longer were comprised of two securities in the basic materials sector with a fair value of $1.6 million and a gross unrealized loss of $184,000, four securities in the consumer products and services sector with a fair value of $1.9 million and a gross unrealized loss of $609,000, and one security in the technology sector with a fair value of $337,000 and a gross unrealized loss of $8,000. In analyzing an equity issuer’s financial condition, management considers industry analysts’ reports, financial performance and projected target prices of investment analysts within a one-year Although issuers within the marketable equity securities portfolio had price declines resulting in unrealized losses, management does not believe these declines in market value are other than temporary, and the Company currently has the ability and intent to hold these investments until a recovery of fair value. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Loans | 5. LOANS A summary of loans follows: September 30, 2017 December 31, 2016 Amount Percent Amount Percent (Dollars in thousands) Real estate loans: Residential real estate: One- $ 560,393 12.3 % $ 532,450 13.5 % Home equity lines of credit 42,042 0.9 42,913 1.1 Multi-family 702,631 15.4 562,948 14.3 Commercial real estate 2,070,761 45.5 1,776,601 45.1 Construction 604,487 13.3 502,753 12.8 Total real estate loans 3,980,314 87.4 3,417,665 86.8 Commercial and industrial 561,769 12.4 515,430 13.0 Consumer 10,222 0.2 9,712 0.2 Total loans 4,552,305 100.0 % 3,942,807 100.0 % Allowance for loan losses (45,643 ) (40,149 ) Net deferred loan origination fees (4,794 ) (3,990 ) Loans, net $ 4,501,868 $ 3,898,668 The Company has transferred a portion of its originated commercial real estate loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in the Company’s accompanying balance sheets. The Company and participating lenders share ratably in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. The Company continues to service the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments to participating lenders and disburses required escrow funds to relevant parties. At September 30, 2017 and December 31, 2016, the Company was servicing loans for participants aggregating $238.4 million and $210.5 million, respectively. At September 30, 2017, multi-family and commercial real estate loans with carrying values totaling $161.6 million and $757.9 million, respectively, were pledged as collateral for FHLB borrowings. An analysis of the allowance for loan losses and related information follows: Three Months Ended September 30, 2017 One- four-family Multi- family Home equity of credit Commercial real estate Construction Commercial industrial Consumer Total (In thousands) Beginning balance $ 1,167 $ 5,549 $ 71 $ 20,598 $ 8,846 $ 6,901 $ 97 $ 43,229 Provision (credit) for loan losses (100 ) (44 ) (9 ) 1,343 1,245 (52 ) 75 2,458 Charge-offs — — — — — — (99 ) (99 ) Recoveries — — — — 1 30 24 55 Ending balance $ 1,067 $ 5,505 $ 62 $ 21,941 $ 10,092 $ 6,879 $ 97 $ 45,643 Three Months Ended September 30, 2016 One- four-family Multi- family Home equity of credit Commercial real estate Construction Commercial industrial Consumer Total (In thousands) Beginning balance $ 1,320 $ 4,002 $ 92 $ 16,950 $ 9,090 $ 6,751 $ 112 $ 38,317 Provision (credit) for loan losses 141 302 (6 ) 300 560 (482 ) 43 858 Charge-offs — — — — (486 ) — (72 ) (558 ) Recoveries — — — — 7 52 21 80 Ending balance $ 1,461 $ 4,304 $ 86 $ 17,250 $ 9,171 $ 6,321 $ 104 $ 38,697 Nine Months Ended September 30, 2017 One- four-family Multi- family Home equity of credit Commercial real estate Construction Commercial industrial Consumer Total (In thousands) Beginning balance $ 1,367 $ 4,514 $ 73 $ 18,725 $ 8,931 $ 6,452 $ 87 $ 40,149 Provision (credit) for loan losses (333 ) 990 (11 ) 3,216 1,112 397 203 5,574 Charge-offs — — — — (2 ) — (265 ) (267 ) Recoveries 33 1 — — 51 30 72 187 Ending balance $ 1,067 $ 5,505 $ 62 $ 21,941 $ 10,092 $ 6,879 $ 97 $ 45,643 Nine Months Ended September 30, 2016 One- four-family Multi- family Home equity of credit Commercial real estate Construction Commercial industrial Consumer Total (In thousands) Beginning balance $ 1,354 $ 3,385 $ 144 $ 14,497 $ 8,313 $ 5,620 $ 92 $ 33,405 Provision (credit) for loan losses 107 919 (58 ) 2,753 1,323 685 147 5,876 Charge-offs — — — — (486 ) (44 ) (206 ) (736 ) Recoveries — — — — 21 60 71 152 Ending balance $ 1,461 $ 4,304 $ 86 $ 17,250 $ 9,171 $ 6,321 $ 104 $ 38,697 One- four-family Multi- family Home equity lines of credit Commercial real estate Construction Commercial and industrial Consumer Total (In thousands) September 30, 2017 Amount of allowance for loan losses for loans deemed to be impaired $ 67 $ 105 $ — $ — $ — $ — $ — $ 172 Amount of allowance for loan losses for loans not deemed to be impaired 1,000 5,400 62 21,941 10,092 6,879 97 45,471 $ 1,067 $ 5,505 $ 62 $ 21,941 $ 10,092 $ 6,879 $ 97 $ 45,643 Loans deemed to be impaired $ 1,598 $ 1,327 $ — $ 862 $ 173 $ 1,577 $ — $ 5,537 Loans not deemed to be impaired 558,795 701,304 42,042 2,069,899 604,314 560,192 10,222 4,546,768 $560,393 $702,631 $42,042 $2,070,761 $604,487 $561,769 $10,222 $4,552,305 December 31, 2016 Amount of allowance for loan losses for loans deemed to be impaired $ 49 $ 137 $ — $ — $ — $ — $ — $ 186 Amount of allowance for loan losses for loans not deemed to be impaired 1,318 4,377 73 18,725 8,931 6,452 87 39,963 $ 1,367 $ 4,514 $ 73 $ 18,725 $ 8,931 $ 6,452 $ 87 $ 40,149 Loans deemed to be impaired $ 1,422 $ 1,359 $ — $ 2,807 $ 988 $ 1,808 $ — $ 8,384 Loans not deemed to be impaired 531,028 561,589 42,913 1,773,794 501,765 513,622 9,712 3,934,423 $532,450 $562,948 $42,913 $1,776,601 $502,753 $515,430 $9,712 $3,942,807 The following table provides information about the Company’s past due and non-accrual 30-59 60-89 90 Days Total Loans on Non-accrual (In thousands) September 30, 2017 Real estate loans: Residential real estate: One- $ 1,113 $ 984 $ 1,380 $ 3,477 $ 7,055 Home equity lines of credit 371 67 395 833 563 Commercial real estate 100 — — 100 862 Construction — 173 — 173 173 Total real estate loans 1,584 1,224 1,775 4,583 8,653 Commercial and industrial — — 525 525 525 Consumer 489 664 — 1,153 — Total $ 2,073 $ 1,888 $ 2,300 $ 6,261 $ 9,178 December 31, 2016 Real estate loans: Residential real estate: One- $ 641 $ 834 $ 2,902 $ 4,377 $ 8,487 Home equity lines of credit 707 131 672 1,510 674 Commercial real estate 105 — 1,904 2,009 2,807 Construction — — 815 815 815 Total real estate loans 1,453 965 6,293 8,711 12,783 Commercial and industrial — — 653 653 653 Consumer 679 392 — 1,071 — Total $ 2,132 $ 1,357 $ 6,946 $ 10,435 $ 13,436 At September 30, 2017 and December 31, 2016, the Company did not have any accruing loans past due 90 days or more. The following tables provide information with respect to the Company’s impaired loans: September 30, 2017 December 31, 2016 Recorded Unpaid Related Recorded Unpaid Related (In thousands) Impaired loans without a valuation allowance: One- $ 1,031 $ 1,488 $ 841 $ 1,281 Multi-family 63 63 74 74 Commercial real estate 862 862 2,807 3,102 Construction 173 173 988 1,083 Commercial and industrial 1,577 1,907 1,808 2,138 Total 3,706 4,493 6,518 7,678 Impaired loans with a valuation allowance: One- 567 567 $ 67 581 581 $ 49 Multi-family 1,264 1,264 105 1,285 1,285 137 Commercial real estate — — — — — — Total 1,831 1,831 172 1,866 $ 1,866 186 Total impaired loans $ 5,537 $ 6,324 $ 172 $ 8,384 $ 9,544 $ 186 Three Months Ended September 30, 2017 2016 Average Interest Interest Average Interest Interest (In thousands) One- $ 1,607 $ 18 $ 13 $ 1,843 $ 18 $ 13 Multi-family 1,331 13 — 1,374 14 — Commercial real estate 2,547 10 10 2,965 19 19 Construction 173 2 2 13,620 8 4 Commercial and industrial 1,600 16 — 1,941 18 — Total impaired loans $ 7,258 $ 59 $ 25 $ 21,743 $ 77 $ 36 Nine Months Ended September 30, 2017 2016 Average Interest Interest Average Interest Interest (In thousands) One- $ 1,488 $ 63 $ 47 $ 1,857 $ 54 $ 38 Multi-family 1,342 40 — 1,385 41 — Commercial real estate 2,695 43 43 3,432 72 72 Construction 445 6 6 14,410 25 14 Commercial and industrial 1,676 48 — 1,570 67 13 Total impaired loans $ 7,646 $ 200 $ 96 $ 22,654 $ 259 $ 137 At September 30, 2017, additional funds committed to be advanced in connection with impaired construction loans were immaterial. The following table summarizes troubled debt restructurings (“TDRs”) at the dates indicated: September 30, December 31, (In thousands) TDRs on accrual status: One- $ 2,163 $ 2,219 Multi-family 1,326 1,359 Home equity lines of credit — 18 Commercial real estate 9,266 9,460 Construction — 174 Commercial and industrial 22 27 Total TDRs on accrual status 12,777 13,257 TDRs on non-accrual One- 1,315 1,123 Construction 173 — Total TDRs on non-accrual 1,488 1,123 Total TDRs $ 14,265 $ 14,380 The Company generally places loans modified as TDRs on non-accrual The Company utilizes a ten-grade • Loans rated 1, 2, 3, 4, 5 and 6: • Loans rated 7: • Loans rated 8: • Loans rated 9: • Loans rated 10: On an annual basis, or more often if needed, the Company formally reviews the ratings on multi-family, commercial real estate, construction, and commercial and industrial loans. The Company also engages an independent third-party to review a significant portion of loans within these segments on at least an annual basis. Management uses the results of these reviews as part of its annual review process. The following tables provide the Company’s risk-rated loans by class: September 30, 2017 December 31, 2016 Multi-family Commercial Construction Commercial Multi-family Commercial Construction Commercial (In thousands) Loans rated 1 - 6 $ 697,858 $ 2,052,756 $ 604,314 $ 509,977 $ 556,892 $ 1,771,671 $ 500,565 $ 465,979 Loans rated 7 277 17,143 — 25,654 841 2,123 — 22,820 Loans rated 8 4,496 862 173 26,138 5,215 2,807 2,188 26,631 Loans rated 9 — — — — — — — — Loans rated 10 — — — — — — — — Total $ 702,631 $ 2,070,761 $ 604,487 $ 561,769 $ 562,948 $ 1,776,601 $ 502,753 $ 515,430 For one- |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | 6. DEPOSITS A summary of deposit balances, by type, follows: September 30, December 31, (In thousands) Demand deposits $ 455,540 $ 431,222 Interest-bearing checking deposits 896,561 630,413 Money market deposits 975,246 980,344 Regular savings and other deposits 324,895 305,632 Total non-certificate 2,652,242 2,347,611 Term certificates less than $250,000 962,755 850,565 Term certificates $250,000 and greater 330,472 277,661 Total certificate accounts 1,293,227 1,128,226 Total deposits $ 3,945,469 $ 3,475,837 A summary of term certificates, by maturity, follows: September 30, 2017 December 31, 2016 Maturing Amount Weighted Amount Weighted (Dollars in thousands) Within 1 year $ 597,795 1.22 % $ 539,903 1.16 % Over 1 year to 2 years 294,158 1.42 306,120 1.29 Over 2 years to 3 years 270,173 2.00 122,952 1.69 Over 3 years to 4 years 83,080 1.97 133,256 2.02 Over 4 years to 5 years 44,434 2.06 22,483 1.61 Greater than 5 years 3,587 5.50 3,512 5.50 $ 1,293,227 1.52 % $ 1,128,226 1.38 % The Company had brokered certificates of deposit, which are included in term certificates in the tables above, totaling $243.8 million with a weighted average rate of 1.70% and $158.5 million with a weighted average rate of 1.33% at September 30, 2017 and December 31, 2016, respectively. At September 30, 2017 and December 31, 2016, the Company also had brokered interest-bearing checking deposits totaling $402.4 million and $296.3 million representing reciprocal deposits received from other financial institutions through an Authorized Bank Deposit Placement Network Sponsor to facilitate full federal deposit insurance coverage for certain Bank customers. In addition, the Company had $100.0 million in non-reciprocal |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings | 7. BORROWINGS The Company had no short-term borrowings at September 30, 2017 or December 31, 2016. The Company has an available line of credit of $9.4 million with the FHLB at an interest rate that adjusts daily and $472,000 of borrowing capacity at the Federal Reserve Bank discount window. No amounts were drawn on the line of credit and no borrowings were outstanding with the Federal Reserve Bank discount window as of September 30, 2017 or December 31, 2016. Long-term debt consists of FHLB advances as follows: September 30, 2017 December 31, 2016 Amount Weighted Amount Weighted (Dollars in thousands) Fixed rate advances maturing: 2017 $ 15,000 1.02 % $ 89,632 1.32 % 2018 43,000 1.25 43,000 1.25 2019 3,532 1.23 4,891 1.23 2020 53,912 1.80 4,989 1.22 2021 45,000 1.46 45,000 1.46 2022 80,625 1.72 — — 2023 10,000 2.10 10,000 2.10 2026 10,000 0.69 20,000 0.59 2027 25,000 1.38 — — 2031 20,000 0.88 20,000 0.88 2032 45,000 1.03 — — 351,069 1.43 237,512 1.26 Variable rate advances maturing: 2020 — — 25,000 0.27 2021 35,000 0.71 60,000 0.31 2022 65,000 0.22 — — 2024 20,000 0.32 — — 120,000 0.38 85,000 0.29 Total advances $ 471,069 1.16 % $ 322,512 1.01 % At September 30, 2017, advances amounting to $330.0 million are callable by the FHLB prior to maturity, including advances totaling $35.0 million with variable rates based on the 3-Month 3-month 3-Month 3-Month All borrowings from the FHLB are secured by investment securities and qualified collateral, consisting of a blanket lien on one- |
Other Commitments and Contingen
Other Commitments and Contingencies and Derivatives | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments and Contingencies and Derivatives | 8. OTHER COMMITMENTS AND CONTINGENCIES AND DERIVATIVES In the normal course of business, there are outstanding commitments and contingencies which are not reflected in the accompanying consolidated financial statements. Loan Commitments The Company is party to financial instruments with off-balance The Company’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for loan commitments is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance A summary of outstanding loan commitments whose contract amounts represent credit risk is as follows: September 30, December 31, (In thousands) Unadvanced portion of existing loans: Construction $ 557,232 $ 503,586 Home equity lines of credit 41,499 36,722 Other lines and letters of credit 275,787 314,225 Commitments to originate: One- 20,048 18,272 Commercial real estate 75,726 42,141 Construction 241,985 231,274 Commercial and industrial 12,197 31,463 Other loans 115 350 Total loan commitments outstanding $ 1,224,589 $ 1,178,033 Commitments to originate loans are agreements to lend to a customer provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments are expected to expire without being drawn upon, the total commitments do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case by case basis. The amount of collateral obtained, if deemed necessary by the Company for the extension of credit, is based upon management’s credit evaluation of the borrower. Collateral held includes, but is not limited to, residential real estate and deposit accounts. Unfunded commitments under lines of credit are commitments for possible future extensions of credit to existing customers. These lines of credit are collateralized if deemed necessary and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Interest Rate Swaps The Company is a party to interest rate derivatives that are not designated as hedging instruments. These derivatives relate to interest rate swaps that the Company enters into with commercial business customers to synthetically convert their loans from a variable rate to a fixed rate. The Company pays interest to the customer at a floating rate on the notional amount and receives interest from the customer at a fixed rate for the same notional amount. Concurrently, the Company enters into an offsetting interest rate swap with a third party financial institution. In the offsetting swap, the Company pays the other financial institution interest at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating and probability of default. At September 30, 2017 and December 31, 2016, the Company had $3.7 million and $1.8 million, respectively, in cash pledged for collateral on its interest rate swaps with the third-party financial institution. Summary information regarding these derivatives is presented below: September 30, 2017 December 31, 2016 Maturity Interest Rate Paid Interest Rate Received Notional Fair Notional Fair (Dollars in thousands) Customer interest rate swap 06/07/32 1 Mo. LIBOR + 200bp Fixed (4.40%) $ 65,883 $ 1,106 $ — $ — Third-party interest rate swap 06/07/32 Fixed (4.40%) 1 Mo. LIBOR + 200bp 65,883 (1,106 ) — — Customer interest rate swap 10/17/33 1 Mo. LIBOR + 175bp Fixed (4.1052%) $ 10,767 $ 815 $ 10,922 $ 839 Third-party interest rate swap 10/17/33 Fixed (4.1052%) 1 Mo. LIBOR + 175bp 10,767 (815 ) 10,922 (839 ) Customer interest rate swap 12/13/26 1 Mo. LIBOR + 205bp Fixed (3.82%) $ 2,923 $ (51 ) $ 3,036 $ (60 ) Third-party interest rate swap 12/13/26 Fixed (3.82%) 1 Mo. LIBOR + 205bp 2,923 51 3,036 60 Other Commitments As of September 30, 2017, the Company has an outstanding commitment of $18.4 million with its core data processing provider through December 2021. Employment and Change in Control Agreements The Company has entered into employment agreements with certain senior executives which provide for a minimum annual salary, subject to increase at the discretion of the Board of Directors, and other benefits, including a severance payment in the event employment is terminated in conjunction with a defined change in control. The agreements may be terminated for cause by the Company without further liability on the part of the Company, or by the executives with prior written notice to the Board of Directors. The Company also has change in control agreements with several officers which provide a severance payment in the event employment is terminated in conjunction with a defined change in control. Legal Claims Various legal claims may arise from time to time in the normal course of business, but in the opinion of management, these claims are not expected to have a material effect on the Company’s consolidated financial statements. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | 9. FAIR VALUES OF ASSETS AND LIABILITIES Determination of Fair Value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of assets and liabilities is 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. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. The following methods and assumptions were used by the Company in estimating fair value disclosures: Cash and cash equivalents Certificates of deposit Securities available for sale FHLB stock Loans held for sale Loans non-accrual Deposits non-certificate Borrowings Accrued interest Loan level interest rate swaps Off-balance off-balance-sheet, Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets measured at fair value on a recurring basis are summarized as follows. There were no liabilities measured at fair value on a recurring basis. Level 1 Level 2 Level 3 Total Fair (In thousands) September 30, 2017 Assets: Debt securities $ — $ 5,104 $ — $ 5,104 Marketable equity securities 39,557 — — 39,557 Loan level interest rate swaps — 1,972 — 1,972 Total assets $ 39,557 $ 7,076 $ — $ 46,633 Liabilities: Loan level interest rate swaps — 1,972 — 1,972 Total liabilities $ — $ 1,972 $ — $ 1,972 Level 1 Level 2 Level 3 Total Fair (In thousands) December 31, 2016 Assets: Debt securities $ — $ 21,631 $ — $ 21,631 Marketable equity securities 46,032 — — 46,032 Loan level interest rate swaps — 899 — 899 Total assets $ 46,032 $ 22,530 $ — $ 68,562 Liabilities: Loan level interest rate swaps — 899 — 899 Total liabilities $ — $ 899 $ — $ 899 Assets Measured at Fair Value on a Non-recurring The Company may also be required, from time to time, to measure certain other assets on a non-recurring lower-of-cost-or Certain impaired loans were adjusted to fair value, less cost to sell, of the underlying collateral securing these loans resulting in losses. The loss is not recorded directly as an adjustment to current earnings, but rather as a component in determining the allowance for loan losses. Fair value was measured using appraised values of collateral and adjusted as necessary by management based on unobservable inputs for specific properties. Impaired loans measured at fair value at September 30, 2017 and December 31, 2016 were $2.1 million and $4.9 million, respectively. The related gains and losses were immaterial for the three and nine months ended September 30, 2017 and 2016. Summary of Fair Values of Financial Instruments The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows. Certain financial instruments and all nonfinancial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company. Carrying Amount Fair Value Level 1 Level 2 Level 3 Total (In thousands) September 30, 2017 Financial assets: Cash and due from banks $ 300,297 $ 300,297 $ — $ — $ 300,297 Certificates of deposit 75,192 — 75,393 — 75,393 Securities available for sale 44,661 39,557 5,104 — 44,661 Federal Home Loan Bank stock 22,976 — — 22,976 22,976 Loans and loans held for sale, net 4,505,575 — — 4,467,739 4,467,739 Accrued interest receivable 11,580 — — 11,580 11,580 Financial liabilities: Deposits 3,945,469 — — 3,838,979 3,838,979 Borrowings 471,069 — 468,067 — 468,067 Accrued interest payable 1,765 — — 1,765 1,765 On-balance Assets: Loan level interest rate swaps 1,972 — 1,972 — 1,972 Liabilities: Loan level interest rate swaps 1,972 — 1,972 — 1,972 Carrying Amount Fair Value Level 1 Level 2 Level 3 Total (In thousands) December 31, 2016 Financial assets: Cash and due from banks $ 236,423 $ 236,423 $ — $ — $ 236,423 Certificates of deposit 80,323 — 80,710 — 80,710 Securities available for sale 67,663 46,032 21,631 — 67,663 Federal Home Loan Bank stock 18,175 — — 18,175 18,175 Loans and loans held for sale, net 3,902,612 — — 3,970,896 3,970,896 Accrued interest receivable 10,381 — — 10,381 10,381 Financial liabilities: Deposits 3,475,837 — — 3,485,618 3,485,618 Borrowings 322,512 — 322,928 — 322,928 Accrued interest payable 1,384 — — 1,384 1,384 On-balance Assets: Loan level interest rate swaps 899 — 899 — 899 Liabilities: Loan level interest rate swaps 899 — 899 — 899 |
Pending Acquisition
Pending Acquisition | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Pending Acquisition | 10. PENDING ACQUISITION On June 26, 2017, the Company announced the signing of a definitive merger agreement to acquire Meetinghouse Bancorp, Inc. (“Meetinghouse”) and for the Bank to acquire Meetinghouse Bank. The transaction has been unanimously approved by the boards of directors of both companies. Under the terms of the agreement, Meetinghouse shareholders will receive $26.00 in cash for each of their outstanding shares of Meetinghouse common stock, representing a total transaction value of approximately $17.8 million. Meetinghouse Bank has approximately $114 million in assets, $77 million in loans and $95 million in deposits as of September 30, 2017 and conducts its operations from two offices located in the Boston communities of Dorchester and Roslindale. The closing of the acquisition is anticipated to occur during the fourth quarter of 2017, subject to the receipt of required regulatory approvals and the satisfaction of other customary closing conditions. For more information, refer to our Current Reports on Form 8-K |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Change in accounting principle - Share-based compensation | Change in accounting principle—Share-based compensation In March 2016, the Financial Accounting Standards Board (the “FASB”) issued an Accounting Standards Update (“ASU”), No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Accounting for Income Taxes Entities will no longer record the excess tax benefits or deficiencies related to share-based compensation in additional paid-in paid-in |
Recent Accounting Pronouncements | In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments — Overall, (Subtopic 825-10). In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) right-to-use In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) held-to-maturity available-for-sale In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share have been computed based on the following: Three Months Ended Nine Months Ended 2017 2016 2017 2016 (Dollars in thousands, expect per share amounts) Net income available to common stockholders $ 13,333 $ 9,497 $ 33,924 $ 22,881 Basic weighted average shares outstanding 51,229,203 50,982,633 51,061,959 51,192,332 Effect of dilutive stock options 1,443,759 1,110,376 1,479,793 1,105,035 Diluted weighted average shares outstanding $ 52,672,962 52,093,009 $ 52,541,752 52,297,367 Earnings per share: Basic $ 0.26 $ 0.19 $ 0.66 $ 0.45 Diluted $ 0.25 $ 0.18 $ 0.65 $ 0.44 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Values of Securities Available for Sale | The amortized cost and fair values of securities available for sale, with gross unrealized gains and losses, follows: Amortized Gross Gross Fair (In thousands) September 30, 2017 Debt securities: Municipal bonds $ 341 $ 6 $ — $ 347 Residential mortgage-backed securities: Government-sponsored enterprises 4,393 288 (2 ) 4,679 Private label 73 5 — 78 Total debt securities 4,807 299 (2 ) 5,104 Marketable equity securities: Common stocks: Basic materials 4,518 338 (230 ) 4,626 Consumer products and services 10,492 1,231 (745 ) 10,978 Financial services 4,471 1,296 (21 ) 5,746 Healthcare 7,827 1,688 (6 ) 9,509 Industrials 4,484 770 (4 ) 5,250 Technology 3,041 551 (154 ) 3,438 Total common stocks 34,833 5,874 (1,160 ) 39,547 Money market mutual funds 10 — — 10 Total marketable equity securities 34,843 5,874 (1,160 ) 39,557 Total securities available for sale $ 39,650 $ 6,173 $ (1,162 ) $ 44,661 December 31, 2016 Debt securities: Corporate bonds: Financial services $ 12,989 $ 16 $ (3 ) $ 13,002 Industrials 1,000 3 — 1,003 Total corporate bonds 13,989 19 (3 ) 14,005 Municipal bonds 1,202 17 — 1,219 Residential mortgage-backed securities: Government-sponsored enterprises 5,284 325 (3 ) 5,606 Private label 779 22 — 801 Total debt securities 21,254 383 (6 ) 21,631 Marketable equity securities: Common stocks: Basic materials 6,763 901 (232 ) 7,432 Consumer products and services 13,567 1,093 (382 ) 14,278 Financial services 5,953 970 — 6,923 Healthcare 8,225 533 (456 ) 8,302 Industrials 4,181 624 (11 ) 4,794 Technology 4,081 440 (220 ) 4,301 Total common stocks 42,770 4,561 (1,301 ) 46,030 Money market mutual funds 2 — — 2 Total marketable equity securities 42,772 4,561 (1,301 ) 46,032 Total securities available for sale $ 64,026 $ 4,944 $ (1,307 ) $ 67,663 |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities by contractual maturity at September 30, 2017 are as follows. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties. One Year or Less After One Year After Five Years Total Amortized Fair Amortized Fair Amortized Fair Amortized Fair (In thousands) Municipal bonds $ 341 $ 347 $ — $ — $ — $ — $ 341 $ 347 Residential mortgage-backed securities: Government-sponsored enterprises — — 1 1 4,392 4,678 4,393 4,679 Private label — — — — 73 78 73 78 Total $ 341 $ 347 $ 1 $ 1 $ 4,465 $ 4,756 $ 4,807 $ 5,104 |
Schedule of Information Pertaining to Securities Available for Sale | Information pertaining to securities available for sale as of September 30, 2017 and December 31, 2016, with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less Than Twelve Months Twelve Months or Longer Gross Fair Gross Fair (In thousands) September 30, 2017 Debt securities: Residential mortgage-backed securities: Government-sponsored enterprises $ — $ — $ 2 $ 174 Total debt securities — — 2 174 Marketable equity securities: Common stocks: Basic materials 46 833 184 1,573 Consumer products and services 136 1,192 609 1,929 Financial services 21 492 — — Healthcare 6 406 — — Industrials 4 971 — — Technology 146 1,227 8 337 Total common stocks and marketable equity securities 359 5,121 801 3,839 Total temporarily impaired securities $ 359 $ 5,121 $ 803 $ 4,013 Less Than Twelve Months Twelve Months or Longer Gross Fair Gross Fair (In thousands) December 31, 2016 Debt securities: Corporate bonds-financial services $ 3 $ 5,000 $ — $ — Residential mortgage-backed securities: Government-sponsored enterprises — — 3 205 Total debt securities 3 5,000 3 205 Marketable equity securities: Common stocks: Basic materials — — 232 1,568 Consumer products and services 237 3,496 145 1,618 Healthcare 259 2,039 197 1,377 Industrials 11 450 — — Technology — — 220 1,681 Total common stocks and marketable equity securities 507 5,985 794 6,244 Total temporarily impaired securities $ 510 $ 10,985 $ 797 $ 6,449 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Summary of Loans | A summary of loans follows: September 30, 2017 December 31, 2016 Amount Percent Amount Percent (Dollars in thousands) Real estate loans: Residential real estate: One- $ 560,393 12.3 % $ 532,450 13.5 % Home equity lines of credit 42,042 0.9 42,913 1.1 Multi-family 702,631 15.4 562,948 14.3 Commercial real estate 2,070,761 45.5 1,776,601 45.1 Construction 604,487 13.3 502,753 12.8 Total real estate loans 3,980,314 87.4 3,417,665 86.8 Commercial and industrial 561,769 12.4 515,430 13.0 Consumer 10,222 0.2 9,712 0.2 Total loans 4,552,305 100.0 % 3,942,807 100.0 % Allowance for loan losses (45,643 ) (40,149 ) Net deferred loan origination fees (4,794 ) (3,990 ) Loans, net $ 4,501,868 $ 3,898,668 |
Allowance for Loan Losses | An analysis of the allowance for loan losses and related information follows: Three Months Ended September 30, 2017 One- four-family Multi- family Home equity of credit Commercial real estate Construction Commercial industrial Consumer Total (In thousands) Beginning balance $ 1,167 $ 5,549 $ 71 $ 20,598 $ 8,846 $ 6,901 $ 97 $ 43,229 Provision (credit) for loan losses (100 ) (44 ) (9 ) 1,343 1,245 (52 ) 75 2,458 Charge-offs — — — — — — (99 ) (99 ) Recoveries — — — — 1 30 24 55 Ending balance $ 1,067 $ 5,505 $ 62 $ 21,941 $ 10,092 $ 6,879 $ 97 $ 45,643 Three Months Ended September 30, 2016 One- four-family Multi- family Home equity of credit Commercial real estate Construction Commercial industrial Consumer Total (In thousands) Beginning balance $ 1,320 $ 4,002 $ 92 $ 16,950 $ 9,090 $ 6,751 $ 112 $ 38,317 Provision (credit) for loan losses 141 302 (6 ) 300 560 (482 ) 43 858 Charge-offs — — — — (486 ) — (72 ) (558 ) Recoveries — — — — 7 52 21 80 Ending balance $ 1,461 $ 4,304 $ 86 $ 17,250 $ 9,171 $ 6,321 $ 104 $ 38,697 Nine Months Ended September 30, 2017 One- four-family Multi- family Home equity of credit Commercial real estate Construction Commercial industrial Consumer Total (In thousands) Beginning balance $ 1,367 $ 4,514 $ 73 $ 18,725 $ 8,931 $ 6,452 $ 87 $ 40,149 Provision (credit) for loan losses (333 ) 990 (11 ) 3,216 1,112 397 203 5,574 Charge-offs — — — — (2 ) — (265 ) (267 ) Recoveries 33 1 — — 51 30 72 187 Ending balance $ 1,067 $ 5,505 $ 62 $ 21,941 $ 10,092 $ 6,879 $ 97 $ 45,643 Nine Months Ended September 30, 2016 One- four-family Multi- family Home equity of credit Commercial real estate Construction Commercial industrial Consumer Total (In thousands) Beginning balance $ 1,354 $ 3,385 $ 144 $ 14,497 $ 8,313 $ 5,620 $ 92 $ 33,405 Provision (credit) for loan losses 107 919 (58 ) 2,753 1,323 685 147 5,876 Charge-offs — — — — (486 ) (44 ) (206 ) (736 ) Recoveries — — — — 21 60 71 152 Ending balance $ 1,461 $ 4,304 $ 86 $ 17,250 $ 9,171 $ 6,321 $ 104 $ 38,697 One- four-family Multi- family Home equity lines of credit Commercial real estate Construction Commercial and industrial Consumer Total (In thousands) September 30, 2017 Amount of allowance for loan losses for loans deemed to be impaired $ 67 $ 105 $ — $ — $ — $ — $ — $ 172 Amount of allowance for loan losses for loans not deemed to be impaired 1,000 5,400 62 21,941 10,092 6,879 97 45,471 $ 1,067 $ 5,505 $ 62 $ 21,941 $ 10,092 $ 6,879 $ 97 $ 45,643 Loans deemed to be impaired $ 1,598 $ 1,327 $ — $ 862 $ 173 $ 1,577 $ — $ 5,537 Loans not deemed to be impaired 558,795 701,304 42,042 2,069,899 604,314 560,192 10,222 4,546,768 $560,393 $702,631 $42,042 $2,070,761 $604,487 $561,769 $10,222 $4,552,305 December 31, 2016 Amount of allowance for loan losses for loans deemed to be impaired $ 49 $ 137 $ — $ — $ — $ — $ — $ 186 Amount of allowance for loan losses for loans not deemed to be impaired 1,318 4,377 73 18,725 8,931 6,452 87 39,963 $ 1,367 $ 4,514 $ 73 $ 18,725 $ 8,931 $ 6,452 $ 87 $ 40,149 Loans deemed to be impaired $ 1,422 $ 1,359 $ — $ 2,807 $ 988 $ 1,808 $ — $ 8,384 Loans not deemed to be impaired 531,028 561,589 42,913 1,773,794 501,765 513,622 9,712 3,934,423 $532,450 $562,948 $42,913 $1,776,601 $502,753 $515,430 $9,712 $3,942,807 |
Past Due and Non Accrual | The following table provides information about the Company’s past due and non-accrual 30-59 60-89 90 Days Total Loans on Non-accrual (In thousands) September 30, 2017 Real estate loans: Residential real estate: One- $ 1,113 $ 984 $ 1,380 $ 3,477 $ 7,055 Home equity lines of credit 371 67 395 833 563 Commercial real estate 100 — — 100 862 Construction — 173 — 173 173 Total real estate loans 1,584 1,224 1,775 4,583 8,653 Commercial and industrial — — 525 525 525 Consumer 489 664 — 1,153 — Total $ 2,073 $ 1,888 $ 2,300 $ 6,261 $ 9,178 December 31, 2016 Real estate loans: Residential real estate: One- $ 641 $ 834 $ 2,902 $ 4,377 $ 8,487 Home equity lines of credit 707 131 672 1,510 674 Commercial real estate 105 — 1,904 2,009 2,807 Construction — — 815 815 815 Total real estate loans 1,453 965 6,293 8,711 12,783 Commercial and industrial — — 653 653 653 Consumer 679 392 — 1,071 — Total $ 2,132 $ 1,357 $ 6,946 $ 10,435 $ 13,436 |
Impaired Loans of Company | The following tables provide information with respect to the Company’s impaired loans: September 30, 2017 December 31, 2016 Recorded Unpaid Related Recorded Unpaid Related (In thousands) Impaired loans without a valuation allowance: One- $ 1,031 $ 1,488 $ 841 $ 1,281 Multi-family 63 63 74 74 Commercial real estate 862 862 2,807 3,102 Construction 173 173 988 1,083 Commercial and industrial 1,577 1,907 1,808 2,138 Total 3,706 4,493 6,518 7,678 Impaired loans with a valuation allowance: One- 567 567 $ 67 581 581 $ 49 Multi-family 1,264 1,264 105 1,285 1,285 137 Commercial real estate — — — — — — Total 1,831 1,831 172 1,866 $ 1,866 186 Total impaired loans $ 5,537 $ 6,324 $ 172 $ 8,384 $ 9,544 $ 186 Three Months Ended September 30, 2017 2016 Average Interest Interest Average Interest Interest (In thousands) One- $ 1,607 $ 18 $ 13 $ 1,843 $ 18 $ 13 Multi-family 1,331 13 — 1,374 14 — Commercial real estate 2,547 10 10 2,965 19 19 Construction 173 2 2 13,620 8 4 Commercial and industrial 1,600 16 — 1,941 18 — Total impaired loans $ 7,258 $ 59 $ 25 $ 21,743 $ 77 $ 36 Nine Months Ended September 30, 2017 2016 Average Interest Interest Average Interest Interest (In thousands) One- $ 1,488 $ 63 $ 47 $ 1,857 $ 54 $ 38 Multi-family 1,342 40 — 1,385 41 — Commercial real estate 2,695 43 43 3,432 72 72 Construction 445 6 6 14,410 25 14 Commercial and industrial 1,676 48 — 1,570 67 13 Total impaired loans $ 7,646 $ 200 $ 96 $ 22,654 $ 259 $ 137 |
Summary of Troubled Debt Restructurings | The following table summarizes troubled debt restructurings (“TDRs”) at the dates indicated: September 30, December 31, (In thousands) TDRs on accrual status: One- $ 2,163 $ 2,219 Multi-family 1,326 1,359 Home equity lines of credit — 18 Commercial real estate 9,266 9,460 Construction — 174 Commercial and industrial 22 27 Total TDRs on accrual status 12,777 13,257 TDRs on non-accrual One- 1,315 1,123 Construction 173 — Total TDRs on non-accrual 1,488 1,123 Total TDRs $ 14,265 $ 14,380 |
Risk Rated Loans by Class | The following tables provide the Company’s risk-rated loans by class: September 30, 2017 December 31, 2016 Multi-family Commercial Construction Commercial Multi-family Commercial Construction Commercial (In thousands) Loans rated 1 - 6 $ 697,858 $ 2,052,756 $ 604,314 $ 509,977 $ 556,892 $ 1,771,671 $ 500,565 $ 465,979 Loans rated 7 277 17,143 — 25,654 841 2,123 — 22,820 Loans rated 8 4,496 862 173 26,138 5,215 2,807 2,188 26,631 Loans rated 9 — — — — — — — — Loans rated 10 — — — — — — — — Total $ 702,631 $ 2,070,761 $ 604,487 $ 561,769 $ 562,948 $ 1,776,601 $ 502,753 $ 515,430 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Summary of Deposit Balances, by Type | A summary of deposit balances, by type, follows: September 30, December 31, (In thousands) Demand deposits $ 455,540 $ 431,222 Interest-bearing checking deposits 896,561 630,413 Money market deposits 975,246 980,344 Regular savings and other deposits 324,895 305,632 Total non-certificate 2,652,242 2,347,611 Term certificates less than $250,000 962,755 850,565 Term certificates $250,000 and greater 330,472 277,661 Total certificate accounts 1,293,227 1,128,226 Total deposits $ 3,945,469 $ 3,475,837 |
Summary of Term Certificates, by Maturity | A summary of term certificates, by maturity, follows: September 30, 2017 December 31, 2016 Maturing Amount Weighted Amount Weighted (Dollars in thousands) Within 1 year $ 597,795 1.22 % $ 539,903 1.16 % Over 1 year to 2 years 294,158 1.42 306,120 1.29 Over 2 years to 3 years 270,173 2.00 122,952 1.69 Over 3 years to 4 years 83,080 1.97 133,256 2.02 Over 4 years to 5 years 44,434 2.06 22,483 1.61 Greater than 5 years 3,587 5.50 3,512 5.50 $ 1,293,227 1.52 % $ 1,128,226 1.38 % |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt, FHLB Advances | Long-term debt consists of FHLB advances as follows: September 30, 2017 December 31, 2016 Amount Weighted Amount Weighted (Dollars in thousands) Fixed rate advances maturing: 2017 $ 15,000 1.02 % $ 89,632 1.32 % 2018 43,000 1.25 43,000 1.25 2019 3,532 1.23 4,891 1.23 2020 53,912 1.80 4,989 1.22 2021 45,000 1.46 45,000 1.46 2022 80,625 1.72 — — 2023 10,000 2.10 10,000 2.10 2026 10,000 0.69 20,000 0.59 2027 25,000 1.38 — — 2031 20,000 0.88 20,000 0.88 2032 45,000 1.03 — — 351,069 1.43 237,512 1.26 Variable rate advances maturing: 2020 — — 25,000 0.27 2021 35,000 0.71 60,000 0.31 2022 65,000 0.22 — — 2024 20,000 0.32 — — 120,000 0.38 85,000 0.29 Total advances $ 471,069 1.16 % $ 322,512 1.01 % |
Other Commitments and Conting26
Other Commitments and Contingencies and Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loan Commitments Outstanding | A summary of outstanding loan commitments whose contract amounts represent credit risk is as follows: September 30, December 31, (In thousands) Unadvanced portion of existing loans: Construction $ 557,232 $ 503,586 Home equity lines of credit 41,499 36,722 Other lines and letters of credit 275,787 314,225 Commitments to originate: One- 20,048 18,272 Commercial real estate 75,726 42,141 Construction 241,985 231,274 Commercial and industrial 12,197 31,463 Other loans 115 350 Total loan commitments outstanding $ 1,224,589 $ 1,178,033 |
Summary Information Regarding the Derivatives | Summary information regarding these derivatives is presented below: September 30, 2017 December 31, 2016 Maturity Interest Rate Paid Interest Rate Received Notional Fair Notional Fair (Dollars in thousands) Customer interest rate swap 06/07/32 1 Mo. LIBOR + 200bp Fixed (4.40%) $ 65,883 $ 1,106 $ — $ — Third-party interest rate swap 06/07/32 Fixed (4.40%) 1 Mo. LIBOR + 200bp 65,883 (1,106 ) — — Customer interest rate swap 10/17/33 1 Mo. LIBOR + 175bp Fixed (4.1052%) $ 10,767 $ 815 $ 10,922 $ 839 Third-party interest rate swap 10/17/33 Fixed (4.1052%) 1 Mo. LIBOR + 175bp 10,767 (815 ) 10,922 (839 ) Customer interest rate swap 12/13/26 1 Mo. LIBOR + 205bp Fixed (3.82%) $ 2,923 $ (51 ) $ 3,036 $ (60 ) Third-party interest rate swap 12/13/26 Fixed (3.82%) 1 Mo. LIBOR + 205bp 2,923 51 3,036 60 |
Fair Values of Assets and Lia27
Fair Values of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | Assets measured at fair value on a recurring basis are summarized as follows. There were no liabilities measured at fair value on a recurring basis. Level 1 Level 2 Level 3 Total Fair (In thousands) September 30, 2017 Assets: Debt securities $ — $ 5,104 $ — $ 5,104 Marketable equity securities 39,557 — — 39,557 Loan level interest rate swaps — 1,972 — 1,972 Total assets $ 39,557 $ 7,076 $ — $ 46,633 Liabilities: Loan level interest rate swaps — 1,972 — 1,972 Total liabilities $ — $ 1,972 $ — $ 1,972 Level 1 Level 2 Level 3 Total Fair (In thousands) December 31, 2016 Assets: Debt securities $ — $ 21,631 $ — $ 21,631 Marketable equity securities 46,032 — — 46,032 Loan level interest rate swaps — 899 — 899 Total assets $ 46,032 $ 22,530 $ — $ 68,562 Liabilities: Loan level interest rate swaps — 899 — 899 Total liabilities $ — $ 899 $ — $ 899 |
Summary of Fair Values of Financial Instruments | Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company. Carrying Amount Fair Value Level 1 Level 2 Level 3 Total (In thousands) September 30, 2017 Financial assets: Cash and due from banks $ 300,297 $ 300,297 $ — $ — $ 300,297 Certificates of deposit 75,192 — 75,393 — 75,393 Securities available for sale 44,661 39,557 5,104 — 44,661 Federal Home Loan Bank stock 22,976 — — 22,976 22,976 Loans and loans held for sale, net 4,505,575 — — 4,467,739 4,467,739 Accrued interest receivable 11,580 — — 11,580 11,580 Financial liabilities: Deposits 3,945,469 — — 3,838,979 3,838,979 Borrowings 471,069 — 468,067 — 468,067 Accrued interest payable 1,765 — — 1,765 1,765 On-balance Assets: Loan level interest rate swaps 1,972 — 1,972 — 1,972 Liabilities: Loan level interest rate swaps 1,972 — 1,972 — 1,972 Carrying Amount Fair Value Level 1 Level 2 Level 3 Total (In thousands) December 31, 2016 Financial assets: Cash and due from banks $ 236,423 $ 236,423 $ — $ — $ 236,423 Certificates of deposit 80,323 — 80,710 — 80,710 Securities available for sale 67,663 46,032 21,631 — 67,663 Federal Home Loan Bank stock 18,175 — — 18,175 18,175 Loans and loans held for sale, net 3,902,612 — — 3,970,896 3,970,896 Accrued interest receivable 10,381 — — 10,381 10,381 Financial liabilities: Deposits 3,475,837 — — 3,485,618 3,485,618 Borrowings 322,512 — 322,928 — 322,928 Accrued interest payable 1,384 — — 1,384 1,384 On-balance Assets: Loan level interest rate swaps 899 — 899 — 899 Liabilities: Loan level interest rate swaps 899 — 899 — 899 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Share in East Boston Savings Bank | 100.00% | 100.00% | ||
Provision for income taxes | $ 6,702,000 | $ 5,084,000 | $ 17,624,000 | $ 11,239,000 |
Accounting Standards Update 2016-09 [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Provision for income taxes | $ (365,000) |
Recent Accounting Pronounceme29
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Deferred tax provision (benefit) | $ (584,000) | $ (713,000) | |
Future minimum lease payments under operating lease agreements | $ 15,000,000 | ||
Change in Accounting Method Accounted for as Change in Estimate [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized gain on equity investment | 1,500,000 | ||
Deferred tax provision (benefit) | $ 509,000 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income available to common stockholders | $ 13,333 | $ 9,497 | $ 33,924 | $ 22,881 |
Basic weighted average shares outstanding | 51,229,203 | 50,982,633 | 51,061,959 | 51,192,332 |
Effect of dilutive stock options | 1,443,759 | 1,110,376 | 1,479,793 | 1,105,035 |
Diluted weighted average shares outstanding | 52,672,962 | 52,093,009 | 52,541,752 | 52,297,367 |
Earnings per share: | ||||
Basic | $ 0.26 | $ 0.19 | $ 0.66 | $ 0.45 |
Diluted | $ 0.25 | $ 0.18 | $ 0.65 | $ 0.44 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | Jul. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
2015 EIP [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of stock options granted | 682,750 | ||||
Award vesting percentage | 20.00% | ||||
Stock options and restricted shares granted date | 5 years | ||||
Stock Option [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Anti-dilutive Options | 79,802 | 153,760 | 26,601 | 265,139 | |
Restricted Stock [Member] | 2015 EIP [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of shares granted | 272,750 |
Securities Available for Sale -
Securities Available for Sale - Amortized Cost and Fair Values of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Total | $ 4,807 | $ 21,254 |
Debt Securities, Gross Unrealized Gains | 299 | 383 |
Debt Securities, Gross Unrealized Losses | (2) | (6) |
Debt Securities, Fair Value | 5,104 | 21,631 |
Marketable Equity Securities, Amortized Cost | 34,843 | 42,772 |
Marketable Equity Securities, Gross Unrealized Gains | 5,874 | 4,561 |
Marketable Equity Securities, Gross Unrealized Losses | (1,160) | (1,301) |
Marketable Equity Securities, Fair Value | 39,557 | 46,032 |
Total Securities Available for Sale, Amortized Cost | 39,650 | 64,026 |
Total Securities Available for Sale, Gross Unrealized Gains | 6,173 | 4,944 |
Total Securities Available for Sale, Gross Unrealized Losses | (1,162) | (1,307) |
Total Securities Available for Sale, Fair Value | 44,661 | 67,663 |
Corporate Bond Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Total | 13,989 | |
Debt Securities, Gross Unrealized Gains | 19 | |
Debt Securities, Gross Unrealized Losses | (3) | |
Debt Securities, Fair Value | 14,005 | |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Total | 341 | 1,202 |
Debt Securities, Gross Unrealized Gains | 6 | 17 |
Debt Securities, Fair Value | 347 | 1,219 |
Money Market Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable Equity Securities, Amortized Cost | 10 | 2 |
Marketable Equity Securities, Fair Value | 10 | 2 |
Residential Mortgage-backed Securities, Government - sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Total | 4,393 | 5,284 |
Debt Securities, Gross Unrealized Gains | 288 | 325 |
Debt Securities, Gross Unrealized Losses | (2) | (3) |
Debt Securities, Fair Value | 4,679 | 5,606 |
Residential Mortgage-backed Securities, Private Label [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Total | 73 | 779 |
Debt Securities, Gross Unrealized Gains | 5 | 22 |
Debt Securities, Fair Value | 78 | 801 |
Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable Equity Securities, Amortized Cost | 34,833 | 42,770 |
Marketable Equity Securities, Gross Unrealized Gains | 5,874 | 4,561 |
Marketable Equity Securities, Gross Unrealized Losses | (1,160) | (1,301) |
Marketable Equity Securities, Fair Value | 39,547 | 46,030 |
Financial Services [Member] | Corporate Bond Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Total | 12,989 | |
Debt Securities, Gross Unrealized Gains | 16 | |
Debt Securities, Gross Unrealized Losses | (3) | |
Debt Securities, Fair Value | 13,002 | |
Financial Services [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable Equity Securities, Amortized Cost | 4,471 | 5,953 |
Marketable Equity Securities, Gross Unrealized Gains | 1,296 | 970 |
Marketable Equity Securities, Gross Unrealized Losses | (21) | |
Marketable Equity Securities, Fair Value | 5,746 | 6,923 |
Industrials [Member] | Corporate Bond Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Total | 1,000 | |
Debt Securities, Gross Unrealized Gains | 3 | |
Debt Securities, Fair Value | 1,003 | |
Industrials [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable Equity Securities, Amortized Cost | 4,484 | 4,181 |
Marketable Equity Securities, Gross Unrealized Gains | 770 | 624 |
Marketable Equity Securities, Gross Unrealized Losses | (4) | (11) |
Marketable Equity Securities, Fair Value | 5,250 | 4,794 |
Basic Materials [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable Equity Securities, Amortized Cost | 4,518 | 6,763 |
Marketable Equity Securities, Gross Unrealized Gains | 338 | 901 |
Marketable Equity Securities, Gross Unrealized Losses | (230) | (232) |
Marketable Equity Securities, Fair Value | 4,626 | 7,432 |
Consumer Products and Services [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable Equity Securities, Amortized Cost | 10,492 | 13,567 |
Marketable Equity Securities, Gross Unrealized Gains | 1,231 | 1,093 |
Marketable Equity Securities, Gross Unrealized Losses | (745) | (382) |
Marketable Equity Securities, Fair Value | 10,978 | 14,278 |
Healthcare [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable Equity Securities, Amortized Cost | 7,827 | 8,225 |
Marketable Equity Securities, Gross Unrealized Gains | 1,688 | 533 |
Marketable Equity Securities, Gross Unrealized Losses | (6) | (456) |
Marketable Equity Securities, Fair Value | 9,509 | 8,302 |
Technology [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable Equity Securities, Amortized Cost | 3,041 | 4,081 |
Marketable Equity Securities, Gross Unrealized Gains | 551 | 440 |
Marketable Equity Securities, Gross Unrealized Losses | (154) | (220) |
Marketable Equity Securities, Fair Value | $ 3,438 | $ 4,301 |
Securities Available for Sale33
Securities Available for Sale - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($)SecurityLoanSecurity | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)SecurityLoanSecurityshares | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales of securities available for sale | $ 5,600,000 | $ 12,500,000 | $ 17,221,000 | $ 17,517,000 | |
Gross gains | 937,000 | 2,400,000 | 3,300,000 | 3,600,000 | |
Gross losses | 72,000 | $ 2,100,000 | 93,000 | $ 3,200,000 | |
Marketable equity securities in an unrealized loss position for less than 12 months, fair value | 5,121,000 | 5,121,000 | $ 10,985,000 | ||
Marketable equity securities in an unrealized loss position for 12 months or longer, fair value | $ 4,013,000 | $ 4,013,000 | $ 6,449,000 | ||
Declined percentage of equity securities unrealized losses | 10.00% | 10.00% | |||
Other-than-temporarily impaired securities | shares | 0 | ||||
Unrealized losses on marketable equity securities, declined percentage | 25.00% | ||||
Equity Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Marketable equity securities, fair value | $ 9,000,000 | $ 9,000,000 | |||
Marketable equity securities, total unrealized losses | $ 1,200,000 | ||||
Number of securities in unrealized loss position | SecurityLoan | 18 | 18 | |||
Unrealized losses with equity aggregate depreciation, percentage | 11.50% | 11.50% | |||
Marketable equity securities in an unrealized loss position for less than 12 months, fair value | $ 5,100,000 | $ 5,100,000 | |||
Marketable equity securities in an unrealized loss position for less than 12 months, unrealized losses | $ 359,000 | ||||
Marketable equity securities in an unrealized loss position for less than 12 months, number of securities | Security | 11 | 11 | |||
Marketable equity securities in an unrealized loss position for 12 months or longer, fair value | $ 3,800,000 | $ 3,800,000 | |||
Marketable equity securities in an unrealized loss position for 12 months or longer, unrealized losses | $ 801,000 | ||||
Marketable equity securities in an unrealized loss position for 12 months or longer, number of securities | Security | 7 | 7 | |||
Equity Securities [Member] | Basic Materials [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Marketable equity securities in an unrealized loss position for 12 months or longer, fair value | $ 1,600,000 | $ 1,600,000 | |||
Marketable equity securities in an unrealized loss position for 12 months or longer, unrealized losses | $ 184,000 | ||||
Marketable equity securities in an unrealized loss position for 12 months or longer, number of securities | Security | 4 | 4 | |||
Equity Securities [Member] | Consumer Products and Services [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Marketable equity securities in an unrealized loss position for 12 months or longer, fair value | $ 1,900,000 | $ 1,900,000 | |||
Marketable equity securities in an unrealized loss position for 12 months or longer, unrealized losses | $ 609,000 | ||||
Marketable equity securities in an unrealized loss position for 12 months or longer, number of securities | Security | 4 | 4 | |||
Equity Securities [Member] | Technology [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Marketable equity securities in an unrealized loss position for 12 months or longer, fair value | $ 337,000 | $ 337,000 | |||
Marketable equity securities in an unrealized loss position for 12 months or longer, unrealized losses | $ 8,000 | ||||
Marketable equity securities in an unrealized loss position for 12 months or longer, number of securities | Security | 1 | 1 | |||
Federal Reserve Bank Discount Window Borrowings [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Securities with amortized cost, pledged as collateral | $ 472,000 | $ 472,000 | |||
Federal Home Loan Bank of Boston Borrowings [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Securities with amortized cost, pledged as collateral | $ 3,500,000 | $ 3,500,000 |
Securities Available for Sale34
Securities Available for Sale - Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, within 1 year | $ 341 | |
Fair Value, within 1 year | 347 | |
Amortized Cost, over 1 year to 5 years | 1 | |
Fair Value, over 1 year to 5 years | 1 | |
Amortized Cost, over 5 years | 4,465 | |
Fair Value, over 5 years | 4,756 | |
Amortized Cost, Total | 4,807 | $ 21,254 |
Fair Value, Total | 5,104 | 21,631 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, within 1 year | 341 | |
Fair Value, within 1 year | 347 | |
Amortized Cost, Total | 341 | 1,202 |
Fair Value, Total | 347 | 1,219 |
Residential Mortgage-backed Securities, Government - sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, over 1 year to 5 years | 1 | |
Fair Value, over 1 year to 5 years | 1 | |
Amortized Cost, over 5 years | 4,392 | |
Fair Value, over 5 years | 4,678 | |
Amortized Cost, Total | 4,393 | 5,284 |
Fair Value, Total | 4,679 | 5,606 |
Residential Mortgage-backed Securities, Private Label [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, over 5 years | 73 | |
Fair Value, over 5 years | 78 | |
Amortized Cost, Total | 73 | 779 |
Fair Value, Total | $ 78 | $ 801 |
Securities Available for Sale35
Securities Available for Sale - Schedule of Information Pertaining to Securities Available for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized losses, less than twelve months | $ 359 | $ 510 |
Fair value, less than twelve months | 5,121 | 10,985 |
Gross unrealized losses, over twelve months | 803 | 797 |
Fair value, over twelve months | 4,013 | 6,449 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized losses, less than twelve months | 3 | |
Fair value, less than twelve months | 5,000 | |
Gross unrealized losses, over twelve months | 2 | 3 |
Fair value, over twelve months | 174 | 205 |
Debt Securities [Member] | Residential Mortgage-backed Securities, Government - sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized losses, over twelve months | 2 | 3 |
Fair value, over twelve months | 174 | 205 |
Marketable Equity Securities [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized losses, less than twelve months | 359 | 507 |
Fair value, less than twelve months | 5,121 | 5,985 |
Gross unrealized losses, over twelve months | 801 | 794 |
Fair value, over twelve months | 3,839 | 6,244 |
Financial Services [Member] | Debt Securities [Member] | Corporate Bond Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized losses, less than twelve months | 3 | |
Fair value, less than twelve months | 5,000 | |
Financial Services [Member] | Marketable Equity Securities [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized losses, less than twelve months | 21 | |
Fair value, less than twelve months | 492 | |
Basic Materials [Member] | Marketable Equity Securities [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized losses, less than twelve months | 46 | |
Fair value, less than twelve months | 833 | |
Gross unrealized losses, over twelve months | 184 | 232 |
Fair value, over twelve months | 1,573 | 1,568 |
Consumer Products and Services [Member] | Marketable Equity Securities [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized losses, less than twelve months | 136 | 237 |
Fair value, less than twelve months | 1,192 | 3,496 |
Gross unrealized losses, over twelve months | 609 | 145 |
Fair value, over twelve months | 1,929 | 1,618 |
Healthcare [Member] | Marketable Equity Securities [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized losses, less than twelve months | 6 | 259 |
Fair value, less than twelve months | 406 | 2,039 |
Gross unrealized losses, over twelve months | 197 | |
Fair value, over twelve months | 1,377 | |
Industrials [Member] | Marketable Equity Securities [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized losses, less than twelve months | 4 | 11 |
Fair value, less than twelve months | 971 | 450 |
Technology [Member] | Marketable Equity Securities [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized losses, less than twelve months | 146 | |
Fair value, less than twelve months | 1,227 | |
Gross unrealized losses, over twelve months | 8 | 220 |
Fair value, over twelve months | $ 337 | $ 1,681 |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 26, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans, Amount | $ 4,552,305 | $ 3,942,807 | ||||
Total loans, Percent | 100.00% | 100.00% | ||||
Allowance for loan losses | $ (45,643) | $ (43,229) | $ (40,149) | $ (38,697) | $ (38,317) | $ (33,405) |
Net deferred loan origination fees | (4,794) | (3,990) | ||||
Loans, net | 4,501,868 | 3,898,668 | ||||
Commercial and Industrial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans, Amount | $ 561,769 | $ 515,430 | ||||
Total loans, Percent | 12.40% | 13.00% | ||||
Allowance for loan losses | $ (6,879) | (6,901) | $ (6,452) | (6,321) | (6,751) | (5,620) |
Construction [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans, Amount | $ 604,487 | $ 502,753 | ||||
Total loans, Percent | 13.30% | 12.80% | ||||
Allowance for loan losses | $ (10,092) | (8,846) | $ (8,931) | (9,171) | (9,090) | (8,313) |
Total Real Estate Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans, Amount | $ 3,980,314 | $ 3,417,665 | ||||
Total loans, Percent | 87.40% | 86.80% | ||||
Residential Portfolio Segment [Member] | Multi-Family Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans, Amount | $ 702,631 | $ 562,948 | ||||
Total loans, Percent | 15.40% | 14.30% | ||||
Allowance for loan losses | $ (5,505) | (5,549) | $ (4,514) | (4,304) | (4,002) | (3,385) |
Residential Portfolio Segment [Member] | One-to Four-Family [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans, Amount | $ 560,393 | $ 532,450 | ||||
Total loans, Percent | 12.30% | 13.50% | ||||
Allowance for loan losses | $ (1,067) | (1,167) | $ (1,367) | (1,461) | (1,320) | (1,354) |
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans, Amount | $ 42,042 | $ 42,913 | ||||
Total loans, Percent | 0.90% | 1.10% | ||||
Allowance for loan losses | $ (62) | (71) | $ (73) | (86) | (92) | (144) |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans, Amount | $ 2,070,761 | $ 1,776,601 | ||||
Total loans, Percent | 45.50% | 45.10% | ||||
Allowance for loan losses | $ (21,941) | (20,598) | $ (18,725) | (17,250) | (16,950) | (14,497) |
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans, Amount | $ 10,222 | $ 9,712 | ||||
Total loans, Percent | 0.20% | 0.20% | ||||
Allowance for loan losses | $ (97) | $ (97) | $ (87) | $ (104) | $ (112) | $ (92) |
Loans - Additional Information
Loans - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2017USD ($)SecurityLoan | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Servicing loans for participants | $ 238,400,000 | $ 210,500,000 | |
Number of accruing loans | SecurityLoan | 0 | 0 | |
Loans modified as TDRs on non-accrual status, minimum period | 6 months | ||
Loans modified as TDRs qualify for return to accrual status if demonstrated performance with modified terms of loan agreement, minimum period | 6 months | ||
Allocated component included in allowance for loan losses | $ 172,000 | $ 186,000 | |
Charge-offs related to the TDRs modified | 0 | $ 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of loan pledged | 757,900,000 | ||
Multi-Family Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of loan pledged | $ 161,600,000 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning balance | $ 43,229 | $ 38,317 | $ 40,149 | $ 33,405 | ||
Provision (credit) for loan losses | 2,458 | 858 | 5,574 | 5,876 | ||
Charge-offs | (99) | (558) | (267) | (736) | ||
Recoveries | 55 | 80 | 187 | 152 | ||
Ending balance | 45,643 | 38,697 | 45,643 | 38,697 | ||
Amount of allowance for loan losses for loans deemed to be impaired | $ 172 | $ 186 | ||||
Amount of allowance for loan losses for loans not deemed to be impaired | 45,471 | 39,963 | ||||
Total, Amount of allowance | 43,229 | 38,317 | 45,643 | 38,697 | 45,643 | 40,149 |
Loans deemed to be impaired | 5,537 | 8,384 | ||||
Loans not deemed to be impaired | 4,546,768 | 3,934,423 | ||||
Total, Amount of allowance impaired | 4,552,305 | 3,942,807 | ||||
Commercial and Industrial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning balance | 6,901 | 6,751 | 6,452 | 5,620 | ||
Provision (credit) for loan losses | (52) | (482) | 397 | 685 | ||
Charge-offs | (44) | |||||
Recoveries | 30 | 52 | 30 | 60 | ||
Ending balance | 6,879 | 6,321 | 6,879 | 6,321 | ||
Amount of allowance for loan losses for loans not deemed to be impaired | 6,879 | 6,452 | ||||
Total, Amount of allowance | 6,901 | 6,751 | 6,879 | 6,321 | 6,879 | 6,452 |
Loans deemed to be impaired | 1,577 | 1,808 | ||||
Loans not deemed to be impaired | 560,192 | 513,622 | ||||
Total, Amount of allowance impaired | 561,769 | 515,430 | ||||
Multi-Family Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Amount of allowance for loan losses for loans deemed to be impaired | 105 | 137 | ||||
One-to Four-Family [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Amount of allowance for loan losses for loans deemed to be impaired | 67 | 49 | ||||
Construction [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning balance | 8,846 | 9,090 | 8,931 | 8,313 | ||
Provision (credit) for loan losses | 1,245 | 560 | 1,112 | 1,323 | ||
Charge-offs | (486) | (2) | (486) | |||
Recoveries | 1 | 7 | 51 | 21 | ||
Ending balance | 10,092 | 9,171 | 10,092 | 9,171 | ||
Amount of allowance for loan losses for loans not deemed to be impaired | 10,092 | 8,931 | ||||
Total, Amount of allowance | 8,846 | 9,090 | 10,092 | 9,171 | 10,092 | 8,931 |
Loans deemed to be impaired | 173 | 988 | ||||
Loans not deemed to be impaired | 604,314 | 501,765 | ||||
Total, Amount of allowance impaired | 604,487 | 502,753 | ||||
Residential Portfolio Segment [Member] | Multi-Family Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning balance | 5,549 | 4,002 | 4,514 | 3,385 | ||
Provision (credit) for loan losses | (44) | 302 | 990 | 919 | ||
Recoveries | 1 | |||||
Ending balance | 5,505 | 4,304 | 5,505 | 4,304 | ||
Amount of allowance for loan losses for loans deemed to be impaired | 105 | 137 | ||||
Amount of allowance for loan losses for loans not deemed to be impaired | 5,400 | 4,377 | ||||
Total, Amount of allowance | 5,549 | 4,002 | 5,505 | 4,304 | 5,505 | 4,514 |
Loans deemed to be impaired | 1,327 | 1,359 | ||||
Loans not deemed to be impaired | 701,304 | 561,589 | ||||
Total, Amount of allowance impaired | 702,631 | 562,948 | ||||
Residential Portfolio Segment [Member] | One-to Four-Family [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning balance | 1,167 | 1,320 | 1,367 | 1,354 | ||
Provision (credit) for loan losses | (100) | 141 | (333) | 107 | ||
Recoveries | 33 | |||||
Ending balance | 1,067 | 1,461 | 1,067 | 1,461 | ||
Amount of allowance for loan losses for loans deemed to be impaired | 67 | 49 | ||||
Amount of allowance for loan losses for loans not deemed to be impaired | 1,000 | 1,318 | ||||
Total, Amount of allowance | 1,167 | 1,320 | 1,067 | 1,461 | 1,067 | 1,367 |
Loans deemed to be impaired | 1,598 | 1,422 | ||||
Loans not deemed to be impaired | 558,795 | 531,028 | ||||
Total, Amount of allowance impaired | 560,393 | 532,450 | ||||
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning balance | 71 | 92 | 73 | 144 | ||
Provision (credit) for loan losses | (9) | (6) | (11) | (58) | ||
Ending balance | 62 | 86 | 62 | 86 | ||
Amount of allowance for loan losses for loans not deemed to be impaired | 62 | 73 | ||||
Total, Amount of allowance | 71 | 92 | 62 | 86 | 62 | 73 |
Loans not deemed to be impaired | 42,042 | 42,913 | ||||
Total, Amount of allowance impaired | 42,042 | 42,913 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning balance | 20,598 | 16,950 | 18,725 | 14,497 | ||
Provision (credit) for loan losses | 1,343 | 300 | 3,216 | 2,753 | ||
Ending balance | 21,941 | 17,250 | 21,941 | 17,250 | ||
Amount of allowance for loan losses for loans not deemed to be impaired | 21,941 | 18,725 | ||||
Total, Amount of allowance | 20,598 | 16,950 | 21,941 | 17,250 | 21,941 | 18,725 |
Loans deemed to be impaired | 862 | 2,807 | ||||
Loans not deemed to be impaired | 2,069,899 | 1,773,794 | ||||
Total, Amount of allowance impaired | 2,070,761 | 1,776,601 | ||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning balance | 97 | 112 | 87 | 92 | ||
Provision (credit) for loan losses | 75 | 43 | 203 | 147 | ||
Charge-offs | (99) | (72) | (265) | (206) | ||
Recoveries | 24 | 21 | 72 | 71 | ||
Ending balance | 97 | 104 | 97 | 104 | ||
Amount of allowance for loan losses for loans not deemed to be impaired | 97 | 87 | ||||
Total, Amount of allowance | $ 97 | $ 112 | $ 97 | $ 104 | 97 | 87 |
Loans not deemed to be impaired | 10,222 | 9,712 | ||||
Total, Amount of allowance impaired | $ 10,222 | $ 9,712 |
Loans - Past Due and Non Accrua
Loans - Past Due and Non Accrual (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | $ 6,261 | $ 10,435 |
Loans on Non-accrual | 9,178 | 13,436 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 525 | 653 |
Loans on Non-accrual | 525 | 653 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 4,583 | 8,711 |
Loans on Non-accrual | 8,653 | 12,783 |
One-to Four-Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 3,477 | 4,377 |
Loans on Non-accrual | 7,055 | 8,487 |
Home Equity Lines of Credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 833 | 1,510 |
Loans on Non-accrual | 563 | 674 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 100 | 2,009 |
Loans on Non-accrual | 862 | 2,807 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 173 | 815 |
Loans on Non-accrual | 173 | 815 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 1,153 | 1,071 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 2,073 | 2,132 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 1,584 | 1,453 |
Financing Receivables, 30 to 59 Days Past Due [Member] | One-to Four-Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 1,113 | 641 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Home Equity Lines of Credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 371 | 707 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 100 | 105 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 489 | 679 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 1,888 | 1,357 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 1,224 | 965 |
Financing Receivables, 60 to 89 Days Past Due [Member] | One-to Four-Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 984 | 834 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Home Equity Lines of Credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 67 | 131 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 173 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 664 | 392 |
Financing Receivables, 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 2,300 | 6,946 |
Financing Receivables, 90 Days or Greater Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 525 | 653 |
Financing Receivables, 90 Days or Greater Past Due [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 1,775 | 6,293 |
Financing Receivables, 90 Days or Greater Past Due [Member] | One-to Four-Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 1,380 | 2,902 |
Financing Receivables, 90 Days or Greater Past Due [Member] | Home Equity Lines of Credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | $ 395 | 672 |
Financing Receivables, 90 Days or Greater Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 1,904 | |
Financing Receivables, 90 Days or Greater Past Due [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | $ 815 |
Loans - Impaired Loans of Compa
Loans - Impaired Loans of Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, Total | $ 5,537 | $ 5,537 | $ 8,384 | ||
Impaired Loans Without Valuation Allowance, Recorded Investment | 3,706 | 3,706 | 6,518 | ||
Impaired Loans With Valuation Allowance, Recorded Investment | 1,831 | 1,831 | 1,866 | ||
Unpaid Principal Balance, Total | 6,324 | 6,324 | 9,544 | ||
Impaired Loans Without Valuation Allowance, Unpaid Principal Balance | 4,493 | 4,493 | 7,678 | ||
Impaired Loans With Valuation Allowance, Unpaid Principal Balance | 1,831 | 1,831 | 1,866 | ||
Impaired Loans With Valuation Allowance, Related Allowance | 172 | 172 | 186 | ||
Average Recorded Investment | 7,258 | $ 21,743 | 7,646 | $ 22,654 | |
Interest Income Recognized | 59 | 77 | 200 | 259 | |
Interest Income Recognized on Cash Basis | 25 | 36 | 96 | 137 | |
Multi-Family Residential Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans Without Valuation Allowance, Recorded Investment | 63 | 63 | 74 | ||
Impaired Loans With Valuation Allowance, Recorded Investment | 1,264 | 1,264 | 1,285 | ||
Impaired Loans Without Valuation Allowance, Unpaid Principal Balance | 63 | 63 | 74 | ||
Impaired Loans With Valuation Allowance, Unpaid Principal Balance | 1,264 | 1,264 | 1,285 | ||
Impaired Loans With Valuation Allowance, Related Allowance | 105 | 105 | 137 | ||
Average Recorded Investment | 1,331 | 1,374 | 1,342 | 1,385 | |
Interest Income Recognized | 13 | 14 | 40 | 41 | |
One-to Four-Family [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans Without Valuation Allowance, Recorded Investment | 1,031 | 1,031 | 841 | ||
Impaired Loans With Valuation Allowance, Recorded Investment | 567 | 567 | 581 | ||
Impaired Loans Without Valuation Allowance, Unpaid Principal Balance | 1,488 | 1,488 | 1,281 | ||
Impaired Loans With Valuation Allowance, Unpaid Principal Balance | 567 | 567 | 581 | ||
Impaired Loans With Valuation Allowance, Related Allowance | 67 | 67 | 49 | ||
Average Recorded Investment | 1,607 | 1,843 | 1,488 | 1,857 | |
Interest Income Recognized | 18 | 18 | 63 | 54 | |
Interest Income Recognized on Cash Basis | 13 | 13 | 47 | 38 | |
Construction [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, Total | 173 | 173 | 988 | ||
Impaired Loans Without Valuation Allowance, Recorded Investment | 173 | 173 | 988 | ||
Impaired Loans Without Valuation Allowance, Unpaid Principal Balance | 173 | 173 | 1,083 | ||
Average Recorded Investment | 173 | 13,620 | 445 | 14,410 | |
Interest Income Recognized | 2 | 8 | 6 | 25 | |
Interest Income Recognized on Cash Basis | 2 | 4 | 6 | 14 | |
Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, Total | 1,577 | 1,577 | 1,808 | ||
Impaired Loans Without Valuation Allowance, Recorded Investment | 1,577 | 1,577 | 1,808 | ||
Impaired Loans Without Valuation Allowance, Unpaid Principal Balance | 1,907 | 1,907 | 2,138 | ||
Average Recorded Investment | 1,600 | 1,941 | 1,676 | 1,570 | |
Interest Income Recognized | 16 | 18 | 48 | 67 | |
Interest Income Recognized on Cash Basis | 13 | ||||
Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, Total | 862 | 862 | 2,807 | ||
Impaired Loans Without Valuation Allowance, Recorded Investment | 862 | 862 | 2,807 | ||
Impaired Loans Without Valuation Allowance, Unpaid Principal Balance | 862 | 862 | $ 3,102 | ||
Average Recorded Investment | 2,547 | 2,965 | 2,695 | 3,432 | |
Interest Income Recognized | 10 | 19 | 43 | 72 | |
Interest Income Recognized on Cash Basis | $ 10 | $ 19 | $ 43 | $ 72 |
Loans - Summary of Troubled Deb
Loans - Summary of Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Total TDRs on accrual status | $ 12,777 | $ 13,257 |
Total TDRs on non-accrual status | 1,488 | 1,123 |
Total TDRs | 14,265 | 14,380 |
Multi-Family Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs on accrual status | 1,326 | 1,359 |
One-to Four-Family [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs on accrual status | 2,163 | 2,219 |
Total TDRs on non-accrual status | 1,315 | 1,123 |
Home Equity Lines of Credit [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs on accrual status | 18 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs on accrual status | 9,266 | 9,460 |
Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs on accrual status | 174 | |
Total TDRs on non-accrual status | 173 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs on accrual status | $ 22 | $ 27 |
Loans - Risk Rated Loans by Cla
Loans - Risk Rated Loans by Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Multi-Family Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | $ 702,631 | $ 562,948 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | 2,070,761 | 1,776,601 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | 604,487 | 502,753 |
Loans Rated 1-6 [Member] | Multi-Family Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | 697,858 | 556,892 |
Loans Rated 1-6 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | 2,052,756 | 1,771,671 |
Loans Rated 1-6 [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | 604,314 | 500,565 |
Loans Rated 7 [Member] | Multi-Family Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | 277 | 841 |
Loans Rated 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | 17,143 | 2,123 |
Loans Rated 8 [Member] | Multi-Family Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | 4,496 | 5,215 |
Loans Rated 8 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | 862 | 2,807 |
Loans Rated 8 [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | 173 | 2,188 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | 561,769 | 515,430 |
Commercial and Industrial [Member] | Loans Rated 1-6 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | 509,977 | 465,979 |
Commercial and Industrial [Member] | Loans Rated 7 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | 25,654 | 22,820 |
Commercial and Industrial [Member] | Loans Rated 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable Credit Quality Rating | $ 26,138 | $ 26,631 |
Deposits - Summary of Deposit B
Deposits - Summary of Deposit Balances, by Type (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Demand deposits | $ 455,540 | $ 431,222 |
Interest-bearing checking deposits | 896,561 | 630,413 |
Money market deposits | 975,246 | 980,344 |
Regular savings and other deposits | 324,895 | 305,632 |
Total non-certificate accounts | 2,652,242 | 2,347,611 |
Term certificates less than $250,000 | 962,755 | 850,565 |
Term certificates $250,000 and greater | 330,472 | 277,661 |
Total certificate accounts | 1,293,227 | 1,128,226 |
Total deposits | $ 3,945,469 | $ 3,475,837 |
Deposits - Summary of Term Cert
Deposits - Summary of Term Certificates, by Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Within 1 year, Amount | $ 597,795 | $ 539,903 |
Over 1 year to 2 years, Amount | 294,158 | 306,120 |
Over 2 years to 3 years, Amount | 270,173 | 122,952 |
Over 3 years to 4 years, Amount | 83,080 | 133,256 |
Over 4 years to 5 years, Amount | 44,434 | 22,483 |
Greater than 5 years, Amount | 3,587 | 3,512 |
Total certificate accounts | $ 1,293,227 | $ 1,128,226 |
Within 1 year, Weighted Average Rate | 1.22% | 1.16% |
Over 1 year to 2 years, Weighted Average Rate | 1.42% | 1.29% |
Over 2 year to 3 years, Weighted Average Rate | 2.00% | 1.69% |
Over 3 year to 4 years, Weighted Average Rate | 1.97% | 2.02% |
Over 4 years to 5 years, Weighted Average Rate | 2.06% | 1.61% |
Greater than 5 Years, Weighted Average Rate | 5.50% | 5.50% |
Weighted average rate on term certificates | 1.52% | 1.38% |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Deposits [Line Items] | ||
Brokered certificate of deposit included in term certificates | $ 243,800 | $ 158,500 |
Weighted average rate of deposit included in term certificates | 1.70% | 1.33% |
Interest-bearing checking deposits | $ 896,561 | $ 630,413 |
Reciprocal Deposits [Member] | ||
Deposits [Line Items] | ||
Interest-bearing checking deposits | 402,400 | $ 296,300 |
Authorized Brokerage Firm [Member] | ||
Deposits [Line Items] | ||
Interest-bearing checking deposits | $ 100,000 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Line Items] | ||
Available line of credit with the FHLB | $ 9,400,000 | |
Short-term borrowings | 0 | $ 0 |
Amounts drawn on the line of credit | 0 | 0 |
Available borrowings under Federal Reserve Bank discount window | 472,000,000 | |
Outstanding borrowings under Federal Reserve Bank discount window | 0 | $ 0 |
Amount of advances callable by the FHLB prior to maturity | 330,000,000 | |
Multi-Family Residential Real Estate [Member] | ||
Debt Disclosure [Line Items] | ||
Carrying value of commercial real estate loans pledged | 161,600,000 | |
LIBOR Less 60 Basis Points [Member] | First Two Years [Member] | ||
Debt Disclosure [Line Items] | ||
FHLB advances | $ 35,000,000 | |
LIBOR, Basis points | 0.60% | |
Interest rate, Description | 3-Month London Interbank Offered Rate ("LIBOR"), less 60 basis points | |
Interest rate, Term | Variable | |
Period of LIBOR measurement | 3 months | |
Libor Less 130 Basis Points Member | First Year [Member] | ||
Debt Disclosure [Line Items] | ||
FHLB advances | $ 20,000,000 | |
LIBOR, Basis points | 1.30% | |
Interest rate, Description | 3-month LIBOR, less 130 basis points | |
Interest rate, Term | Variable | |
Period of LIBOR measurement | 3 months | |
LIBOR Less 100 Basis Points [Member] | First Two Years [Member] | ||
Debt Disclosure [Line Items] | ||
FHLB advances | $ 20,000,000 | |
LIBOR, Basis points | 1.00% | |
Interest rate, Description | 3-Month LIBOR, less 100 basis point | |
Interest rate, Term | Variable | |
Period of LIBOR measurement | 3 months | |
LIBOR Less 100 Basis Points [Member] | First Year [Member] | ||
Debt Disclosure [Line Items] | ||
FHLB advances | $ 45,000,000 | |
LIBOR, Basis points | 1.00% | |
Interest rate, Description | 3-Month LIBOR, less 100 basis point | |
Interest rate, Term | Variable | |
Period of LIBOR measurement | 3 months | |
Commercial Real Estate Portfolio Segment [Member] | ||
Debt Disclosure [Line Items] | ||
Carrying value of commercial real estate loans pledged | $ 757,900,000 |
Borrowings - Long-term Debt, FH
Borrowings - Long-term Debt, FHLB Advances (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total advances | $ 471,069 | $ 322,512 |
Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 1.16% | 1.01% |
Fixed Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | $ 15,000 | $ 89,632 |
2,018 | 43,000 | 43,000 |
2,019 | 3,532 | 4,891 |
2,020 | 53,912 | 4,989 |
2,021 | 45,000 | 45,000 |
2,022 | 80,625 | |
2,023 | 10,000 | 10,000 |
2,026 | 10,000 | 20,000 |
2,027 | 25,000 | |
2,031 | 20,000 | 20,000 |
2,032 | 45,000 | |
Total advances | $ 351,069 | $ 237,512 |
Weighted Average Rate, 2017 | 1.02% | 1.32% |
Weighted Average Rate, 2018 | 1.25% | 1.25% |
Weighted Average Rate, 2019 | 1.23% | 1.23% |
Weighted Average Rate, 2020 | 1.80% | 1.22% |
Weighted Average Rate, 2021 | 1.46% | 1.46% |
Weighted Average Rate, 2022 | 1.72% | |
Weighted Average Rate, 2023 | 2.10% | 2.10% |
Weighted Average Rate, 2026 | 0.69% | 0.59% |
Weighted Average Rate, 2027 | 1.38% | |
Weighted Average Rate, 2031 | 0.88% | 0.88% |
Weighted Average Rate, 2032 | 1.03% | |
Fixed Interest Rate [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 1.43% | 1.26% |
Variable Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
2,020 | $ 25,000 | |
2,021 | $ 35,000 | 60,000 |
2,022 | 65,000 | |
2,024 | 20,000 | |
Total advances | $ 120,000 | $ 85,000 |
Weighted Average Rate, 2020 | 0.27% | |
Weighted Average Rate, 2021 | 0.71% | 0.31% |
Weighted Average Rate, 2022 | 0.22% | |
Weighted Average Rate, 2024 | 0.32% | |
Variable Interest Rate [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 0.38% | 0.29% |
Other Commitments and Conting48
Other Commitments and Contingencies and Derivatives - Loan Commitments Outstanding (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Total loan commitments outstanding | $ 1,224,589 | $ 1,178,033 |
Construction [Member] | Unadvanced Portion of Existing Loans [Member] | ||
Loss Contingencies [Line Items] | ||
Total loan commitments outstanding | 557,232 | 503,586 |
Construction [Member] | Unfunded Loan Commitment [Member] | ||
Loss Contingencies [Line Items] | ||
Total loan commitments outstanding | 241,985 | 231,274 |
Home Equity Lines of Credit [Member] | Unadvanced Portion of Existing Loans [Member] | ||
Loss Contingencies [Line Items] | ||
Total loan commitments outstanding | 41,499 | 36,722 |
One-to Four-Family [Member] | Unfunded Loan Commitment [Member] | ||
Loss Contingencies [Line Items] | ||
Total loan commitments outstanding | 20,048 | 18,272 |
Commercial Real Estate Portfolio Segment [Member] | Unfunded Loan Commitment [Member] | ||
Loss Contingencies [Line Items] | ||
Total loan commitments outstanding | 75,726 | 42,141 |
Unallocated Financing Receivables [Member] | Unfunded Loan Commitment [Member] | ||
Loss Contingencies [Line Items] | ||
Total loan commitments outstanding | 115 | 350 |
Other Lines and Letters of Credit [Member] | Unadvanced Portion of Existing Loans [Member] | ||
Loss Contingencies [Line Items] | ||
Total loan commitments outstanding | 275,787 | 314,225 |
Commercial and Industrial [Member] | Unfunded Loan Commitment [Member] | ||
Loss Contingencies [Line Items] | ||
Total loan commitments outstanding | $ 12,197 | $ 31,463 |
Other Commitments and Conting49
Other Commitments and Contingencies and Derivatives - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash pledged for collateral interest rate swap | $ 3.7 | $ 1.8 |
Core Data Processing Provider [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other outstanding commitments | $ 18.4 |
Other Commitments and Conting50
Other Commitments and Contingencies and Derivatives - Summary Information Regarding the Derivatives (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Customer Interest Rate Swap Maturing on 06/06/32 [Member] | ||
Loss Contingencies [Line Items] | ||
Notional amount | $ 65,883,000 | |
Fair value | $ 1,106,000 | |
Maturity | Jun. 7, 2032 | |
Interest rate paid | 1 Mo. LIBOR + 200bp | |
Interest rate received | Fixed (4.40%) | |
Third Party Interest Rate Swap Maturing on 06/06/32 [Member] | ||
Loss Contingencies [Line Items] | ||
Notional amount | $ 65,883,000 | |
Fair value | $ (1,106,000) | |
Maturity | Jun. 7, 2032 | |
Interest rate paid | Fixed (4.40%) | |
Interest rate received | 1 Mo. LIBOR + 200bp | |
Customer Interest Rate Swap Maturing on 10/17/33 [Member] | ||
Loss Contingencies [Line Items] | ||
Notional amount | $ 10,767,000 | $ 10,922,000 |
Fair value | $ 815,000 | 839,000 |
Maturity | Oct. 17, 2033 | |
Interest rate paid | 1 Mo. LIBOR + 175bp | |
Interest rate received | Fixed (4.1052%) | |
Third Party Interest Rate Swap Maturing on 10/17/33 [Member] | ||
Loss Contingencies [Line Items] | ||
Notional amount | $ 10,767,000 | 10,922,000 |
Fair value | $ (815,000) | (839,000) |
Maturity | Oct. 17, 2033 | |
Interest rate paid | Fixed (4.1052%) | |
Interest rate received | 1 Mo. LIBOR + 175bp | |
Customer Interest Rate Swap Maturing on 12/13/26 [Member] | ||
Loss Contingencies [Line Items] | ||
Notional amount | $ 2,923,000 | 3,036,000 |
Fair value | $ (51,000) | (60,000) |
Maturity | Dec. 13, 2026 | |
Interest rate paid | 1 Mo. LIBOR + 205bp | |
Interest rate received | Fixed (3.82%) | |
Third Party Interest Rate Swap Maturing on 12/13/26 [Member] | ||
Loss Contingencies [Line Items] | ||
Notional amount | $ 2,923,000 | 3,036,000 |
Fair value | $ 51,000 | $ 60,000 |
Maturity | Dec. 13, 2026 | |
Interest rate paid | Fixed (3.82%) | |
Interest rate received | 1 Mo. LIBOR + 205bp |
Fair Values of Assets and Lia51
Fair Values of Assets and Liabilities - Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | $ 5,104 | $ 21,631 |
Marketable equity securities | 39,557 | 46,032 |
Total assets | 46,633 | 68,562 |
Total liabilities | 1,972 | 899 |
Loan Level Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,972 | 899 |
Total liabilities | 1,972 | 899 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 39,557 | 46,032 |
Total assets | 39,557 | 46,032 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 5,104 | 21,631 |
Total assets | 7,076 | 22,530 |
Total liabilities | 1,972 | 899 |
Fair Value, Inputs, Level 2 [Member] | Loan Level Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,972 | 899 |
Total liabilities | $ 1,972 | $ 899 |
Fair Values of Assets and Lia52
Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans measured at fair value | $ 2.1 | $ 4.9 |
Fair Values of Assets and Lia53
Fair Values of Assets and Liabilities - Summary of Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Cash and due from banks, fair value | $ 300,297 | $ 236,423 |
Cash and due from banks, carrying amount | 300,297 | 236,423 |
Certificates of deposit, fair value | 75,393 | 80,710 |
Certificates of deposit, carrying amount | 75,192 | 80,323 |
Securities available for sale, carrying amount | 44,661 | 67,663 |
Federal Home Loan Bank stock, carrying amount | 22,976 | 18,175 |
Federal Home Loan Bank stock, fair value | 22,976 | 18,175 |
Loans and loans held for sale, net, carrying amount | 4,505,575 | 3,902,612 |
Loans and loans held for sale, net, fair value | 4,467,739 | 3,970,896 |
Accrued interest receivable, carrying amount | 11,580 | 10,381 |
Accrued interest receivable, fair value | 11,580 | 10,381 |
Financial liabilities: | ||
Deposits, fair value | 3,838,979 | 3,485,618 |
Deposits, carrying amount | 3,945,469 | 3,475,837 |
Borrowings, fair value | 468,067 | 322,928 |
Borrowings, carrying amount | 471,069 | 322,512 |
Accrued interest payable, fair value | 1,765 | 1,384 |
Accrued interest payable, carrying amount | 1,765 | 1,384 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Securities available for sale, carrying amount | 44,661 | 67,663 |
Interest Rate Swaps Asset [Member] | ||
Financial liabilities: | ||
Derivative Financial Assets, fair value | 1,972 | 899 |
Derivative Financial Assets, carrying amount | 1,972 | 899 |
Interest Rate Swaps Liability [Member] | ||
Financial liabilities: | ||
Derivative Financial Liability, fair value | 1,972 | 899 |
Derivative Financial Liability, carrying amount | 1,972 | 899 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and due from banks, fair value | 300,297 | 236,423 |
Securities available for sale, carrying amount | 39,557 | 46,032 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Certificates of deposit, fair value | 75,393 | 80,710 |
Securities available for sale, carrying amount | 5,104 | 21,631 |
Financial liabilities: | ||
Borrowings, fair value | 468,067 | 322,928 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps Asset [Member] | ||
Financial liabilities: | ||
Derivative Financial Assets, fair value | 1,972 | 899 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps Liability [Member] | ||
Financial liabilities: | ||
Derivative Financial Liability, fair value | 1,972 | 899 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Federal Home Loan Bank stock, fair value | 22,976 | 18,175 |
Loans and loans held for sale, net, fair value | 4,467,739 | 3,970,896 |
Accrued interest receivable, fair value | 11,580 | 10,381 |
Financial liabilities: | ||
Deposits, fair value | 3,838,979 | 3,485,618 |
Accrued interest payable, fair value | $ 1,765 | $ 1,384 |
Pending Acquisition - Additiona
Pending Acquisition - Additional Information (Detail) - Meetinghouse Bancorp, Inc. [Member] $ / shares in Units, $ in Millions | Jun. 26, 2017USD ($)$ / shares | Sep. 30, 2017USD ($)Office |
Business Acquisition [Line Items] | ||
Business acquisition, agreement date | Jun. 26, 2017 | |
Business acquisition, share price | $ / shares | $ 26 | |
Total transaction value | $ 17.8 | |
Assets | $ 114 | |
Loans | 77 | |
Deposits | $ 95 | |
Number of offices operated | Office | 2 | |
Business acquisition, closing date | Dec. 31, 2017 |