Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | BOSTON PRIVATE FINANCIAL HOLDINGS INC | |
Entity Central Index Key | 821,127 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 82,941,914 |
Consolidated Balance Sheets Sta
Consolidated Balance Sheets Statement - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and cash equivalents | $ 113,946 | $ 238,694 |
Investment securities available-for-sale (amortized cost of $1,135,880 and $1,084,105 at March 31, 2016 and December 31, 2015, respectively) | 1,151,529 | 1,084,510 |
Investment securities held-to-maturity (fair value of $112,861 and $116,384 at March 31, 2016 and December 31, 2015, respectively) | 111,337 | 116,352 |
Stock in Federal Home Loan Banks | 34,202 | 35,181 |
Loans held for sale | 5,383 | 8,072 |
Total loans | 5,658,181 | 5,719,212 |
Less: Allowance for loan losses | 76,427 | 78,500 |
Net loans | 5,581,754 | 5,640,712 |
Other real estate owned (“OREO”) | 98 | 776 |
Premises and equipment, net | 31,575 | 31,036 |
Goodwill | 152,082 | 152,082 |
Intangible assets, net | 31,422 | 33,007 |
Fees receivable | 11,041 | 11,258 |
Accrued interest receivable | 17,590 | 17,950 |
Deferred income taxes, net | 43,164 | 51,699 |
Other assets | 128,540 | 121,179 |
Total assets | 7,413,663 | 7,542,508 |
Liabilities: | ||
Deposits | 5,786,860 | 6,040,437 |
Securities sold under agreements to repurchase | 63,182 | 58,215 |
Federal funds purchased | 40,000 | 0 |
Federal Home Loan Bank borrowings | 523,952 | 461,324 |
Junior subordinated debentures | 106,363 | 106,363 |
Other liabilities | 114,223 | 111,468 |
Total liabilities | 6,634,580 | 6,777,807 |
Redeemable Noncontrolling Interests | 16,938 | 18,088 |
Stockholders’ Equity: | ||
Preferred stock, $1.00 par value; authorized: 2,000,000 shares; Series D, 6.95% Non-Cumulative Perpetual, issued and outstanding: 50,000 shares at March 31, 2016 and December 31, 2015; liquidation preference: $1,000 per share | 47,753 | 47,753 |
Common stock, $1.00 par value; authorized: 170,000,000 shares; issued and outstanding: 83,023,755 shares at March 31, 2016 and 83,410,961 shares at December 31, 2015 | 83,024 | 83,411 |
Additional paid-in capital | 599,825 | 600,670 |
Retained earnings | 21,740 | 12,886 |
Accumulated other comprehensive income/ (loss) | 6,687 | (1,500) |
Total Company's shareholders’ equity | 759,029 | 743,220 |
Noncontrolling interests | 3,116 | 3,393 |
Total shareholders' equity | 762,145 | 746,613 |
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | $ 7,413,663 | $ 7,542,508 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities available for sale at amortized cost | $ 1,135,880 | $ 1,084,105 |
Investment securities held to maturity at fair value | $ 112,861 | $ 116,384 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 170,000,000 | 170,000,000 |
Common Stock, Shares, Issued | 83,023,755 | 83,410,961 |
Common Stock, Shares, Outstanding | 83,023,755 | 83,410,961 |
Series D Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 50,000 | 50,000 |
Preferred Stock, Shares Outstanding | 50,000 | 50,000 |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Interest and dividend income: | |||
Loans | $ 50,046 | $ 48,000 | |
Taxable investment securities | 1,594 | 995 | |
Non-taxable investment securities | 1,390 | 1,021 | |
Mortgage-backed securities | 3,065 | 2,614 | |
Federal funds sold and other | 507 | 234 | |
Total interest and dividend income | 56,602 | 52,864 | |
Interest expense: | |||
Deposits | 4,182 | 3,892 | |
Federal Home Loan Bank borrowings | 1,953 | 1,931 | |
Junior subordinated debentures | 578 | 956 | |
Repurchase agreements and other short-term borrowings | 10 | 13 | |
Total interest expense | 6,723 | 6,792 | |
Net interest income | 49,879 | 46,072 | |
Provision/ (credit) for loan losses | (3,133) | (2,500) | |
Net interest income after provision/ (credit) for loan losses | 53,012 | 48,572 | |
Fees and other income: | |||
Investment management fees | 10,658 | 11,714 | |
Wealth advisory fees | 12,712 | 12,675 | |
Wealth management and trust fees | 10,916 | 13,558 | |
Other banking fee income | 3,233 | 1,910 | |
Gain on sale of loans, net | 209 | 303 | |
Gain on sale of investments, net | 1 | 8 | |
Gain/ (loss) on OREO, net | 280 | 89 | |
Other | 13 | 1,088 | |
Total fees and other income | 38,022 | 41,345 | |
Operating expense: | |||
Salaries and employee benefits | 42,560 | 42,127 | |
Occupancy and equipment | 9,587 | 9,035 | |
Professional services | 3,515 | 3,021 | |
Marketing and business development | 2,170 | 1,348 | |
Contract services and data processing | 1,679 | 1,437 | |
Amortization of intangibles | 1,586 | 1,602 | |
FDIC insurance | 1,020 | 1,011 | |
Restructuring | 1,112 | 0 | |
Other | 3,480 | 3,846 | |
Total operating expense | 66,709 | 63,427 | |
Income before income taxes | 24,325 | 26,490 | |
Income tax expense | 7,438 | 8,572 | |
Net income from continuing operations | 16,887 | 17,918 | |
Net income from discontinued operations | [1] | 2,065 | 2,094 |
Net income before attrubution to noncontrolling interests | 18,952 | 20,012 | |
Less: Net income attributable to noncontrolling interests | 911 | 1,229 | |
Net income attributable to the Company | 18,041 | 18,783 | |
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders | (4) | (43) | |
Other Preferred Stock Dividends and Adjustments | [1] | (289) | (963) |
Net income attributable to common shareholders for earnings per share calculation | [1] | $ 17,752 | $ 17,820 |
Basic earnings per share attributable to common shareholders: | |||
From continuing operations: | $ 0.19 | $ 0.19 | |
From discontinued operations: | 0.03 | 0.03 | |
Total attributable to common shareholders: | 0.22 | 0.22 | |
Diluted earnings per share attributable to common shareholders: | |||
From continuing operations: | 0.19 | 0.19 | |
From discontinued operations: | 0.02 | 0.02 | |
Total attributable to common shareholders: | $ 0.21 | $ 0.21 | |
Common Stock [Member] | |||
Basic earnings per share attributable to common shareholders: | |||
Weighted average basic common shares outstanding | 81,301,499 | 80,514,359 | |
Diluted earnings per share attributable to common shareholders: | |||
Weighted average diluted common shares outstanding | [1],[2] | 83,455,763 | 82,935,928 |
Wealth Management and Trust Segment [Member] | |||
Fees and other income: | |||
Total fees and other income | $ 11,056 | $ 13,957 | |
Operating expense: | |||
Amortization of intangibles | 745 | 571 | |
Total operating expense | [3] | 15,852 | 12,331 |
Income before income taxes | (4,796) | 1,626 | |
Income tax expense | (1,939) | 694 | |
Net income from continuing operations | (2,857) | 932 | |
Net income attributable to the Company | $ (2,857) | $ 932 | |
[1] | The Company presents its EPS based on the treasury stock method. The Company reverted to the treasury stock presentation from the two-class presentation due to the immaterial number of participating shares outstanding as of March 31, 2016. If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, and the allocation of net income to participating securities would have been $6 thousand, reducing net income attributable to common shareholders by a total of $10 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 37,298 shares. Diluted EPS would not change.If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $43 thousand, and the allocation of net income to participating securities would have been $60 thousand, reducing net income attributable to common shareholders by a total of $103 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 341,603 shares. Diluted EPS would not change. | ||
[2] | The diluted EPS computations for the three months ended March 31, 2016 and 2015 do not assume the conversion, exercise, or contingent issuance of the following shares for the following periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: Three months ended March 31,(In thousands)2016 2015Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding): Potential common shares from: Stock options, restricted stock, or other dilutive securities387 660Total shares excluded due to exercise price exceeding the average market price of common shares during the period387 660 | ||
[3] | Operating expense for 2016 includes $1.1 million in restructuring expenses related to the Wealth Management and Trust segment. Operating expense for 2015 includes no restructuring expenses. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income attributable to the Company | $ 18,041 | $ 18,783 |
Other comprehensive income/ (loss), net of tax [Abstract] | ||
Unrealized gain/ (loss) on securities available for sale | 9,088 | 2,331 |
Reclassification adjustment for net realized gain/ (loss) included in net income | 1 | 5 |
Net unrealized gain/ (loss) on securities available for sale | 9,087 | 2,326 |
Unrealized gain/ (loss) on cash flow hedges | (1,146) | (1,100) |
Reclassification adjustment for net realized gain/ (loss) included in net income | (246) | (591) |
Net change in unrealized gain/ (loss) on cash flow hedges | (900) | (509) |
Net unrealized gain/ (loss) on other | 0 | 0 |
Other comprehensive income/ (loss), net of tax | 8,187 | 1,817 |
Total comprehensive income/ (loss), attributable to the Company, net | $ 26,228 | $ 20,600 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock Including Additional Paid in Capital [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2014 | $ 703,911 | $ 47,753 | $ 82,962 | $ 610,903 | $ (37,396) | $ (697) | $ 386 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to the Company | 18,783 | 0 | 0 | 0 | 18,783 | 0 | 0 |
Other comprehensive income/ (loss), net of tax | 1,817 | 0 | 0 | 0 | 0 | 1,817 | 0 |
Dividends paid to common shareholders: $0.09 per share | (7,424) | 0 | 0 | (7,424) | 0 | 0 | 0 |
Dividends paid to preferred shareholders | (869) | 0 | 0 | (869) | 0 | 0 | 0 |
Net Change in Noncontrolling Interests | 2,215 | 0 | 0 | 0 | 0 | 0 | 2,215 |
Net proceeds from issuance of [Abstract] | |||||||
Net proceeds from issuance of common stock | 679 | 0 | 59 | 620 | 0 | 0 | 0 |
Issuance of shares through incentive stock grants, net of shares forfeited, canceled, or withheld for employee taxes, value | (229) | 0 | (9) | (220) | 0 | 0 | 0 |
Amortization of stock compensation and employee stock purchase plan | 1,779 | 0 | 0 | 1,779 | 0 | 0 | 0 |
Stock options exercised | 290 | 0 | 40 | 250 | 0 | 0 | 0 |
Tax benefit/ (deficiency) from certain stock compensation awards | (415) | 0 | 0 | (415) | 0 | 0 | 0 |
Other equity adjustments | (478) | 0 | 0 | (478) | 0 | 0 | 0 |
Ending Balance at Mar. 31, 2015 | 720,059 | 47,753 | 83,052 | 604,146 | (18,613) | 1,120 | 2,601 |
Beginning Balance at Dec. 31, 2015 | 746,613 | 47,753 | 83,411 | 600,670 | 12,886 | (1,500) | 3,393 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to the Company | 18,041 | 0 | 0 | 0 | 18,041 | 0 | 0 |
Other comprehensive income/ (loss), net of tax | 8,187 | 0 | 0 | 0 | 0 | 8,187 | 0 |
Dividends paid to common shareholders: $0.09 per share | (8,318) | 0 | 0 | 0 | (8,318) | 0 | 0 |
Dividends paid to preferred shareholders | (869) | 0 | 0 | 0 | (869) | 0 | 0 |
Net Change in Noncontrolling Interests | (277) | 0 | 0 | 0 | 0 | 0 | (277) |
Stock Repurchased During Period, Value | (2,750) | 0 | (245) | (2,505) | 0 | 0 | 0 |
Net proceeds from issuance of [Abstract] | |||||||
Net proceeds from issuance of common stock | 739 | 0 | 77 | 662 | 0 | 0 | 0 |
Issuance of shares through incentive stock grants, net of shares forfeited, canceled, or withheld for employee taxes, value | (161) | 0 | (257) | 96 | 0 | 0 | 0 |
Amortization of stock compensation and employee stock purchase plan | (442) | 0 | 0 | (442) | 0 | 0 | 0 |
Stock options exercised | 281 | 0 | 38 | 243 | 0 | 0 | 0 |
Tax benefit/ (deficiency) from certain stock compensation awards | (658) | 0 | 0 | (658) | 0 | 0 | 0 |
Other equity adjustments | 1,759 | 0 | 0 | 1,759 | 0 | 0 | 0 |
Ending Balance at Mar. 31, 2016 | $ 762,145 | $ 47,753 | $ 83,024 | $ 599,825 | $ 21,740 | $ 6,687 | $ 3,116 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity Parentheticals - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.09 |
Shares of common stock issued | 76,596 | 59,315 |
Stock Repurchased During Period, Shares | (245,000) | 0 |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 51,810 | 87,960 |
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | (294,524) | (78,643) |
Shares of stock withheld for employee taxes | (14,480) | (18,194) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Cash flows from operating activities: | |||
Net income attributable to the Company | $ 18,041 | $ 18,783 | |
Adjustments to arrive at net income from continuing operations [Abstract] | |||
Net income attributable to noncontrolling interests | 911 | 1,229 | |
Less: Net income from discontinued operations | [1] | (2,065) | (2,094) |
Net income from continuing operations | 16,887 | 17,918 | |
Adjustments to reconcile net income from continuing operations to net cash provided by/(used in) operating activities: | |||
Depreciation and amortization | 5,196 | 5,587 | |
Net income attributable to noncontrolling interests | (911) | (1,229) | |
Equity issued as compensation, net of cancellations | (442) | 1,779 | |
Provision/ (credit) for loan losses | (3,133) | (2,500) | |
Loans originated for sale | (18,411) | (38,131) | |
Proceeds from sale of loans held for sale | 21,309 | 34,963 | |
Deferred income tax expense/ (benefit) | 2,348 | 314 | |
Net decrease/ (increase) in other operating activities | (4,163) | (11,047) | |
Net cash provided by/ (used in) operating activities of continuing operations | 18,680 | 7,654 | |
Net cash provided by/ (used in) operating activities of discontinued operations | 2,065 | 2,094 | |
Net cash provided by/ (used in) operating activities | 20,745 | 9,748 | |
Investment securities available for sale: | |||
Purchases | (100,759) | (180,244) | |
Sales | 15,292 | 5,015 | |
Maturities, calls, redemptions, and principal payments | 32,051 | 35,572 | |
Investment securities held to maturity: | |||
Purchases | 0 | 0 | |
Principal payments | 4,851 | 5,543 | |
(Investments)/ distributions in trusts, net | (240) | (322) | |
(Purchase)/ redemption of Federal Home Loan Banks stock | 979 | (480) | |
Net (increase)/ decrease in portfolio loans | 57,880 | (25,485) | |
Proceeds from recoveries of loans previously charged-off | 4,076 | 3,979 | |
Proceeds from sale of OREO | 958 | 0 | |
Capital expenditures, net of sale proceeds | (2,284) | (504) | |
Net cash provided by/ (used in) investing activities of continuing operations | 12,804 | (156,926) | |
Net cash provided by/ (used in) investing activities | 12,804 | (156,926) | |
Cash flows from financing activities: | |||
Net increase/ (decrease) in deposits | (253,577) | (80,472) | |
Net increase/ (decrease) in securities sold under agreements to repurchase | 4,967 | 21,741 | |
Net increase/ (decrease) in federal funds purchased | 40,000 | 50,000 | |
Net increase/ (decrease) in short-term Federal Home Loan Bank borrowings | 70,000 | 70,000 | |
Advances of long-term Federal Home Loan Bank borrowings | 25,800 | 10,000 | |
Repayments of long-term Federal Home Loan Bank borrowings | (33,172) | (128) | |
Dividends paid to common shareholders | (8,318) | (7,424) | |
Dividends paid to preferred shareholders | (869) | (869) | |
Payments for Repurchase of Common Stock | (2,750) | 0 | |
Payments Related to Tax Withholding for Share-based Compensation | (658) | (415) | |
Proceeds from stock option exercises | 281 | 290 | |
Proceeds from issuance of common stock, net | 578 | 450 | |
Distributions paid to noncontrolling interests | (846) | (1,060) | |
Other equity adjustments | 267 | 574 | |
Net cash provided by/ (used in) financing activities of continuing operations | (158,297) | 62,687 | |
Net cash provided by/ (used in) financing activities | (158,297) | 62,687 | |
Net increase/ (decrease) in cash and cash equivalents | (124,748) | (84,491) | |
Cash and cash equivalents at beginning of year | 238,694 | 172,609 | |
Cash and cash equivalents at end of period | 113,946 | 88,118 | |
Supplementary schedule of non-cash investing and financing activities: | |||
Cash paid for interest | 6,717 | 6,574 | |
Cash paid for income taxes, net of (refunds received) | 3,785 | 1,890 | |
Net unrealized gain/ (loss) on securities available for sale, net of tax | 9,087 | 2,326 | |
Net unrealized gain/ (loss) on cash flow hedges, net of tax | (900) | (509) | |
Net unrealized gain/ (loss) on other, net of tax | 0 | 0 | |
Loans charged-off | $ (3,016) | $ (54) | |
[1] | The Company presents its EPS based on the treasury stock method. The Company reverted to the treasury stock presentation from the two-class presentation due to the immaterial number of participating shares outstanding as of March 31, 2016. If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, and the allocation of net income to participating securities would have been $6 thousand, reducing net income attributable to common shareholders by a total of $10 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 37,298 shares. Diluted EPS would not change.If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $43 thousand, and the allocation of net income to participating securities would have been $60 thousand, reducing net income attributable to common shareholders by a total of $103 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 341,603 shares. Diluted EPS would not change. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation and Summary of Significant Accounting Policies Boston Private Financial Holdings, Inc. (the “Company” or “BPFH”), is a bank holding company (the “Holding Company”) with four reportable segments: Private Banking, Wealth Management and Trust, Investment Management, and Wealth Advisory. The Private Banking segment is comprised of the banking operations of Boston Private Bank & Trust Company (the “Bank” or “Boston Private Bank”), a trust company chartered by The Commonwealth of Massachusetts, insured by the Federal Deposit Insurance Corporation (the “FDIC”), and a wholly-owned subsidiary of the Company. Boston Private Bank currently operates in three geographic markets: New England, San Francisco Bay Area, and Southern California. The Wealth Management and Trust segment is comprised of the operations of Boston Private Wealth LLC (“Boston Private Wealth”), a wholly-owned subsidiary of Boston Private Bank, and the trust operations of Boston Private Bank. The segment offers investment management, wealth management, family office, and trust services to individuals, families, and institutions. The Wealth Management and Trust segment operates in New England; South Florida; Texas; California; Madison, Wisconsin; and the Washington, D.C. area. The Investment Management segment has two consolidated affiliates, consisting of Dalton, Greiner, Hartman, Maher & Co., LLC (“DGHM”) and Anchor Capital Advisors, LLC (“Anchor”) (together, the “Investment Managers”). The Wealth Advisory segment has two consolidated affiliates, consisting of KLS Professional Advisors Group, LLC (“KLS”) and Bingham, Osborn & Scarborough, LLC (“BOS”) (together, the “Wealth Advisors” and, together with the Wealth Management and Trust and Investment Management segments, the “Wealth and Investment businesses”). The Company conducts substantially all of its business through its four reportable segments. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), and include all necessary adjustments of a normal recurring nature which, in the opinion of management, are required for a fair presentation of the results of operations and financial condition of the Company. The interim results of consolidated operations are not necessarily indicative of the results for the entire year. The information in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission (“SEC”). Prior period amounts are reclassified whenever necessary to conform to the current period presentation. The Company’s significant accounting policies are described in Part II. Item 8. “Financial Statements and Supplementary Data - Note 1: Basis of Presentation and Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 , as filed with the SEC. For interim reporting purposes, the Company follows the same significant accounting policies. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share The treasury stock method of calculating earnings per share (“EPS”) is presented below for the three months ended March 31, 2016 and 2015 . The following tables present the computations of basic and diluted EPS: Three months ended March 31, 2016 2015 (In thousands, except share and per share data) Basic earnings per share - Numerator: Net income from continuing operations $ 16,887 $ 17,918 Less: Net income attributable to noncontrolling interests 911 1,229 Net income from continuing operations attributable to the Company 15,976 16,689 Decrease/ (increase) in noncontrolling interests’ redemption values (1) 580 (94 ) Dividends on preferred stock (869 ) (869 ) Total adjustments to income attributable to common shareholders (2) (289 ) (963 ) Net income from continuing operations attributable to common shareholders, treasury stock method (2) 15,687 15,726 Net income from discontinued operations (2) 2,065 2,094 Net income attributable to common shareholders, treasury stock method (2) $ 17,752 $ 17,820 Basic earnings per share - Denominator: Weighted average basic common shares outstanding 81,301,499 80,514,359 Per share data - Basic earnings per share from: Continuing operations $ 0.19 $ 0.19 Discontinued operations $ 0.03 $ 0.03 Total attributable to common shareholders $ 0.22 $ 0.22 Three months ended March 31, 2016 2015 (In thousands, except share and per share data) Diluted earnings per share - Numerator: Net income from continuing operations attributable to common shareholders, after assumed dilution (2) $ 15,687 $ 15,726 Net income from discontinued operations 2,065 2,094 Net income attributable to common shareholders, after assumed dilution $ 17,752 $ 17,820 Diluted earnings per share - Denominator: Weighted average basic common shares outstanding 81,301,499 80,514,359 Dilutive effect of: Stock options and performance-based and time-based restricted stock (2), (3) 1,224,325 1,269,211 Warrants to purchase common stock (3) 929,939 1,152,358 Dilutive common shares 2,154,264 2,421,569 Weighted average diluted common shares outstanding (2), (3) 83,455,763 82,935,928 Per share data - Diluted earnings per share from: Continuing operations $ 0.19 $ 0.19 Discontinued operations $ 0.02 $ 0.02 Total attributable to common shareholders $ 0.21 $ 0.21 Dividends per share declared and paid on common stock $ 0.10 $ 0.09 _____________________ (1) See Part II. Item 8. “Financial Statements and Supplementary Data—Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption value from period to period reduces income attributable to common shareholders. Decreases in redemption value from period to period increase income attributable to common shareholders, but only to the extent that the cumulative change in redemption value remains a cumulative increase since adoption of this standard in the first quarter of 2009. (2) The Company presents its EPS based on the treasury stock method. The Company reverted to the treasury stock presentation from the two-class presentation due to the immaterial number of participating shares outstanding as of March 31, 2016. If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand , and the allocation of net income to participating securities would have been $6 thousand , reducing net income attributable to common shareholders by a total of $10 thousand . Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 37,298 shares . Diluted EPS would not change. If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $43 thousand , and the allocation of net income to participating securities would have been $60 thousand , reducing net income attributable to common shareholders by a total of $103 thousand . Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 341,603 shares . Diluted EPS would not change. (3) The diluted EPS computations for the three months ended March 31, 2016 and 2015 do not assume the conversion, exercise, or contingent issuance of the following shares for the following periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: Three months ended March 31, (In thousands) 2016 2015 Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding): Potential common shares from: Stock options, restricted stock, or other dilutive securities 387 660 Total shares excluded due to exercise price exceeding the average market price of common shares during the period 387 660 |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Reportable segments Management Reporting The Company has four reportable segments (Private Banking, Wealth Management and Trust, Investment Management, and Wealth Advisory) and the Holding Company (Boston Private Financial Holdings, Inc.). The financial performance of the Company is managed and evaluated by these four areas. The segments are managed separately as a result of the concentrations in each function. Measurement of Segment Profit and Assets The accounting policies of the segments are the same as those described in Part II. Item 8. “Financial Statements and Supplementary Data - Note 1: Basis of Presentation and Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Revenues, expenses, and assets are recorded by each segment, and separate financial statements are reviewed by their management and the Company’s segment chief executive officers. Reconciliation of Reportable Segment Items The following tables present a reconciliation of the revenues, profits, assets, and other significant items of reportable segments as of and for the three months ended March 31, 2016 and 2015 . Interest expense on junior subordinated debentures is reported at the Holding Company. Three months ended March 31, 2016 2015 Private Banking (In thousands) Net interest income $ 50,420 $ 46,990 Fees and other income 3,378 2,784 Total revenues 53,798 49,774 Provision/ (credit) for loan losses (3,133 ) (2,500 ) Operating expense 31,275 28,805 Income before income taxes 25,656 23,469 Income tax expense 8,374 7,768 Net income from continuing operations 17,282 15,701 Net income attributable to the Company $ 17,282 $ 15,701 Assets $ 7,250,371 $ 6,688,472 Amortization of intangibles $ — $ 46 Depreciation $ 1,146 $ 1,205 Three months ended March 31, 2016 2015 Wealth Management and Trust (In thousands) Fees and other income $ 11,056 $ 13,957 Operating expense (1) 15,852 12,331 Income/ (loss) before income taxes (4,796 ) 1,626 Income tax expense/ (benefit) (1,939 ) 694 Net income/ (loss) from continuing operations (2,857 ) 932 Net income/ (loss) attributable to the Company $ (2,857 ) $ 932 Assets $ 84,253 $ 79,139 AUM $ 7,137,000 $ 9,305,000 Amortization of intangibles $ 745 $ 571 Depreciation $ 231 $ 187 Three months ended March 31, 2016 2015 Investment Management (In thousands) Net interest income $ 4 $ 6 Fees and other income 10,659 11,722 Total revenues 10,663 11,728 Operating expense 8,024 8,686 Income before income taxes 2,639 3,042 Income tax expense 879 1,002 Net income from continuing operations 1,760 2,040 Noncontrolling interests 477 637 Net income attributable to the Company $ 1,283 $ 1,403 Assets $ 93,396 $ 101,036 AUM $ 9,838,000 $ 10,730,000 Amortization of intangibles $ 650 $ 739 Depreciation $ 73 $ 70 Three months ended March 31, 2016 2015 Wealth Advisory (In thousands) Net interest income $ 3 $ 2 Fees and other income 12,742 12,707 Total revenues 12,745 12,709 Operating expense 9,694 9,132 Income before income taxes 3,051 3,577 Income tax expense 1,148 1,321 Net income from continuing operations 1,903 2,256 Noncontrolling interests 434 588 Net income attributable to the Company $ 1,469 $ 1,668 Assets $ 74,901 $ 76,042 AUM $ 9,857,000 $ 10,012,000 Amortization of intangibles $ 191 $ 246 Depreciation $ 215 $ 211 Three months ended March 31, 2016 2015 Holding Company and Eliminations (In thousands) Net interest income $ (548 ) $ (926 ) Fees and other income 187 175 Total revenues (361 ) (751 ) Operating expense 1,864 4,473 Income/ (loss) before income taxes (2,225 ) (5,224 ) Income tax expense/ (benefit) (1,024 ) (2,213 ) Net income/ (loss) from continuing operations (1,201 ) (3,011 ) Noncontrolling interests — 4 Discontinued operations (2) 2,065 2,094 Net income/ (loss) attributable to the Company $ 864 $ (921 ) Assets $ (89,258 ) $ (74,917 ) AUM $ (21,000 ) $ (22,000 ) Depreciation $ 11 $ 31 Three months ended March 31, 2016 2015 Total Company (In thousands) Net interest income $ 49,879 $ 46,072 Fees and other income 38,022 41,345 Total revenues 87,901 87,417 Provision/ (credit) for loan losses (3,133 ) (2,500 ) Operating expense 66,709 63,427 Income before income taxes 24,325 26,490 Income tax expense 7,438 8,572 Net income from continuing operations 16,887 17,918 Noncontrolling interests 911 1,229 Discontinued operations 2,065 2,094 Net income attributable to the Company $ 18,041 $ 18,783 Assets $ 7,413,663 $ 6,869,772 AUM $ 26,811,000 $ 30,025,000 Amortization of intangibles $ 1,586 $ 1,602 Depreciation $ 1,676 $ 1,704 ____________ (1) Operating expense for 2016 includes $1.1 million in restructuring expenses related to the Wealth Management and Trust segment. Operating expense for 2015 includes no restructuring expenses. (2) Net income from discontinued operations for the three month periods ended March 31, 2016 and 2015 of $2.1 million in both periods is included in Holding Company and Eliminations in the calculation of net income attributable to the Company. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2016 | |
Investments [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments The following table presents a summary of investment securities: Amortized Cost Unrealized Fair Value Gains Losses (In thousands) As of March 31, 2016 Available-for-sale securities at fair value: U.S. government and agencies $ 30,911 $ 481 $ (4 ) $ 31,388 Government-sponsored entities 344,945 5,585 — 350,530 Municipal bonds 264,375 7,334 (95 ) 271,614 Mortgage-backed securities (1) 477,488 3,657 (1,595 ) 479,550 Other 18,161 291 (5 ) 18,447 Total $ 1,135,880 $ 17,348 $ (1,699 ) $ 1,151,529 Held-to-maturity securities at amortized cost: Mortgage-backed securities (1) $ 111,337 $ 1,524 $ — $ 112,861 Total $ 111,337 $ 1,524 $ — $ 112,861 As of December 31, 2015 Available-for-sale securities at fair value: U.S. government and agencies $ 21,214 $ 64 $ (27 ) $ 21,251 Government-sponsored entities 345,033 874 (1,345 ) 344,562 Municipal bonds 263,661 5,099 (116 ) 268,644 Mortgage-backed securities (1) 431,446 1,329 (5,734 ) 427,041 Other 22,751 268 (7 ) 23,012 Total $ 1,084,105 $ 7,634 $ (7,229 ) $ 1,084,510 Held-to-maturity securities at amortized cost: Mortgage-backed securities (1) $ 116,352 $ 294 $ (262 ) $ 116,384 Total $ 116,352 $ 294 $ (262 ) $ 116,384 ___________________ (1) All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. The following table presents the maturities of available-for-sale investment securities, based on contractual maturity, as of March 31, 2016 . Certain securities are callable before their final maturity. Additionally, certain securities (such as mortgage-backed securities) are shown within the table below based on their final (contractual) maturity, but due to prepayments and amortization are expected to have shorter lives. Available-for-sale Securities Amortized cost Fair value (In thousands) Within one year $ 78,573 $ 78,999 After one, but within five years 339,665 345,000 After five, but within ten years 199,337 203,373 Greater than ten years 518,305 524,157 Total $ 1,135,880 $ 1,151,529 The following table presents the maturities of held-to-maturity investment securities, based on contractual maturity, as of March 31, 2016 . Held-to-maturity Securities Amortized cost Fair value (In thousands) Within one year $ — $ — After one, but within five years — — After five, but within ten years — — Greater than ten years 111,337 112,861 Total $ 111,337 $ 112,861 The following table presents the proceeds from sales, gross realized gains and gross realized losses for available-for-sale securities that were sold during the following periods: Three months ended March 31, 2016 2015 (In thousands) Proceeds from sales $ 15,292 $ 5,015 Realized gains 2 8 Realized losses (1 ) — The following table presents information regarding securities as of March 31, 2016 having temporary impairment, due to the fair values having declined below the amortized cost of the individual securities, and the time period that the investments have been temporarily impaired. Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses # of securities Available-for-sale securities (In thousands) U.S. government and agencies $ — $ — $ 729 $ (4 ) $ 729 $ (4 ) 2 Government-sponsored entities — — — — — — — Municipal bonds 10,635 (29 ) 2,772 (66 ) 13,407 (95 ) 10 Mortgage-backed securities (1) 26,422 (150 ) 101,846 (1,445 ) 128,268 (1,595 ) 38 Other 70 (3 ) 12 (2 ) 82 (5 ) 9 Total $ 37,127 $ (182 ) $ 105,359 $ (1,517 ) $ 142,486 $ (1,699 ) 59 Held-to-maturity securities Mortgage-backed securities (1) $ — $ — $ — $ — $ — $ — — Total $ — $ — $ — $ — $ — $ — — ___________________ (1) All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. The U.S. government and agencies securities, and mortgage-backed securities in the table above had current Standard and Poor’s credit ratings of AA+. The municipal bonds in the table above had current Standard and Poor’s credit ratings of at least AA. The other securities consisted of equity securities. At March 31, 2016 , the Company does not consider these investments other-than-temporarily impaired because the decline in fair value on investments is primarily attributed to changes in interest rates and not credit quality. At March 31, 2016 and 2015 , the amount of investment securities in an unrealized loss position greater than 12 months, as well as in total, was primarily due to changes in interest rates. The Company has no intent to sell any securities in an unrealized loss position at March 31, 2016 and it is not more likely than not that the Company would be forced to sell any of these securities prior to the full recovery of all unrealized loss amounts. Subsequent to March 31, 2016 and through the date of the filing of this Annual Report on Form 10-Q, no securities were downgraded to below investment grade, nor were any securities in an unrealized loss position sold. Cost method investments, which are included in other assets, can be temporarily impaired when the fair values decline below the amortized costs of the individual investments. There were no cost method investments with unrealized losses as of March 31, 2016 or December 31, 2015 . The Company’s cost method investments primarily include low income housing partnerships which generate tax credits. The Company also holds partnership interests in venture capital funds formed to provide financing to small businesses and to promote community development. The Company had $26.5 million and $27.7 million in cost method investments included in other assets as of March 31, 2016 and December 31, 2015 , respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Measurements Fair value is defined under GAAP as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value. Financial instruments are considered Level 1 when valuation can be based on quoted prices in active markets for identical assets or liabilities. Level 2 financial instruments are valued using quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or models using inputs that are observable or can be corroborated by observable market data of substantially the full term of the assets or liabilities. Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable and when determination of the fair value requires significant management judgment or estimation. The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 , aggregated by the level in the fair value hierarchy within which those measurements fall: As of March 31, 2016 Fair value measurements at reporting date using: Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Assets: Available-for-sale securities: U.S. government and agencies $ 31,388 $ 30,659 $ 729 $ — Government-sponsored entities 350,530 — 350,530 — Municipal bonds 271,614 — 271,614 — Mortgage-backed securities 479,550 — 479,550 — Other 18,447 18,447 — — Total available-for-sale securities 1,151,529 49,106 1,102,423 — Derivatives - interest rate customer swaps 16,952 — 16,952 — Derivatives - risk participation agreement 16 — 16 — Other investments 5,842 5,842 — — Liabilities: Derivatives - interest rate customer swaps $ 17,682 $ — $ 17,682 $ — Derivatives - interest rate swaps 3,437 — 3,437 — Derivatives - risk participation agreement 20 — 20 — Other liabilities 5,842 5,842 — — Fair value measurements at reporting date using: As of December 31, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Assets: Available-for-sale securities: U.S. government and agencies $ 21,251 $ 20,251 $ 1,000 $ — Government-sponsored entities 344,562 — 344,562 — Municipal bonds 268,644 — 268,644 — Mortgage-backed securities 427,041 — 427,041 — Other 23,012 23,012 — — Total available-for-sale securities 1,084,510 43,263 1,041,247 — Derivatives - interest rate customer swaps 7,960 — 7,960 — Other investments 5,602 5,602 — — Liabilities: Derivatives - interest rate customer swaps $ 8,084 $ — $ 8,084 $ — Derivatives - interest rate swaps 1,907 — 1,907 — Derivatives - risk participation agreement 11 — 11 — Other liabilities 5,602 5,602 — — As of March 31, 2016 and December 31, 2015 , available-for-sale securities consisted primarily of U.S. government and agencies securities, government-sponsored entities securities, municipal bonds, mortgage-backed securities, and other available-for-sale securities. The equities (which are categorized as other available-for-sale securities) are valued with prices quoted in active markets. Four U.S. Treasury securities at March 31, 2016 and three U.S. Treasury securities at December 31, 2015 , are valued with prices quoted in active markets. Therefore, they have been categorized as a Level 1 measurement. The government-sponsored entities securities, municipal bonds, mortgage-backed securities, and certain investments in Small Business Administration (“SBA”) loans (which are categorized as U.S. government and agencies securities) generally have quoted prices but are traded less frequently than exchange-traded securities and can be priced using market data from similar assets. Therefore, they have been categorized as a Level 2 measurement. No investments held at March 31, 2016 or December 31, 2015 were categorized as Level 3. The Company uses interest rate customer swaps, interest rate swaps, risk participation agreements, and a junior subordinated debenture interest rate swap to manage its interest rate risk, and customer foreign exchange forward contracts to manage its foreign exchange risk, if any. The junior subordinated debenture interest rate swap agreement matured on December 30, 2015. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Therefore, they have been categorized as a Level 2 measurement as of March 31, 2016 and December 31, 2015 . See Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements-Note 8: Derivatives and Hedging Activities” for further details. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Counterparty exposure is evaluated by netting positions that are subject to master netting agreements, as well as considering the amount of collateral securing the position. The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, although the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy as of March 31, 2016 and December 31, 2015 . Other investments, which are not considered available-for-sale investments, consist of deferred compensation trusts, which consist of publicly traded mutual fund investments that are valued at prices quoted in active markets. Therefore, they have been categorized as a Level 1 measurement as of March 31, 2016 and December 31, 2015 . The remaining other investments categorized as Level 2 consist of the Company’s cost-method investments as of March 31, 2016 and December 31, 2015 . There were no Level 3 assets at March 31, 2016 or December 31, 2015 . The following tables present the Company’s assets and liabilities measured at fair value on a non-recurring basis during the periods ended March 31, 2016 and 2015 , respectively, aggregated by the level in the fair value hierarchy within which those measurements fall: As of March 31, 2016 Fair value measurements at reporting date using: Gain (losses) from fair value changes Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Three months ended March 31, 2016 (In thousands) Assets: Impaired loans (1) $ 2,428 $ — $ — $ 2,428 $ (1,564 ) ___________________ (1) Collateral-dependent impaired loans held at March 31, 2016 that had write-downs in fair value or whose specific reserve changed during the first three months of 2016 . As of March 31, 2015 Fair value measurements at reporting date using: Gain (losses) from fair value changes Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Three months ended March 31, 2015 (In thousands) Assets: Impaired loans (1) $ 757 $ — $ — $ 757 $ — ________________ (1) Collateral-dependent impaired loans held at March 31, 2015 that had write-downs in fair value or whose specific reserve changed during the first three months of 2015 . The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value: As of March 31, 2016 Fair Value Valuation technique Unobservable Input Range of Inputs Utilized Weighted Average of Inputs Utilized (In thousands) Impaired Loans $ 2,428 Appraisals of Collateral Discount for costs to sell 0% - 7% 5% Appraisal adjustments 10% - 33% 16% As of March 31, 2015 Fair Value Valuation technique Unobservable Input Range of Inputs Utilized Weighted Average of Inputs Utilized (In thousands) Impaired Loans $ 757 Appraisals of Collateral Discount for costs to sell 11% 11% Appraisal adjustments 0% —% Impaired loans include those loans that were adjusted to the fair value of underlying collateral as required under ASC 310, Receivables . The amount does not include impaired loans that are measured based on expected future cash flows discounted at the respective loan’s original effective interest rate, as that amount is not considered a fair value measurement. The Company uses appraisals, which management may adjust to reflect estimated fair value declines, or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property or consideration of broker quotes. The appraisers use a market, income, and/or a cost approach in determining the value of the collateral. Therefore they have been categorized as a Level 3 measurement. The following tables present the carrying values and fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis (other than certain loans, as noted below): As of March 31, 2016 Book Value 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 $ 113,946 $ 113,946 $ 113,946 $ — $ — Held-to-maturity investment securities 111,337 112,861 — 112,861 — Loans held for sale 5,383 5,490 — 5,490 — Loans, net 5,581,754 5,643,839 — — 5,643,839 Other financial assets 116,982 116,982 — 116,982 — FINANCIAL LIABILITIES: Deposits 5,786,860 5,788,934 — 5,788,934 — Securities sold under agreements to repurchase 63,182 63,182 — 63,182 — Federal Funds purchased 40,000 40,000 — 40,000 — Federal Home Loan Bank borrowings 523,952 529,789 — 529,789 — Junior subordinated debentures 106,363 96,363 — — 96,363 Other financial liabilities 2,013 2,013 — 2,013 — As of December 31, 2015 Book Value 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 $ 238,694 $ 238,694 $ 238,694 $ — $ — Held-to-maturity investment securities 116,352 116,384 — 116,384 — Loans held for sale 8,072 8,144 — 8,144 — Loans, net 5,640,712 5,658,254 — — 5,658,254 Other financial assets 118,233 118,233 — 118,233 — FINANCIAL LIABILITIES: Deposits 6,040,437 6,041,239 — 6,041,239 — Securities sold under agreements to repurchase 58,215 58,215 — 58,215 — Federal Home Loan Bank borrowings 461,324 465,100 — 465,100 — Junior subordinated debentures 106,363 96,363 — — 96,363 Other financial liabilities 1,978 1,978 — 1,978 — The estimated fair values have been determined by using available quoted market information or other appropriate valuation methodologies. The aggregate fair value amounts presented do not represent the underlying value of the Company taken as a whole. The fair value estimates provided are made at a specific point in time, based on relevant market information and the characteristics of the financial instrument. The estimates do not provide for any premiums or discounts that could result from concentrations of ownership of a financial instrument. Because no active market exists for some of the Company’s financial instruments, certain fair value estimates are based on subjective judgments regarding current economic conditions, risk characteristics of the financial instruments, future expected loss experience, prepayment assumptions, and other factors. The resulting estimates involve uncertainties and therefore cannot be determined with precision. Changes made to any of the underlying assumptions could significantly affect the estimates. Cash and cash equivalents The carrying value reported in the balance sheets for cash and cash equivalents approximates fair value due to the short-term nature of their maturities and are classified as Level 1. Held-to-maturity investment securities Held-to-maturity securities currently include mortgage-backed securities. All held-to-maturity securities are fixed income instruments that are not quoted on an exchange, but may be traded in active markets. The fair value of these securities is based on quoted market prices obtained from external pricing services. The principal market for our securities portfolio is the secondary institutional market, with an exit price that is predominantly reflective of bid level pricing in that market. Accordingly, held-to-maturity securities are included in the Level 2 fair value category. Loans held for sale Loans held for sale are recorded at the lower of cost or fair value in the aggregate. Fair value estimates are based on actual commitments to sell the loans to investors at an agreed upon price or current market prices if rates have changed since the time the loan closed. Accordingly, loans held for sale are included in the Level 2 fair value category. Loans, net Fair value estimates are based on loans with similar financial characteristics. Fair values of commercial and residential mortgage loans are estimated by discounting contractual cash flows adjusted for prepayment estimates and using discount rates approximately equal to current market rates on loans with similar credit and interest rate characteristics and maturities. The fair value estimates for home equity and other loans are based on outstanding loan terms and pricing in the local markets. The method of estimating the fair value of the loans disclosed in the table above does not incorporate the exit price concept in the presentation of the fair value of these financial instruments. Net loans are included in the Level 3 fair value category based upon the inputs and valuation techniques used. Other financial assets Other financial assets consist of accrued interest and fees receivable, stock in Federal Home Loan Banks (“FHLBs”), and the cash surrender value of bank-owned life insurance, for which the carrying amount approximates fair value, and are classified as Level 2. Deposits The fair values reported for transaction accounts (demand, NOW, savings, and money market) equal their respective book values reported on the balance sheets and are classified as Level 2. The fair values disclosed are, by definition, equal to the amount payable on demand at the reporting date. The fair values for certificates of deposit are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on certificates of deposit with similar remaining maturities and are classified as Level 2. Securities sold under agreements to repurchase The fair value of securities sold under agreements to repurchase are estimated based on contractual cash flows discounted at the Bank’s incremental borrowing rate for FHLB borrowings with similar maturities and have been classified as Level 2. Federal funds purchased The carrying amount of federal funds purchased approximates fair value due to their short-term nature and have been classified as Level 2. Federal Home Loan Bank borrowings The fair value reported for FHLB borrowings is estimated based on the discounted value of contractual cash flows. The discount rate used is based on the Bank’s estimated current incremental borrowing rate for FHLB borrowings of similar maturities and have been classified as Level 2. Junior subordinated debentures The fair value of the junior subordinated debentures issued by Boston Private Capital Trust I and Boston Private Capital Trust II were estimated using Level 3 inputs such as the interest rates on these securities, current rates for similar debt, a consideration for illiquidity of trading in the debt, and regulatory changes that would result in an unfavorable change in the regulatory capital treatment of this type of debt. Other financial liabilities Other financial liabilities consist of accrued interest payable and deferred compensation for which the carrying amount approximates fair value and are classified as Level 2. Financial instruments with off-balance sheet risk The Bank’s commitments to originate loans and for unused lines and outstanding letters of credit are primarily at market interest rates and therefore, the carrying amount approximates fair value. |
Loan Portfolio and Credit Quali
Loan Portfolio and Credit Quality | 3 Months Ended |
Mar. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Financing Receivables [Text Block] | Loan Portfolio and Credit Quality The Bank’s lending activities are conducted principally in the regions of New England, San Francisco Bay Area, and Southern California. The Bank originates single and multi-family residential loans, commercial real estate loans, commercial and industrial loans, construction and land loans, and home equity and other consumer loans. Most loans are secured by borrowers’ personal or business assets. The ability of the Bank’s single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic conditions within the Bank’s lending areas. Commercial, construction, and land borrowers’ ability to repay is generally dependent upon the health of the economy and real estate values, including, in particular, the performance of the construction sector. Accordingly, the ultimate collectability of a substantial portion of the Bank’s loan portfolio is susceptible to changing conditions in the New England, San Francisco Bay Area, and Southern California economies and real estate markets. Total loans include deferred loan origination (fees)/ costs, net, of $5.9 million and $5.6 million as of March 31, 2016 and December 31, 2015 , respectively. The following table presents a summary of the loan portfolio based on the portfolio segment as of the dates indicated: March 31, December 31, 2015 (In thousands) Commercial and industrial $ 1,069,971 $ 1,111,555 Commercial real estate 1,925,519 1,914,134 Construction and land 166,674 183,434 Residential 2,216,875 2,229,540 Home equity 118,807 119,828 Consumer and other 160,335 160,721 Total Loans $ 5,658,181 $ 5,719,212 The following table presents nonaccrual loans receivable by class of receivable as of the dates indicated: March 31, December 31, 2015 (In thousands) Commercial and industrial $ 1,306 $ 1,019 Commercial real estate 11,035 11,232 Construction and land 2,850 3,297 Residential 7,831 9,661 Home equity 1,301 1,306 Consumer and other 33 56 Total $ 24,356 $ 26,571 The Bank’s policy is to discontinue the accrual of interest on a loan when the collectability of principal or interest is in doubt. In certain instances, although infrequent, loans that have become 90 days or more past due may remain on accrual status if the value of the collateral securing the loan is sufficient to cover principal and interest and the loan is in the process of collection. There were no loans 90 days or more past due, but still accruing, as of March 31, 2016 and December 31, 2015 . The Bank’s policy for returning a loan to accrual status requires the loan to be brought current and for the client to show a history of making timely payments (generally six consecutive months). For troubled debt restructured loans (“TDRs”), a return to accrual status generally requires timely payments for a period of six months in accordance with the restructured loan terms, along with meeting other criteria. The following tables show the payment status of loans by class of receivable as of the dates indicated: March 31, 2016 Accruing Past Due Nonaccrual Loans 30-59 Days Past Due 60-89 Days Past Due Total Accruing Past Due Current Payment Status 30-89 Days Past Due 90 Days or Greater Past Due Total Non-Accrual Loans Current Accruing Loans Total Loans Receivable (In thousands) Commercial and industrial $ 341 $ — $ 341 $ 1,306 $ — $ — $ 1,306 $ 1,068,324 $ 1,069,971 Commercial real estate 40 — 40 4,277 — 6,758 11,035 1,914,444 1,925,519 Construction and land — — — 129 19 2,702 2,850 163,824 166,674 Residential 7,628 — 7,628 1,008 2,150 4,673 7,831 2,201,416 2,216,875 Home equity 12 — 12 — 88 1,213 1,301 117,494 118,807 Consumer and other 253 33 286 15 7 11 33 160,016 160,335 Total $ 8,274 $ 33 $ 8,307 $ 6,735 $ 2,264 $ 15,357 $ 24,356 $ 5,625,518 $ 5,658,181 December 31, 2015 Accruing Past Due Nonaccrual Loans 30-59 Days Past Due 60-89 Days Past Due Total Accruing Past Due Current Payment Status 30-89 Days Past Due 90 Days or Greater Past Due Total Non-Accrual Loans Current Accruing Loans Total Loans Receivable (In thousands) Commercial and industrial $ 2,329 $ 338 $ 2,667 $ 726 $ — $ 293 $ 1,019 $ 1,107,869 $ 1,111,555 Commercial real estate 2,091 529 2,620 5,912 — 5,320 11,232 1,900,282 1,914,134 Construction and land — — — 149 34 3,114 3,297 180,137 183,434 Residential 6,267 873 7,140 924 874 7,863 9,661 2,212,739 2,229,540 Home equity 40 — 40 217 — 1,089 1,306 118,482 119,828 Consumer and other 235 392 627 24 9 23 56 160,038 160,721 Total $ 10,962 $ 2,132 $ 13,094 $ 7,952 $ 917 $ 17,702 $ 26,571 $ 5,679,547 $ 5,719,212 Nonaccrual and delinquent loans are affected by many factors, such as economic and business conditions, interest rates, unemployment levels, and real estate collateral values, among others. In periods of prolonged economic decline, borrowers may become more severely affected over time as liquidity levels decline and the borrower’s ability to continue to make payments deteriorates. With respect to real estate collateral values, the declines from the peak, as well as the value of the real estate at the time of origination versus the current value, can impact the level of problem loans. For instance, if the loan to value ratio at the time of renewal has increased due to the decline in the real estate value since origination, the loan may no longer meet the Bank’s underwriting standards and may be considered for classification as a problem loan dependent upon a review of risk factors. Generally when a collateral dependent loan becomes impaired, an updated appraisal of the collateral, if appropriate, is obtained. If the impaired loan has not been upgraded to a performing status within a reasonable amount of time, the Bank will continue to obtain updated appraisals as deemed necessary, especially during periods of declining property values. The past due status of a loan is determined in accordance with its contractual repayment terms. All loan types are reported past due when one scheduled payment is due and unpaid for 30 days or more. Credit Quality Indicators The Bank uses a risk rating system to monitor the credit quality of its loan portfolio. Loan classifications are assessments made by the Bank of the status of the loans based on the facts and circumstances known to the Bank, including management’s judgment, at the time of assessment. Some or all of these classifications may change in the future if there are unexpected changes in the financial condition of the borrower, including but not limited to, changes resulting from continuing deterioration in general economic conditions on a national basis or in the local markets in which the Bank operates adversely affecting, among other things, real estate values. Such conditions, as well as other factors which adversely affect borrowers’ ability to service or repay loans, typically result in changes in loan default and charge-off rates, and increased provisions for loan losses, which would adversely affect the Company’s financial performance and financial condition. These circumstances are not entirely foreseeable and, as a result, it may not be possible to accurately reflect them in the Company’s analysis of credit risk. A summary of the rating system used by the Bank, repeated here from Part II. Item 8. “Financial Statements and Supplementary Data—Note 1: Basis of Presentation and Summary of Significant Accounting Policies,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, follows: Pass - All loans graded as pass are considered acceptable credit quality by the Bank and are grouped for purposes of calculating the allowance for loan losses. Generally, only commercial loans, including commercial real estate, commercial and industrial loans, and construction and land loans are given a numerical grade. For residential, home equity and consumer loans, the Bank classifies loans as pass unless there is known information such as delinquency or client requests for modifications which, due to financial difficulty, would then generally result in a risk rating such as special mention or more severe depending on the factors. Special Mention - Loans rated in this category are defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the Bank’s credit position. These loans are currently protected but have the potential to deteriorate to a substandard rating. For commercial loans, the borrower’s financial performance may be inconsistent or below forecast, creating the possibility of liquidity problems and shrinking debt service coverage. In loans having this rating, the primary source of repayment is still good, but there is increasing reliance on collateral or guarantor support. Collectability of the loan is not yet in jeopardy. In particular, loans in this category are considered more variable than other categories, since they will typically migrate through categories more quickly. Substandard - Loans rated in this category are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. A substandard credit has a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Substandard loans may be either still accruing or nonaccruing depending upon the severity of the risk and other factors such as the value of the collateral, if any, and past due status. Doubtful - Loans rated in this category indicate that collection or liquidation in full on the basis of currently existing facts, conditions, and values, is highly questionable and improbable. Loans in this category are usually on nonaccrual and classified as impaired. The following tables present the loan portfolio’s credit risk profile by internally assigned grade and class of receivable as of the dates indicated: March 31, 2016 By Loan Grade or Nonaccrual Status Pass Special Mention Accruing Substandard Nonaccrual Loans Total (In thousands) Commercial and industrial $ 1,025,215 $ 32,547 $ 10,903 $ 1,306 $ 1,069,971 Commercial real estate 1,841,174 39,792 33,518 11,035 1,925,519 Construction and land 146,326 12,898 4,600 2,850 166,674 Residential 2,202,376 — 6,668 7,831 2,216,875 Home equity 117,506 — — 1,301 118,807 Consumer and other 158,612 1,688 2 33 160,335 Total $ 5,491,209 $ 86,925 $ 55,691 $ 24,356 $ 5,658,181 December 31, 2015 By Loan Grade or Nonaccrual Status Pass Special Mention Accruing Substandard Nonaccrual Loans Total (In thousands) Commercial and industrial $ 1,070,438 $ 28,643 $ 11,455 $ 1,019 $ 1,111,555 Commercial real estate 1,841,603 27,594 33,705 11,232 1,914,134 Construction and land 162,563 12,974 4,600 3,297 183,434 Residential 2,213,204 — 6,675 9,661 2,229,540 Home equity 118,522 — — 1,306 119,828 Consumer and other 158,686 — 1,979 56 160,721 Total $ 5,565,016 $ 69,211 $ 58,414 $ 26,571 $ 5,719,212 The following tables present, by class of receivable, the balance of impaired loans with and without a related allowance, the associated allowance for those impaired loans with a related allowance, and the total unpaid principal on impaired loans: As of and for the three months ended March 31, 2016 Recorded Investment (1) Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 2,446 $ 4,431 n/a $ 2,132 $ 12 Commercial real estate 11,900 20,038 n/a 12,017 38 Construction and land 2,850 4,446 n/a 1,520 — Residential 6,821 7,181 n/a 7,071 57 Home equity — — n/a — — Consumer and other — — n/a — — Subtotal 24,017 36,096 n/a 22,740 107 With an allowance recorded: Commercial and industrial 48 48 $ 23 22 1 Commercial real estate 7,299 7,728 671 7,323 80 Construction and land — — — 1,650 — Residential 5,578 5,578 473 6,192 43 Home equity — — — — — Consumer and other — — — — — Subtotal 12,925 13,354 1,167 15,187 124 Total: Commercial and industrial 2,494 4,479 23 2,154 13 Commercial real estate 19,199 27,766 671 19,340 118 Construction and land 2,850 4,446 — 3,170 — Residential 12,399 12,759 473 13,263 100 Home equity — — — — — Consumer and other — — — — — Total $ 36,942 $ 49,450 $ 1,167 $ 37,927 $ 231 ___________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. As of and for the three months ended March 31, 2015 Recorded Investment (1) Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 191 $ 255 n/a $ 1,555 $ 807 Commercial real estate 19,059 25,414 n/a 20,753 894 Construction and land 1,272 2,290 n/a 7,190 92 Residential 9,191 9,978 n/a 9,526 78 Home equity 50 50 n/a 50 1 Consumer and other 1,007 1,007 n/a 1,007 — Subtotal 30,770 38,994 n/a 40,081 1,872 With an allowance recorded: Commercial and industrial 941 961 $ 78 991 34 Commercial real estate 8,995 9,423 2,543 9,036 92 Construction and land 2,200 2,356 172 2,200 — Residential 7,536 7,887 1,311 7,103 49 Home equity — — — — — Consumer and other — — — — — Subtotal 19,672 20,627 4,104 19,330 175 Total: Commercial and industrial 1,132 1,216 78 2,546 841 Commercial real estate 28,054 34,837 2,543 29,789 986 Construction and land 3,472 4,646 172 9,390 92 Residential 16,727 17,865 1,311 16,629 127 Home equity 50 50 — 50 1 Consumer and other 1,007 1,007 — 1,007 — Total $ 50,442 $ 59,621 $ 4,104 $ 59,411 $ 2,047 ___________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. As of and for the year ended December 31, 2015 Recorded Investment (1) Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 2,259 $ 2,569 n/a $ 1,638 $ 836 Commercial real estate 12,116 20,113 n/a 17,885 1,494 Construction and land 1,097 2,132 n/a 3,027 92 Residential 7,788 8,576 n/a 9,384 269 Home equity — — n/a 42 2 Consumer and other — — n/a 545 61 Subtotal 23,260 33,390 n/a 32,521 2,754 With an allowance recorded: Commercial and industrial 15 15 $ 270 657 66 Commercial real estate 7,346 7,775 713 8,749 385 Construction and land 2,200 2,356 172 2,200 — Residential 6,351 6,966 474 6,940 186 Home equity — — — — — Consumer and other — — — — — Subtotal 15,912 17,112 1,629 18,546 637 Total: Commercial and industrial 2,274 2,584 270 2,295 902 Commercial real estate 19,462 27,888 713 26,634 1,879 Construction and land 3,297 4,488 172 5,227 92 Residential 14,139 15,542 474 16,324 455 Home equity — — — 42 2 Consumer and other — — — 545 61 Total $ 39,172 $ 50,502 $ 1,629 $ 51,067 $ 3,391 ___________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. When management determines that it is probable that the Bank will not collect all principal and interest on a loan in accordance with the original loan terms, the loan is designated as impaired. Loans that are designated as impaired require an analysis to determine the amount of impairment, if any. Impairment would be indicated as a result of the carrying value of the loan exceeding the estimated collateral value, less costs to sell, for collateral dependent loans or the net present value of the projected cash flow, discounted at the loan’s contractual effective interest rate, for loans not considered to be collateral dependent. Generally, shortfalls in the analysis on collateral dependent loans would result in the impairment amount being charged-off to the allowance for loan losses. Shortfalls on cash flow dependent loans may be carried as specific allocations to the general reserve unless a known loss is determined to have occurred, in which case such known loss is charged-off. Loans in the held for sale category are carried at the lower of amortized cost or estimated fair value in the aggregate and are excluded from the allowance for loan losses analysis. The Bank may, under certain circumstances, restructure loans as a concession to borrowers who are experiencing financial difficulty. Such loans are classified as TDRs and are included in impaired loans. TDRs typically result from the Bank’s loss mitigation activities which, among other things, could include rate reductions, payment extensions, and/or principal forgiveness. As of March 31, 2016 and December 31, 2015 , TDRs totaled $28.9 million and $30.6 million , respectively. As of March 31, 2016 , $17.9 million of the $28.9 million in TDRs were on accrual status. As of December 31, 2015 , $18.6 million of the $30.6 million in TDRs were on accrual status. Since all TDR loans are considered impaired loans, they are individually evaluated for impairment. The resulting impairment, if any, would have an impact on the allowance for loan losses as a specific reserve or charge-off. If, prior to the classification as a TDR, the loan was not impaired, there would have been a general or allocated reserve on the particular loan. Therefore, depending upon the result of the impairment analysis, there could be an increase or decrease in the related allowance for loan losses. Many loans initially categorized as TDRs are already on nonaccrual status and are already considered impaired. Therefore, there is generally not a material change to the allowance for loan losses when a nonaccruing loan is categorized as a TDR. The following tables present the balance of TDRs that were restructured or defaulted during the periods indicated and the types of concessions granted: As of and for the three months ended March 31, 2016 Restructured current quarter TDRs that defaulted in the # of Loans Pre- modification recorded investment Post- modification recorded investment # of Loans Post- modification recorded investment (Dollars in thousands) Commercial and industrial 1 $ 175 $ — — $ — Commercial real estate — — — — — Construction and land — — — — — Residential 1 145 145 — — Home equity — — — — — Consumer and other — — — — — Total 2 $ 320 $ 145 — $ — As of and for the three months ended March 31, 2016 Extension of term Temporary rate reduction Payment deferral Combination of concessions (1) Total concessions # of Post- cation ment # of Post- # of Post- # of Post- # of Post- (Dollars in thousands) Commercial and industrial — $ — — $ — — $ — 1 $ — 1 $ — Commercial real estate — — — — — — — — — — Construction and land — — — — — — — — — — Residential — — 1 145 — — — — 1 145 Home equity — — — — — — — — — — Consumer and other — — — — — — — — — — ______________________ (1) Combination of concessions includes loans that have had more than one modification, including extension of term, temporary reduction of interest rate, and/or payment deferral. As of and for the three months ended March 31, 2015 Restructured current quarter TDRs that defaulted in the current quarter that were restructured in prior twelve months # of Loans Pre- modification recorded investment Post- modification recorded investment # of Loans Post- modification recorded investment (Dollars in thousands) Commercial and industrial — $ — $ — — $ — Commercial real estate — — — — — Construction and land — — — — — Residential 6 382 382 — — Home equity — — — — — Consumer and other — — — — — Total 6 $ 382 $ 382 — $ — As of and for the three months ended March 31, 2015 Extension of term Temporary rate reduction Payment deferral Combination of concessions (1) Total concessions # of Post- cation ment # of Post- # of Post- # of Post- # of Post- (Dollars in thousands) Commercial and industrial — $ — — $ — — $ — — $ — — $ — Commercial real estate — — — — — — — — — — Construction and land — — — — — — — — — — Residential — — 6 382 — — — — 6 382 Home equity — — — — — — — — — — Consumer and other — — — — — — — — — — ______________________ (1) Combination of concessions includes loans that have had more than one modification, including extension of term, temporary reduction of interest rate, and/or payment deferral. |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Allowance for Loan Losses [Abstract] | |
Allowance for Credit Losses [Text Block] | Allowance for Loan Losses The allowance for loan losses is reported as a reduction of outstanding loan balances, and totaled $76.4 million and $78.5 million at March 31, 2016 and December 31, 2015 , respectively. The following tables present a summary of the changes in the allowance for loan losses for the periods indicated: As of and for the three months ended March 31, 2016 2015 (In thousands) Allowance for loan losses, beginning of period: Commercial and industrial $ 15,814 $ 14,114 Commercial real estate 44,215 43,854 Construction and land 6,322 4,041 Residential 10,544 10,374 Home equity 1,085 1,003 Consumer and other 520 382 Unallocated (1) — 2,070 Total allowance for loan losses, beginning of period 78,500 75,838 Provision/ (credit) for loan losses: Commercial and industrial (657 ) (1,981 ) Commercial real estate (1,847 ) (933 ) Construction and land (998 ) 227 Residential 591 72 Home equity (6 ) 13 Consumer and other (216 ) 130 Unallocated — (28 ) Total provision/(credit) for loan losses (3,133 ) (2,500 ) Loans charged-off: Commercial and industrial (2,108 ) — Commercial real estate — — Construction and land (400 ) — Residential (501 ) (49 ) Home equity — — Consumer and other (7 ) (5 ) Total charge-offs (3,016 ) (54 ) Recoveries on loans previously charged-off: Commercial and industrial 1,294 2,204 Commercial real estate 2,151 631 Construction and land 627 1,143 Residential — — Home equity — — Consumer and other 4 1 Total recoveries 4,076 3,979 As of and for the three months ended March 31, 2016 2015 (In thousands) Allowance for loan losses at end of period: Commercial and industrial 14,343 14,337 Commercial real estate 44,519 43,552 Construction and land 5,551 5,411 Residential 10,634 10,397 Home equity 1,079 1,016 Consumer and other 301 508 Unallocated (1) — 2,042 Total allowance for loan losses at end of period $ 76,427 $ 77,263 ______________________ (1) As of December 31, 2015, the unallocated reserve was allocated to the qualitative factors as part of the general reserves (ASC 450). The following tables present the Company’s allowance for loan losses and loan portfolio at March 31, 2016 and December 31, 2015 by portfolio segment, disaggregated by method of impairment analysis. The Company had no loans acquired with deteriorated credit quality at March 31, 2016 or December 31, 2015 . March 31, 2016 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses (In thousands) Commercial and industrial $ 2,494 $ 23 $ 1,067,477 $ 14,320 $ 1,069,971 $ 14,343 Commercial real estate 19,199 671 1,906,320 43,848 1,925,519 44,519 Construction and land 2,850 — 163,824 5,551 166,674 5,551 Residential 12,399 473 2,204,476 10,161 2,216,875 10,634 Home equity — — 118,807 1,079 118,807 1,079 Consumer — — 160,335 301 160,335 301 Total $ 36,942 $ 1,167 $ 5,621,239 $ 75,260 $ 5,658,181 $ 76,427 December 31, 2015 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses (In thousands) Commercial and industrial $ 2,274 $ 270 $ 1,109,281 $ 15,544 $ 1,111,555 $ 15,814 Commercial real estate 19,462 713 1,894,672 43,502 1,914,134 44,215 Construction and land 3,297 172 180,137 6,150 183,434 6,322 Residential 14,139 474 2,215,401 10,070 2,229,540 10,544 Home equity — — 119,828 1,085 119,828 1,085 Consumer — — 160,721 520 160,721 520 Total $ 39,172 $ 1,629 $ 5,680,040 $ 76,871 $ 5,719,212 $ 78,500 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivatives and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and, to a lesser extent, the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are generally determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to certain loans, deposits, and borrowings. The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Asset derivatives Liability derivatives Asset derivatives Liability derivatives Balance sheet location Fair value (1) Balance sheet location Fair value (1) Balance sheet location Fair value (1) Balance sheet location Fair value (1) (In thousands) Derivatives designated as hedging instruments: Interest rate products Other assets $ — Other liabilities $ (3,437 ) Other assets $ — Other liabilities $ (1,907 ) Derivatives not designated as hedging instruments: Interest rate products (2) Other assets 16,968 Other liabilities (17,702 ) Other assets 7,960 Other liabilities (8,095 ) Total $ 16,968 $ (21,139 ) $ 7,960 $ (10,002 ) ___________________ (1) For additional details, see Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements-Note 5: Fair Value Measurements.” (2) Includes Risk Participation Agreements. The following table presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations for the three months ended March 31, 2016 and 2015 : Derivatives in cash flow hedging relationships Amount of gain or (loss) recognized in OCI on derivatives (effective portion) (1) Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) three months ended March 31, three months ended March 31, 2016 2015 2016 2015 (In thousands) Interest rate products (2) $ (1,948 ) $ (1,873 ) Interest expense $ (461 ) $ (1,018 ) Total $ (1,948 ) $ (1,873 ) $ (461 ) $ (1,018 ) ___________________ (1) There was no ineffective portion as of March 31, 2016 or 2015. (2) Includes Risk Participation Agreements. The following table presents the components of the Company’s accumulated other comprehensive income/ (loss) related to the derivatives for the three months ended March 31, 2016 and 2015 : Three months ended March 31, 2016 2015 (In thousands) Accumulated other comprehensive income/ (loss) on cash flow hedges, balance at beginning of period $ (1,123 ) $ (1,923 ) Net change in unrealized gain/ (loss) on cash flow hedges (900 ) (509 ) Accumulated other comprehensive income/ (loss) on cash flow hedges, balance at end of period $ (2,023 ) $ (2,432 ) The Bank has agreements with their derivative counterparties that contain provisions where, if the Bank defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Bank could also be declared in default on its derivative obligations. The Bank was in compliance with these provisions as of March 31, 2016 and December 31, 2015 . The Bank also has agreements with certain of their derivative counterparties that contain provisions where, if the Bank fails to maintain its status as a well- or adequately-capitalized institution, then the counterparty could terminate the derivative positions and the Bank would be required to settle its obligations under the agreements. The Bank was in compliance with these provisions as of March 31, 2016 and December 31, 2015 . Certain of the Bank’s agreements with their derivative counterparties contain provisions where if specified events or conditions occur that materially change the Bank’s creditworthiness in an adverse manner, the Bank may be required to fully collateralize their obligations under the derivative instruments. The Bank was in compliance with these provisions as of March 31, 2016 and December 31, 2015 . As of March 31, 2016 and December 31, 2015 , the termination amounts related to collateral determinations of derivatives in a liability position was $21.1 million and $9.7 million , respectively. The Company has minimum collateral posting thresholds with its derivative counterparties and pledged securities with a market value of $19.9 million and $9.8 million , respectively, as of March 31, 2016 and December 31, 2015 , against its obligations under these agreements. In addition, as of December 31, 2015, the Company had posted cash collateral of $2.0 million against its obligations under these agreements. The collateral posted is typically greater than the current liability position. However, due to timing of liability position changes at period end, the funding of a collateral shortfall may take place shortly following period end. Cash Flow Hedges of Interest Rate Risk The Company’s objective in using derivatives is to add stability to interest income and expense and to manage the risk related to exposure to changes in interest rates. To accomplish this objective, the Bank entered into a total of six interest rate swaps, one during 2014 with an effective date of June 1, 2014, and five during 2013 with effective dates of December 1, 2014, September 2, 2014, June 1, 2014, March 1, 2014, and August 1, 2013. The six interest rate swaps each have a notional amount of $25 million and have terms ranging from three to six years. The Bank’s risk management objective and strategy for these interest rate swaps is to reduce its exposure to variability in interest-related cash outflows attributable to changes in the LIBOR swap rate associated with borrowing programs for each of the periods, initially expected to be accomplished with LIBOR-indexed brokered deposits, but may also include LIBOR-indexed FHLB advances. The interest rate swaps will effectively fix the Bank’s interest payments on $150 million of its LIBOR-indexed liabilities at rates between 1.17% and 2.32%, and a weighted average rate of 1.85%. The Company uses the “Hypothetical Derivative Method” described in ASC 815, Derivatives and Hedging (“ASC 815”), for quarterly prospective and retrospective assessments of hedge effectiveness, as well as for measurements of hedge ineffectiveness. Under this method, the Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transactions. The effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (“OCI”) (outside of earnings) and subsequently reclassified to earnings in interest and dividend income when the hedged transactions affect earnings. Ineffectiveness resulting from the hedge is recorded as a gain or loss in the consolidated statement of operations as part of fees and other income. There was no hedge ineffectiveness during the three months ended March 31, 2016 or 2015 . The Company also monitors the risk of counterparty default on an ongoing basis. A portion of the balance reported in accumulated other comprehensive income related to derivatives will be reclassified to interest income or expense as interest payments are made or received on the Company’s interest rate swaps. During the next twelve months, the Company estimates that $1.6 million will be reclassified as an increase in interest expense. Non-designated Hedges Derivatives not designated as hedges are not speculative and result from two different services the Bank provides to qualified commercial clients. The Bank offers certain derivative products directly to such clients. The Bank economically hedges derivative transactions executed with commercial clients by entering into mirror-image, offsetting derivatives with third parties. Derivative transactions executed as part of these programs are not designated in ASC 815-qualifying hedging relationships and are, therefore, marked-to-market through earnings each period. Because the derivatives have mirror-image contractual terms, the changes in fair value substantially offset through earnings. Fees earned in connection with the execution of derivatives related to this program are recognized in the consolidated statement of operations in other income. As of March 31, 2016 and December 31, 2015 , the Bank had 100 and 76 derivatives, respectively, related to this program, comprised of interest rate swaps and caps, with an aggregate notional amount of $672.7 million and $475.3 million , respectively. As of March 31, 2016 the Bank had one derivative with an aggregate notional amount of $ 0.1 million in a foreign currency exchange contract outstanding related to this program. There were no foreign currency exchange contracts outstanding related to this program as of December 31, 2015. In addition, as a participant lender, the Bank has guaranteed performance on a pro-rated portion of a swap executed by another financial institution. As the participant lender, the Bank is providing a partial guarantee, but is not a direct party to the related swap transaction. The Bank has no obligations under the risk participation agreement unless the borrower defaults on their swap transaction with the lead bank and the swap is in a liability position to the borrower. In that instance, the Bank has agreed to pay the lead bank a portion of the swap’s termination value at the time of the default. The derivative transaction entered into as part of this transaction is not designated, as per ASC 815, as a qualifying hedging relationship and is, therefore, marked-to-market through earnings each period. The pro-rated notional amount of this risk participation transaction was $8.3 million as of March 31, 2016 and December 31, 2015. The Bank has also participated out to another financial institution a pro-rated portion of a swap executed by the Bank. The other financial institution has no obligations under the risk participation agreement unless the borrower defaults on their swap transaction with the Bank and the swap is in a liability position to the borrower. In that instance, the other financial institution has agreed to pay the Bank a portion of the swap’s termination value at the time of the default. The derivative transaction entered into as part of this transaction is not designated, as per ASC 815, as a qualifying hedging relationship and is, therefore, marked-to-market through earnings each period. The pro-rated notional amount of this risk participation transaction was $1.9 million as of March 31, 2016. There were no risk participation agreements participated out as of December 31, 2015. The following table presents the effect of the Bank’s derivative financial instruments not designated as hedging instruments in the consolidated statement of operations for the three months ended March 31, 2016 and 2015 . Amount of gain or (loss), net, recognized in income on derivatives Derivatives not designated as hedging instruments Location of gain or (loss) recognized in income on derivative Three months ended March 31, 2016 2015 (In thousands) Interest rate products Other income/ (expense) $ (605 ) $ (6 ) Other products (1) Other income/ (expense) 6 40 Total $ (599 ) $ 34 ___________________ (1) Risk Participation Agreements. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The following table presents the components of income tax expense for continuing operations, discontinued operations, noncontrolling interests and the Company: Three months ended March 31, 2016 2015 (In thousands) Income from continuing operations: Income before income taxes $ 24,325 $ 26,490 Income tax expense 7,438 8,572 Net income from continuing operations $ 16,887 $ 17,918 Effective tax rate, continuing operations 30.6 % 32.4 % Income from discontinued operations: Income before income taxes $ 3,530 $ 3,663 Income tax expense 1,465 1,569 Net income from discontinued operations $ 2,065 $ 2,094 Effective tax rate, discontinued operations 41.5 % 42.8 % Less: Income attributable to noncontrolling interests: Income before income taxes $ 911 $ 1,229 Income tax expense — — Net income attributable to noncontrolling interests $ 911 $ 1,229 Effective tax rate, noncontrolling interests — % — % Income attributable to the Company Income before income taxes $ 26,944 $ 28,924 Income tax expense 8,903 10,141 Net income attributable to the Company $ 18,041 $ 18,783 Effective tax rate attributable to the Company 33.0 % 35.1 % The effective tax rate for continuing operations for the three months ended March 31, 2016 of 30.6% , with related tax expense of $7.4 million , was calculated based on a projected 2016 annual effective tax rate. The effective tax rate was less than the statutory rate of 35% due primarily to earnings from tax-exempt investments, income tax credits, and income attributable to noncontrolling interests. These items were partially offset by state and local income taxes. The effective tax rate for continuing operations for the three months ended March 31, 2015 of 32.4% , with related tax expense of $8.6 million , was calculated based on a projected 2015 annual effective tax rate. The effective tax rate was less than the statutory rate of 35% due primarily to earnings from tax-exempt investments, income tax credits, and income attributable to noncontrolling interests. These items were partially offset by state and local income taxes. The effective tax rate for continuing operations for the three months ended March 31, 2016 is lower than the effective tax rate for the same period in 2015 due primarily to a projected increase in earnings from tax-exempt investments and lower projected income for the full year of 2016, as compared to the similar projections as of March 31, 2015 for the full year of 2015. |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests At the Company, noncontrolling interests typically consist of equity owned by management of the Company’s respective majority-owned affiliates. Net income attributable to noncontrolling interests in the consolidated statements of operations represents the net income allocated to the noncontrolling interest owners of the affiliates. Net income allocated to the noncontrolling interest owners was $0.9 million and $1.2 million for the three month periods ended March 31, 2016 and 2015 , respectively. On the consolidated balance sheets, noncontrolling interests are included as the sum of the capital and undistributed profits allocated to the noncontrolling interest owners. Typically, this balance is included in a company’s permanent shareholders’ equity in the consolidated balance sheets. When the noncontrolling interest owners’ rights include certain redemption features, as described in ASC 480, Distinguishing Liabilities from Equity , such redeemable noncontrolling interests are classified as mezzanine equity and are not included in permanent shareholders’ equity. Due to the redemption features of the noncontrolling interests, the Company had redeemable noncontrolling interests held in mezzanine equity in the accompanying consolidated balance sheets of $16.9 million and $18.1 million at March 31, 2016 and December 31, 2015 , respectively. The aggregate amount of such redeemable noncontrolling equity interests are recorded at the estimated maximum redemption values. In addition, the Company had $3.1 million and $3.4 million in noncontrolling interests included in permanent shareholder’s equity at March 31, 2016 and December 31, 2015 , respectively. Each non-wholly owned affiliate operating agreement provides the Company and/or the noncontrolling interests with contingent call or put redemption features used for the orderly transfer of noncontrolling equity interests between the affiliate noncontrolling interest owners and the Company at either a contractually predetermined fair value; multiple of earnings before interest, taxes, depreciation, and amortization (EBITDA); or fair value. The Company may liquidate these noncontrolling interests in cash, shares of the Company’s common stock, or other forms of consideration dependent on the operating agreement. These agreements are discussed in Part II. Item 8. “Financial Statements and Supplementary Data – Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Generally, these put and call redemption features refer to shareholder rights of both the Company and the noncontrolling interest owners of the Company’s majority-owned affiliate companies. The affiliate company noncontrolling interests generally take the form of limited liability companies (LLC) units, profits interests, or common stock (collectively, the “noncontrolling equity interests”). In most circumstances, the put and call redemption features generally relate to the Company’s right and, in some cases, obligation to purchase and the noncontrolling equity interests’ right to sell their equity interests. There are various events that could cause the puts or calls to be exercised, such as a change in control, death, disability, retirement, resignation or termination. The puts and calls are generally to be exercised at the then fair value or a contractually agreed upon approximation thereof. The terms of these rights vary and are governed by the respective individual operating and legal documents. The following table presents, by affiliate, the noncontrolling interests included as redeemable noncontrolling interests and noncontrolling interests in mezzanine and permanent equity, respectively, at the periods indicated: March 31, 2016 December 31, 2015 (In thousands) Anchor $ 11,725 $ 11,907 BOS 6,079 6,744 DGHM (1) 2,250 2,830 Total $ 20,054 $ 21,481 Redeemable noncontrolling interests $ 16,938 $ 18,088 Noncontrolling interests $ 3,116 $ 3,393 ______________ (1) Only includes redeemable noncontrolling interests. The following table presents a rollforward of the Company’s redeemable noncontrolling interests and noncontrolling interests for the periods indicated: Three months ended March 31, 2016 Redeemable noncontrolling interests Noncontrolling interests (In thousands) Noncontrolling interests at beginning of period $ 18,088 $ 3,393 Net income attributable to noncontrolling interests 718 193 Distributions (616 ) (242 ) Purchases/ (sales) of ownership interests 142 — Amortization of equity compensation 111 132 Adjustments to fair value (1,505 ) (360 ) Noncontrolling interests at end of period $ 16,938 $ 3,116 Three months ended March 31, 2015 Redeemable noncontrolling interests Noncontrolling interests (In thousands) Noncontrolling interests at beginning of period $ 20,905 $ 386 Net income attributable to noncontrolling interests 1,080 149 Distributions (1,055 ) (136 ) Purchases/ (sales) of ownership interests — 419 Transfers of ownership interests from mezzanine to permanent equity (1,652 ) 1,652 Amortization of equity compensation — 118 Adjustments to fair value 633 13 Noncontrolling interests at end of period $ 19,911 $ 2,601 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income The following table presents a summary of the amounts reclassified from accumulated other comprehensive income/ (loss) for the three months ended March 31, 2016 and 2015 : Description of component of accumulated other comprehensive income/ (loss) Three months ended March 31, Affected line item in Statement of Operations 2016 2015 (In thousands) Adjustment for realized gains/ (losses) on available-for-sale securities, net: Pre-tax $ 1 $ 8 Gain on sale of investments, net Tax expense/ (benefit) — 3 Income tax expense Net $ 1 $ 5 Net income attributable to the Company Net realized gain/ (loss) on cash flow hedges: Hedge related to junior subordinated debentures: Pre-tax $ — $ (471 ) Interest expense on junior subordinated debentures Tax expense/ (benefit) — (202 ) Income tax expense Net $ — $ (269 ) Net income attributable to the Company Hedges related to deposits: Pre-tax $ (461 ) $ (547 ) Interest expense on deposits Pre-tax 42 — Other income Tax expense/ (benefit) (173 ) (225 ) Income tax expense Net $ (246 ) $ (322 ) Net income attributable to the Company Total reclassifications for the period, net of tax $ (245 ) $ (586 ) |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring In the fourth quarter of 2014, the Company incurred restructuring charges related to the acquisition of Banyan Partners, LLC. The purpose of this restructuring was to realign the management structure within the Wealth Management and Trust segment. The total cost of the restructuring incurred in Q4 2014 was $0.7 million . In 2015, the Company incurred additional restructuring charges to further refine the management structure within the Wealth Management and Trust Segment. The total cost of the restructuring charges in 2015 was $3.7 million . In Q1 2016, the Company incurred additional costs of $1.1 million in continued refinement of the management structure within the Wealth Management and Trust segment. The Company anticipates additional restructuring costs related to this plan but, as of the date of this filing, has not specifically identified or estimated such costs. Restructuring expenses incurred since the plan of restructuring was first implemented in 2014 totaled $5.6 million , all within the Wealth Management and Trust segment. The following table presents a summary of the restructuring activity for the three months ended March 31, 2016 and 2015: Severance Charges Total (In thousands) Accrued charges at December 31, 2015 $ 3,305 $ 3,305 Costs incurred 1,112 1,112 Costs paid (849 ) (849 ) Accrued charges at March 31, 2016 $ 3,568 $ 3,568 Accrued charges at December 31, 2014 $ 739 $ 739 Costs incurred — — Costs paid (489 ) (489 ) Accrued charges at March 31, 2015 $ 250 $ 250 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recent Accounting Pronouncements In January 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-04, Receivables - Troubled Debt Restructuring by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure . The amendments to this update are intended to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014 and interim periods within annual periods beginning after December 15, 2015. The Company does not expect this ASU to have a material effect on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), amending the ASC and creating a new Topic 606, Revenue from Contracts with Customers. This issuance was part of the joint project between the FASB and the International Accounting Standards Board to clarify the principles of recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The impact of ASU 2014-09 on the Company’s consolidated financial statements is not yet known. Additionally, ASU 2015-14, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) was issued in August 2015 which defers adoption to annual reporting periods beginning after December 15, 2017. In March 2016, the FASB issued ASU 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This update is intended to simplify several aspects of the accounting for employee share-based plans such as income tax consequences, classification of awards as either liabilities or equity on the balance sheet, and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those years. Although early adoption is permitted, the Company does not plan on adopting prior to 2017. The Company does not expect that this ASU will have a material effect on its consolidated financial statements although fluctuations in the Company’s stock price between issuance date and settlement date of employee share-based transactions will lead to fluctuations in earnings once this ASU is implemented. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU update is intended to increase transparency and comparability among companies by recognizing right of use lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those annual periods and is to be implemented utilizing a modified retrospective approach. The Company expects that this ASU will gross up the assets and liabilities on the balance sheet related to the lease assets and liabilities and also reclass a portion of the lease expense to interest expense rather than occupancy expense. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | The following tables present the computations of basic and diluted EPS: Three months ended March 31, 2016 2015 (In thousands, except share and per share data) Basic earnings per share - Numerator: Net income from continuing operations $ 16,887 $ 17,918 Less: Net income attributable to noncontrolling interests 911 1,229 Net income from continuing operations attributable to the Company 15,976 16,689 Decrease/ (increase) in noncontrolling interests’ redemption values (1) 580 (94 ) Dividends on preferred stock (869 ) (869 ) Total adjustments to income attributable to common shareholders (2) (289 ) (963 ) Net income from continuing operations attributable to common shareholders, treasury stock method (2) 15,687 15,726 Net income from discontinued operations (2) 2,065 2,094 Net income attributable to common shareholders, treasury stock method (2) $ 17,752 $ 17,820 Basic earnings per share - Denominator: Weighted average basic common shares outstanding 81,301,499 80,514,359 Per share data - Basic earnings per share from: Continuing operations $ 0.19 $ 0.19 Discontinued operations $ 0.03 $ 0.03 Total attributable to common shareholders $ 0.22 $ 0.22 Three months ended March 31, 2016 2015 (In thousands, except share and per share data) Diluted earnings per share - Numerator: Net income from continuing operations attributable to common shareholders, after assumed dilution (2) $ 15,687 $ 15,726 Net income from discontinued operations 2,065 2,094 Net income attributable to common shareholders, after assumed dilution $ 17,752 $ 17,820 Diluted earnings per share - Denominator: Weighted average basic common shares outstanding 81,301,499 80,514,359 Dilutive effect of: Stock options and performance-based and time-based restricted stock (2), (3) 1,224,325 1,269,211 Warrants to purchase common stock (3) 929,939 1,152,358 Dilutive common shares 2,154,264 2,421,569 Weighted average diluted common shares outstanding (2), (3) 83,455,763 82,935,928 Per share data - Diluted earnings per share from: Continuing operations $ 0.19 $ 0.19 Discontinued operations $ 0.02 $ 0.02 Total attributable to common shareholders $ 0.21 $ 0.21 Dividends per share declared and paid on common stock $ 0.10 $ 0.09 _____________________ (1) See Part II. Item 8. “Financial Statements and Supplementary Data—Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption value from period to period reduces income attributable to common shareholders. Decreases in redemption value from period to period increase income attributable to common shareholders, but only to the extent that the cumulative change in redemption value remains a cumulative increase since adoption of this standard in the first quarter of 2009. (2) The Company presents its EPS based on the treasury stock method. The Company reverted to the treasury stock presentation from the two-class presentation due to the immaterial number of participating shares outstanding as of March 31, 2016. If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand , and the allocation of net income to participating securities would have been $6 thousand , reducing net income attributable to common shareholders by a total of $10 thousand . Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 37,298 shares . Diluted EPS would not change. If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $43 thousand , and the allocation of net income to participating securities would have been $60 thousand , reducing net income attributable to common shareholders by a total of $103 thousand . Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 341,603 shares . Diluted EPS would not change. (3) The diluted EPS computations for the three months ended March 31, 2016 and 2015 do not assume the conversion, exercise, or contingent issuance of the following shares for the following periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: Three months ended March 31, (In thousands) 2016 2015 Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding): Potential common shares from: Stock options, restricted stock, or other dilutive securities 387 660 Total shares excluded due to exercise price exceeding the average market price of common shares during the period 387 660 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present a reconciliation of the revenues, profits, assets, and other significant items of reportable segments as of and for the three months ended March 31, 2016 and 2015 . Interest expense on junior subordinated debentures is reported at the Holding Company. Three months ended March 31, 2016 2015 Private Banking (In thousands) Net interest income $ 50,420 $ 46,990 Fees and other income 3,378 2,784 Total revenues 53,798 49,774 Provision/ (credit) for loan losses (3,133 ) (2,500 ) Operating expense 31,275 28,805 Income before income taxes 25,656 23,469 Income tax expense 8,374 7,768 Net income from continuing operations 17,282 15,701 Net income attributable to the Company $ 17,282 $ 15,701 Assets $ 7,250,371 $ 6,688,472 Amortization of intangibles $ — $ 46 Depreciation $ 1,146 $ 1,205 Three months ended March 31, 2016 2015 Wealth Management and Trust (In thousands) Fees and other income $ 11,056 $ 13,957 Operating expense (1) 15,852 12,331 Income/ (loss) before income taxes (4,796 ) 1,626 Income tax expense/ (benefit) (1,939 ) 694 Net income/ (loss) from continuing operations (2,857 ) 932 Net income/ (loss) attributable to the Company $ (2,857 ) $ 932 Assets $ 84,253 $ 79,139 AUM $ 7,137,000 $ 9,305,000 Amortization of intangibles $ 745 $ 571 Depreciation $ 231 $ 187 Three months ended March 31, 2016 2015 Investment Management (In thousands) Net interest income $ 4 $ 6 Fees and other income 10,659 11,722 Total revenues 10,663 11,728 Operating expense 8,024 8,686 Income before income taxes 2,639 3,042 Income tax expense 879 1,002 Net income from continuing operations 1,760 2,040 Noncontrolling interests 477 637 Net income attributable to the Company $ 1,283 $ 1,403 Assets $ 93,396 $ 101,036 AUM $ 9,838,000 $ 10,730,000 Amortization of intangibles $ 650 $ 739 Depreciation $ 73 $ 70 Three months ended March 31, 2016 2015 Wealth Advisory (In thousands) Net interest income $ 3 $ 2 Fees and other income 12,742 12,707 Total revenues 12,745 12,709 Operating expense 9,694 9,132 Income before income taxes 3,051 3,577 Income tax expense 1,148 1,321 Net income from continuing operations 1,903 2,256 Noncontrolling interests 434 588 Net income attributable to the Company $ 1,469 $ 1,668 Assets $ 74,901 $ 76,042 AUM $ 9,857,000 $ 10,012,000 Amortization of intangibles $ 191 $ 246 Depreciation $ 215 $ 211 Three months ended March 31, 2016 2015 Holding Company and Eliminations (In thousands) Net interest income $ (548 ) $ (926 ) Fees and other income 187 175 Total revenues (361 ) (751 ) Operating expense 1,864 4,473 Income/ (loss) before income taxes (2,225 ) (5,224 ) Income tax expense/ (benefit) (1,024 ) (2,213 ) Net income/ (loss) from continuing operations (1,201 ) (3,011 ) Noncontrolling interests — 4 Discontinued operations (2) 2,065 2,094 Net income/ (loss) attributable to the Company $ 864 $ (921 ) Assets $ (89,258 ) $ (74,917 ) AUM $ (21,000 ) $ (22,000 ) Depreciation $ 11 $ 31 Three months ended March 31, 2016 2015 Total Company (In thousands) Net interest income $ 49,879 $ 46,072 Fees and other income 38,022 41,345 Total revenues 87,901 87,417 Provision/ (credit) for loan losses (3,133 ) (2,500 ) Operating expense 66,709 63,427 Income before income taxes 24,325 26,490 Income tax expense 7,438 8,572 Net income from continuing operations 16,887 17,918 Noncontrolling interests 911 1,229 Discontinued operations 2,065 2,094 Net income attributable to the Company $ 18,041 $ 18,783 Assets $ 7,413,663 $ 6,869,772 AUM $ 26,811,000 $ 30,025,000 Amortization of intangibles $ 1,586 $ 1,602 Depreciation $ 1,676 $ 1,704 ____________ (1) Operating expense for 2016 includes $1.1 million in restructuring expenses related to the Wealth Management and Trust segment. Operating expense for 2015 includes no restructuring expenses. (2) Net income from discontinued operations for the three month periods ended March 31, 2016 and 2015 of $2.1 million in both periods is included in Holding Company and Eliminations in the calculation of net income attributable to the Company. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The following table presents a summary of investment securities: Amortized Cost Unrealized Fair Value Gains Losses (In thousands) As of March 31, 2016 Available-for-sale securities at fair value: U.S. government and agencies $ 30,911 $ 481 $ (4 ) $ 31,388 Government-sponsored entities 344,945 5,585 — 350,530 Municipal bonds 264,375 7,334 (95 ) 271,614 Mortgage-backed securities (1) 477,488 3,657 (1,595 ) 479,550 Other 18,161 291 (5 ) 18,447 Total $ 1,135,880 $ 17,348 $ (1,699 ) $ 1,151,529 Held-to-maturity securities at amortized cost: Mortgage-backed securities (1) $ 111,337 $ 1,524 $ — $ 112,861 Total $ 111,337 $ 1,524 $ — $ 112,861 As of December 31, 2015 Available-for-sale securities at fair value: U.S. government and agencies $ 21,214 $ 64 $ (27 ) $ 21,251 Government-sponsored entities 345,033 874 (1,345 ) 344,562 Municipal bonds 263,661 5,099 (116 ) 268,644 Mortgage-backed securities (1) 431,446 1,329 (5,734 ) 427,041 Other 22,751 268 (7 ) 23,012 Total $ 1,084,105 $ 7,634 $ (7,229 ) $ 1,084,510 Held-to-maturity securities at amortized cost: Mortgage-backed securities (1) $ 116,352 $ 294 $ (262 ) $ 116,384 Total $ 116,352 $ 294 $ (262 ) $ 116,384 ___________________ (1) All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table presents the maturities of available-for-sale investment securities, based on contractual maturity, as of March 31, 2016 . Certain securities are callable before their final maturity. Additionally, certain securities (such as mortgage-backed securities) are shown within the table below based on their final (contractual) maturity, but due to prepayments and amortization are expected to have shorter lives. Available-for-sale Securities Amortized cost Fair value (In thousands) Within one year $ 78,573 $ 78,999 After one, but within five years 339,665 345,000 After five, but within ten years 199,337 203,373 Greater than ten years 518,305 524,157 Total $ 1,135,880 $ 1,151,529 The following table presents the maturities of held-to-maturity investment securities, based on contractual maturity, as of March 31, 2016 . Held-to-maturity Securities Amortized cost Fair value (In thousands) Within one year $ — $ — After one, but within five years — — After five, but within ten years — — Greater than ten years 111,337 112,861 Total $ 111,337 $ 112,861 |
Realized Gain (Loss) on Investments [Table Text Block] | The following table presents the proceeds from sales, gross realized gains and gross realized losses for available-for-sale securities that were sold during the following periods: Three months ended March 31, 2016 2015 (In thousands) Proceeds from sales $ 15,292 $ 5,015 Realized gains 2 8 Realized losses (1 ) — |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table presents information regarding securities as of March 31, 2016 having temporary impairment, due to the fair values having declined below the amortized cost of the individual securities, and the time period that the investments have been temporarily impaired. Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses # of securities Available-for-sale securities (In thousands) U.S. government and agencies $ — $ — $ 729 $ (4 ) $ 729 $ (4 ) 2 Government-sponsored entities — — — — — — — Municipal bonds 10,635 (29 ) 2,772 (66 ) 13,407 (95 ) 10 Mortgage-backed securities (1) 26,422 (150 ) 101,846 (1,445 ) 128,268 (1,595 ) 38 Other 70 (3 ) 12 (2 ) 82 (5 ) 9 Total $ 37,127 $ (182 ) $ 105,359 $ (1,517 ) $ 142,486 $ (1,699 ) 59 Held-to-maturity securities Mortgage-backed securities (1) $ — $ — $ — $ — $ — $ — — Total $ — $ — $ — $ — $ — $ — — ___________________ (1) All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 , aggregated by the level in the fair value hierarchy within which those measurements fall: As of March 31, 2016 Fair value measurements at reporting date using: Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Assets: Available-for-sale securities: U.S. government and agencies $ 31,388 $ 30,659 $ 729 $ — Government-sponsored entities 350,530 — 350,530 — Municipal bonds 271,614 — 271,614 — Mortgage-backed securities 479,550 — 479,550 — Other 18,447 18,447 — — Total available-for-sale securities 1,151,529 49,106 1,102,423 — Derivatives - interest rate customer swaps 16,952 — 16,952 — Derivatives - risk participation agreement 16 — 16 — Other investments 5,842 5,842 — — Liabilities: Derivatives - interest rate customer swaps $ 17,682 $ — $ 17,682 $ — Derivatives - interest rate swaps 3,437 — 3,437 — Derivatives - risk participation agreement 20 — 20 — Other liabilities 5,842 5,842 — — Fair value measurements at reporting date using: As of December 31, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Assets: Available-for-sale securities: U.S. government and agencies $ 21,251 $ 20,251 $ 1,000 $ — Government-sponsored entities 344,562 — 344,562 — Municipal bonds 268,644 — 268,644 — Mortgage-backed securities 427,041 — 427,041 — Other 23,012 23,012 — — Total available-for-sale securities 1,084,510 43,263 1,041,247 — Derivatives - interest rate customer swaps 7,960 — 7,960 — Other investments 5,602 5,602 — — Liabilities: Derivatives - interest rate customer swaps $ 8,084 $ — $ 8,084 $ — Derivatives - interest rate swaps 1,907 — 1,907 — Derivatives - risk participation agreement 11 — 11 — Other liabilities 5,602 5,602 — — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | The following tables present the Company’s assets and liabilities measured at fair value on a non-recurring basis during the periods ended March 31, 2016 and 2015 , respectively, aggregated by the level in the fair value hierarchy within which those measurements fall: As of March 31, 2016 Fair value measurements at reporting date using: Gain (losses) from fair value changes Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Three months ended March 31, 2016 (In thousands) Assets: Impaired loans (1) $ 2,428 $ — $ — $ 2,428 $ (1,564 ) ___________________ (1) Collateral-dependent impaired loans held at March 31, 2016 that had write-downs in fair value or whose specific reserve changed during the first three months of 2016 . As of March 31, 2015 Fair value measurements at reporting date using: Gain (losses) from fair value changes Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Three months ended March 31, 2015 (In thousands) Assets: Impaired loans (1) $ 757 $ — $ — $ 757 $ — ________________ (1) Collateral-dependent impaired loans held at March 31, 2015 that had write-downs in fair value or whose specific reserve changed during the first three months of 2015 . |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Table Text Block] | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value: As of March 31, 2016 Fair Value Valuation technique Unobservable Input Range of Inputs Utilized Weighted Average of Inputs Utilized (In thousands) Impaired Loans $ 2,428 Appraisals of Collateral Discount for costs to sell 0% - 7% 5% Appraisal adjustments 10% - 33% 16% As of March 31, 2015 Fair Value Valuation technique Unobservable Input Range of Inputs Utilized Weighted Average of Inputs Utilized (In thousands) Impaired Loans $ 757 Appraisals of Collateral Discount for costs to sell 11% 11% Appraisal adjustments 0% —% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following tables present the carrying values and fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis (other than certain loans, as noted below): As of March 31, 2016 Book Value 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 $ 113,946 $ 113,946 $ 113,946 $ — $ — Held-to-maturity investment securities 111,337 112,861 — 112,861 — Loans held for sale 5,383 5,490 — 5,490 — Loans, net 5,581,754 5,643,839 — — 5,643,839 Other financial assets 116,982 116,982 — 116,982 — FINANCIAL LIABILITIES: Deposits 5,786,860 5,788,934 — 5,788,934 — Securities sold under agreements to repurchase 63,182 63,182 — 63,182 — Federal Funds purchased 40,000 40,000 — 40,000 — Federal Home Loan Bank borrowings 523,952 529,789 — 529,789 — Junior subordinated debentures 106,363 96,363 — — 96,363 Other financial liabilities 2,013 2,013 — 2,013 — As of December 31, 2015 Book Value 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 $ 238,694 $ 238,694 $ 238,694 $ — $ — Held-to-maturity investment securities 116,352 116,384 — 116,384 — Loans held for sale 8,072 8,144 — 8,144 — Loans, net 5,640,712 5,658,254 — — 5,658,254 Other financial assets 118,233 118,233 — 118,233 — FINANCIAL LIABILITIES: Deposits 6,040,437 6,041,239 — 6,041,239 — Securities sold under agreements to repurchase 58,215 58,215 — 58,215 — Federal Home Loan Bank borrowings 461,324 465,100 — 465,100 — Junior subordinated debentures 106,363 96,363 — — 96,363 Other financial liabilities 1,978 1,978 — 1,978 — |
Loan Portfolio and Credit Qua26
Loan Portfolio and Credit Quality (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table presents a summary of the loan portfolio based on the portfolio segment as of the dates indicated: March 31, December 31, 2015 (In thousands) Commercial and industrial $ 1,069,971 $ 1,111,555 Commercial real estate 1,925,519 1,914,134 Construction and land 166,674 183,434 Residential 2,216,875 2,229,540 Home equity 118,807 119,828 Consumer and other 160,335 160,721 Total Loans $ 5,658,181 $ 5,719,212 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following table presents nonaccrual loans receivable by class of receivable as of the dates indicated: March 31, December 31, 2015 (In thousands) Commercial and industrial $ 1,306 $ 1,019 Commercial real estate 11,035 11,232 Construction and land 2,850 3,297 Residential 7,831 9,661 Home equity 1,301 1,306 Consumer and other 33 56 Total $ 24,356 $ 26,571 |
Past Due Financing Receivables [Table Text Block] | The following tables show the payment status of loans by class of receivable as of the dates indicated: March 31, 2016 Accruing Past Due Nonaccrual Loans 30-59 Days Past Due 60-89 Days Past Due Total Accruing Past Due Current Payment Status 30-89 Days Past Due 90 Days or Greater Past Due Total Non-Accrual Loans Current Accruing Loans Total Loans Receivable (In thousands) Commercial and industrial $ 341 $ — $ 341 $ 1,306 $ — $ — $ 1,306 $ 1,068,324 $ 1,069,971 Commercial real estate 40 — 40 4,277 — 6,758 11,035 1,914,444 1,925,519 Construction and land — — — 129 19 2,702 2,850 163,824 166,674 Residential 7,628 — 7,628 1,008 2,150 4,673 7,831 2,201,416 2,216,875 Home equity 12 — 12 — 88 1,213 1,301 117,494 118,807 Consumer and other 253 33 286 15 7 11 33 160,016 160,335 Total $ 8,274 $ 33 $ 8,307 $ 6,735 $ 2,264 $ 15,357 $ 24,356 $ 5,625,518 $ 5,658,181 December 31, 2015 Accruing Past Due Nonaccrual Loans 30-59 Days Past Due 60-89 Days Past Due Total Accruing Past Due Current Payment Status 30-89 Days Past Due 90 Days or Greater Past Due Total Non-Accrual Loans Current Accruing Loans Total Loans Receivable (In thousands) Commercial and industrial $ 2,329 $ 338 $ 2,667 $ 726 $ — $ 293 $ 1,019 $ 1,107,869 $ 1,111,555 Commercial real estate 2,091 529 2,620 5,912 — 5,320 11,232 1,900,282 1,914,134 Construction and land — — — 149 34 3,114 3,297 180,137 183,434 Residential 6,267 873 7,140 924 874 7,863 9,661 2,212,739 2,229,540 Home equity 40 — 40 217 — 1,089 1,306 118,482 119,828 Consumer and other 235 392 627 24 9 23 56 160,038 160,721 Total $ 10,962 $ 2,132 $ 13,094 $ 7,952 $ 917 $ 17,702 $ 26,571 $ 5,679,547 $ 5,719,212 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables present the loan portfolio’s credit risk profile by internally assigned grade and class of receivable as of the dates indicated: March 31, 2016 By Loan Grade or Nonaccrual Status Pass Special Mention Accruing Substandard Nonaccrual Loans Total (In thousands) Commercial and industrial $ 1,025,215 $ 32,547 $ 10,903 $ 1,306 $ 1,069,971 Commercial real estate 1,841,174 39,792 33,518 11,035 1,925,519 Construction and land 146,326 12,898 4,600 2,850 166,674 Residential 2,202,376 — 6,668 7,831 2,216,875 Home equity 117,506 — — 1,301 118,807 Consumer and other 158,612 1,688 2 33 160,335 Total $ 5,491,209 $ 86,925 $ 55,691 $ 24,356 $ 5,658,181 December 31, 2015 By Loan Grade or Nonaccrual Status Pass Special Mention Accruing Substandard Nonaccrual Loans Total (In thousands) Commercial and industrial $ 1,070,438 $ 28,643 $ 11,455 $ 1,019 $ 1,111,555 Commercial real estate 1,841,603 27,594 33,705 11,232 1,914,134 Construction and land 162,563 12,974 4,600 3,297 183,434 Residential 2,213,204 — 6,675 9,661 2,229,540 Home equity 118,522 — — 1,306 119,828 Consumer and other 158,686 — 1,979 56 160,721 Total $ 5,565,016 $ 69,211 $ 58,414 $ 26,571 $ 5,719,212 |
Impaired Financing Receivables [Table Text Block] | The following tables present, by class of receivable, the balance of impaired loans with and without a related allowance, the associated allowance for those impaired loans with a related allowance, and the total unpaid principal on impaired loans: As of and for the three months ended March 31, 2016 Recorded Investment (1) Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 2,446 $ 4,431 n/a $ 2,132 $ 12 Commercial real estate 11,900 20,038 n/a 12,017 38 Construction and land 2,850 4,446 n/a 1,520 — Residential 6,821 7,181 n/a 7,071 57 Home equity — — n/a — — Consumer and other — — n/a — — Subtotal 24,017 36,096 n/a 22,740 107 With an allowance recorded: Commercial and industrial 48 48 $ 23 22 1 Commercial real estate 7,299 7,728 671 7,323 80 Construction and land — — — 1,650 — Residential 5,578 5,578 473 6,192 43 Home equity — — — — — Consumer and other — — — — — Subtotal 12,925 13,354 1,167 15,187 124 Total: Commercial and industrial 2,494 4,479 23 2,154 13 Commercial real estate 19,199 27,766 671 19,340 118 Construction and land 2,850 4,446 — 3,170 — Residential 12,399 12,759 473 13,263 100 Home equity — — — — — Consumer and other — — — — — Total $ 36,942 $ 49,450 $ 1,167 $ 37,927 $ 231 ___________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. As of and for the three months ended March 31, 2015 Recorded Investment (1) Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 191 $ 255 n/a $ 1,555 $ 807 Commercial real estate 19,059 25,414 n/a 20,753 894 Construction and land 1,272 2,290 n/a 7,190 92 Residential 9,191 9,978 n/a 9,526 78 Home equity 50 50 n/a 50 1 Consumer and other 1,007 1,007 n/a 1,007 — Subtotal 30,770 38,994 n/a 40,081 1,872 With an allowance recorded: Commercial and industrial 941 961 $ 78 991 34 Commercial real estate 8,995 9,423 2,543 9,036 92 Construction and land 2,200 2,356 172 2,200 — Residential 7,536 7,887 1,311 7,103 49 Home equity — — — — — Consumer and other — — — — — Subtotal 19,672 20,627 4,104 19,330 175 Total: Commercial and industrial 1,132 1,216 78 2,546 841 Commercial real estate 28,054 34,837 2,543 29,789 986 Construction and land 3,472 4,646 172 9,390 92 Residential 16,727 17,865 1,311 16,629 127 Home equity 50 50 — 50 1 Consumer and other 1,007 1,007 — 1,007 — Total $ 50,442 $ 59,621 $ 4,104 $ 59,411 $ 2,047 ___________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. As of and for the year ended December 31, 2015 Recorded Investment (1) Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 2,259 $ 2,569 n/a $ 1,638 $ 836 Commercial real estate 12,116 20,113 n/a 17,885 1,494 Construction and land 1,097 2,132 n/a 3,027 92 Residential 7,788 8,576 n/a 9,384 269 Home equity — — n/a 42 2 Consumer and other — — n/a 545 61 Subtotal 23,260 33,390 n/a 32,521 2,754 With an allowance recorded: Commercial and industrial 15 15 $ 270 657 66 Commercial real estate 7,346 7,775 713 8,749 385 Construction and land 2,200 2,356 172 2,200 — Residential 6,351 6,966 474 6,940 186 Home equity — — — — — Consumer and other — — — — — Subtotal 15,912 17,112 1,629 18,546 637 Total: Commercial and industrial 2,274 2,584 270 2,295 902 Commercial real estate 19,462 27,888 713 26,634 1,879 Construction and land 3,297 4,488 172 5,227 92 Residential 14,139 15,542 474 16,324 455 Home equity — — — 42 2 Consumer and other — — — 545 61 Total $ 39,172 $ 50,502 $ 1,629 $ 51,067 $ 3,391 ___________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. The following tables present the Company’s allowance for loan losses and loan portfolio at March 31, 2016 and December 31, 2015 by portfolio segment, disaggregated by method of impairment analysis. The Company had no loans acquired with deteriorated credit quality at March 31, 2016 or December 31, 2015 . March 31, 2016 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses (In thousands) Commercial and industrial $ 2,494 $ 23 $ 1,067,477 $ 14,320 $ 1,069,971 $ 14,343 Commercial real estate 19,199 671 1,906,320 43,848 1,925,519 44,519 Construction and land 2,850 — 163,824 5,551 166,674 5,551 Residential 12,399 473 2,204,476 10,161 2,216,875 10,634 Home equity — — 118,807 1,079 118,807 1,079 Consumer — — 160,335 301 160,335 301 Total $ 36,942 $ 1,167 $ 5,621,239 $ 75,260 $ 5,658,181 $ 76,427 December 31, 2015 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses (In thousands) Commercial and industrial $ 2,274 $ 270 $ 1,109,281 $ 15,544 $ 1,111,555 $ 15,814 Commercial real estate 19,462 713 1,894,672 43,502 1,914,134 44,215 Construction and land 3,297 172 180,137 6,150 183,434 6,322 Residential 14,139 474 2,215,401 10,070 2,229,540 10,544 Home equity — — 119,828 1,085 119,828 1,085 Consumer — — 160,721 520 160,721 520 Total $ 39,172 $ 1,629 $ 5,680,040 $ 76,871 $ 5,719,212 $ 78,500 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following tables present the balance of TDRs that were restructured or defaulted during the periods indicated and the types of concessions granted: As of and for the three months ended March 31, 2016 Restructured current quarter TDRs that defaulted in the # of Loans Pre- modification recorded investment Post- modification recorded investment # of Loans Post- modification recorded investment (Dollars in thousands) Commercial and industrial 1 $ 175 $ — — $ — Commercial real estate — — — — — Construction and land — — — — — Residential 1 145 145 — — Home equity — — — — — Consumer and other — — — — — Total 2 $ 320 $ 145 — $ — As of and for the three months ended March 31, 2016 Extension of term Temporary rate reduction Payment deferral Combination of concessions (1) Total concessions # of Post- cation ment # of Post- # of Post- # of Post- # of Post- (Dollars in thousands) Commercial and industrial — $ — — $ — — $ — 1 $ — 1 $ — Commercial real estate — — — — — — — — — — Construction and land — — — — — — — — — — Residential — — 1 145 — — — — 1 145 Home equity — — — — — — — — — — Consumer and other — — — — — — — — — — ______________________ (1) Combination of concessions includes loans that have had more than one modification, including extension of term, temporary reduction of interest rate, and/or payment deferral. As of and for the three months ended March 31, 2015 Restructured current quarter TDRs that defaulted in the current quarter that were restructured in prior twelve months # of Loans Pre- modification recorded investment Post- modification recorded investment # of Loans Post- modification recorded investment (Dollars in thousands) Commercial and industrial — $ — $ — — $ — Commercial real estate — — — — — Construction and land — — — — — Residential 6 382 382 — — Home equity — — — — — Consumer and other — — — — — Total 6 $ 382 $ 382 — $ — As of and for the three months ended March 31, 2015 Extension of term Temporary rate reduction Payment deferral Combination of concessions (1) Total concessions # of Post- cation ment # of Post- # of Post- # of Post- # of Post- (Dollars in thousands) Commercial and industrial — $ — — $ — — $ — — $ — — $ — Commercial real estate — — — — — — — — — — Construction and land — — — — — — — — — — Residential — — 6 382 — — — — 6 382 Home equity — — — — — — — — — — Consumer and other — — — — — — — — — — ______________________ (1) Combination of concessions includes loans that have had more than one modification, including extension of term, temporary reduction of interest rate, and/or payment deferral. |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Allowance for Loan Losses [Abstract] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables present a summary of the changes in the allowance for loan losses for the periods indicated: As of and for the three months ended March 31, 2016 2015 (In thousands) Allowance for loan losses, beginning of period: Commercial and industrial $ 15,814 $ 14,114 Commercial real estate 44,215 43,854 Construction and land 6,322 4,041 Residential 10,544 10,374 Home equity 1,085 1,003 Consumer and other 520 382 Unallocated (1) — 2,070 Total allowance for loan losses, beginning of period 78,500 75,838 Provision/ (credit) for loan losses: Commercial and industrial (657 ) (1,981 ) Commercial real estate (1,847 ) (933 ) Construction and land (998 ) 227 Residential 591 72 Home equity (6 ) 13 Consumer and other (216 ) 130 Unallocated — (28 ) Total provision/(credit) for loan losses (3,133 ) (2,500 ) Loans charged-off: Commercial and industrial (2,108 ) — Commercial real estate — — Construction and land (400 ) — Residential (501 ) (49 ) Home equity — — Consumer and other (7 ) (5 ) Total charge-offs (3,016 ) (54 ) Recoveries on loans previously charged-off: Commercial and industrial 1,294 2,204 Commercial real estate 2,151 631 Construction and land 627 1,143 Residential — — Home equity — — Consumer and other 4 1 Total recoveries 4,076 3,979 As of and for the three months ended March 31, 2016 2015 (In thousands) Allowance for loan losses at end of period: Commercial and industrial 14,343 14,337 Commercial real estate 44,519 43,552 Construction and land 5,551 5,411 Residential 10,634 10,397 Home equity 1,079 1,016 Consumer and other 301 508 Unallocated (1) — 2,042 Total allowance for loan losses at end of period $ 76,427 $ 77,263 ______________________ (1) As of December 31, 2015, the unallocated reserve was allocated to the qualitative factors as part of the general reserves (ASC 450). |
Impaired Financing Receivables [Table Text Block] | The following tables present, by class of receivable, the balance of impaired loans with and without a related allowance, the associated allowance for those impaired loans with a related allowance, and the total unpaid principal on impaired loans: As of and for the three months ended March 31, 2016 Recorded Investment (1) Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 2,446 $ 4,431 n/a $ 2,132 $ 12 Commercial real estate 11,900 20,038 n/a 12,017 38 Construction and land 2,850 4,446 n/a 1,520 — Residential 6,821 7,181 n/a 7,071 57 Home equity — — n/a — — Consumer and other — — n/a — — Subtotal 24,017 36,096 n/a 22,740 107 With an allowance recorded: Commercial and industrial 48 48 $ 23 22 1 Commercial real estate 7,299 7,728 671 7,323 80 Construction and land — — — 1,650 — Residential 5,578 5,578 473 6,192 43 Home equity — — — — — Consumer and other — — — — — Subtotal 12,925 13,354 1,167 15,187 124 Total: Commercial and industrial 2,494 4,479 23 2,154 13 Commercial real estate 19,199 27,766 671 19,340 118 Construction and land 2,850 4,446 — 3,170 — Residential 12,399 12,759 473 13,263 100 Home equity — — — — — Consumer and other — — — — — Total $ 36,942 $ 49,450 $ 1,167 $ 37,927 $ 231 ___________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. As of and for the three months ended March 31, 2015 Recorded Investment (1) Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 191 $ 255 n/a $ 1,555 $ 807 Commercial real estate 19,059 25,414 n/a 20,753 894 Construction and land 1,272 2,290 n/a 7,190 92 Residential 9,191 9,978 n/a 9,526 78 Home equity 50 50 n/a 50 1 Consumer and other 1,007 1,007 n/a 1,007 — Subtotal 30,770 38,994 n/a 40,081 1,872 With an allowance recorded: Commercial and industrial 941 961 $ 78 991 34 Commercial real estate 8,995 9,423 2,543 9,036 92 Construction and land 2,200 2,356 172 2,200 — Residential 7,536 7,887 1,311 7,103 49 Home equity — — — — — Consumer and other — — — — — Subtotal 19,672 20,627 4,104 19,330 175 Total: Commercial and industrial 1,132 1,216 78 2,546 841 Commercial real estate 28,054 34,837 2,543 29,789 986 Construction and land 3,472 4,646 172 9,390 92 Residential 16,727 17,865 1,311 16,629 127 Home equity 50 50 — 50 1 Consumer and other 1,007 1,007 — 1,007 — Total $ 50,442 $ 59,621 $ 4,104 $ 59,411 $ 2,047 ___________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. As of and for the year ended December 31, 2015 Recorded Investment (1) Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 2,259 $ 2,569 n/a $ 1,638 $ 836 Commercial real estate 12,116 20,113 n/a 17,885 1,494 Construction and land 1,097 2,132 n/a 3,027 92 Residential 7,788 8,576 n/a 9,384 269 Home equity — — n/a 42 2 Consumer and other — — n/a 545 61 Subtotal 23,260 33,390 n/a 32,521 2,754 With an allowance recorded: Commercial and industrial 15 15 $ 270 657 66 Commercial real estate 7,346 7,775 713 8,749 385 Construction and land 2,200 2,356 172 2,200 — Residential 6,351 6,966 474 6,940 186 Home equity — — — — — Consumer and other — — — — — Subtotal 15,912 17,112 1,629 18,546 637 Total: Commercial and industrial 2,274 2,584 270 2,295 902 Commercial real estate 19,462 27,888 713 26,634 1,879 Construction and land 3,297 4,488 172 5,227 92 Residential 14,139 15,542 474 16,324 455 Home equity — — — 42 2 Consumer and other — — — 545 61 Total $ 39,172 $ 50,502 $ 1,629 $ 51,067 $ 3,391 ___________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. The following tables present the Company’s allowance for loan losses and loan portfolio at March 31, 2016 and December 31, 2015 by portfolio segment, disaggregated by method of impairment analysis. The Company had no loans acquired with deteriorated credit quality at March 31, 2016 or December 31, 2015 . March 31, 2016 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses (In thousands) Commercial and industrial $ 2,494 $ 23 $ 1,067,477 $ 14,320 $ 1,069,971 $ 14,343 Commercial real estate 19,199 671 1,906,320 43,848 1,925,519 44,519 Construction and land 2,850 — 163,824 5,551 166,674 5,551 Residential 12,399 473 2,204,476 10,161 2,216,875 10,634 Home equity — — 118,807 1,079 118,807 1,079 Consumer — — 160,335 301 160,335 301 Total $ 36,942 $ 1,167 $ 5,621,239 $ 75,260 $ 5,658,181 $ 76,427 December 31, 2015 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses (In thousands) Commercial and industrial $ 2,274 $ 270 $ 1,109,281 $ 15,544 $ 1,111,555 $ 15,814 Commercial real estate 19,462 713 1,894,672 43,502 1,914,134 44,215 Construction and land 3,297 172 180,137 6,150 183,434 6,322 Residential 14,139 474 2,215,401 10,070 2,229,540 10,544 Home equity — — 119,828 1,085 119,828 1,085 Consumer — — 160,721 520 160,721 520 Total $ 39,172 $ 1,629 $ 5,680,040 $ 76,871 $ 5,719,212 $ 78,500 |
Derivatives and Hedging Activ28
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Asset derivatives Liability derivatives Asset derivatives Liability derivatives Balance sheet location Fair value (1) Balance sheet location Fair value (1) Balance sheet location Fair value (1) Balance sheet location Fair value (1) (In thousands) Derivatives designated as hedging instruments: Interest rate products Other assets $ — Other liabilities $ (3,437 ) Other assets $ — Other liabilities $ (1,907 ) Derivatives not designated as hedging instruments: Interest rate products (2) Other assets 16,968 Other liabilities (17,702 ) Other assets 7,960 Other liabilities (8,095 ) Total $ 16,968 $ (21,139 ) $ 7,960 $ (10,002 ) ___________________ (1) For additional details, see Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements-Note 5: Fair Value Measurements.” (2) Includes Risk Participation Agreements. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations for the three months ended March 31, 2016 and 2015 : Derivatives in cash flow hedging relationships Amount of gain or (loss) recognized in OCI on derivatives (effective portion) (1) Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) three months ended March 31, three months ended March 31, 2016 2015 2016 2015 (In thousands) Interest rate products (2) $ (1,948 ) $ (1,873 ) Interest expense $ (461 ) $ (1,018 ) Total $ (1,948 ) $ (1,873 ) $ (461 ) $ (1,018 ) ___________________ (1) There was no ineffective portion as of March 31, 2016 or 2015. (2) Includes Risk Participation Agreements. |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the components of the Company’s accumulated other comprehensive income/ (loss) related to the derivatives for the three months ended March 31, 2016 and 2015 : Three months ended March 31, 2016 2015 (In thousands) Accumulated other comprehensive income/ (loss) on cash flow hedges, balance at beginning of period $ (1,123 ) $ (1,923 ) Net change in unrealized gain/ (loss) on cash flow hedges (900 ) (509 ) Accumulated other comprehensive income/ (loss) on cash flow hedges, balance at end of period $ (2,023 ) $ (2,432 ) |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the effect of the Bank’s derivative financial instruments not designated as hedging instruments in the consolidated statement of operations for the three months ended March 31, 2016 and 2015 . Amount of gain or (loss), net, recognized in income on derivatives Derivatives not designated as hedging instruments Location of gain or (loss) recognized in income on derivative Three months ended March 31, 2016 2015 (In thousands) Interest rate products Other income/ (expense) $ (605 ) $ (6 ) Other products (1) Other income/ (expense) 6 40 Total $ (599 ) $ 34 ___________________ (1) Risk Participation Agreements. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table presents the components of income tax expense for continuing operations, discontinued operations, noncontrolling interests and the Company: Three months ended March 31, 2016 2015 (In thousands) Income from continuing operations: Income before income taxes $ 24,325 $ 26,490 Income tax expense 7,438 8,572 Net income from continuing operations $ 16,887 $ 17,918 Effective tax rate, continuing operations 30.6 % 32.4 % Income from discontinued operations: Income before income taxes $ 3,530 $ 3,663 Income tax expense 1,465 1,569 Net income from discontinued operations $ 2,065 $ 2,094 Effective tax rate, discontinued operations 41.5 % 42.8 % Less: Income attributable to noncontrolling interests: Income before income taxes $ 911 $ 1,229 Income tax expense — — Net income attributable to noncontrolling interests $ 911 $ 1,229 Effective tax rate, noncontrolling interests — % — % Income attributable to the Company Income before income taxes $ 26,944 $ 28,924 Income tax expense 8,903 10,141 Net income attributable to the Company $ 18,041 $ 18,783 Effective tax rate attributable to the Company 33.0 % 35.1 % |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | The following table presents, by affiliate, the noncontrolling interests included as redeemable noncontrolling interests and noncontrolling interests in mezzanine and permanent equity, respectively, at the periods indicated: March 31, 2016 December 31, 2015 (In thousands) Anchor $ 11,725 $ 11,907 BOS 6,079 6,744 DGHM (1) 2,250 2,830 Total $ 20,054 $ 21,481 Redeemable noncontrolling interests $ 16,938 $ 18,088 Noncontrolling interests $ 3,116 $ 3,393 ______________ (1) Only includes redeemable noncontrolling interests. |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | The following table presents a rollforward of the Company’s redeemable noncontrolling interests and noncontrolling interests for the periods indicated: Three months ended March 31, 2016 Redeemable noncontrolling interests Noncontrolling interests (In thousands) Noncontrolling interests at beginning of period $ 18,088 $ 3,393 Net income attributable to noncontrolling interests 718 193 Distributions (616 ) (242 ) Purchases/ (sales) of ownership interests 142 — Amortization of equity compensation 111 132 Adjustments to fair value (1,505 ) (360 ) Noncontrolling interests at end of period $ 16,938 $ 3,116 Three months ended March 31, 2015 Redeemable noncontrolling interests Noncontrolling interests (In thousands) Noncontrolling interests at beginning of period $ 20,905 $ 386 Net income attributable to noncontrolling interests 1,080 149 Distributions (1,055 ) (136 ) Purchases/ (sales) of ownership interests — 419 Transfers of ownership interests from mezzanine to permanent equity (1,652 ) 1,652 Amortization of equity compensation — 118 Adjustments to fair value 633 13 Noncontrolling interests at end of period $ 19,911 $ 2,601 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents a summary of the amounts reclassified from accumulated other comprehensive income/ (loss) for the three months ended March 31, 2016 and 2015 : Description of component of accumulated other comprehensive income/ (loss) Three months ended March 31, Affected line item in Statement of Operations 2016 2015 (In thousands) Adjustment for realized gains/ (losses) on available-for-sale securities, net: Pre-tax $ 1 $ 8 Gain on sale of investments, net Tax expense/ (benefit) — 3 Income tax expense Net $ 1 $ 5 Net income attributable to the Company Net realized gain/ (loss) on cash flow hedges: Hedge related to junior subordinated debentures: Pre-tax $ — $ (471 ) Interest expense on junior subordinated debentures Tax expense/ (benefit) — (202 ) Income tax expense Net $ — $ (269 ) Net income attributable to the Company Hedges related to deposits: Pre-tax $ (461 ) $ (547 ) Interest expense on deposits Pre-tax 42 — Other income Tax expense/ (benefit) (173 ) (225 ) Income tax expense Net $ (246 ) $ (322 ) Net income attributable to the Company Total reclassifications for the period, net of tax $ (245 ) $ (586 ) |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table presents a summary of the restructuring activity for the three months ended March 31, 2016 and 2015: Severance Charges Total (In thousands) Accrued charges at December 31, 2015 $ 3,305 $ 3,305 Costs incurred 1,112 1,112 Costs paid (849 ) (849 ) Accrued charges at March 31, 2016 $ 3,568 $ 3,568 Accrued charges at December 31, 2014 $ 739 $ 739 Costs incurred — — Costs paid (489 ) (489 ) Accrued charges at March 31, 2015 $ 250 $ 250 |
Earnings Per Share Basic Earnin
Earnings Per Share Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income from continuing operations | $ 16,887 | $ 17,918 | |
Net Income (Loss) Attributable to Noncontrolling Interest | 911 | 1,229 | |
Income (Loss) from Continuing Operations Attributable to Parent | 15,976 | 16,689 | |
Noncontrolling Interest, Change in Redemption Value | [1] | (580) | 94 |
Preferred Stock Dividends and Other Adjustments | (869) | (869) | |
Other Preferred Stock Dividends and Adjustments | [2] | (289) | (963) |
Net Income (Loss) from Continuing Ops Available to Common Stockholders, Basic | [2] | 15,687 | 15,726 |
Net income from discontinued operations | [2] | 2,065 | 2,094 |
Net income attributable to common shareholders for earnings per share calculation | [2] | $ 17,752 | $ 17,820 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.19 | $ 0.19 | |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | 0.03 | 0.03 | |
Earnings Per Share, Basic | $ 0.22 | $ 0.22 | |
Common Stock [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Weighted Average Basic Common Shares Outstanding | 81,301,499 | 80,514,359 | |
[1] | See Part II. Item 8. “Financial Statements and Supplementary Data—Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption value from period to period reduces income attributable to common shareholders. Decreases in redemption value from period to period increase income attributable to common shareholders, but only to the extent that the cumulative change in redemption value remains a cumulative increase since adoption of this standard in the first quarter of 2009. | ||
[2] | The Company presents its EPS based on the treasury stock method. The Company reverted to the treasury stock presentation from the two-class presentation due to the immaterial number of participating shares outstanding as of March 31, 2016. If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, and the allocation of net income to participating securities would have been $6 thousand, reducing net income attributable to common shareholders by a total of $10 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 37,298 shares. Diluted EPS would not change.If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $43 thousand, and the allocation of net income to participating securities would have been $60 thousand, reducing net income attributable to common shareholders by a total of $103 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 341,603 shares. Diluted EPS would not change. |
Earnings Per Share Diluted Earn
Earnings Per Share Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net Income (Loss) from Continuing Operations Available to Common Stockholders, Diluted | [1] | $ 15,687 | $ 15,726 |
Net income from discontinued operations | [1] | 2,065 | 2,094 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 17,752 | $ 17,820 | |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.19 | $ 0.19 | |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | 0.02 | 0.02 | |
Earnings Per Share, Diluted | 0.21 | 0.21 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.09 | |
Common Stock [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Weighted Average Basic Common Shares Outstanding | 81,301,499 | 80,514,359 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements | [1],[2] | 1,224,325 | 1,269,211 |
Incremental Common Shares Attributable to Call Options and Warrants | [2] | 929,939 | 1,152,358 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 2,154,264 | 2,421,569 | |
Weighted Average Number of Shares Outstanding, Diluted | [1],[2] | 83,455,763 | 82,935,928 |
[1] | The Company presents its EPS based on the treasury stock method. The Company reverted to the treasury stock presentation from the two-class presentation due to the immaterial number of participating shares outstanding as of March 31, 2016. If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, and the allocation of net income to participating securities would have been $6 thousand, reducing net income attributable to common shareholders by a total of $10 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 37,298 shares. Diluted EPS would not change.If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $43 thousand, and the allocation of net income to participating securities would have been $60 thousand, reducing net income attributable to common shareholders by a total of $103 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 341,603 shares. Diluted EPS would not change. | ||
[2] | The diluted EPS computations for the three months ended March 31, 2016 and 2015 do not assume the conversion, exercise, or contingent issuance of the following shares for the following periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: Three months ended March 31,(In thousands)2016 2015Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding): Potential common shares from: Stock options, restricted stock, or other dilutive securities387 660Total shares excluded due to exercise price exceeding the average market price of common shares during the period387 660 |
Earnings Per Share FN 2 to EPS
Earnings Per Share FN 2 to EPS - Reconciliation to Two-Class Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | $ 4 | $ 43 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 6 | 60 |
NI To Common SH Difference Between Two Class And Treasury Method | $ 10 | $ 103 |
WtdAvg Shares OS Recon Between Two Class and Treasury Method | 37,298 | 341,603 |
Earnings Per Share Securities E
Earnings Per Share Securities Excluded Due to Exercise Price Exceeding Average Price During Period (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Shares Excluded Due to Exercise Price Exceeding Average Price During Period [Line Items] | ||
Shares Excluded Due to Exercise Price Exceeding Average Price During Period | 387 | 660 |
Outstanding Stock Awards [Member] | ||
Shares Excluded Due to Exercise Price Exceeding Average Price During Period [Line Items] | ||
Shares Excluded Due to Exercise Price Exceeding Average Price During Period | 387 | 660 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Interest Income (Expense), Net | $ 49,879 | $ 46,072 | ||
Noninterest Income | 38,022 | 41,345 | ||
Revenues | 87,901 | 87,417 | ||
Provision/ (credit) for loan losses | (3,133) | (2,500) | ||
Noninterest Expense | 66,709 | 63,427 | ||
Income before income taxes | 24,325 | 26,490 | ||
Income tax expense | 7,438 | 8,572 | ||
Net income from continuing operations | 16,887 | 17,918 | ||
Net income attributable to noncontrolling interests | 911 | 1,229 | ||
Net income from discontinued operations | [1] | 2,065 | 2,094 | |
Net income attributable to the Company | 18,041 | 18,783 | ||
Total assets | 7,413,663 | 6,869,772 | $ 7,542,508 | |
Assets under Management, Carrying Amount | 26,811,000 | 30,025,000 | ||
Amortization of intangibles | 1,586 | 1,602 | ||
Depreciation | 1,676 | 1,704 | ||
Private Banking Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income (Expense), Net | 50,420 | 46,990 | ||
Noninterest Income | 3,378 | 2,784 | ||
Revenues | 53,798 | 49,774 | ||
Provision/ (credit) for loan losses | (3,133) | (2,500) | ||
Noninterest Expense | 31,275 | 28,805 | ||
Income before income taxes | 25,656 | 23,469 | ||
Income tax expense | 8,374 | 7,768 | ||
Net income from continuing operations | 17,282 | 15,701 | ||
Net income attributable to the Company | 17,282 | 15,701 | ||
Total assets | 7,250,371 | 6,688,472 | ||
Amortization of intangibles | 0 | 46 | ||
Depreciation | 1,146 | 1,205 | ||
Wealth Management and Trust Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest Income | 11,056 | 13,957 | ||
Noninterest Expense | [2] | 15,852 | 12,331 | |
Income before income taxes | (4,796) | 1,626 | ||
Income tax expense | (1,939) | 694 | ||
Net income from continuing operations | (2,857) | 932 | ||
Net income attributable to the Company | (2,857) | 932 | ||
Total assets | 84,253 | 79,139 | ||
Assets under Management, Carrying Amount | 7,137,000 | 9,305,000 | ||
Amortization of intangibles | 745 | 571 | ||
Depreciation | 231 | 187 | ||
Investment Managers Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income (Expense), Net | 4 | 6 | ||
Noninterest Income | 10,659 | 11,722 | ||
Revenues | 10,663 | 11,728 | ||
Noninterest Expense | 8,024 | 8,686 | ||
Income before income taxes | 2,639 | 3,042 | ||
Income tax expense | 879 | 1,002 | ||
Net income from continuing operations | 1,760 | 2,040 | ||
Net income attributable to noncontrolling interests | 477 | 637 | ||
Net income attributable to the Company | 1,283 | 1,403 | ||
Total assets | 93,396 | 101,036 | ||
Assets under Management, Carrying Amount | 9,838,000 | 10,730,000 | ||
Amortization of intangibles | 650 | 739 | ||
Depreciation | 73 | 70 | ||
Wealth Advisors Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income (Expense), Net | 3 | 2 | ||
Noninterest Income | 12,742 | 12,707 | ||
Revenues | 12,745 | 12,709 | ||
Noninterest Expense | 9,694 | 9,132 | ||
Income before income taxes | 3,051 | 3,577 | ||
Income tax expense | 1,148 | 1,321 | ||
Net income from continuing operations | 1,903 | 2,256 | ||
Net income attributable to noncontrolling interests | 434 | 588 | ||
Net income attributable to the Company | 1,469 | 1,668 | ||
Total assets | 74,901 | 76,042 | ||
Assets under Management, Carrying Amount | 9,857,000 | 10,012,000 | ||
Amortization of intangibles | 191 | 246 | ||
Depreciation | 215 | 211 | ||
Holding Company and Eliminations Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income (Expense), Net | (548) | (926) | ||
Noninterest Income | 187 | 175 | ||
Revenues | (361) | (751) | ||
Noninterest Expense | 1,864 | 4,473 | ||
Income before income taxes | (2,225) | (5,224) | ||
Income tax expense | (1,024) | (2,213) | ||
Net income from continuing operations | (1,201) | (3,011) | ||
Net income attributable to noncontrolling interests | 0 | 4 | ||
Net income from discontinued operations | [3] | 2,065 | 2,094 | |
Net income attributable to the Company | 864 | (921) | ||
Total assets | (89,258) | (74,917) | ||
Assets under Management, Carrying Amount | (21,000) | (22,000) | ||
Depreciation | $ 11 | $ 31 | ||
[1] | The Company presents its EPS based on the treasury stock method. The Company reverted to the treasury stock presentation from the two-class presentation due to the immaterial number of participating shares outstanding as of March 31, 2016. If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, and the allocation of net income to participating securities would have been $6 thousand, reducing net income attributable to common shareholders by a total of $10 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 37,298 shares. Diluted EPS would not change.If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $43 thousand, and the allocation of net income to participating securities would have been $60 thousand, reducing net income attributable to common shareholders by a total of $103 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 341,603 shares. Diluted EPS would not change. | |||
[2] | Operating expense for 2016 includes $1.1 million in restructuring expenses related to the Wealth Management and Trust segment. Operating expense for 2015 includes no restructuring expenses. | |||
[3] | Net income from discontinued operations for the three month periods ended March 31, 2016 and 2015 of $2.1 million in both periods is included in Holding Company and Eliminations in the calculation of net income attributable to the Company. |
Reportable Segments Segments Te
Reportable Segments Segments Text Disclosure (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)segments | Mar. 31, 2015USD ($) | ||
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | segments | 4 | ||
Restructuring | $ 1,112 | $ 0 | |
Net income from discontinued operations | [1] | $ 2,065 | $ 2,094 |
[1] | The Company presents its EPS based on the treasury stock method. The Company reverted to the treasury stock presentation from the two-class presentation due to the immaterial number of participating shares outstanding as of March 31, 2016. If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, and the allocation of net income to participating securities would have been $6 thousand, reducing net income attributable to common shareholders by a total of $10 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 37,298 shares. Diluted EPS would not change.If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $43 thousand, and the allocation of net income to participating securities would have been $60 thousand, reducing net income attributable to common shareholders by a total of $103 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 341,603 shares. Diluted EPS would not change. |
Investments Schedule of Availab
Investments Schedule of Available-for-sale and Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | $ 1,135,880 | $ 1,084,105 | |
Available-for-sale Securities, Gross Unrealized Gains | 17,348 | 7,634 | |
Available-for-sale Securities, Gross Unrealized Losses | (1,699) | (7,229) | |
Available-for-sale securities at fair value | 1,151,529 | 1,084,510 | |
Held-to-maturity Securities | 111,337 | 116,352 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 1,524 | 294 | |
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | (262) | |
Held-to-maturity Securities, Fair Value | 112,861 | 116,384 | |
US Government and Government Agencies and Authorities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 30,911 | 21,214 | |
Available-for-sale Securities, Gross Unrealized Gains | 481 | 64 | |
Available-for-sale Securities, Gross Unrealized Losses | (4) | (27) | |
Available-for-sale securities at fair value | 31,388 | 21,251 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 344,945 | 345,033 | |
Available-for-sale Securities, Gross Unrealized Gains | 5,585 | 874 | |
Available-for-sale Securities, Gross Unrealized Losses | 0 | (1,345) | |
Available-for-sale securities at fair value | 350,530 | 344,562 | |
Municipal Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 264,375 | 263,661 | |
Available-for-sale Securities, Gross Unrealized Gains | 7,334 | 5,099 | |
Available-for-sale Securities, Gross Unrealized Losses | (95) | (116) | |
Available-for-sale securities at fair value | 271,614 | 268,644 | |
Mortgage Backed Securities, Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | [1] | 477,488 | 431,446 |
Available-for-sale Securities, Gross Unrealized Gains | [1] | 3,657 | 1,329 |
Available-for-sale Securities, Gross Unrealized Losses | [1] | (1,595) | (5,734) |
Available-for-sale securities at fair value | [1] | 479,550 | 427,041 |
Held-to-maturity Securities | [1] | 111,337 | 116,352 |
Held-to-maturity Securities, Unrecognized Holding Gain | [1] | 1,524 | 294 |
Held-to-maturity Securities, Unrecognized Holding Loss | [1] | 0 | (262) |
Held-to-maturity Securities, Fair Value | [1] | 112,861 | 116,384 |
Other Aggregated Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 18,161 | 22,751 | |
Available-for-sale Securities, Gross Unrealized Gains | 291 | 268 | |
Available-for-sale Securities, Gross Unrealized Losses | (5) | (7) | |
Available-for-sale securities at fair value | $ 18,447 | $ 23,012 | |
[1] | All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. |
Investments Maturities of AFS S
Investments Maturities of AFS Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $ 78,573 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 339,665 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 199,337 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 518,305 | |
Investment securities available for sale at amortized cost | 1,135,880 | $ 1,084,105 |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 78,999 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 345,000 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 203,373 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 524,157 | |
Available-for-sale Securities | $ 1,151,529 | $ 1,084,510 |
Investments Maturities of HTM S
Investments Maturities of HTM Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities | $ 111,337 | $ 116,352 | |
Held-to-maturity Securities, Fair Value | 112,861 | 116,384 | |
Mortgage Backed Securities, Other [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 0 | ||
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 0 | ||
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 0 | ||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 111,337 | ||
Held-to-maturity Securities | [1] | 111,337 | 116,352 |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | ||
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | ||
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 0 | ||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 112,861 | ||
Held-to-maturity Securities, Fair Value | [1] | $ 112,861 | $ 116,384 |
[1] | All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. |
Investments Realized gains and
Investments Realized gains and losses from sales of AFS Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Gain (Loss) on Investments [Line Items] | ||
Proceeds from Sale of Available-for-sale Securities | $ 15,292 | $ 5,015 |
Available-for-sale Securities, Gross Realized Gains | 2 | 8 |
Available-for-sale Securities, Gross Realized Losses | $ (1) | $ 0 |
Investments Investment Securiti
Investments Investment Securities in Unrealized Loss Position (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 37,127 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (182) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 105,359 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (1,517) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 142,486 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ (1,699) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 59 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 0 | |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 0 | |
US Government and Government Agencies and Authorities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 729 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (4) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 729 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ (4) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 2 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 0 | |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 10,635 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (29) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,772 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (66) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 13,407 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ (95) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 10 | |
Mortgage Backed Securities, Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 26,422 | [1] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (150) | [1] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 101,846 | [1] |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (1,445) | [1] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 128,268 | [1] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ (1,595) | [1] |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 38 | [1] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 0 | [1] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 0 | [1] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | [1] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | [1] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 0 | [1] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 0 | [1] |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 0 | [1] |
Other Aggregated Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 70 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (3) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (2) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 82 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ (5) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 9 | |
[1] | All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. |
Investments Other Investment Di
Investments Other Investment Disclosures (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Investments, Other Disclosures [Abstract] | ||
Cost Method Investments, Additional Information | 0 | 0 |
Cost Method Investments | $ 26.5 | $ 27.7 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | $ 1,151,529 | $ 1,084,510 | |
US Government and Government Agencies and Authorities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 31,388 | 21,251 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 350,530 | 344,562 | |
Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 271,614 | 268,644 | |
Mortgage Backed Securities, Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | [1] | 479,550 | 427,041 |
Other Aggregated Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 18,447 | 23,012 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 1,151,529 | 1,084,510 | |
Alternative Investments, Fair Value Disclosure | 5,842 | 5,602 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,842 | 5,602 | |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 3,437 | 1,907 | |
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 16,952 | 7,960 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 17,682 | 8,084 | |
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 16 | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 20 | 11 | |
Fair Value, Measurements, Recurring [Member] | US Government and Government Agencies and Authorities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 31,388 | 21,251 | |
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 350,530 | 344,562 | |
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 271,614 | 268,644 | |
Fair Value, Measurements, Recurring [Member] | Mortgage Backed Securities, Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 479,550 | 427,041 | |
Fair Value, Measurements, Recurring [Member] | Other Aggregated Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 18,447 | 23,012 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 49,106 | 43,263 | |
Alternative Investments, Fair Value Disclosure | 5,842 | 5,602 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,842 | 5,602 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government and Government Agencies and Authorities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 30,659 | 20,251 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage Backed Securities, Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Aggregated Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 18,447 | 23,012 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 1,102,423 | 1,041,247 | |
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 3,437 | 1,907 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 16,952 | 7,960 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 17,682 | 8,084 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 16 | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 20 | 11 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government and Government Agencies and Authorities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 729 | 1,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 350,530 | 344,562 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 271,614 | 268,644 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage Backed Securities, Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 479,550 | 427,041 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Aggregated Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government and Government Agencies and Authorities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage Backed Securities, Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Aggregated Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | $ 0 | $ 0 | |
[1] | All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. |
Fair Value Measurements Fair 46
Fair Value Measurements Fair Value Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | $ 2,428 | [1] | $ 757 | [2] |
Loans Receivable, Fair Value Adjustment | (1,564) | 0 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | 0 | [1] | 0 | [2] |
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | 0 | [1] | 0 | [2] |
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | $ 2,428 | [1] | $ 757 | [2] |
[1] | Collateral-dependent impaired loans held at March 31, 2016 that had write-downs in fair value or whose specific reserve changed during the first three months of 2016. | |||
[2] | Collateral-dependent impaired loans held at March 31, 2015 that had write-downs in fair value or whose specific reserve changed during the first three months of 2015. |
Fair Value Measurements Quantit
Fair Value Measurements Quantitiative Information about Level 3 Non-Recurring Assets (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | $ 2,428 | [1] | $ 757 | [2] |
Loans Receivable [Member] | Weighted Average [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 5.00% | 11.00% | ||
Fair Value Inputs, Comparability Adjustments | 16.00% | 0.00% | ||
Loans Receivable [Member] | Minimum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 0.00% | 0.00% | ||
Fair Value Inputs, Comparability Adjustments | 10.00% | 0.00% | ||
Loans Receivable [Member] | Maximum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 7.00% | 11.00% | ||
Fair Value Inputs, Comparability Adjustments | 33.00% | 0.00% | ||
[1] | Collateral-dependent impaired loans held at March 31, 2016 that had write-downs in fair value or whose specific reserve changed during the first three months of 2016. | |||
[2] | Collateral-dependent impaired loans held at March 31, 2015 that had write-downs in fair value or whose specific reserve changed during the first three months of 2015. |
Fair Value Measurements Not Mea
Fair Value Measurements Not Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | [2] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Held-to-maturity Securities, Fair Value | $ 112,861 | $ 116,384 | |||
Federal funds purchased | 40,000 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans Receivable, Fair Value Disclosure | 2,428 | [1] | $ 757 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans Receivable, Fair Value Disclosure | 0 | [1] | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans Receivable, Fair Value Disclosure | 0 | [1] | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans Receivable, Fair Value Disclosure | 2,428 | [1] | $ 757 | ||
Reported Value Measurement, Fair Value Disclosure [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 113,946 | 238,694 | |||
Held-to-maturity Securities, Fair Value | 111,337 | 116,352 | |||
Loans Held-for-sale, Fair Value Disclosure | 5,383 | 8,072 | |||
Loans Receivable, Fair Value Disclosure | 5,581,754 | 5,640,712 | |||
Other Assets, Fair Value Disclosure | 116,982 | 118,233 | |||
Deposits, Fair Value Disclosure | 5,786,860 | 6,040,437 | |||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 63,182 | 58,215 | |||
Federal funds purchased | 40,000 | ||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 523,952 | 461,324 | |||
Subordinated Debt Obligations, Fair Value Disclosure | 106,363 | 106,363 | |||
Other Liabilities, Fair Value Disclosure | 2,013 | 1,978 | |||
Portion at Fair Value Measurement, Fair Value Disclosure [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 113,946 | 238,694 | |||
Held-to-maturity Securities, Fair Value | 112,861 | 116,384 | |||
Loans Held-for-sale, Fair Value Disclosure | 5,490 | 8,144 | |||
Loans Receivable, Fair Value Disclosure | 5,643,839 | 5,658,254 | |||
Other Assets, Fair Value Disclosure | 116,982 | 118,233 | |||
Deposits, Fair Value Disclosure | 5,788,934 | 6,041,239 | |||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 63,182 | 58,215 | |||
Federal funds purchased | 40,000 | ||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 529,789 | 465,100 | |||
Subordinated Debt Obligations, Fair Value Disclosure | 96,363 | 96,363 | |||
Other Liabilities, Fair Value Disclosure | 2,013 | 1,978 | |||
Portion at Fair Value Measurement, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 113,946 | 238,694 | |||
Held-to-maturity Securities, Fair Value | 0 | 0 | |||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||
Other Assets, Fair Value Disclosure | 0 | 0 | |||
Deposits, Fair Value Disclosure | 0 | 0 | |||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 0 | 0 | |||
Federal funds purchased | 0 | ||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 | |||
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | |||
Other Liabilities, Fair Value Disclosure | 0 | 0 | |||
Portion at Fair Value Measurement, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |||
Held-to-maturity Securities, Fair Value | 112,861 | 116,384 | |||
Loans Held-for-sale, Fair Value Disclosure | 5,490 | 8,144 | |||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||
Other Assets, Fair Value Disclosure | 116,982 | 118,233 | |||
Deposits, Fair Value Disclosure | 5,788,934 | 6,041,239 | |||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 63,182 | 58,215 | |||
Federal funds purchased | 40,000 | ||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 529,789 | 465,100 | |||
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | |||
Other Liabilities, Fair Value Disclosure | 2,013 | 1,978 | |||
Portion at Fair Value Measurement, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |||
Held-to-maturity Securities, Fair Value | 0 | 0 | |||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |||
Loans Receivable, Fair Value Disclosure | 5,643,839 | 5,658,254 | |||
Other Assets, Fair Value Disclosure | 0 | 0 | |||
Deposits, Fair Value Disclosure | 0 | 0 | |||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 0 | 0 | |||
Federal funds purchased | 0 | ||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 | |||
Subordinated Debt Obligations, Fair Value Disclosure | 96,363 | 96,363 | |||
Other Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |||
[1] | Collateral-dependent impaired loans held at March 31, 2016 that had write-downs in fair value or whose specific reserve changed during the first three months of 2016. | ||||
[2] | Collateral-dependent impaired loans held at March 31, 2015 that had write-downs in fair value or whose specific reserve changed during the first three months of 2015. |
Loan Portfolio and Credit Qua49
Loan Portfolio and Credit Quality Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 5,658,181 | $ 5,719,212 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,069,971 | 1,111,555 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,925,519 | 1,914,134 |
Construction and land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 166,674 | 183,434 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,216,875 | 2,229,540 |
Home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 118,807 | 119,828 |
Consumer and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 160,335 | $ 160,721 |
Loan Portfolio and Credit Qua50
Loan Portfolio and Credit Quality Nonaccrual Loans by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | $ 0 | $ 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 24,356 | 26,571 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,306 | 1,019 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 11,035 | 11,232 |
Construction and land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,850 | 3,297 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,831 | 9,661 |
Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,301 | 1,306 |
Consumer and other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 33 | $ 56 |
Loan Portfolio and Credit Qua51
Loan Portfolio and Credit Quality Loans by Past Due Status (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 8,307 | $ 13,094 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 24,356 | 26,571 |
Financing Receivable, Recorded Investment, Current | 5,625,518 | 5,679,547 |
Total loans | 5,658,181 | 5,719,212 |
Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,735 | 7,952 |
Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,264 | 917 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 8,274 | 10,962 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 33 | 2,132 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 15,357 | 17,702 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 341 | 2,667 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,306 | 1,019 |
Financing Receivable, Recorded Investment, Current | 1,068,324 | 1,107,869 |
Total loans | 1,069,971 | 1,111,555 |
Commercial and industrial [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,306 | 726 |
Commercial and industrial [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Commercial and industrial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 341 | 2,329 |
Commercial and industrial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 338 |
Commercial and industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 293 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 40 | 2,620 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 11,035 | 11,232 |
Financing Receivable, Recorded Investment, Current | 1,914,444 | 1,900,282 |
Total loans | 1,925,519 | 1,914,134 |
Commercial real estate [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,277 | 5,912 |
Commercial real estate [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Commercial real estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 40 | 2,091 |
Commercial real estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 529 |
Commercial real estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,758 | 5,320 |
Construction and land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,850 | 3,297 |
Financing Receivable, Recorded Investment, Current | 163,824 | 180,137 |
Total loans | 166,674 | 183,434 |
Construction and land [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 129 | 149 |
Construction and land [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 19 | 34 |
Construction and land [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Construction and land [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Construction and land [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,702 | 3,114 |
Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 7,628 | 7,140 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,831 | 9,661 |
Financing Receivable, Recorded Investment, Current | 2,201,416 | 2,212,739 |
Total loans | 2,216,875 | 2,229,540 |
Residential [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,008 | 924 |
Residential [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,150 | 874 |
Residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 7,628 | 6,267 |
Residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 873 |
Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,673 | 7,863 |
Home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 12 | 40 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,301 | 1,306 |
Financing Receivable, Recorded Investment, Current | 117,494 | 118,482 |
Total loans | 118,807 | 119,828 |
Home equity [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 217 |
Home equity [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 88 | 0 |
Home equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 12 | 40 |
Home equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Home equity [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,213 | 1,089 |
Consumer and other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 286 | 627 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 33 | 56 |
Financing Receivable, Recorded Investment, Current | 160,016 | 160,038 |
Total loans | 160,335 | 160,721 |
Consumer and other [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 15 | 24 |
Consumer and other [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7 | 9 |
Consumer and other [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 253 | 235 |
Consumer and other [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 33 | 392 |
Consumer and other [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 11 | $ 23 |
Loan Portfolio and Credit Qua52
Loan Portfolio and Credit Quality Loans by Grade or Nonaccrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 5,658,181 | $ 5,719,212 |
Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,491,209 | 5,565,016 |
Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 86,925 | 69,211 |
Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 55,691 | 58,414 |
Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 24,356 | 26,571 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,069,971 | 1,111,555 |
Commercial and industrial [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,025,215 | 1,070,438 |
Commercial and industrial [Member] | Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 32,547 | 28,643 |
Commercial and industrial [Member] | Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,903 | 11,455 |
Commercial and industrial [Member] | Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,306 | 1,019 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,925,519 | 1,914,134 |
Commercial real estate [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,841,174 | 1,841,603 |
Commercial real estate [Member] | Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 39,792 | 27,594 |
Commercial real estate [Member] | Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 33,518 | 33,705 |
Commercial real estate [Member] | Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 11,035 | 11,232 |
Construction and land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 166,674 | 183,434 |
Construction and land [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 146,326 | 162,563 |
Construction and land [Member] | Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12,898 | 12,974 |
Construction and land [Member] | Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,600 | 4,600 |
Construction and land [Member] | Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,850 | 3,297 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,216,875 | 2,229,540 |
Residential [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,202,376 | 2,213,204 |
Residential [Member] | Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Residential [Member] | Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,668 | 6,675 |
Residential [Member] | Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,831 | 9,661 |
Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 118,807 | 119,828 |
Home equity [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 117,506 | 118,522 |
Home equity [Member] | Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Home equity [Member] | Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Home equity [Member] | Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,301 | 1,306 |
Consumer and other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 160,335 | 160,721 |
Consumer and other [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 158,612 | 158,686 |
Consumer and other [Member] | Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,688 | 0 |
Consumer and other [Member] | Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2 | 1,979 |
Consumer and other [Member] | Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 33 | $ 56 |
Loan Portfolio and Credit Qua53
Loan Portfolio and Credit Quality Impaired Loans With and Without Related Allowance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | $ 24,017 | $ 30,770 | $ 23,260 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 12,925 | 19,672 | 15,912 |
Impaired Financing Receivable, Recorded Investment | [1] | 36,942 | 50,442 | 39,172 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 36,096 | 38,994 | 33,390 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 13,354 | 20,627 | 17,112 | |
Impaired Financing Receivable, Unpaid Principal Balance | 49,450 | 59,621 | 50,502 | |
Impaired Financing Receivable, Related Allowance | 1,167 | 4,104 | 1,629 | |
Impaired Financing Receivable, Related Allowance | 1,167 | 4,104 | 1,629 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 22,740 | 40,081 | 32,521 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 15,187 | 19,330 | 18,546 | |
Impaired Financing Receivable, Average Recorded Investment | 37,927 | 59,411 | 51,067 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 107 | 1,872 | 2,754 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 124 | 175 | 637 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 231 | 2,047 | 3,391 | |
Commercial and industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 2,446 | 191 | 2,259 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 48 | 941 | 15 |
Impaired Financing Receivable, Recorded Investment | [1] | 2,494 | 1,132 | 2,274 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,431 | 255 | 2,569 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 48 | 961 | 15 | |
Impaired Financing Receivable, Unpaid Principal Balance | 4,479 | 1,216 | 2,584 | |
Impaired Financing Receivable, Related Allowance | 23 | 78 | 270 | |
Impaired Financing Receivable, Related Allowance | 23 | 78 | 270 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,132 | 1,555 | 1,638 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 22 | 991 | 657 | |
Impaired Financing Receivable, Average Recorded Investment | 2,154 | 2,546 | 2,295 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 12 | 807 | 836 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 1 | 34 | 66 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 13 | 841 | 902 | |
Commercial real estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 11,900 | 19,059 | 12,116 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 7,299 | 8,995 | 7,346 |
Impaired Financing Receivable, Recorded Investment | [1] | 19,199 | 28,054 | 19,462 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 20,038 | 25,414 | 20,113 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 7,728 | 9,423 | 7,775 | |
Impaired Financing Receivable, Unpaid Principal Balance | 27,766 | 34,837 | 27,888 | |
Impaired Financing Receivable, Related Allowance | 671 | 2,543 | 713 | |
Impaired Financing Receivable, Related Allowance | 671 | 2,543 | 713 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 12,017 | 20,753 | 17,885 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 7,323 | 9,036 | 8,749 | |
Impaired Financing Receivable, Average Recorded Investment | 19,340 | 29,789 | 26,634 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 38 | 894 | 1,494 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 80 | 92 | 385 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 118 | 986 | 1,879 | |
Construction and land [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 2,850 | 1,272 | 1,097 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 2,200 | 2,200 |
Impaired Financing Receivable, Recorded Investment | [1] | 2,850 | 3,472 | 3,297 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,446 | 2,290 | 2,132 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 2,356 | 2,356 | |
Impaired Financing Receivable, Unpaid Principal Balance | 4,446 | 4,646 | 4,488 | |
Impaired Financing Receivable, Related Allowance | 0 | 172 | 172 | |
Impaired Financing Receivable, Related Allowance | 0 | 172 | 172 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,520 | 7,190 | 3,027 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,650 | 2,200 | 2,200 | |
Impaired Financing Receivable, Average Recorded Investment | 3,170 | 9,390 | 5,227 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 92 | 92 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 92 | 92 | |
Residential [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 6,821 | 9,191 | 7,788 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 5,578 | 7,536 | 6,351 |
Impaired Financing Receivable, Recorded Investment | [1] | 12,399 | 16,727 | 14,139 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 7,181 | 9,978 | 8,576 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 5,578 | 7,887 | 6,966 | |
Impaired Financing Receivable, Unpaid Principal Balance | 12,759 | 17,865 | 15,542 | |
Impaired Financing Receivable, Related Allowance | 473 | 1,311 | 474 | |
Impaired Financing Receivable, Related Allowance | 473 | 1,311 | 474 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 7,071 | 9,526 | 9,384 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 6,192 | 7,103 | 6,940 | |
Impaired Financing Receivable, Average Recorded Investment | 13,263 | 16,629 | 16,324 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 57 | 78 | 269 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 43 | 49 | 186 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 100 | 127 | 455 | |
Home equity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 0 | 50 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 | 0 |
Impaired Financing Receivable, Recorded Investment | [1] | 0 | 50 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 50 | 0 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 50 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 50 | 42 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 0 | 50 | 42 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 1 | 2 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 1 | 2 | |
Consumer and other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 0 | 1,007 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 | 0 |
Impaired Financing Receivable, Recorded Investment | [1] | 0 | 1,007 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 1,007 | 0 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 1,007 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 1,007 | 545 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 0 | 1,007 | 545 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 61 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 0 | $ 0 | $ 61 | |
[1] | Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. |
Loan Portfolio and Credit Qua54
Loan Portfolio and Credit Quality TDR Loans Restructured or Defaulted in Period (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016USD ($)Loans | Mar. 31, 2015USD ($)Loans | Dec. 31, 2015USD ($) | ||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | $ 28,900 | $ 30,600 | ||
Financing Receivable, Modifications, Number of Contracts | Loans | 2 | 6 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 320 | $ 382 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 145 | $ 382 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | ||
Accruing Troubled Debt Restructured Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | $ 17,900 | $ 18,600 | ||
Commercial and industrial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 1 | 0 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 175 | $ 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | ||
Commercial and industrial [Member] | Extension of Term [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Commercial and industrial [Member] | Temporary Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Commercial and industrial [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Commercial and industrial [Member] | Combination of Concessions [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 1 | [1] | 0 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | [1] | $ 0 | |
Commercial real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | ||
Commercial real estate [Member] | Extension of Term [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Commercial real estate [Member] | Temporary Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Commercial real estate [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Commercial real estate [Member] | Combination of Concessions [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Construction and land [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | ||
Construction and land [Member] | Extension of Term [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Construction and land [Member] | Temporary Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Construction and land [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Construction and land [Member] | Combination of Concessions [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 1 | 6 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 145 | $ 382 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 145 | $ 382 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | ||
Residential [Member] | Extension of Term [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Residential [Member] | Temporary Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 1 | 6 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 145 | $ 382 | ||
Residential [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Residential [Member] | Combination of Concessions [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Home equity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | ||
Home equity [Member] | Extension of Term [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Home equity [Member] | Temporary Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Home equity [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Home equity [Member] | Combination of Concessions [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Consumer and other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | ||
Consumer and other [Member] | Extension of Term [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Consumer and other [Member] | Temporary Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Consumer and other [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
Consumer and other [Member] | Combination of Concessions [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 | ||
[1] | Combination of concessions includes loans that have had more than one modification, including extension of term, temporary reduction of interest rate, and/or payment deferral. |
Loan Portfolio and Credit Qua55
Loan Portfolio and Credit Quality Loan footnote text disclosures (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Deferred Income | $ 5,900 | $ 5,600 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Financing Receivable, Modifications, Recorded Investment | 28,900 | 30,600 |
Accruing Troubled Debt Restructured Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modifications, Recorded Investment | $ 17,900 | $ 18,600 |
Allowance for Loan Losses Allow
Allowance for Loan Losses Allowance Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance at Beginning of Period | $ 78,500 | $ 75,838 | |
Provision/ (credit) for loan losses | (3,133) | (2,500) | |
Financing Receivable, Allowance for Credit Losses, Charge-offs | (3,016) | (54) | |
Financing Receivable, Allowance for Credit Losses, Recoveries | 4,076 | 3,979 | |
Loans and Leases Receivable, Allowance at End of Period | 76,427 | 77,263 | |
Commercial and industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance at Beginning of Period | 15,814 | 14,114 | |
Provision/ (credit) for loan losses | (657) | (1,981) | |
Financing Receivable, Allowance for Credit Losses, Charge-offs | (2,108) | 0 | |
Financing Receivable, Allowance for Credit Losses, Recoveries | 1,294 | 2,204 | |
Loans and Leases Receivable, Allowance at End of Period | 14,343 | 14,337 | |
Commercial real estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance at Beginning of Period | 44,215 | 43,854 | |
Provision/ (credit) for loan losses | (1,847) | (933) | |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 0 | 0 | |
Financing Receivable, Allowance for Credit Losses, Recoveries | 2,151 | 631 | |
Loans and Leases Receivable, Allowance at End of Period | 44,519 | 43,552 | |
Construction and land [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance at Beginning of Period | 6,322 | 4,041 | |
Provision/ (credit) for loan losses | (998) | 227 | |
Financing Receivable, Allowance for Credit Losses, Charge-offs | (400) | 0 | |
Financing Receivable, Allowance for Credit Losses, Recoveries | 627 | 1,143 | |
Loans and Leases Receivable, Allowance at End of Period | 5,551 | 5,411 | |
Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance at Beginning of Period | 10,544 | 10,374 | |
Provision/ (credit) for loan losses | 591 | 72 | |
Financing Receivable, Allowance for Credit Losses, Charge-offs | (501) | (49) | |
Financing Receivable, Allowance for Credit Losses, Recoveries | 0 | 0 | |
Loans and Leases Receivable, Allowance at End of Period | 10,634 | 10,397 | |
Home equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance at Beginning of Period | 1,085 | 1,003 | |
Provision/ (credit) for loan losses | (6) | 13 | |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 0 | 0 | |
Financing Receivable, Allowance for Credit Losses, Recoveries | 0 | 0 | |
Loans and Leases Receivable, Allowance at End of Period | 1,079 | 1,016 | |
Consumer and other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance at Beginning of Period | 520 | 382 | |
Provision/ (credit) for loan losses | (216) | 130 | |
Financing Receivable, Allowance for Credit Losses, Charge-offs | (7) | (5) | |
Financing Receivable, Allowance for Credit Losses, Recoveries | 4 | 1 | |
Loans and Leases Receivable, Allowance at End of Period | 301 | 508 | |
Unallocated Financing Receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Allowance at Beginning of Period | [1] | 0 | 2,070 |
Provision/ (credit) for loan losses | 0 | (28) | |
Loans and Leases Receivable, Allowance at End of Period | [1] | $ 0 | $ 2,042 |
[1] | As of December 31, 2015, the unallocated reserve was allocated to the qualitative factors as part of the general reserves (ASC 450). |
Allowance for Loan Losses All57
Allowance for Loan Losses Allowance by impairment analysis method (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 1,167,000 | $ 1,629,000 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 75,260,000 | 76,871,000 | |||
Loans and Leases Receivable, Allowance | 76,427,000 | 78,500,000 | $ 77,263,000 | $ 75,838,000 | |
Financing Receivable, Individually Evaluated for Impairment | 36,942,000 | 39,172,000 | |||
Financing Receivable, Collectively Evaluated for Impairment | 5,621,239,000 | 5,680,040,000 | |||
Total loans | 5,658,181,000 | 5,719,212,000 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | 0 | 0 | |||
Commercial and industrial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 23,000 | 270,000 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 14,320,000 | 15,544,000 | |||
Loans and Leases Receivable, Allowance | 14,343,000 | 15,814,000 | 14,337,000 | 14,114,000 | |
Financing Receivable, Individually Evaluated for Impairment | 2,494,000 | 2,274,000 | |||
Financing Receivable, Collectively Evaluated for Impairment | 1,067,477,000 | 1,109,281,000 | |||
Total loans | 1,069,971,000 | 1,111,555,000 | |||
Commercial real estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 671,000 | 713,000 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 43,848,000 | 43,502,000 | |||
Loans and Leases Receivable, Allowance | 44,519,000 | 44,215,000 | 43,552,000 | 43,854,000 | |
Financing Receivable, Individually Evaluated for Impairment | 19,199,000 | 19,462,000 | |||
Financing Receivable, Collectively Evaluated for Impairment | 1,906,320,000 | 1,894,672,000 | |||
Total loans | 1,925,519,000 | 1,914,134,000 | |||
Construction and land [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 172,000 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 5,551,000 | 6,150,000 | |||
Loans and Leases Receivable, Allowance | 5,551,000 | 6,322,000 | 5,411,000 | 4,041,000 | |
Financing Receivable, Individually Evaluated for Impairment | 2,850,000 | 3,297,000 | |||
Financing Receivable, Collectively Evaluated for Impairment | 163,824,000 | 180,137,000 | |||
Total loans | 166,674,000 | 183,434,000 | |||
Residential [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 473,000 | 474,000 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 10,161,000 | 10,070,000 | |||
Loans and Leases Receivable, Allowance | 10,634,000 | 10,544,000 | 10,397,000 | 10,374,000 | |
Financing Receivable, Individually Evaluated for Impairment | 12,399,000 | 14,139,000 | |||
Financing Receivable, Collectively Evaluated for Impairment | 2,204,476,000 | 2,215,401,000 | |||
Total loans | 2,216,875,000 | 2,229,540,000 | |||
Home equity [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,079,000 | 1,085,000 | |||
Loans and Leases Receivable, Allowance | 1,079,000 | 1,085,000 | 1,016,000 | 1,003,000 | |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | |||
Financing Receivable, Collectively Evaluated for Impairment | 118,807,000 | 119,828,000 | |||
Total loans | 118,807,000 | 119,828,000 | |||
Consumer and other [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 301,000 | 520,000 | |||
Loans and Leases Receivable, Allowance | 301,000 | 520,000 | 508,000 | 382,000 | |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | |||
Financing Receivable, Collectively Evaluated for Impairment | 160,335,000 | 160,721,000 | |||
Total loans | 160,335,000 | 160,721,000 | |||
Unallocated Financing Receivables [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans and Leases Receivable, Allowance | [1] | $ 0 | $ 0 | $ 2,042,000 | $ 2,070,000 |
[1] | As of December 31, 2015, the unallocated reserve was allocated to the qualitative factors as part of the general reserves (ASC 450). |
Derivatives and Hedging Activ58
Derivatives and Hedging Activities Derivatives Fair Value and Balance Sheet Classification (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | $ 16,968 | $ 7,960 |
Other Assets [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 0 | 0 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1],[2] | 16,968 | 7,960 |
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | (21,139) | (10,002) |
Other Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | (3,437) | (1,907) |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1],[2] | $ (17,702) | $ (8,095) |
[1] | For additional details, see Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements-Note 5: Fair Value Measurements.” | ||
[2] | Includes Risk Participation Agreements. |
Derivatives and Hedging Activ59
Derivatives and Hedging Activities Effect of Derivative Instruments on Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | [1] | $ (1,948) | $ (1,873) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (461) | (1,018) | |
Derivative Instruments, Gain Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | 0 | 0 | |
Interest Expense [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (461) | (1,018) | |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | [1],[2] | $ (1,948) | $ (1,873) |
[1] | There was no ineffective portion as of March 31, 2016 or 2015. | ||
[2] | Includes Risk Participation Agreements. |
Derivatives and Hedging Activ60
Derivatives and Hedging Activities Accumulated Other Comprehensive Income Related to Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative [Line Items] | ||
Accumulated other comprehensive income on cash flow hedges, balance at beginning of year | $ (1,123) | $ (1,923) |
Net change in unrealized gain/ (loss) on cash flow hedges | (900) | (509) |
Accumulated other comprehensive income on cash flow hedges, balance at end of period | $ (2,023) | $ (2,432) |
Derivatives and Hedging Activ61
Derivatives and Hedging Activities Derivatives collateral with counterparties (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Collateral, Obligation to Return Cash | $ 21.1 | $ 9.7 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Collateral, Right to Reclaim Securities | $ 19.9 | 9.8 |
Derivative, Collateral, Right to Reclaim Cash | $ 2 |
Derivatives and Hedging Activ62
Derivatives and Hedging Activities Cash Flow Hedges Text Description (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)contracts | Mar. 31, 2015USD ($) | |
Derivative [Line Items] | ||
Objectives for Using Derivative Instruments | The Company’s objective in using derivatives is to add stability to interest income and expense and to manage the risk related to exposure to changes in interest rates. | |
Derivative Instruments, Gain Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $ 0 | $ 0 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1,600 | |
Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Number of Interest Rate Derivatives Held | contracts | 6 | |
Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivatives, Total Notional Amount | $ 150,000 | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 8/1/13 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Inception Date | Aug. 1, 2013 | |
Derivative Asset, Notional Amount | $ 25,000 | |
Objectives for Using Derivative Instruments | to reduce its exposure to variability in interest-related cash outflows attributable to changes in the LIBOR swap rate associated with borrowing programs for each of the periods, initially expected to be accomplished with LIBOR-indexed brokered deposits, but may also include LIBOR-indexed FHLB advances | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 8/1/13 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 3 years | |
Derivative, Fixed Interest Rate | 1.17% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 8/1/13 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 6 years | |
Derivative, Fixed Interest Rate | 2.32% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 8/1/13 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Weighted Average [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 1.85% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 3/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Inception Date | Mar. 1, 2014 | |
Derivative Asset, Notional Amount | $ 25,000 | |
Objectives for Using Derivative Instruments | to reduce its exposure to variability in interest-related cash outflows attributable to changes in the LIBOR swap rate associated with borrowing programs for each of the periods, initially expected to be accomplished with LIBOR-indexed brokered deposits, but may also include LIBOR-indexed FHLB advances | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 3/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 3 years | |
Derivative, Fixed Interest Rate | 1.17% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 3/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 6 years | |
Derivative, Fixed Interest Rate | 2.32% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 3/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Weighted Average [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 1.85% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap 2013 effective 6/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Inception Date | Jun. 1, 2014 | |
Derivative Asset, Notional Amount | $ 25,000 | |
Objectives for Using Derivative Instruments | to reduce its exposure to variability in interest-related cash outflows attributable to changes in the LIBOR swap rate associated with borrowing programs for each of the periods, initially expected to be accomplished with LIBOR-indexed brokered deposits, but may also include LIBOR-indexed FHLB advances | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap 2013 effective 6/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 3 years | |
Derivative, Fixed Interest Rate | 1.17% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap 2013 effective 6/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 6 years | |
Derivative, Fixed Interest Rate | 2.32% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap 2013 effective 6/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Weighted Average [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 1.85% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 9/2/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Inception Date | Sep. 2, 2014 | |
Derivative Asset, Notional Amount | $ 25,000 | |
Objectives for Using Derivative Instruments | to reduce its exposure to variability in interest-related cash outflows attributable to changes in the LIBOR swap rate associated with borrowing programs for each of the periods, initially expected to be accomplished with LIBOR-indexed brokered deposits, but may also include LIBOR-indexed FHLB advances | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 9/2/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 3 years | |
Derivative, Fixed Interest Rate | 1.17% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 9/2/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 6 years | |
Derivative, Fixed Interest Rate | 2.32% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 9/2/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Weighted Average [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 1.85% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 12/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Inception Date | Dec. 1, 2014 | |
Derivative Asset, Notional Amount | $ 25,000 | |
Objectives for Using Derivative Instruments | to reduce its exposure to variability in interest-related cash outflows attributable to changes in the LIBOR swap rate associated with borrowing programs for each of the periods, initially expected to be accomplished with LIBOR-indexed brokered deposits, but may also include LIBOR-indexed FHLB advances | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 12/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 3 years | |
Derivative, Fixed Interest Rate | 1.17% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 12/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 6 years | |
Derivative, Fixed Interest Rate | 2.32% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap effective 12/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Weighted Average [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 1.85% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap 2014 effective 6/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Inception Date | Jun. 1, 2014 | |
Derivative Asset, Notional Amount | $ 25,000 | |
Objectives for Using Derivative Instruments | to reduce its exposure to variability in interest-related cash outflows attributable to changes in the LIBOR swap rate associated with borrowing programs for each of the periods, initially expected to be accomplished with LIBOR-indexed brokered deposits, but may also include LIBOR-indexed FHLB advances | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap 2014 effective 6/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 3 years | |
Derivative, Fixed Interest Rate | 1.17% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap 2014 effective 6/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 6 years | |
Derivative, Fixed Interest Rate | 2.32% | |
Private Banking Segment [Member] | Bank $25m LIBOR Swap 2014 effective 6/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Weighted Average [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 1.85% |
Derivatives and Hedging Activ63
Derivatives and Hedging Activities Non-designated Hedges Text description (Details) - Not Designated as Hedging Instrument [Member] $ in Millions | Mar. 31, 2016USD ($)contracts | Dec. 31, 2015USD ($)contracts |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | contracts | 100 | 76 |
Derivative, Notional Amount | $ 672.7 | $ 475.3 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | contracts | 1 | 0 |
Derivative, Notional Amount | $ 0.1 | |
Loan Participations and Assignments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 8.3 | $ 8.3 |
Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | contracts | 0 | |
Derivative, Notional Amount | $ 1.9 |
Derivatives and Hedging Activ64
Derivatives and Hedging Activities Derivatives not designated as hedges, effect on statement of operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Description of Location of Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | Other income/ (expense) | ||
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (599) | $ 34 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (605) | (6) | |
Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | [1] | $ 6 | $ 40 |
[1] | Risk Participation Agreements. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Income Tax Expense Components [Line Items] | |||
Income before income taxes | $ 24,325 | $ 26,490 | |
Income tax expense | 7,438 | 8,572 | |
Net income from continuing operations | $ 16,887 | $ 17,918 | |
Effective Income Tax Rate, Continuing Operations | 30.60% | 32.40% | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ 3,530 | $ 3,663 | |
Discontinued Operation, Tax Effect of Discontinued Operation | 1,465 | 1,569 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | [1] | $ 2,065 | $ 2,094 |
Effective Tax Rate Discontinued Operations | 41.50% | 42.80% | |
Tax effect Attributable to Noncontrolling Interests | $ 0 | $ 0 | |
Net income attributable to noncontrolling interests | $ 911 | $ 1,229 | |
Effective Tax Rate Noncontrolling Interests | 0.00% | 0.00% | |
Income from Continuing and Discontinued Operations Attributable to Parent Before Tax | $ 26,944 | $ 28,924 | |
Tax Expense (Benefit) Total | 8,903 | 10,141 | |
Net income attributable to the Company | $ 18,041 | $ 18,783 | |
Effective Tax Rate Total | 33.00% | 35.10% | |
[1] | The Company presents its EPS based on the treasury stock method. The Company reverted to the treasury stock presentation from the two-class presentation due to the immaterial number of participating shares outstanding as of March 31, 2016. If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, and the allocation of net income to participating securities would have been $6 thousand, reducing net income attributable to common shareholders by a total of $10 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 37,298 shares. Diluted EPS would not change.If the EPS presentation had been based on the two-class method, the following adjustments would have been made to the presentation of EPS for the three months ended March 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $43 thousand, and the allocation of net income to participating securities would have been $60 thousand, reducing net income attributable to common shareholders by a total of $103 thousand. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 341,603 shares. Diluted EPS would not change. |
Income Taxes Income Taxes Discu
Income Taxes Income Taxes Discussion (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 30.60% | 32.40% |
Income tax expense | $ 7,438 | $ 8,572 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% |
Noncontrolling Interests Compon
Noncontrolling Interests Components of Noncontrolling Interests (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Redeemable Noncontrolling Interest [Line Items] | |||||
Redeemable and Nonredeemable Noncontrolling Interest | $ 20,054 | $ 21,481 | |||
Redeemable Noncontrolling Interests | 16,938 | 18,088 | |||
Nonredeemable Noncontrolling Interest | 3,116 | 3,393 | |||
Anchor [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Redeemable and Nonredeemable Noncontrolling Interest | 11,725 | 11,907 | |||
BOS [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Redeemable and Nonredeemable Noncontrolling Interest | 6,079 | 6,744 | |||
DGHM [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interests | [1] | 2,250 | 2,830 | ||
Redeemable Noncontrolling Interest [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Redeemable Noncontrolling Interests | 16,938 | 18,088 | $ 19,911 | $ 20,905 | |
Noncontrolling Interest [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Nonredeemable Noncontrolling Interest | $ 3,116 | $ 3,393 | $ 2,601 | $ 386 | |
[1] | Only includes redeemable noncontrolling interests. |
Noncontrolling Interests Redeem
Noncontrolling Interests Redeemable Noncontrolilng Interests Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable noncontrolling interests at beginning of year | $ 18,088 | |
Nonredeemable Noncontrolling Interest at beginning of year | 3,393 | |
Net income attributable to noncontrolling interests | 911 | $ 1,229 |
Redeemable noncontrolling interests at end of period | 16,938 | |
Nonredeemable Noncontrolling Interest at end of period | 3,116 | |
Redeemable Noncontrolling Interest [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable noncontrolling interests at beginning of year | 18,088 | 20,905 |
Net income attributable to noncontrolling interests | 718 | 1,080 |
Redeemable noncontrolling interest, decrease from distributions to redeemable noncontrolling interest holders | (616) | (1,055) |
Redeemable Noncontrolling Interest Increase, Purchase of Additional Ownership Interest | 142 | 0 |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | (1,652) | |
Amortization of Noncontrolling Interest Equity Compensation | 111 | 0 |
Noncontrolling Interest, adjustment to fair value | (1,505) | 633 |
Redeemable noncontrolling interests at end of period | 16,938 | 19,911 |
Noncontrolling Interest [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Nonredeemable Noncontrolling Interest at beginning of year | 3,393 | 386 |
Net income attributable to noncontrolling interests | 193 | 149 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (242) | (136) |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | 419 |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 1,652 | |
Amortization of Noncontrolling Interest Equity Compensation | 132 | 118 |
Noncontrolling Interest, adjustment to fair value | (360) | 13 |
Nonredeemable Noncontrolling Interest at end of period | $ 3,116 | $ 2,601 |
Noncontrolling Interests Noncon
Noncontrolling Interests Noncontrolling Interests - Text Details (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |||
Net income attributable to noncontrolling interests | $ 911 | $ 1,229 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 16,938 | $ 18,088 | |
Nonredeemable Noncontrolling Interest | $ 3,116 | $ 3,393 |
Accumulated Other Comprehensi70
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Gain (Loss) on Sale of Securities, Net | $ 1 | $ 8 |
Interest Expense, Junior Subordinated Debentures | (578) | (956) |
Interest Expense, Deposits | (4,182) | (3,892) |
Other | 13 | 1,088 |
Income tax expense | 7,438 | 8,572 |
Net Income (Loss) Attributable to Parent | 18,041 | 18,783 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (245) | (586) |
Reclassification Out of Accumulated Comprehensive Income, Pre-tax [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Gain (Loss) on Sale of Securities, Net | 1 | 8 |
Reclassification Out of Accumulated Comprehensive Income, Tax effect [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income tax expense | 0 | 3 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Net Income (Loss) Attributable to Parent | 1 | 5 |
Hedges related to junior subordinated debt [Member] | Reclassification Out of Accumulated Comprehensive Income, Pre-tax [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Interest Expense, Junior Subordinated Debentures | 0 | (471) |
Hedges related to junior subordinated debt [Member] | Reclassification Out of Accumulated Comprehensive Income, Tax effect [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income tax expense | 0 | (202) |
Hedges related to junior subordinated debt [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Net Income (Loss) Attributable to Parent | 0 | (269) |
Hedges related to deposits [Member] | Reclassification Out of Accumulated Comprehensive Income, Pre-tax [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Interest Expense, Deposits | (461) | (547) |
Other | (42) | 0 |
Hedges related to deposits [Member] | Reclassification Out of Accumulated Comprehensive Income, Tax effect [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income tax expense | (173) | (225) |
Hedges related to deposits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Net Income (Loss) Attributable to Parent | $ (246) | $ (322) |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, beginning of period | $ 3,305 | $ 739 | $ 739 | |
Restructuring and Related Cost, Incurred Cost | 1,112 | 0 | ||
Restructuring Reserve, Settled with Cash | (849) | (489) | ||
Restructuring Reserve, end of period | 3,568 | 250 | 3,305 | $ 739 |
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, beginning of period | 3,305 | 739 | 739 | |
Restructuring and Related Cost, Incurred Cost | 1,112 | 0 | ||
Restructuring Reserve, Settled with Cash | (849) | (489) | ||
Restructuring Reserve, end of period | 3,568 | $ 250 | 3,305 | 739 |
Banyan Acquisition and WMT Management Restructuring Plan [Member] | Wealth Management and Trust Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 5,600 | |||
Restructuring and Related Cost, Incurred Cost | $ 1,100 | $ 3,700 | $ 700 |