Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 14, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Columbia Financial, Inc. | |
Entity Central Index Key | 1,723,596 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period | Q2 | |
Trading Symbol | CLBK | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding (in shares) | 115,889,175 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 67,055 | $ 65,334 |
Short-term investments | 128 | 164 |
Total cash and cash equivalents | 67,183 | 65,498 |
Securities available-for-sale, at fair value | 932,070 | 710,570 |
Securities held-to-maturity, at amortized cost (fair value of $244,239 and $236,125 at June 30, 2018 and December 31, 2017, respectively) | 254,801 | 239,618 |
Federal Home Loan Bank stock | 45,009 | 44,664 |
Loans receivable, net | 4,649,054 | 4,400,470 |
Accrued interest receivable | 17,067 | 15,915 |
Real estate owned | 660 | 959 |
Office properties and equipment, net | 46,623 | 42,620 |
Bank-owned life insurance | 151,837 | 150,521 |
Goodwill and intangible assets | 5,957 | 5,997 |
Other assets | 107,142 | 89,668 |
Total assets | 6,277,403 | 5,766,500 |
Liabilities: | ||
Deposits | 4,294,832 | 4,263,315 |
Borrowings | 930,618 | 929,057 |
Advance payments by borrowers for taxes and insurance | 30,995 | 25,563 |
Accrued expenses and other liabilities | 79,661 | 76,495 |
Total liabilities | 5,336,106 | 5,294,430 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value. Authorized 10,000,000 shares; none issued and outstanding at June 30, 2018 and December 31, 2017 | 0 | 0 |
Common stock, $0.01 par value. Authorized 500,000,000 shares; 115,889,175 shares issued and outstanding at June 30, 2018 and none at December 31, 2017 | 1,159 | 0 |
Additional paid-in capital | 526,332 | 0 |
Retained earnings | 534,522 | 537,480 |
Accumulated other comprehensive loss | (75,736) | (65,410) |
Unallocated common stock held by the Employee Stock Ownership Plan | (44,980) | 0 |
Total stockholders' equity | 941,297 | 472,070 |
Total liabilities and stockholders' equity | $ 6,277,403 | $ 5,766,500 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity | $ 244,239 | $ 236,125 |
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000,000 | 10,000,000,000 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000,000 | 500,000,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares issued (in shares) | 115,889,175,000 | 115,889,175,000 |
Common stock, shares outstanding (in shares) | 115,889,175,000 | 115,889,175,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest and dividend income: | ||||
Loans receivable | $ 45,865 | $ 41,981 | $ 89,706 | $ 82,583 |
Securities available-for-sale | 4,922 | 4,354 | 11,336 | 8,692 |
Securities held-to-maturity | 2,991 | 0 | 3,455 | 0 |
Federal funds and interest earning deposits | 584 | 66 | 1,072 | 89 |
Federal Home Loan Bank stock dividends | 657 | 449 | 1,244 | 914 |
Total interest and dividend income | 55,019 | 46,850 | 106,813 | 92,278 |
Interest expense: | ||||
Deposits | 9,194 | 6,382 | 17,293 | 12,454 |
Borrowings | 4,810 | 4,829 | 9,442 | 9,408 |
Total interest expense | 14,004 | 11,211 | 26,735 | 21,862 |
Net interest income | 41,015 | 35,639 | 80,078 | 70,416 |
Provision for loan losses | 2,400 | 375 | 4,400 | 751 |
Net interest income after provision for loan losses | 38,615 | 35,264 | 75,678 | 69,665 |
Non-interest income: | ||||
Demand deposit account fees | 976 | 922 | 1,920 | 1,837 |
Bank-owned life insurance | 1,493 | 1,059 | 2,557 | 2,758 |
Title insurance fees | 1,255 | 949 | 2,029 | 1,916 |
Loan fees and service charges | 451 | 532 | 922 | 1,027 |
(Loss) gain on securities transactions, net | 0 | 0 | 116 | 0 |
Gain on sale of loans receivable, net | 15 | 69 | 15 | 170 |
(Loss) Gain on sale of real estate owned | (13) | 39 | (13) | 248 |
Other non-interest income | 1,233 | 1,198 | 2,366 | 2,571 |
Total non-interest income | 5,410 | 4,768 | 9,912 | 10,527 |
Non-interest expense: | ||||
Compensation and employee benefits expense | 16,750 | 15,304 | 33,275 | 31,283 |
Occupancy expense | 3,518 | 3,465 | 7,234 | 6,895 |
Federal insurance premiums expense | 473 | 412 | 901 | 825 |
Advertising expense | 1,292 | 1,122 | 2,139 | 1,803 |
Professional fees expense | 399 | 379 | 613 | 558 |
Data processing expense | 672 | 577 | 1,314 | 1,144 |
Charitable contribution to foundation | 34,767 | 154 | 34,767 | 454 |
Other non-interest expense | 3,857 | 3,413 | 7,460 | 6,717 |
Total non-interest expense | 61,728 | 24,826 | 87,703 | 49,679 |
Income before income tax expense | (17,703) | 15,206 | (2,113) | 30,513 |
Income tax expense | (2,961) | 5,934 | 845 | 10,946 |
Net income | $ (14,742) | $ 9,272 | $ (2,958) | $ 19,567 |
Basic and diluted earnings per share (in dollars per share) | $ (0.13) | $ (0.03) | ||
Weighted average shares outstanding (in shares) | 111,346,897 | 111,346,897 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (14,742) | $ 9,272 | $ (2,958) | $ 19,567 |
Other comprehensive (loss) income, net of tax: | ||||
Unrealized (losses) gains on securities available-for-sale | (2,860) | 1,739 | (12,828) | 2,134 |
Accretion of unrealized gain on securities reclassified as held-to-maturity | (3) | 0 | (2) | 0 |
Reclassification adjustment for gains included in net income | 0 | 0 | 87 | 0 |
Total other comprehensive (loss) income, net of tax | (2,863) | 1,739 | (12,743) | 2,134 |
Derivatives, net of tax | ||||
Unrealized gain (loss) on swap contracts | 164 | (37) | 506 | (31) |
Total derivatives, net of tax | 164 | (37) | 506 | (31) |
Employee benefit plans, net of tax: | ||||
Amortization of prior service cost included in net income | 0 | 0 | 118 | 0 |
Reclassification adjustment of actuarial net loss included in net income | 0 | (2) | 527 | (5) |
Change in funded status of retirement obligations | 2,323 | 72 | 1,266 | (74) |
Total employee benefit plans, net of tax | 2,323 | 70 | 1,911 | (79) |
Total other comprehensive (loss) income | (376) | 1,772 | (10,326) | 2,024 |
Total comprehensive (loss) income, net of tax | $ (15,118) | $ 11,044 | $ (13,284) | $ 21,591 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholder's Equity (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Additional paid-in-capital | Retained earnings | Accumulated other comprehensive loss, net of tax | Unallocated common stock held by the employee stock ownership plan | Columbia Bank, MHC | Columbia Bank, MHCCommon stock | Columbia Bank Foundation | Columbia Bank FoundationCommon stock | Columbia Bank FoundationAdditional paid-in-capital | IPO | IPOCommon stock | IPOAdditional paid-in-capital |
Balance at beginning of year at Dec. 31, 2016 | $ 434,852 | $ 0 | $ 0 | $ 501,014 | $ (66,162) | $ 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net (loss) income | 19,567 | 0 | 0 | 19,567 | 0 | |||||||||
Other comprehensive income | 2,024 | 0 | 0 | 0 | 2,024 | |||||||||
Balance at end of year at Jun. 30, 2017 | 456,443 | 0 | 0 | 520,581 | (64,138) | 0 | ||||||||
Balance at beginning of year at Mar. 31, 2017 | (65,910) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net (loss) income | 9,272 | |||||||||||||
Other comprehensive income | 1,772 | |||||||||||||
Balance at end of year at Jun. 30, 2017 | 456,443 | 0 | 0 | 520,581 | (64,138) | 0 | ||||||||
Balance at beginning of year at Dec. 31, 2017 | 472,070 | 537,480 | (65,410) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net (loss) income | (2,958) | (2,958) | 0 | |||||||||||
Other comprehensive income | (10,326) | 0 | (10,326) | |||||||||||
Issuance of common stock | $ 626 | $ 626 | $ 34,767 | $ 35 | $ 34,732 | $ 491,802 | $ 498 | $ 491,304 | ||||||
Purchase of employee stock ownership plan shares | (45,428) | (45,428) | ||||||||||||
Employee stock ownership plan shares committed to be released | 744 | 296 | 448 | |||||||||||
Balance at end of year at Jun. 30, 2018 | 941,297 | 1,159 | 526,332 | 534,522 | (75,736) | (44,980) | ||||||||
Balance at beginning of year at Mar. 31, 2018 | (75,360) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net (loss) income | (14,742) | |||||||||||||
Other comprehensive income | (376) | |||||||||||||
Balance at end of year at Jun. 30, 2018 | $ 941,297 | $ 1,159 | $ 526,332 | $ 534,522 | $ (75,736) | $ (44,980) |
Consolidated Statements Cash Fl
Consolidated Statements Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (2,958) | $ 19,567 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Amortization of deferred loan origination fees and costs | 837 | 597 |
Net amortization of premiums and discounts on securities | 707 | 687 |
Amortization on mortgage servicing rights | 40 | 53 |
Amortization of debt issuance costs | 312 | 27 |
Depreciation and amortization of office properties and equipment | 1,834 | 1,849 |
Provision for loan losses | 4,400 | 751 |
Gain on securities transactions, net | (116) | 0 |
Gain on sale of loans receivable, net | 15 | 170 |
Loss (gain) on real estate owned, net | 13 | (248) |
Deferred tax expense (benefit) | 6,811 | (1,327) |
Increase in accrued interest receivable | (1,152) | (341) |
Increase in cash surrender value of bank-owned life insurance | 2,127 | 2,105 |
Increase in other assets | (17,474) | (1,885) |
Increase in accrued expenses and other liabilities | 3,166 | 148 |
Contribution of common stock to Columbia Bank Foundation | 34,767 | 0 |
Employee stock ownership plan expense | 744 | 0 |
Net cash provided by operating activities | 29,789 | 17,603 |
Cash flows from investing activities: | ||
Proceeds from sales/calls of securities available-for-sale | 9,966 | 0 |
Proceeds from principal pay downs / maturities on securities available-for-sale | 29,541 | 35,828 |
Proceeds from principal pay downs / maturities on securities held-to-maturity | 4,453 | 0 |
Purchases of securities available-for-sale | (278,610) | (28,947) |
Purchases of securities held-to-maturity | (19,761) | 0 |
Proceeds from sales of loans receivable | 3,695 | 31,237 |
Purchases of loan receivables | (4,715) | (7,358) |
Loan originations, net of principal payments | (252,786) | (243,759) |
Proceeds from bank-owned life insurance | 811 | 977 |
Proceeds from sales of Federal Home Loan Bank stock | 40,226 | 16,983 |
Purchases of Federal Home Loan Bank stock | (40,571) | (20,649) |
Additions to office properties and equipment | (5,837) | (4,013) |
Proceeds from sales of real estate owned | 286 | 1,186 |
Net cash used in investing activities | (513,302) | (218,515) |
Cash flows from financing activities: | ||
Net increase in deposits | 31,517 | 131,730 |
Proceeds from long-term borrowings | 184,049 | 161,200 |
Payments for maturities, calls, and payoffs on borrowings | (7,399,600) | (3,161,950) |
Increase in short-term borrowings | 7,216,800 | 3,079,450 |
Increase in advance payments by borrowers for taxes and insurance | 5,432 | 3,836 |
Issuance of common stock | 492,428 | 0 |
Purchase of employee stock ownership plan shares | (45,428) | 0 |
Net cash provided by financing activities | 485,198 | 214,266 |
Net increase in cash and cash equivalents | 1,685 | 13,354 |
Cash and cash equivalents at beginning of year | 65,498 | 40,561 |
Cash and cash equivalents at end of period | 67,183 | 53,915 |
Cash paid during the period for: | ||
Interest | 26,947 | 21,833 |
Income tax payments, net | 9,435 | 15,903 |
Non-cash investing and financing activities: | ||
Transfer of loans receivable to real estate owned | $ 0 | $ 538 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the "Bank") and the Bank's wholly-owned subsidiaries (collectively, the “Company”). In consolidation, all significant inter-company accounts and transactions are eliminated. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC ("MHC"). The accounts of MHC are not consolidated in the accompanying consolidated financial statements of the Company. The Company owns 100% of the common stock of a Delaware statutory basis trust, Columbia Capital Trust I (the "Trust"). The trust is classified as a variable interest entity and is not consolidated as it does not satisfy the conditions for consolidation. In preparing the interim unaudited consolidated financial statements, 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 sheets and consolidated statements of income for the periods presented. Material estimates that are particularly susceptible to change are: the allowance for loan losses, the valuation of securities, the valuation of post-retirement benefits and the valuation of deferred tax assets. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. The interim unaudited consolidated financial statements of the Company presented herein have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and U.S. generally accepted accounting principles in the United States of America (“GAAP”). Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments and disclosures considered necessary for the fair presentation of the accompanying unaudited consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding during the period. For purposes of calculating basic earnings per share, weighed average common shares outstanding excludes unallocated employee stock ownership plan shares that have not been committed for release. Diluted earnings per share is computed using the same method as basic earnings per share and reflects the potential dilution which could occur if stock options and unvested shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. For the three and six months ended June 30, 2018 and 2017 , the Company did not have any stock options outstanding. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2018 and 2017 : (Dollars in thousands, except per share amounts) Three Months Ended June 30, 2018 2017 Net income $ (14,742 ) $ 9,272 Basic earnings per share: Income available to common stockholders $ (14,742 ) $ 9,272 Weighted average shares outstanding - basic 111,346,897 N/A Basic earning per share $ (0.13 ) N/A Diluted earnings per share: Income available to common stockholders $ (14,742 ) $ 9,272 Weighted average shares outstanding - diluted 111,346,897 N/A Diluted earnings per share $ (0.13 ) N/A For the Six Months Ended June 30, 2018 2017 Net income $ (2,958 ) $ 19,567 Basic earnings per share: Income available to common stockholders $ (2,958 ) $ 19,567 Weighted average shares outstanding - basic 111,346,897 N/A Basic earning per share $ (0.03 ) N/A Diluted earnings per share: Income available to common stockholders $ (2,958 ) $ 19,567 Weighted average shares outstanding - diluted 111,346,897 N/A Diluted earnings per share $ (0.03 ) N/A |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (JOBS) Act, the Company has elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. With respect to the accounting pronouncements noted below, the effective dates of adoption for the Company are delayed commensurate with the dates of adoption for private companies. In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). The updated guidance allows a reclassification from accumulated other comprehensive income to retained earnings for the stranded tax effects resulting from the Tax Cuts and Jobs Act disclosed in Note 9. The purpose of the guidance is to improve the usefulness of the information reported to the financial statement users. The guidance is effective for all entities for fiscal years beginning after December 31, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted ASU No. 2018-02 for the period ended December 31, 2017 and the impact of the adoption resulted in a reclassification adjustment between accumulated other comprehensive income and retained earnings of $11.7 million . In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12). The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The effective date for this guidance is fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This guidance shortens the amortization period for premiums on callable debt securities by requiring that premiums be amortized to the first (or earliest) call date instead of as an adjustment to the yield over the contractual life. This change more closely aligns the accounting with the economics of a callable debt security and the amortization period with expectations that already are included in market pricing on callable debt securities. This guidance does not change the accounting for discounts on callable debt securities, which will continue to be amortized to the maturity date. This guidance includes only instruments that are held at a premium and have explicit call features. It does not include instruments that contain prepayment features, such as mortgage backed securities; nor does it include call options that are contingent upon future events or in which the timing or amount to be paid is not fixed. The effective date for this guidance is fiscal years beginning after December 15, 2018, including interim periods within the reporting period, with early adoption permitted. Transition is on a modified retrospective basis with an adjustment to retained earnings as of the beginning of the period of adoption. If early adopted in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost", which requires that companies disaggregate the service cost component from other components of net benefit cost. This update calls for companies that offer post-retirement benefits to present the service cost, which is the amount an employer has to set aside each quarter or fiscal year to cover the benefits, in the same line item with other current employee compensation costs. Other components of net benefit cost will be presented in the income statement separately from service costs component and outside the subtotal of income from operations, if one is presented. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements and does not anticipate the new guidance to have a material impact. In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment.” The main objective of this guidance is to simplify the accounting for goodwill impairment by requiring that impairment charges be based upon the first step in the current two-step impairment test under Accounting Standards Codification (ASC) 350. Currently, if the fair value of a reporting unit is lower than its carrying amount (Step 1), an entity calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount (Step 2). The implied fair value of goodwill is calculated by deducting the fair value of all assets and liabilities of the reporting unit from the reporting unit’s fair value as determined in Step 1. To determine the implied fair value of goodwill, entities estimate the fair value of any unrecognized intangible assets and any corporate-level assets or liabilities that were included in the determination of the carrying amount and fair value of the reporting unit in Step 1. Under this guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. This guidance eliminates the requirement to calculate a goodwill impairment charge using Step 2. This guidance does not change the guidance on completing Step 1 of the goodwill impairment test. Under this guidance, an entity will still be able to perform the current optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. The guidance will be applied prospectively and is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," a new standard which addresses diversity in practice related to eight specific cash flow issues: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies), distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Entities will apply the standard’s provisions using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements and does not anticipate the new guidance to have a material impact. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments”. This guidance provides financial statement users with more decision-useful information about expected credit losses on financial instruments by a reporting entity at each reporting date. The amendments of this guidance require financial assets measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses would represent a valuation account that would be deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The income statement would reflect the measurement of credit losses that have taken place during the period. The measurement of expected credit losses would be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity would be required to use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within that reporting period, early adoption is permitted. The Company is currently evaluating its existing systems and data to support the new standard as well as assessing the impact that the guidance will have on the Company's consolidated financial statements. The Company has formed a working group under the direction of the Chief Accounting Officer that is primarily comprised of individuals from finance, credit, risk management, and operations. The Company has been developing an implementation plan as well as considering the use of consultants to aid in the implementation. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. This guidance requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, early adoption is permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period present in the financial statements. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements by reviewing its existing lease contracts and service contracts. In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities”. This guidance requires an entity to: i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in other comprehensive income the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses on available-for-sale debt securities in combination with other deferred tax assets. This guidance provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The guidance also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. The guidance is effective for annual periods beginning after December 15, 2017. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." The objective of this amendment is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS. This update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are in the scope of other standards. The guidance is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2017, and early adoption is permitted. Subsequently, the FASB issued the following standards related to ASU No. 2014-09: ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations;” ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing;” ASU No. 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of ASU No. 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting;” and ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”. These amendments are intended to improve and clarify the implementation guidance of ASU No. 2014-09 and have the same effective date as the original guidance. The Company's revenue is primarily comprised of net interest income on interest earning assets and liabilities and non-interest income. The scope of guidance explicitly excludes net interest income as well as other revenues associated with financial assets and liabilities, including loans, leases, securities and derivatives. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements and does not anticipate the new guidance to have a material impact. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Securities | Investment Securities Securities Available-for-Sale The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities available-for-sale at June 30, 2018 and December 31, 2017 : June 30, 2018 Amortized cost Gross unrealized gains Gross unrealized (losses) Fair value (In thousands) U.S. government and agency obligations $ 54,805 — (1,243 ) $ 53,562 Mortgage-backed securities and collateralized mortgage obligations 840,040 344 (24,852 ) 815,532 Municipal obligations 1,586 — — 1,586 Corporate debt securities 54,491 99 (1,023 ) 53,567 Trust preferred securities 5,000 — (370 ) 4,630 Equity securities 2,331 862 — 3,193 $ 958,253 1,305 (27,488 ) $ 932,070 December 31, 2017 Amortized cost Gross unrealized gains Gross unrealized (losses) Fair value (In thousands) U.S. government and agency obligations $ 39,909 17 (282 ) $ 39,644 Mortgage-backed securities and collateralized mortgage obligations 615,924 383 (9,695 ) 606,612 Municipal obligations 1,957 — — 1,957 Corporate debt securities 54,489 536 (511 ) 54,514 Trust preferred securities 5,000 — (344 ) 4,656 Equity securities 2,328 859 — 3,187 $ 719,607 1,795 (10,832 ) $ 710,570 The table below presents the amortized cost and fair value of debt securities available-for-sale at June 30, 2018 by contractual maturity excluding equity securities. Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. June 30, 2018 Amortized cost Fair value (In thousands) One year or less $ 1,396 $ 1,396 More than one year to five years 45,125 44,184 More than five years to ten years 64,361 63,388 More than ten years 5,000 4,377 $ 115,882 $ 113,345 Mortgage-backed securities and collateralized mortgage obligations 840,040 815,532 $ 955,922 $ 928,877 Mortgage-backed securities and collateralized mortgage obligations totaling $840.0 million at amortized cost and $815.5 million at fair value are excluded from the aggregated maturity balances above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. There were no sales of securities from the available for sale investment portfolio for the three months ended June 30, 2018 . For the six months ended June 30, 2018 , proceeds from called securities in the available-for-sale portfolio totaled $10.0 million , resulting in $116 thousand of gross gains and zero gross losses. There were no sales of securities from the available-for-sale investment portfolio for the three and six months ended June 30, 2017 . Securities available-for-sale with a fair value of $138.4 million and $204.3 million at June 30, 2018 and December 31, 2017 were sold under agreements to repurchase or were pledged as security for deposits of public funds as required and permitted by law. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2018 and December 31, 2017 and if the unrealized loss position was continuous for the twelve months prior to June 30, 2018 and December 31, 2017 : June 30, 2018 Less than 12 months 12 months or longer Total Fair Value Gross unrealized (losses) Fair value Gross unrealized (losses) Fair value Gross unrealized (losses) (In thousands) U.S. government and agency obligations $ 48,812 (1,012 ) 4,750 (231 ) 53,562 $ (1,243 ) Mortgage-backed securities and collateralized mortgage obligations 580,116 (14,943 ) 170,350 (9,909 ) 750,466 (24,852 ) Corporate debt securities 19,764 (229 ) 9,206 (794 ) 28,970 (1,023 ) Trust preferred securities — — 4,630 (370 ) 4,630 (370 ) $ 648,692 (16,184 ) 188,936 (11,304 ) 837,628 $ (27,488 ) December 31, 2017 Less than 12 months 12 months or longer Total Fair Value Gross unrealized (losses) Fair value Gross unrealized (losses) Fair value Gross unrealized (losses) (In thousands) U.S. government and agency obligations $ 29,654 (282 ) — — 29,654 $ (282 ) Mortgage-backed securities and collateralized mortgage obligations 514,283 (8,037 ) 48,788 (1,658 ) 563,071 (9,695 ) Corporate debt securities 4,866 (135 ) 4,624 (376 ) 9,490 (511 ) Trust preferred securities — — 4,656 (344 ) 4,656 (344 ) $ 548,803 (8,454 ) 58,068 (2,378 ) 606,871 $ (10,832 ) The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with securities available-for-sale was the result of changes in market interest rates relative to the coupon of the individual security. The Company does not have the intent to sell securities in a temporary loss position at June 30, 2018 , nor is it more likely than not that the Company will be required to sell the securities before their prices recover which may be maturity. The Company did not record an other-than-temporary impairment charge on securities in the available-for-sale portfolio for the three and six months ended June 30, 2018 and 2017. Securities Held-to-Maturity The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities held-to-maturity at June 30, 2018 and December 31, 2017 : June 30, 2018 Amortized cost Gross unrealized gains Gross unrealized (losses) Fair value (In thousands) U.S. government and agency obligations $ 13,403 — (346 ) $ 13,057 Mortgage-backed securities and collateralized mortgage obligations 241,398 419 (10,635 ) 231,182 $ 254,801 419 (10,981 ) $ 244,239 December 31, 2017 Amortized cost Gross unrealized gains Gross unrealized (losses) Fair value (In thousands) U.S. government and agency obligations $ 8,402 — (58 ) $ 8,344 Mortgage-backed securities and collateralized mortgage obligations 231,216 — (3,435 ) 227,781 $ 239,618 — (3,493 ) $ 236,125 The table below presents the amortized cost and fair value of debt securities held-to-maturity at June 30, 2018 by contractual maturity. Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. June 30, 2018 Amortized cost Fair value (In Thousands) More than five years to ten years $ 13,403 $ 13,057 13,403 13,057 Mortgage-backed securities and collateralized mortgage obligations 241,398 231,182 $ 254,801 $ 244,239 Mortgage-backed securities and collateralized mortgage obligations totaling $241.4 million at amortized cost and $231.2 million at fair value are excluded from the maturity table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. Securities held-to-maturity with a fair value of $108.3 million and $78.2 million at June 30, 2018 and December 31, 2017 were sold under agreements to repurchase or were pledged as security for deposits of public funds as required and permitted by law. There were no sales of securities from the held-to-maturity investment portfolio for the three and six months ended June 30, 2018 and 2017. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2018 and December 31, 2017 and if the unrealized loss position was continuous for the twelve months prior to June 30, 2018 and December 31, 2017 : June 30, 2018 Less than 12 months 12 months or longer Total Fair Value Gross unrealized (losses) Fair value Gross unrealized (losses) Fair value Gross unrealized (losses) (In thousands) U.S. government and agency obligations $ 13,057 (346 ) — — 13,057 $ (346 ) Mortgage-backed securities and collateralized mortgage obligations 153,014 (5,515 ) 67,295 (5,120 ) 220,309 (10,635 ) $ 166,071 (5,861 ) 67,295 (5,120 ) 233,366 $ (10,981 ) December 31, 2017 Less than 12 months 12 months or longer Total Fair Value Gross unrealized (losses) Fair value Gross unrealized (losses) Fair value Gross unrealized (losses) (In thousands) U.S. government and agency obligations $ 8,344 (58 ) — — 8,344 $ (58 ) Mortgage-backed securities and collateralized mortgage obligations 196,049 (2,920 ) 30,046 (515 ) 226,095 (3,435 ) $ 204,393 (2,978 ) 30,046 (515 ) 234,439 $ (3,493 ) The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with securities held-to-maturity was the result of changes in market interest rates relative to the coupon of the individual security. The Company does not have the intent to sell securities in a temporary loss position at June 30, 2018 , nor is it more likely than not that the Company will be required to sell the securities before their prices recover which may be maturity. The Company did not record an other-than-temporary impairment charge on securities in the held-to-maturity portfolio for the three and six months ended June 30, 2018 and 2017. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses Loans receivable at June 30, 2018 and December 31, 2017 are summarized as follows: June 30, December 31, 2018 2017 (In thousands) Real estate loans: One-to-four family $ 1,763,158 $ 1,616,259 Multifamily and commercial 1,971,803 1,871,210 Construction 254,850 233,652 Commercial business loans 292,113 277,970 Consumer loans: Home equity loans and advances 414,388 448,020 Other consumer loans 956 998 Total loans 4,697,268 4,448,109 Net deferred loan costs 14,310 10,539 Allowance for loan losses (62,524 ) (58,178 ) Loans receivable, net $ 4,649,054 $ 4,400,470 The Company had no loans held for sale at June 30, 2018 and December 31, 2017 . The Company sold $3.7 million of residential loans to third parties during the three and six months ended June 30, 2018 . The Company sold $31.2 million of residential loans to third parties during the three and six months ended June 30, 2017 . The Company purchased $2.6 million of residential loans and $2.1 million of commercial real estate loans from third parties during the three and six months ended June 30, 2018 . The Company purchased $7.4 million of residential loans from third parties during the three and six months ended June 30, 2017 . At June 30, 2018 and December 31, 2017 , the carrying value of real estate loans serviced by the Company for investors was $456.6 million and $478.8 million , respectively. The following tables summarize the aging of loans receivable by portfolio segment at June 30, 2018 and December 31, 2017 : June 30, 2018 30-59 days 60-89 days Greater than 90 days Total past due Current Total (In Thousands) Real estate loans: One to four family $ 5,484 1,923 2,218 9,625 1,753,533 $ 1,763,158 Multifamily and commercial 164 — 118 282 1,971,521 1,971,803 Construction — — — — 254,850 254,850 Commercial business loans — 154 384 538 291,575 292,113 Consumer loans: Home equity loans advances 808 892 1,041 2,741 411,647 414,388 Other consumer loans — 1 — 1 955 956 Total loans $ 6,456 2,970 3,761 13,187 4,684,081 $ 4,697,268 December 31, 2017 30-59 days 60-89 days Greater than 90 days Total past due Current Total (In thousands) Real estate loans: One to four family $ 7,080 1,229 3,360 11,669 1,604,590 $ 1,616,259 Multifamily and commercial 138 380 1,329 1,847 1,869,363 1,871,210 Construction — — — — 233,652 233,652 Commercial business loans 89 730 1,263 2,082 275,888 277,970 Consumer loans: Home equity loans advances 1,421 26 573 2,020 446,000 448,020 Other consumer loans — — — — 998 998 Total loans $ 8,728 2,365 6,525 17,618 4,430,491 $ 4,448,109 The Company considers a loan to be delinquent when we have not received a payment within 30 days of its contractual due date. A loan is designated as a non-accrual loan when the payment of interest is more than three months in arrears of its contractual due date. The accrual of income on a non-accrual loan is reversed and discontinued until the outstanding payments in arrears have been collected. The Company identifies loans that may need to be charged-off as a loss by reviewing all delinquent loans, classified loans and other loans that management may have concerns about collectability. At June 30, 2018 and December 31, 2017 , non-accrual loans totaled $3.8 million and $6.5 million , respectively. At June 30, 2018 and December 31, 2017 , there were no loans past due 90 days or more and still accruing interest. The following table summarizes loans receivable and allowance for loan losses by portfolio segment and impairment method: June 30, 2018 One to four family Multifamily and commercial Construction Commercial Business Home equity loans and advances Other consumer Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 476 — — 355 11 — — $ 842 Collectively evaluated for impairment 18,073 22,802 6,728 10,565 2,859 7 648 61,682 Total $ 18,549 22,802 6,728 10,920 2,870 7 648 $ 62,524 Total loans: Individually evaluated for impairment $ 10,605 2,856 — 2,951 3,436 — — $ 19,848 Collectively evaluated for impairment 1,752,553 1,968,947 254,850 289,162 410,952 956 — 4,677,420 Total $ 1,763,158 1,971,803 254,850 292,113 414,388 956 — $ 4,697,268 December 31, 2017 One to four family Multifamily and commercial Construction Commercial Business Home equity loans and advances Other consumer Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 423 28 — 80 15 — — $ 546 Collectively evaluated for impairment 19,568 19,905 5,217 8,195 4,562 8 177 57,632 Total $ 19,991 19,933 5,217 8,275 4,577 8 177 $ 58,178 Total loans: Individually evaluated for impairment $ 11,644 3,693 — 4,263 2,591 — — $ 22,191 Collectively evaluated for impairment 1,604,615 1,867,517 233,652 273,707 445,429 998 — 4,425,918 Total $ 1,616,259 1,871,210 233,652 277,970 448,020 998 — $ 4,448,109 Loan modifications to borrowers experiencing financial difficulties that are considered Troubled Debt Restructurings ("TDRs") primarily involve the lowering of the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. These modifications generally do not result in the forgiveness of principal or accrued interest. In addition, the Company attempts to obtain additional collateral or guarantor support when modifying such loans. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The following tables present the number of loans modified as TDRs during the three and six months ended June 30, 2018 and 2017, along with their balances immediately prior to the modification date and post-modification. Post-modification recorded investment represents the net book balance immediately following modification. For the Three Months Ended June 30, 2018 June 30, 2017 No. of Loans Pre-modification recorded investment Post-modification recorded investment No. of Loans Pre-modification recorded investment Post-modification recorded investment (In thousands) (In thousands) Troubled Debt Restructurings Real estate loans: One to four family 3 $ 378 $ 380 2 $ 461 $ 461 Consumer loans: Home equity loans and advances — — — 1 39 39 Total loans 3 $ 378 $ 380 3 $ 500 $ 500 For the Six Months Ended June 30, 2018 June 30, 2017 No. of Loans Pre-modification recorded investment Post-modification recorded investment No. of Loans Pre-modification recorded investment Post-modification recorded investment (In thousands) (In thousands) Troubled Debt Restructurings Real estate loans: One to four family 4 $ 462 $ 462 3 $ 543 $ 543 Consumer loans: Home equity loans and advances 1 588 588 1 39 39 Total loans 5 $ 1,050 $ 1,050 4 $ 582 $ 582 The activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2018 and 2017 was as follows: For the Three Months Ended June 30, One to four family Multifamily and commercial Construction Commercial Business Home equity loans and advances Other consumer Unallocated Total (In Thousands) 2018 Balance at beginning of period $ 18,828 19,097 6,574 10,800 3,924 7 722 $ 59,952 Provision charged (credited) (324 ) 3,705 154 87 (1,153 ) 5 (74 ) 2,400 Recoveries 51 — — 36 99 3 — 189 Charge-offs (6 ) — — (3 ) — (8 ) — (17 ) Balance at end of period $ 18,549 22,802 6,728 10,920 2,870 7 648 $ 62,524 2017 Balance at beginning of period $ 18,818 17,638 4,253 7,014 4,129 10 46 $ 51,908 Provision charged (credited) 48 485 345 (376 ) (170 ) 4 39 375 Recoveries 93 — — 73 6 — — 172 Charge-offs (197 ) (38 ) — (148 ) — (6 ) — (389 ) Balance at end of period $ 18,762 18,085 4,598 6,563 3,965 8 85 $ 52,066 For the Six Months Ended June 30, One to four family Multifamily and commercial Construction Commercial Business Home equity loans and advances Other consumer Unallocated Total 2018 Balance at beginning of period $ 19,991 19,933 5,217 8,275 4,577 8 177 $ 58,178 Provision charged (credited) (1,552 ) 2,998 1,508 2,783 (1,810 ) 2 471 4,400 Recoveries 171 — 3 87 103 5 — 369 Charge-offs (61 ) (129 ) — (225 ) — (8 ) — (423 ) Balance at end of period $ 18,549 22,802 6,728 10,920 2,870 7 648 $ 62,524 2017 Balance at beginning of period $ 18,599 17,616 4,598 6,358 4,231 11 436 $ 51,849 Provision charged (credited) 428 674 — 204 (209 ) 5 (351 ) 751 Recoveries 115 — — 149 13 — — 277 Charge-offs (380 ) (205 ) — (148 ) (70 ) (8 ) — (811 ) Balance at end of period $ 18,762 18,085 4,598 6,563 3,965 8 85 $ 52,066 The following table presents loans individually evaluated for impairment by loan segment: June 30, 2018 Recorded investment Unpaid principal balance Specific allowance (In thousands) With no allowance recorded: Real estate loans: One to four family $ 7,707 $ 8,890 $ — Multifamily and commercial 2,856 4,204 — Commercial business loans 16 22 — Consumer loans: Home equity loans and advances 3,090 3,445 — 13,669 16,561 — With a specific allowance recorded: Real estate loans: One to four family 2,898 2,945 476 Commercial business loans 2,935 2,727 355 Consumer loans: Home equity loans and advances 346 346 11 6,179 6,018 842 Total: Real estate loans: One to four family 10,605 11,835 476 Multifamily and commercial 2,856 4,204 — Commercial business loans 2,951 2,749 355 Consumer loans: Home equity loans and advances 3,436 3,791 11 Total loans $ 19,848 $ 22,579 $ 842 December 31, 2017 Recorded investment Unpaid principal balance Specific allowance (In thousands) With no allowance recorded: Real estate loans: One to four family $ 8,870 $ 9,704 $ — Multifamily and commercial 2,058 2,933 — Commercial business loans 1,522 2,015 — Consumer loans: Home equity loans and advances 2,161 2,601 — 14,611 17,253 — With a specific allowance recorded: Real estate loans: One to four family 2,774 2,788 423 Multifamily and commercial 1,635 2,208 28 Commercial business loans 2,741 2,741 80 Consumer loans: Home equity loans and advances 430 430 15 Total: 7,580 8,167 546 Real estate loans: One to four family 11,644 12,492 423 Multifamily and commercial 3,693 5,141 28 Commercial business loans 4,263 4,756 80 Consumer loans: Home equity loans and advances 2,591 3,031 15 Total loans $ 22,191 $ 25,420 $ 546 Specific allocations of the allowance for loan losses attributable to impaired loans totaled $842 thousand and $546 thousand at June 30, 2018 and December 31, 2017 , respectively. At June 30, 2018 and December 31, 2017 , impaired loans for which there was no related allowance for loan losses totaled $13.7 million and $14.6 million , respectively. The following table presents interest income recognized for loans individually evaluated for impairment by loan segment for the three and six months ended June 30, 2018 and 2017: For the Three Months Ended June 30, 2018 June 30, 2017 Average recorded Investment Interest Income Recognized Average recorded Investment Interest Income Recognized (In thousands) (In thousands) Real estate loans: One to four family $ 10,715 $ 103 $ 15,202 $ 169 Multifamily and commercial 2,718 30 3,295 41 Commercial business loans 3,180 25 3,237 28 Consumer loans: Home equity loans and advances 3,260 39 4,221 60 Total loans $ 19,873 $ 197 $ 25,955 $ 298 For the Six Months Ended June 30, 2018 June 30, 2017 Average recorded Investment Interest Income Recognized Average recorded Investment Interest Income Recognized (In thousands) (In thousands) Real estate loans: One to four family $ 11,025 $ 103 $ 16,175 $ 156 Multifamily and commercial 3,043 28 5,311 27 Construction — — 168 — Commercial business loans 3,541 25 3,662 27 Consumer loans: Home equity loans and advances 3,037 38 3,963 48 Total loans $ 20,646 $ 194 $ 29,279 $ 258 The Company utilizes an internal eight-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4 (Pass), with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (Special Mention) or 6 (Substandard). Loans with adverse classifications are rated 7 (Doubtful) or 8 (Loss). The risk ratings are also confirmed through periodic loan review examinations which are currently performed by both an independent third-party and the Company's internal loan review department. Results from examinations are presented to the Audit Committee of the Board of Directors. The following table presents loans receivable by credit quality risk indicator and by loan segment: June 30, 2018 Real Estate One to four family Multifamily and commercial Construction Commercial Business Home equity loans and advances Other consumer Total (In thousands) Pass $ 1,754,543 1,955,847 254,850 283,807 412,434 956 $ 4,662,437 Special mention — 2,402 — 3,472 — — 5,874 Substandard 8,615 13,554 — 4,834 1,954 — 28,957 Doubtful — — — — — — — Total $ 1,763,158 1,971,803 254,850 292,113 414,388 956 $ 4,697,268 December 31, 2017 Real Estate One to four family Multifamily and commercial Construction Commercial Business Home equity loans and advances Other consumer Total (In thousands) Pass $ 1,606,672 1,851,772 233,652 268,355 446,364 998 $ 4,407,813 Special mention — 4,782 — 3,678 — — 8,460 Substandard 9,587 14,656 — 5,937 1,656 — 31,836 Doubtful — — — — — — — Total $ 1,616,259 1,871,210 233,652 277,970 448,020 998 $ 4,448,109 |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2018 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits at June 30, 2018 and December 31, 2017 are summarized as follows: June 30, December 31, 2018 2017 (In Thousands) Non-interest bearing transaction $ 710,853 $ 681,869 Interest bearing transaction 1,296,928 1,370,403 Money market deposit accounts 277,475 262,396 Savings, including club deposits 537,052 544,765 Certificates of deposit 1,472,524 1,403,882 Total deposits $ 4,294,832 $ 4,263,315 The aggregate amount of certificates of deposit that meet or exceed $100,000 is approximately $698.0 million and $641.1 million as of June 30, 2018 and December 31, 2017 , respectively. A summary of certificate accounts by maturity at June 30, 2018 and December 31, 2017 are summarized as follows: June 30, December 31, 2018 2017 (In Thousands) Less than one year $ 743,577 $ 669,610 More than one years to two years 488,016 474,475 More than two years to three years 184,860 169,069 More than three years to four years 40,999 68,184 More than four years 15,072 22,544 $ 1,472,524 $ 1,403,882 |
Components of Periodic Benefit
Components of Periodic Benefit Costs | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components of Periodic Benefit Costs | Components of Periodic Benefit Costs The Bank has a defined benefit pension plan (the "Pension Plan") covering its full-time employees who satisfy the eligibility requirements. The benefits are based on years of service and the employee's compensation during the last five years of employment. Costs of the Pension Plan, based on the actuarial computations of the current future benefits for employees, are recognized to expense and are funded in part based on the maximum amount that can be deducted for federal income tax purposes. The Pension Plan’s assets are primarily invested in fixed debt and equity securities. In addition to the Pension Plan, certain health care and life insurance benefits are made available to retirement employees (the "Post-retirement Plan"). The Bank has a retirement income maintenance plan (the "RIM Plan"). The RIM Plan is a non-qualified defined benefit plan which provides benefits to all employees of the Bank if their benefits under the Pension Plan are limited by the Internal Revenue Code Sections 415 and 401(a)(17). Net periodic benefit cost (income) for pension benefits and other benefits for the three and six months ended June 30, 2018 and 2017 includes the following components: For the Three Months Ended June 30, Pension RIM Post-retirement 2018 2017 2018 2017 2018 2017 (In thousands) Service cost $ 1,780 $ 1,547 $ 61 $ 35 $ 93 $ 112 Interest cost 2,129 2,024 111 96 205 214 Expected return on plan assets (4,815 ) (5,677 ) — — — — Amortization: Prior service cost — — — — (34 ) (34 ) Net loss 707 2,123 103 71 69 85 Net periodic cost (income) $ (199 ) $ 17 $ 275 $ 202 $ 333 $ 377 For the Six Months Ended June 30, Pension RIM Post-retirement 2018 2017 2018 2017 2018 2017 (In thousands) Service cost $ 3,560 $ 3,094 $ 122 $ 70 $ 186 $ 224 Interest cost 4,258 4,048 222 192 410 428 Expected return on plan assets (9,630 ) (11,354 ) — — — — Amortization: Prior service cost — — — — (68 ) (68 ) Net loss 1,414 4,246 206 142 138 170 Net periodic cost (income) $ (398 ) $ 34 $ 550 $ 404 $ 666 $ 754 The net periodic benefit cost (income) for pension benefits and other benefits at June 30, 2018 were calculated using the December 31, 2017 third party actuarial valuation reports. For June 30, 2017 , the September 30, 2016 third party actuarial valuation reports were utilized as a proxy to estimate the net periodic benefit cost for pension benefits. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, the Company utilizes various valuation techniques to estimate fair value. Fair value is an estimate of 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. However, in many instances, fair value estimates may not be substantiated by comparison to independent markets and may not be realized in an immediate sale of the financial instrument. U.S. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of fair value hierarchy are as follows: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by minimal or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The valuations exclude any accrued interest or dividends at the measurement date. Interest income and expense and dividend income are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on the discount or premium. Assets and Liabilities Measured at Fair Value on a Recurring Basis The valuation techniques described below were used to measure fair value of financial instruments in the tables below on a recurring basis as of June 30, 2018 and December 31, 2017 . Securities Available-for-Sale For securities available-for-sale, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company also holds equity securities and debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Derivatives The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The fair value of the Company's derivatives are determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. Assets Measured at Fair Value on a Non-Recurring Basis The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis as of June 30, 2018 and December 31, 2017 . Collateral Dependent Impaired Loans For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell between 6% and 8% . The Company classifies these loans as Level 3 within the fair value hierarchy. Foreclosed Assets Assets acquired through foreclosure or deed in lieu of foreclosure are carried at fair value, less estimated selling costs which is estimated to be 6% . Fair value is generally based on independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case basis, to comparable assets based on the appraiser's market knowledge and experience, and are classified as Level 3. When an asset is acquired, the excess of the loan balance over fair value less estimated selling costs is charged to the allowance for loan losses. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. There were no changes to the valuation techniques for fair value measurements as of June 30, 2018 and December 31, 2017 . The following tables present the assets and liabilities reported on the consolidated balance sheets at their fair values as of June 30, 2018 and December 31, 2017 , by level within the fair value hierarchy: June 30, 2018 Fair Value Measurements Fair value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Measured on a recurring basis: Securities available-for-sale: U.S. government and agency obligations $ 53,562 53,562 — $ — Mortgage-backed securities and collateralized mortgage obligations 815,532 — 815,532 — Municipal obligations 1,586 — 1,586 — Corporate debt securities 53,567 — 53,567 — Trust preferred securities 4,630 — 4,630 — Equity securities 3,193 3,193 — — Total securities available-for-sale $ 932,070 56,755 875,315 $ — Derivative assets 965 — 965 — $ 933,035 56,755 876,280 $ — December 31, 2017 Fair Value Measurements Fair value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Measured on a recurring basis: Securities available-for-sale: U.S. government and agency obligations $ 39,644 39,644 — $ — Mortgage-backed securities and collateralized mortgage obligations 606,612 — 606,612 — Municipal obligations 1,957 — 1,957 — Corporate debt securities 54,514 — 54,514 — Trust preferred securities 4,656 — 4,656 — Equity securities 3,187 3,187 — — Total securities available-for-sale 710,570 42,831 667,739 — Derivative assets 490 — 490 — $ 711,060 42,831 668,229 $ — Derivative liabilities $ 203 — 203 $ — There were no transfers between Level 1, Level 2 and Level 3 during the three and six months ended June 30, 2018 and during the year ended December 31, 2017 . June 30, 2018 Fair Value Measurements Fair value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Measured on a non-recurring basis: Real estate owned $ 660 — — $ 660 Loans measured for impairment based on the fair value of the underlying collateral 9,629 — — 9,629 $ 10,289 — — $ 10,289 December 31, 2017 Fair Value Measurements Fair value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Measured on a non-recurring basis: Real estate owned $ 959 — — $ 959 Loans measured for impairment based on the fair value of the underlying collateral 10,251 10,251 $ 11,210 — — $ 11,210 The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis as of June 30, 2018 and September 30, 2017: June 30, 2018 Fair value Valuation methodology Unobservable inputs Range of inputs (In Thousands) Real estate owned $ 660 Appraised Value Discount for cost to sell 6.0% Loans measured for impairment based on the fair value of the underlying collateral $ 9,629 Appraised Value Discount for cost to sell 6.0% - 8.0% December 31, 2017 Fair value Valuation methodology Unobservable inputs Range of inputs (In Thousands) Real estate owned $ 959 Appraised Value Discount for cost to sell 6.0% Loans measured for impairment based on the fair value of the underlying collateral $ 10,251 Appraised Value Discount for cost to sell 6.0% - 8.0% Other Fair Value Disclosures The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. A description of the valuation methodologies used for those assets and liabilities not recorded at fair value on a recurring or non-recurring basis are set forth below. Cash and Cash Equivalents For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value due to their nature and short-term maturities. Investment Securities Held-to-Maturity For securities held-to-maturity, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark or to compare securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Federal Home Loan Bank Stock ("FHLB") The carrying value of FHLB stock is its cost. The fair value of FHLB stock is based on redemption at par value. The Company classifies the estimated fair value as Level 2 within the fair value hierarchy. Loans Receivable Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction, etc. Each applicable loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans is estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company’s current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The fair value estimated does not incorporate an exit value. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 2. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowed Funds The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counter-parties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial in comparison to their carrying value. The following tables present the Company's financial instruments at their carrying and fair values as of June 30, 2018 and December 31, 2017 . Fair values are presented by level within the fair value hierarchy: June 30, 2018 Fair Value Measurements Carrying Value Total Fair Value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Financial assets: Cash and cash equivalents $ 67,183 67,183 67,183 — $ — Securities available-for-sale 932,070 932,070 56,755 875,315 — Securities held-to-maturity 254,801 244,239 — 244,239 — Federal Home Loan Bank stock 45,009 45,009 — 45,009 — Loans receivable, net 4,649,054 4,538,326 — — 4,538,326 Derivative assets 965 965 — 965 — Financial liabilities: — Total deposits $ 4,294,832 4,282,179 — 4,282,179 $ — Borrowings 930,618 923,606 — 923,606 — December 31, 2017 Fair Value Measurements Carrying Value Total Fair Value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Financial assets: Cash and cash equivalents $ 65,498 65,498 65,498 — $ — Securities available-for-sale 710,570 710,570 42,831 667,739 — Securities held-to-maturity 239,618 236,125 — 236,125 — Federal Home Loan Bank Stock 44,664 44,664 — 44,664 — Loans receivable, net 4,400,470 4,367,945 — — 4,367,945 Derivative assets 490 490 — 490 — Financial liabilities: — Total deposits $ 4,263,315 3,959,460 — 3,959,460 $ — Borrowings 929,057 925,032 — 925,032 — Derivative liabilities 203 203 — 203 — Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the three and six months ended June 30, 2018 and 2017: For the Three Months Ended June 30, 2018 June 30, 2017 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax (In thousands) Components of Other Comprehensive (Loss) Income: Unrealized gains and losses on securities available-for-sale: Net (losses) gains arising during the period $ (5,623 ) 2,763 (2,860 ) 2,689 (950 ) $ 1,739 Accretion of unrealized loss on securities reclassified as held-to-maturity 80 (83 ) (3 ) — — — Reclassification adjustment for gains included in net income — — — — — — (5,543 ) 2,680 (2,863 ) 2,689 (950 ) 1,739 Unrealized gain (loss) on swap contract 297 (133 ) 164 (57 ) 20 (37 ) 297 (133 ) 164 (57 ) 20 (37 ) Employee benefit plans: Amortization of prior service cost included in net income — — — — — — Reclassification adjustment of actuarial net (loss) gain included in net income — — — — (2 ) (2 ) Change in funded status of retirement obligations — 2,323 2,323 — 72 72 — 2,323 2,323 — 70 70 Total other comprehensive (loss) income $ (5,246 ) 4,870 (376 ) 2,632 (860 ) $ 1,772 For the Six Months Ended June 30, 2018 June 30, 2017 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax (In thousands) Components of Other Comprehensive (Loss) Income: Unrealized gains and losses on securities available-for-sale: Net (losses) gains arising during the period $ (17,261 ) 4,433 (12,828 ) 3,340 (1,206 ) $ 2,134 Accretion of unrealized loss on securities reclassified as held-to-maturity (16 ) 14 (2 ) — — — Reclassification adjustment for gains included in net income 116 (29 ) 87 — — — (17,161 ) 4,418 (12,743 ) 3,340 (1,206 ) 2,134 Unrealized gain (loss) on swap contract 678 (172 ) 506 (48 ) 17 (31 ) 678 (172 ) 506 (48 ) 17 (31 ) Employee benefit plans: Amortization of prior service cost included in net income 148 (30 ) 118 — — — Reclassification adjustment of actuarial net loss included in net income 673 (146 ) 527 — (5 ) (5 ) Change in funded status of retirement obligations (819 ) 2,085 1,266 — (74 ) (74 ) 2 1,909 1,911 — (79 ) (79 ) Total other comprehensive (loss) income $ (16,481 ) 6,155 (10,326 ) 3,292 (1,268 ) $ 2,024 The following tables present the changes in the components of accumulated other comprehensive (loss) income, net of tax, for the three and six months ended June 30, 2018 and 2017: For the Three Months Ended June 30, 2018 June 30, 2017 Unrealized (Losses) Gains on Securities Available-for- Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive Loss Unrealized (Losses) Gains on Securities Available-for- Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive Loss (In Thousands) (In Thousands) Balance at beginning of year $ (17,223 ) 566 (58,703 ) (75,360 ) (8,885 ) 6 (57,031 ) $ (65,910 ) Current period changes in other comprehensive (loss) income (2,863 ) 164 2,323 (376 ) 1,739 (37 ) 70 1,772 Total other comprehensive (loss) income $ (20,086 ) 730 (56,380 ) (75,736 ) (7,146 ) (31 ) (56,961 ) $ (64,138 ) For the Six Months Ended June 30, 2018 June 30, 2017 Unrealized (Losses) Gains on Securities Available-for- Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive Loss Unrealized (Losses) Gains on Securities Available-for- Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive Loss (In Thousands) (In Thousands) Balance at beginning of year $ (7,279 ) 224 (58,355 ) (65,410 ) (9,279 ) — (56,883 ) $ (66,162 ) Current period changes in other comprehensive (loss) income (12,743 ) 506 1,911 (10,326 ) 2,134 (31 ) (79 ) 2,024 Total other comprehensive (loss) income $ (20,022 ) 730 (56,444 ) (75,736 ) (7,145 ) (31 ) (56,962 ) $ (64,138 ) The following table reflects amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income and the affected line item in the statement where net income is presented for the three and six months ended June 30, 2018 and 2017: For the Three Months Ended 6/30/2018 6/30/2017 (In Thousands) Accumulated other Comprehensive (Loss) Income Components Affected line items in the Consolidated Statements of Income Reclassification adjustment for gains included in net income $ — $ — Gains on securities transactions, net Reclassification adjustment of actuarial net gain included in net income — — Compensation and employee benefits expense Total before tax — — Income tax benefit — (2 ) Net of tax $ — $ (2 ) For the Six Months Ended 6/30/2018 6/30/2017 (In Thousands) Accumulated other Comprehensive (Loss) Income Components Affected line items in the Consolidated Statements of Income Reclassification adjustment for gains included in net income $ 116 $ — Gains on securities transactions, net Reclassification adjustment of actuarial net gain included in net income 673 — Compensation and employee benefits expense Total before tax 789 — Income tax benefit (175 ) (5 ) Net of tax $ 614 $ (5 ) |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company offers currency forward contracts and interest rate swap contracts to certain commercial banking customers to manage their risk of exposure and risk management strategies. These contracts are simultaneously hedged by offsetting contracts with a third party, such that the Company would minimize its net risk exposure resulting from these transactions. In addition, the Company executes interest rate swaps with third parties to in order to hedge the interest expense of short-term Federal Home Loan Bank Advances. These contracts are simultaneously hedged with short-term Federal Home Loan Bank Advances. Currency Forward Contracts. At June 30, 2018 , the Company had no currency forward contacts in place with commercial banking customers. At December 31, 2017 , the Company had a currency forward contract in place with a commercial banking customer with a notional amount of $1.6 million . An offsetting currency forward contract with a third party was also in place at December 31, 2017 . The currency forward contracts associated with this program do not meet hedge accounting requirements. Changes in the fair value of both the customer currency forward contract and the offsetting third party contract are recognized directly in earnings. Derivatives not designated in qualifying hedging relationships are not speculative and result from a service the Company provides to certain qualified commercial banking customers and are not used to manage interest rate risk in the Company's assets or liabilities. Interest Rate Swaps. At June 30, 2018 and December 31, 2017 , the Company did not have any interest rate swaps with commercial banking customers. The Company had 14 interest rate swaps in place at June 30, 2018 with offsetting Federal Home Loan Bank advances with a notional amount of $190.0 million . At December 31, 2017 , the Company had two interest rate swaps in place with offsetting Federal Home Loan Bank Advances with a notional amount of $20.0 million . The interest rate swaps associated with the program meet the hedge accounting requirements. The effective portion of changes in the fair value of the derivatives designated that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss). The ineffective portion of changes in the fair value of the derivatives designated that qualify as cash flow hedges are recorded in earnings. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counter-party in exchange for the Company making fixed-rate payment payments over the life of the agreements without the exchange of the underlying notional amount. For the three and six months ended June 30, 2018 and 2017, the Company did not record any hedge ineffectiveness associated with these contracts. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets at June 30, 2018 and December 31, 2017 : June 30, 2018 Asset Derivative Liability Derivative Consolidated Balance Sheet Fair value Consolidated Balance Sheet Fair Value (In thousands) (In thousands) Derivatives: Interest rate swap - cash flow hedge Other Assets $ 965 Other Liabilities $ — Total derivative instruments $ 965 December 31, 2017 Asset Derivative Liability Derivative Consolidated Balance Sheet Fair value Consolidated Balance Sheet Fair Value (In thousands) (In thousands) Derivatives: Interest rate swap - cash flow hedge Other Assets 287 Other Liabilities $ — Currency forward contract - non-designated hedge Other Assets 203 Other Liabilities 203 Total derivative instruments $ 490 $ 203 For the three and six months ended June 30, 2018 and 2017 , no gains or losses were recorded in the consolidated statements of operations. The Company has agreements with counter-parties that contain a provision that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default of its derivative obligations. At June 30, 2018 and December 31, 2017 , the fair value of derivatives was in a net asset position. At June 30, 2018 and December 31, 2017 , accrued interest was $45 thousand and $7 thousand , respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated events subsequent to June 30, 2018 and through the financial statement issuance date of August 14, 2018 . The Company has not identified any material subsequent events. |
Recent Accounting Pronounceme19
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncement Adopted and Issued | In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). The updated guidance allows a reclassification from accumulated other comprehensive income to retained earnings for the stranded tax effects resulting from the Tax Cuts and Jobs Act disclosed in Note 9. The purpose of the guidance is to improve the usefulness of the information reported to the financial statement users. The guidance is effective for all entities for fiscal years beginning after December 31, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted ASU No. 2018-02 for the period ended December 31, 2017 and the impact of the adoption resulted in a reclassification adjustment between accumulated other comprehensive income and retained earnings of $11.7 million . In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12). The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The effective date for this guidance is fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This guidance shortens the amortization period for premiums on callable debt securities by requiring that premiums be amortized to the first (or earliest) call date instead of as an adjustment to the yield over the contractual life. This change more closely aligns the accounting with the economics of a callable debt security and the amortization period with expectations that already are included in market pricing on callable debt securities. This guidance does not change the accounting for discounts on callable debt securities, which will continue to be amortized to the maturity date. This guidance includes only instruments that are held at a premium and have explicit call features. It does not include instruments that contain prepayment features, such as mortgage backed securities; nor does it include call options that are contingent upon future events or in which the timing or amount to be paid is not fixed. The effective date for this guidance is fiscal years beginning after December 15, 2018, including interim periods within the reporting period, with early adoption permitted. Transition is on a modified retrospective basis with an adjustment to retained earnings as of the beginning of the period of adoption. If early adopted in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost", which requires that companies disaggregate the service cost component from other components of net benefit cost. This update calls for companies that offer post-retirement benefits to present the service cost, which is the amount an employer has to set aside each quarter or fiscal year to cover the benefits, in the same line item with other current employee compensation costs. Other components of net benefit cost will be presented in the income statement separately from service costs component and outside the subtotal of income from operations, if one is presented. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements and does not anticipate the new guidance to have a material impact. In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment.” The main objective of this guidance is to simplify the accounting for goodwill impairment by requiring that impairment charges be based upon the first step in the current two-step impairment test under Accounting Standards Codification (ASC) 350. Currently, if the fair value of a reporting unit is lower than its carrying amount (Step 1), an entity calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount (Step 2). The implied fair value of goodwill is calculated by deducting the fair value of all assets and liabilities of the reporting unit from the reporting unit’s fair value as determined in Step 1. To determine the implied fair value of goodwill, entities estimate the fair value of any unrecognized intangible assets and any corporate-level assets or liabilities that were included in the determination of the carrying amount and fair value of the reporting unit in Step 1. Under this guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. This guidance eliminates the requirement to calculate a goodwill impairment charge using Step 2. This guidance does not change the guidance on completing Step 1 of the goodwill impairment test. Under this guidance, an entity will still be able to perform the current optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. The guidance will be applied prospectively and is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," a new standard which addresses diversity in practice related to eight specific cash flow issues: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies), distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Entities will apply the standard’s provisions using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements and does not anticipate the new guidance to have a material impact. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments”. This guidance provides financial statement users with more decision-useful information about expected credit losses on financial instruments by a reporting entity at each reporting date. The amendments of this guidance require financial assets measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses would represent a valuation account that would be deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The income statement would reflect the measurement of credit losses that have taken place during the period. The measurement of expected credit losses would be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity would be required to use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within that reporting period, early adoption is permitted. The Company is currently evaluating its existing systems and data to support the new standard as well as assessing the impact that the guidance will have on the Company's consolidated financial statements. The Company has formed a working group under the direction of the Chief Accounting Officer that is primarily comprised of individuals from finance, credit, risk management, and operations. The Company has been developing an implementation plan as well as considering the use of consultants to aid in the implementation. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. This guidance requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, early adoption is permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period present in the financial statements. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements by reviewing its existing lease contracts and service contracts. In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities”. This guidance requires an entity to: i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in other comprehensive income the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses on available-for-sale debt securities in combination with other deferred tax assets. This guidance provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The guidance also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. The guidance is effective for annual periods beginning after December 15, 2017. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." The objective of this amendment is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS. This update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are in the scope of other standards. The guidance is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2017, and early adoption is permitted. Subsequently, the FASB issued the following standards related to ASU No. 2014-09: ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations;” ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing;” ASU No. 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of ASU No. 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting;” and ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”. These amendments are intended to improve and clarify the implementation guidance of ASU No. 2014-09 and have the same effective date as the original guidance. The Company's revenue is primarily comprised of net interest income on interest earning assets and liabilities and non-interest income. The scope of guidance explicitly excludes net interest income as well as other revenues associated with financial assets and liabilities, including loans, leases, securities and derivatives. The Company is currently evaluating the impact of the new guidance on the Company’s consolidated financial statements and does not anticipate the new guidance to have a material impact. |
Earnings per Share Earnings per
Earnings per Share Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2018 and 2017 : (Dollars in thousands, except per share amounts) Three Months Ended June 30, 2018 2017 Net income $ (14,742 ) $ 9,272 Basic earnings per share: Income available to common stockholders $ (14,742 ) $ 9,272 Weighted average shares outstanding - basic 111,346,897 N/A Basic earning per share $ (0.13 ) N/A Diluted earnings per share: Income available to common stockholders $ (14,742 ) $ 9,272 Weighted average shares outstanding - diluted 111,346,897 N/A Diluted earnings per share $ (0.13 ) N/A For the Six Months Ended June 30, 2018 2017 Net income $ (2,958 ) $ 19,567 Basic earnings per share: Income available to common stockholders $ (2,958 ) $ 19,567 Weighted average shares outstanding - basic 111,346,897 N/A Basic earning per share $ (0.03 ) N/A Diluted earnings per share: Income available to common stockholders $ (2,958 ) $ 19,567 Weighted average shares outstanding - diluted 111,346,897 N/A Diluted earnings per share $ (0.03 ) N/A |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and the fair value of securities available-for-sale | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities available-for-sale at June 30, 2018 and December 31, 2017 : June 30, 2018 Amortized cost Gross unrealized gains Gross unrealized (losses) Fair value (In thousands) U.S. government and agency obligations $ 54,805 — (1,243 ) $ 53,562 Mortgage-backed securities and collateralized mortgage obligations 840,040 344 (24,852 ) 815,532 Municipal obligations 1,586 — — 1,586 Corporate debt securities 54,491 99 (1,023 ) 53,567 Trust preferred securities 5,000 — (370 ) 4,630 Equity securities 2,331 862 — 3,193 $ 958,253 1,305 (27,488 ) $ 932,070 December 31, 2017 Amortized cost Gross unrealized gains Gross unrealized (losses) Fair value (In thousands) U.S. government and agency obligations $ 39,909 17 (282 ) $ 39,644 Mortgage-backed securities and collateralized mortgage obligations 615,924 383 (9,695 ) 606,612 Municipal obligations 1,957 — — 1,957 Corporate debt securities 54,489 536 (511 ) 54,514 Trust preferred securities 5,000 — (344 ) 4,656 Equity securities 2,328 859 — 3,187 $ 719,607 1,795 (10,832 ) $ 710,570 |
Schedule of securities by contractual maturity | The table below presents the amortized cost and fair value of debt securities held-to-maturity at June 30, 2018 by contractual maturity. Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. June 30, 2018 Amortized cost Fair value (In Thousands) More than five years to ten years $ 13,403 $ 13,057 13,403 13,057 Mortgage-backed securities and collateralized mortgage obligations 241,398 231,182 $ 254,801 $ 244,239 The table below presents the amortized cost and fair value of debt securities available-for-sale at June 30, 2018 by contractual maturity excluding equity securities. Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. June 30, 2018 Amortized cost Fair value (In thousands) One year or less $ 1,396 $ 1,396 More than one year to five years 45,125 44,184 More than five years to ten years 64,361 63,388 More than ten years 5,000 4,377 $ 115,882 $ 113,345 Mortgage-backed securities and collateralized mortgage obligations 840,040 815,532 $ 955,922 $ 928,877 |
Schedule of available-for-sale securities reported in a continuous unrealized loss position | The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2018 and December 31, 2017 and if the unrealized loss position was continuous for the twelve months prior to June 30, 2018 and December 31, 2017 : June 30, 2018 Less than 12 months 12 months or longer Total Fair Value Gross unrealized (losses) Fair value Gross unrealized (losses) Fair value Gross unrealized (losses) (In thousands) U.S. government and agency obligations $ 48,812 (1,012 ) 4,750 (231 ) 53,562 $ (1,243 ) Mortgage-backed securities and collateralized mortgage obligations 580,116 (14,943 ) 170,350 (9,909 ) 750,466 (24,852 ) Corporate debt securities 19,764 (229 ) 9,206 (794 ) 28,970 (1,023 ) Trust preferred securities — — 4,630 (370 ) 4,630 (370 ) $ 648,692 (16,184 ) 188,936 (11,304 ) 837,628 $ (27,488 ) December 31, 2017 Less than 12 months 12 months or longer Total Fair Value Gross unrealized (losses) Fair value Gross unrealized (losses) Fair value Gross unrealized (losses) (In thousands) U.S. government and agency obligations $ 29,654 (282 ) — — 29,654 $ (282 ) Mortgage-backed securities and collateralized mortgage obligations 514,283 (8,037 ) 48,788 (1,658 ) 563,071 (9,695 ) Corporate debt securities 4,866 (135 ) 4,624 (376 ) 9,490 (511 ) Trust preferred securities — — 4,656 (344 ) 4,656 (344 ) $ 548,803 (8,454 ) 58,068 (2,378 ) 606,871 $ (10,832 ) |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and the fair value of securities held-to-maturity | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities held-to-maturity at June 30, 2018 and December 31, 2017 : June 30, 2018 Amortized cost Gross unrealized gains Gross unrealized (losses) Fair value (In thousands) U.S. government and agency obligations $ 13,403 — (346 ) $ 13,057 Mortgage-backed securities and collateralized mortgage obligations 241,398 419 (10,635 ) 231,182 $ 254,801 419 (10,981 ) $ 244,239 December 31, 2017 Amortized cost Gross unrealized gains Gross unrealized (losses) Fair value (In thousands) U.S. government and agency obligations $ 8,402 — (58 ) $ 8,344 Mortgage-backed securities and collateralized mortgage obligations 231,216 — (3,435 ) 227,781 $ 239,618 — (3,493 ) $ 236,125 |
Schedule of held-to-maturity securities reported in a continuous unrealized loss position | The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2018 and December 31, 2017 and if the unrealized loss position was continuous for the twelve months prior to June 30, 2018 and December 31, 2017 : June 30, 2018 Less than 12 months 12 months or longer Total Fair Value Gross unrealized (losses) Fair value Gross unrealized (losses) Fair value Gross unrealized (losses) (In thousands) U.S. government and agency obligations $ 13,057 (346 ) — — 13,057 $ (346 ) Mortgage-backed securities and collateralized mortgage obligations 153,014 (5,515 ) 67,295 (5,120 ) 220,309 (10,635 ) $ 166,071 (5,861 ) 67,295 (5,120 ) 233,366 $ (10,981 ) December 31, 2017 Less than 12 months 12 months or longer Total Fair Value Gross unrealized (losses) Fair value Gross unrealized (losses) Fair value Gross unrealized (losses) (In thousands) U.S. government and agency obligations $ 8,344 (58 ) — — 8,344 $ (58 ) Mortgage-backed securities and collateralized mortgage obligations 196,049 (2,920 ) 30,046 (515 ) 226,095 (3,435 ) $ 204,393 (2,978 ) 30,046 (515 ) 234,439 $ (3,493 ) |
Loans Receivable and Allowanc22
Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Schedule of loans receivable | Loans receivable at June 30, 2018 and December 31, 2017 are summarized as follows: June 30, December 31, 2018 2017 (In thousands) Real estate loans: One-to-four family $ 1,763,158 $ 1,616,259 Multifamily and commercial 1,971,803 1,871,210 Construction 254,850 233,652 Commercial business loans 292,113 277,970 Consumer loans: Home equity loans and advances 414,388 448,020 Other consumer loans 956 998 Total loans 4,697,268 4,448,109 Net deferred loan costs 14,310 10,539 Allowance for loan losses (62,524 ) (58,178 ) Loans receivable, net $ 4,649,054 $ 4,400,470 |
Schedule of aging of loans receivable by portfolio segment | The following tables summarize the aging of loans receivable by portfolio segment at June 30, 2018 and December 31, 2017 : June 30, 2018 30-59 days 60-89 days Greater than 90 days Total past due Current Total (In Thousands) Real estate loans: One to four family $ 5,484 1,923 2,218 9,625 1,753,533 $ 1,763,158 Multifamily and commercial 164 — 118 282 1,971,521 1,971,803 Construction — — — — 254,850 254,850 Commercial business loans — 154 384 538 291,575 292,113 Consumer loans: Home equity loans advances 808 892 1,041 2,741 411,647 414,388 Other consumer loans — 1 — 1 955 956 Total loans $ 6,456 2,970 3,761 13,187 4,684,081 $ 4,697,268 December 31, 2017 30-59 days 60-89 days Greater than 90 days Total past due Current Total (In thousands) Real estate loans: One to four family $ 7,080 1,229 3,360 11,669 1,604,590 $ 1,616,259 Multifamily and commercial 138 380 1,329 1,847 1,869,363 1,871,210 Construction — — — — 233,652 233,652 Commercial business loans 89 730 1,263 2,082 275,888 277,970 Consumer loans: Home equity loans advances 1,421 26 573 2,020 446,000 448,020 Other consumer loans — — — — 998 998 Total loans $ 8,728 2,365 6,525 17,618 4,430,491 $ 4,448,109 |
Schedule of loans receivable by portfolio segment and impairment method | The following table summarizes loans receivable and allowance for loan losses by portfolio segment and impairment method: June 30, 2018 One to four family Multifamily and commercial Construction Commercial Business Home equity loans and advances Other consumer Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 476 — — 355 11 — — $ 842 Collectively evaluated for impairment 18,073 22,802 6,728 10,565 2,859 7 648 61,682 Total $ 18,549 22,802 6,728 10,920 2,870 7 648 $ 62,524 Total loans: Individually evaluated for impairment $ 10,605 2,856 — 2,951 3,436 — — $ 19,848 Collectively evaluated for impairment 1,752,553 1,968,947 254,850 289,162 410,952 956 — 4,677,420 Total $ 1,763,158 1,971,803 254,850 292,113 414,388 956 — $ 4,697,268 December 31, 2017 One to four family Multifamily and commercial Construction Commercial Business Home equity loans and advances Other consumer Unallocated Total (In thousands) Allowance for loan losses: Individually evaluated for impairment $ 423 28 — 80 15 — — $ 546 Collectively evaluated for impairment 19,568 19,905 5,217 8,195 4,562 8 177 57,632 Total $ 19,991 19,933 5,217 8,275 4,577 8 177 $ 58,178 Total loans: Individually evaluated for impairment $ 11,644 3,693 — 4,263 2,591 — — $ 22,191 Collectively evaluated for impairment 1,604,615 1,867,517 233,652 273,707 445,429 998 — 4,425,918 Total $ 1,616,259 1,871,210 233,652 277,970 448,020 998 — $ 4,448,109 The activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2018 and 2017 was as follows: For the Three Months Ended June 30, One to four family Multifamily and commercial Construction Commercial Business Home equity loans and advances Other consumer Unallocated Total (In Thousands) 2018 Balance at beginning of period $ 18,828 19,097 6,574 10,800 3,924 7 722 $ 59,952 Provision charged (credited) (324 ) 3,705 154 87 (1,153 ) 5 (74 ) 2,400 Recoveries 51 — — 36 99 3 — 189 Charge-offs (6 ) — — (3 ) — (8 ) — (17 ) Balance at end of period $ 18,549 22,802 6,728 10,920 2,870 7 648 $ 62,524 2017 Balance at beginning of period $ 18,818 17,638 4,253 7,014 4,129 10 46 $ 51,908 Provision charged (credited) 48 485 345 (376 ) (170 ) 4 39 375 Recoveries 93 — — 73 6 — — 172 Charge-offs (197 ) (38 ) — (148 ) — (6 ) — (389 ) Balance at end of period $ 18,762 18,085 4,598 6,563 3,965 8 85 $ 52,066 For the Six Months Ended June 30, One to four family Multifamily and commercial Construction Commercial Business Home equity loans and advances Other consumer Unallocated Total 2018 Balance at beginning of period $ 19,991 19,933 5,217 8,275 4,577 8 177 $ 58,178 Provision charged (credited) (1,552 ) 2,998 1,508 2,783 (1,810 ) 2 471 4,400 Recoveries 171 — 3 87 103 5 — 369 Charge-offs (61 ) (129 ) — (225 ) — (8 ) — (423 ) Balance at end of period $ 18,549 22,802 6,728 10,920 2,870 7 648 $ 62,524 2017 Balance at beginning of period $ 18,599 17,616 4,598 6,358 4,231 11 436 $ 51,849 Provision charged (credited) 428 674 — 204 (209 ) 5 (351 ) 751 Recoveries 115 — — 149 13 — — 277 Charge-offs (380 ) (205 ) — (148 ) (70 ) (8 ) — (811 ) Balance at end of period $ 18,762 18,085 4,598 6,563 3,965 8 85 $ 52,066 |
Schedule of troubled debt restructuring | The following tables present the number of loans modified as TDRs during the three and six months ended June 30, 2018 and 2017, along with their balances immediately prior to the modification date and post-modification. Post-modification recorded investment represents the net book balance immediately following modification. For the Three Months Ended June 30, 2018 June 30, 2017 No. of Loans Pre-modification recorded investment Post-modification recorded investment No. of Loans Pre-modification recorded investment Post-modification recorded investment (In thousands) (In thousands) Troubled Debt Restructurings Real estate loans: One to four family 3 $ 378 $ 380 2 $ 461 $ 461 Consumer loans: Home equity loans and advances — — — 1 39 39 Total loans 3 $ 378 $ 380 3 $ 500 $ 500 For the Six Months Ended June 30, 2018 June 30, 2017 No. of Loans Pre-modification recorded investment Post-modification recorded investment No. of Loans Pre-modification recorded investment Post-modification recorded investment (In thousands) (In thousands) Troubled Debt Restructurings Real estate loans: One to four family 4 $ 462 $ 462 3 $ 543 $ 543 Consumer loans: Home equity loans and advances 1 588 588 1 39 39 Total loans 5 $ 1,050 $ 1,050 4 $ 582 $ 582 |
Schedule of loans individually evaluated for impairment | The following table presents loans individually evaluated for impairment by loan segment: June 30, 2018 Recorded investment Unpaid principal balance Specific allowance (In thousands) With no allowance recorded: Real estate loans: One to four family $ 7,707 $ 8,890 $ — Multifamily and commercial 2,856 4,204 — Commercial business loans 16 22 — Consumer loans: Home equity loans and advances 3,090 3,445 — 13,669 16,561 — With a specific allowance recorded: Real estate loans: One to four family 2,898 2,945 476 Commercial business loans 2,935 2,727 355 Consumer loans: Home equity loans and advances 346 346 11 6,179 6,018 842 Total: Real estate loans: One to four family 10,605 11,835 476 Multifamily and commercial 2,856 4,204 — Commercial business loans 2,951 2,749 355 Consumer loans: Home equity loans and advances 3,436 3,791 11 Total loans $ 19,848 $ 22,579 $ 842 December 31, 2017 Recorded investment Unpaid principal balance Specific allowance (In thousands) With no allowance recorded: Real estate loans: One to four family $ 8,870 $ 9,704 $ — Multifamily and commercial 2,058 2,933 — Commercial business loans 1,522 2,015 — Consumer loans: Home equity loans and advances 2,161 2,601 — 14,611 17,253 — With a specific allowance recorded: Real estate loans: One to four family 2,774 2,788 423 Multifamily and commercial 1,635 2,208 28 Commercial business loans 2,741 2,741 80 Consumer loans: Home equity loans and advances 430 430 15 Total: 7,580 8,167 546 Real estate loans: One to four family 11,644 12,492 423 Multifamily and commercial 3,693 5,141 28 Commercial business loans 4,263 4,756 80 Consumer loans: Home equity loans and advances 2,591 3,031 15 Total loans $ 22,191 $ 25,420 $ 546 The following table presents interest income recognized for loans individually evaluated for impairment by loan segment for the three and six months ended June 30, 2018 and 2017: For the Three Months Ended June 30, 2018 June 30, 2017 Average recorded Investment Interest Income Recognized Average recorded Investment Interest Income Recognized (In thousands) (In thousands) Real estate loans: One to four family $ 10,715 $ 103 $ 15,202 $ 169 Multifamily and commercial 2,718 30 3,295 41 Commercial business loans 3,180 25 3,237 28 Consumer loans: Home equity loans and advances 3,260 39 4,221 60 Total loans $ 19,873 $ 197 $ 25,955 $ 298 For the Six Months Ended June 30, 2018 June 30, 2017 Average recorded Investment Interest Income Recognized Average recorded Investment Interest Income Recognized (In thousands) (In thousands) Real estate loans: One to four family $ 11,025 $ 103 $ 16,175 $ 156 Multifamily and commercial 3,043 28 5,311 27 Construction — — 168 — Commercial business loans 3,541 25 3,662 27 Consumer loans: Home equity loans and advances 3,037 38 3,963 48 Total loans $ 20,646 $ 194 $ 29,279 $ 258 |
Schedule of loans receivable by credit quality risk | The following table presents loans receivable by credit quality risk indicator and by loan segment: June 30, 2018 Real Estate One to four family Multifamily and commercial Construction Commercial Business Home equity loans and advances Other consumer Total (In thousands) Pass $ 1,754,543 1,955,847 254,850 283,807 412,434 956 $ 4,662,437 Special mention — 2,402 — 3,472 — — 5,874 Substandard 8,615 13,554 — 4,834 1,954 — 28,957 Doubtful — — — — — — — Total $ 1,763,158 1,971,803 254,850 292,113 414,388 956 $ 4,697,268 December 31, 2017 Real Estate One to four family Multifamily and commercial Construction Commercial Business Home equity loans and advances Other consumer Total (In thousands) Pass $ 1,606,672 1,851,772 233,652 268,355 446,364 998 $ 4,407,813 Special mention — 4,782 — 3,678 — — 8,460 Substandard 9,587 14,656 — 5,937 1,656 — 31,836 Doubtful — — — — — — — Total $ 1,616,259 1,871,210 233,652 277,970 448,020 998 $ 4,448,109 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits | Deposits at June 30, 2018 and December 31, 2017 are summarized as follows: June 30, December 31, 2018 2017 (In Thousands) Non-interest bearing transaction $ 710,853 $ 681,869 Interest bearing transaction 1,296,928 1,370,403 Money market deposit accounts 277,475 262,396 Savings, including club deposits 537,052 544,765 Certificates of deposit 1,472,524 1,403,882 Total deposits $ 4,294,832 $ 4,263,315 |
Schedule of Certificate Accounts by Maturity | A summary of certificate accounts by maturity at June 30, 2018 and December 31, 2017 are summarized as follows: June 30, December 31, 2018 2017 (In Thousands) Less than one year $ 743,577 $ 669,610 More than one years to two years 488,016 474,475 More than two years to three years 184,860 169,069 More than three years to four years 40,999 68,184 More than four years 15,072 22,544 $ 1,472,524 $ 1,403,882 |
Components of Periodic Benefi24
Components of Periodic Benefit Costs (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | Net periodic benefit cost (income) for pension benefits and other benefits for the three and six months ended June 30, 2018 and 2017 includes the following components: For the Three Months Ended June 30, Pension RIM Post-retirement 2018 2017 2018 2017 2018 2017 (In thousands) Service cost $ 1,780 $ 1,547 $ 61 $ 35 $ 93 $ 112 Interest cost 2,129 2,024 111 96 205 214 Expected return on plan assets (4,815 ) (5,677 ) — — — — Amortization: Prior service cost — — — — (34 ) (34 ) Net loss 707 2,123 103 71 69 85 Net periodic cost (income) $ (199 ) $ 17 $ 275 $ 202 $ 333 $ 377 For the Six Months Ended June 30, Pension RIM Post-retirement 2018 2017 2018 2017 2018 2017 (In thousands) Service cost $ 3,560 $ 3,094 $ 122 $ 70 $ 186 $ 224 Interest cost 4,258 4,048 222 192 410 428 Expected return on plan assets (9,630 ) (11,354 ) — — — — Amortization: Prior service cost — — — — (68 ) (68 ) Net loss 1,414 4,246 206 142 138 170 Net periodic cost (income) $ (398 ) $ 34 $ 550 $ 404 $ 666 $ 754 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets and liabilities measured on recurring basis | The following tables present the assets and liabilities reported on the consolidated balance sheets at their fair values as of June 30, 2018 and December 31, 2017 , by level within the fair value hierarchy: June 30, 2018 Fair Value Measurements Fair value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Measured on a recurring basis: Securities available-for-sale: U.S. government and agency obligations $ 53,562 53,562 — $ — Mortgage-backed securities and collateralized mortgage obligations 815,532 — 815,532 — Municipal obligations 1,586 — 1,586 — Corporate debt securities 53,567 — 53,567 — Trust preferred securities 4,630 — 4,630 — Equity securities 3,193 3,193 — — Total securities available-for-sale $ 932,070 56,755 875,315 $ — Derivative assets 965 — 965 — $ 933,035 56,755 876,280 $ — December 31, 2017 Fair Value Measurements Fair value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Measured on a recurring basis: Securities available-for-sale: U.S. government and agency obligations $ 39,644 39,644 — $ — Mortgage-backed securities and collateralized mortgage obligations 606,612 — 606,612 — Municipal obligations 1,957 — 1,957 — Corporate debt securities 54,514 — 54,514 — Trust preferred securities 4,656 — 4,656 — Equity securities 3,187 3,187 — — Total securities available-for-sale 710,570 42,831 667,739 — Derivative assets 490 — 490 — $ 711,060 42,831 668,229 $ — Derivative liabilities $ 203 — 203 $ — |
Schedule of fair value assets and liabilities measured on non-recurring basis | June 30, 2018 Fair Value Measurements Fair value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Measured on a non-recurring basis: Real estate owned $ 660 — — $ 660 Loans measured for impairment based on the fair value of the underlying collateral 9,629 — — 9,629 $ 10,289 — — $ 10,289 December 31, 2017 Fair Value Measurements Fair value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Measured on a non-recurring basis: Real estate owned $ 959 — — $ 959 Loans measured for impairment based on the fair value of the underlying collateral 10,251 10,251 $ 11,210 — — $ 11,210 |
Schedule of qualitatie information for Level 3 assets measured at fair value on a non-recurring basis | The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis as of June 30, 2018 and September 30, 2017: June 30, 2018 Fair value Valuation methodology Unobservable inputs Range of inputs (In Thousands) Real estate owned $ 660 Appraised Value Discount for cost to sell 6.0% Loans measured for impairment based on the fair value of the underlying collateral $ 9,629 Appraised Value Discount for cost to sell 6.0% - 8.0% December 31, 2017 Fair value Valuation methodology Unobservable inputs Range of inputs (In Thousands) Real estate owned $ 959 Appraised Value Discount for cost to sell 6.0% Loans measured for impairment based on the fair value of the underlying collateral $ 10,251 Appraised Value Discount for cost to sell 6.0% - 8.0% |
Schedule of fair value assets and liabilities on Consolidated Balance Sheets | The following tables present the Company's financial instruments at their carrying and fair values as of June 30, 2018 and December 31, 2017 . Fair values are presented by level within the fair value hierarchy: June 30, 2018 Fair Value Measurements Carrying Value Total Fair Value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Financial assets: Cash and cash equivalents $ 67,183 67,183 67,183 — $ — Securities available-for-sale 932,070 932,070 56,755 875,315 — Securities held-to-maturity 254,801 244,239 — 244,239 — Federal Home Loan Bank stock 45,009 45,009 — 45,009 — Loans receivable, net 4,649,054 4,538,326 — — 4,538,326 Derivative assets 965 965 — 965 — Financial liabilities: — Total deposits $ 4,294,832 4,282,179 — 4,282,179 $ — Borrowings 930,618 923,606 — 923,606 — December 31, 2017 Fair Value Measurements Carrying Value Total Fair Value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Financial assets: Cash and cash equivalents $ 65,498 65,498 65,498 — $ — Securities available-for-sale 710,570 710,570 42,831 667,739 — Securities held-to-maturity 239,618 236,125 — 236,125 — Federal Home Loan Bank Stock 44,664 44,664 — 44,664 — Loans receivable, net 4,400,470 4,367,945 — — 4,367,945 Derivative assets 490 490 — 490 — Financial liabilities: — Total deposits $ 4,263,315 3,959,460 — 3,959,460 $ — Borrowings 929,057 925,032 — 925,032 — Derivative liabilities 203 203 — 203 — |
Other Comprehensive Income (L26
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Schedule of Other Comprehensive Income (Loss) | The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the three and six months ended June 30, 2018 and 2017: For the Three Months Ended June 30, 2018 June 30, 2017 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax (In thousands) Components of Other Comprehensive (Loss) Income: Unrealized gains and losses on securities available-for-sale: Net (losses) gains arising during the period $ (5,623 ) 2,763 (2,860 ) 2,689 (950 ) $ 1,739 Accretion of unrealized loss on securities reclassified as held-to-maturity 80 (83 ) (3 ) — — — Reclassification adjustment for gains included in net income — — — — — — (5,543 ) 2,680 (2,863 ) 2,689 (950 ) 1,739 Unrealized gain (loss) on swap contract 297 (133 ) 164 (57 ) 20 (37 ) 297 (133 ) 164 (57 ) 20 (37 ) Employee benefit plans: Amortization of prior service cost included in net income — — — — — — Reclassification adjustment of actuarial net (loss) gain included in net income — — — — (2 ) (2 ) Change in funded status of retirement obligations — 2,323 2,323 — 72 72 — 2,323 2,323 — 70 70 Total other comprehensive (loss) income $ (5,246 ) 4,870 (376 ) 2,632 (860 ) $ 1,772 For the Six Months Ended June 30, 2018 June 30, 2017 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax (In thousands) Components of Other Comprehensive (Loss) Income: Unrealized gains and losses on securities available-for-sale: Net (losses) gains arising during the period $ (17,261 ) 4,433 (12,828 ) 3,340 (1,206 ) $ 2,134 Accretion of unrealized loss on securities reclassified as held-to-maturity (16 ) 14 (2 ) — — — Reclassification adjustment for gains included in net income 116 (29 ) 87 — — — (17,161 ) 4,418 (12,743 ) 3,340 (1,206 ) 2,134 Unrealized gain (loss) on swap contract 678 (172 ) 506 (48 ) 17 (31 ) 678 (172 ) 506 (48 ) 17 (31 ) Employee benefit plans: Amortization of prior service cost included in net income 148 (30 ) 118 — — — Reclassification adjustment of actuarial net loss included in net income 673 (146 ) 527 — (5 ) (5 ) Change in funded status of retirement obligations (819 ) 2,085 1,266 — (74 ) (74 ) 2 1,909 1,911 — (79 ) (79 ) Total other comprehensive (loss) income $ (16,481 ) 6,155 (10,326 ) 3,292 (1,268 ) $ 2,024 |
Components of Other Comprehensive Income (Loss) | The following tables present the changes in the components of accumulated other comprehensive (loss) income, net of tax, for the three and six months ended June 30, 2018 and 2017: For the Three Months Ended June 30, 2018 June 30, 2017 Unrealized (Losses) Gains on Securities Available-for- Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive Loss Unrealized (Losses) Gains on Securities Available-for- Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive Loss (In Thousands) (In Thousands) Balance at beginning of year $ (17,223 ) 566 (58,703 ) (75,360 ) (8,885 ) 6 (57,031 ) $ (65,910 ) Current period changes in other comprehensive (loss) income (2,863 ) 164 2,323 (376 ) 1,739 (37 ) 70 1,772 Total other comprehensive (loss) income $ (20,086 ) 730 (56,380 ) (75,736 ) (7,146 ) (31 ) (56,961 ) $ (64,138 ) For the Six Months Ended June 30, 2018 June 30, 2017 Unrealized (Losses) Gains on Securities Available-for- Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive Loss Unrealized (Losses) Gains on Securities Available-for- Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive Loss (In Thousands) (In Thousands) Balance at beginning of year $ (7,279 ) 224 (58,355 ) (65,410 ) (9,279 ) — (56,883 ) $ (66,162 ) Current period changes in other comprehensive (loss) income (12,743 ) 506 1,911 (10,326 ) 2,134 (31 ) (79 ) 2,024 Total other comprehensive (loss) income $ (20,022 ) 730 (56,444 ) (75,736 ) (7,145 ) (31 ) (56,962 ) $ (64,138 ) |
Reclassification out of AOCI | The following table reflects amounts reclassified from accumulated other comprehensive (loss) income to the consolidated statements of income and the affected line item in the statement where net income is presented for the three and six months ended June 30, 2018 and 2017: For the Three Months Ended 6/30/2018 6/30/2017 (In Thousands) Accumulated other Comprehensive (Loss) Income Components Affected line items in the Consolidated Statements of Income Reclassification adjustment for gains included in net income $ — $ — Gains on securities transactions, net Reclassification adjustment of actuarial net gain included in net income — — Compensation and employee benefits expense Total before tax — — Income tax benefit — (2 ) Net of tax $ — $ (2 ) For the Six Months Ended 6/30/2018 6/30/2017 (In Thousands) Accumulated other Comprehensive (Loss) Income Components Affected line items in the Consolidated Statements of Income Reclassification adjustment for gains included in net income $ 116 $ — Gains on securities transactions, net Reclassification adjustment of actuarial net gain included in net income 673 — Compensation and employee benefits expense Total before tax 789 — Income tax benefit (175 ) (5 ) Net of tax $ 614 $ (5 ) |
Derivatives and Hedging Activ27
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative financial instruments on the Consolidated Balance Sheets | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets at June 30, 2018 and December 31, 2017 : June 30, 2018 Asset Derivative Liability Derivative Consolidated Balance Sheet Fair value Consolidated Balance Sheet Fair Value (In thousands) (In thousands) Derivatives: Interest rate swap - cash flow hedge Other Assets $ 965 Other Liabilities $ — Total derivative instruments $ 965 December 31, 2017 Asset Derivative Liability Derivative Consolidated Balance Sheet Fair value Consolidated Balance Sheet Fair Value (In thousands) (In thousands) Derivatives: Interest rate swap - cash flow hedge Other Assets 287 Other Liabilities $ — Currency forward contract - non-designated hedge Other Assets 203 Other Liabilities 203 Total derivative instruments $ 490 $ 203 |
Basis of Financial Statement 28
Basis of Financial Statement Presentation Basis of Financial Statement Presentation (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Ownership percentage | 100.00% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income | $ (14,742) | $ 9,272 | $ (2,958) | $ 19,567 |
Basic earnings per share: | ||||
Income available to common stockholders | $ (14,742) | 9,272 | $ (2,958) | 19,567 |
Weighted average shares outstanding - basic (in shares) | 111,346,897 | 111,346,897 | ||
Basic earning per share (in usd per share) | $ (0.13) | $ (0.03) | ||
Diluted earnings per share: | ||||
Income available to common stockholders | $ (14,742) | $ 9,272 | $ (2,958) | $ 19,567 |
Weighted average shares outstanding - diluted (in shares) | 111,346,897 | 111,346,897 | ||
Diluted earnings per share (in usd per share) | $ (0.13) | $ (0.03) |
Recent Accounting Pronounceme30
Recent Accounting Pronouncements - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Common stock | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification from AOCI to retaIned earnings due to TCJA | $ 11.7 |
Accumulated other comprehensive loss, net of tax | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification from AOCI to retaIned earnings due to TCJA | $ (11.7) |
Investment Securities - Securit
Investment Securities - Securities Available-for-Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 958,253 | $ 719,607 |
Gross unrealized gains | 1,305 | 1,795 |
Gross unrealized (losses) | (27,488) | (10,832) |
Securities available-for-sale, at fair value | 932,070 | 710,570 |
U.S. government and agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 54,805 | 39,909 |
Gross unrealized gains | 0 | 17 |
Gross unrealized (losses) | (1,243) | (282) |
Securities available-for-sale, at fair value | 53,562 | 39,644 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 840,040 | 615,924 |
Gross unrealized gains | 344 | 383 |
Gross unrealized (losses) | (24,852) | (9,695) |
Securities available-for-sale, at fair value | 815,532 | 606,612 |
Municipal obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 1,586 | 1,957 |
Gross unrealized gains | 0 | 0 |
Gross unrealized (losses) | 0 | 0 |
Securities available-for-sale, at fair value | 1,586 | 1,957 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 54,491 | 54,489 |
Gross unrealized gains | 99 | 536 |
Gross unrealized (losses) | (1,023) | (511) |
Securities available-for-sale, at fair value | 53,567 | 54,514 |
Trust preferred securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 5,000 | 5,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized (losses) | (370) | (344) |
Securities available-for-sale, at fair value | 4,630 | 4,656 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 2,331 | 2,328 |
Gross unrealized gains | 862 | 859 |
Gross unrealized (losses) | 0 | 0 |
Securities available-for-sale, at fair value | $ 3,193 | $ 3,187 |
Investment Securities - Expecte
Investment Securities - Expected Maturities of Available-for-Sale Securities (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Amortized cost | |
Amortized cost | $ 955,922 |
Fair value | |
Fair value | 928,877 |
Debt Securities excluding Mortgage-based securities and CMOs | |
Amortized cost | |
One year or less | 1,396 |
More than one year to five years | 45,125 |
More than five years to ten years | 64,361 |
More than ten years | 5,000 |
Amortized cost | 115,882 |
Fair value | |
One year or less | 1,396 |
More than one year to five years | 44,184 |
More than five years to ten years | 63,388 |
More than ten years | 4,377 |
Fair value | 113,345 |
Mortgage-backed securities and collateralized mortgage obligations | |
Amortized cost | |
Amortized cost | 840,040 |
Fair value | |
Fair value | $ 815,532 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized cost of available-for-sale securities | $ 958,253,000 | $ 958,253,000 | $ 719,607,000 | ||
Securities | 932,070,000 | 932,070,000 | 710,570,000 | ||
Proceeds from sales/calls of securities available-for-sale | 9,966,000 | $ 0 | |||
Gross gains on sale of available-for-sale derivatives | 116,000 | ||||
Fair value of securities sold under agreements to repurchase | 138,400,000 | 138,400,000 | 204,300,000 | ||
Other-than-temporary impairment charge on available-for-sale securities | 0 | 0 | |||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized cost | 254,801,000 | 254,801,000 | 239,618,000 | ||
Securities held-to-maturity, fair value | 244,239,000 | 244,239,000 | 236,125,000 | ||
Proceeds from sale of held-to-maturity securities | 0 | $ 0 | 0 | 0 | |
Other-than-temporary impairment charge on held-to-maturity securities | 0 | $ 0 | |||
Mortgage-backed securities and collateralized mortgage obligations | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized cost of available-for-sale securities | 840,040,000 | 840,040,000 | 615,924,000 | ||
Securities | 815,532,000 | 815,532,000 | 606,612,000 | ||
Fair value of securities sold under agreements to repurchase | 108,300,000 | 108,300,000 | 78,200,000 | ||
Mortgage-backed securities and collateralized mortgage obligations | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized cost | 241,398,000 | 241,398,000 | 231,216,000 | ||
Securities held-to-maturity, fair value | $ 231,182,000 | $ 231,182,000 | $ 227,781,000 |
Investment Securities - Continu
Investment Securities - Continuous Unrealized Loss Position of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Securities available for sale: | ||
Less than 12 months, Fair Value | $ 648,692 | $ 548,803 |
Less than 12 months, Gross unrealized (losses) | (16,184) | (8,454) |
12 months or longer, Fair value | 188,936 | 58,068 |
12 months or longer, Gross unrealized (losses) | (11,304) | (2,378) |
Total, Fair value | 837,628 | 606,871 |
Total, Gross unrealized (losses) | (27,488) | (10,832) |
U.S. government and agency obligations | ||
Securities available for sale: | ||
Less than 12 months, Fair Value | 48,812 | 29,654 |
Less than 12 months, Gross unrealized (losses) | (1,012) | (282) |
12 months or longer, Fair value | 4,750 | 0 |
12 months or longer, Gross unrealized (losses) | (231) | 0 |
Total, Fair value | 53,562 | 29,654 |
Total, Gross unrealized (losses) | (1,243) | (282) |
Mortgage-backed securities and collateralized mortgage obligations | ||
Securities available for sale: | ||
Less than 12 months, Fair Value | 580,116 | 514,283 |
Less than 12 months, Gross unrealized (losses) | (14,943) | (8,037) |
12 months or longer, Fair value | 170,350 | 48,788 |
12 months or longer, Gross unrealized (losses) | (9,909) | (1,658) |
Total, Fair value | 750,466 | 563,071 |
Total, Gross unrealized (losses) | (24,852) | (9,695) |
Corporate debt securities | ||
Securities available for sale: | ||
Less than 12 months, Fair Value | 19,764 | 4,866 |
Less than 12 months, Gross unrealized (losses) | (229) | (135) |
12 months or longer, Fair value | 9,206 | 4,624 |
12 months or longer, Gross unrealized (losses) | (794) | (376) |
Total, Fair value | 28,970 | 9,490 |
Total, Gross unrealized (losses) | (1,023) | (511) |
Trust preferred securities | ||
Securities available for sale: | ||
Less than 12 months, Fair Value | 0 | 0 |
Less than 12 months, Gross unrealized (losses) | 0 | 0 |
12 months or longer, Fair value | 4,630 | 4,656 |
12 months or longer, Gross unrealized (losses) | (370) | (344) |
Total, Fair value | 4,630 | 4,656 |
Total, Gross unrealized (losses) | $ (370) | $ (344) |
Investment Securities - Secur35
Investment Securities - Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 254,801 | $ 239,618 |
Gross unrealized gains | 419 | 0 |
Gross unrealized (losses) | (10,981) | (3,493) |
Fair value | 244,239 | 236,125 |
U.S. government and agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 13,403 | 8,402 |
Gross unrealized gains | 0 | 0 |
Gross unrealized (losses) | (346) | (58) |
Fair value | 13,057 | 8,344 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 241,398 | 231,216 |
Gross unrealized gains | 419 | 0 |
Gross unrealized (losses) | (10,635) | (3,435) |
Fair value | $ 231,182 | $ 227,781 |
Investment Securities - Expec36
Investment Securities - Expected Maturities of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Amortized cost | ||
Amortized cost | $ 254,801 | $ 239,618 |
Fair value | ||
Fair value | 244,239 | 236,125 |
U.S. government and agency obligations | ||
Amortized cost | ||
More than five years to ten years | 13,403 | |
Amortized cost | 13,403 | 8,402 |
Fair value | ||
More than five years to ten years | 13,057 | |
Fair value | 13,057 | 8,344 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Amortized cost | ||
Amortized cost | 241,398 | 231,216 |
Fair value | ||
Fair value | $ 231,182 | $ 227,781 |
Investment Securities - Conti37
Investment Securities - Continuous Unrealized Loss Position of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment securities held-to-maturity: | ||
Less than 12 months, Fair Value | $ 166,071 | $ 204,393 |
Less than 12 months, Gross unrealized (losses) | (5,861) | (2,978) |
12 months or longer, Fair value | 67,295 | 30,046 |
12 months or longer, Gross unrealized (losses) | (5,120) | (515) |
Total, Fair value | 233,366 | 234,439 |
Total, Gross unrealized (losses) | (10,981) | (3,493) |
U.S. government and agency obligations | ||
Investment securities held-to-maturity: | ||
Less than 12 months, Fair Value | 13,057 | 8,344 |
Less than 12 months, Gross unrealized (losses) | (346) | (58) |
12 months or longer, Fair value | 0 | 0 |
12 months or longer, Gross unrealized (losses) | 0 | 0 |
Total, Fair value | 13,057 | 8,344 |
Total, Gross unrealized (losses) | (346) | (58) |
Mortgage-backed securities and collateralized mortgage obligations | ||
Investment securities held-to-maturity: | ||
Less than 12 months, Fair Value | 153,014 | 196,049 |
Less than 12 months, Gross unrealized (losses) | (5,515) | (2,920) |
12 months or longer, Fair value | 67,295 | 30,046 |
12 months or longer, Gross unrealized (losses) | (5,120) | (515) |
Total, Fair value | 220,309 | 226,095 |
Total, Gross unrealized (losses) | $ (10,635) | $ (3,435) |
Loans Receivable and Allowanc38
Loans Receivable and Allowance for Loan Losses - Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 4,697,268 | $ 4,448,109 | ||||
Net deferred loan costs | 14,310 | 10,539 | ||||
Allowance for loan losses | (62,524) | $ (59,952) | (58,178) | $ (52,066) | $ (51,908) | $ (51,849) |
Loans receivable, net | 4,649,054 | 4,400,470 | ||||
Real estate loans | One-to-four family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 1,763,158 | 1,616,259 | ||||
Allowance for loan losses | (18,549) | (18,828) | (19,991) | (18,762) | (18,818) | (18,599) |
Real estate loans | Multifamily and commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 1,971,803 | 1,871,210 | ||||
Allowance for loan losses | (22,802) | (19,097) | (19,933) | (18,085) | (17,638) | (17,616) |
Real estate loans | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 254,850 | 233,652 | ||||
Allowance for loan losses | (6,728) | (6,574) | (5,217) | (4,598) | (4,253) | (4,598) |
Commercial business loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 292,113 | 277,970 | ||||
Allowance for loan losses | (10,920) | (10,800) | (8,275) | (6,563) | (7,014) | (6,358) |
Consumer loans | Home equity loans and advances | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 414,388 | 448,020 | ||||
Allowance for loan losses | (2,870) | (3,924) | (4,577) | (3,965) | (4,129) | (4,231) |
Consumer loans | Other consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 956 | 998 | ||||
Allowance for loan losses | $ (7) | $ (7) | $ (8) | $ (8) | $ (10) | $ (11) |
Loans Receivable and Allowanc39
Loans Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total past due | $ 13,187 | $ 13,187 | $ 17,618 | ||
Proceeds from sales of loans receivable | 3,700 | $ 31,200 | 3,695 | $ 31,237 | |
Purchases of loans receivable | 4,715 | 7,358 | |||
Specific allowance for loan losses attributable to impaired loans | 842 | 842 | 546 | ||
Impaired loans for which there are no related allowance for loan losses | 13,669 | 13,669 | 14,611 | ||
Real estate loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value of servicing liability | 456,600 | 456,600 | 478,800 | ||
Real estate loans | Multifamily and commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total past due | 282 | 282 | 1,847 | ||
Purchases of loans receivable | 2,100 | 2,100 | |||
Specific allowance for loan losses attributable to impaired loans | 0 | 0 | 28 | ||
Impaired loans for which there are no related allowance for loan losses | 2,856 | 2,856 | 2,058 | ||
Real estate loans | Residential | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total past due | 9,625 | 9,625 | 11,669 | ||
Purchases of loans receivable | 2,600 | $ 7,400 | 2,600 | $ 7,400 | |
Specific allowance for loan losses attributable to impaired loans | 476 | 476 | 423 | ||
Impaired loans for which there are no related allowance for loan losses | 7,707 | 7,707 | 8,870 | ||
Greater than 90 days | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total past due | 3,761 | 3,761 | 6,525 | ||
Greater than 90 days | Real estate loans | Multifamily and commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total past due | 118 | 118 | 1,329 | ||
Greater than 90 days | Real estate loans | Residential | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total past due | $ 2,218 | $ 2,218 | $ 3,360 |
Loans Receivable and Allowanc40
Loans Receivable and Allowance for Loan Losses - Aging of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 13,187 | $ 17,618 |
Current | 4,684,081 | 4,430,491 |
Total | 4,697,268 | 4,448,109 |
30-59 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 6,456 | 8,728 |
60-89 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,970 | 2,365 |
Greater than 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3,761 | 6,525 |
Real estate loans | One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 9,625 | 11,669 |
Current | 1,753,533 | 1,604,590 |
Total | 1,763,158 | 1,616,259 |
Real estate loans | One-to-four family | 30-59 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 5,484 | 7,080 |
Real estate loans | One-to-four family | 60-89 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,923 | 1,229 |
Real estate loans | One-to-four family | Greater than 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,218 | 3,360 |
Real estate loans | Multifamily and commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 282 | 1,847 |
Current | 1,971,521 | 1,869,363 |
Total | 1,971,803 | 1,871,210 |
Real estate loans | Multifamily and commercial | 30-59 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 164 | 138 |
Real estate loans | Multifamily and commercial | 60-89 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 380 |
Real estate loans | Multifamily and commercial | Greater than 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 118 | 1,329 |
Real estate loans | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Current | 254,850 | 233,652 |
Total | 254,850 | 233,652 |
Real estate loans | Construction | 30-59 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Real estate loans | Construction | 60-89 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Real estate loans | Construction | Greater than 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Commercial business loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 538 | 2,082 |
Current | 291,575 | 275,888 |
Total | 292,113 | 277,970 |
Commercial business loans | 30-59 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 89 |
Commercial business loans | 60-89 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 154 | 730 |
Commercial business loans | Greater than 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 384 | 1,263 |
Consumer loans | Home equity loans and advances | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,741 | 2,020 |
Current | 411,647 | 446,000 |
Total | 414,388 | 448,020 |
Consumer loans | Home equity loans and advances | 30-59 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 808 | 1,421 |
Consumer loans | Home equity loans and advances | 60-89 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 892 | 26 |
Consumer loans | Home equity loans and advances | Greater than 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,041 | 573 |
Consumer loans | Other consumer loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1 | 0 |
Current | 955 | 998 |
Total | 956 | 998 |
Consumer loans | Other consumer loans | 30-59 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Consumer loans | Other consumer loans | 60-89 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1 | 0 |
Consumer loans | Other consumer loans | Greater than 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 0 | $ 0 |
Loans Receivable and Allowanc41
Loans Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Allowance for loan losses: | ||||||
Allowance for loan losses, Individually evaluated for impairment | $ 842 | $ 546 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 61,682 | 57,632 | ||||
Total | 62,524 | $ 59,952 | 58,178 | $ 52,066 | $ 51,908 | $ 51,849 |
Total loans: | ||||||
Total loans, Individually evaluated for impairment | 19,848 | 22,191 | ||||
Total loans, Collectively evaluated for impairment | 4,677,420 | 4,425,918 | ||||
Total | 4,697,268 | 4,448,109 | ||||
Real estate loans | One-to-four family | ||||||
Allowance for loan losses: | ||||||
Allowance for loan losses, Individually evaluated for impairment | 476 | 423 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 18,073 | 19,568 | ||||
Total | 18,549 | 18,828 | 19,991 | 18,762 | 18,818 | 18,599 |
Total loans: | ||||||
Total loans, Individually evaluated for impairment | 10,605 | 11,644 | ||||
Total loans, Collectively evaluated for impairment | 1,752,553 | 1,604,615 | ||||
Total | 1,763,158 | 1,616,259 | ||||
Real estate loans | Multifamily and commercial | ||||||
Allowance for loan losses: | ||||||
Allowance for loan losses, Individually evaluated for impairment | 0 | 28 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 22,802 | 19,905 | ||||
Total | 22,802 | 19,097 | 19,933 | 18,085 | 17,638 | 17,616 |
Total loans: | ||||||
Total loans, Individually evaluated for impairment | 2,856 | 3,693 | ||||
Total loans, Collectively evaluated for impairment | 1,968,947 | 1,867,517 | ||||
Total | 1,971,803 | 1,871,210 | ||||
Real estate loans | Construction | ||||||
Allowance for loan losses: | ||||||
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 6,728 | 5,217 | ||||
Total | 6,728 | 6,574 | 5,217 | 4,598 | 4,253 | 4,598 |
Total loans: | ||||||
Total loans, Individually evaluated for impairment | 0 | 0 | ||||
Total loans, Collectively evaluated for impairment | 254,850 | 233,652 | ||||
Total | 254,850 | 233,652 | ||||
Commercial business loans | ||||||
Allowance for loan losses: | ||||||
Allowance for loan losses, Individually evaluated for impairment | 355 | 80 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 10,565 | 8,195 | ||||
Total | 10,920 | 10,800 | 8,275 | 6,563 | 7,014 | 6,358 |
Total loans: | ||||||
Total loans, Individually evaluated for impairment | 2,951 | 4,263 | ||||
Total loans, Collectively evaluated for impairment | 289,162 | 273,707 | ||||
Total | 292,113 | 277,970 | ||||
Consumer loans | Home equity loans and advances | ||||||
Allowance for loan losses: | ||||||
Allowance for loan losses, Individually evaluated for impairment | 11 | 15 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 2,859 | 4,562 | ||||
Total | 2,870 | 3,924 | 4,577 | 3,965 | 4,129 | 4,231 |
Total loans: | ||||||
Total loans, Individually evaluated for impairment | 3,436 | 2,591 | ||||
Total loans, Collectively evaluated for impairment | 410,952 | 445,429 | ||||
Total | 414,388 | 448,020 | ||||
Consumer loans | Other consumer loans | ||||||
Allowance for loan losses: | ||||||
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 7 | 8 | ||||
Total | 7 | 7 | 8 | 8 | 10 | 11 |
Total loans: | ||||||
Total loans, Individually evaluated for impairment | 0 | 0 | ||||
Total loans, Collectively evaluated for impairment | 956 | 998 | ||||
Total | 956 | 998 | ||||
Unallocated | ||||||
Allowance for loan losses: | ||||||
Allowance for loan losses, Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, Collectively evaluated for impairment | 648 | 177 | ||||
Total | 648 | $ 722 | 177 | $ 85 | $ 46 | $ 436 |
Total loans: | ||||||
Total loans, Individually evaluated for impairment | 0 | 0 | ||||
Total loans, Collectively evaluated for impairment | 0 | 0 | ||||
Total | $ 0 | $ 0 |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 3,000 | 3,000 | 5,000 | 4,000 |
Pre-modification recorded investment | $ 378 | $ 500 | $ 1,050 | $ 582 |
Post-modification recorded investment | $ 380 | $ 500 | $ 1,050 | $ 582 |
Real estate loans | One-to-four family | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 3,000 | 2,000 | 4,000 | 3,000 |
Pre-modification recorded investment | $ 378 | $ 461 | $ 462 | $ 543 |
Post-modification recorded investment | $ 380 | $ 461 | $ 462 | $ 543 |
Real estate loans | Home equity loans and advances | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 1,000 | 1,000 | ||
Pre-modification recorded investment | $ 588 | $ 39 | ||
Post-modification recorded investment | $ 588 | $ 39 | ||
Consumer loans | Home equity loans and advances | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 1,000 | ||
Pre-modification recorded investment | $ 0 | $ 39 | ||
Post-modification recorded investment | $ 0 | $ 39 |
Loans Receivable and Allowanc43
Loans Receivable and Allowance for Loan Losses - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Allowance for loan losses: | ||||
Beginning balance | $ 59,952 | $ 51,908 | $ 58,178 | $ 51,849 |
Provision for loan losses | 2,400 | 375 | 4,400 | 751 |
Recoveries | 189 | 172 | 369 | 277 |
Charge-offs | (17) | (389) | (423) | (811) |
Ending balance | 62,524 | 52,066 | 62,524 | 52,066 |
Real estate loans | One-to-four family | ||||
Allowance for loan losses: | ||||
Beginning balance | 18,828 | 18,818 | 19,991 | 18,599 |
Provision for loan losses | (324) | 48 | (1,552) | 428 |
Recoveries | 51 | 93 | 171 | 115 |
Charge-offs | (6) | (197) | (61) | (380) |
Ending balance | 18,549 | 18,762 | 18,549 | 18,762 |
Real estate loans | Multifamily and commercial | ||||
Allowance for loan losses: | ||||
Beginning balance | 19,097 | 17,638 | 19,933 | 17,616 |
Provision for loan losses | 3,705 | 485 | 2,998 | 674 |
Recoveries | 0 | 0 | 0 | 0 |
Charge-offs | 0 | (38) | (129) | (205) |
Ending balance | 22,802 | 18,085 | 22,802 | 18,085 |
Real estate loans | Construction | ||||
Allowance for loan losses: | ||||
Beginning balance | 6,574 | 4,253 | 5,217 | 4,598 |
Provision for loan losses | 154 | 345 | 1,508 | 0 |
Recoveries | 0 | 0 | 3 | 0 |
Charge-offs | 0 | 0 | 0 | 0 |
Ending balance | 6,728 | 4,598 | 6,728 | 4,598 |
Commercial business loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 10,800 | 7,014 | 8,275 | 6,358 |
Provision for loan losses | 87 | (376) | 2,783 | 204 |
Recoveries | 36 | 73 | 87 | 149 |
Charge-offs | (3) | (148) | (225) | (148) |
Ending balance | 10,920 | 6,563 | 10,920 | 6,563 |
Consumer loans | Home equity loans and advances | ||||
Allowance for loan losses: | ||||
Beginning balance | 3,924 | 4,129 | 4,577 | 4,231 |
Provision for loan losses | (1,153) | (170) | (1,810) | (209) |
Recoveries | 99 | 6 | 103 | 13 |
Charge-offs | 0 | 0 | 0 | (70) |
Ending balance | 2,870 | 3,965 | 2,870 | 3,965 |
Consumer loans | Other consumer loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 7 | 10 | 8 | 11 |
Provision for loan losses | 5 | 4 | 2 | 5 |
Recoveries | 3 | 0 | 5 | 0 |
Charge-offs | (8) | (6) | (8) | (8) |
Ending balance | 7 | 8 | 7 | 8 |
Unallocated | ||||
Allowance for loan losses: | ||||
Beginning balance | 722 | 46 | 177 | 436 |
Provision for loan losses | (74) | 39 | 471 | (351) |
Recoveries | 0 | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | 0 |
Ending balance | $ 648 | $ 85 | $ 648 | $ 85 |
Loans Receivable and Allowanc44
Loans Receivable and Allowance for Loan Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | $ 13,669 | $ 14,611 |
With no allowance recorded: Unpaid principal balance | 16,561 | 17,253 |
With a specific allowance recorded: Recorded investment | 6,179 | 7,580 |
With a specific allowance recorded: Unpaid principal balance | 6,018 | 8,167 |
Recorded investment | 19,848 | 22,191 |
Unpaid principal balance | 22,579 | 25,420 |
Specific allowance | 842 | 546 |
Real estate loans | One-to-four family | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 7,707 | 8,870 |
With no allowance recorded: Unpaid principal balance | 8,890 | 9,704 |
With a specific allowance recorded: Recorded investment | 2,898 | 2,774 |
With a specific allowance recorded: Unpaid principal balance | 2,945 | 2,788 |
Recorded investment | 10,605 | 11,644 |
Unpaid principal balance | 11,835 | 12,492 |
Specific allowance | 476 | 423 |
Real estate loans | Multifamily and commercial | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 2,856 | 2,058 |
With no allowance recorded: Unpaid principal balance | 4,204 | 2,933 |
With a specific allowance recorded: Recorded investment | 1,635 | |
With a specific allowance recorded: Unpaid principal balance | 2,208 | |
Recorded investment | 2,856 | 3,693 |
Unpaid principal balance | 4,204 | 5,141 |
Specific allowance | 0 | 28 |
Commercial business loans | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 16 | 1,522 |
With no allowance recorded: Unpaid principal balance | 22 | 2,015 |
With a specific allowance recorded: Recorded investment | 2,935 | 2,741 |
With a specific allowance recorded: Unpaid principal balance | 2,727 | 2,741 |
Recorded investment | 2,951 | 4,263 |
Unpaid principal balance | 2,749 | 4,756 |
Specific allowance | 355 | 80 |
Consumer loans | Home equity loans and advances | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 3,090 | 2,161 |
With no allowance recorded: Unpaid principal balance | 3,445 | 2,601 |
With a specific allowance recorded: Recorded investment | 346 | 430 |
With a specific allowance recorded: Unpaid principal balance | 346 | 430 |
Recorded investment | 3,436 | 2,591 |
Unpaid principal balance | 3,791 | 3,031 |
Specific allowance | $ 11 | $ 15 |
Loans Receivable and Allowanc45
Loans Receivable and Allowance for Loan Losses - Interest Income on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Impaired [Line Items] | ||||
Average recorded Investment | $ 19,873 | $ 25,955 | $ 20,646 | $ 29,279 |
Interest Income Recognized | 197 | 298 | 194 | 258 |
Real estate loans | One-to-four family | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded Investment | 10,715 | 15,202 | 11,025 | 16,175 |
Interest Income Recognized | 103 | 169 | 103 | 156 |
Real estate loans | Multifamily and commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded Investment | 2,718 | 3,295 | 3,043 | 5,311 |
Interest Income Recognized | 30 | 41 | 28 | 27 |
Real estate loans | Construction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded Investment | 0 | 168 | ||
Interest Income Recognized | 0 | 0 | ||
Commercial business loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded Investment | 3,180 | 3,237 | 3,541 | 3,662 |
Interest Income Recognized | 25 | 28 | 25 | 27 |
Consumer loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded Investment | ||||
Interest Income Recognized | ||||
Consumer loans | Home equity loans and advances | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded Investment | 3,260 | 4,221 | 3,037 | 3,963 |
Interest Income Recognized | $ 39 | $ 60 | $ 38 | $ 48 |
Loans Receivable and Allowanc46
Loans Receivable and Allowance for Loan Losses - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 4,697,268 | $ 4,448,109 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,662,437 | 4,407,813 |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,874 | 8,460 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 28,957 | 31,836 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real estate loans | One-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,763,158 | 1,616,259 |
Real estate loans | One-to-four family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,754,543 | 1,606,672 |
Real estate loans | One-to-four family | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real estate loans | One-to-four family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,615 | 9,587 |
Real estate loans | One-to-four family | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real estate loans | Multifamily and commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,971,803 | 1,871,210 |
Real estate loans | Multifamily and commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,955,847 | 1,851,772 |
Real estate loans | Multifamily and commercial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,402 | 4,782 |
Real estate loans | Multifamily and commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 13,554 | 14,656 |
Real estate loans | Multifamily and commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real estate loans | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 254,850 | 233,652 |
Real estate loans | Construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 254,850 | 233,652 |
Real estate loans | Construction | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real estate loans | Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real estate loans | Construction | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 292,113 | 277,970 |
Commercial business loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 283,807 | 268,355 |
Commercial business loans | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,472 | 3,678 |
Commercial business loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,834 | 5,937 |
Commercial business loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Home equity loans and advances | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 414,388 | 448,020 |
Consumer loans | Home equity loans and advances | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 412,434 | 446,364 |
Consumer loans | Home equity loans and advances | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Home equity loans and advances | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,954 | 1,656 |
Consumer loans | Home equity loans and advances | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Other consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 956 | 998 |
Consumer loans | Other consumer loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 956 | 998 |
Consumer loans | Other consumer loans | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Other consumer loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Other consumer loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 0 | $ 0 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Non-interest bearing transaction | $ 710,853 | $ 681,869 |
Interest bearing transaction | 1,296,928 | 1,370,403 |
Money market deposit accounts | 277,475 | 262,396 |
Savings, including club deposits | 537,052 | 544,765 |
Certificates of deposit | 1,472,524 | 1,403,882 |
Total deposits | $ 4,294,832 | $ 4,263,315 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Aggregate amount of certificates of deposit exceeding threshold amount | $ 698 | $ 641.1 |
Deposits - Schedule of Deposit
Deposits - Schedule of Deposit Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Less than one year | $ 743,577 | $ 669,610 |
More than one years to two years | 488,016 | 474,475 |
More than two years to three years | 184,860 | 169,069 |
More than three years to four years | 40,999 | 68,184 |
More than four years | 15,072 | 22,544 |
Total term certificate accounts | $ 1,472,524 | $ 1,403,882 |
Components of Periodic Benefi50
Components of Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Pension | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 1,780 | $ 1,547 | $ 3,560 | $ 3,094 |
Interest cost | 2,129 | 2,024 | 4,258 | 4,048 |
Expected return on plan assets | (4,815) | (5,677) | (9,630) | (11,354) |
Amortization of Prior service cost | 0 | 0 | 0 | 0 |
Amortization of Net loss | 707 | 2,123 | 1,414 | 4,246 |
Net periodic cost (income) | (199) | 17 | (398) | 34 |
RIM | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 61 | 35 | 122 | 70 |
Interest cost | 111 | 96 | 222 | 192 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of Prior service cost | 0 | 0 | 0 | 0 |
Amortization of Net loss | 103 | 71 | 206 | 142 |
Net periodic cost (income) | 275 | 202 | 550 | 404 |
Post-retirement | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 93 | 112 | 186 | 224 |
Interest cost | 205 | 214 | 410 | 428 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of Prior service cost | (34) | (34) | (68) | (68) |
Amortization of Net loss | 69 | 85 | 138 | 170 |
Net periodic cost (income) | $ 333 | $ 377 | $ 666 | $ 754 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Estimated costs to sell foreclosed assets | 6.00% |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Adjustments for estimated costs to sell collateral dependent impaired loans | 6.00% |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Adjustments for estimated costs to sell collateral dependent impaired loans | 8.00% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | $ 932,070 | $ 710,570 |
U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 53,562 | 39,644 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 815,532 | 606,612 |
Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 1,586 | 1,957 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 53,567 | 54,514 |
Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 4,630 | 4,656 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 3,193 | 3,187 |
Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 42,831 | |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | |
Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 667,739 | |
Derivative assets | 965 | 490 |
Derivative liabilities | 203 | |
Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | |
Measured on recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 932,070 | 710,570 |
Derivative assets | 965 | 490 |
Assets | 933,035 | 711,060 |
Derivative liabilities | 203 | |
Measured on recurring basis | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 53,562 | 39,644 |
Measured on recurring basis | Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 815,532 | 606,612 |
Measured on recurring basis | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 1,586 | 1,957 |
Measured on recurring basis | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 53,567 | 54,514 |
Measured on recurring basis | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 4,630 | 4,656 |
Measured on recurring basis | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 3,193 | 3,187 |
Measured on recurring basis | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 56,755 | 42,831 |
Derivative assets | 0 | 0 |
Assets | 56,755 | 42,831 |
Derivative liabilities | 0 | |
Measured on recurring basis | Quoted prices in active markets for identical assets (Level 1) | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 53,562 | 39,644 |
Measured on recurring basis | Quoted prices in active markets for identical assets (Level 1) | Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Measured on recurring basis | Quoted prices in active markets for identical assets (Level 1) | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Measured on recurring basis | Quoted prices in active markets for identical assets (Level 1) | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Measured on recurring basis | Quoted prices in active markets for identical assets (Level 1) | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Measured on recurring basis | Quoted prices in active markets for identical assets (Level 1) | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 3,193 | 3,187 |
Measured on recurring basis | Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 875,315 | 667,739 |
Derivative assets | 965 | 490 |
Assets | 876,280 | 668,229 |
Derivative liabilities | 203 | |
Measured on recurring basis | Significant other observable inputs (Level 2) | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Measured on recurring basis | Significant other observable inputs (Level 2) | Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 815,532 | 606,612 |
Measured on recurring basis | Significant other observable inputs (Level 2) | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 1,586 | 1,957 |
Measured on recurring basis | Significant other observable inputs (Level 2) | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 53,567 | 54,514 |
Measured on recurring basis | Significant other observable inputs (Level 2) | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 4,630 | 4,656 |
Measured on recurring basis | Significant other observable inputs (Level 2) | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Measured on recurring basis | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Derivative assets | 0 | 0 |
Assets | 0 | 0 |
Derivative liabilities | 0 | |
Measured on recurring basis | Significant unobservable inputs (Level 3) | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Measured on recurring basis | Significant unobservable inputs (Level 3) | Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Measured on recurring basis | Significant unobservable inputs (Level 3) | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Measured on recurring basis | Significant unobservable inputs (Level 3) | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Measured on recurring basis | Significant unobservable inputs (Level 3) | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Measured on recurring basis | Significant unobservable inputs (Level 3) | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements - Ass53
Fair Value Measurements - Assets and Liabilities Measured on Non-Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned | $ 660 | $ 959 |
Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans measured for impairment based on the fair value of the underlying collateral | 4,538,326 | 4,367,945 |
Measured on non-recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned | 660 | 959 |
Loans measured for impairment based on the fair value of the underlying collateral | 9,629 | 10,251 |
Assets | 10,289 | 11,210 |
Measured on non-recurring basis | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned | 0 | 0 |
Loans measured for impairment based on the fair value of the underlying collateral | 0 | |
Assets | 0 | 0 |
Measured on non-recurring basis | Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned | 0 | 0 |
Loans measured for impairment based on the fair value of the underlying collateral | 0 | |
Assets | 0 | 0 |
Measured on non-recurring basis | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned | 660 | 959 |
Loans measured for impairment based on the fair value of the underlying collateral | 9,629 | 10,251 |
Assets | $ 10,289 | $ 11,210 |
Fair Value Measurements - Quali
Fair Value Measurements - Qualitative Valuation (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Real estate owned | $ 660 | $ 959 |
Real estate owned | Appraised Value | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount for cost to sell | 6.00% | 6.00% |
Loans measured for impairment based on the fair value of the underlying collateral | Minimum | Appraised Value | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount for cost to sell | 6.00% | 6.00% |
Loans measured for impairment based on the fair value of the underlying collateral | Maximum | Appraised Value | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount for cost to sell | 8.00% | 8.00% |
Measured on non-recurring basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Real estate owned | $ 660 | $ 959 |
Loans measured for impairment based on the fair value of the underlying collateral | $ 9,629 | $ 10,251 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value on Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Securities available-for-sale, at fair value | $ 932,070 | $ 710,570 |
Securities held-to-maturity | 244,239 | 236,125 |
Quoted prices in active markets for identical assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 67,183 | 65,498 |
Securities available-for-sale, at fair value | 42,831 | |
Securities held-to-maturity | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans receivable, net | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Total deposits | 0 | 0 |
Borrowings | 0 | 0 |
Derivative liabilities | 0 | |
Significant other observable inputs (Level 2) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale, at fair value | 667,739 | |
Securities held-to-maturity | 236,125 | |
Federal Home Loan Bank stock | 45,009 | 44,664 |
Loans receivable, net | 0 | 0 |
Derivative assets | 965 | 490 |
Financial liabilities: | ||
Total deposits | 4,282,179 | 3,959,460 |
Borrowings | 923,606 | 925,032 |
Derivative liabilities | 203 | |
Significant unobservable inputs (Level 3) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale, at fair value | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans receivable, net | 4,538,326 | 4,367,945 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Total deposits | 0 | 0 |
Borrowings | 0 | 0 |
Derivative liabilities | 0 | |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 67,183 | 65,498 |
Securities available-for-sale, at fair value | 932,070 | 710,570 |
Securities held-to-maturity | 254,801 | 239,618 |
Federal Home Loan Bank stock | 45,009 | 44,664 |
Loans receivable, net | 4,649,054 | 4,400,470 |
Derivative assets | 965 | 490 |
Financial liabilities: | ||
Total deposits | 4,294,832 | 4,263,315 |
Borrowings | 930,618 | 929,057 |
Derivative liabilities | 203 | |
Total Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 67,183 | 65,498 |
Securities available-for-sale, at fair value | 932,070 | 710,570 |
Securities held-to-maturity | 244,239 | 236,125 |
Federal Home Loan Bank stock | 45,009 | 44,664 |
Loans receivable, net | 4,538,326 | 4,367,945 |
Derivative assets | 965 | 490 |
Financial liabilities: | ||
Total deposits | 4,282,179 | 3,959,460 |
Borrowings | $ 923,606 | 925,032 |
Derivative liabilities | $ 203 |
Other Comprehensive Income (L56
Other Comprehensive Income (Loss) - Tax effects of components in other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Components of Other Comprehensive Income (Loss), Before Tax | ||||
Net (losses) gains arising during the period | $ (5,623) | $ 2,689 | $ (17,261) | $ 3,340 |
Accretion of unrealized loss on securities reclassified as held-to-maturity | 80 | 0 | (16) | 0 |
Reclassification adjustment for gains included in net income | 0 | 0 | 116 | 0 |
Total other comprehensive (loss) income, before tax | (5,543) | 2,689 | (17,161) | 3,340 |
Unrealized gain (loss) on swap contract, before tax | 297 | (57) | 678 | (48) |
Employee benefit plans, Before tax | ||||
Amortization of prior service cost included in net income | 0 | 0 | 148 | 0 |
Reclassification adjustment of actuarial net (loss) gain included in net income | 0 | 0 | 673 | 0 |
Change in funded status of retirement obligations | 0 | 0 | (819) | 0 |
Total employee benefit plans, before tax | 0 | 0 | 2 | 0 |
Total other comprehensive (loss) income | (5,246) | 2,632 | (16,481) | 3,292 |
Components of Other Comprehensive Income (Loss), Tax Effect | ||||
Net (losses) gains arising during the period | 2,763 | (950) | 4,433 | (1,206) |
Accretion of unrealized loss on securities reclassified as held-to-maturity | (83) | 0 | 14 | 0 |
Reclassification adjustment for gains included in net income | 0 | 0 | (29) | 0 |
Total other comprehensive (loss) income, tax | 2,680 | (950) | 4,418 | (1,206) |
Unrealized gain (loss) on swap contract, Tax | (133) | 20 | (172) | 17 |
Employee benefit plans, Tax Effect | ||||
Amortization of prior service cost included in net income | 0 | 0 | (30) | 0 |
Reclassification adjustment of actuarial net (loss) gain included in net income | 0 | (2) | (146) | (5) |
Change in funded status of retirement obligations | 2,323 | 72 | 2,085 | (74) |
Total employee benefit plans, tax | 2,323 | 70 | 1,909 | (79) |
Total other comprehensive (loss) income | 4,870 | (860) | 6,155 | (1,268) |
Components of Other Comprehensive Income (Loss), After Tax | ||||
Net (losses) gains arising during the period | (2,860) | 1,739 | (12,828) | 2,134 |
Accretion of unrealized gain on securities reclassified as held-to-maturity | (3) | 0 | (2) | 0 |
Reclassification adjustment for gains included in net income | 0 | 0 | 87 | 0 |
Total other comprehensive (loss) income, net of tax | (2,863) | 1,739 | (12,743) | 2,134 |
Unrealized gain (loss) on swap contract, Net of tax | 164 | (37) | 506 | (31) |
Employee benefit plans, After Tax | ||||
Amortization of prior service cost included in net income | 0 | 0 | 118 | 0 |
Reclassification adjustment of actuarial net (loss) gain included in net income | 0 | (2) | 527 | (5) |
Change in funded status of retirement obligations | 2,323 | 72 | 1,266 | (74) |
Total employee benefit plans, net of tax | 2,323 | 70 | 1,911 | (79) |
Total other comprehensive (loss) income | $ (376) | $ 1,772 | $ (10,326) | $ 2,024 |
Other Comprehensive Income (L57
Other Comprehensive Income (Loss) - Changes in components of other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of year | $ 472,070 | $ 434,852 | ||
Current period changes in other comprehensive (loss) income | $ (376) | $ 1,772 | (10,326) | 2,024 |
Balance at end of year | 941,297 | 456,443 | 941,297 | 456,443 |
Accumulated Other Comprehensive Loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of year | (75,360) | (65,910) | (65,410) | (66,162) |
Balance at end of year | (75,736) | (64,138) | (75,736) | (64,138) |
Total other comprehensive (loss) income | (75,736) | (75,736) | ||
Unrealized (Losses) Gains on Securities Available-for- Sale | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of year | (17,223) | (8,885) | (7,279) | (9,279) |
Current period changes in other comprehensive (loss) income | (2,863) | 1,739 | (12,743) | 2,134 |
Balance at end of year | (20,086) | (7,146) | (20,086) | (7,146) |
Total other comprehensive (loss) income | (20,022) | (7,145) | (20,022) | (7,145) |
Swaps | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of year | 566 | 6 | 224 | 0 |
Current period changes in other comprehensive (loss) income | 164 | (37) | 506 | (31) |
Balance at end of year | 730 | (31) | 730 | (31) |
Total other comprehensive (loss) income | 730 | (31) | 730 | (31) |
Employee Benefit Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of year | (58,703) | (57,031) | (58,355) | (56,883) |
Current period changes in other comprehensive (loss) income | 2,323 | 70 | 1,911 | (79) |
Balance at end of year | (56,380) | (56,961) | (56,380) | (56,961) |
Total other comprehensive (loss) income | $ (56,444) | $ (56,962) | $ (56,444) | $ (56,962) |
Other Comprehensive Income (L58
Other Comprehensive Income (Loss) - Reclassification out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gains on securities transactions, net | $ 0 | $ 0 | $ (116) | $ 0 |
Compensation and employee benefits expense | 16,750 | 15,304 | 33,275 | 31,283 |
Total before tax | 17,703 | (15,206) | 2,113 | (30,513) |
Income tax benefit | (2,961) | 5,934 | 845 | 10,946 |
Net of tax | 14,742 | (9,272) | 2,958 | (19,567) |
Accumulated other Comprehensive (Loss) Income Components | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total before tax | 0 | 0 | 789 | 0 |
Income tax benefit | 0 | (2) | (175) | (5) |
Net of tax | 0 | (2) | 614 | (5) |
Accumulated other Comprehensive (Loss) Income Components | Reclassification adjustment for gains included in net income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gains on securities transactions, net | 0 | 0 | 116 | 0 |
Accumulated other Comprehensive (Loss) Income Components | Reclassification adjustment of actuarial net gain included in net income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Compensation and employee benefits expense | $ 0 | $ 0 | $ 673 | $ 0 |
Derivatives and Hedging Activ59
Derivatives and Hedging Activities - Narrative (Details) | 6 Months Ended | ||
Jun. 30, 2018USD ($)swap | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)swap | |
Derivative [Line Items] | |||
Derivative gains (losses) recorded in the Statements of Income | $ 0 | $ 0 | |
Accrued interest on derivatives, at fair value | 45,000 | $ 7,000 | |
Currency forward contract - non-designated hedge | |||
Derivative [Line Items] | |||
Notional amount of derivative | 1,600,000 | ||
Interest rate swap - cash flow hedge | |||
Derivative [Line Items] | |||
Notional amount of derivative | $ 190,000,000 | $ 20,000,000 | |
Number of interest rate derivatives held | swap | 14 | 2 |
Derivatives and Hedging Activ60
Derivatives and Hedging Activities - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | $ 965 | $ 490 |
Liability Derivative | 203 | |
Interest rate swap - cash flow hedge | Designated as hedging instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | 965 | 287 |
Interest rate swap - cash flow hedge | Designated as hedging instrument | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivative | $ 0 | 0 |
Currency forward contract - non-designated hedge | Not-designated hedge | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | 203 | |
Currency forward contract - non-designated hedge | Not-designated hedge | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivative | $ 203 |