Document Entity Information Doc
Document Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 24, 2017 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q4 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 83,865,653 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 960,896,249 |
Consolidated Balance Sheet Stat
Consolidated Balance Sheet Statement - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and cash equivalents | $ 106,557 | $ 238,694 |
Investment securities available-for-sale (amortized cost of $1,283,161 and $1,084,105 at December 31, 2016 and 2015, respectively) | 1,264,132 | 1,084,510 |
Investment securities held-to-maturity (fair value of $92,604 and $116,384 at December 31, 2016 and 2015, respectively) | 93,079 | 116,352 |
Stock in Federal Home Loan Banks | 44,077 | 35,181 |
Loans held for sale | 3,464 | 8,072 |
Total loans | 6,114,354 | 5,719,212 |
Less: Allowance for loan losses | 78,077 | 78,500 |
Net loans | 6,036,277 | 5,640,712 |
Other real estate owned (“OREO”) | 1,690 | 776 |
Premises and equipment, net | 31,827 | 31,036 |
Goodwill | 142,554 | 152,082 |
Intangible assets, net | 26,725 | 33,007 |
Fees receivable | 13,400 | 11,258 |
Accrued interest receivable | 20,479 | 17,950 |
Deferred income taxes, net | 55,460 | 51,699 |
Other assets | 130,753 | 121,179 |
Total assets | 7,970,474 | 7,542,508 |
Liabilities: | ||
Deposits | 6,085,146 | 6,040,437 |
Securities sold under agreements to repurchase | 59,624 | 58,215 |
Federal funds purchased | 80,000 | 0 |
Federal Home Loan Bank borrowings | 734,205 | 461,324 |
Junior subordinated debentures | 106,363 | 106,363 |
Other liabilities | 119,683 | 111,468 |
Total liabilities | 7,185,021 | 6,777,807 |
Redeemable Noncontrolling Interests | 16,972 | 18,088 |
Shareholders’ 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 December 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: 83,731,769 shares at December 31, 2016 and 83,410,961 shares at December 31, 2015 | 83,732 | 83,411 |
Additional paid-in capital | 597,454 | 600,670 |
Retained earnings/ (accumulated deficit) | 47,929 | 12,886 |
Accumulated other comprehensive income/ (loss) | (12,548) | (1,500) |
Total Company's shareholders’ equity | 764,320 | 743,220 |
Noncontrolling interests | 4,161 | 3,393 |
Total shareholders' equity | 768,481 | 746,613 |
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | $ 7,970,474 | $ 7,542,508 |
Consolidated Balance Sheet Sta3
Consolidated Balance Sheet Statement Parenthetical - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities available for sale at amortized cost | $ 1,283,161 | $ 1,084,105 |
Investment securities held to maturity at fair value | $ 92,604 | $ 116,384 |
Preferred Stock, Par Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Common Stock, Par Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 170,000,000 | 170,000,000 |
Common Stock, Shares, Issued | 83,731,769 | 83,410,961 |
Common Stock, Shares, Outstanding | 83,731,769 | 83,410,961 |
Series D Preferred Stock [Member] | ||
Preferred Stock, Par Value Per Share | $ 1 | |
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 Statement of Opera
Consolidated Statement of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Interest and dividend income: | ||||
Loans | $ 201,349 | $ 192,184 | $ 191,658 | |
Taxable investment securities | 6,230 | 4,403 | 3,162 | |
Non-taxable investment securities | 5,754 | 4,758 | 3,738 | |
Mortgage-backed securities | 12,416 | 10,933 | 6,925 | |
Federal funds sold and other | 1,890 | 1,390 | 1,359 | |
Total interest and dividend income | 227,639 | 213,668 | 206,842 | |
Interest expense: | ||||
Deposits | 16,571 | 16,002 | 14,102 | |
Federal Home Loan Bank borrowings | 8,008 | 7,959 | 9,108 | |
Junior subordinated debentures | 2,427 | 3,875 | 3,872 | |
Repurchase agreements and other short-term borrowings | 195 | 62 | 59 | |
Total interest expense | 27,201 | 27,898 | 27,141 | |
Net interest income | 200,438 | 185,770 | 179,701 | |
Provision/ (credit) for loan losses | (6,935) | (1,555) | (6,400) | |
Net interest income after provision for loan losses | 207,373 | 187,325 | 186,101 | |
Fees and other income: | ||||
Investment management fees | 44,410 | 45,694 | 47,123 | |
Wealth advisory fees | 50,581 | 50,437 | 48,082 | |
Wealth management and trust fees | 43,980 | 51,309 | 34,582 | |
Other banking fee income | 12,050 | 8,440 | 7,033 | |
Gain on sale of loans, net | 667 | 1,207 | 2,158 | |
Gain/ (loss) on sale of investments, net | 521 | 236 | (7) | |
Gain/ (loss) on OREO, net | 306 | 124 | 957 | |
Gain on sale of offices | 2,862 | 0 | 0 | |
Other | 3,410 | 3,722 | 870 | |
Total fees and other income | 158,787 | 161,169 | 140,798 | |
Operating expense: | ||||
Salaries and employee benefits | 163,767 | 159,401 | 146,648 | |
Occupancy and equipment | 39,075 | 37,183 | 31,041 | |
Professional services | 11,576 | 12,861 | 12,473 | |
Marketing and business development | 7,626 | 9,063 | 7,989 | |
Contract services and data processing | 7,024 | 6,037 | 5,816 | |
Amortization of intangibles | 6,282 | 6,711 | 4,836 | |
Impairment of goodwill | 9,528 | 0 | 0 | |
FDIC insurance | 3,484 | 3,979 | 3,459 | |
Restructuring | 2,017 | 3,724 | 739 | |
Other | 14,574 | 16,222 | 14,128 | |
Total operating expense | 264,953 | 255,181 | 227,129 | |
Income before income taxes | 101,207 | 93,313 | 99,770 | |
Income tax expense | [1] | 30,963 | 30,392 | 32,365 |
Net income from continuing operations | 70,244 | 62,921 | 67,405 | |
Net income from discontinued operations | [2] | 5,541 | 6,411 | 6,160 |
Net income before attrubution to noncontrolling interests | 75,785 | 69,332 | 73,565 | |
Less: Net income attributable to noncontrolling interests | 4,157 | 4,407 | 4,750 | |
Net income attributable to the Company | 71,628 | 64,925 | 68,815 | |
Other Preferred Stock Dividends and Adjustments | (4,063) | (3,011) | (4,000) | |
Net income attributable to common shareholders for basic earnings per share calculation | [2] | $ 67,565 | $ 61,914 | $ 64,815 |
Basic earnings per share attributable to common shareholders: | ||||
From continuing operations: | $ 0.76 | $ 0.69 | $ 0.74 | |
From discontinued operations: | 0.07 | 0.08 | 0.08 | |
Total attributable to common shareholders: | 0.83 | 0.77 | 0.82 | |
Diluted earnings per share attributable to common shareholders: | ||||
From continuing operations: | 0.74 | 0.66 | 0.72 | |
From discontinued operations: | 0.07 | 0.08 | 0.08 | |
Total attributable to common shareholders: | $ 0.81 | $ 0.74 | $ 0.80 | |
Common Stock [Member] | ||||
Basic earnings per share attributable to common shareholders: | ||||
Weighted average basic common shares outstanding | 81,264,273 | 80,885,253 | 78,921,480 | |
Diluted earnings per share attributable to common shareholders: | ||||
Weighted average diluted common shares outstanding | [2],[3] | 83,209,126 | 83,393,090 | 81,308,144 |
[1] | The Company’s effective tax rate for 2016, 2015, and 2014 is not consistent due to earnings from tax-exempt investments, non-deductible compensation, state and local taxes, income tax credits and income attributable to noncontrolling interests having a different impact on the effective tax rate due primarily to the different levels of income before taxes in years 2016, 2015, and 2014. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 17: Income Taxes” for additional details. | |||
[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 year ended December 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, for the year ended December 31, 2016. The allocation of net income to participating securities would have been $8 thousand for the year ended December 31, 2016, reducing net income attributable to common shareholders by a total of $12 thousand for the same period. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 7,185 shares for the year ended December 31, 2016. 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 year ended December 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $90 thousand for the year ended December 31, 2015, and the allocation of net income to participating securities would have been $92 thousand for the same period, reducing net income attributable to common shareholders by a total of $182 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2015. Weighted average diluted shares outstanding would have been reduced by 167,937 shares for the same period. 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 year ended December 31, 2014. Net income attributable to common shareholders would have been reduced by an additional$228 thousand for the year ended December 31, 2014, and the allocation of net income to participating securities would have been $335 thousand for the same period, reducing net income attributable to common shareholders by a total of $563 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2014. Weighted average diluted shares outstanding would have been reduced by 428,913 shares for the same period. Total diluted EPS and diluted EPS from discontinued operations would each decrease by $0.01 per share. | |||
[3] | The diluted EPS computations for the years ended December 31, 2016, 2015, and 2014 do not assume the conversion, exercise or contingent issuance of the following shares for the following periods because the result would have been antidilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: For the year ended December 31, 2016 2015 2014Shares excluded due to anti-dilution (treasury method):(In thousands)Potential common shares from: Convertible trust preferred securities (a)1 1 1Total shares excluded due to anti-dilution1 1 1 For the year ended December 31, 2016 2015 2014Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding):(In thousands)Potential common shares from: Options, restricted stock, or other dilutive securities (b)270 548 829Total shares excluded due to exercise price exceeding the average market price of common shares during the period270 548 829(a) If the effect of the conversion of the trust preferred securities would have been dilutive, an immaterial amount of interest expense, net of tax, related to the convertible trust preferred securities would have been added back to net income attributable to common shareholders for the diluted EPS computation for the years presented.(b)Options to purchase shares of common stock, non-participating performance- and certain time-based restricted stock, and other dilutive securities that were outstanding at period ends were not included in the computation of diluted EPS or in the above anti-dilution table because their exercise or conversion prices were greater than the average market price of the common shares during the respective periods. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income attributable to the Company | $ 17,552 | $ 19,636 | $ 16,398 | $ 18,041 | $ 15,002 | $ 13,530 | $ 17,610 | $ 18,783 | $ 71,628 | $ 64,925 | $ 68,815 | ||||||||
Other comprehensive income/ (loss), net of tax: | |||||||||||||||||||
Unrealized gain/ (loss) on securities available-for-sale | (11,358) | (1,349) | 3,736 | ||||||||||||||||
Reclassification adjustment for net realized (gain)/ loss included in net income | (331) | (139) | 4 | ||||||||||||||||
Net unrealized gain/ (loss) on securities available-for-sale | (11,689) | (1,488) | 3,740 | ||||||||||||||||
Unrealized gain/ (loss) on cash flow hedges | (461) | (1,554) | (2,009) | ||||||||||||||||
Reclassification adjustment for net realized (gain)/ loss included in net income | 979 | 2,354 | 1,849 | ||||||||||||||||
Net unrealized gain/ (loss) on cash flow hedges | 518 | 800 | (160) | ||||||||||||||||
Net unrealized gain/ (loss) on other | 123 | (115) | (80) | ||||||||||||||||
Other comprehensive income/ (loss), net of tax | (11,048) | (803) | 3,500 | ||||||||||||||||
Total comprehensive income attributable to the Company, net | $ 60,580 | $ 64,122 | $ 72,315 | ||||||||||||||||
[1] | Due to rounding, the sum of the four quarters may not add to the year to date total. |
Consolidated Statement of Share
Consolidated Statement of Shareholders' 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, 2013 | $ 633,688 | $ 47,753 | $ 79,838 | $ 616,334 | $ (106,211) | $ (4,197) | $ 171 |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||||
Net income attributable to the Company | 68,815 | 0 | 0 | 0 | 68,815 | 0 | 0 |
Other comprehensive income/ (loss), net | 3,500 | 0 | 0 | 0 | 0 | 3,500 | 0 |
Dividends paid to common shareholders: $0.32 per share | (25,829) | 0 | 0 | (25,829) | 0 | 0 | 0 |
Dividends paid to preferred shareholders | (3,475) | 0 | 0 | (3,475) | 0 | 0 | 0 |
Issuance of noncontrolling interests | 215 | 0 | 0 | 0 | 0 | 0 | 215 |
Net proceeds from issuance of: | |||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 22,264 | 0 | 1,801 | 20,463 | 0 | 0 | 0 |
Stock Issued under Equity Plans, net of shares forfeited, canceled, or withheld for employee taxes, value | (1,609) | 0 | 1,091 | (2,700) | 0 | 0 | 0 |
Amortization of stock compensation and employee stock purchase plan | 6,239 | 0 | 0 | 6,239 | 0 | 0 | 0 |
Stock options exercised | 1,807 | 0 | 232 | 1,575 | 0 | 0 | 0 |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 1,294 | 0 | 0 | 1,294 | 0 | 0 | 0 |
Other equity adjustments | (2,998) | 0 | 0 | (2,998) | 0 | 0 | 0 |
Ending Balance at Dec. 31, 2014 | 703,911 | 47,753 | 82,962 | 610,903 | (37,396) | (697) | 386 |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||||
Net income attributable to the Company | 64,925 | 0 | 0 | 0 | 64,925 | 0 | 0 |
Other comprehensive income/ (loss), net | (803) | 0 | 0 | 0 | 0 | (803) | 0 |
Dividends paid to common shareholders: $0.32 per share | (29,608) | 0 | 0 | (16,703) | (12,905) | 0 | 0 |
Dividends paid to preferred shareholders | (3,475) | 0 | 0 | (1,737) | (1,738) | 0 | 0 |
Issuance of noncontrolling interests | 3,007 | 0 | 0 | 0 | 0 | 0 | 3,007 |
Net proceeds from issuance of: | |||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 1,575 | 0 | 138 | 1,437 | 0 | 0 | 0 |
Stock Issued under Equity Plans, net of shares forfeited, canceled, or withheld for employee taxes, value | (2,090) | 0 | 161 | (2,251) | 0 | 0 | 0 |
Amortization of stock compensation and employee stock purchase plan | 9,820 | 0 | 0 | 9,820 | 0 | 0 | 0 |
Stock options exercised | 1,206 | 0 | 150 | 1,056 | 0 | 0 | 0 |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (1,262) | 0 | 0 | (1,262) | 0 | 0 | 0 |
Other equity adjustments | (593) | 0 | 0 | (593) | 0 | 0 | 0 |
Ending Balance at Dec. 31, 2015 | 746,613 | 47,753 | 83,411 | 600,670 | 12,886 | (1,500) | 3,393 |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||||
Net income attributable to the Company | 71,628 | 0 | 0 | 0 | 71,628 | 0 | 0 |
Other comprehensive income/ (loss), net | (11,048) | 0 | 0 | 0 | 0 | (11,048) | 0 |
Dividends paid to common shareholders: $0.32 per share | (33,110) | 0 | 0 | 0 | (33,110) | 0 | 0 |
Dividends paid to preferred shareholders | (3,475) | 0 | 0 | 0 | (3,475) | 0 | 0 |
Issuance of noncontrolling interests | 768 | 0 | 0 | 0 | 0 | 0 | 768 |
Stock Repurchased During Period, Value | 9,323 | 0 | 786 | 8,537 | 0 | 0 | 0 |
Net proceeds from issuance of: | |||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 1,579 | 0 | 166 | 1,413 | 0 | 0 | 0 |
Stock Issued under Equity Plans, net of shares forfeited, canceled, or withheld for employee taxes, value | (737) | 0 | 193 | (930) | 0 | 0 | 0 |
Adjustments to Additional Paid in Capital, Warrant Issued | 0 | 0 | 517 | (517) | 0 | 0 | 0 |
Amortization of stock compensation and employee stock purchase plan | 4,112 | 0 | 0 | 4,112 | 0 | 0 | 0 |
Stock options exercised | 1,725 | 0 | 231 | 1,494 | 0 | 0 | 0 |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (620) | 0 | 0 | (620) | 0 | 0 | 0 |
Other equity adjustments | 369 | 0 | 0 | 369 | 0 | 0 | 0 |
Ending Balance at Dec. 31, 2016 | $ 768,481 | $ 47,753 | $ 83,732 | $ 597,454 | $ 47,929 | $ (12,548) | $ 4,161 |
Consolidated Statement of Shar7
Consolidated Statement of Shareholders' Equity Shareholders' Equity Parenthetical - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.40 | $ 0.36 | $ 0.32 |
Common Stock [Member] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.40 | $ 0.36 | $ 0.32 |
Stock Issued During Period, Shares, New Issues | 165,934 | 138,463 | 1,801,446 |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 599,673 | 738,025 | 1,344,808 |
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | (343,929) | (408,638) | (125,658) |
Shares of stock withheld for employee taxes | (63,235) | (168,490) | (128,003) |
Stock Repurchased During Period, Shares | 785,542 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income attributable to the Company | $ 71,628 | $ 64,925 | $ 68,815 |
Adjustments to arrive at net income/(loss) from continuing operations | |||
Net income attributable to noncontrolling interests | (4,157) | (4,407) | (4,750) |
Net pre-tax gain from operating activities of discontinued operations | 9,452 | 11,234 | 11,258 |
Tax expense from discontinued operations | 3,911 | 4,823 | 5,098 |
Net income from continuing operations | 70,244 | 62,921 | 67,405 |
Adjustments to reconcile net income/(loss) from continuing operations to net cash provided by/(used in) operating activities: | |||
Depreciation and amortization | 23,441 | 22,187 | 19,378 |
Net income attributable to noncontrolling interests | (4,157) | (4,407) | (4,750) |
Equity issued as compensation | 4,112 | 9,820 | 6,239 |
Impairment of goodwill | 9,528 | 0 | 0 |
Provision/ (credit) for loan losses | (6,935) | (1,555) | (6,400) |
Loans originated for sale | (80,539) | (153,445) | (71,858) |
Proceeds from sale of loans held for sale | 85,814 | 153,679 | 71,440 |
Gain on sale of offices | (2,862) | 0 | 0 |
Deferred income tax expense/(benefit) | 2,777 | (4,575) | 5,058 |
Net decrease/(increase) in other operating activities | (817) | 2,852 | 14,387 |
Net cash provided by/(used in) operating activities of continuing operations | 100,606 | 87,477 | 100,899 |
Net cash provided by/(used in) operating activities of discontinued operations | 5,541 | 6,411 | 6,160 |
Net cash provided by/(used in) operating activities | 106,147 | 93,888 | 107,059 |
Investment securities available-for-sale: | |||
Purchases of investment securities available-for-sale | 422,315 | 506,529 | 335,404 |
Sales of investment securities available-for-sale | 50,049 | 34,160 | 6,450 |
Maturities, redemptions, and principal payments of investment securities available-for-sale | 165,768 | 208,467 | 190,926 |
Investment securities held-to-maturity: | |||
Purchases of investment securities held-to-maturity | 0 | 0 | (48,835) |
Principal payments of investment securities held-to-maturity | 22,522 | 23,741 | 19,263 |
(Investments)/distributions in trusts, net | (508) | (165) | (385) |
(Purchase)/ redemption of Federal Home Loan Banks stock | (8,896) | (2,900) | 6,331 |
Net increase in portfolio loans | (403,670) | (452,675) | (221,256) |
Proceeds from recoveries of loans previously charged-off | 10,461 | 6,253 | 11,163 |
Proceeds from sale of OREO | 1,337 | 277 | 1,102 |
Proceeds from sale of portfolio loans | 0 | 0 | 58,568 |
Distributions related to sale of offices | (98,517) | 0 | 0 |
Capital expenditures, net of sale proceeds | (9,011) | (5,419) | (9,705) |
Cash received from dispositions/ (paid for acquisitions, including deferred acquisition obligations, net of cash acquired) | 0 | 0 | (44,845) |
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | (1,601) |
Net cash provided by/(used in) investing activities - continuing operations | (692,780) | (694,790) | (368,228) |
Net cash provided by/(used in) investing activities - discontinued operations | 0 | 0 | 0 |
Net cash provided by/(used in) investing activities | (692,780) | (694,790) | (368,228) |
Cash flows from financing activities: | |||
Net increase in deposits | 148,303 | 586,558 | 343,509 |
Net (decrease)/increase in securities sold under agreements to repurchase and other | 1,409 | 27,719 | (71,857) |
Net (decrease)/increase in short-term Federal Home Loan Bank borrowings | 310,000 | 40,000 | 10,000 |
Net increase/ (decrease) in federal funds purchased | 80,000 | 0 | 0 |
Advances of long-term Federal Home Loan Bank borrowings | 134,779 | 123,636 | 55,000 |
Repayments of long-term Federal Home Loan Bank borrowings | (171,898) | (72,462) | (62,104) |
Repurchase of common stock | (9,323) | 0 | 0 |
Dividends paid to common share holders | (33,110) | (29,608) | (25,829) |
Dividends paid to preferred shareholders | (3,475) | (3,475) | (3,475) |
Tax savings/ (deficiency) from certain stock compensation awards | (620) | (1,262) | 1,294 |
Proceeds from stock option exercises | 1,725 | 1,206 | 1,807 |
Proceeds from issuance of common stock, net | 842 | (515) | (353) |
Distributions paid to noncontrolling interests | (4,054) | (4,611) | (4,426) |
Other equity adjustments | (82) | (199) | (1,669) |
Net cash provided by/(used in) financing activities - continuing operations | 454,496 | 666,987 | 241,897 |
Net cash provided by/(used in) financing activities - discontinued operations | 0 | 0 | 0 |
Net cash provided by/(used in) financing activities | 454,496 | 666,987 | 241,897 |
Net increase/(decrease) in cash and cash equivalents | (132,137) | 66,085 | (19,272) |
Cash and cash equivalents at beginning of year | 238,694 | 172,609 | 191,881 |
Cash and cash equivalents at end of period | 106,557 | 238,694 | 172,609 |
Supplementary schedule of non-cash investing and financing activities: | |||
Cash paid for interest | 27,415 | 27,749 | 30,043 |
Cash paid for income taxes, net of (refunds received) | 33,078 | 33,318 | 30,072 |
Change in unrealized gain/ (loss) on securities available-for-sale, net of tax | (11,689) | (1,488) | 3,740 |
Change in unrealized gain/ (loss) on cash flow hedges, net of tax | 518 | 800 | (160) |
Change in unrealized gain/ (loss) on other, net of tax | (123) | 115 | 80 |
Loans transferred into/(out of) held for sale from/(to) portfolio | 0 | 0 | 56,967 |
Loans charged-off | (3,949) | (2,036) | (5,296) |
Loans transferred into other real estate owned from held for sale or portfolio | 1,944 | 0 | 298 |
Reversal of contingent consideration | 0 | 2,026 | 0 |
Equity issued for acquisitions, including deferred acquisition obligations | $ 0 | $ 0 | $ 21,007 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation and 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, the San Francisco Bay Area, and Southern California. In June 2016, the Bank entered into a definitive agreement to sell two of its offices in the Southern California market, located in Granada Hills and Burbank, California. The transaction closed in November 2016 and the Bank recognized a gain on sale of $2.9 million . The rationale for the sale was to better position the Company’s resources within the Southern California market. 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; California; Madison, Wisconsin; and the Washington, D.C. area. The Investment Management segment has two consolidated affiliates, 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, 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). Basis of Presentation The consolidated financial statements of the Company include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation, and the portion of income allocated to owners other than the Company is included in “Net income attributable to noncontrolling interests” in the consolidated statements of operations. Redeemable noncontrolling interests in the consolidated balance sheets reflect the maximum redemption value of agreements with other owners. All accounts related to divested affiliates are included within the results of discontinued operations for all periods presented. The financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S.”) (“GAAP”). Reclassifications of amounts in prior years’ consolidated financial statements are made whenever necessary to conform to the current year’s presentation. Use of Estimates In preparing the consolidated financial statements, management is required to make certain estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to change, in the near term, relate to the determination of the allowance for loan losses, evaluation of potential impairment of goodwill and other intangibles, and income tax estimates. Significant Group Concentrations of Credit Risk Most of the Company’s activities are with clients within the New England, the San Francisco Bay Area, and Southern California regions of the country. The Company does not believe it has any significant concentrations in any one industry, geographic location, or with any one client. Part II. Item 8. “Financial Statements and Supplementary Data - Note 4: Investment Securities,” highlights the types of securities in which the Company invests, and Part II. Item 8. “Financial Statements and Supplementary Data - Note 5: Loan Portfolio and Credit Quality,” describes the concentration of the Private Banking loan data based on the location of the lender. Statement of Cash Flows For purposes of reporting cash flows, the Company considers cash and due from banks and federal funds sold, all of which have original maturities with 90 days or less, to be cash equivalents. Cash and Due from Banks The Bank is required to maintain average reserve balances in an account with the Federal Reserve based upon a percentage of certain deposits. As of December 31, 2016 and 2015 , the daily amounts required to be held in the aggregate for the Bank were $5.0 million and $4.6 million , respectively. Investment Securities Available-for-sale investment securities are reported at fair value, with unrealized gains and losses credited or charged, net of the estimated tax effect, to accumulated other comprehensive income/ (loss). Held-to-maturity investment securities are those which the Company has the positive intent and ability to hold to maturity and are reported at amortized cost. Premiums and discounts on the investment securities are amortized or accreted into net interest income by the level-yield method. Gains and losses on the sale of the available-for-sale investments are recognized at the trade date on a specific identification basis. Dividend and interest income is recognized when earned and is recorded on the accrual basis. The Company conducts a quarterly review and evaluation of its investment securities to determine if the decline in fair value of a security below its amortized cost is deemed to be other-than-temporary. Other-than-temporary impairment losses are recognized on securities when: (i) the holder has an intention to sell the security; (ii) it is more likely than not that the security will be required to be sold prior to recovery; or (iii) the holder does not expect to recover the entire amortized cost basis of the security. Other-than-temporary losses are reflected in earnings as a charge against gain on sale of investments, net, to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in accumulated other comprehensive income/ (loss). The Company has no intention to sell any securities in an unrealized loss position at December 31, 2016 nor is it more likely than not that the Company would be required to sell such securities prior to the recovery of the unrealized losses. As of December 31, 2016 , the Company believes that all impairments of investment securities are temporary in nature. No other-than-temporary impairment losses were recognized in the consolidated statements of operations for the years ended December 31, 2016 , 2015 , and 2014 . Loans Held for Sale Loans originated and held for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Fair value is based on commitments on hand from investors or prevailing market prices. Unrealized losses, if any, are recognized through a valuation allowance by charges to income. Loans transferred to the held for sale category from the loan portfolio are transferred at the lower of cost or fair value, usually as determined at the individual loan level. If fair value is less than cost, then a charge for the difference will be made to the allowance for loan losses if the decline in value is due to credit issues. Gains or losses on the sale of loans are recognized at the time of sale on a specific identification basis. Interest income is recognized on an accrual basis when earned. Loans Loans are carried at the principal amount outstanding, net of participations, deferred loan origination fees and costs, charge-offs, and interest payments applied to principal on nonaccrual loans. Loan origination fees, net of related direct incremental loan origination costs, are deferred and recognized into income over the contractual lives of the related loans as an adjustment to the loan yield, using the level-yield method. If a loan is paid off prior to maturity, the unamortized portion of net fees/cost is recognized into interest income. If a loan is sold, the unamortized portion of net fees/cost is recognized at the time of sale as a component of the gain or loss on sale of loans. When the Company analyzes its loan portfolio to determine the adequacy of its allowance for loan losses, it categorizes the loans by portfolio segment and class of financing receivable based on the similarities in risk characteristics for the loans. The Company has determined that its portfolio segments and classes of financing receivables are one and the same, with the exception of the commercial and industrial portfolio segment, which consists of other commercial and industrial loans and commercial tax exempt loans. The level at which the Company develops and documents its allowance for loan loss methodology is consistent with the grouping of financing receivables based upon initial measurement attributes, risk characteristics, and the Company’s method for monitoring and assessing credit risks. These portfolio segments and classes of financing receivables are: • Commercial and industrial (portfolio segment) ◦ Other commercial and industrial loans (class of financing receivable) - Commercial and industrial loans include working capital and revolving lines of credit, term loans for equipment and fixed assets, and Small Business Administration (“SBA”) loans. ◦ Commercial tax exempt loans (class of financing receivable) - Commercial tax exempt loans include loans to not-for-profit private schools, colleges, and public charter schools. • Commercial real estate (segment and class) - Commercial real estate loans are generally acquisition financing for commercial properties such as office buildings, retail properties, apartment buildings, and industrial/warehouse space. In addition, tax exempt commercial real estate loans are provided for affordable housing development and rehabilitation. These loans are often supplemented with federal, state, and/or local subsidies. • Construction and land (segment and class) - Construction and land loans include loans for financing of new developments as well as financing for improvements to existing buildings. • Residential mortgage (segment and class) - Residential mortgage loans consist of loans secured by single-family and one- to four- unit properties in excess of the amount eligible for purchase by the Federal National Mortgage Association, which was $417 thousand at December 31, 2016 for the “General” limit and $523 thousand to $626 thousand for single-family properties for the “High-Cost” limit, depending on which specific geographic region of the Bank’s primary market areas the loan was originated. While the Bank has no minimum size for mortgage loans, it concentrates its origination activities in the “Jumbo” segment of the market. • Home equity (segment and class) - Home equity loans consist of balances outstanding on second mortgages and home equity lines of credit extended to individual clients. Personal lines of credit are typically for high net worth clients whose assets may not be liquid due to investments or closely held stock. The amount of home equity loans typically depends on client demand. • Consumer and other (segment and class) - Consumer and other loans consist of balances outstanding on consumer loans including personal lines of credit, and loans arising from overdraft protection extended to individual and business clients. Personal lines of credit are typically for high net worth clients whose assets may not be liquid due to investments or closely held stock. The amount of consumer and other loans typically depends on client demand. The past due status of a loan is determined in accordance with its contractual repayment terms. All portfolio segments are reported past due when one scheduled payment is due and unpaid for 30 days or more. The Bank’s policy is to discontinue the accrual of interest on a loan when the collectability of principal or interest is in doubt. 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. Impaired loans are usually commercial loans or construction and land loans, for which it is probable that the Company will not collect all amounts due according to the contractual terms of the loan agreement, and all loans restructured in a troubled debt restructuring. Accrual of interest income is discontinued and all interest previously accrued but not collected is reversed against current period interest income when a loan is initially classified as nonaccrual. Generally, interest received on nonaccrual loans is applied against principal or, on a limited basis, reported as interest income on a cash basis, when according to management’s judgment, the collectability of principal is reasonably assured. The Bank’s general policy for returning a loan to accrual status requires the loan to be brought current, for the client to show a history of making timely payments (generally six consecutive months), and when the financial position of the borrower and other relevant factors indicate there is no longer doubt as to the collectability of the loan. The Bank’s loan commitments are generally short-term in nature with terms that are primarily variable. Given the limited interest rate exposure posed by the commitments, the Bank estimates the fair value of these commitments to be immaterial. 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. Generally, only commercial loans, including commercial real estate, other commercial and industrial loans, commercial tax exempt loans, and construction and land loans, are given a numerical grade. A summary of the rating system used by the Bank 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. 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. Restructured Loans When the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to a troubled borrower that it would not otherwise consider, the loan is classified as a restructured loan pursuant to Accounting Standards Codification (“ASC”) 470, Debt . The concession either stems from an agreement between the creditor and the Bank or is imposed by law or a court. The concessions may include: • Deferral of principal and/or interest payments • Lower interest rate as compared to a new loan with comparable risk and terms • Extension of the maturity date • Reduction in the principal balance owed All loans whose terms have been modified in a troubled debt restructuring, including commercial, residential, and consumer, are evaluated for impairment under ASC 310, Receivables . Generally, a nonaccrual loan that is restructured remains on nonaccrual status for a period of at least six months to demonstrate that the borrower can meet the restructured terms. However, performance prior to the restructuring, or significant events that coincide with the restructuring, are considered when assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of the restructuring or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains classified as a nonaccrual loan. A loan may be removed from a restructured classification after the next fiscal year end, if the restructured terms include a market interest rate and the borrower has demonstrated performance with the restructured terms. Allowance for Loan and Lease Losses The allowance for loan losses (“allowance”) is an estimate of the inherent risk of loss in the loan portfolio as of the consolidated balance sheet dates. Management estimates the level of the allowance based on all relevant information available. Changes to the required level in the allowance result in either a provision for loan loss expense, if an increase is required, or a credit to the provision, if a decrease is required. Loan losses are charged to the allowance when available information confirms that specific loans, or portions thereof, are uncollectible. Recoveries on loans previously charged-off are credited to the allowance when received in cash. The Company’s allowance is accounted for in accordance with guidance issued by various regulatory agencies, including: the Federal Financial Institutions Examination Council Policy Statement on the Allowance for Loan and Lease Losses (December 2006); Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 102, Selected Loan Loss Methodology and Documentation Issues ; ASC 310; and ASC 450, Contingencies . The allowance consists of three primary components: general reserves on pass graded loans, allocated reserves on non-impaired special mention and substandard loans, and the specific reserves on impaired loans. The calculation of the allowance involves a high degree of management judgment and estimates designed to reflect the inherent risk of loss in the loan portfolio at the measurement date. General reserves are calculated for each loan pool consisting of pass graded loans segregated by portfolio segment, by applying estimated net loss percentages based upon the Bank’s actual historical net charge-offs and, adjusted as appropriate, on a consistent manner based upon consideration of qualitative factors to arrive at a total loss factor for each portfolio segment. The rationale for qualitative adjustments is to more accurately reflect the current inherent risk of loss in the respective portfolio segments than would be determined through the sole consideration of the Bank’s actual historical net charge-off rates. The numerical factors assigned to each qualitative factor are based upon observable data, if applicable, as well as management’s analysis and judgment. The qualitative factors considered by the Company include: • Volume and severity of past due, nonaccrual, and adversely graded loans, • Volume and terms of loans, • Concentrations of credit, • Management’s experience, as well as loan underwriting and loan review policy and procedures, • Economic and business conditions impacting the Bank’s loan portfolio, as well as consideration of collateral values, and • External factors, including consideration of loss factor trends, competition, and legal and regulatory requirements. The Bank makes an independent determination of the applicable loss rate for these factors based on relevant local market conditions, credit quality, and portfolio mix. Each quarter, management reviews the loss factors to determine if there have been any changes in its loan portfolio, market conditions, or other risk indicators which would result in a change to the current loss factor. Allocated reserves on non-impaired special mention and substandard loans reflect management’s assessment of increased risk of losses associated with these types of adversely graded loans. An allocated reserve is assigned to these pools of loans based upon management’s consideration of the credit attributes of individual loans within each pool of loans, including consideration of loan to value ratios, past due status, strength and willingness of the guarantors, and other relevant attributes, as well as the qualitative factors considered for the general reserve as discussed above. These considerations are determined separately for each type of portfolio segment. The allocated reserves are a multiple of the general reserve for each respective portfolio segments, with a greater multiple for loans with increased risk ( i.e. , special mention loans versus substandard loans). A loan is considered impaired in accordance with ASC 310 when, based upon current information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impairment is measured based on the fair value of the loan, expected future cash flows discounted at the loan’s effective interest rate, or as a practical expedient, impairment may be determined based upon the observable market price of the loan, or the fair value of the collateral, less estimated costs to sell, if the loan is “collateral dependent.” A loan is collateral dependent if repayment of the loan is expected to be provided solely by the underlying collateral or sale of the underlying collateral. For collateral dependent loans, appraisals are generally used to determine the fair value. When a collateral dependent loan becomes impaired, an updated appraisal of the collateral is obtained, if appropriate. Appraised values are generally discounted for factors such as the Bank’s intention to liquidate the property quickly in a foreclosure sale or the date when the appraisal was performed if the Bank believes that collateral values have declined since the date the appraisal was done. The Bank may use a broker opinion of value in addition to an appraisal to validate the appraised value. In certain instances, the Bank may consider broker opinions of value as well as other qualitative factors while an appraisal is being prepared. If the loan is deemed to be collateral dependent, generally the difference between the book balance (client balance less any prior charge-offs or client interest payments applied to principal) and the fair value of the collateral is taken as a partial charge-off through the allowance for loan losses in the current period. If the loan is not determined to be collateral dependent, then a specific allocation to the general reserve is established for the difference between the book balance of the loan and the expected future cash flows discounted at the loan’s effective interest rate. Charge-offs for loans not considered to be collateral dependent are made when it is determined a loss has been incurred. Impaired loans are removed from the general loan pools. There may be instances where the loan is considered impaired although based on the fair value of underlying collateral or the discounted expected future cash flows there is no impairment to be recognized. In addition, all loans which are classified as troubled debt restructurings (“TDRs”) are considered impaired. In addition to the three primary components of the allowance for loan losses discussed above (general reserve, allocated reserves on non-impaired special mention and substandard loans, and the specific reserves on impaired loans), the Bank may also maintain an insignificant amount of additional allowance for loan losses (the unallocated allowance for loan losses). The unallocated reserve reflects the fact that the allowance for loan losses is an estimate and contains a certain amount of imprecision risk. It represents risks identified by Management that are not already captured in the qualitative factors discussed above. The unallocated allowance for loan losses is not considered significant by the Company and will remain at zero unless additional risk is identified. While this evaluation process utilizes historical and other objective information, the classification of loans and the establishment of the allowance for loan losses rely to a great extent on the judgment and experience of management. While management evaluates currently available information in establishing the allowance for loan losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations. In addition, various regulatory agencies, as an integral part of their examination process, periodically review a financial institution’s allowance for loan losses as well as loan grades/classifications. Such agencies may require the financial institution to recognize additions to the allowance for loan losses or increases to adversely graded loans based on their judgments about information available to them at the time of their examination. Reserve for Unfunded Loan Commitments The Company maintains a reserve for unfunded loan commitments for such items as unused portion of lines of credit and unadvanced construction loans. The reserve is maintained at a level that reflects the risk in these various commitments. Management determines the reserve percentages on a quarterly basis based on a percentage of the current historical loss rates for these portfolios. Once a loan commitment is funded, the reserve for unfunded loan commitment is reversed and a corresponding allowance for loan loss reserve is established. This unfunded loan commitment reserve is included in other liabilities in the consolidated balance sheets. Net adjustments to the reserve for unfunded commitments are included in other operating expense in the consolidated statements of operations. Other Real Estate Owned (“OREO”) OREO is comprised of property acquired through foreclosure proceedings or acceptance of a deed-in-lieu of foreclosure in partial or total satisfaction of certain loans. Properties are recorded at the lower of the recorded investment in the loan at the time of acquisition or the fair value, as established by a current appraisal, comparable sales, and other estimates of value obtained principally from independent sources, less estimated costs to sell. Any decline in fair value compared to the carrying value of a property at the time of acquisition is charged against the allowance for loan losses. Any subsequent valuation adjustments to reflect declines in current fair value, as well as gains or losses on disposition are reported in gain/(loss) on OREO, net in the consolidated statements of operations. Expenses incurred for holding or maintaining OREO properties such as real estate taxes, utilities, and insurance are charged as incurred to other operating expenses in the consolidated statements of operations. Rental income earned, although generally minimal, is offset against other operating expenses. Premises and Equipment Premises and equipment consists of leasehold improvements, furniture, fixtures, equipment, art, buildings, and land. Equipment consists primarily of computer equipment. Premises and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed primarily by the straight-line method over the estimated useful lives of the assets, or the terms of the leases, if shorter, for leasehold improvements. The estimated useful lives for leasehold improvements and buildings are 5-15 years and 40 years, respectively. The estimated useful life for furniture and fixtures is 2-10 years and is 3-5 years for computer equipment. The costs of improvements that extend the life of an asset are capitalized, while the cost of repairs and maintenance are expensed as incurred. Neither land nor art is depreciated. Valuation of Goodwill/Intangible Assets and Analysis for Impairment The Company allocates the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Other intangible assets identified in acquisitions generally consist of advisory contracts, trade names, and non-compete agreements. The value attributed to advisory contracts is based on the time period over which they are expected to generate economic benefits. The advisory contracts are generally amortized over 8-15 years, depending on the contract. Trade names are not amortized. Long-lived intangible assets are subject to the impairment provisions of ASC 360-10, Property, Plant, and Equipment (“ASC 360”). Long-lived intangible assets are tested for recoverability by comparing the net carrying value of the asset or asset group to the undiscounted net cash flows to be generated from the use and eventual disposition of that asset (asset group) when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the carrying amount of the asset exceeds its net undiscounted cash flows, then an impairment loss is recognized for the amount by which the carrying amount exceeds its fair value, determined based upon the discounted value of the expected cash flows generated by the asset. The intangible impairment test is performed at the reporting unit level, and each affiliate with goodwill and/or intangible assets is considered a reporting unit for goodwill and intangible impairment testing purposes. The excess of the purchase price for acquisitions over the fair value of the net assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized but is tested for impairment at the reporting unit level, defined as the affiliate level, at least annually in the fourth quarter or more frequently when events or circumstances occur that indicate that it is more likely than not that an impairment has occurred, based on the guidance in ASC 350, Intangibles-Goodwill and Other (“ASC 350”). Goodwill impairment exists when a reporting unit’s carrying value of goodwill exceeds its implied fair value. In accordance with ASC 350, intangible assets with a |
Restructuring
Restructuring | 12 Months Ended |
Dec. 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 (“Banyan”). 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 the fourth quarter of 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 the first and second quarters of 2016, the Company incurred additional costs of $1.1 million and $0.9 million , respectively, in the continued refinement of the management structure within the Wealth Management and Trust segment. The Company does not anticipate any additional restructuring costs related to this plan as of the date of this filing. Restructuring expenses incurred since the plans of restructuring were first implemented in 2014 totaled $6.4 million , all within the Wealth Management and Trust segment. The following table presents a summary of the restructuring activity for the years ended December 31, 2016, 2015 and 2014. Severance Charges Other Associated Costs Total (in thousands) Accrued charges at December 31, 2013 $ 33 $ — $ 33 Costs incurred 739 — 739 Costs paid (33 ) — (33 ) Accrued charges at December 31, 2014 739 — 739 Costs incurred 3,434 290 3,724 Costs paid (868 ) (290 ) (1,158 ) Accrued charges at December 31, 2015 3,305 — 3,305 Costs incurred 2,017 — 2,017 Costs paid (3,345 ) — (3,345 ) Accrued charges at December 31, 2016 $ 1,977 $ — $ 1,977 |
Acquisitions, Asset Sales, and
Acquisitions, Asset Sales, and Divestitures | 12 Months Ended |
Dec. 31, 2016 | |
DIVESTITURES AND ACQUISITIONS [Abstract] | |
Discontinued Operations and Business Combinations Disclosure [Text Block] | ACQUISITIONS, ASSET SALES, AND DIVESTITURES Asset Sales In 2016, the Company sold two offices in the Southern California market, located in Granada Hills and Burbank, California. The sale consisted of certain assets and $104.0 million of deposits. This sale resulted in a gain of $2.9 million . The rationale for the sale was to better position the Company’s resources within the Southern California market. Acquisitions On October 2, 2014 , the Bank completed the acquisition of Banyan, a registered investment advisory firm headquartered in Palm Beach Gardens, Florida. At the time of acquisition, Banyan had approximately $4.3 billion in client assets and locations in New England; South Florida; Texas; California; Atlanta, Georgia; and Madison, Wisconsin. In the transaction, Boston Private Bank acquired 100% of certain assets and liabilities of Banyan through the issuance of approximately 1.7 million shares of the Company’s stock, valued at $21.0 million , and $43.9 million in cash payments to Banyan shareholders, including $5.0 million in a holdback account for potential future claims. The total purchase price, including contingent consideration of $2.0 million , was $66.9 million . In 2015, due to the lower than initially estimated actual financial results for 2015 and projected financial results for 2016, the $2.0 million liability for the contingent consideration was reversed and recorded as Other Income. 2016 was the last year of any contingent consideration and the contractual minimum targets for contingent payments were not met. Goodwill of $41.9 million was recorded as a result of the transaction. Goodwill of $39.9 million is expected to be deductible for tax purposes, representing all of the goodwill except for the portion associated with the reversal of the contingent consideration. Intangible assets for advisory contracts of $23.9 million were also recorded and are expected to be amortized over 10 years . The rationale for the transaction was that by merging Banyan with the existing Boston Private Bank wealth management business, additional technical expertise and financial acumen would be generated. Banyan has been merged with the existing wealth management business from Boston Private Bank, and the combined company has been renamed Boston Private Wealth. As a wholly-owned subsidiary of the Bank, Boston Private Wealth will also operate as part of the Wealth Management and Trust segment along with the trust operations of the Bank. These operations are reported separately from the Private Banking operations of the Bank. Divestitures In 2009, the Company divested its interests in Westfield Capital Management Company, LP, formerly known as Westfield Capital Management Company, LLC (“Westfield”). While the Company will continue to have no significant involvement or influence on Westfield, it retains a 12.5% share in Westfield’s revenues (up to an annual maximum of $11.6 million) through December 2017 subject to certain conditions. The Company defers gains related to these payments until determinable. Such revenue share payments are included in net income from discontinued operations in the consolidated statements of operations for the period in which the revenue is recognized. After the December 2017 payments are received in 2018, the Company will not receive additional net income from Westfield. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | INVESTMENT SECURITIES The following table presents a summary of investment securities: Amortized Cost Unrealized Fair Value Gains Losses (In thousands) At December 31, 2016: Available-for-sale securities at fair value: U.S. government and agencies $ 40,704 $ 86 $ (854 ) $ 39,936 Government-sponsored entities 337,865 1,058 (2,259 ) 336,664 Municipal bonds 296,271 2,116 (4,990 ) 293,397 Mortgage-backed securities (1) 584,960 928 (15,561 ) 570,327 Other 23,361 447 — 23,808 Total $ 1,283,161 $ 4,635 $ (23,664 ) $ 1,264,132 Held-to-maturity securities at amortized cost: Mortgage-backed securities (1) $ 93,079 $ 1 $ (476 ) $ 92,604 Total $ 93,079 $ 1 $ (476 ) $ 92,604 At 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. In the tables below, the weighted average yield is calculated based on average amortized cost which does not include the effect of unrealized changes in fair value. 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, are expected to have shorter lives. The following table presents the maturities of available-for-sale investment securities, based on contractual maturity, and the weighted average yields of such securities as of December 31, 2016 : U.S. government and agencies (1) Government-sponsored entities (1) Amortized cost Fair value Weighted average yield Amortized cost Fair value Weighted average yield (In thousands) Within one year $ — $ — — % $ 38,009 $ 38,036 0.98 % After one, but within five years 20,771 20,842 1.45 % 205,992 206,665 1.71 % After five, but within ten years 19,933 19,094 1.73 % 93,864 91,963 1.95 % Greater than ten years — — — % — — — % Total $ 40,704 $ 39,936 1.59 % $ 337,865 $ 336,664 1.69 % Municipal bonds (1) Mortgage-backed securities (2) Amortized cost Fair value Weighted average yield (3) Amortized cost Fair value Weighted average yield (In thousands) Within one year $ 11,561 $ 11,583 2.18 % $ 4 $ 4 1.98 % After one, but within five years 91,141 90,947 2.02 % 12,306 12,338 2.25 % After five, but within ten years 27,839 27,826 3.44 % 220,302 212,241 2.20 % Greater than ten years 165,730 163,041 3.91 % 352,348 345,744 2.07 % Total $ 296,271 $ 293,397 3.22 % $ 584,960 $ 570,327 2.12 % Other (4) Amortized cost Fair value Weighted average yield (In thousands) Within one year $ 23,361 $ 23,808 — % After one, but within five years — — — % After five, but within ten years — — — % Greater than ten years — — — % Total $ 23,361 $ 23,808 — % The following table presents the maturities of held-to-maturity investment securities, based on contractual maturity, and the weighted average yields of such securities as of December 31, 2016 : Mortgage-backed securities (2) Amortized cost Fair value Weighted average yield (In thousands) Within one year $ — $ — — % After one, but within five years — — — % After five, but within ten years — — — % Greater than ten years 93,079 92,604 2.26 % Total $ 93,079 $ 92,604 2.26 % ___________________ (1) Certain securities are callable before their final maturity. (2) Mortgage-backed securities are shown based on their final (contractual) maturity, but, due to prepayments, they are expected to have shorter lives. (3) Yield shown on a fully taxable equivalent (“FTE”) basis. (4) Other securities consist of money market mutual funds and equity securities held by certain Wealth Advisory and Investment Management businesses. The weighted average remaining maturity at December 31, 2016 was 9.1 years for available-for-sale investment securities, with $140.4 million of available-for-sale investment securities callable before maturity. The weighted average remaining maturity at December 31, 2015 was 9.9 years for available-for-sale investment securities, with $199.5 million of available-for-sale investment securities callable before maturity. The weighted average remaining maturity for held-to-maturity investment securities was 12.9 years and 13.8 years at December 31, 2016 and December 31, 2015 , respectively. The following table presents the proceeds from sales, gross realized gains and gross realized losses for available-for-sale investment securities that were sold during the following years: Year Ended December 31, 2016 2015 2014 (In thousands) Proceeds from sales $ 50,049 $ 34,160 $ 6,450 Realized gains 522 272 16 Realized losses (1 ) (36 ) (23 ) The following table presents information regarding securities at December 31, 2016 and 2015 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 (In thousands, except number of securities) December 31, 2016 Available-for-sale securities U.S. government and agencies $ 19,094 $ (838 ) $ 643 $ (16 ) $ 19,737 $ (854 ) 4 Government-sponsored entities 125,412 (2,259 ) — — 125,412 (2,259 ) 18 Municipal bonds 182,395 (4,957 ) 2,720 (33 ) 185,115 (4,990 ) 109 Mortgage-backed securities (1) 492,008 (13,988 ) 41,544 (1,573 ) 533,552 (15,561 ) 99 Other — — — — — — — Total $ 818,909 $ (22,042 ) $ 44,907 $ (1,622 ) $ 863,816 $ (23,664 ) 230 Held-to-maturity securities Mortgage-backed securities (1) $ 87,483 $ (476 ) $ — $ — $ 87,483 $ (476 ) 15 Total $ 87,483 $ (476 ) $ — $ — $ 87,483 $ (476 ) 15 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses # of securities (In thousands, except number of securities) December 31, 2015 Available-for-sale securities U.S. government and agencies $ 4,935 $ (18 ) $ 1,001 $ (9 ) $ 5,936 $ (27 ) 3 Government-sponsored entities 167,691 (1,345 ) — — 167,691 (1,345 ) 24 Municipal bonds 14,483 (43 ) 3,173 (73 ) 17,656 (116 ) 12 Mortgage-backed securities (1) 318,156 (3,486 ) 62,753 (2,248 ) 380,909 (5,734 ) 68 Other 47 (4 ) 11 (3 ) 58 (7 ) 6 Total $ 505,312 $ (4,896 ) $ 66,938 $ (2,333 ) $ 572,250 $ (7,229 ) 113 Held-to-maturity securities Mortgage-backed securities (1) $ 40,606 $ (262 ) $ — $ — $ 40,606 $ (262 ) 5 Total $ 40,606 $ (262 ) $ — $ — $ 40,606 $ (262 ) 5 ___________________ (1) All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. The U.S. government and agencies securities, government-sponsored entities securities, and mortgage-backed securities in the table above had Standard and Poor’s credit ratings of AAA. The municipal bonds in the table above had Standard and Poor’s credit ratings of at least AA-. The other securities consisted of equity securities. At December 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 December 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 December 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 December 31, 2016 and through the date of the filing of this Annual Report on Form 10-K, no securities were downgraded to below investment grade, nor were any securities in an unrealized loss position sold. The following table presents the concentration of securities with any one issuer that exceeds ten percent of shareholders’ equity as of December 31, 2016 : Amortized cost Fair value (In thousands) Government National Mortgage Association $ 80,984 $ 79,550 Federal Home Loan Mortgage Corporation 144,305 143,638 Federal Home Loan Bank 119,811 119,141 Federal National Mortgage Association 331,705 327,294 Total $ 676,805 $ 669,623 Cost method investments The Company invests in low-income housing tax credits, which are included in other assets, to encourage private capital investment in the construction and rehabilitation of low-income housing. This program is an indirect subsidy that allows investors, such as the Company, in a flow-through limited liability entity, such as limited partnerships or limited liability companies that manage or invest in qualified affordable housing projects, to receive the benefits of the tax credits allocated to the entity that owns the qualified affordable housing project. The Company also holds partnership interests in venture capital funds formed to provide financing to small businesses and to promote community development. The Company amortizes its investment in the low income housing tax credits using the proportional amortization method. Under the proportional amortization method, the Company amortizes the cost of its investment, in proportion to the tax credits and other tax benefits it receives to income tax expense. Included in income tax expense was amortization of $1.6 million , $1.3 million , and $1.0 million for the years ending December 31, 2016, 2015 and 2014, respectively. Also included in income tax expense were the related tax benefits of $1.7 million , $1.3 million and $1.1 million for the years ending December 31, 2016, 2015, and 2014, respectively. The Company had $34.2 million and $27.7 million in cost method investments included in other assets as of December 31, 2016 and December 31, 2015 , respectively. In addition the Company had $11.3 million and $7.8 million in unadvanced funds related to commitments in these investments as of December 31, 2016 and 2015, respectively. Under the proportional amortization method, an investment must be tested for impairment when events or changes in circumstances indicate that it is more likely than not that the carrying amount of the investment will not be realized. There was no indication of impairment for the years ending December 31, 2016 and 2015. |
Loans Receivable and Credit Qua
Loans Receivable and Credit Quality | 12 Months Ended |
Dec. 31, 2016 | |
Loans Receivable [Abstract] | |
Financing Receivables [Text Block] | LOAN PORTFOLIO AND CREDIT QUALITY The Bank’s lending activities are conducted principally in the regions of New England, the San Francisco Bay Area, and Southern California. The Bank originates single and multi-family residential loans, commercial real estate loans, commercial and industrial loans, commercial tax exempt 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, the 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 December 31, 2016 and 2015 , respectively. Mortgage loans serviced for others totaled $58.6 million and $79.7 million as of December 31, 2016 and 2015 , respectively, and are not included in the Company’s total loans. In 2014, the Bank transferred $57.0 million of commercial real estate loans from its loan portfolio to the loans held for sale category, which subsequently sold for a for a $1.6 million gain. The following table presents a summary of the loan portfolio based on the portfolio segment as of the dates indicated: December 31, 2016 December 31, 2015 (In thousands) Commercial and industrial $ 611,370 $ 633,019 Commercial tax exempt 398,604 331,767 Total commercial and industrial 1,009,974 964,786 Commercial real estate 2,302,244 2,060,903 Construction and land 104,839 183,434 Residential 2,379,861 2,229,540 Home equity 118,817 119,828 Consumer and other 198,619 160,721 Total $ 6,114,354 $ 5,719,212 The following table presents nonaccrual loans receivable by class of receivable as of the dates indicated: December 31, 2016 December 31, 2015 (In thousands) Commercial and industrial $ 572 $ 1,019 Commercial tax exempt — — Total commercial and industrial 572 1,019 Commercial real estate 4,583 11,232 Construction and land 179 3,297 Residential 10,908 9,661 Home equity 1,072 1,306 Consumer and other 1 56 Total $ 17,315 $ 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 December 31, 2016 and 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 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 present the payment status of loans receivable by class of receivable as of the dates indicated: December 31, 2016 Accruing Past Due Nonaccrual Loans 30-59 Days Past Due 60-89 Days Past Due Total Accruing Past Due Current 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 $ 541 $ 1,078 $ 1,619 $ 537 $ — $ 35 $ 572 $ 609,179 $ 611,370 Commercial tax exempt — — — — — — — 398,604 398,604 Commercial real estate 3,096 — 3,096 2,311 835 1,437 4,583 2,294,565 2,302,244 Construction and land — — — 129 12 38 179 104,660 104,839 Residential 3,646 536 4,182 2,148 1,274 7,486 10,908 2,364,771 2,379,861 Home equity 245 — 245 — 80 992 1,072 117,500 118,817 Consumer and other 5,995 — 5,995 1 — — 1 192,623 198,619 Total $ 13,523 $ 1,614 $ 15,137 $ 5,126 $ 2,201 $ 9,988 $ 17,315 $ 6,081,902 $ 6,114,354 December 31, 2015 Accruing Past Due Nonaccrual Loans 30-59 Days Past Due 60-89 Days Past Due Total Accruing Past Due Current 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 $ 629,333 $ 633,019 Commercial tax exempt — — — — — — — 331,767 331,767 Commercial real estate 2,091 529 2,620 5,912 — 5,320 11,232 2,047,051 2,060,903 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. The following tables present the loan portfolio’s credit risk profile by internally assigned grade and class of receivable as of the dates indicated: December 31, 2016 By Loan Grade or Nonaccrual Status Pass Special Mention Accruing Substandard Nonaccrual Loans Total (In thousands) Commercial and industrial $ 591,388 $ 10,133 $ 9,277 $ 572 $ 611,370 Commercial tax exempt 388,544 10,060 — — 398,604 Commercial real estate 2,230,732 17,233 49,696 4,583 2,302,244 Construction and land 101,254 109 3,297 179 104,839 Residential 2,367,554 — 1,399 10,908 2,379,861 Home equity 117,745 — — 1,072 118,817 Consumer and other 198,616 — 2 1 198,619 Total $ 5,995,833 $ 37,535 $ 63,671 $ 17,315 $ 6,114,354 December 31, 2015 By Loan Grade or Nonaccrual Status Pass Special Mention Accruing Substandard Nonaccrual Loans Total (In thousands) Commercial and industrial $ 605,178 $ 15,367 $ 11,455 $ 1,019 $ 633,019 Commercial tax exempt 318,491 13,276 — — 331,767 Commercial real estate 1,988,372 27,594 33,705 11,232 2,060,903 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 year ended December 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 $ 1,793 $ 2,155 n/a $ 5,288 $ 249 Commercial tax exempt — — n/a — — Commercial real estate 4,488 9,647 n/a 8,520 1,032 Construction and land 179 507 n/a 1,069 48 Residential 8,134 8,506 n/a 7,446 211 Home equity — — n/a — — Consumer and other — — n/a — — Subtotal $ 14,594 $ 20,815 n/a $ 22,323 $ 1,540 With an allowance recorded: Commercial and industrial $ — $ — $ — $ 31 $ 1 Commercial tax exempt — — — — — Commercial real estate 7,115 7,544 548 7,230 314 Construction and land — — — 507 — Residential 4,284 4,284 565 5,505 143 Home equity 37 37 22 3 — Consumer and other — — — — — Subtotal $ 11,436 $ 11,865 $ 1,135 $ 13,276 $ 458 Total: Commercial and industrial $ 1,793 $ 2,155 $ — $ 5,319 $ 250 Commercial tax exempt — — — — — Commercial real estate 11,603 17,191 548 15,750 1,346 Construction and land 179 507 — 1,576 48 Residential 12,418 12,790 565 12,951 354 Home equity 37 37 22 3 — Consumer and other — — — — — Total $ 26,030 $ 32,680 $ 1,135 $ 35,599 $ 1,998 ___________________ (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 tax exempt — — n/a — — 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 tax exempt — — — — — 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 tax exempt — — — — — 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 December 31, 2016 and 2015 , TDRs totaled $18.1 million and $30.6 million , respectively. As of December 31, 2016 , $12.4 million of the $18.1 million of TDRs were on accrual status. As of December 31, 2015 , $18.6 million of the $30.6 million of TDRs were on accrual status. As of December 31, 2016 and 2015 , the Company had no commitments to lend additional funds to debtors for loans whose terms had been modified in a troubled debt restructuring. 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: As of and for the year ended December 31, 2016 Restructured Year to Date TDRs that defaulted in 2016 that were restructured in a TDR in 2016. # of Loans Pre-modification recorded investment Post-modification recorded investment # of Loans Post-modification recorded investment (In thousands, except number of loans) Commercial and industrial 3 $ 7,384 $ 7,209 — $ — Commercial tax exempt — — — — — Commercial real estate 1 1,276 1,276 1 1,276 Construction and land — — — — — Residential 5 1,709 1,721 — — Home equity — — — — — Consumer and other — — — — — Total 9 $ 10,369 $ 10,206 1 $ 1,276 As of and for the year ended December 31, 2016 Extension of Term Temporary Rate Reduction Payment Deferral Combination of Concessions (1) Total Concessions # of Loans Post- modifi- cation recorded invest- ment # of Loans Post- # of Loans Post- # of Loans Post- # of Loans Post- (In thousands, except number of loans) Commercial and Industrial 2 $ 7,209 — $ — — $ — 1 $ — 3 $ 7,209 Commercial tax exempt — — — — — — — — — — Commercial real estate — — — — — — 1 1,276 1 1,276 Construction and Land — — — — — — — — — — Residential — — 4 519 1 1,202 — — 5 1,721 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 year ended December 31, 2015 Restructured Year to Date TDRs that defaulted in 2015 that were restructured in a TDR in 2015. # of Loans Pre-modification recorded investment Post-modification recorded investment # of Loans Post-modification recorded investment (In thousands, except number of loans) Commercial and industrial 1 $ 1,298 $ 1,304 — $ — Commercial tax exempt — — — — — Commercial real estate 2 4,850 4,838 1 3,701 Construction and land — — — — — Residential 8 513 516 — — Home equity — — — — — Consumer and other — — — — — Total 11 $ 6,661 $ 6,658 1 $ 3,701 As of and for the year ended December 31, 2015 Extension of Term Temporary Rate Reduction Payment Deferral Combination of Concessions (1) Total Concessions # of Loans Post- # of Loans Post- # of Loans Post- # of Loans Post- # of Loans Post- (In thousands, except number of loans) Commercial and Industrial — $ — — $ — — $ — 1 $ 1,304 1 $ 1,304 Commercial tax exempt — — — — — — — — — — Commercial real estate 1 4,118 — — — — 1 720 2 4,838 Construction and Land — — — — — — — — — — Residential — — 7 491 1 25 — — 8 516 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. Any loans to senior management, executive officers, and directors are made in the ordinary course of business, under normal credit terms, including interest rates and collateral requirements prevailing at the time of origination for comparable transactions with other persons and do not represent more than normal credit risk. The Bank’s current policy is generally not to originate these types of loans. |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 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 $78.1 million and $78.5 million at December 31, 2016 and 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 year ended December 31, 2016 2015 2014 (In thousands) Allowance for loan losses, beginning of year: Commercial and industrial $ 15,814 $ 14,114 $ 12,837 Commercial real estate 44,215 43,854 44,979 Construction and land 6,322 4,041 4,465 Residential 10,544 10,374 10,732 Home equity 1,085 1,003 1,020 Consumer and other 520 382 322 Unallocated (1) — 2,070 2,016 Total allowance for loan losses, beginning of year 78,500 75,838 76,371 Provision/ (credit) for loan losses: Commercial and industrial (3,424 ) (518 ) (237 ) Commercial real estate 157 (721 ) (1,940 ) As of and for the year ended December 31, 2016 2015 2014 (In thousands) Construction and land (4,000 ) 1,123 (1,905 ) Residential 445 342 (2,247 ) Home equity (50 ) 82 (32 ) Consumer and other (63 ) 207 (93 ) Unallocated (1) — (2,070 ) 54 Total provision/(credit) for loan losses (6,935 ) (1,555 ) (6,400 ) Loans charged-off: Commercial and industrial (2,851 ) (253 ) (717 ) Commercial real estate — (1,400 ) (3,160 ) Construction and land (400 ) — (1,100 ) Residential (605 ) (313 ) (263 ) Home equity — — — Consumer and other (93 ) (70 ) (56 ) Total charge-offs (3,949 ) (2,036 ) (5,296 ) Recoveries on loans previously charged-off: Commercial and industrial 3,212 2,471 2,231 Commercial real estate 6,040 2,482 3,975 Construction and land 1,117 1,158 2,581 Residential 65 141 2,152 Home equity — — 15 Consumer and other 27 1 209 Total recoveries 10,461 6,253 11,163 Allowance for loan losses at December 31 (end of year): Commercial and industrial 12,751 15,814 14,114 Commercial real estate 50,412 44,215 43,854 Construction and land 3,039 6,322 4,041 Residential 10,449 10,544 10,374 Home equity 1,035 1,085 1,003 Consumer and other 391 520 382 Unallocated (1) — — 2,070 Total allowance for loan losses at December 31 (end of year) $ 78,077 $ 78,500 $ 75,838 ____________________ (1) As of December 31, 2015, the unallocated reserve was allocated to the qualitative factors as part of the general reserves (ASC 450). The allocation had no effect on the 2015 provision/ (credit) for loan losses. The provision/ (credit) for loan losses and related balance in the allowance for loan losses for tax exempt commercial and industrial loans are included with commercial and industrial. The provision/ (credit) for loan losses and related balance in the allowance for loan losses for tax exempt commercial real estate loans are included with commercial real estate. There were no charge-offs or recoveries, for any period presented, for both commercial and industrial and commercial real estate tax exempt loans. The following tables present the Company’s allowance for loan losses and loan portfolio at December 31, 2016 and 2015 by portfolio segment, disaggregated by method of analysis. The Company had no loans acquired with deteriorated credit quality at December 31, 2016 or 2015 . December 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 $ 1,793 $ — $ 1,008,181 $ 12,751 $ 1,009,974 $ 12,751 Commercial real estate 11,603 548 2,290,641 49,864 2,302,244 50,412 Construction and land 179 — 104,660 3,039 104,839 3,039 Residential 12,418 565 2,367,443 9,884 2,379,861 10,449 Home equity 37 22 118,780 1,013 118,817 1,035 Consumer — — 198,619 391 198,619 391 Total $ 26,030 $ 1,135 $ 6,088,324 $ 76,942 $ 6,114,354 $ 78,077 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 $ 962,512 $ 15,544 $ 964,786 $ 15,814 Commercial real estate 19,462 713 2,041,441 43,502 2,060,903 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 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
PREMISES AND EQUIPMENT [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PREMISES AND EQUIPMENT Premises and equipment consisted of the following: As of December 31, 2016 2015 (In thousands) Leasehold improvements $ 46,031 $ 43,433 Furniture, fixtures, and equipment 53,156 49,039 Buildings 3,159 4,715 Land — 374 Subtotal 102,346 97,561 Less: accumulated depreciation and amortization 70,519 66,525 Premises and equipment, net $ 31,827 $ 31,036 Depreciation and amortization expense related to premises and equipment was $6.8 million , $6.6 million , and $6.5 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The Company is obligated for minimum payments under non-cancelable operating leases. In accordance with the terms of these leases, the Company is currently committed to minimum annual payments as follows: Minimum lease payments (In thousands) 2017 $ 18,553 2018 19,074 2019 18,102 2020 17,553 2021 17,233 Thereafter 67,697 Total $ 158,212 Rent expense for the years ended December 31, 2016 , 2015 , and 2014 was $19.6 million , $19.0 million and $15.7 million , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The following table details the changes in carrying value of goodwill by segment during the year ended December 31, 2016. There were no changes in the carrying value of goodwill during 2015. Balance at Acquisitions Impairment Balance at (In thousands) Goodwill Private Banking $ — $ — $ — $ — Wealth Management and Trust 44,305 — (9,528 ) 34,777 Investment Management 66,955 — — 66,955 Wealth Advisory 40,822 — — 40,822 Total goodwill $ 152,082 $ — $ (9,528 ) $ 142,554 The following tables detail total goodwill and the cumulative impairment charges thereon as of December 31, 2016 and 2015: Goodwill prior to impairment Cumulative goodwill impairment Goodwill (In thousands) Private Banking $ 34,281 $ (34,281 ) $ — Wealth Management and Trust 44,305 (9,528 ) 34,777 Investment Management 117,216 (50,261 ) 66,955 Wealth Advisory 40,822 — 40,822 Total goodwill at December 31, 2016 $ 236,624 $ (94,070 ) $ 142,554 Private Banking $ 34,281 $ (34,281 ) $ — Wealth Management and Trust 44,305 — 44,305 Investment Management 117,216 (50,261 ) 66,955 Wealth Advisory 40,822 — 40,822 Total goodwill at December 31, 2015 $ 236,624 $ (84,542 ) $ 152,082 In 2016 and 2015, the Company recognized no additional goodwill. Goodwill and indefinite lived intangible assets such as trade names are subject to annual impairment tests, or more frequently, if there is an indication of impairment, based on the guidance in ASC 350, Intangibles-Goodwill and Other (“ASC 350”). Long-lived intangible assets such as advisory contracts are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable in accordance with ASC 360, Property, Plant, and Equipment (“ASC 360”). Management performed its annual goodwill and indefinite-lived intangible asset impairment testing during the fourth quarters of 2016 and 2015 for applicable reporting units. In 2015, the estimated fair value for all applicable reporting units exceeded the carrying value, and as a result no impairment was evident. There was no additional testing required for long-lived intangible assets in 2016 or 2015. In the 2016 goodwill impairment testing, a Step 0 test was performed for BOS and KLS and a Step 1 test was performed for Anchor and Boston Private Wealth. Neither Boston Private Bank nor DGHM have any remaining goodwill. Based on the qualitative factors assessed in the Step 0 tests for BOS and KLS, no additional testing was required. Anchor passed its Step 1 test although with a lower fair value than the previous year. Boston Private Wealth failed its Step 1 test and the Company performed a Step 2 test to determine the amount of goodwill impairment, if any. The estimated fair value of Boston Private Wealth was $68.0 million as compared to a carrying value of $76.9 million, resulting in a deficit of $8.9 million, or 11.6%. The estimated fair value was derived from an equal weighting using an income and market approach. In the income approach, a discount rate of 16.0% and long-term growth rate of 3.5% were used in the calculation. The estimated fair value of Boston Private Wealth declined $17.0 million from the value in the 2015 goodwill impairment testing. The decline in value was due to a combination of lower actual and projected earnings, the decline in AUM as of result of unanticipated outflows, and a higher discount rate. Because the estimated fair value of Boston Private Wealth was lower than its carrying value, the Company was required to perform a Step 2 valuation. The results of the Step 2 valuation indicated an implied fair value of goodwill of $34.8 million as compared to the book value of $44.3 million, or a deficiency of $9.5 million. The resulting deficiency was recorded as a goodwill impairment charge within operating expenses in the fourth quarter of 2016. As a result of the goodwill impairment, the carrying value of goodwill at Boston Private Wealth was reduced to $34.8 million. Even though the Company recorded a goodwill impairment charge for Boston Private Wealth in 2016, there could be additional goodwill impairment in the future should Boston Private Wealth’s actual results not meet projections. In addition to financial results, other inputs to the valuation, such as the discount rate and market assumptions, could negatively affect the estimated fair value of Boston Private Wealth in the future. The Company will continue to monitor Boston Private Wealth’s actual results versus the projections used in the 2016 valuation, changes in AUM, as well as changes to the various inputs used in the 2016 valuation for a triggering event prior to the 2017 annual impairment testing. The estimated fair value of Anchor was $87.0 million as compared to a carrying value of $81.6 million, an excess of $5.4 million, or 6.6%. The estimated fair value was derived from an equal weighting using an income and market approach. In the income approach, a discount rate of 14.0% and long-term growth rate of 3.5% were used in the calculation. The estimated fair value of Anchor declined $5.0 million from the value in the 2015 goodwill impairment testing. The decline in value was due to lower forecasted earnings and market assumptions. Due to the narrow margin between the fair value and the carrying value of Anchor, Anchor will continue to be at risk for potential goodwill impairment. The Company will monitor Anchor’s actual results versus the projections used in the 2016 valuation, changes in AUM, as well as changes to the various inputs used in the 2016 valuation for a triggering event prior to the 2017 annual impairment testing. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 1: “Basis of Presentation and Summary of Significant Accounting Policies” for changes to the rules in goodwill impairment testing as discussed in the Recent Accounting Pronouncements section. Intangible assets The following table shows the gross and net carrying amounts of identifiable intangible assets at December 31, 2016 and 2015 : 2016 2015 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (In thousands) Advisory contracts $ 71,513 $ 46,828 $ 24,685 $ 75,013 $ 44,046 $ 30,967 Employment agreements — — — 3,247 3,247 — Trade names 2,040 — 2,040 2,040 — 2,040 Mortgage servicing rights — — — 1,380 1,380 — Total $ 73,553 $ 46,828 $ 26,725 $ 81,680 $ 48,673 $ 33,007 The Company recognized no additional identifiable intangible assets in 2016 or 2015. Consolidated expense related to intangible assets subject to amortization was $6.3 million , $6.7 million , and $4.8 million for 2016 , 2015 , and 2014 , respectively. Management reviews, and adjusts if necessary, intangible asset amortization schedules to ensure that the remaining life on the amortization schedule accurately reflects the useful life of the intangible asset. The weighted average amortization period of these intangible assets is 8.67 years . The estimated annual amortization expense for these identifiable intangibles over the next five years is: Estimated intangible amortization expense (In thousands) 2017 $ 5,678 2018 4,438 2019 3,508 2020 3,248 2021 2,385 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 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 December 31, 2016 and 2015 . December 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 $ (1,040 ) Other assets $ — Other liabilities $ (1,907 ) Derivatives not designated as hedging instruments: Interest rate products Other assets 17,032 Other liabilities (16,560 ) Other assets 7,960 Other liabilities (8,084 ) Risk participation agreements Other assets 15 Other liabilities (6 ) Other assets — Other liabilities (11 ) Total $ 17,047 $ (17,606 ) $ 7,960 $ (10,002 ) ___________________ (1) For additional details, see Part II. Item 8. “Financial Statements and Supplementary Data - Note 21: Fair Value of Financial Instruments.” The following table presents the effect of the Company’s derivative financial instruments in the consolidated statement of operations for the years ended December 31, 2016 and 2015 . Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) (1) Years Ended December 31, 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)Years Ended December 31, 2016 2015 2016 2015 (In thousands) Interest rate products $ (799 ) $ (2,642 ) Interest Expense $ (1,672 ) $ (4,052 ) Total $ (799 ) $ (2,642 ) $ (1,672 ) $ (4,052 ) ___________________ (1) There was an additional $6 thousand related to the ineffective portion for the year ended December 31, 2016 and no ineffective portion for the year ended December 31, 2015. The Bank has agreements with its 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 December 31, 2016 and 2015 . The Bank also has agreements with certain of its 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 December 31, 2016 and 2015 . Certain of the Bank’s agreements with its 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 December 31, 2016 and 2015 . As of December 31, 2016 and 2015 , the termination amounts related to collateral determinations of derivatives in a liability position was $3.4 million and $9.7 million , respectively. The Company has minimum collateral posting thresholds with its derivative counterparties and has pledged securities with market values of $1.9 million and $9.8 million , respectively, as of December 31, 2016 and 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 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 London Interbank Offered Rate (“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 an immaterial amount of hedge ineffectiveness during the year ended December 31, 2016 and no hedge ineffectiveness during the year ended December 31, 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 $0.9 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. The net effect on earnings is primarily driven by changes in the credit valuation adjustment (“CVA”). The CVA represents the dollar amount of fair value adjustment related to nonperformance risk of both the Bank and its counterparties. 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 December 31, 2016 and 2015 , the Bank had 136 and 76 derivatives, respectively, related to this program, comprised of interest rate swaps and caps, with an aggregate notional amount of $1.1 billion and $475.3 million , respectively. As of December 31, 2016 , the Bank had one derivative with an aggregate notional amount of less than $0.1 million in a foreign currency exchange contract outstanding related to this program. As of December 31, 2015, there were no foreign currency exchange contracts outstanding related to this program. In addition, as a participant lender, the Bank has guaranteed performance on the pro-rated portion of two swaps executed by other financial institutions. As the participant lender, the Bank is providing a partial guarantee, but is not a direct party to the related swap transactions. The Bank has no obligations under the risk participation agreements 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 transactions entered into as part of these transactions are not designated, as per ASC 815, as qualifying hedging relationships and are, therefore, marked-to-market through earnings each period. The pro-rated notional amount of these risk participation transactions was $13.3 million as of December 31, 2016 and $8.3 million as of December 31, 2015. The Bank has also participated out to another financial institution a pro-rated portion of two swaps executed by the Bank. The other financial institution has no obligations under the risk participation agreements unless the borrowers default on their swap transactions with the Bank and the swaps are in liability positions to the borrower. In those instances, 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 transactions entered into as part of these agreements are not designated, as per ASC 815, as qualifying hedging relationships and are, therefore, marked-to-market through earnings each period. The pro-rated notional amount of these risk participation transactions was $6.1 million as of December 31, 2016. There were no risk participation agreements participated out as of December 31, 2015. The following table presents the effect of the Company’s derivative financial instruments, not designated as hedging instruments, in the consolidated statements of operations for the years ended December 31, 2016 and 2015 . Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss), Net, Recognized in Income on Derivative Years Ended December 31, 2016 2015 (In thousands) Interest rate products Other income/(expense) $ 596 $ (12 ) Risk participation agreements Other income/(expense) 4 44 Total $ 600 $ 32 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | DEPOSITS Deposits are summarized as follows: December 31, 2016 2015 (In thousands) Demand deposits (non-interest bearing) $ 1,753,648 $ 1,689,604 NOW (1) 578,657 588,337 Savings 74,162 72,336 Money market (1) 3,102,048 3,105,172 Certificates of deposit under $100,000 (1) 236,001 173,011 Certificates of deposit $100,000 or greater 340,630 411,977 Total $ 6,085,146 $ 6,040,437 ___________________ (1) Includes brokered deposits. Certificates of deposit had the following schedule of maturities: December 31, 2016 2015 (In thousands) Less than 3 months remaining $ 140,304 $ 192,702 3 to 6 months remaining 73,522 136,635 6 to 12 months remaining 213,802 111,674 1 to 3 years remaining 129,591 120,939 3 to 5 years remaining 19,409 22,035 More than 5 years remaining 3 1,003 Total $ 576,631 $ 584,988 Interest expense on certificates of deposit $100,000 or greater was $2.0 million , $2.3 million and $2.3 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. At December 31, 2016 and 2015 , there was $0.2 million and $0.3 million of overdrawn deposit accounts reclassified to loans, respectively. |
Federal Funds Purchased and Sec
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2016 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
Short-term Debt [Text Block] | FEDERAL FUNDS PURCHASED AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Federal Funds Purchased Securities Sold Under Agreement to Repurchase (In thousands) 2016 Outstanding at end of year $ 80,000 $ 59,624 Maximum outstanding at any month-end 180,000 77,466 Average balance for the year 29,542 66,282 Weighted average rate at end of year 0.75 % 0.05 % Weighted average rate paid for the year 0.54 % 0.05 % 2015 Outstanding at end of year $ — $ 58,215 Maximum outstanding at any month-end 102,000 75,313 Average balance for the year 10,008 64,320 Weighted average rate at end of year — % 0.05 % Weighted average rate paid for the year 0.31 % 0.05 % 2014 Outstanding at end of year $ — $ 30,496 Maximum outstanding at any month-end 75,000 154,448 Average balance for the year 1,671 108,191 Weighted average rate at end of year — % 0.05 % Weighted average rate paid for the year 0.33 % 0.05 % The federal funds purchased generally mature within 30 days of the transaction date. Repurchase agreements are generally linked to commercial demand deposit accounts with an overnight sweep feature. In a repurchase agreement transaction, the Bank will generally sell an investment security, agreeing to repurchase either the same or a substantially identical security on a specified later date at a price slightly greater than the original sales price. The difference in the sale price and repurchase price is the cost of the use of the proceeds, or interest expense. Repurchase transactions are accounted for as financing arrangements rather than as sales of such securities, and the obligation to repurchase such securities is reflected as a liability in the Company’s consolidated balance sheets. The securities underlying the agreements remain under the Company’s control. Investment securities with a fair value of $182.7 million and $187.4 million were pledged as collateral for the securities sold under agreements to repurchase at December 31, 2016 and 2015 , respectively. As of December 31, 2016 and 2015 , the Bank had unused federal funds lines with correspondent banks of $485.0 million and $565.0 million , respectively. |
Federal Home Loan Bank Borrowin
Federal Home Loan Bank Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
FEDERAL HOME LOAN BANK BORROWINGS [Abstract] | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | FEDERAL HOME LOAN BANK BORROWINGS The Bank is a member of the Federal Home Loan Bank (“FHLB”) of Boston. As a member of the FHLB of Boston, the Bank has access to short- and long-term borrowings. Borrowings from the FHLB are secured by the Bank’s stock investment in the FHLB and a blanket lien on “qualified collateral” defined principally as a percentage of the principal balance of certain types of mortgage loans. The stock investment cannot be used for additional borrowing collateral. The percentage of collateral valuation from the FHLB varies between 50% and 80% based on the underlying collateral. The Bank had loans pledged as collateral with a book value of $2.3 billion and $2.2 billion at December 31, 2016 and 2015 , respectively. The Bank had borrowings outstanding of $734.2 million and $461.3 million at December 31, 2016 and 2015 , respectively. Based on the collateral and the valuations applied, less the borrowings outstanding, the Bank had available credit with the FHLB of Boston of $0.9 billion and $1.2 billion at December 31, 2016 and 2015 , respectively. A summary of borrowings from the FHLBs is as follows: December 31, 2016 Amount Weighted Average Rate (In thousands) Within 1 year $ 490,271 0.94 % Over 1 to 2 years 129,850 1.48 % Over 2 to 3 years 39,893 1.37 % Over 3 to 4 years 54,365 2.89 % Over 4 to 5 years 10,187 2.26 % Over 5 years 9,639 2.56 % Total $ 734,205 1.24 % As of December 31, 2016 and 2015 , FHLB borrowings of $5.0 million and $11.0 million , respectively, are callable by the FHLB prior to maturity. FHLB Stock As a member of the FHLB, the Bank is required to own FHLB stock based on a percentage of outstanding advances in addition to a membership stock ownership requirement. For the borrowings with the FHLB of Boston, the Bank is required to own FHLB stock of at least 3.0% to 4.5% of outstanding advances depending on the terms of the advance. In addition, the Bank is required to have a minimum membership stock investment which is based on a percentage of certain assets as reported in the Bank’s FDIC Call Report. FHLB of Boston stock owned in excess of the minimum requirements can be redeemed at par upon request by a member. As of December 31, 2016 and 2015 , the Bank’s FHLB stock holdings totaled $44.1 million and $35.2 million . respectively. The Bank’s investment in FHLB stock is recorded at cost and is redeemable at par. At December 31, 2015 , $34.2 million was invested in the FHLB of Boston and the remaining FHLB stock holdings was invested in the FHLB of San Francisco, of which two of the Company’s affiliate banks were members of prior to being merged into the Bank in 2011. As of December 31, 2016, the Bank no longer had any stock holdings invested in the FHLB of San Francisco. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2016 | |
JUNIOR SUBORDINATED DEBENTURES [Abstract] | |
Subordinated Borrowings Disclosure [Text Block] | JUNIOR SUBORDINATED DEBENTURES The schedule below presents the detail of the Company’s junior subordinated debentures: December 31, 2016 2015 (In thousands) Boston Private Capital Trust II Junior Subordinated Debentures $ 103,093 $ 103,093 Boston Private Capital Trust I Junior Subordinated Debentures 3,270 3,270 Total $ 106,363 $ 106,363 All of the Company’s junior subordinated debentures mature in more than five years. Boston Private Capital Trust II Junior Subordinated Debentures In September 2005, the Company and Boston Private Capital Trust II, a Delaware statutory trust (“Trust II”) entered into a Purchase Agreement for the sale of $100 million of trust preferred securities issued by Trust II and guaranteed by the Company on a subordinated basis. Trust II’s preferred securities pay interest quarterly and had an annual distribution rate of 6.25% up to, but not including, December 30, 2010. Subsequently, Trust II’s preferred securities converted to a floating rate of a three-month LIBOR plus 1.68% ; provided, however, that the interest rate does not exceed the highest rate permitted by New York law, and may be modified by the U.S. law of general application . At December 31, 2016 , the interest rate for the Trust II’s preferred securities was 2.68% . The Company entered into an interest rate swap agreement beginning on December 30, 2010 to hedge the floating rate for a portion of this security. This interest rate swap matured on December 30, 2015, and the Company has not entered into a new swap agreement. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 9: Derivatives and Hedging Activities” for additional details. Each of the Trust II preferred securities represents an undivided beneficial interest in the assets of Trust II. The Company owns all of Trust II’s common securities. Trust II’s only assets are the junior subordinated debentures issued to it by the Company on substantially the same payment terms as Trust II’s preferred securities. The Company’s investment in Trust II was $3.1 million at both December 31, 2016 and 2015 . The junior subordinated debentures mature on December 30, 2035 and became redeemable after December 30, 2010 . The Company has the following covenants with regard to Trust II: • for so long as Trust II’s preferred securities remain outstanding, the Company shall maintain 100% ownership of the Trust II’s common securities; • the Company will use its commercially reasonable efforts to ensure Trust II remains a statutory trust, except in connection with a distribution of debt securities to the holders of the Trust II securities in liquidation of Trust II, the redemption of all Trust II’s securities or mergers, consolidations or incorporation, each as permitted by Trust II’s declaration of trust; • to continue to be classified as a grantor trust for U.S. federal income tax purposes; and • the Company will ensure each holder of Trust II’s preferred securities is treated as owning an undivided beneficial interest in the junior subordinated debentures. At December 31, 2016 and 2015 , the Company was in compliance with the above covenants. So long as the Company is not in default in the payment of interest on the junior subordinated debentures, the Company has the right under the indenture to defer payments of interest for up to 20 consecutive quarterly periods. The Company does not currently intend to exercise its right to defer interest payments on the junior debentures issued to Trust II. If the Company defers interest payments, it would be subject to certain restrictions relating to the payment of dividends on or purchases of its capital stock and payments on its debt securities ranking equal with or junior to the junior subordinated debentures. Boston Private Capital Trust I Junior Subordinated Debentures In 2004, the Company and Boston Private Capital Trust I, a Delaware statutory trust (“Trust I”), entered into a Purchase Agreement and an option, which was exercised in 2004, for the sale of a combined total of $105 million of convertible trust preferred securities to be issued by Trust I and guaranteed by the Company on a subordinated basis. The convertible trust preferred securities have a liquidation amount of $50.00 per security, pay interest quarterly and have a fixed distribution rate of 4.875% . The quarterly distributions are cumulative. The junior subordinated convertible debentures will mature on October 1, 2034 . As of December 31, 2016 , there was an immaterial amount remaining outstanding of the Trust I convertible trust preferred securities. The Company’s investment in Trust I was $3.2 million at both December 31, 2016 and 2015 . |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2016 | |
NONCONTROLLING INTERESTS [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | NONCONTROLLING INTERESTS At the Company, noncontrolling interests 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 $4.2 million , $4.4 million , and $4.8 million for the years ended December 31, 2016 , 2015 , and 2014 , 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 discussed in this footnote, the Company had redeemable noncontrolling interests held in mezzanine equity in the accompanying consolidated balance sheets of $17.0 million and $18.1 million at December 31, 2016 and 2015 , respectively. The aggregate amount of such redeemable noncontrolling equity interests are recorded at the estimated maximum redemption values, as discussed below. In addition, as discussed below, the Company had $4.2 million and $3.4 million in noncontrolling interests included in permanent shareholders’ equity at December 31, 2016 and 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 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. 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 company (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: December 31, 2016 December 31, 2015 (In thousands) Anchor $ 10,934 $ 11,907 BOS 6,782 6,744 DGHM (1) 3,417 2,830 Total $ 21,133 $ 21,481 Redeemable noncontrolling interests $ 16,972 $ 18,088 Noncontrolling interests $ 4,161 $ 3,393 _____________ (1) Only includes redeemable noncontrolling interests. The following is a summary, by individual affiliate, of the terms of the put and call options: Anchor The Company, through its acquisition of Anchor, acquired approximately an 80% interest in each of Anchor and Anchor Russell on June 1, 2006. Effective January 1, 2013, Anchor Russell merged into Anchor, with Anchor as the surviving entity. Anchor management, employees, and certain retired employees own the remaining noncontrolling equity interests of the firm, approximately 20%. The Anchor operating agreement describes a process for the orderly transfer of noncontrolling equity interests between the Company and the Anchor noncontrolling interest owners at a contractually agreed upon value, with appraisal rights for all parties. Certain events, such as death, disability, retirement, resignation, or termination, may result in repurchase of the noncontrolling equity interests by the Company at the then contractually agreed upon value. The Anchor agreement provides a formulaic mechanism to determine the then value of the noncontrolling equity interests. These noncontrolling equity interests have a five-year vesting period. Beginning six months after vesting, a holder of noncontrolling equity interests may put up to 10% of his or her outstanding equity interests annually to the Company. The six-month holding period ensures the risks and rewards of ownership are transferred to the holder of the noncontrolling equity interests. Holders of noncontrolling equity interests must retain 50% of their total outstanding units until such time as they leave the firm. In 2013, the Company sold certain repurchased noncontrolling interests to employees at Anchor with modified contingent call and put redemption features. These modified noncontrolling interests have the same terms and conditions as the previously issued noncontrolling interests with the exception that they require the approval of the Company’s CEO in order to be exercised. Therefore, these modified noncontrolling interests are not considered to be mandatorily redeemable and are not included in the redeemable noncontrolling interests within mezzanine equity, but rather within permanent equity. The maximum redemption value, based on the contractually determined maximum redemption value formula, to repurchase the remaining approximately 20% of Anchor’s noncontrolling equity interests was approximately $10.9 million and $11.9 million as of December 31, 2016 and 2015 , respectively. Of the $10.9 million of noncontrolling equity interests at December 31, 2016 , $2.0 million is included in permanent equity and the remainder is included in mezzanine equity. Of the $11.9 million of noncontrolling equity interests at December 31, 2015 , $1.3 million is included in permanent equity and the remainder is included in mezzanine equity. BOS The Company acquired approximately a 70% interest in BOS through a series of purchases dating back to February 5, 2004. The remaining approximate 30% is owned by BOS principals and certain retired principals. The BOS operating agreement describes a procedure for the orderly transfer of noncontrolling equity interests between the BOS noncontrolling interest owners and the Company at the then fair value, with appraisal rights for all parties. Certain events, such as death, disability, retirement, resignation, or voluntary termination, subject to the vesting period, will result in repurchase of the noncontrolling equity interests by the Company at the then fair value, unless another noncontrolling interest owner opts to purchase the noncontrolling equity interests in question. These noncontrolling equity interests have vesting periods of up to seven years. Immediately after vesting, a holder of noncontrolling equity interests may put up to the greater of 10% of his or her outstanding equity interests or 1% of total outstanding equity interests in BOS annually to the Company. Any unexercised portion of the annual put option can be carried forward to future years, provided that noncontrolling interest owners retain approximately 50% of their total outstanding units until such time as they leave the firm. In 2015, the Company entered into an updated operating agreement with BOS which provides for a certain portion of the BOS noncontrolling interest owners’ to include modified contingent call and put redemption features. These modified noncontrolling interests have the same terms and conditions as the previously issued noncontrolling interests with the exception that they require the approval of the Company’s CEO in order to be exercised. Therefore, these modified noncontrolling interests are not considered to be mandatorily redeemable and are not included in the redeemable noncontrolling interests within mezzanine equity, but rather within permanent equity. The maximum redemption value, based on fair value, to repurchase the remaining approximately 30% of BOS’ noncontrolling equity interests is approximately $6.8 million and $6.7 million as of December 31, 2016 and 2015 , respectively. Of the $6.8 million of noncontrolling equity interests at December 31, 2016 , $2.2 million is included in permanent equity and the remainder is included in mezzanine equity. Of the $6.7 million of noncontrolling equity interests at December 31, 2015 , $2.1 million is included in permanent equity and the remainder is included in mezzanine equity. DGHM The Company acquired an 80% interest in DGHM on February 6, 2004. DGHM management and employees own the remaining 20% interest in DGHM. The DGHM operating agreement describes a process for the orderly transfer of noncontrolling equity interests between the Company and the DGHM noncontrolling interest owners at a contractually agreed upon value, with appraisal rights for all parties. Certain events, such as a change in control, death, disability, retirement, resignation or termination, may result in repurchase of the noncontrolling equity interests by the Company at the then contractually agreed upon value. The DGHM operating agreement provides a formulaic mechanism to determine the then value of the noncontrolling equity interests. These noncontrolling equity interests have a five-year vesting period. Beginning six months after vesting, a holder of noncontrolling equity interests may put up to between 10% and 20% of his or her outstanding units annually to the Company. The six-month holding period ensures the risks and rewards of ownership are transferred to the holder of the noncontrolling equity interests. Beginning in December 2009, the Company has an annual call right under which it may elect to repurchase between 10% and 20% of the non-management and management members’ vested units. No more than 40% of the outstanding noncontrolling equity interests’ units can be put in any one year. Certain key members of DGHM management are contractually obligated to retain 50% of their noncontrolling equity interests until such time as they leave the firm. The maximum redemption value, based on the contractually determined maximum redemption value formula, to repurchase the remaining 20% of DGHM’s noncontrolling equity interests is approximately $3.4 million and $2.8 million as of December 31, 2016 and 2015 , respectively. The following tables present an analysis of the Company’s redeemable noncontrolling interests for the periods indicated: Year ended December 31, 2016 December 31, 2015 December 31, 2014 Redeemable noncontrolling interests Noncontrolling interests Redeemable noncontrolling interests Noncontrolling interests Redeemable noncontrolling interests Noncontrolling interests (In thousands) Noncontrolling interests at beginning of period $ 18,088 $ 3,393 $ 20,905 $ 386 $ 19,468 $ 171 Net income attributable to noncontrolling interests 3,204 953 3,575 832 4,564 186 Distributions (3,112 ) (942 ) (4,189 ) (422 ) (4,426 ) (177 ) Purchases/ (sales) of ownership interests (765 ) (134 ) (1,666 ) 419 (1,879 ) 74 Transfers of ownership interests from mezzanine to permanent equity — — (1,652 ) 1,652 — — Amortization of equity compensation 449 747 — 472 — 96 Adjustments to fair value (892 ) 144 1,115 54 3,178 36 Noncontrolling interests at end of period $ 16,972 $ 4,161 $ 18,088 $ 3,393 $ 20,905 $ 386 Impact on EPS from Certain Changes in Redemption Value To the extent that the increase in the estimated maximum redemption amounts exceeds the net income attributable to the noncontrolling interests, such excess may reduce net income attributable to the Company’s common shareholders for purposes of the Company’s EPS computations depending upon how the maximum redemption value is calculated. In cases where the maximum redemption value is calculated using a contractually determined value or predefined formula, such as a multiple of EBITDA, there may be a reduction to the net income attributable to the Company’s common shareholders for purposes of the Company’s EPS computations. However, in cases where maximum redemption value is calculated using the then fair value, there is no effect on EPS. Fair value can be derived through an enterprise value using market observations of comparable firms, a discounted cash flow analysis, or a combination of the two, among other things, rather than a contractually predefined formula or multiple of EBITDA. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | EQUITY Preferred Stock The Company has 2,000,000 depositary shares outstanding at both December 31, 2016 and December 31, 2015 (the “Depositary Shares”). Each Depositary Share represents a 1/40th interest in a share of the Company’s 6.95% Non-Cumulative Perpetual Preferred Stock, Series D, par value $1.00 per share and liquidation preference of $1,000 per share (the “Series D preferred stock”). This represents the entire $47.8 million balance of preferred stock on the Company’s balance sheet at both December 31, 2016 and December 31, 2015 . The ability of the Company to declare and pay dividends on, or purchase, redeem or otherwise acquire, shares of its preferred stock or any securities of the Company that rank junior to the Series D preferred stock is subject to certain restrictions in the event that the Company does not declare and pay (or set aside) dividends on the Series D preferred stock for the last preceding quarterly dividend period. Common Stock The Company has 170 million shares of common stock authorized for issuance. At December 31, 2016 , it had 83,731,769 shares outstanding and 86,268,231 shares available for future issuance, including shares reserved for future issuance pursuant to the Company’s stock-based compensation plans, as discussed in Part II. Item 8. “Financial Statements and Supplementary Data - Note 18: Employee Benefits.” At December 31, 2015 , it had 83,410,961 shares outstanding and 86,589,039 shares available for future issuance, Warrants to Purchase Common Stock The Company currently has one class of warrants to purchase common stock outstanding. These warrants were initially issued to the U.S. Department of the Treasury (the “Treasury”) (the “TARP warrants”). The following table summarizes the terms of the TARP warrant agreement outstanding at December 31, 2016 : Name of warrants Number of warrants Original warrant share number Current warrant share number (2) Original exercise price of warrants Current exercise price of warrants (2) Date issued Expiration date TARP Warrants (1) 2,068,161 1.00 1.11 $8.000 $7.206 11/21/2008 11/21/2018 ___________________ (1) The TARP warrants, while initially issued to the Treasury, were purchased from the Treasury by unrelated third parties at a market rate. (2) Per the terms of the TARP warrant agreement, the exercise price and number of shares issuable upon exercise may be adjusted ratably for dividends paid on the Company’s common stock that exceed the dividend rate at the time the warrants were issued, at which time the Company paid quarterly dividends of $0.01 per share. The current warrant share number and current exercise price of the warrant reflect the warrant as adjusted for common stock dividends through February 3, 2017, the latest dividend record date prior to the filing of this Annual Report. Accumulated Other Comprehensive Income Other comprehensive income/ (loss) represents the change in equity of the Company during a year from transactions and other events and circumstances from non-shareholder sources. It includes all changes in equity during a year except those resulting from investments by shareholders and distributions to shareholders. The following table presents the Company’s comprehensive income/ (loss) and related tax effect for the years ended December 31, 2016 , 2015 , and 2014 : Other comprehensive income/(loss): Pre-tax Tax expense/ (benefit) Net (In thousands) 2016 Unrealized gain/ (loss) on securities available-for-sale $ (18,913 ) $ (7,555 ) $ (11,358 ) Less: Adjustment for realized gains/ (losses), net 521 190 331 Net unrealized gain/ (loss) on securities available-for-sale (19,434 ) (7,745 ) (11,689 ) Unrealized gain/ (loss) on cash flow hedge (793 ) (332 ) (461 ) Add: scheduled reclass and other 1,666 687 979 Net unrealized gain/ (loss) on cash flow hedge 873 355 518 Net unrealized gain/ (loss) on other 200 77 123 Other comprehensive gain/ (loss) (18,361 ) (7,313 ) (11,048 ) Net income attributable to the Company (1) 102,591 30,963 71,628 Total comprehensive income $ 84,230 $ 23,650 $ 60,580 2015 Unrealized gain/ (loss) on securities available-for-sale $ (2,494 ) $ (1,145 ) $ (1,349 ) Less: Adjustment for realized gains/ (losses), net 236 97 139 Net unrealized gain/ (loss) on securities available-for-sale (2,730 ) (1,242 ) (1,488 ) Unrealized gain/ (loss) on cash flow hedges (2,642 ) (1,088 ) (1,554 ) Add: scheduled reclass and other 4,052 1,698 2,354 Net unrealized gain/ (loss) on cash flow hedges 1,410 610 800 Net unrealized gain/ (loss) on other (193 ) (78 ) (115 ) Other comprehensive gain/ (loss) (1,513 ) (710 ) (803 ) Net income attributable to the Company (1) 95,317 30,392 64,925 Total comprehensive income $ 93,804 $ 29,682 $ 64,122 2014 Unrealized gain/ (loss) on securities available-for-sale $ 6,231 $ 2,495 $ 3,736 Less: Adjustment for realized gains/ (losses), net (7 ) (3 ) (4 ) Net unrealized gain/ (loss) on securities available-for-sale 6,238 2,498 3,740 Unrealized gain/ (loss) on cash flow hedges (3,425 ) (1,416 ) (2,009 ) Add: scheduled reclass and other 3,198 1,349 1,849 Net unrealized gain/ (loss) on cash flow hedges (227 ) (67 ) (160 ) Net unrealized gain/ (loss) on other (135 ) (55 ) (80 ) Other comprehensive gain/ (loss) 5,876 2,376 3,500 Net income attributable to the Company (1) 101,180 32,365 68,815 Total comprehensive income $ 107,056 $ 34,741 $ 72,315 ___________________ (1) Pre-tax net income attributable to the Company is calculated as income before income taxes, plus net income from discontinued operations, less net income attributable to noncontrolling interests. The following table presents a summary of the amounts reclassified from accumulated other comprehensive income/ (loss) for the years ended December 31, 2016 , 2015 , and 2014 : Description of component of accumulated other comprehensive income/ (loss) Year ended December 31, Affected line item in Statement of Operations 2016 2015 2014 (In thousands) Adjustment for realized gains/(losses) on securities available-for-sale, net: Pre-tax $ 521 $ 236 $ (7 ) Gain/ (loss) on sale of investments, net Tax expense/ (benefit) 190 97 (3 ) Income tax expense Net $ 331 $ 139 $ (4 ) Net income attributable to the Company Net realized gain/ (loss) on cash flow hedges: Hedge related to junior subordinated debentures: Pre-tax $ — $ 1,879 $ 1,926 Interest expense on junior subordinated debentures Tax expense/ (benefit) — 804 824 Income tax expense Net $ — $ (1,075 ) $ (1,102 ) Net income attributable to the Company Hedge related to deposits Pre-tax $ 1,666 $ 2,173 $ 1,272 Interest expense on deposits Tax expense/ (benefit) 687 894 525 Income tax expense Net $ (979 ) $ (1,279 ) $ (747 ) Net income attributable to the Company Total reclassifications for the period, net of tax $ (979 ) $ (2,354 ) $ (1,849 ) The following table presents the components of the Company’s accumulated other comprehensive income/ (loss) as of December 31: 2016 2015 2014 (In thousands) Unrealized gain/ (loss) on securities available-for-sale, net of tax $ (11,194 ) $ 495 $ 1,983 Unrealized gain/ (loss) on cash flow hedges, net of tax (605 ) (1,123 ) (1,923 ) Unrealized gain/ (loss) on other, net of tax (749 ) (872 ) (757 ) Accumulated other comprehensive income/ (loss) $ (12,548 ) $ (1,500 ) $ (697 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE Earnings Per Share (“EPS”) Basic EPS is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the year. Diluted EPS is determined in the same manner as basic EPS except that the number of shares is increased assuming exercise or contingent issuance of the options, warrants or other dilutive securities; and conversion of the convertible trust preferred securities. Additionally, when dilutive, interest expense (net of tax) related to the convertible trust preferred securities is added back to net income attributable to common shareholders. The calculation of diluted EPS excludes the potential dilution of common shares and the inclusion of any related expenses if the effect is antidilutive. The following table is a reconciliation of the components of basic and diluted EPS computations for the three years ended December 31: For the year ended December 31, 2016 2015 2014 (In thousands, except share and per share data) Basic earnings per share - Numerator: Net income from continuing operations $ 70,244 $ 62,921 $ 67,405 Less: Net income attributable to noncontrolling interests 4,157 4,407 4,750 Net income from continuing operations attributable to the Company 66,087 58,514 62,655 Decrease/ (increase) in noncontrolling interests’ redemption values (1) (588 ) 464 (525 ) Dividends on preferred stock (3,475 ) (3,475 ) (3,475 ) Total adjustments to income attributable to common shareholders (4,063 ) (3,011 ) (4,000 ) Net income from continuing operations attributable to common shareholders, treasury stock method (2) 62,024 55,503 58,655 Net income from discontinued operations (2) 5,541 6,411 6,160 Net income attributable to common shareholders, treasury stock method (2) $ 67,565 $ 61,914 $ 64,815 Basic earnings per share - Denominator: Weighted average basic common shares outstanding 81,264,273 80,885,253 78,921,480 Per share data - Basic earnings per share from: Continuing operations $ 0.76 $ 0.69 $ 0.74 Discontinued operations $ 0.07 $ 0.08 $ 0.08 Total attributable to common shareholders $ 0.83 $ 0.77 $ 0.82 For the year ended December 31, 2016 2015 2014 (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) $ 62,024 $ 55,503 $ 58,655 Net income from discontinued operations 5,541 6,411 6,160 Net income attributable to common shareholders, after assumed dilution $ 67,565 $ 61,914 $ 64,815 Diluted earnings per share - Denominator: Weighted average basic common shares outstanding 81,264,273 80,885,253 78,921,480 Dilutive effect of: Stock options and non-participating performance-based and certain time-based restricted stock (2), (3) 1,002,153 1,301,448 1,188,051 Warrants to purchase common stock (3) 942,700 1,206,389 1,198,613 Dilutive common shares 1,944,853 2,507,837 2,386,664 Weighted average diluted common shares outstanding (2), (3) 83,209,126 83,393,090 81,308,144 Per share data - Diluted earnings per share from: Continuing operations $ 0.74 $ 0.66 $ 0.72 Discontinued operations $ 0.07 $ 0.08 $ 0.08 Total attributable to common shareholders $ 0.81 $ 0.74 $ 0.80 Dividends per share declared and paid on common stock $ 0.40 $ 0.36 $ 0.32 _____________________ (1) See Part II. Item 8. “Financial Statements and Supplementary Data - Note 14: Noncontrolling Interests” for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption values 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 year ended December 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand , for the year ended December 31, 2016. The allocation of net income to participating securities would have been $8 thousand for the year ended December 31, 2016, reducing net income attributable to common shareholders by a total of $12 thousand for the same period. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 7,185 shares for the year ended December 31, 2016. 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 year ended December 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $90 thousand for the year ended December 31, 2015, and the allocation of net income to participating securities would have been $92 thousand for the same period, reducing net income attributable to common shareholders by a total of $182 thousand , for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2015. Weighted average diluted shares outstanding would have been reduced by 167,937 shares for the same period. 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 year ended December 31, 2014. Net income attributable to common shareholders would have been reduced by an additional $228 thousand for the year ended December 31, 2014, and the allocation of net income to participating securities would have been $335 thousand for the same period, reducing net income attributable to common shareholders by a total of $563 thousand , for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2014. Weighted average diluted shares outstanding would have been reduced by 428,913 shares for the same period. Total diluted EPS and diluted EPS from discontinued operations would each decrease by $0.01 per share. (3) The diluted EPS computations for the years ended December 31, 2016 , 2015 , and 2014 do not assume the conversion, exercise or contingent issuance of the following shares for the following periods because the result would have been antidilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: For the year ended December 31, 2016 2015 2014 Shares excluded due to anti-dilution (treasury method): (In thousands) Potential common shares from: Convertible trust preferred securities (a) 1 1 1 Total shares excluded due to anti-dilution 1 1 1 For the year ended December 31, 2016 2015 2014 Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding): (In thousands) Potential common shares from: Options, restricted stock, or other dilutive securities (b) 270 548 829 Total shares excluded due to exercise price exceeding the average market price of common shares during the period 270 548 829 (a) If the effect of the conversion of the trust preferred securities would have been dilutive, an immaterial amount of interest expense, net of tax, related to the convertible trust preferred securities would have been added back to net income attributable to common shareholders for the diluted EPS computation for the years presented. (b) Options to purchase shares of common stock, non-participating performance- and certain time-based restricted stock, and other dilutive securities that were outstanding at period ends were not included in the computation of diluted EPS or in the above anti-dilution table because their exercise or conversion prices were greater than the average market price of the common shares during the respective periods. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The components of income tax expense for continuing operations for the years ended December 31, 2016 , 2015 , and 2014 are as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Current expense: Federal $ 20,237 $ 25,631 $ 20,557 State 7,778 9,183 7,254 Total current expense 28,015 34,814 27,811 Deferred expense/(benefit): Federal 1,976 (3,185 ) 3,895 State 972 (1,237 ) 659 Total deferred expense/(benefit) 2,948 (4,422 ) 4,554 Income tax expense $ 30,963 $ 30,392 $ 32,365 Income tax expense attributable to income from continuing operations differs from the amounts computed by applying the Federal statutory rate to pre-tax income from continuing operations. Reconciliations between the Federal statutory income tax rate of 35% to the effective income tax rate for the years ended December 31, 2016 , 2015 , and 2014 are as follows: Year Ended December 31, 2016 2015 2014 Statutory Federal income tax rate 35.0 % 35.0 % 35.0 % Increase/ (decrease) resulting from: Tax exempt interest, net (7.5 )% (7.1 )% (5.6 )% State and local income tax, net of Federal tax benefit 5.6 % 5.5 % 5.2 % Tax credits (2.2 )% (1.9 )% (1.7 )% Noncontrolling interests (1.4 )% (1.6 )% (1.7 )% Out-of-period adjustment — % 1.3 % — % Other, net 1.1 % 1.4 % 1.2 % Effective income tax rate 30.6 % 32.6 % 32.4 % During the third quarter of 2015, the Company reevaluated its executive compensation plans and identified certain executive compensation that was previously treated as fully deductible was non-deductible. The correction resulted in $1.2 million of additional federal tax expense and $0.2 million of additional state tax, net of federal tax benefit, that was related to prior years. After evaluating the quantitative and qualitative aspects of the correction, the Company determined that previously issued consolidated financial statements were not materially misstated and, as a result, recorded the correction in 2015. On April 13, 2015, New York City enacted legislation that requires corporations that are engaged in unitary business operations to file combined returns with their affiliates for tax years beginning on or after January 1, 2015. Starting in 2015, all of the Company’s affiliates are included in the Company’s New York City tax return instead of just those affiliates with nexus to New York City. The Company incorporated the impact of these New York City law changes in 2015 due to the law being enacted in 2015. The Company adjusted the New York City apportionment percentages for purposes of measuring deferred tax assets and liabilities that will reverse after the effective date. As a result of these changes, the Company recorded a state tax benefit of $0.5 million , net of federal tax, in 2015. On March 31, 2014, New York enacted legislation that requires corporations that are engaged in unitary business operations to file combined returns with their affiliates for tax years beginning on or after January 1, 2015. Starting in 2015, all of the Company’s affiliates are included in the Company’s New York tax return instead of just those affiliates with nexus to New York. In addition, the New York tax rate will be reduced from 7.1% to 6.5% for tax years beginning on or after January 1, 2016. The Company incorporated the impact of these New York law changes in 2014 due to the law being enacted in 2014. The Company adjusted the New York state applicable tax rate and apportionment percentages for purposes of measuring deferred tax assets and liabilities that will reverse after the effective date. As a result of these changes, the Company recorded a state tax benefit of $0.5 million , net of federal tax, in 2014. The components of gross deferred tax assets and gross deferred tax liabilities at December 31, 2016 and 2015 are as follows: December 31, 2016 2015 (In thousands) Gross deferred tax assets: Allowance for loan losses $ 35,471 $ 37,401 Allowance for losses on OREO 74 912 Interest on nonaccrual loans 548 833 Stock compensation 6,079 7,391 Deferred and accrued compensation 19,801 19,370 State loss carryforward, net of federal — 60 Capital loss carryforward — 458 Mark-to-market on securities available-for-sale 185 274 Contingent payments 1,868 1,978 Unrealized loss on investments 8,264 748 Other 720 756 Gross deferred tax assets 73,010 70,181 Less: valuation allowance — 458 Total deferred tax assets 73,010 69,723 Gross deferred tax liabilities: Cancellation of debt income deferral 2,692 4,035 Goodwill and acquired intangible assets 12,929 11,894 Fixed assets 67 62 Prepaid expenses 611 580 Other 1,251 1,453 Total gross deferred tax liabilities 17,550 18,024 Net deferred tax asset $ 55,460 $ 51,699 Of the $3.8 million net increase in the Company’s net deferred tax asset during 2016, $2.9 million was recognized as deferred income tax expense, $0.1 million was recognized as deferred income tax benefit for discontinued operations, and $6.6 million was recognized as an increase to shareholders’ equity. In accordance with ASC 740, deferred tax assets are to be reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of the tax benefit depends upon the existence of sufficient taxable income of the appropriate character within the carry-back and carry-forward periods. The Company believes that it is more likely than not that the net deferred tax asset as of December 31, 2016 will be realized, based upon the ability to generate future taxable income as well as the availability of current and historical taxable income. Other positive evidence to support the realization of the Company’s net deferred tax asset includes: • The Company had cumulative pre-tax income, as adjusted for permanent book-to-tax differences, in the period 2014 through 2016. • Certain tax planning strategies are available to the Company, such as reducing investments in tax-exempt securities. • The Company has not had any operating loss or tax credit carryovers expiring unused in recent years. At December 31, 2015, the Company had a $0.5 million deferred tax asset for $1.2 million of capital loss carryovers that were scheduled to expire in 2016. The Company believed it was more likely than not that the net deferred tax asset related to capital losses would not be realized and had recorded a valuation allowance of $0.5 million at December 31, 2015 attributable to this net deferred tax asset. The net change in the valuation allowance during the year ending December 31, 2016 of $0.5 million is primarily related to prior year provision to return differences as well as the unforeseen realization of capital losses during the year ending December 31, 2016. A reconciliation of the beginning and ending gross amount of unrecognized tax benefits under the provisions of ASC 740-10 is as follows: 2016 2015 2014 (In thousands) Balance at January 1 $ 1,022 $ 1,067 $ 549 Additions based on tax positions related to the current year 160 163 245 Additions based on tax positions taken in prior years — — 366 Decreases based on tax positions taken in prior years — — — Decreases based on settlements with taxing authorities — — — Decreases based on the expiration of statute of limitations (208 ) (208 ) (93 ) Balance at December 31 $ 974 $ 1,022 $ 1,067 The Company does not currently believe there is a reasonable possibility of any significant change to unrecognized tax benefits within the next twelve months. Excluded from the gross amount of unrecognized tax benefits for the years ended December 31, 2016, 2015, and 2014 are the federal tax benefits associated with the gross amount of state unrecognized tax benefits which, if recognized, would affect the effective tax rate. The net amount of unrecognized tax benefit which, if recognized, would affect the effective tax rate is $0.8 million at December 31, 2016, 2015, and 2014. The Company classifies interest and penalties, if applicable, related to unrecognized tax benefits as a component of income tax expense in the consolidated statements of operations. Interest and penalties recognized as part of the Company’s income tax expense was immaterial for the years ending December 31, 2016, 2015, and 2014. The accrued amounts for interest and penalties were immaterial as of December 31, 2016, 2015, and 2014. Federal income tax returns remain subject to examination by the Internal Revenue Service for all tax years subsequent to 2012. The examination by the Internal Revenue Service for the tax year ended December 31, 2009 was settled in August, 2015. The resolution of this examination did not have a significant impact on the effective tax rate. State income tax returns for the Company’s major tax jurisdictions of California, Massachusetts, and New York have either been examined or remain subject to examination for all the tax years subsequent to 2012. The examination by the State of New York for the tax year ended December 31, 2012 was settled in February, 2015. The resolution of this examination did not have a significant impact on the effective tax rate. As of December 31, 2016, the Company was under examination by the State of New York for the tax years ended December 31, 2013 and 2014. The Company believes the resolution of this examination will not have a significant impact on the effective tax rate. |
Employee Benefits Employee Bene
Employee Benefits Employee Benefits (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
EMPLOYEE BENEFITS [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | EMPLOYEE BENEFITS Employee 401(k) Profit Sharing Plan The Company established a corporate-wide 401(k) Profit Sharing Plan (the “401(k) Plan”) for the benefit of the employees of the Company and its affiliates, which became effective on July 1, 2002. The 401(k) Plan is a 401(k) savings and retirement plan that is designed to qualify as an ERISA section 404(c) plan. Generally, employees who are at least twenty-one (21) years of age are eligible to participate in the plan on their date of hire. Employee contributions may be matched based on a predetermined formula and additional discretionary contributions may be made. 401(k) Plan expense was $3.0 million , $2.8 million , and $2.4 million , in the years ended December 31, 2016 , 2015 , and 2014 , respectively. Salary Continuation Plans The Bank maintains a salary continuation plan for certain former officers in the Bank’s San Francisco Bay Area market. The officers became eligible for benefits under the salary continuation plan if they reached a defined retirement age while working for the Bank. The Bank also has a deferred compensation plan for certain former directors of the former private banking affiliate in the San Francisco Bay Area that was merged into the Bank. The compensation expense relating to each contract is accounted for individually. The expense relating to these plans was $0.1 million for each of the years ended December 31, 2016 , 2015 , and 2014 . The amount recognized in other liabilities in the consolidated balance sheets was $1.1 million and $1.3 million at December 31, 2016 and 2015 , respectively. The Bank has purchased life insurance contracts to help fund these plans. The Bank has single premium life insurance policies with cash surrender values totaling $6.3 million and $6.2 million , which are included in other assets in the consolidated balance sheets, as of December 31, 2016 and 2015 , respectively. The Bank also maintains a salary continuation plan for certain former officers of the Bank’s Southern California market. The plan provides for payments to the participants at the age of retirement. The expense relating to these plans was $0.1 million , $0.1 million , and $0.2 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The net amount recognized in other liabilities in the consolidated balance sheets was $1.9 million and $2.0 million at December 31, 2016 and 2015 , respectively. The Bank has purchased life insurance contracts to help fund these plans. These life insurance policies have cash surrender values totaling $4.8 million and $4.7 million at December 31, 2016 and 2015 , respectively, which are included in other assets in the consolidated balance sheets. Deferred Compensation Plan The Company offers a deferred compensation plan (the “Deferred Compensation Plan”) that enables certain executives to elect to defer a portion of their compensation. The amounts deferred are excluded from the employee’s taxable income and are not deductible for income tax purposes by the Company until paid. The net deferred amount related to the Deferred Compensation Plan in other liabilities in the consolidated balance sheets was $6.1 million and $5.6 million at December 31, 2016 and 2015 , respectively. Increases and decreases in the value of the Deferred Compensation Plan are recognized as compensation expense in the consolidated statements of operations. The expense relating to the Deferred Compensation Plan was expense of $0.6 million , an expense credit of $0.1 million , and expense of $0.6 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The Company has adopted a special trust for the Deferred Compensation Plan called a Rabbi Trust. A Rabbi Trust is an arrangement that is used to accumulate assets that may be used to “fund” the Company’s obligation to pay benefits under the Deferred Compensation Plan. However, to prevent immediate taxation to the executives who participate in the Deferred Compensation Plan, the amounts placed in the Rabbi Trust must remain subject to the claims of the Company’s creditors. The investments chosen by the participants in the Deferred Compensation Plan are mirrored by the Rabbi Trust as a way to minimize the earnings volatility of the Deferred Compensation Plan. The net amount recognized in other assets in the consolidated balance sheets was $6.1 million and $5.6 million at December 31, 2016 and 2015 , respectively. Increases and decreases in the value of the Rabbi Trust are recognized in other income in the consolidated statement of operations. The income relating to this plan was a gain of $0.6 million , a loss of $0.1 million , and a gain of $0.6 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Stock-Based Incentive Plans At December 31, 2016 , the Company has three stock-based compensation plans. These plans encourage and enable the officers, employees, and non-employee directors of the Company to acquire a proprietary interest in the Company. The 2009 Stock Option and Incentive Plan (the “2009 Plan”), replaced the Company’s 2004 Stock Option and Incentive Plan. Under the 2009 Plan, the Company may grant options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock awards, performance share awards and dividend equivalent rights to its officers, employees, and non-employee directors of the Company for an amount not to exceed 2% of the total shares of common stock outstanding as of the last business day of the preceding fiscal year. The 2009 Plan provides for the authorization and issuance of 4,000,000 shares , along with any residual shares from previous plans. Under the 2009 Plan, the exercise price of each option shall not be less than 100% of the fair market value of the stock on the date the options are granted. Generally, options expire ten years from the date granted and vest over a three-year graded vesting period for officers and employees and a one-year or less period for non-employee directors. Stock grants generally vest over a three-year cliff vesting period . As of December 31, 2016 the maximum number of shares of stock reserved and available for issuance under the Plan was 2,700,968 shares . Under the Boston Private Financial Holdings, Inc. 2010 Inducement Stock Plan (the “Inducement Plan”), the Company may grant equity awards to new employees as an inducement to join the Company. The Company reserved 1,245,000 shares of the Company’s common stock for issuance under the Inducement Plan. The terms of the Inducement Plan are substantially similar to the terms of the 2009 Plan. In 2014, the Company issued an additional 637,804 shares under this plan in conjunction with the Bank’s acquisition of Banyan. In 2015, the Company issued an additional 22,936 shares under this plan in conjunction with an executive new hire. In 2016, the Company issued 37,177 shares under this plan in conjunction with executive new hires. At December 31, 2016, the Inducement Plan had 148,854 shares reserved and available for issuance. The Company maintains a qualified Employee Stock Purchase Plan (“ESPP”). Under the ESPP, eligible employees may purchase common stock of the Company at 85 percent of the lower of the closing price of the Company’s common stock on the first or last day of a six month purchase period on The NASDAQ® Global Select Market. Employees pay for their stock purchases through payroll deductions at a rate equal to any whole percentage from 1 percent to 15 percent of after-tax earnings. Participants have a right to a full reimbursement of ESPP deferrals through the end of the offering period. Such a reimbursement would result in a reversal of the compensation expense previously recorded, attributed to that participant. The Company issues shares under the ESPP in January and July of each year. As of December 31, 2016, there were 777,726 shares available for issuance in the ESPP. There were 165,919 shares issued to participants under the qualified ESPP in 2016. Share-based payments recorded in salaries and benefits expense are as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Stock option and ESPP expense $ 437 $ 518 $ 653 Nonvested share expense 6,293 5,723 5,339 Subtotal 6,730 6,241 5,992 Tax benefit 2,574 2,367 2,311 Stock-based compensation expense, net of tax benefit $ 4,156 $ 3,874 $ 3,681 Stock Options A summary of option activity under the 2009 Plan for the year ended December 31, 2016 is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term in Years Aggregate Intrinsic Value (in 000’s) Outstanding at December 31, 2015 1,222,951 $ 16.27 Granted — $ — Exercised 244,567 $ 7.60 Forfeited 73,062 $ 29.49 Expired 248,922 $ 29.25 Outstanding at December 31, 2016 656,400 $ 13.11 2.26 years $ 4,117.0 Exercisable at December 31, 2016 656,400 $ 13.11 2.26 years $ 4,117.0 The total intrinsic value of options exercised during the years ended December 31, 2016 , 2015 , and 2014 was $1.5 million , $0.7 million , and $1.1 million , respectively. As of December 31, 2016 , there was no unrecognized compensation cost related to stock option arrangements granted under the 2009 Plan. Restricted Stock A summary of the Company’s nonvested shares as of December 31, 2016 and changes during the year ended December 31, 2016 , including shares under both the 2009 Plan and the Inducement Plan, is as follows: Shares Weighted- Average Grant-Date Fair Value Nonvested at December 31, 2015 2,236,383 $ 11.72 Granted 599,673 $ 11.58 Vested 490,658 $ 10.90 Forfeited 351,770 $ 10.18 Nonvested at December 31, 2016 1,993,628 $ 12.16 The fair value of nonvested shares is determined based on the closing price of the Company’s stock on the grant date. The weighted-average grant-date fair value of shares granted during the years ended December 31, 2016 , 2015 , and 2014 was $11.58 , $12.41 , and $12.42 , respectively. At December 31, 2016 , there was $10.2 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements under the 2009 Plan and the Inducement Plan, combined. That cost is expected to be recognized over a weighted-average period of 1.9 years . The total fair value of shares that vested during the years ended December 31, 2016 , 2015 , and 2014 was $5.3 million , $5.3 million , and $5.1 million , respectively. Included in the restricted stock balances above are performance shares, which are granted to certain employees within the Company and are accounted for in the same manner as restricted stock. At December 31, 2016 , there were 831,726 performance shares outstanding, which could increase up to 1,497,107 shares. If the maximum number of performance shares is issued, the Company would incur an additional $8.1 million of compensation costs related to these additional 665,381 shares. The Company recognizes the expense for performance shares based upon the most likely outcome of shares to be issued based on current forecasts. Supplemental Executive Retirement Plans The Company has a non-qualified supplemental executive retirement plan (“SERP”) with a former executive officer of the Company. The SERP, which is unfunded, provides a defined cash benefit based on a formula using average compensation, years of service, and age at retirement of the executive. The estimated actuarial present value of the projected benefit obligation was $8.2 million and $8.3 million at December 31, 2016 and 2015 , respectively. The expense associated with the SERP was $0.5 million , $0.5 million , and $1.0 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The discount rate used to calculate the SERP liability was 4.10% , 4.35% , and 3.85% for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The Bank has a SERP with various former executives of the Pacific Northwest market. The SERP, which is unfunded, provides a defined cash benefit based on a formula using compensation, years of service, and age at retirement of the executives. The benefits for each executive under the plan are accrued until the full vesting age of 65. The actuarial present value of the projected benefit obligation was $3.2 million at both December 31, 2016 and 2015 . The expense associated with the SERP was $0.2 million for each of the years ended December 31, 2016 , 2015 , and 2014 . The discount rate used to calculate the SERP liability was 3.62% , 3.81% , and 3.45% , for the years ended December 31, 2016 , 2015 , and 2014 , respectively. KLS has a long term incentive plan (“LTIP”) with certain of its managing directors. This LTIP, which is unfunded, provides for a profit sharing based on current year results as well as a cash benefit at the time of separation of service. The cash payment at separation of service, which is determined based on the profit share and a multiple based on years of service, is payable in three equal annual installments following separation of service. The Company has accrued $7.6 million and $7.9 million at December 31, 2016 and 2015 , respectively, for future separation of service payments. The LTIP was effective beginning January 1, 2010. The expense associated with the LTIP was $(0.2) million , $1.3 million , and $1.9 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The discount rate used to calculate the SERP liability was 3.70% , 3.90% , and 3.80% for the years ended December 31, 2016 , 2015 , and 2014 , respectively. |
Other Operating Expense
Other Operating Expense | 12 Months Ended |
Dec. 31, 2016 | |
OTHER OPERATING EXPENSE [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | OTHER OPERATING EXPENSE Major components of other operating expense are as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Insurance $ 3,396 $ 3,518 $ 2,851 Employee travel and meals 3,309 2,874 2,250 Other banking expenses 1,035 1,788 1,091 Telephone 1,137 1,661 1,589 Forms and supplies 836 1,241 838 Postage, express mail, and courier 967 1,007 978 Publications and dues 984 870 795 Training and education 627 686 554 Prepayment penalties on repurchase of FHLB borrowings and repurchase agreements 262 — 808 OREO expenses 227 197 176 Legal settlement costs 195 150 48 Provision for off-balance sheet loan commitments (367 ) (271 ) 50 Other 1,966 2,501 2,100 Total $ 14,574 $ 16,222 $ 14,128 |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 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 Parent Company (Boston Private Financial Holdings, Inc.) (the “Holding Company”). 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. The Company’s Segment Chief Executive Officers (“CEOs”) manage the segments and have full authority and responsibility for the performance and the allocation of resources within their respective segments. The Company’s CEO is the Company’s Chief Operating Decision Maker (“CODM”) . The day to day activities of the affiliates are managed by the affiliate CEOs, except in the Private Banking segment. The Company’s CEO is also the Bank’s CEO. The president of the Bank is the Private Banking Segment CEO and reports to the Company CEO. The Segment CEOs have authority with respect to the allocation of capital within their segments, management oversight responsibility, performance assessments, and overall authority and accountability for all of the affiliates, if any, within their segment. The Segment CEO for the non-banks communicates with the affiliate CEOs regarding profit and loss responsibility, strategic planning, priority setting and other matters. The Holding Company’s Chief Financial Officer reviews all affiliate financial detail with the CODM on a monthly basis. Description of Reportable Segments Private Banking The Private Banking segment operates primarily in three geographic markets: New England, the San Francisco Bay Area, and Southern California. The Bank currently conducts business under the name of Boston Private Bank & Trust Company in all markets. The Bank is chartered by The Commonwealth of Massachusetts and is insured by the FDIC. The Bank is principally engaged in providing private banking services to high net worth individuals, privately owned businesses and partnerships, and nonprofit organizations. In addition, the Bank is an active provider of financing for affordable housing, first-time homebuyers, economic development, social services, community revitalization and small businesses. Wealth Management and Trust The Wealth Management and Trust segment is comprised of the trust operations of Boston Private Bank and the operations of Boston Private Wealth. Boston Private Wealth combines Boston Private Bank’s existing wealth management business and the business of Banyan, which Boston Private Bank purchased in the fourth quarter of 2014. 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; California; Madison, Wisconsin; and the Washington, D.C. area. For comparative purposes, the Wealth Management and Trust segment data that was previously included within the Private Banking segment has been stated separately for the periods presented in the table below. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 3: Acquisitions, Asset Sales, and Divestitures” for additional details on the acquisition of Banyan. Investment Management The Investment Management segment has two consolidated affiliates, including DGHM and Anchor, both of which are registered investment advisers (“RIAs”). The Investment Managers serve the needs of pension funds, endowments, trusts, foundations and select institutions, mutual funds and high net worth individuals and their families throughout the U.S. and abroad. The Investment Managers specialize in value-driven equity portfolios with products across the capitalization spectrum. The specific mix of products, services and clientele varies between affiliates. The Investment Managers are located in New England and New York, with one affiliate administrative office in South Florida. Wealth Advisory The Wealth Advisory segment has two consolidated affiliates, including KLS and BOS, both of which are RIAs and wealth management firms. The Wealth Advisors provide comprehensive, planning-based financial strategies to high net worth individuals and their families, and non-profit institutions. The services the firms offer include fee-only financial planning, tax planning, tax preparation, estate and insurance planning, retirement planning, charitable planning and intergenerational gifting and succession planning. The Wealth Advisors manage investments covering a wide range of asset classes for both taxable and tax-exempt portfolios. The Wealth Advisors are located in New York, Southern California and Northern California. 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.” 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 year ended December 31, 2016 , 2015 , and 2014 . Interest expense on junior subordinated debentures is reported at the Holding Company. Year ended December 31, 2016 2015 2014 Private Banking (In thousands) Net interest income $ 202,702 $ 189,501 $ 183,424 Fees and other income 18,947 11,352 10,617 Total revenues 221,649 200,853 194,041 Provision/ (credit) for loan losses (6,935 ) (1,555 ) (6,400 ) Operating expense 125,116 116,575 111,901 Income before income taxes 103,468 85,833 88,540 Income tax expense (2) 33,120 27,844 29,032 Net income from continuing operations 70,348 57,989 59,508 Net income attributable to the Company $ 70,348 $ 57,989 $ 59,508 Assets $ 7,816,671 $ 7,361,202 $ 6,611,191 Amortization of intangibles $ — $ 341 $ 219 Depreciation $ 4,477 $ 4,599 $ 5,294 Year ended December 31, 2016 2015 2014 Wealth Management and Trust (In thousands) Fees and other income $ 44,401 $ 53,336 $ 34,584 Operating expense (1) 64,844 54,474 29,401 Income/ (loss) before income taxes (20,443 ) (1,138 ) 5,183 Income tax expense / (benefit) (2) (8,279 ) (350 ) 2,201 Net income/ (loss) from continuing operations (12,164 ) (788 ) 2,982 Net income/ (loss) attributable to the Company $ (12,164 ) $ (788 ) $ 2,982 Assets $ 80,501 $ 80,088 $ 80,467 Amortization of intangibles $ 2,962 $ 2,428 $ 676 Depreciation $ 1,145 $ 772 $ 241 Year ended December 31, 2016 2015 2014 Investment Management (In thousands) Net interest income $ 16 $ 22 $ 22 Fees and other income 44,443 45,687 47,119 Total revenues 44,459 45,709 47,141 Operating expense 32,863 33,690 34,848 Income before income taxes 11,596 12,019 12,293 Income tax expense (2) 3,789 3,956 4,078 Net income from continuing operations 7,807 8,063 8,215 Noncontrolling interests 2,077 2,265 2,519 Net income attributable to the Company $ 5,730 $ 5,798 $ 5,696 Assets $ 92,692 $ 92,642 $ 100,229 Amortization of intangibles $ 2,601 $ 2,956 $ 2,955 Depreciation $ 284 $ 286 $ 240 Year ended December 31, 2016 2015 2014 Wealth Advisory (In thousands) Net interest income $ 16 $ 6 $ 10 Fees and other income 50,686 50,558 48,199 Total revenues 50,702 50,564 48,209 Operating expense 34,791 35,379 33,213 Income before income taxes 15,911 15,185 14,996 Income tax expense (2) 6,084 5,819 5,653 Net income from continuing operations 9,827 9,366 9,343 Noncontrolling interests 2,080 2,138 2,189 Net income attributable to the Company $ 7,747 $ 7,228 $ 7,154 Assets $ 79,887 $ 79,543 $ 80,804 Amortization of intangibles $ 719 $ 986 $ 986 Depreciation $ 878 $ 864 $ 488 Year ended December 31, 2016 2015 2014 Holding Company and Eliminations (In thousands) Net interest income $ (2,296 ) $ (3,759 ) $ (3,755 ) Fees and other income 310 236 279 Total revenues (1,986 ) (3,523 ) (3,476 ) Operating expense 7,339 15,063 17,766 Income/ (loss) before income taxes (9,325 ) (18,586 ) (21,242 ) Income tax expense/(benefit) (2) (3,751 ) (6,877 ) (8,599 ) Net income/(loss) from continuing operations (5,574 ) (11,709 ) (12,643 ) Noncontrolling interests — 4 42 Discontinued operations (3) 5,541 6,411 6,160 Net income/(loss) attributable to the Company $ (33 ) $ (5,302 ) $ (6,525 ) Assets $ (99,277 ) $ (70,967 ) $ (74,817 ) Depreciation $ 54 $ 69 $ 205 Year ended December 31, 2016 2015 2014 Total Company (In thousands) Net interest income $ 200,438 $ 185,770 $ 179,701 Fees and other income 158,787 161,169 140,798 Total revenues 359,225 346,939 320,499 Provision/ (credit) for loan losses (6,935 ) (1,555 ) (6,400 ) Operating expense 264,953 255,181 227,129 Income before income taxes 101,207 93,313 99,770 Income tax expense (2) 30,963 30,392 32,365 Net income from continuing operations 70,244 62,921 67,405 Noncontrolling interests 4,157 4,407 4,750 Discontinued operations 5,541 6,411 6,160 Net income attributable to the Company $ 71,628 $ 64,925 $ 68,815 Assets $ 7,970,474 $ 7,542,508 $ 6,797,874 Amortization of intangibles $ 6,282 $ 6,711 $ 4,836 Depreciation $ 6,838 $ 6,590 $ 6,468 ___________________ (1) Operating expense related to the Wealth Management and Trust segment includes restructuring expenses of $2.0 million , $3.7 million , and $0.7 million for 2016, 2015, and 2014, respectively, and a goodwill impairment charge of $9.5 million in 2016. (2) The Company’s effective tax rate for 2016 , 2015 , and 2014 is not consistent due to earnings from tax-exempt investments, non-deductible compensation, state and local taxes, income tax credits and income attributable to noncontrolling interests having a different impact on the effective tax rate due primarily to the different levels of income before taxes in years 2016 , 2015 , and 2014 . See Part II. Item 8. “Financial Statements and Supplementary Data - Note 17: Income Taxes” for additional details. (3) The Holding Company and Eliminations calculation of Net Income attributable to the Company includes net income from Discontinued Operations for the years ended December 31, 2016 , 2015 and 2014 of $5.5 million , $6.4 million , and $6.2 million , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value [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 December 31, 2016 and 2015 , aggregated by the level in the fair value hierarchy within which those measurements fall: As of December 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 $ 39,936 $ 39,293 $ 643 $ — Government-sponsored entities 336,664 — 336,664 — Municipal bonds 293,397 — 293,397 — Mortgage-backed securities 570,327 — 570,327 — Other 23,808 23,808 — — Total available-for-sale securities 1,264,132 63,101 1,201,031 — Derivatives - interest rate customer swaps 17,032 — 17,032 — Derivatives - risk participation agreements 15 — 15 — Other investments 6,110 6,110 — — Liabilities: Derivatives - interest rate customer swaps $ 16,560 $ — $ 16,560 $ — Derivatives - interest rate swaps 1,040 — 1,040 — Derivatives - risk participation agreements 6 — 6 — Other liabilities 6,110 6,110 — — As of December 31, 2015 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 $ 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 December 31, 2016 and 2015, available-for-sale securities consisted primarily of U.S. government and agency 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. Five U.S. Treasury securities at December 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 December 31, 2016 or 2015 were categorized as Level 3. There were no changes in the valuation techniques used for measuring the fair value, nor were there any transfers between Levels 1 and 2, of available-for-sale securities in the years ended 2016 and 2015. 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 December 31, 2016 and 2015 . There were no transfers between Levels 1 and 2 in the years ended 2016 and 2015. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 9: 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 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 December 31, 2016 and 2015 . There were no transfers between Levels 1 and 2 in the years ended 2016 and 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 December 31, 2016 and 2015 . There were no transfers between Levels 1 and 2 in the years ended 2016 and 2015. There were no Level 3 assets valued on a recurring basis as of December 31, 2016 or 2015 . The following tables present the Company’s assets and liabilities measured at fair value on a non-recurring basis during the periods ended December 31, 2016 and 2015 , respectively, aggregated by the level in the fair value hierarchy within which those measurements fall: As of December 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) Year ended December 31, 2016 (In thousands) Assets: Impaired loans (1) $ 3,074 $ — $ — $ 3,074 $ (428 ) OREO (2) 1,690 — — 1,690 (110 ) Goodwill (3) 34,777 — — 34,777 (9,528 ) $ 39,541 $ — $ — $ 39,541 $ (10,066 ) ___________________ (1) Collateral-dependent impaired loans held as of December 31, 2016 that had write-downs in fair value or whose specific reserve changed during 2016. (2) OREO held as of December 31, 2016 that had write-downs in fair value during 2016. (3) Goodwill balance at Boston Private Wealth as of December 31, 2016 that had write-downs in fair value during 2016. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 8: Goodwill and Other Intangible Assets” for further detail. As of December 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) Year ended December 31, 2015 (In thousands) Assets: Impaired loans (1) $ 2,322 $ — $ — $ 2,322 $ (578 ) $ 2,322 $ — $ — $ 2,322 $ (578 ) ___________________ (1) Collateral-dependent impaired loans held as of December 31, 2015 that had write-downs in fair value or whose specific reserve changed during 2015. The following tables present 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 December 31, 2016 Fair Value Valuation Unobservable Range of Weighted (In thousands) Impaired Loans $ 3,074 Appraisals of Collateral Discount for costs to sell 5% - 7% 6% Appraisal adjustments 0% - 20% 13% OREO $ 1,690 Appraisals of Collateral Discount for costs to sell 6% 6% Appraisal adjustments 18% 18% See Part II. Item 8. “Financial Statements and Supplementary Data - Note 8: Goodwill and Other Intangible Assets” for additional quantitative information about the 2016 goodwill impairment charges at Boston Private Wealth. As of December 31, 2015 Fair Value Valuation technique Unobservable Input Range of Inputs Utilized Weighted Average of Inputs Utilized (In thousands) Impaired Loans $ 2,322 Appraisals of Collateral Discount for costs to sell 7% - 24% 12% Appraisal adjustments 20% - 25% 21% 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 December 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 $ 106,557 $ 106,557 $ 106,557 $ — $ — Investment securities held-to-maturity 93,079 92,604 — 92,604 — Loans held for sale 3,464 3,428 — 3,428 — Loans, net 6,036,277 6,021,611 — — 6,021,611 Other financial assets 131,863 131,863 — 131,863 — FINANCIAL LIABILITIES: Deposits 6,085,146 6,084,765 — 6,084,765 — Securities sold under agreements to repurchase 59,624 59,624 — 59,624 — Federal funds purchased 80,000 80,000 — 80,000 — Federal Home Loan Bank borrowings 734,205 734,941 — 734,941 — Junior subordinated debentures 106,363 96,363 — — 96,363 Other financial liabilities 1,942 1,942 — 1,942 — As of December 31, 2015 Book Value Fair Value Quoted prices Significant Significant (In thousands) FINANCIAL ASSETS: Cash and cash equivalents $ 238,694 $ 238,694 $ 238,694 $ — $ — Investment securities held-to-maturity 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. An excess of fair value over book value on financial assets represents a premium, or gain, the Company might recognize if the assets were sold, while an excess of book value over fair value on financial liabilities represents a premium, or gain, the Company might recognize if the liabilities were sold. Conversely, losses would be recognized if assets were sold where the book value exceeded the fair value or liabilities were sold where the fair value exceeded the book value. 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 are considered best estimates. Changes made to any of the underlying assumptions could significantly affect the estimates. Cash and cash equivalents The carrying value reported in the balance sheet 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 sheet 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 amounts of federal funds purchased approximate fair value due to their short-term nature and therefore these funds 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 therefore these borrowings 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 consists of accrued interest payable for which the carrying amount approximates fair value and is 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. |
Financial Instruments With Off-
Financial Instruments With Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure [Text Block] | FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its clients. These financial instruments include commitments to originate loans, unadvanced portion of loans, unused lines of credit, standby letters of credit, commitments to sell loans, and rate locks related to loans that if originated will be held for sale. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to originate loans, the unadvanced portion of loans, and the unused lines of credit are agreements to lend to a client, provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since certain commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each client’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a client to a third party. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to clients. Loans sold to investors have recourse to the Company on any loans that are deemed to have been fraudulent or misrepresented. In addition, investors would require the Company to repurchase any loan sold which has a first payment default. The Company has not repurchased any loans during the years ended December 31, 2016 and 2015. Financial instruments with off-balance sheet risk are summarized as follows: December 31, 2016 2015 (In thousands) Commitments to originate loans Variable rate $ 103,189 $ 87,622 Fixed rate 65,563 17,096 Total commitments to originate new loans $ 168,752 $ 104,718 Unadvanced portion of loans and unused lines of credit $ 1,280,648 $ 1,181,114 Standby letters of credit $ 38,391 $ 39,245 Forward commitments to sell loans $ 9,663 $ 28,468 |
Boston Private Financial Holdin
Boston Private Financial Holdings, Inc. (Parent Company Only) | 12 Months Ended |
Dec. 31, 2016 | |
BOSTON PRIVATE FINANCIAL HOLDINGS, INC. (PARENT COMPANY ONLY) [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | BOSTON PRIVATE FINANCIAL HOLDINGS, INC. (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS December 31, 2016 December 31, 2015 (In thousands) Assets: Cash and cash equivalents $ 54,694 $ 55,385 Investment in wholly-owned and majority-owned subsidiaries: Bank 694,517 671,204 Non-banks 137,262 138,178 Investment in partnerships and trusts 6,340 6,340 Deferred income taxes — 1,460 Other assets 17,131 14,243 Total assets $ 909,944 $ 886,810 Liabilities: Junior subordinated debentures $ 106,363 $ 106,363 Deferred income taxes 8,638 — Other liabilities 9,490 15,746 Total liabilities 124,491 122,109 Redeemable Noncontrolling Interests (1) 21,133 21,481 Total Shareholders’ Equity 764,320 743,220 Total liabilities, redeemable noncontrolling interests and shareholders’ equity $ 909,944 $ 886,810 ___________________ (1) Includes noncontrolling interests and the maximum redemption value of redeemable noncontrolling interests. CONDENSED STATEMENTS OF OPERATIONS Year ended December 31, 2016 2015 2014 (In thousands) Income: Interest income $ 130 $ 116 $ 115 Dividends from subsidiaries: Bank 22,700 22,700 26,500 Non-banks 24,044 28,789 20,356 Other income 310 236 279 Total income 47,184 51,841 47,250 Operating Expense: Salaries and employee benefits 4,620 10,320 11,876 Professional fees 1,337 2,007 2,965 Interest expense 2,427 3,875 3,872 Other expenses 1,381 2,740 2,966 Total operating expense 9,765 18,942 21,679 Income before income taxes 37,419 32,899 25,571 Income tax benefit (3,751 ) (6,877 ) (8,599 ) Net income from discontinued operations 5,541 6,411 6,160 Income before equity in undistributed earnings of subsidiaries 46,711 46,187 40,330 Equity in undistributed earnings of subsidiaries 24,917 18,738 28,485 Net income attributable to the Company $ 71,628 $ 64,925 $ 68,815 CONDENSED STATEMENTS OF CASH FLOWS Year ended December 31, 2016 2015 2014 (In thousands) Cash flows from operating activities: Net income attributable to the Company $ 71,628 $ 64,925 $ 68,815 Net income from discontinued operations 5,541 6,411 6,160 Net income from continuing operations 66,087 58,514 62,655 Adjustments to reconcile net income from continuing operations to net cash provided by/ (used in) operating activities: Equity in earnings of subsidiaries: Bank (58,184 ) (57,201 ) (62,491 ) Non-banks (13,477 ) (13,026 ) (12,850 ) Dividends from subsidiaries: Bank 22,700 22,700 26,500 Non-banks 24,044 28,789 20,356 Deferred income tax expense/ (benefit) 10,000 (4,575 ) 4,642 Depreciation and amortization (738 ) 5,097 1,743 Net decrease/ (increase) in other operating activities (16,633 ) 2,167 (2,834 ) Net cash provided by/ (used in) operating activities of continuing operations 33,799 42,465 37,721 Net cash provided by/ (used in) operating activities of discontinued operations 5,541 6,411 6,160 Net cash provided by/ (used in) operating activities 39,340 48,876 43,881 Cash flows from investing activities: Cash paid for acquisitions, including deferred acquisition obligations 1,890 1,821 — Capital investments in subsidiaries: Bank — — (29,007 ) Non-banks (1,220 ) (1,723 ) (1,497 ) Net cash (used in)/ provided by in other investing activities 1 1 (98 ) Net cash provided by/ (used in) investing activities of continuing operations 671 99 (30,602 ) Net cash provided by/ (used in) investing activities of discontinued operations — — — Net cash provided by/ (used in) investing activities 671 99 (30,602 ) Cash flows from financing activities: Repurchase of common stock (9,323 ) — — Dividends paid to common shareholders (33,110 ) (29,608 ) (25,829 ) Dividends paid to preferred shareholders (3,475 ) (3,475 ) (3,475 ) Tax savings/ (deficiency) from certain stock compensation awards (620 ) (1,262 ) 1,294 Proceeds from stock option exercises 1,725 1,206 1,807 Proceeds from issuance of common stock, net 7,786 160 32,387 Other equity adjustments (3,685 ) (5,204 ) (7,424 ) Net cash provided by/ (used in) financing activities of continuing operations (40,702 ) (38,183 ) (1,240 ) Net cash provided by/ (used in) financing activities of discontinued operations — — — Net cash provided by/ (used in) financing activities (40,702 ) (38,183 ) (1,240 ) Net (decrease)/ increase in cash and cash equivalents (691 ) 10,792 12,039 Cash and cash equivalents at beginning of year 55,385 44,593 32,554 Cash and cash equivalents at end of year $ 54,694 $ 55,385 $ 44,593 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
REGULATORY MATTERS [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | REGULATORY MATTERS Wealth Management and Trust, Investment Management, and Wealth Advisory The Company’s Wealth Management and Trust, Investment Management, and Wealth Advisory businesses are highly regulated, primarily at the federal level by the SEC, and by state regulatory agencies. The Company has subsidiaries which are RIAs under the Investment Advisers Act of 1940. The Investment Advisers Act of 1940 imposes numerous obligations on RIAs, including fiduciary, record keeping, operational, and disclosure obligations. The subsidiaries, as investment advisers, are also subject to regulation under the federal and state securities laws and the fiduciary laws of certain states. In addition, the Company has subsidiaries which act as sub-advisers to mutual funds, which are registered under the Investment Company Act of 1940 and are subject to that Act’s provisions and regulations. The Company’s subsidiaries are also subject to the provisions and regulations of ERISA, to the extent any such entities act as a “fiduciary” under ERISA with respect to certain of its clients. ERISA and the related provisions of the federal tax laws impose a number of duties on persons who are fiduciaries under ERISA, and prohibit certain transactions involving the assets of each ERISA plan which is a client, as well as certain transactions by the fiduciaries and certain other related parties to such plans. Private Banking The Company and the Bank are subject to extensive supervision and regulation by the Federal Reserve, the FDIC, which insures the deposits of the Bank to the maximum extent permitted by law, and the Massachusetts Commissioner of Banks. The federal and state laws and regulations which are applicable to banks regulate, among other things, the scope of their business, their investments, their reserves against deposits, the timing of the availability of deposited funds, and the nature and amount of collateral for certain loans. The laws and regulations governing the Bank generally have been promulgated to foster the safety and soundness of the Bank and protect depositors, and not for the purpose of protecting shareholders of the Company. As of December 31, 2016, quantitative measures established by regulation to ensure capital adequacy required us to maintain minimum ratios of CET1, Tier 1, and total capital (as defined in the regulations) to risk-weighted assets (as defined in the regulations) and of Tier 1 capital (as defined in the regulations) to average assets (as defined in the regulations). The following table presents the Company’s and the Bank’s amount of regulatory capital and related ratios as of December 31, 2016 and 2015 . Also presented are the minimum requirements established by the Federal Reserve and the FDIC as of those dates for the Company and the Bank, respectively, to meet applicable capital requirements and the requirements of the FDIC as of those dates for the Bank to be considered “well capitalized” under the FDIC’s prompt corrective action provisions. The Federal Reserve, the FDIC, and the Massachusetts Commissioner of Banks may impose higher capital ratios than those listed below based upon the results of regulatory exams. The Bank was categorized as “well capitalized” under the FDIC’s prompt corrective action provisions as of December 31, 2016 and 2015 . Actual For capital adequacy purposes (at least) To be well capitalized under prompt corrective action provisions (at least) Basel III minimum capital ratio with capital conservation buffer (1) Amount Ratio Amount Ratio Amount Ratio (In thousands) As of December 31, 2016 Common equity tier 1 risk-based capital Company $ 571,663 10.00 % $ 257,222 4.5 % n/a n/a 7.0 % Boston Private Bank 661,991 11.64 256,030 4.5 $ 369,822 6.5 % 7.0 Tier 1 risk-based capital Company 722,674 12.64 342,962 6.0 n/a n/a 8.5 Boston Private Bank 661,991 11.64 341,374 6.0 455,165 8.0 8.5 Total risk-based capital Company 794,584 13.90 457,283 8.0 n/a n/a 10.5 Boston Private Bank 733,214 12.89 455,165 8.0 568,956 10.0 10.5 Tier 1 leverage capital Company 722,674 9.42 306,848 4.0 n/a n/a 4.0 Boston Private Bank 661,991 8.70 304,510 4.0 380,637 5.0 4.0 As of December 31, 2015 Common equity tier 1 risk-based capital Company $ 534,241 9.80 % $ 245,216 4.5 % n/a n/a n/a Boston Private Bank 621,668 11.49 243,407 4.5 $ 351,588 6.5% n/a Tier 1 risk-based capital Company 686,160 12.59 326,954 6.0 n/a n/a n/a Boston Private Bank 621,668 11.49 324,543 6.0 432,723 8.0 n/a Total risk-based capital Company 754,758 13.85 435,939 8.0 n/a n/a n/a Boston Private Bank 689,437 12.75 432,723 8.0 540,904 10.0 n/a Tier 1 leverage capital Company 686,160 9.50 289,059 4.0 n/a n/a n/a Boston Private Bank 621,668 8.68 286,461 4.0 358,077 5.0 n/a ___________________ n/a = not applicable (1) Required capital ratios under the Basel III capital rules with the fully phased-in capital conservation buffer added to the minimum risk-based capital ratios. The fully phased-in ratios are effective for 2019, with lower requirements during the transition years 2016 through 2018. Bank regulatory authorities restrict the Bank from lending or advancing funds to, or investing in the securities of, the Company. Further, these authorities restrict the amounts available for the payment of dividends by the Bank to the Company. As of December 31, 2016, the Company has sponsored the creation of two statutory trusts for the sole purpose of issuing trust preferred securities and investing the proceeds in junior subordinated debentures of the Company. In accordance with ASC 810-10-55, Consolidation - Overall - Implementation Guidance and Illustrations - Variable Interest Entities , these statutory trusts created by the Company are not consolidated into the Company’s financial statements, however, the Company reflects the amounts of junior subordinated debentures payable to the preferred stockholders of statutory trusts as debt in its financial statements. As of both December 31, 2016 , and 2015 , all $100.0 million of the net balance of these trust preferred securities qualified as Tier 1 capital. |
Litigation and Contingencies
Litigation and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
LITIGATION AND CONTINGENCIES [Abstract] | |
Legal Matters and Contingencies [Text Block] | LITIGATION AND CONTINGENCIES The Company is involved in routine legal proceedings occurring in the ordinary course of business. In the opinion of management, final disposition of these proceedings will not have a material adverse effect on the consolidated balance sheets, consolidated statements of operations, or consolidated statements of cash flows of the Company. |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
SELECTED QUARTERLY DATA (UNAUDITED) [Abstract] | |
Quarterly Financial Information [Text Block] | SELECTED QUARTERLY DATA (UNAUDITED) The following tables present selected quarterly financial data for 2016 and 2015 : 2016 (1) Fourth Quarter Third Quarter Second Quarter First Quarter (In thousands, except per share data) Revenues Net interest income $ 51,519 $ 49,871 $ 49,169 $ 49,879 Fees and other income 43,958 40,012 36,795 38,022 Total revenues 95,477 89,883 85,964 87,901 Provision/ (credit) for loan losses (1,128 ) (138 ) (2,535 ) (3,133 ) Operating expense 71,843 61,670 64,731 66,709 Income before income taxes 24,762 28,351 23,768 24,325 Income tax expense 7,247 8,652 7,626 7,438 Net income from discontinued operations 1,184 1,047 1,245 2,065 Less: Net income attributable to noncontrolling interests 1,147 1,110 989 911 Net income attributable to the Company $ 17,552 $ 19,636 $ 16,398 $ 18,041 Net earnings per share attributable to the Company’s common shareholders: Basic earnings per share (2) $ 0.19 $ 0.23 $ 0.19 $ 0.22 Diluted earnings per share (2) $ 0.19 $ 0.22 $ 0.18 $ 0.21 2015 (1) Fourth Quarter Third Quarter Second Quarter First Quarter (In thousands, except per share data) Revenues Net interest income $ 48,140 $ 46,473 $ 45,085 $ 46,072 Fees and other income 37,718 39,446 42,660 41,345 Total revenues 85,858 85,919 87,745 87,417 Provision/ (credit) for loan losses (1,655 ) 2,600 — (2,500 ) Operating expense 67,407 61,929 62,418 63,427 Income before income taxes 20,106 21,390 25,327 26,490 Income tax expense 5,638 8,182 8,000 8,572 Net income from discontinued operations 1,455 1,316 1,546 2,094 Less: Net income attributable to noncontrolling interests 921 994 1,263 1,229 Net income attributable to the Company $ 15,002 $ 13,530 $ 17,610 $ 18,783 Net earnings per share attributable to the Company’s common shareholders: Basic earnings per share (2) $ 0.17 $ 0.17 $ 0.21 $ 0.22 Diluted earnings per share (2) $ 0.17 $ 0.16 $ 0.20 $ 0.21 ___________________ (1) Due to rounding, the sum of the four quarters may not add to the year to date total. (2) Includes the effect of adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders. |
Basis of Presentation and Sum35
Basis of Presentation and Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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, the San Francisco Bay Area, and Southern California. In June 2016, the Bank entered into a definitive agreement to sell two of its offices in the Southern California market, located in Granada Hills and Burbank, California. The transaction closed in November 2016 and the Bank recognized a gain on sale of $2.9 million . The rationale for the sale was to better position the Company’s resources within the Southern California market. 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; California; Madison, Wisconsin; and the Washington, D.C. area. The Investment Management segment has two consolidated affiliates, 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, 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). Basis of Presentation The consolidated financial statements of the Company include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation, and the portion of income allocated to owners other than the Company is included in “Net income attributable to noncontrolling interests” in the consolidated statements of operations. Redeemable noncontrolling interests in the consolidated balance sheets reflect the maximum redemption value of agreements with other owners. All accounts related to divested affiliates are included within the results of discontinued operations for all periods presented. The financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S.”) (“GAAP”). Reclassifications of amounts in prior years’ consolidated financial statements are made whenever necessary to conform to the current year’s presentation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing the consolidated financial statements, management is required to make certain estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to change, in the near term, relate to the determination of the allowance for loan losses, evaluation of potential impairment of goodwill and other intangibles, and income tax estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Significant Group Concentrations of Credit Risk Most of the Company’s activities are with clients within the New England, the San Francisco Bay Area, and Southern California regions of the country. The Company does not believe it has any significant concentrations in any one industry, geographic location, or with any one client. Part II. Item 8. “Financial Statements and Supplementary Data - Note 4: Investment Securities,” highlights the types of securities in which the Company invests, and Part II. Item 8. “Financial Statements and Supplementary Data - Note 5: Loan Portfolio and Credit Quality,” describes the concentration of the Private Banking loan data based on the location of the lender. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Statement of Cash Flows For purposes of reporting cash flows, the Company considers cash and due from banks and federal funds sold, all of which have original maturities with 90 days or less, to be cash equivalents. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Due from Banks The Bank is required to maintain average reserve balances in an account with the Federal Reserve based upon a percentage of certain deposits. As of December 31, 2016 and 2015 , the daily amounts required to be held in the aggregate for the Bank were $5.0 million and $4.6 million , respectively. |
Marketable Securities, Policy [Policy Text Block] | Investment Securities Available-for-sale investment securities are reported at fair value, with unrealized gains and losses credited or charged, net of the estimated tax effect, to accumulated other comprehensive income/ (loss). Held-to-maturity investment securities are those which the Company has the positive intent and ability to hold to maturity and are reported at amortized cost. Premiums and discounts on the investment securities are amortized or accreted into net interest income by the level-yield method. Gains and losses on the sale of the available-for-sale investments are recognized at the trade date on a specific identification basis. Dividend and interest income is recognized when earned and is recorded on the accrual basis. The Company conducts a quarterly review and evaluation of its investment securities to determine if the decline in fair value of a security below its amortized cost is deemed to be other-than-temporary. Other-than-temporary impairment losses are recognized on securities when: (i) the holder has an intention to sell the security; (ii) it is more likely than not that the security will be required to be sold prior to recovery; or (iii) the holder does not expect to recover the entire amortized cost basis of the security. Other-than-temporary losses are reflected in earnings as a charge against gain on sale of investments, net, to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in accumulated other comprehensive income/ (loss). The Company has no intention to sell any securities in an unrealized loss position at December 31, 2016 nor is it more likely than not that the Company would be required to sell such securities prior to the recovery of the unrealized losses. As of December 31, 2016 , the Company believes that all impairments of investment securities are temporary in nature. No other-than-temporary impairment losses were recognized in the consolidated statements of operations for the years ended December 31, 2016 , 2015 , and 2014 . |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale Loans originated and held for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Fair value is based on commitments on hand from investors or prevailing market prices. Unrealized losses, if any, are recognized through a valuation allowance by charges to income. Loans transferred to the held for sale category from the loan portfolio are transferred at the lower of cost or fair value, usually as determined at the individual loan level. If fair value is less than cost, then a charge for the difference will be made to the allowance for loan losses if the decline in value is due to credit issues. Gains or losses on the sale of loans are recognized at the time of sale on a specific identification basis. Interest income is recognized on an accrual basis when earned. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Loans are carried at the principal amount outstanding, net of participations, deferred loan origination fees and costs, charge-offs, and interest payments applied to principal on nonaccrual loans. Loan origination fees, net of related direct incremental loan origination costs, are deferred and recognized into income over the contractual lives of the related loans as an adjustment to the loan yield, using the level-yield method. If a loan is paid off prior to maturity, the unamortized portion of net fees/cost is recognized into interest income. If a loan is sold, the unamortized portion of net fees/cost is recognized at the time of sale as a component of the gain or loss on sale of loans. When the Company analyzes its loan portfolio to determine the adequacy of its allowance for loan losses, it categorizes the loans by portfolio segment and class of financing receivable based on the similarities in risk characteristics for the loans. The Company has determined that its portfolio segments and classes of financing receivables are one and the same, with the exception of the commercial and industrial portfolio segment, which consists of other commercial and industrial loans and commercial tax exempt loans. The level at which the Company develops and documents its allowance for loan loss methodology is consistent with the grouping of financing receivables based upon initial measurement attributes, risk characteristics, and the Company’s method for monitoring and assessing credit risks. These portfolio segments and classes of financing receivables are: • Commercial and industrial (portfolio segment) ◦ Other commercial and industrial loans (class of financing receivable) - Commercial and industrial loans include working capital and revolving lines of credit, term loans for equipment and fixed assets, and Small Business Administration (“SBA”) loans. ◦ Commercial tax exempt loans (class of financing receivable) - Commercial tax exempt loans include loans to not-for-profit private schools, colleges, and public charter schools. • Commercial real estate (segment and class) - Commercial real estate loans are generally acquisition financing for commercial properties such as office buildings, retail properties, apartment buildings, and industrial/warehouse space. In addition, tax exempt commercial real estate loans are provided for affordable housing development and rehabilitation. These loans are often supplemented with federal, state, and/or local subsidies. • Construction and land (segment and class) - Construction and land loans include loans for financing of new developments as well as financing for improvements to existing buildings. • Residential mortgage (segment and class) - Residential mortgage loans consist of loans secured by single-family and one- to four- unit properties in excess of the amount eligible for purchase by the Federal National Mortgage Association, which was $417 thousand at December 31, 2016 for the “General” limit and $523 thousand to $626 thousand for single-family properties for the “High-Cost” limit, depending on which specific geographic region of the Bank’s primary market areas the loan was originated. While the Bank has no minimum size for mortgage loans, it concentrates its origination activities in the “Jumbo” segment of the market. • Home equity (segment and class) - Home equity loans consist of balances outstanding on second mortgages and home equity lines of credit extended to individual clients. Personal lines of credit are typically for high net worth clients whose assets may not be liquid due to investments or closely held stock. The amount of home equity loans typically depends on client demand. • Consumer and other (segment and class) - Consumer and other loans consist of balances outstanding on consumer loans including personal lines of credit, and loans arising from overdraft protection extended to individual and business clients. Personal lines of credit are typically for high net worth clients whose assets may not be liquid due to investments or closely held stock. The amount of consumer and other loans typically depends on client demand. The past due status of a loan is determined in accordance with its contractual repayment terms. All portfolio segments are reported past due when one scheduled payment is due and unpaid for 30 days or more. The Bank’s policy is to discontinue the accrual of interest on a loan when the collectability of principal or interest is in doubt. 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. Impaired loans are usually commercial loans or construction and land loans, for which it is probable that the Company will not collect all amounts due according to the contractual terms of the loan agreement, and all loans restructured in a troubled debt restructuring. Accrual of interest income is discontinued and all interest previously accrued but not collected is reversed against current period interest income when a loan is initially classified as nonaccrual. Generally, interest received on nonaccrual loans is applied against principal or, on a limited basis, reported as interest income on a cash basis, when according to management’s judgment, the collectability of principal is reasonably assured. The Bank’s general policy for returning a loan to accrual status requires the loan to be brought current, for the client to show a history of making timely payments (generally six consecutive months), and when the financial position of the borrower and other relevant factors indicate there is no longer doubt as to the collectability of the loan. The Bank’s loan commitments are generally short-term in nature with terms that are primarily variable. Given the limited interest rate exposure posed by the commitments, the Bank estimates the fair value of these commitments to be immaterial. |
Loans and Leases Receivable, Valuation, Policy [Policy Text Block] | 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. Generally, only commercial loans, including commercial real estate, other commercial and industrial loans, commercial tax exempt loans, and construction and land loans, are given a numerical grade. A summary of the rating system used by the Bank 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. 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. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | Restructured Loans When the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to a troubled borrower that it would not otherwise consider, the loan is classified as a restructured loan pursuant to Accounting Standards Codification (“ASC”) 470, Debt . The concession either stems from an agreement between the creditor and the Bank or is imposed by law or a court. The concessions may include: • Deferral of principal and/or interest payments • Lower interest rate as compared to a new loan with comparable risk and terms • Extension of the maturity date • Reduction in the principal balance owed All loans whose terms have been modified in a troubled debt restructuring, including commercial, residential, and consumer, are evaluated for impairment under ASC 310, Receivables . Generally, a nonaccrual loan that is restructured remains on nonaccrual status for a period of at least six months to demonstrate that the borrower can meet the restructured terms. However, performance prior to the restructuring, or significant events that coincide with the restructuring, are considered when assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of the restructuring or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains classified as a nonaccrual loan. A loan may be removed from a restructured classification after the next fiscal year end, if the restructured terms include a market interest rate and the borrower has demonstrated performance with the restructured terms. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan and Lease Losses The allowance for loan losses (“allowance”) is an estimate of the inherent risk of loss in the loan portfolio as of the consolidated balance sheet dates. Management estimates the level of the allowance based on all relevant information available. Changes to the required level in the allowance result in either a provision for loan loss expense, if an increase is required, or a credit to the provision, if a decrease is required. Loan losses are charged to the allowance when available information confirms that specific loans, or portions thereof, are uncollectible. Recoveries on loans previously charged-off are credited to the allowance when received in cash. The Company’s allowance is accounted for in accordance with guidance issued by various regulatory agencies, including: the Federal Financial Institutions Examination Council Policy Statement on the Allowance for Loan and Lease Losses (December 2006); Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 102, Selected Loan Loss Methodology and Documentation Issues ; ASC 310; and ASC 450, Contingencies . The allowance consists of three primary components: general reserves on pass graded loans, allocated reserves on non-impaired special mention and substandard loans, and the specific reserves on impaired loans. The calculation of the allowance involves a high degree of management judgment and estimates designed to reflect the inherent risk of loss in the loan portfolio at the measurement date. General reserves are calculated for each loan pool consisting of pass graded loans segregated by portfolio segment, by applying estimated net loss percentages based upon the Bank’s actual historical net charge-offs and, adjusted as appropriate, on a consistent manner based upon consideration of qualitative factors to arrive at a total loss factor for each portfolio segment. The rationale for qualitative adjustments is to more accurately reflect the current inherent risk of loss in the respective portfolio segments than would be determined through the sole consideration of the Bank’s actual historical net charge-off rates. The numerical factors assigned to each qualitative factor are based upon observable data, if applicable, as well as management’s analysis and judgment. The qualitative factors considered by the Company include: • Volume and severity of past due, nonaccrual, and adversely graded loans, • Volume and terms of loans, • Concentrations of credit, • Management’s experience, as well as loan underwriting and loan review policy and procedures, • Economic and business conditions impacting the Bank’s loan portfolio, as well as consideration of collateral values, and • External factors, including consideration of loss factor trends, competition, and legal and regulatory requirements. The Bank makes an independent determination of the applicable loss rate for these factors based on relevant local market conditions, credit quality, and portfolio mix. Each quarter, management reviews the loss factors to determine if there have been any changes in its loan portfolio, market conditions, or other risk indicators which would result in a change to the current loss factor. Allocated reserves on non-impaired special mention and substandard loans reflect management’s assessment of increased risk of losses associated with these types of adversely graded loans. An allocated reserve is assigned to these pools of loans based upon management’s consideration of the credit attributes of individual loans within each pool of loans, including consideration of loan to value ratios, past due status, strength and willingness of the guarantors, and other relevant attributes, as well as the qualitative factors considered for the general reserve as discussed above. These considerations are determined separately for each type of portfolio segment. The allocated reserves are a multiple of the general reserve for each respective portfolio segments, with a greater multiple for loans with increased risk ( i.e. , special mention loans versus substandard loans). A loan is considered impaired in accordance with ASC 310 when, based upon current information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impairment is measured based on the fair value of the loan, expected future cash flows discounted at the loan’s effective interest rate, or as a practical expedient, impairment may be determined based upon the observable market price of the loan, or the fair value of the collateral, less estimated costs to sell, if the loan is “collateral dependent.” A loan is collateral dependent if repayment of the loan is expected to be provided solely by the underlying collateral or sale of the underlying collateral. For collateral dependent loans, appraisals are generally used to determine the fair value. When a collateral dependent loan becomes impaired, an updated appraisal of the collateral is obtained, if appropriate. Appraised values are generally discounted for factors such as the Bank’s intention to liquidate the property quickly in a foreclosure sale or the date when the appraisal was performed if the Bank believes that collateral values have declined since the date the appraisal was done. The Bank may use a broker opinion of value in addition to an appraisal to validate the appraised value. In certain instances, the Bank may consider broker opinions of value as well as other qualitative factors while an appraisal is being prepared. If the loan is deemed to be collateral dependent, generally the difference between the book balance (client balance less any prior charge-offs or client interest payments applied to principal) and the fair value of the collateral is taken as a partial charge-off through the allowance for loan losses in the current period. If the loan is not determined to be collateral dependent, then a specific allocation to the general reserve is established for the difference between the book balance of the loan and the expected future cash flows discounted at the loan’s effective interest rate. Charge-offs for loans not considered to be collateral dependent are made when it is determined a loss has been incurred. Impaired loans are removed from the general loan pools. There may be instances where the loan is considered impaired although based on the fair value of underlying collateral or the discounted expected future cash flows there is no impairment to be recognized. In addition, all loans which are classified as troubled debt restructurings (“TDRs”) are considered impaired. In addition to the three primary components of the allowance for loan losses discussed above (general reserve, allocated reserves on non-impaired special mention and substandard loans, and the specific reserves on impaired loans), the Bank may also maintain an insignificant amount of additional allowance for loan losses (the unallocated allowance for loan losses). The unallocated reserve reflects the fact that the allowance for loan losses is an estimate and contains a certain amount of imprecision risk. It represents risks identified by Management that are not already captured in the qualitative factors discussed above. The unallocated allowance for loan losses is not considered significant by the Company and will remain at zero unless additional risk is identified. While this evaluation process utilizes historical and other objective information, the classification of loans and the establishment of the allowance for loan losses rely to a great extent on the judgment and experience of management. While management evaluates currently available information in establishing the allowance for loan losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations. In addition, various regulatory agencies, as an integral part of their examination process, periodically review a financial institution’s allowance for loan losses as well as loan grades/classifications. Such agencies may require the financial institution to recognize additions to the allowance for loan losses or increases to adversely graded loans based on their judgments about information available to them at the time of their examination. |
Reserve for Unfunded Loan Commitments [Policy Text Block] | Reserve for Unfunded Loan Commitments The Company maintains a reserve for unfunded loan commitments for such items as unused portion of lines of credit and unadvanced construction loans. The reserve is maintained at a level that reflects the risk in these various commitments. Management determines the reserve percentages on a quarterly basis based on a percentage of the current historical loss rates for these portfolios. Once a loan commitment is funded, the reserve for unfunded loan commitment is reversed and a corresponding allowance for loan loss reserve is established. This unfunded loan commitment reserve is included in other liabilities in the consolidated balance sheets. Net adjustments to the reserve for unfunded commitments are included in other operating expense in the consolidated statements of operations. |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | Other Real Estate Owned (“OREO”) OREO is comprised of property acquired through foreclosure proceedings or acceptance of a deed-in-lieu of foreclosure in partial or total satisfaction of certain loans. Properties are recorded at the lower of the recorded investment in the loan at the time of acquisition or the fair value, as established by a current appraisal, comparable sales, and other estimates of value obtained principally from independent sources, less estimated costs to sell. Any decline in fair value compared to the carrying value of a property at the time of acquisition is charged against the allowance for loan losses. Any subsequent valuation adjustments to reflect declines in current fair value, as well as gains or losses on disposition are reported in gain/(loss) on OREO, net in the consolidated statements of operations. Expenses incurred for holding or maintaining OREO properties such as real estate taxes, utilities, and insurance are charged as incurred to other operating expenses in the consolidated statements of operations. Rental income earned, although generally minimal, is offset against other operating expenses. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises and equipment consists of leasehold improvements, furniture, fixtures, equipment, art, buildings, and land. Equipment consists primarily of computer equipment. Premises and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed primarily by the straight-line method over the estimated useful lives of the assets, or the terms of the leases, if shorter, for leasehold improvements. The estimated useful lives for leasehold improvements and buildings are 5-15 years and 40 years, respectively. The estimated useful life for furniture and fixtures is 2-10 years and is 3-5 years for computer equipment. The costs of improvements that extend the life of an asset are capitalized, while the cost of repairs and maintenance are expensed as incurred. Neither land nor art is depreciated. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Valuation of Goodwill/Intangible Assets and Analysis for Impairment The Company allocates the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Other intangible assets identified in acquisitions generally consist of advisory contracts, trade names, and non-compete agreements. The value attributed to advisory contracts is based on the time period over which they are expected to generate economic benefits. The advisory contracts are generally amortized over 8-15 years, depending on the contract. Trade names are not amortized. Long-lived intangible assets are subject to the impairment provisions of ASC 360-10, Property, Plant, and Equipment (“ASC 360”). Long-lived intangible assets are tested for recoverability by comparing the net carrying value of the asset or asset group to the undiscounted net cash flows to be generated from the use and eventual disposition of that asset (asset group) when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the carrying amount of the asset exceeds its net undiscounted cash flows, then an impairment loss is recognized for the amount by which the carrying amount exceeds its fair value, determined based upon the discounted value of the expected cash flows generated by the asset. The intangible impairment test is performed at the reporting unit level, and each affiliate with goodwill and/or intangible assets is considered a reporting unit for goodwill and intangible impairment testing purposes. The excess of the purchase price for acquisitions over the fair value of the net assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized but is tested for impairment at the reporting unit level, defined as the affiliate level, at least annually in the fourth quarter or more frequently when events or circumstances occur that indicate that it is more likely than not that an impairment has occurred, based on the guidance in ASC 350, Intangibles-Goodwill and Other (“ASC 350”). Goodwill impairment exists when a reporting unit’s carrying value of goodwill exceeds its implied fair value. In accordance with ASC 350, intangible assets with an indefinite useful economic life are not amortized, but are subject to impairment testing at the reporting unit on an annual basis, or when events or changes in circumstances indicate that the carrying amounts are impaired. An entity may assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill (“Step 0”). In evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, an entity assesses relevant events and circumstances, such as the following: • Macroeconomic conditions such as a deterioration in general economic conditions, limitations on accessing capital, or other developments in equity and credit markets. • Industry and market considerations such as a deterioration in the environment in which an entity operates, an increased competitive environment, a decline in market-dependent multiples or metrics (consider in both absolute terms and relative to peers), a change in the market for an entity’s products or services, or a regulatory or political development. • Overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods. • Other relevant entity-specific events such as changes in management, key personnel, strategy, or customers; contemplation of bankruptcy; or litigation. • Events affecting a reporting unit such as a change in the composition or carrying amount of its net assets, a more-likely-than-not expectation of selling or disposing all, or a portion, of a reporting unit, the testing for recoverability of a significant asset group within a reporting unit, or recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit. If, after assessing the totality of events or circumstances such as those described in the preceding paragraph, an entity determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the first and second steps of the goodwill impairment test, as described below, are unnecessary. Goodwill is tested for impairment using a two-step process that begins with an estimation of the fair value of a reporting unit. Significant judgment is applied when goodwill is assessed for impairment. This judgment includes developing cash flow projections, selecting appropriate discount rates, identifying relevant market comparables, incorporating general economic and market conditions, and selecting an appropriate control premium. The selection and weighting of the various fair value techniques may result in a higher or lower fair value. Judgment is applied in determining the weightings that are most representative of fair value. The first step (“Step 1”) of impairment testing requires a comparison of each reporting unit’s fair value to carrying value to identify potential impairment. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the second step of the impairment test (“Step 2”) is completed to measure the amount of the reporting unit’s goodwill impairment loss, if any. The fair value of the reporting unit is determined using generally accepted approaches to valuation commonly referred to as the income approach, market approach, and cost approach. Within each category, a variety of methodologies exist to assist in the estimation of fair value. Generally a valuation consultant will be engaged to assist with the valuation. BPFH has three reportable segments that have goodwill: Wealth Management and Trust, Investment Management, and Wealth Advisory. Boston Private Wealth is the only reporting unit within the Wealth Management and Trust segment. Anchor and DGHM are the reporting units within the Investment Management segment. DGHM does not have any remaining goodwill. BOS and KLS are the reporting units within the Wealth Advisory segment. Because discrete financial information is available and segment management regularly reviews the operating results of Anchor, KLS, and BOS, they are all considered reporting units. For the reporting units within the Investment Management, Wealth Advisory, and Wealth Management and Trust segments, the Company utilizes both the income and market approaches to determine fair value of the reporting units. The income approach is primarily based on discounted cash flows derived from assumptions of income statement activity. For the market approach, earnings before interest, taxes, depreciation and amortization (“EBITDA”) and revenue multiples of comparable companies are selected and applied to the financial services reporting unit’s applicable metrics. The aggregate fair values of the reporting units are compared to market capitalization as an assessment of the appropriateness of the fair value measurements. A control premium analysis is performed to determine whether the implied control premium was within range of overall control premiums observed in the market place. Step 2 of impairment testing is necessary only if a reporting unit’s carrying amount exceeds its fair value. Step 2 requires an assignment of the reporting unit’s fair value to the reporting unit’s assets and liabilities, using the acquisition method accounting guidance in ASC 805, Business Combinations (“ASC 805”), to determine the implied fair value of the reporting unit’s goodwill. The implied fair value of the reporting unit’s goodwill is then compared with the carrying amount of the reporting unit’s goodwill to determine the goodwill impairment loss to be recognized, if any. If the carrying amount of the reporting unit’s goodwill is greater than the implied fair value of the reporting unit’s goodwill, an impairment loss must be recognized for the excess (i.e., recorded goodwill must be written down to the implied fair value of the reporting unit’s goodwill). After a goodwill impairment loss for a reporting unit is measured and recognized, the adjusted carrying amount of the reporting unit’s goodwill becomes the new accounting basis for that goodwill. |
Income Tax, Policy [Policy Text Block] | Income Tax Estimates The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). The deferred tax assets and/or liabilities are determined by multiplying the differences between the financial reporting and tax reporting basis for assets and liabilities by the enacted tax rates expected to be in effect when such differences are recovered or settled. The effect on deferred taxes for a change in tax rates is recognized in income tax expense/ (benefit) in the period that includes the enactment date. Valuation allowances on deferred tax assets are estimated based on our assessment of the realizability of such amounts. Significant management judgment is required in determining the provision for income taxes and, in particular, any valuation allowance recorded against our deferred tax assets. In accordance with ASC 740, deferred tax assets are to be reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of the tax benefit depends upon the existence of sufficient taxable income of the appropriate character within the carry-back and carry-forward periods. Management considered the following items in evaluating the need for a valuation allowance: ▪ Cumulative pre-tax income, as adjusted for permanent book-to-tax differences, during the 2014 through 2016 period. ▪ Deferred tax assets are expected to reverse in periods when there will be taxable income. ▪ The Company projects sufficient future taxable income to be generated by operations during the available carryforward period. ▪ Certain tax planning strategies are available, such as reducing investments in tax-exempt securities. ▪ The Company has not had any operating loss or tax credit carryovers expiring unused in recent years. The Company believes that it is more likely than not that the net deferred tax asset as of December 31, 2016 will be realized based upon the ability to generate future taxable income, as well as the availability of current and historical taxable income. The net deferred tax asset at December 31, 2015 is net of a valuation allowance for capital losses. Capital losses are deductible to the extent of offsetting capital gains and the Company did not anticipate that it would generate capital gains before the capital losses expired. Therefore, the Company had recorded a valuation allowance on capital losses in excess of capital gains as of December 31, 2015 . The Company does not have any capital losses in excess of capital gains as of December 31, 2016. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities The Company records derivatives on the consolidated balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income/ (loss) (a component of shareholders’ equity), net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion, if any, of changes in the fair value of the derivative is recognized directly in earnings. 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. For derivatives designated as fair value hedges, changes in the fair value of the derivative are recognized in earnings together with the changes in the fair value of the related hedged item. Therefore, the net amount, if any, representing hedge ineffectiveness, is reflected in earnings. |
Management and Investment Advisory Fees, Policy [Policy Text Block] | Investment Management, Wealth Advisory, and Wealth Management and Trust Fees The Company generates fee income from providing wealth management, investment management and wealth advisory services through the Wealth and Investment businesses and from providing trust services to its clients at the Bank. Investment management fees are generally based upon the value of assets under management and are billed monthly, quarterly, or annually. Asset-based advisory fees are recognized as services are rendered and are based upon a percentage of the fair value of client assets managed. Certain wealth advisory fees are not asset-based and are negotiated individually with clients. Any fees collected in advance are deferred and recognized as income over the period earned. Performance-based advisory fees are generally assessed as a percentage of the investment performance realized on a client’s account, generally over an annual period, and are not recognized until any contingencies in the contract that could require the performance fee to be reduced have been eliminated. Assets under management and advisory (“AUM”) at the Company’s consolidated affiliates are not included in the consolidated financial statements since they are held in a fiduciary or agency capacity and are not assets of the Company. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Incentive Plans At December 31, 2016 , the Company has three stock-based incentive compensation plans. These plans encourage and enable the officers, employees, and non-employee directors of the Company to acquire an interest in the Company. The Company accounts for share-based awards in accordance with ASC 718, Compensation – Stock Compensation . Costs resulting from the issuance of such share-based payment awards are required to be recognized in the financial statements based on the grant date fair value of the award. Stock-based compensation expense is recognized over the requisite service period, which is generally the vesting period. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share (“EPS”) Basic EPS is computed by dividing net income/ (loss) attributable to common shareholders by the weighted average number of common shares outstanding during the year. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock warrants, non-participating performance-based restricted stock, certain time-based restricted stock, and stock options, among others) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for the year, plus an incremental number of common-equivalent shares computed using the treasury stock method. Dilutive potential common shares could consist of: stock options, performance-based restricted stock, time-based restricted stock not participating in common stock dividends, warrants or other dilutive securities, and conversion of the convertible trust preferred securities. Additionally, when dilutive, interest expense (net of tax) related to the convertible trust preferred securities is added back to net income attributable to common shareholders. The calculation of diluted EPS excludes the potential dilution of common shares and the inclusion of any related expenses if the effect is antidilutive. Unvested time-based restricted stock issued prior to 2013, which includes the right to receive non-forfeitable dividends, is considered to participate with common stock in undistributed earnings for purposes of computing EPS. Companies such as BPFH that have such participating securities are required to calculate basic EPS using the two-class method and diluted EPS using the more dilutive amount resulting from the application of either the two-class method or the if-converted method. Calculations of basic and diluted EPS under the two-class method (i) exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities, and (ii) exclude from the denominator the dilutive impact of the participating securities. Calculations of EPS under the if-converted method (i) include in the numerator any dividends paid or owed on participating securities, and (ii) include the dilutive impact of the participating securities using the treasury stock method. In 2013, the Company adjusted its time-based restricted stock grant agreements so that dividends would be accumulated and paid only upon vesting, only as to the amount of shares that vest. As a result of this adjustment, time-based restricted stock granted in or after 2013 no longer contains a right to receive non-forfeitable dividends, and therefore is not considered a participating security for purposes of the EPS calculation. Time-based restricted stock issued prior to 2013 was not modified and was still considered a participating security until it vested or was forfeited or canceled. All remaining time-based restricted stock issued prior to 2013 was fully vested, forfeited, or canceled during 2016. For the calculation of the Company’s EPS, see Part II. Item 8. “Financial Statements and Supplementary Data - Note 16: Earnings Per Share.” |
New Accounting Pronouncements, Policy [Policy 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 in this update clarify that an in substance foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure. The new guidance was 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 adoption of this ASU did not have a material effect on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 replaces existing revenue recognition standards and expands the disclosure requirements for revenue agreements with customers. Under the new standard, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to revenue associated with financial instruments such as loans and securities. Therefore, the Company’s net interest income will not be impacted by this new standard. ASU 2014-09 is effective in the first quarter of 2018. Although the Company does not anticipate any material impact of ASU 2014-09, the Company is still assessing the full impact of implementation on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Instruments - Going Concern (“ASU 2014-15”). ASU 2014-15 requires management to evaluate an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management must evaluate whether conditions and events raise substantial doubt about an entity’s ability to continue as a going concern and then whether its plans alleviate that doubt. ASU 2014-15 was effective in 2016 and management performed the required evaluation and concluded that there were no such conditions or events that raised substantial doubt about the Company’s ability to continue as a going concern. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . This ASU update amends current lease accounting and requires all leases, other than short-term leases, to be reported on the balance sheet through the recognition of a right-of-use asset and a corresponding liability for future lease obligations. The amended guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those annual periods and will require transition utilizing a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company expects that this ASU will gross up the assets and liabilities on the balance sheet related to the lease assets and liabilities. 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 did not adopt this ASU 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 addition, the Company anticipates that certain stock options will expire unexercised, due to being out of the money, and the previous tax benefits will be reversed. In June 2016, the FASB issued ASU 2016-13, Financial Instruments (Topic 326) (“ASU 2016-13”). This update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU will be effective for fiscal years beginning after December 15, 2019. Early adoption is available as of the fiscal year beginning after December 15, 2018. The Company does not plan on adopting early. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) (“ASU 2016-15”). This update is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted, provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. The Company does not expect that this ASU will have a significant impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2014-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). This update is the result of the first phase of a two phase project by the FASB to reduce the cost and complexity of the goodwill impairment test. The objective of Phase 1 of the project, which resulted in ASU 2017-04, is to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Instead, under the amendments in ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. Under the provisions of this update, an entity still has the option to perform the qualitative assessment, or Step 0 test, for a reporting unit to determine if the quantitative impairment test is necessary. This ASU will be effective for any annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company has elected to early adopt this ASU as of January 1, 2017. The adoption of this ASU could increase or decrease the amount of a goodwill impairment charge should any of the Company's reporting units with goodwill fail a Step 1 test in the future, as compared to the amount of a goodwill impairment charge under the existing standards depending on the fair value of the reporting unit’s assets. |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2016, 2015 and 2014. Severance Charges Other Associated Costs Total (in thousands) Accrued charges at December 31, 2013 $ 33 $ — $ 33 Costs incurred 739 — 739 Costs paid (33 ) — (33 ) Accrued charges at December 31, 2014 739 — 739 Costs incurred 3,434 290 3,724 Costs paid (868 ) (290 ) (1,158 ) Accrued charges at December 31, 2015 3,305 — 3,305 Costs incurred 2,017 — 2,017 Costs paid (3,345 ) — (3,345 ) Accrued charges at December 31, 2016 $ 1,977 $ — $ 1,977 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 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) At December 31, 2016: Available-for-sale securities at fair value: U.S. government and agencies $ 40,704 $ 86 $ (854 ) $ 39,936 Government-sponsored entities 337,865 1,058 (2,259 ) 336,664 Municipal bonds 296,271 2,116 (4,990 ) 293,397 Mortgage-backed securities (1) 584,960 928 (15,561 ) 570,327 Other 23,361 447 — 23,808 Total $ 1,283,161 $ 4,635 $ (23,664 ) $ 1,264,132 Held-to-maturity securities at amortized cost: Mortgage-backed securities (1) $ 93,079 $ 1 $ (476 ) $ 92,604 Total $ 93,079 $ 1 $ (476 ) $ 92,604 At 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, and the weighted average yields of such securities as of December 31, 2016 : U.S. government and agencies (1) Government-sponsored entities (1) Amortized cost Fair value Weighted average yield Amortized cost Fair value Weighted average yield (In thousands) Within one year $ — $ — — % $ 38,009 $ 38,036 0.98 % After one, but within five years 20,771 20,842 1.45 % 205,992 206,665 1.71 % After five, but within ten years 19,933 19,094 1.73 % 93,864 91,963 1.95 % Greater than ten years — — — % — — — % Total $ 40,704 $ 39,936 1.59 % $ 337,865 $ 336,664 1.69 % Municipal bonds (1) Mortgage-backed securities (2) Amortized cost Fair value Weighted average yield (3) Amortized cost Fair value Weighted average yield (In thousands) Within one year $ 11,561 $ 11,583 2.18 % $ 4 $ 4 1.98 % After one, but within five years 91,141 90,947 2.02 % 12,306 12,338 2.25 % After five, but within ten years 27,839 27,826 3.44 % 220,302 212,241 2.20 % Greater than ten years 165,730 163,041 3.91 % 352,348 345,744 2.07 % Total $ 296,271 $ 293,397 3.22 % $ 584,960 $ 570,327 2.12 % Other (4) Amortized cost Fair value Weighted average yield (In thousands) Within one year $ 23,361 $ 23,808 — % After one, but within five years — — — % After five, but within ten years — — — % Greater than ten years — — — % Total $ 23,361 $ 23,808 — % The following table presents the maturities of held-to-maturity investment securities, based on contractual maturity, and the weighted average yields of such securities as of December 31, 2016 : Mortgage-backed securities (2) Amortized cost Fair value Weighted average yield (In thousands) Within one year $ — $ — — % After one, but within five years — — — % After five, but within ten years — — — % Greater than ten years 93,079 92,604 2.26 % Total $ 93,079 $ 92,604 2.26 % ___________________ (1) Certain securities are callable before their final maturity. (2) Mortgage-backed securities are shown based on their final (contractual) maturity, but, due to prepayments, they are expected to have shorter lives. (3) Yield shown on a fully taxable equivalent (“FTE”) basis. (4) Other securities consist of money market mutual funds and equity securities held by certain Wealth Advisory and Investment Management businesses. |
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 investment securities that were sold during the following years: Year Ended December 31, 2016 2015 2014 (In thousands) Proceeds from sales $ 50,049 $ 34,160 $ 6,450 Realized gains 522 272 16 Realized losses (1 ) (36 ) (23 ) |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table presents information regarding securities at December 31, 2016 and 2015 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 (In thousands, except number of securities) December 31, 2016 Available-for-sale securities U.S. government and agencies $ 19,094 $ (838 ) $ 643 $ (16 ) $ 19,737 $ (854 ) 4 Government-sponsored entities 125,412 (2,259 ) — — 125,412 (2,259 ) 18 Municipal bonds 182,395 (4,957 ) 2,720 (33 ) 185,115 (4,990 ) 109 Mortgage-backed securities (1) 492,008 (13,988 ) 41,544 (1,573 ) 533,552 (15,561 ) 99 Other — — — — — — — Total $ 818,909 $ (22,042 ) $ 44,907 $ (1,622 ) $ 863,816 $ (23,664 ) 230 Held-to-maturity securities Mortgage-backed securities (1) $ 87,483 $ (476 ) $ — $ — $ 87,483 $ (476 ) 15 Total $ 87,483 $ (476 ) $ — $ — $ 87,483 $ (476 ) 15 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses # of securities (In thousands, except number of securities) December 31, 2015 Available-for-sale securities U.S. government and agencies $ 4,935 $ (18 ) $ 1,001 $ (9 ) $ 5,936 $ (27 ) 3 Government-sponsored entities 167,691 (1,345 ) — — 167,691 (1,345 ) 24 Municipal bonds 14,483 (43 ) 3,173 (73 ) 17,656 (116 ) 12 Mortgage-backed securities (1) 318,156 (3,486 ) 62,753 (2,248 ) 380,909 (5,734 ) 68 Other 47 (4 ) 11 (3 ) 58 (7 ) 6 Total $ 505,312 $ (4,896 ) $ 66,938 $ (2,333 ) $ 572,250 $ (7,229 ) 113 Held-to-maturity securities Mortgage-backed securities (1) $ 40,606 $ (262 ) $ — $ — $ 40,606 $ (262 ) 5 Total $ 40,606 $ (262 ) $ — $ — $ 40,606 $ (262 ) 5 ___________________ (1) All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. The U.S. government and agencies securities, government-sponsored entities securities, and mortgage-backed securities in the table above had Standard and Poor’s credit ratings of AAA. The municipal bonds in the table above had Standard and Poor’s credit ratings of at least AA-. The other securities consisted of equity securities. At December 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 December 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 December 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 December 31, 2016 and through the date of the filing of this Annual Report on Form 10-K, no securities were downgraded to below investment grade, nor were any securities in an unrealized loss position sold. |
Concentration Risk Disclosure [Text Block] | The following table presents the concentration of securities with any one issuer that exceeds ten percent of shareholders’ equity as of December 31, 2016 : Amortized cost Fair value (In thousands) Government National Mortgage Association $ 80,984 $ 79,550 Federal Home Loan Mortgage Corporation 144,305 143,638 Federal Home Loan Bank 119,811 119,141 Federal National Mortgage Association 331,705 327,294 Total $ 676,805 $ 669,623 |
Loans Receivable and Credit Q38
Loans Receivable and Credit Quality (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Loans Receivable [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: December 31, 2016 December 31, 2015 (In thousands) Commercial and industrial $ 611,370 $ 633,019 Commercial tax exempt 398,604 331,767 Total commercial and industrial 1,009,974 964,786 Commercial real estate 2,302,244 2,060,903 Construction and land 104,839 183,434 Residential 2,379,861 2,229,540 Home equity 118,817 119,828 Consumer and other 198,619 160,721 Total $ 6,114,354 $ 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: December 31, 2016 December 31, 2015 (In thousands) Commercial and industrial $ 572 $ 1,019 Commercial tax exempt — — Total commercial and industrial 572 1,019 Commercial real estate 4,583 11,232 Construction and land 179 3,297 Residential 10,908 9,661 Home equity 1,072 1,306 Consumer and other 1 56 Total $ 17,315 $ 26,571 |
Past Due Financing Receivables [Table Text Block] | The following tables present the payment status of loans receivable by class of receivable as of the dates indicated: December 31, 2016 Accruing Past Due Nonaccrual Loans 30-59 Days Past Due 60-89 Days Past Due Total Accruing Past Due Current 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 $ 541 $ 1,078 $ 1,619 $ 537 $ — $ 35 $ 572 $ 609,179 $ 611,370 Commercial tax exempt — — — — — — — 398,604 398,604 Commercial real estate 3,096 — 3,096 2,311 835 1,437 4,583 2,294,565 2,302,244 Construction and land — — — 129 12 38 179 104,660 104,839 Residential 3,646 536 4,182 2,148 1,274 7,486 10,908 2,364,771 2,379,861 Home equity 245 — 245 — 80 992 1,072 117,500 118,817 Consumer and other 5,995 — 5,995 1 — — 1 192,623 198,619 Total $ 13,523 $ 1,614 $ 15,137 $ 5,126 $ 2,201 $ 9,988 $ 17,315 $ 6,081,902 $ 6,114,354 December 31, 2015 Accruing Past Due Nonaccrual Loans 30-59 Days Past Due 60-89 Days Past Due Total Accruing Past Due Current 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 $ 629,333 $ 633,019 Commercial tax exempt — — — — — — — 331,767 331,767 Commercial real estate 2,091 529 2,620 5,912 — 5,320 11,232 2,047,051 2,060,903 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: December 31, 2016 By Loan Grade or Nonaccrual Status Pass Special Mention Accruing Substandard Nonaccrual Loans Total (In thousands) Commercial and industrial $ 591,388 $ 10,133 $ 9,277 $ 572 $ 611,370 Commercial tax exempt 388,544 10,060 — — 398,604 Commercial real estate 2,230,732 17,233 49,696 4,583 2,302,244 Construction and land 101,254 109 3,297 179 104,839 Residential 2,367,554 — 1,399 10,908 2,379,861 Home equity 117,745 — — 1,072 118,817 Consumer and other 198,616 — 2 1 198,619 Total $ 5,995,833 $ 37,535 $ 63,671 $ 17,315 $ 6,114,354 December 31, 2015 By Loan Grade or Nonaccrual Status Pass Special Mention Accruing Substandard Nonaccrual Loans Total (In thousands) Commercial and industrial $ 605,178 $ 15,367 $ 11,455 $ 1,019 $ 633,019 Commercial tax exempt 318,491 13,276 — — 331,767 Commercial real estate 1,988,372 27,594 33,705 11,232 2,060,903 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 year ended December 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 $ 1,793 $ 2,155 n/a $ 5,288 $ 249 Commercial tax exempt — — n/a — — Commercial real estate 4,488 9,647 n/a 8,520 1,032 Construction and land 179 507 n/a 1,069 48 Residential 8,134 8,506 n/a 7,446 211 Home equity — — n/a — — Consumer and other — — n/a — — Subtotal $ 14,594 $ 20,815 n/a $ 22,323 $ 1,540 With an allowance recorded: Commercial and industrial $ — $ — $ — $ 31 $ 1 Commercial tax exempt — — — — — Commercial real estate 7,115 7,544 548 7,230 314 Construction and land — — — 507 — Residential 4,284 4,284 565 5,505 143 Home equity 37 37 22 3 — Consumer and other — — — — — Subtotal $ 11,436 $ 11,865 $ 1,135 $ 13,276 $ 458 Total: Commercial and industrial $ 1,793 $ 2,155 $ — $ 5,319 $ 250 Commercial tax exempt — — — — — Commercial real estate 11,603 17,191 548 15,750 1,346 Construction and land 179 507 — 1,576 48 Residential 12,418 12,790 565 12,951 354 Home equity 37 37 22 3 — Consumer and other — — — — — Total $ 26,030 $ 32,680 $ 1,135 $ 35,599 $ 1,998 ___________________ (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 tax exempt — — n/a — — 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 tax exempt — — — — — 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 tax exempt — — — — — 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. |
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: As of and for the year ended December 31, 2016 Restructured Year to Date TDRs that defaulted in 2016 that were restructured in a TDR in 2016. # of Loans Pre-modification recorded investment Post-modification recorded investment # of Loans Post-modification recorded investment (In thousands, except number of loans) Commercial and industrial 3 $ 7,384 $ 7,209 — $ — Commercial tax exempt — — — — — Commercial real estate 1 1,276 1,276 1 1,276 Construction and land — — — — — Residential 5 1,709 1,721 — — Home equity — — — — — Consumer and other — — — — — Total 9 $ 10,369 $ 10,206 1 $ 1,276 As of and for the year ended December 31, 2016 Extension of Term Temporary Rate Reduction Payment Deferral Combination of Concessions (1) Total Concessions # of Loans Post- modifi- cation recorded invest- ment # of Loans Post- # of Loans Post- # of Loans Post- # of Loans Post- (In thousands, except number of loans) Commercial and Industrial 2 $ 7,209 — $ — — $ — 1 $ — 3 $ 7,209 Commercial tax exempt — — — — — — — — — — Commercial real estate — — — — — — 1 1,276 1 1,276 Construction and Land — — — — — — — — — — Residential — — 4 519 1 1,202 — — 5 1,721 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 year ended December 31, 2015 Restructured Year to Date TDRs that defaulted in 2015 that were restructured in a TDR in 2015. # of Loans Pre-modification recorded investment Post-modification recorded investment # of Loans Post-modification recorded investment (In thousands, except number of loans) Commercial and industrial 1 $ 1,298 $ 1,304 — $ — Commercial tax exempt — — — — — Commercial real estate 2 4,850 4,838 1 3,701 Construction and land — — — — — Residential 8 513 516 — — Home equity — — — — — Consumer and other — — — — — Total 11 $ 6,661 $ 6,658 1 $ 3,701 As of and for the year ended December 31, 2015 Extension of Term Temporary Rate Reduction Payment Deferral Combination of Concessions (1) Total Concessions # of Loans Post- # of Loans Post- # of Loans Post- # of Loans Post- # of Loans Post- (In thousands, except number of loans) Commercial and Industrial — $ — — $ — — $ — 1 $ 1,304 1 $ 1,304 Commercial tax exempt — — — — — — — — — — Commercial real estate 1 4,118 — — — — 1 720 2 4,838 Construction and Land — — — — — — — — — — Residential — — 7 491 1 25 — — 8 516 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) | 12 Months Ended |
Dec. 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 year ended December 31, 2016 2015 2014 (In thousands) Allowance for loan losses, beginning of year: Commercial and industrial $ 15,814 $ 14,114 $ 12,837 Commercial real estate 44,215 43,854 44,979 Construction and land 6,322 4,041 4,465 Residential 10,544 10,374 10,732 Home equity 1,085 1,003 1,020 Consumer and other 520 382 322 Unallocated (1) — 2,070 2,016 Total allowance for loan losses, beginning of year 78,500 75,838 76,371 Provision/ (credit) for loan losses: Commercial and industrial (3,424 ) (518 ) (237 ) Commercial real estate 157 (721 ) (1,940 ) As of and for the year ended December 31, 2016 2015 2014 (In thousands) Construction and land (4,000 ) 1,123 (1,905 ) Residential 445 342 (2,247 ) Home equity (50 ) 82 (32 ) Consumer and other (63 ) 207 (93 ) Unallocated (1) — (2,070 ) 54 Total provision/(credit) for loan losses (6,935 ) (1,555 ) (6,400 ) Loans charged-off: Commercial and industrial (2,851 ) (253 ) (717 ) Commercial real estate — (1,400 ) (3,160 ) Construction and land (400 ) — (1,100 ) Residential (605 ) (313 ) (263 ) Home equity — — — Consumer and other (93 ) (70 ) (56 ) Total charge-offs (3,949 ) (2,036 ) (5,296 ) Recoveries on loans previously charged-off: Commercial and industrial 3,212 2,471 2,231 Commercial real estate 6,040 2,482 3,975 Construction and land 1,117 1,158 2,581 Residential 65 141 2,152 Home equity — — 15 Consumer and other 27 1 209 Total recoveries 10,461 6,253 11,163 Allowance for loan losses at December 31 (end of year): Commercial and industrial 12,751 15,814 14,114 Commercial real estate 50,412 44,215 43,854 Construction and land 3,039 6,322 4,041 Residential 10,449 10,544 10,374 Home equity 1,035 1,085 1,003 Consumer and other 391 520 382 Unallocated (1) — — 2,070 Total allowance for loan losses at December 31 (end of year) $ 78,077 $ 78,500 $ 75,838 ____________________ (1) As of December 31, 2015, the unallocated reserve was allocated to the qualitative factors as part of the general reserves (ASC 450). The allocation had no effect on the 2015 provision/ (credit) for loan losses. The provision/ (credit) for loan losses and related balance in the allowance for loan losses for tax exempt commercial and industrial loans are included with commercial and industrial. The provision/ (credit) for loan losses and related balance in the allowance for loan losses for tax exempt commercial real estate loans are included with commercial real estate. There were no charge-offs or recoveries, for any period presented, for both commercial and industrial and commercial real estate tax exempt loans. The following tables present the Company’s allowance for loan losses and loan portfolio at December 31, 2016 and 2015 by portfolio segment, disaggregated by method of analysis. The Company had no loans acquired with deteriorated credit quality at December 31, 2016 or 2015 . December 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 $ 1,793 $ — $ 1,008,181 $ 12,751 $ 1,009,974 $ 12,751 Commercial real estate 11,603 548 2,290,641 49,864 2,302,244 50,412 Construction and land 179 — 104,660 3,039 104,839 3,039 Residential 12,418 565 2,367,443 9,884 2,379,861 10,449 Home equity 37 22 118,780 1,013 118,817 1,035 Consumer — — 198,619 391 198,619 391 Total $ 26,030 $ 1,135 $ 6,088,324 $ 76,942 $ 6,114,354 $ 78,077 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 $ 962,512 $ 15,544 $ 964,786 $ 15,814 Commercial real estate 19,462 713 2,041,441 43,502 2,060,903 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 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PREMISES AND EQUIPMENT [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Premises and equipment consisted of the following: As of December 31, 2016 2015 (In thousands) Leasehold improvements $ 46,031 $ 43,433 Furniture, fixtures, and equipment 53,156 49,039 Buildings 3,159 4,715 Land — 374 Subtotal 102,346 97,561 Less: accumulated depreciation and amortization 70,519 66,525 Premises and equipment, net $ 31,827 $ 31,036 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The Company is obligated for minimum payments under non-cancelable operating leases. In accordance with the terms of these leases, the Company is currently committed to minimum annual payments as follows: Minimum lease payments (In thousands) 2017 $ 18,553 2018 19,074 2019 18,102 2020 17,553 2021 17,233 Thereafter 67,697 Total $ 158,212 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
Schedule of Goodwill [Table Text Block] | The following table details the changes in carrying value of goodwill by segment during the year ended December 31, 2016. There were no changes in the carrying value of goodwill during 2015. Balance at Acquisitions Impairment Balance at (In thousands) Goodwill Private Banking $ — $ — $ — $ — Wealth Management and Trust 44,305 — (9,528 ) 34,777 Investment Management 66,955 — — 66,955 Wealth Advisory 40,822 — — 40,822 Total goodwill $ 152,082 $ — $ (9,528 ) $ 142,554 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The following tables detail total goodwill and the cumulative impairment charges thereon as of December 31, 2016 and 2015: Goodwill prior to impairment Cumulative goodwill impairment Goodwill (In thousands) Private Banking $ 34,281 $ (34,281 ) $ — Wealth Management and Trust 44,305 (9,528 ) 34,777 Investment Management 117,216 (50,261 ) 66,955 Wealth Advisory 40,822 — 40,822 Total goodwill at December 31, 2016 $ 236,624 $ (94,070 ) $ 142,554 Private Banking $ 34,281 $ (34,281 ) $ — Wealth Management and Trust 44,305 — 44,305 Investment Management 117,216 (50,261 ) 66,955 Wealth Advisory 40,822 — 40,822 Total goodwill at December 31, 2015 $ 236,624 $ (84,542 ) $ 152,082 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table shows the gross and net carrying amounts of identifiable intangible assets at December 31, 2016 and 2015 : 2016 2015 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (In thousands) Advisory contracts $ 71,513 $ 46,828 $ 24,685 $ 75,013 $ 44,046 $ 30,967 Employment agreements — — — 3,247 3,247 — Trade names 2,040 — 2,040 2,040 — 2,040 Mortgage servicing rights — — — 1,380 1,380 — Total $ 73,553 $ 46,828 $ 26,725 $ 81,680 $ 48,673 $ 33,007 |
Schedule of Expected Amortization Expense [Table Text Block] | The estimated annual amortization expense for these identifiable intangibles over the next five years is: Estimated intangible amortization expense (In thousands) 2017 $ 5,678 2018 4,438 2019 3,508 2020 3,248 2021 2,385 |
Derivatives and Hedging Activ42
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 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 December 31, 2016 and 2015 . December 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 $ (1,040 ) Other assets $ — Other liabilities $ (1,907 ) Derivatives not designated as hedging instruments: Interest rate products Other assets 17,032 Other liabilities (16,560 ) Other assets 7,960 Other liabilities (8,084 ) Risk participation agreements Other assets 15 Other liabilities (6 ) Other assets — Other liabilities (11 ) Total $ 17,047 $ (17,606 ) $ 7,960 $ (10,002 ) ___________________ (1) For additional details, see Part II. Item 8. “Financial Statements and Supplementary Data - Note 21: Fair Value of Financial Instruments.” |
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 statement of operations for the years ended December 31, 2016 and 2015 . Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) (1) Years Ended December 31, 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)Years Ended December 31, 2016 2015 2016 2015 (In thousands) Interest rate products $ (799 ) $ (2,642 ) Interest Expense $ (1,672 ) $ (4,052 ) Total $ (799 ) $ (2,642 ) $ (1,672 ) $ (4,052 ) ___________________ (1) There was an additional $6 thousand related to the ineffective portion for the year ended December 31, 2016 and no ineffective portion for the year ended December 31, 2015. |
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 Company’s derivative financial instruments, not designated as hedging instruments, in the consolidated statements of operations for the years ended December 31, 2016 and 2015 . Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss), Net, Recognized in Income on Derivative Years Ended December 31, 2016 2015 (In thousands) Interest rate products Other income/(expense) $ 596 $ (12 ) Risk participation agreements Other income/(expense) 4 44 Total $ 600 $ 32 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Schedule of Deposits by Type [Table Text Block] | Deposits are summarized as follows: December 31, 2016 2015 (In thousands) Demand deposits (non-interest bearing) $ 1,753,648 $ 1,689,604 NOW (1) 578,657 588,337 Savings 74,162 72,336 Money market (1) 3,102,048 3,105,172 Certificates of deposit under $100,000 (1) 236,001 173,011 Certificates of deposit $100,000 or greater 340,630 411,977 Total $ 6,085,146 $ 6,040,437 ___________________ (1) Includes brokered deposits. |
Banking and Thrift Disclosure [Text Block] | Certificates of deposit had the following schedule of maturities: December 31, 2016 2015 (In thousands) Less than 3 months remaining $ 140,304 $ 192,702 3 to 6 months remaining 73,522 136,635 6 to 12 months remaining 213,802 111,674 1 to 3 years remaining 129,591 120,939 3 to 5 years remaining 19,409 22,035 More than 5 years remaining 3 1,003 Total $ 576,631 $ 584,988 |
Federal Funds Purchased and S44
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | Federal Funds Purchased Securities Sold Under Agreement to Repurchase (In thousands) 2016 Outstanding at end of year $ 80,000 $ 59,624 Maximum outstanding at any month-end 180,000 77,466 Average balance for the year 29,542 66,282 Weighted average rate at end of year 0.75 % 0.05 % Weighted average rate paid for the year 0.54 % 0.05 % 2015 Outstanding at end of year $ — $ 58,215 Maximum outstanding at any month-end 102,000 75,313 Average balance for the year 10,008 64,320 Weighted average rate at end of year — % 0.05 % Weighted average rate paid for the year 0.31 % 0.05 % 2014 Outstanding at end of year $ — $ 30,496 Maximum outstanding at any month-end 75,000 154,448 Average balance for the year 1,671 108,191 Weighted average rate at end of year — % 0.05 % Weighted average rate paid for the year 0.33 % 0.05 % |
Federal Home Loan Bank Borrow45
Federal Home Loan Bank Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
FEDERAL HOME LOAN BANK BORROWINGS [Abstract] | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | A summary of borrowings from the FHLBs is as follows: December 31, 2016 Amount Weighted Average Rate (In thousands) Within 1 year $ 490,271 0.94 % Over 1 to 2 years 129,850 1.48 % Over 2 to 3 years 39,893 1.37 % Over 3 to 4 years 54,365 2.89 % Over 4 to 5 years 10,187 2.26 % Over 5 years 9,639 2.56 % Total $ 734,205 1.24 % |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
JUNIOR SUBORDINATED DEBENTURES [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The schedule below presents the detail of the Company’s junior subordinated debentures: December 31, 2016 2015 (In thousands) Boston Private Capital Trust II Junior Subordinated Debentures $ 103,093 $ 103,093 Boston Private Capital Trust I Junior Subordinated Debentures 3,270 3,270 Total $ 106,363 $ 106,363 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
NONCONTROLLING INTERESTS [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: December 31, 2016 December 31, 2015 (In thousands) Anchor $ 10,934 $ 11,907 BOS 6,782 6,744 DGHM (1) 3,417 2,830 Total $ 21,133 $ 21,481 Redeemable noncontrolling interests $ 16,972 $ 18,088 Noncontrolling interests $ 4,161 $ 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 tables present an analysis of the Company’s redeemable noncontrolling interests for the periods indicated: Year ended December 31, 2016 December 31, 2015 December 31, 2014 Redeemable noncontrolling interests Noncontrolling interests Redeemable noncontrolling interests Noncontrolling interests Redeemable noncontrolling interests Noncontrolling interests (In thousands) Noncontrolling interests at beginning of period $ 18,088 $ 3,393 $ 20,905 $ 386 $ 19,468 $ 171 Net income attributable to noncontrolling interests 3,204 953 3,575 832 4,564 186 Distributions (3,112 ) (942 ) (4,189 ) (422 ) (4,426 ) (177 ) Purchases/ (sales) of ownership interests (765 ) (134 ) (1,666 ) 419 (1,879 ) 74 Transfers of ownership interests from mezzanine to permanent equity — — (1,652 ) 1,652 — — Amortization of equity compensation 449 747 — 472 — 96 Adjustments to fair value (892 ) 144 1,115 54 3,178 36 Noncontrolling interests at end of period $ 16,972 $ 4,161 $ 18,088 $ 3,393 $ 20,905 $ 386 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The following table summarizes the terms of the TARP warrant agreement outstanding at December 31, 2016 : Name of warrants Number of warrants Original warrant share number Current warrant share number (2) Original exercise price of warrants Current exercise price of warrants (2) Date issued Expiration date TARP Warrants (1) 2,068,161 1.00 1.11 $8.000 $7.206 11/21/2008 11/21/2018 ___________________ (1) The TARP warrants, while initially issued to the Treasury, were purchased from the Treasury by unrelated third parties at a market rate. (2) Per the terms of the TARP warrant agreement, the exercise price and number of shares issuable upon exercise may be adjusted ratably for dividends paid on the Company’s common stock that exceed the dividend rate at the time the warrants were issued, at which time the Company paid quarterly dividends of $0.01 per share. The current warrant share number and current exercise price of the warrant reflect the warrant as adjusted for common stock dividends through February 3, 2017, the latest dividend record date prior to the filing of this Annual Report. |
Comprehensive Income (Loss) [Table Text Block] | The following table presents the Company’s comprehensive income/ (loss) and related tax effect for the years ended December 31, 2016 , 2015 , and 2014 : Other comprehensive income/(loss): Pre-tax Tax expense/ (benefit) Net (In thousands) 2016 Unrealized gain/ (loss) on securities available-for-sale $ (18,913 ) $ (7,555 ) $ (11,358 ) Less: Adjustment for realized gains/ (losses), net 521 190 331 Net unrealized gain/ (loss) on securities available-for-sale (19,434 ) (7,745 ) (11,689 ) Unrealized gain/ (loss) on cash flow hedge (793 ) (332 ) (461 ) Add: scheduled reclass and other 1,666 687 979 Net unrealized gain/ (loss) on cash flow hedge 873 355 518 Net unrealized gain/ (loss) on other 200 77 123 Other comprehensive gain/ (loss) (18,361 ) (7,313 ) (11,048 ) Net income attributable to the Company (1) 102,591 30,963 71,628 Total comprehensive income $ 84,230 $ 23,650 $ 60,580 2015 Unrealized gain/ (loss) on securities available-for-sale $ (2,494 ) $ (1,145 ) $ (1,349 ) Less: Adjustment for realized gains/ (losses), net 236 97 139 Net unrealized gain/ (loss) on securities available-for-sale (2,730 ) (1,242 ) (1,488 ) Unrealized gain/ (loss) on cash flow hedges (2,642 ) (1,088 ) (1,554 ) Add: scheduled reclass and other 4,052 1,698 2,354 Net unrealized gain/ (loss) on cash flow hedges 1,410 610 800 Net unrealized gain/ (loss) on other (193 ) (78 ) (115 ) Other comprehensive gain/ (loss) (1,513 ) (710 ) (803 ) Net income attributable to the Company (1) 95,317 30,392 64,925 Total comprehensive income $ 93,804 $ 29,682 $ 64,122 2014 Unrealized gain/ (loss) on securities available-for-sale $ 6,231 $ 2,495 $ 3,736 Less: Adjustment for realized gains/ (losses), net (7 ) (3 ) (4 ) Net unrealized gain/ (loss) on securities available-for-sale 6,238 2,498 3,740 Unrealized gain/ (loss) on cash flow hedges (3,425 ) (1,416 ) (2,009 ) Add: scheduled reclass and other 3,198 1,349 1,849 Net unrealized gain/ (loss) on cash flow hedges (227 ) (67 ) (160 ) Net unrealized gain/ (loss) on other (135 ) (55 ) (80 ) Other comprehensive gain/ (loss) 5,876 2,376 3,500 Net income attributable to the Company (1) 101,180 32,365 68,815 Total comprehensive income $ 107,056 $ 34,741 $ 72,315 ___________________ (1) Pre-tax net income attributable to the Company is calculated as income before income taxes, plus net income from discontinued operations, less net income attributable to noncontrolling interests. |
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 years ended December 31, 2016 , 2015 , and 2014 : Description of component of accumulated other comprehensive income/ (loss) Year ended December 31, Affected line item in Statement of Operations 2016 2015 2014 (In thousands) Adjustment for realized gains/(losses) on securities available-for-sale, net: Pre-tax $ 521 $ 236 $ (7 ) Gain/ (loss) on sale of investments, net Tax expense/ (benefit) 190 97 (3 ) Income tax expense Net $ 331 $ 139 $ (4 ) Net income attributable to the Company Net realized gain/ (loss) on cash flow hedges: Hedge related to junior subordinated debentures: Pre-tax $ — $ 1,879 $ 1,926 Interest expense on junior subordinated debentures Tax expense/ (benefit) — 804 824 Income tax expense Net $ — $ (1,075 ) $ (1,102 ) Net income attributable to the Company Hedge related to deposits Pre-tax $ 1,666 $ 2,173 $ 1,272 Interest expense on deposits Tax expense/ (benefit) 687 894 525 Income tax expense Net $ (979 ) $ (1,279 ) $ (747 ) Net income attributable to the Company Total reclassifications for the period, net of tax $ (979 ) $ (2,354 ) $ (1,849 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the components of the Company’s accumulated other comprehensive income/ (loss) as of December 31: 2016 2015 2014 (In thousands) Unrealized gain/ (loss) on securities available-for-sale, net of tax $ (11,194 ) $ 495 $ 1,983 Unrealized gain/ (loss) on cash flow hedges, net of tax (605 ) (1,123 ) (1,923 ) Unrealized gain/ (loss) on other, net of tax (749 ) (872 ) (757 ) Accumulated other comprehensive income/ (loss) $ (12,548 ) $ (1,500 ) $ (697 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | The following table is a reconciliation of the components of basic and diluted EPS computations for the three years ended December 31: For the year ended December 31, 2016 2015 2014 (In thousands, except share and per share data) Basic earnings per share - Numerator: Net income from continuing operations $ 70,244 $ 62,921 $ 67,405 Less: Net income attributable to noncontrolling interests 4,157 4,407 4,750 Net income from continuing operations attributable to the Company 66,087 58,514 62,655 Decrease/ (increase) in noncontrolling interests’ redemption values (1) (588 ) 464 (525 ) Dividends on preferred stock (3,475 ) (3,475 ) (3,475 ) Total adjustments to income attributable to common shareholders (4,063 ) (3,011 ) (4,000 ) Net income from continuing operations attributable to common shareholders, treasury stock method (2) 62,024 55,503 58,655 Net income from discontinued operations (2) 5,541 6,411 6,160 Net income attributable to common shareholders, treasury stock method (2) $ 67,565 $ 61,914 $ 64,815 Basic earnings per share - Denominator: Weighted average basic common shares outstanding 81,264,273 80,885,253 78,921,480 Per share data - Basic earnings per share from: Continuing operations $ 0.76 $ 0.69 $ 0.74 Discontinued operations $ 0.07 $ 0.08 $ 0.08 Total attributable to common shareholders $ 0.83 $ 0.77 $ 0.82 For the year ended December 31, 2016 2015 2014 (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) $ 62,024 $ 55,503 $ 58,655 Net income from discontinued operations 5,541 6,411 6,160 Net income attributable to common shareholders, after assumed dilution $ 67,565 $ 61,914 $ 64,815 Diluted earnings per share - Denominator: Weighted average basic common shares outstanding 81,264,273 80,885,253 78,921,480 Dilutive effect of: Stock options and non-participating performance-based and certain time-based restricted stock (2), (3) 1,002,153 1,301,448 1,188,051 Warrants to purchase common stock (3) 942,700 1,206,389 1,198,613 Dilutive common shares 1,944,853 2,507,837 2,386,664 Weighted average diluted common shares outstanding (2), (3) 83,209,126 83,393,090 81,308,144 Per share data - Diluted earnings per share from: Continuing operations $ 0.74 $ 0.66 $ 0.72 Discontinued operations $ 0.07 $ 0.08 $ 0.08 Total attributable to common shareholders $ 0.81 $ 0.74 $ 0.80 Dividends per share declared and paid on common stock $ 0.40 $ 0.36 $ 0.32 _____________________ (1) See Part II. Item 8. “Financial Statements and Supplementary Data - Note 14: Noncontrolling Interests” for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption values 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 year ended December 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand , for the year ended December 31, 2016. The allocation of net income to participating securities would have been $8 thousand for the year ended December 31, 2016, reducing net income attributable to common shareholders by a total of $12 thousand for the same period. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 7,185 shares for the year ended December 31, 2016. 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 year ended December 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $90 thousand for the year ended December 31, 2015, and the allocation of net income to participating securities would have been $92 thousand for the same period, reducing net income attributable to common shareholders by a total of $182 thousand , for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2015. Weighted average diluted shares outstanding would have been reduced by 167,937 shares for the same period. 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 year ended December 31, 2014. Net income attributable to common shareholders would have been reduced by an additional $228 thousand for the year ended December 31, 2014, and the allocation of net income to participating securities would have been $335 thousand for the same period, reducing net income attributable to common shareholders by a total of $563 thousand , for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2014. Weighted average diluted shares outstanding would have been reduced by 428,913 shares for the same period. Total diluted EPS and diluted EPS from discontinued operations would each decrease by $0.01 per share. (3) The diluted EPS computations for the years ended December 31, 2016 , 2015 , and 2014 do not assume the conversion, exercise or contingent issuance of the following shares for the following periods because the result would have been antidilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: For the year ended December 31, 2016 2015 2014 Shares excluded due to anti-dilution (treasury method): (In thousands) Potential common shares from: Convertible trust preferred securities (a) 1 1 1 Total shares excluded due to anti-dilution 1 1 1 For the year ended December 31, 2016 2015 2014 Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding): (In thousands) Potential common shares from: Options, restricted stock, or other dilutive securities (b) 270 548 829 Total shares excluded due to exercise price exceeding the average market price of common shares during the period 270 548 829 (a) If the effect of the conversion of the trust preferred securities would have been dilutive, an immaterial amount of interest expense, net of tax, related to the convertible trust preferred securities would have been added back to net income attributable to common shareholders for the diluted EPS computation for the years presented. (b) Options to purchase shares of common stock, non-participating performance- and certain time-based restricted stock, and other dilutive securities that were outstanding at period ends were not included in the computation of diluted EPS or in the above anti-dilution table because their exercise or conversion prices were greater than the average market price of the common shares during the respective periods. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax expense for continuing operations for the years ended December 31, 2016 , 2015 , and 2014 are as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Current expense: Federal $ 20,237 $ 25,631 $ 20,557 State 7,778 9,183 7,254 Total current expense 28,015 34,814 27,811 Deferred expense/(benefit): Federal 1,976 (3,185 ) 3,895 State 972 (1,237 ) 659 Total deferred expense/(benefit) 2,948 (4,422 ) 4,554 Income tax expense $ 30,963 $ 30,392 $ 32,365 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliations between the Federal statutory income tax rate of 35% to the effective income tax rate for the years ended December 31, 2016 , 2015 , and 2014 are as follows: Year Ended December 31, 2016 2015 2014 Statutory Federal income tax rate 35.0 % 35.0 % 35.0 % Increase/ (decrease) resulting from: Tax exempt interest, net (7.5 )% (7.1 )% (5.6 )% State and local income tax, net of Federal tax benefit 5.6 % 5.5 % 5.2 % Tax credits (2.2 )% (1.9 )% (1.7 )% Noncontrolling interests (1.4 )% (1.6 )% (1.7 )% Out-of-period adjustment — % 1.3 % — % Other, net 1.1 % 1.4 % 1.2 % Effective income tax rate 30.6 % 32.6 % 32.4 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of gross deferred tax assets and gross deferred tax liabilities at December 31, 2016 and 2015 are as follows: December 31, 2016 2015 (In thousands) Gross deferred tax assets: Allowance for loan losses $ 35,471 $ 37,401 Allowance for losses on OREO 74 912 Interest on nonaccrual loans 548 833 Stock compensation 6,079 7,391 Deferred and accrued compensation 19,801 19,370 State loss carryforward, net of federal — 60 Capital loss carryforward — 458 Mark-to-market on securities available-for-sale 185 274 Contingent payments 1,868 1,978 Unrealized loss on investments 8,264 748 Other 720 756 Gross deferred tax assets 73,010 70,181 Less: valuation allowance — 458 Total deferred tax assets 73,010 69,723 Gross deferred tax liabilities: Cancellation of debt income deferral 2,692 4,035 Goodwill and acquired intangible assets 12,929 11,894 Fixed assets 67 62 Prepaid expenses 611 580 Other 1,251 1,453 Total gross deferred tax liabilities 17,550 18,024 Net deferred tax asset $ 55,460 $ 51,699 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending gross amount of unrecognized tax benefits under the provisions of ASC 740-10 is as follows: 2016 2015 2014 (In thousands) Balance at January 1 $ 1,022 $ 1,067 $ 549 Additions based on tax positions related to the current year 160 163 245 Additions based on tax positions taken in prior years — — 366 Decreases based on tax positions taken in prior years — — — Decreases based on settlements with taxing authorities — — — Decreases based on the expiration of statute of limitations (208 ) (208 ) (93 ) Balance at December 31 $ 974 $ 1,022 $ 1,067 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Share-based payments recorded in salaries and benefits expense are as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Stock option and ESPP expense $ 437 $ 518 $ 653 Nonvested share expense 6,293 5,723 5,339 Subtotal 6,730 6,241 5,992 Tax benefit 2,574 2,367 2,311 Stock-based compensation expense, net of tax benefit $ 4,156 $ 3,874 $ 3,681 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity under the 2009 Plan for the year ended December 31, 2016 is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term in Years Aggregate Intrinsic Value (in 000’s) Outstanding at December 31, 2015 1,222,951 $ 16.27 Granted — $ — Exercised 244,567 $ 7.60 Forfeited 73,062 $ 29.49 Expired 248,922 $ 29.25 Outstanding at December 31, 2016 656,400 $ 13.11 2.26 years $ 4,117.0 Exercisable at December 31, 2016 656,400 $ 13.11 2.26 years $ 4,117.0 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the Company’s nonvested shares as of December 31, 2016 and changes during the year ended December 31, 2016 , including shares under both the 2009 Plan and the Inducement Plan, is as follows: Shares Weighted- Average Grant-Date Fair Value Nonvested at December 31, 2015 2,236,383 $ 11.72 Granted 599,673 $ 11.58 Vested 490,658 $ 10.90 Forfeited 351,770 $ 10.18 Nonvested at December 31, 2016 1,993,628 $ 12.16 |
Other Operating Expense (Tables
Other Operating Expense (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
OTHER OPERATING EXPENSE [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Major components of other operating expense are as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Insurance $ 3,396 $ 3,518 $ 2,851 Employee travel and meals 3,309 2,874 2,250 Other banking expenses 1,035 1,788 1,091 Telephone 1,137 1,661 1,589 Forms and supplies 836 1,241 838 Postage, express mail, and courier 967 1,007 978 Publications and dues 984 870 795 Training and education 627 686 554 Prepayment penalties on repurchase of FHLB borrowings and repurchase agreements 262 — 808 OREO expenses 227 197 176 Legal settlement costs 195 150 48 Provision for off-balance sheet loan commitments (367 ) (271 ) 50 Other 1,966 2,501 2,100 Total $ 14,574 $ 16,222 $ 14,128 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 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 year ended December 31, 2016 , 2015 , and 2014 . Interest expense on junior subordinated debentures is reported at the Holding Company. Year ended December 31, 2016 2015 2014 Private Banking (In thousands) Net interest income $ 202,702 $ 189,501 $ 183,424 Fees and other income 18,947 11,352 10,617 Total revenues 221,649 200,853 194,041 Provision/ (credit) for loan losses (6,935 ) (1,555 ) (6,400 ) Operating expense 125,116 116,575 111,901 Income before income taxes 103,468 85,833 88,540 Income tax expense (2) 33,120 27,844 29,032 Net income from continuing operations 70,348 57,989 59,508 Net income attributable to the Company $ 70,348 $ 57,989 $ 59,508 Assets $ 7,816,671 $ 7,361,202 $ 6,611,191 Amortization of intangibles $ — $ 341 $ 219 Depreciation $ 4,477 $ 4,599 $ 5,294 Year ended December 31, 2016 2015 2014 Wealth Management and Trust (In thousands) Fees and other income $ 44,401 $ 53,336 $ 34,584 Operating expense (1) 64,844 54,474 29,401 Income/ (loss) before income taxes (20,443 ) (1,138 ) 5,183 Income tax expense / (benefit) (2) (8,279 ) (350 ) 2,201 Net income/ (loss) from continuing operations (12,164 ) (788 ) 2,982 Net income/ (loss) attributable to the Company $ (12,164 ) $ (788 ) $ 2,982 Assets $ 80,501 $ 80,088 $ 80,467 Amortization of intangibles $ 2,962 $ 2,428 $ 676 Depreciation $ 1,145 $ 772 $ 241 Year ended December 31, 2016 2015 2014 Investment Management (In thousands) Net interest income $ 16 $ 22 $ 22 Fees and other income 44,443 45,687 47,119 Total revenues 44,459 45,709 47,141 Operating expense 32,863 33,690 34,848 Income before income taxes 11,596 12,019 12,293 Income tax expense (2) 3,789 3,956 4,078 Net income from continuing operations 7,807 8,063 8,215 Noncontrolling interests 2,077 2,265 2,519 Net income attributable to the Company $ 5,730 $ 5,798 $ 5,696 Assets $ 92,692 $ 92,642 $ 100,229 Amortization of intangibles $ 2,601 $ 2,956 $ 2,955 Depreciation $ 284 $ 286 $ 240 Year ended December 31, 2016 2015 2014 Wealth Advisory (In thousands) Net interest income $ 16 $ 6 $ 10 Fees and other income 50,686 50,558 48,199 Total revenues 50,702 50,564 48,209 Operating expense 34,791 35,379 33,213 Income before income taxes 15,911 15,185 14,996 Income tax expense (2) 6,084 5,819 5,653 Net income from continuing operations 9,827 9,366 9,343 Noncontrolling interests 2,080 2,138 2,189 Net income attributable to the Company $ 7,747 $ 7,228 $ 7,154 Assets $ 79,887 $ 79,543 $ 80,804 Amortization of intangibles $ 719 $ 986 $ 986 Depreciation $ 878 $ 864 $ 488 Year ended December 31, 2016 2015 2014 Holding Company and Eliminations (In thousands) Net interest income $ (2,296 ) $ (3,759 ) $ (3,755 ) Fees and other income 310 236 279 Total revenues (1,986 ) (3,523 ) (3,476 ) Operating expense 7,339 15,063 17,766 Income/ (loss) before income taxes (9,325 ) (18,586 ) (21,242 ) Income tax expense/(benefit) (2) (3,751 ) (6,877 ) (8,599 ) Net income/(loss) from continuing operations (5,574 ) (11,709 ) (12,643 ) Noncontrolling interests — 4 42 Discontinued operations (3) 5,541 6,411 6,160 Net income/(loss) attributable to the Company $ (33 ) $ (5,302 ) $ (6,525 ) Assets $ (99,277 ) $ (70,967 ) $ (74,817 ) Depreciation $ 54 $ 69 $ 205 Year ended December 31, 2016 2015 2014 Total Company (In thousands) Net interest income $ 200,438 $ 185,770 $ 179,701 Fees and other income 158,787 161,169 140,798 Total revenues 359,225 346,939 320,499 Provision/ (credit) for loan losses (6,935 ) (1,555 ) (6,400 ) Operating expense 264,953 255,181 227,129 Income before income taxes 101,207 93,313 99,770 Income tax expense (2) 30,963 30,392 32,365 Net income from continuing operations 70,244 62,921 67,405 Noncontrolling interests 4,157 4,407 4,750 Discontinued operations 5,541 6,411 6,160 Net income attributable to the Company $ 71,628 $ 64,925 $ 68,815 Assets $ 7,970,474 $ 7,542,508 $ 6,797,874 Amortization of intangibles $ 6,282 $ 6,711 $ 4,836 Depreciation $ 6,838 $ 6,590 $ 6,468 ___________________ (1) Operating expense related to the Wealth Management and Trust segment includes restructuring expenses of $2.0 million , $3.7 million , and $0.7 million for 2016, 2015, and 2014, respectively, and a goodwill impairment charge of $9.5 million in 2016. (2) The Company’s effective tax rate for 2016 , 2015 , and 2014 is not consistent due to earnings from tax-exempt investments, non-deductible compensation, state and local taxes, income tax credits and income attributable to noncontrolling interests having a different impact on the effective tax rate due primarily to the different levels of income before taxes in years 2016 , 2015 , and 2014 . See Part II. Item 8. “Financial Statements and Supplementary Data - Note 17: Income Taxes” for additional details. (3) The Holding Company and Eliminations calculation of Net Income attributable to the Company includes net income from Discontinued Operations for the years ended December 31, 2016 , 2015 and 2014 of $5.5 million , $6.4 million , and $6.2 million , respectively. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value [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 December 31, 2016 and 2015 , aggregated by the level in the fair value hierarchy within which those measurements fall: As of December 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 $ 39,936 $ 39,293 $ 643 $ — Government-sponsored entities 336,664 — 336,664 — Municipal bonds 293,397 — 293,397 — Mortgage-backed securities 570,327 — 570,327 — Other 23,808 23,808 — — Total available-for-sale securities 1,264,132 63,101 1,201,031 — Derivatives - interest rate customer swaps 17,032 — 17,032 — Derivatives - risk participation agreements 15 — 15 — Other investments 6,110 6,110 — — Liabilities: Derivatives - interest rate customer swaps $ 16,560 $ — $ 16,560 $ — Derivatives - interest rate swaps 1,040 — 1,040 — Derivatives - risk participation agreements 6 — 6 — Other liabilities 6,110 6,110 — — As of December 31, 2015 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 $ 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 Measurements, Nonrecurring [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 December 31, 2016 and 2015 , respectively, aggregated by the level in the fair value hierarchy within which those measurements fall: As of December 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) Year ended December 31, 2016 (In thousands) Assets: Impaired loans (1) $ 3,074 $ — $ — $ 3,074 $ (428 ) OREO (2) 1,690 — — 1,690 (110 ) Goodwill (3) 34,777 — — 34,777 (9,528 ) $ 39,541 $ — $ — $ 39,541 $ (10,066 ) ___________________ (1) Collateral-dependent impaired loans held as of December 31, 2016 that had write-downs in fair value or whose specific reserve changed during 2016. (2) OREO held as of December 31, 2016 that had write-downs in fair value during 2016. (3) Goodwill balance at Boston Private Wealth as of December 31, 2016 that had write-downs in fair value during 2016. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 8: Goodwill and Other Intangible Assets” for further detail. As of December 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) Year ended December 31, 2015 (In thousands) Assets: Impaired loans (1) $ 2,322 $ — $ — $ 2,322 $ (578 ) $ 2,322 $ — $ — $ 2,322 $ (578 ) ___________________ (1) Collateral-dependent impaired loans held as of December 31, 2015 that had write-downs in fair value or whose specific reserve changed during 2015. |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The following tables present 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 December 31, 2016 Fair Value Valuation Unobservable Range of Weighted (In thousands) Impaired Loans $ 3,074 Appraisals of Collateral Discount for costs to sell 5% - 7% 6% Appraisal adjustments 0% - 20% 13% OREO $ 1,690 Appraisals of Collateral Discount for costs to sell 6% 6% Appraisal adjustments 18% 18% See Part II. Item 8. “Financial Statements and Supplementary Data - Note 8: Goodwill and Other Intangible Assets” for additional quantitative information about the 2016 goodwill impairment charges at Boston Private Wealth. As of December 31, 2015 Fair Value Valuation technique Unobservable Input Range of Inputs Utilized Weighted Average of Inputs Utilized (In thousands) Impaired Loans $ 2,322 Appraisals of Collateral Discount for costs to sell 7% - 24% 12% Appraisal adjustments 20% - 25% 21% |
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 December 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 $ 106,557 $ 106,557 $ 106,557 $ — $ — Investment securities held-to-maturity 93,079 92,604 — 92,604 — Loans held for sale 3,464 3,428 — 3,428 — Loans, net 6,036,277 6,021,611 — — 6,021,611 Other financial assets 131,863 131,863 — 131,863 — FINANCIAL LIABILITIES: Deposits 6,085,146 6,084,765 — 6,084,765 — Securities sold under agreements to repurchase 59,624 59,624 — 59,624 — Federal funds purchased 80,000 80,000 — 80,000 — Federal Home Loan Bank borrowings 734,205 734,941 — 734,941 — Junior subordinated debentures 106,363 96,363 — — 96,363 Other financial liabilities 1,942 1,942 — 1,942 — As of December 31, 2015 Book Value Fair Value Quoted prices Significant Significant (In thousands) FINANCIAL ASSETS: Cash and cash equivalents $ 238,694 $ 238,694 $ 238,694 $ — $ — Investment securities held-to-maturity 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 — |
Financial Instruments With Of55
Financial Instruments With Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | Financial instruments with off-balance sheet risk are summarized as follows: December 31, 2016 2015 (In thousands) Commitments to originate loans Variable rate $ 103,189 $ 87,622 Fixed rate 65,563 17,096 Total commitments to originate new loans $ 168,752 $ 104,718 Unadvanced portion of loans and unused lines of credit $ 1,280,648 $ 1,181,114 Standby letters of credit $ 38,391 $ 39,245 Forward commitments to sell loans $ 9,663 $ 28,468 |
Boston Private Financial Hold56
Boston Private Financial Holdings, Inc. (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
BOSTON PRIVATE FINANCIAL HOLDINGS, INC. (PARENT COMPANY ONLY) [Abstract] | |
Schedule of Condensed Balance Sheet [Table Text Block] | CONDENSED BALANCE SHEETS December 31, 2016 December 31, 2015 (In thousands) Assets: Cash and cash equivalents $ 54,694 $ 55,385 Investment in wholly-owned and majority-owned subsidiaries: Bank 694,517 671,204 Non-banks 137,262 138,178 Investment in partnerships and trusts 6,340 6,340 Deferred income taxes — 1,460 Other assets 17,131 14,243 Total assets $ 909,944 $ 886,810 Liabilities: Junior subordinated debentures $ 106,363 $ 106,363 Deferred income taxes 8,638 — Other liabilities 9,490 15,746 Total liabilities 124,491 122,109 Redeemable Noncontrolling Interests (1) 21,133 21,481 Total Shareholders’ Equity 764,320 743,220 Total liabilities, redeemable noncontrolling interests and shareholders’ equity $ 909,944 $ 886,810 ___________________ (1) Includes noncontrolling interests and the maximum redemption value of redeemable noncontrolling interests. |
Schedule of Condensed Income Statement [Table Text Block] | CONDENSED STATEMENTS OF OPERATIONS Year ended December 31, 2016 2015 2014 (In thousands) Income: Interest income $ 130 $ 116 $ 115 Dividends from subsidiaries: Bank 22,700 22,700 26,500 Non-banks 24,044 28,789 20,356 Other income 310 236 279 Total income 47,184 51,841 47,250 Operating Expense: Salaries and employee benefits 4,620 10,320 11,876 Professional fees 1,337 2,007 2,965 Interest expense 2,427 3,875 3,872 Other expenses 1,381 2,740 2,966 Total operating expense 9,765 18,942 21,679 Income before income taxes 37,419 32,899 25,571 Income tax benefit (3,751 ) (6,877 ) (8,599 ) Net income from discontinued operations 5,541 6,411 6,160 Income before equity in undistributed earnings of subsidiaries 46,711 46,187 40,330 Equity in undistributed earnings of subsidiaries 24,917 18,738 28,485 Net income attributable to the Company $ 71,628 $ 64,925 $ 68,815 |
Schedule of Condensed Cash Flow Statement [Table Text Block] | CONDENSED STATEMENTS OF CASH FLOWS Year ended December 31, 2016 2015 2014 (In thousands) Cash flows from operating activities: Net income attributable to the Company $ 71,628 $ 64,925 $ 68,815 Net income from discontinued operations 5,541 6,411 6,160 Net income from continuing operations 66,087 58,514 62,655 Adjustments to reconcile net income from continuing operations to net cash provided by/ (used in) operating activities: Equity in earnings of subsidiaries: Bank (58,184 ) (57,201 ) (62,491 ) Non-banks (13,477 ) (13,026 ) (12,850 ) Dividends from subsidiaries: Bank 22,700 22,700 26,500 Non-banks 24,044 28,789 20,356 Deferred income tax expense/ (benefit) 10,000 (4,575 ) 4,642 Depreciation and amortization (738 ) 5,097 1,743 Net decrease/ (increase) in other operating activities (16,633 ) 2,167 (2,834 ) Net cash provided by/ (used in) operating activities of continuing operations 33,799 42,465 37,721 Net cash provided by/ (used in) operating activities of discontinued operations 5,541 6,411 6,160 Net cash provided by/ (used in) operating activities 39,340 48,876 43,881 Cash flows from investing activities: Cash paid for acquisitions, including deferred acquisition obligations 1,890 1,821 — Capital investments in subsidiaries: Bank — — (29,007 ) Non-banks (1,220 ) (1,723 ) (1,497 ) Net cash (used in)/ provided by in other investing activities 1 1 (98 ) Net cash provided by/ (used in) investing activities of continuing operations 671 99 (30,602 ) Net cash provided by/ (used in) investing activities of discontinued operations — — — Net cash provided by/ (used in) investing activities 671 99 (30,602 ) Cash flows from financing activities: Repurchase of common stock (9,323 ) — — Dividends paid to common shareholders (33,110 ) (29,608 ) (25,829 ) Dividends paid to preferred shareholders (3,475 ) (3,475 ) (3,475 ) Tax savings/ (deficiency) from certain stock compensation awards (620 ) (1,262 ) 1,294 Proceeds from stock option exercises 1,725 1,206 1,807 Proceeds from issuance of common stock, net 7,786 160 32,387 Other equity adjustments (3,685 ) (5,204 ) (7,424 ) Net cash provided by/ (used in) financing activities of continuing operations (40,702 ) (38,183 ) (1,240 ) Net cash provided by/ (used in) financing activities of discontinued operations — — — Net cash provided by/ (used in) financing activities (40,702 ) (38,183 ) (1,240 ) Net (decrease)/ increase in cash and cash equivalents (691 ) 10,792 12,039 Cash and cash equivalents at beginning of year 55,385 44,593 32,554 Cash and cash equivalents at end of year $ 54,694 $ 55,385 $ 44,593 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
REGULATORY MATTERS [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For capital adequacy purposes (at least) To be well capitalized under prompt corrective action provisions (at least) Basel III minimum capital ratio with capital conservation buffer (1) Amount Ratio Amount Ratio Amount Ratio (In thousands) As of December 31, 2016 Common equity tier 1 risk-based capital Company $ 571,663 10.00 % $ 257,222 4.5 % n/a n/a 7.0 % Boston Private Bank 661,991 11.64 256,030 4.5 $ 369,822 6.5 % 7.0 Tier 1 risk-based capital Company 722,674 12.64 342,962 6.0 n/a n/a 8.5 Boston Private Bank 661,991 11.64 341,374 6.0 455,165 8.0 8.5 Total risk-based capital Company 794,584 13.90 457,283 8.0 n/a n/a 10.5 Boston Private Bank 733,214 12.89 455,165 8.0 568,956 10.0 10.5 Tier 1 leverage capital Company 722,674 9.42 306,848 4.0 n/a n/a 4.0 Boston Private Bank 661,991 8.70 304,510 4.0 380,637 5.0 4.0 As of December 31, 2015 Common equity tier 1 risk-based capital Company $ 534,241 9.80 % $ 245,216 4.5 % n/a n/a n/a Boston Private Bank 621,668 11.49 243,407 4.5 $ 351,588 6.5% n/a Tier 1 risk-based capital Company 686,160 12.59 326,954 6.0 n/a n/a n/a Boston Private Bank 621,668 11.49 324,543 6.0 432,723 8.0 n/a Total risk-based capital Company 754,758 13.85 435,939 8.0 n/a n/a n/a Boston Private Bank 689,437 12.75 432,723 8.0 540,904 10.0 n/a Tier 1 leverage capital Company 686,160 9.50 289,059 4.0 n/a n/a n/a Boston Private Bank 621,668 8.68 286,461 4.0 358,077 5.0 n/a ___________________ n/a = not applicable (1) Required capital ratios under the Basel III capital rules with the fully phased-in capital conservation buffer added to the minimum risk-based capital ratios. The fully phased-in ratios are effective for 2019, with lower requirements during the transition years 2016 through 2018. |
Selected Quarterly Data (Unau58
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
SELECTED QUARTERLY DATA (UNAUDITED) [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following tables present selected quarterly financial data for 2016 and 2015 : 2016 (1) Fourth Quarter Third Quarter Second Quarter First Quarter (In thousands, except per share data) Revenues Net interest income $ 51,519 $ 49,871 $ 49,169 $ 49,879 Fees and other income 43,958 40,012 36,795 38,022 Total revenues 95,477 89,883 85,964 87,901 Provision/ (credit) for loan losses (1,128 ) (138 ) (2,535 ) (3,133 ) Operating expense 71,843 61,670 64,731 66,709 Income before income taxes 24,762 28,351 23,768 24,325 Income tax expense 7,247 8,652 7,626 7,438 Net income from discontinued operations 1,184 1,047 1,245 2,065 Less: Net income attributable to noncontrolling interests 1,147 1,110 989 911 Net income attributable to the Company $ 17,552 $ 19,636 $ 16,398 $ 18,041 Net earnings per share attributable to the Company’s common shareholders: Basic earnings per share (2) $ 0.19 $ 0.23 $ 0.19 $ 0.22 Diluted earnings per share (2) $ 0.19 $ 0.22 $ 0.18 $ 0.21 2015 (1) Fourth Quarter Third Quarter Second Quarter First Quarter (In thousands, except per share data) Revenues Net interest income $ 48,140 $ 46,473 $ 45,085 $ 46,072 Fees and other income 37,718 39,446 42,660 41,345 Total revenues 85,858 85,919 87,745 87,417 Provision/ (credit) for loan losses (1,655 ) 2,600 — (2,500 ) Operating expense 67,407 61,929 62,418 63,427 Income before income taxes 20,106 21,390 25,327 26,490 Income tax expense 5,638 8,182 8,000 8,572 Net income from discontinued operations 1,455 1,316 1,546 2,094 Less: Net income attributable to noncontrolling interests 921 994 1,263 1,229 Net income attributable to the Company $ 15,002 $ 13,530 $ 17,610 $ 18,783 Net earnings per share attributable to the Company’s common shareholders: Basic earnings per share (2) $ 0.17 $ 0.17 $ 0.21 $ 0.22 Diluted earnings per share (2) $ 0.17 $ 0.16 $ 0.20 $ 0.21 ___________________ (1) Due to rounding, the sum of the four quarters may not add to the year to date total. (2) Includes the effect of adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders. |
Basis of Presentation and Sum59
Basis of Presentation and Summary of Significant Accounting Policies Significant Accounting Policies Text (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Significant Accounting Policies [Abstract] | |||
Gain on sale of offices | $ 2,862,000 | $ 0 | $ 0 |
Cash Reserve Deposit Required and Made | 5,000,000 | 4,600,000 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | $ 0 | $ 0 |
Restructuring (Details)
Restructuring (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 2,017,000 | $ 3,724,000 | $ 739,000 | |||
Restructuring and Related Cost, Cost Incurred to Date | 6,400,000 | |||||
Restructuring Reserve | 1,977,000 | 3,305,000 | 739,000 | $ 33,000 | ||
Restructuring Reserve, Settled with Cash | (3,345,000) | (1,158,000) | (33,000) | |||
Restructuring and Related Cost, Expected Cost | 0 | |||||
Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 2,017,000 | 3,434,000 | 739,000 | |||
Restructuring Reserve | 1,977,000 | 3,305,000 | 739,000 | 33,000 | ||
Restructuring Reserve, Settled with Cash | (3,345,000) | (868,000) | (33,000) | |||
Other Expense [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 0 | 290,000 | 0 | |||
Restructuring Reserve | 0 | 0 | 0 | $ 0 | ||
Restructuring Reserve, Settled with Cash | $ 0 | (290,000) | 0 | |||
Banyan Acquisition and WMT Management Restructuring Plan [Member] | Wealth Management and Trust Segment [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 900,000 | $ 1,100,000 | $ 3,700,000 | $ 700,000 |
Acquisitions, Asset Sales, an61
Acquisitions, Asset Sales, and Divestitures Asset Sales and Divestitures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Liabilities, Deposits Included in Sale | $ 104,000 | ||
Gain on sale of offices | $ 2,862 | $ 0 | $ 0 |
Westfield Capital Management Company LLC [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operation, Nature of Activities Having Continuing Cash Flows after Disposal | 12.5% share in Westfield’s revenues (up to an annual maximum of $11.6 million) | ||
Discontinued Operation, Period of Continuing Cash Flows after Disposal | 1 year |
Acquisitions, Asset Sales, an62
Acquisitions, Asset Sales, and Divestitures Acquisitions (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Goodwill, Acquired During Period | $ 0 | $ 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0 | 0 | |
2014 Acquisition of Banyan Partners LLC [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Name of Acquired Entity | Banyan Partners, LLC | ||
Business Acquisition, Effective Date of Acquisition | Oct. 2, 2014 | ||
Business Acquisition, Description of Acquired Entity | Banyan, a registered investment advisory firm headquartered in Palm Beach Gardens, Florida. At the time of acquisition, Banyan had approximately $4.3 billion in client assets and locations in New England; South Florida; Texas; California; Atlanta, Georgia; and Madison, Wisconsin. | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1.7 | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 21,000 | ||
Business Combination, Consideration Transferred | 43,900 | ||
Business Combination, Contingent Consideration, Asset | 5,000 | ||
Business Combination, Contingent Consideration, Liability | 2,000 | ||
Payments to Acquire Businesses, Gross | 66,900 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 2,000 | ||
Goodwill, Acquired During Period | 41,900 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 39,900 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 23,900 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||
Business Combination, Reason for Business Combination | The rationale for the transaction was that by merging Banyan with the existing Boston Private Bank wealth management business, additional technical expertise and financial acumen would be generated. Banyan has been merged with the existing wealth management business from Boston Private Bank, and the combined company has been renamed Boston Private Wealth. As a wholly-owned subsidiary of the Bank, Boston Private Wealth will also operate as part of the Wealth Management and Trust segment along with the trust operations of the Bank. These operations are reported separately from the Private Banking operations of the Bank. |
Investments Schedule of Availab
Investments Schedule of Available for sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | $ 1,283,161 | $ 1,084,105 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 4,635 | 7,634 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 23,664 | 7,229 | ||
Available-for-sale Securities | 1,264,132 | 1,084,510 | ||
Held-to-maturity Securities | 93,079 | 116,352 | ||
Held-to-maturity Securities, Fair Value | 92,604 | 116,384 | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 1 | 294 | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 476 | 262 | ||
US Government and Government Agencies and Authorities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 40,704 | [1] | 21,214 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 86 | 64 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 854 | 27 | ||
Available-for-sale Securities | 39,936 | [1] | 21,251 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 337,865 | [1] | 345,033 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,058 | 874 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2,259 | 1,345 | ||
Available-for-sale Securities | 336,664 | [1] | 344,562 | |
Municipal Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 296,271 | [1] | 263,661 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,116 | 5,099 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 4,990 | 116 | ||
Available-for-sale Securities | 293,397 | [1] | 268,644 | |
Mortgage Backed Securities, Other [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | [2] | 584,960 | [3] | 431,446 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [2] | 928 | 1,329 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [2] | 15,561 | 5,734 | |
Available-for-sale Securities | [2] | 570,327 | [3] | 427,041 |
Held-to-maturity Securities | [2] | 93,079 | [3] | 116,352 |
Held-to-maturity Securities, Fair Value | [2] | 92,604 | [3] | 116,384 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | [2] | 1 | 294 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | [2] | 476 | 262 | |
Other Aggregated Investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 23,361 | [4] | 22,751 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 447 | 268 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 7 | ||
Available-for-sale Securities | $ 23,808 | [4] | $ 23,012 | |
[1] | Certain securities are callable before their final maturity. | |||
[2] | All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. | |||
[3] | Mortgage-backed securities are shown based on their final (contractual) maturity, but, due to prepayments, they are expected to have shorter lives. | |||
[4] | Other securities consist of money market mutual funds and equity securities held by certain Wealth Advisory and Investment Management businesses. |
Investments Maturities of Avail
Investments Maturities of Available for sale Securities by Type (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | |||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | $ 1,283,161 | $ 1,084,105 | ||
Available-for-sale Securities | $ 1,264,132 | $ 1,084,510 | ||
Weighted Average Remaining Maturity, Available for Sale Securities | 9 years 1 month 20 days | 9 years 10 months 25 days | ||
Available for Sale Securities Callable Before Maturity | $ 140,400 | $ 199,500 | ||
US Government and Government Agencies and Authorities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | [1] | 0 | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | [1] | $ 0 | ||
Available for sale Securities, Maturities, Next Twelve Months, Weighted Average Yield | [1] | 0.00% | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | [1] | $ 20,771 | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | [1] | $ 20,842 | ||
Available for sale Securities, Maturities, Year Two Through Five, Weighted Average Yield | [1] | 1.45% | ||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | [1] | $ 19,933 | ||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | [1] | $ 19,094 | ||
Available for sale Securities, Maturities, Year Six Through Ten, Weighted Average Yield | [1] | 1.73% | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | [1] | $ 0 | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | [1] | $ 0 | ||
Available for sale Securities, Maturities, After Ten Years, Weighted Average Yield | [1] | 0.00% | ||
Available-for-sale Securities, Amortized Cost Basis | $ 40,704 | [1] | 21,214 | |
Available-for-sale Securities | $ 39,936 | [1] | 21,251 | |
Available for sale Securities, Weighted Average Yield | [1] | 1.59% | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | [1] | $ 38,009 | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | [1] | $ 38,036 | ||
Available for sale Securities, Maturities, Next Twelve Months, Weighted Average Yield | [1] | 0.98% | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | [1] | $ 205,992 | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | [1] | $ 206,665 | ||
Available for sale Securities, Maturities, Year Two Through Five, Weighted Average Yield | [1] | 1.71% | ||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | [1] | $ 93,864 | ||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | [1] | $ 91,963 | ||
Available for sale Securities, Maturities, Year Six Through Ten, Weighted Average Yield | [1] | 1.95% | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | [1] | $ 0 | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | [1] | $ 0 | ||
Available for sale Securities, Maturities, After Ten Years, Weighted Average Yield | [1] | 0.00% | ||
Available-for-sale Securities, Amortized Cost Basis | $ 337,865 | [1] | 345,033 | |
Available-for-sale Securities | $ 336,664 | [1] | 344,562 | |
Available for sale Securities, Weighted Average Yield | [1] | 1.69% | ||
Municipal Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | [1] | $ 11,561 | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | [1] | $ 11,583 | ||
Available for sale Securities, Maturities, Next Twelve Months, Weighted Average Yield | [1],[2] | 2.18% | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | [1] | $ 91,141 | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | [1] | $ 90,947 | ||
Available for sale Securities, Maturities, Year Two Through Five, Weighted Average Yield | [1],[2] | 2.02% | ||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | [1] | $ 27,839 | ||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | [1] | $ 27,826 | ||
Available for sale Securities, Maturities, Year Six Through Ten, Weighted Average Yield | [1],[2] | 3.44% | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | [1] | $ 165,730 | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | [1] | $ 163,041 | ||
Available for sale Securities, Maturities, After Ten Years, Weighted Average Yield | [1],[2] | 3.91% | ||
Available-for-sale Securities, Amortized Cost Basis | $ 296,271 | [1] | 263,661 | |
Available-for-sale Securities | $ 293,397 | [1] | 268,644 | |
Available for sale Securities, Weighted Average Yield | [1],[2] | 3.22% | ||
Mortgage Backed Securities, Other [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | [3] | $ 4 | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | [3] | $ 4 | ||
Available for sale Securities, Maturities, Next Twelve Months, Weighted Average Yield | [3] | 1.98% | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | [3] | $ 12,306 | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | [3] | $ 12,338 | ||
Available for sale Securities, Maturities, Year Two Through Five, Weighted Average Yield | [3] | 2.25% | ||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | [3] | $ 220,302 | ||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | [3] | $ 212,241 | ||
Available for sale Securities, Maturities, Year Six Through Ten, Weighted Average Yield | [3] | 2.20% | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | [3] | $ 352,348 | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | [3] | $ 345,744 | ||
Available for sale Securities, Maturities, After Ten Years, Weighted Average Yield | [3] | 2.07% | ||
Available-for-sale Securities, Amortized Cost Basis | [4] | $ 584,960 | [3] | 431,446 |
Available-for-sale Securities | [4] | $ 570,327 | [3] | 427,041 |
Available for sale Securities, Weighted Average Yield | [3] | 2.12% | ||
Other Aggregated Investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | [5] | $ 23,361 | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | [5] | $ 23,808 | ||
Available for sale Securities, Maturities, Next Twelve Months, Weighted Average Yield | [5] | 0.00% | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | [5] | $ 0 | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | [5] | $ 0 | ||
Available for sale Securities, Maturities, Year Two Through Five, Weighted Average Yield | [5] | 0.00% | ||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | [5] | $ 0 | ||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | [5] | $ 0 | ||
Available for sale Securities, Maturities, Year Six Through Ten, Weighted Average Yield | [5] | 0.00% | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | [5] | $ 0 | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | [5] | $ 0 | ||
Available for sale Securities, Maturities, After Ten Years, Weighted Average Yield | [5] | 0.00% | ||
Available-for-sale Securities, Amortized Cost Basis | $ 23,361 | [5] | 22,751 | |
Available-for-sale Securities | $ 23,808 | [5] | $ 23,012 | |
Available for sale Securities, Weighted Average Yield | [5] | 0.00% | ||
[1] | Certain securities are callable before their final maturity. | |||
[2] | Yield shown on a fully taxable equivalent (“FTE”) basis. | |||
[3] | Mortgage-backed securities are shown based on their final (contractual) maturity, but, due to prepayments, they are expected to have shorter lives. | |||
[4] | All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. | |||
[5] | Other securities consist of money market mutual funds and equity securities held by certain Wealth Advisory and Investment Management businesses. |
Investments Maturities of Held
Investments Maturities of Held to Maturity Securities by Type (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | |||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity Securities | $ 93,079 | $ 116,352 | ||
Held-to-maturity Securities, Fair Value | $ 92,604 | $ 116,384 | ||
Weighted Average Remaining Maturity, Held To Maturity Securities | 12 years 11 months 10 days | 13 years 9 months 24 days | ||
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 | [1] | $ 0 | ||
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | [1] | $ 0 | ||
Held to maturity securities, Maturities, Next Twelve Months, Weighted Average Yield | [1] | 0.00% | ||
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | [1] | $ 0 | ||
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | [1] | $ 0 | ||
Held to maturity securities, Maturities, Year Two Through Five, Weighted Average Yield | [1] | 0.00% | ||
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | [1] | $ 0 | ||
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | [1] | $ 0 | ||
Held to maturity securities, Maturities, Year Six Through Ten, Weighted Average Yield | [1] | 0.00% | ||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | [1] | $ 93,079 | ||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | [1] | $ 92,604 | ||
Held to maturity Securities, Maturities, After Ten Years, Weighted Average Yield | [1] | 2.26% | ||
Held-to-maturity Securities | [2] | $ 93,079 | [1] | $ 116,352 |
Held-to-maturity Securities, Fair Value | [2] | $ 92,604 | [1] | $ 116,384 |
Held to maturity securities, Weighted average yield | [1] | 2.26% | ||
[1] | Mortgage-backed securities are shown based on their final (contractual) maturity, but, due to prepayments, they are expected to have shorter lives. | |||
[2] | All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. |
Investments Realized Gain (Loss
Investments Realized Gain (Loss) on Securities Sold (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from Sale of Available-for-sale Securities | $ 50,049 | $ 34,160 | $ 6,450 |
Available-for-sale Securities, Gross Realized Gains | 522 | 272 | 16 |
Available-for-sale Securities, Gross Realized Losses | $ (1) | $ (36) | $ (23) |
Investments Available for Sale
Investments Available for Sale Securities in Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2016USD ($)securities | Dec. 31, 2015USD ($)securities | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 818,909 | $ 505,312 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (22,042) | (4,896) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 44,907 | 66,938 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,622) | (2,333) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 863,816 | 572,250 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (23,664) | $ (7,229) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 230 | 113 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 87,483 | $ 40,606 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 476 | 262 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 87,483 | 40,606 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 476 | $ 262 | |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 15 | 5 | |
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 | $ 19,094 | $ 4,935 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (838) | (18) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 643 | 1,001 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (16) | (9) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 19,737 | 5,936 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (854) | $ (27) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 4 | 3 | |
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 | $ 125,412 | $ 167,691 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,259) | (1,345) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 125,412 | 167,691 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (2,259) | $ (1,345) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 18 | 24 | |
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 | $ 182,395 | $ 14,483 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4,957) | (43) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,720 | 3,173 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (33) | (73) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 185,115 | 17,656 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (4,990) | $ (116) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 109 | 12 | |
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 | [1] | $ 492,008 | $ 318,156 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [1] | (13,988) | (3,486) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [1] | 41,544 | 62,753 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | (1,573) | (2,248) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | [1] | 533,552 | 380,909 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | [1] | $ (15,561) | $ (5,734) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | [1] | 99 | 68 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [1] | $ 87,483 | $ 40,606 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [1] | 476 | 262 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [1] | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | [1] | 87,483 | 40,606 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | [1] | $ 476 | $ 262 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | [1] | 15 | 5 |
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 | $ 0 | $ 47 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (4) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 11 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (3) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 0 | 58 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ (7) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 0 | 6 | |
[1] | All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. |
Investments Investments in Any
Investments Investments in Any One Issuer Exceeding Ten Percent of Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Concentration Risk [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 1,283,161 | $ 1,084,105 |
Available-for-sale Securities | 1,264,132 | $ 1,084,510 |
Credit Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 676,805 | |
Available-for-sale Securities | $ 669,623 | |
Stockholders' Equity, Total [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | Credit Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 80,984 | |
Available-for-sale Securities | 79,550 | |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | Credit Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 144,305 | |
Available-for-sale Securities | 143,638 | |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | Credit Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 119,811 | |
Available-for-sale Securities | 119,141 | |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Credit Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 331,705 | |
Available-for-sale Securities | $ 327,294 |
Investments Other investment di
Investments Other investment disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Cost-method Investments [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | $ 34.2 | $ 27.7 | |
Qualified Affordable Housing Project Investments, Commitment | 11.3 | 7.8 | |
Income Tax Expense [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 1.6 | 1.3 | $ 1 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | $ 1.7 | $ 1.3 | $ 1.1 |
Loans Receivable and Credit Q70
Loans Receivable and Credit Quality Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 6,114,354 | $ 5,719,212 |
Commercial and Industrial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,009,974 | 964,786 |
Commercial Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 611,370 | 633,019 |
Commercial Tax Exempt [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 398,604 | 331,767 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,302,244 | 2,060,903 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 104,839 | 183,434 |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,379,861 | 2,229,540 |
Home Equity Line of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 118,817 | 119,828 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 198,619 | $ 160,721 |
Loans Receivable and Credit Q71
Loans Receivable and Credit Quality Nonaccrual Loans by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 17,315 | $ 26,571 |
Commercial and Industrial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 572 | 1,019 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 572 | 1,019 |
Commercial Tax Exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,583 | 11,232 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 179 | 3,297 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 10,908 | 9,661 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,072 | 1,306 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 1 | $ 56 |
Loans Receivable and Credit Q72
Loans Receivable and Credit Quality Loans by Past Due Status (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 15,137 | $ 13,094 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 17,315 | 26,571 |
Financing Receivable, Recorded Investment, Current | 6,081,902 | 5,679,547 |
Total loans | 6,114,354 | 5,719,212 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,619 | 2,667 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 572 | 1,019 |
Financing Receivable, Recorded Investment, Current | 609,179 | 629,333 |
Total loans | 611,370 | 633,019 |
Commercial Tax Exempt [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Financing Receivable, Recorded Investment, Current | 398,604 | 331,767 |
Total loans | 398,604 | 331,767 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3,096 | 2,620 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,583 | 11,232 |
Financing Receivable, Recorded Investment, Current | 2,294,565 | 2,047,051 |
Total loans | 2,302,244 | 2,060,903 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 179 | 3,297 |
Financing Receivable, Recorded Investment, Current | 104,660 | 180,137 |
Total loans | 104,839 | 183,434 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4,182 | 7,140 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 10,908 | 9,661 |
Financing Receivable, Recorded Investment, Current | 2,364,771 | 2,212,739 |
Total loans | 2,379,861 | 2,229,540 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 245 | 40 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,072 | 1,306 |
Financing Receivable, Recorded Investment, Current | 117,500 | 118,482 |
Total loans | 118,817 | 119,828 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 5,995 | 627 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1 | 56 |
Financing Receivable, Recorded Investment, Current | 192,623 | 160,038 |
Total loans | 198,619 | 160,721 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 13,523 | 10,962 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 541 | 2,329 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Tax Exempt [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3,096 | 2,091 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3,646 | 6,267 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 245 | 40 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 5,995 | 235 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,614 | 2,132 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,078 | 338 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Tax Exempt [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 529 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 536 | 873 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 392 |
Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,126 | 7,952 |
Financing Receivables, 1 to 29 Days Past Due [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 537 | 726 |
Financing Receivables, 1 to 29 Days Past Due [Member] | Commercial Tax Exempt [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Financing Receivables, 1 to 29 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,311 | 5,912 |
Financing Receivables, 1 to 29 Days Past Due [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 129 | 149 |
Financing Receivables, 1 to 29 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,148 | 924 |
Financing Receivables, 1 to 29 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 217 |
Financing Receivables, 1 to 29 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1 | 24 |
Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,201 | 917 |
Financing Receivables, 30 to 89 Days Past Due [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Financing Receivables, 30 to 89 Days Past Due [Member] | Commercial Tax Exempt [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Financing Receivables, 30 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 835 | 0 |
Financing Receivables, 30 to 89 Days Past Due [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 12 | 34 |
Financing Receivables, 30 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,274 | 874 |
Financing Receivables, 30 to 89 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 80 | 0 |
Financing Receivables, 30 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 9 |
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 | 9,988 | 17,702 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 35 | 293 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Tax Exempt [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,437 | 5,320 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 38 | 3,114 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,486 | 7,863 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 992 | 1,089 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 0 | $ 23 |
Loans Receivable and Credit Q73
Loans Receivable and Credit Quality Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 6,114,354 | $ 5,719,212 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 611,370 | 633,019 |
Commercial Tax Exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 398,604 | 331,767 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,302,244 | 2,060,903 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 104,839 | 183,434 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,379,861 | 2,229,540 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 118,817 | 119,828 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 198,619 | 160,721 |
Performing Financial Instruments [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,995,833 | 5,565,016 |
Performing Financial Instruments [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 37,535 | 69,211 |
Performing Financial Instruments [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 63,671 | 58,414 |
Performing Financial Instruments [Member] | Commercial Loan [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 591,388 | 605,178 |
Performing Financial Instruments [Member] | Commercial Loan [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,133 | 15,367 |
Performing Financial Instruments [Member] | Commercial Loan [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,277 | 11,455 |
Performing Financial Instruments [Member] | Commercial Tax Exempt [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 388,544 | 318,491 |
Performing Financial Instruments [Member] | Commercial Tax Exempt [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,060 | 13,276 |
Performing Financial Instruments [Member] | Commercial Tax Exempt [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,230,732 | 1,988,372 |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 17,233 | 27,594 |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 49,696 | 33,705 |
Performing Financial Instruments [Member] | Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 101,254 | 162,563 |
Performing Financial Instruments [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 109 | 12,974 |
Performing Financial Instruments [Member] | Construction Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,297 | 4,600 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,367,554 | 2,213,204 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,399 | 6,675 |
Performing Financial Instruments [Member] | Home Equity Line of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 117,745 | 118,522 |
Performing Financial Instruments [Member] | Home Equity Line of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Performing Financial Instruments [Member] | Home Equity Line of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 198,616 | 158,686 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2 | 1,979 |
Nonperforming Financial Instruments [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 17,315 | 26,571 |
Nonperforming Financial Instruments [Member] | Commercial Loan [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 572 | 1,019 |
Nonperforming Financial Instruments [Member] | Commercial Tax Exempt [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,583 | 11,232 |
Nonperforming Financial Instruments [Member] | Construction Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 179 | 3,297 |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,908 | 9,661 |
Nonperforming Financial Instruments [Member] | Home Equity Line of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,072 | 1,306 |
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 1 | $ 56 |
Loans Receivable and Credit Q74
Loans Receivable and Credit Quality Impaired Loans With and Without Related Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | $ 14,594 | $ 23,260 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 20,815 | 33,390 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 22,323 | 32,521 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 1,540 | 2,754 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 11,436 | 15,912 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 11,865 | 17,112 | |
Impaired Financing Receivable, Related Allowance | 1,135 | 1,629 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 13,276 | 18,546 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 458 | 637 | |
Impaired Financing Receivable, Recorded Investment | [1] | 26,030 | 39,172 |
Impaired Financing Receivable, Unpaid Principal Balance | 32,680 | 50,502 | |
Impaired Financing Receivable, Average Recorded Investment | 35,599 | 51,067 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 1,998 | 3,391 | |
Commercial Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 1,793 | 2,259 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,155 | 2,569 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,288 | 1,638 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 249 | 836 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 15 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 15 | |
Impaired Financing Receivable, Related Allowance | 0 | 270 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 31 | 657 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 1 | 66 | |
Impaired Financing Receivable, Recorded Investment | [1] | 1,793 | 2,274 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,155 | 2,584 | |
Impaired Financing Receivable, Average Recorded Investment | 5,319 | 2,295 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 250 | 902 | |
Commercial Tax Exempt [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | |
Impaired Financing Receivable, Recorded Investment | [1] | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 4,488 | 12,116 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 9,647 | 20,113 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 8,520 | 17,885 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 1,032 | 1,494 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 7,115 | 7,346 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 7,544 | 7,775 | |
Impaired Financing Receivable, Related Allowance | 548 | 713 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 7,230 | 8,749 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 314 | 385 | |
Impaired Financing Receivable, Recorded Investment | [1] | 11,603 | 19,462 |
Impaired Financing Receivable, Unpaid Principal Balance | 17,191 | 27,888 | |
Impaired Financing Receivable, Average Recorded Investment | 15,750 | 26,634 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 1,346 | 1,879 | |
Construction Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 179 | 1,097 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 507 | 2,132 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,069 | 3,027 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 48 | 92 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 2,200 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 2,356 | |
Impaired Financing Receivable, Related Allowance | 0 | 172 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 507 | 2,200 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | |
Impaired Financing Receivable, Recorded Investment | [1] | 179 | 3,297 |
Impaired Financing Receivable, Unpaid Principal Balance | 507 | 4,488 | |
Impaired Financing Receivable, Average Recorded Investment | 1,576 | 5,227 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 48 | 92 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 8,134 | 7,788 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 8,506 | 8,576 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 7,446 | 9,384 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 211 | 269 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 4,284 | 6,351 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 4,284 | 6,966 | |
Impaired Financing Receivable, Related Allowance | 565 | 474 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 5,505 | 6,940 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 143 | 186 | |
Impaired Financing Receivable, Recorded Investment | [1] | 12,418 | 14,139 |
Impaired Financing Receivable, Unpaid Principal Balance | 12,790 | 15,542 | |
Impaired Financing Receivable, Average Recorded Investment | 12,951 | 16,324 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 354 | 455 | |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 42 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 2 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 37 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 37 | 0 | |
Impaired Financing Receivable, Related Allowance | 22 | 0 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 3 | 0 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | |
Impaired Financing Receivable, Recorded Investment | [1] | 37 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 37 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 3 | 42 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 2 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 545 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 61 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | |
Impaired Financing Receivable, Recorded Investment | [1] | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 0 | 545 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 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. |
Loans Receivable and Credit Q75
Loans Receivable and Credit Quality Troubled Debt Restructured Loans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Loans | Dec. 31, 2015USD ($)Loans | ||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Loans | 9 | 11 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 10,369 | $ 6,661 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 10,206 | $ 6,658 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Loans | 1 | 1 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 1,276 | $ 3,701 | |
Commercial Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Loans | 3 | 1 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 7,384 | $ 1,298 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 7,209 | $ 1,304 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Loans | 0 | 0 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | |
Commercial Loan [Member] | Extended Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Loans | 2 | 0 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 7,209 | $ 0 | |
Commercial Loan [Member] | Contractual Interest 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 Loan [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 Loan [Member] | Combination of Concessions [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Loans | [1] | 1 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | [1] | $ 0 | $ 1,304 |
Commercial Tax Exempt [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 Tax Exempt [Member] | Extended Maturity [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 Tax Exempt [Member] | Contractual Interest 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 Tax Exempt [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 Tax Exempt [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 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Loans | 1 | 2 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 1,276 | $ 4,850 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,276 | $ 4,838 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Loans | 1 | 1 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 1,276 | $ 3,701 | |
Commercial Real Estate Portfolio Segment [Member] | Extended Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 1 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 4,118 | |
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest 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 Portfolio Segment [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 Portfolio Segment [Member] | Combination of Concessions [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Loans | [1] | 1 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | [1] | $ 1,276 | $ 720 |
Construction Loans [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 Loans [Member] | Extended Maturity [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 Loans [Member] | Contractual Interest 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 Loans [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 Loans [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 Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Loans | 5 | 8 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 1,709 | $ 513 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,721 | $ 516 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Loans | 0 | 0 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | |
Residential Portfolio Segment [Member] | Extended Maturity [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 Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Loans | 4 | 7 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 519 | $ 491 | |
Residential Portfolio Segment [Member] | Payment Deferral [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Loans | 1 | 1 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,202 | $ 25 | |
Residential Portfolio Segment [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 Line of Credit [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 Line of Credit [Member] | Extended Maturity [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 Line of Credit [Member] | Contractual Interest 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 Line of Credit [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 Line of Credit [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 Portfolio Segment [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 Portfolio Segment [Member] | Extended Maturity [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 Portfolio Segment [Member] | Contractual Interest 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 Portfolio Segment [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 Portfolio Segment [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. |
Loans Receivable and Credit Q76
Loans Receivable and Credit Quality Loans Text Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Deferred Income | $ 5,900 | $ 5,600 | |
Servicing Asset | 58,600 | 79,700 | |
Transfer of Portfolio Loans and Leases to Held-for-sale | 0 | 0 | $ 56,967 |
Gain on sale of loans, net | 667 | 1,207 | 2,158 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | 18,100 | 30,600 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of Portfolio Loans and Leases to Held-for-sale | 57,000 | ||
Performing Financial Instruments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | $ 12,400 | $ 18,600 | |
Commercial Loans Transferred to Held for Sale [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gain on sale of loans, net | $ 1,600 |
Allowance for Loan Losses Allow
Allowance for Loan Losses Allowance Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||||||||||||||||
Loans and Leases Receivable, Allowance, Beginning of Period | $ 78,500 | $ 75,838 | $ 78,500 | $ 75,838 | $ 76,371 | |||||||||||||||
Provision/ (credit) for loan losses | $ (1,128) | [1] | $ (138) | $ (2,535) | (3,133) | [1] | $ (1,655) | [1] | $ 2,600 | $ 0 | (2,500) | [1] | (6,935) | (1,555) | (6,400) | |||||
Loans charged-off | (3,949) | (2,036) | (5,296) | |||||||||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 10,461 | 6,253 | 11,163 | |||||||||||||||||
Loans and Leases Receivable, Allowance, End of Period | 78,077 | 78,500 | 78,077 | 78,500 | 75,838 | |||||||||||||||
Commercial and Industrial Portfolio Segment [Member] | ||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||||||||||||||||
Loans and Leases Receivable, Allowance, Beginning of Period | 15,814 | 14,114 | 15,814 | 14,114 | 12,837 | |||||||||||||||
Provision/ (credit) for loan losses | (3,424) | (518) | (237) | |||||||||||||||||
Loans charged-off | (2,851) | (253) | (717) | |||||||||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 3,212 | 2,471 | 2,231 | |||||||||||||||||
Loans and Leases Receivable, Allowance, End of Period | 12,751 | 15,814 | 12,751 | 15,814 | 14,114 | |||||||||||||||
Commercial Real Estate Portfolio Segment [Member] | ||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||||||||||||||||
Loans and Leases Receivable, Allowance, Beginning of Period | 44,215 | 43,854 | 44,215 | 43,854 | 44,979 | |||||||||||||||
Provision/ (credit) for loan losses | 157 | (721) | (1,940) | |||||||||||||||||
Loans charged-off | 0 | (1,400) | (3,160) | |||||||||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 6,040 | 2,482 | 3,975 | |||||||||||||||||
Loans and Leases Receivable, Allowance, End of Period | 50,412 | 44,215 | 50,412 | 44,215 | 43,854 | |||||||||||||||
Construction Loans [Member] | ||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||||||||||||||||
Loans and Leases Receivable, Allowance, Beginning of Period | 6,322 | 4,041 | 6,322 | 4,041 | 4,465 | |||||||||||||||
Provision/ (credit) for loan losses | (4,000) | 1,123 | (1,905) | |||||||||||||||||
Loans charged-off | (400) | 0 | (1,100) | |||||||||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 1,117 | 1,158 | 2,581 | |||||||||||||||||
Loans and Leases Receivable, Allowance, End of Period | 3,039 | 6,322 | 3,039 | 6,322 | 4,041 | |||||||||||||||
Residential Portfolio Segment [Member] | ||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||||||||||||||||
Loans and Leases Receivable, Allowance, Beginning of Period | 10,544 | 10,374 | 10,544 | 10,374 | 10,732 | |||||||||||||||
Provision/ (credit) for loan losses | 445 | 342 | (2,247) | |||||||||||||||||
Loans charged-off | (605) | (313) | (263) | |||||||||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 65 | 141 | 2,152 | |||||||||||||||||
Loans and Leases Receivable, Allowance, End of Period | 10,449 | 10,544 | 10,449 | 10,544 | 10,374 | |||||||||||||||
Home Equity Line of Credit [Member] | ||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||||||||||||||||
Loans and Leases Receivable, Allowance, Beginning of Period | 1,085 | 1,003 | 1,085 | 1,003 | 1,020 | |||||||||||||||
Provision/ (credit) for loan losses | (50) | 82 | (32) | |||||||||||||||||
Loans charged-off | 0 | 0 | 0 | |||||||||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | 0 | 15 | |||||||||||||||||
Loans and Leases Receivable, Allowance, End of Period | 1,035 | 1,085 | 1,035 | 1,085 | 1,003 | |||||||||||||||
Consumer Portfolio Segment [Member] | ||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||||||||||||||||
Loans and Leases Receivable, Allowance, Beginning of Period | 520 | 382 | 520 | 382 | 322 | |||||||||||||||
Provision/ (credit) for loan losses | (63) | 207 | (93) | |||||||||||||||||
Loans charged-off | (93) | (70) | (56) | |||||||||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 27 | 1 | 209 | |||||||||||||||||
Loans and Leases Receivable, Allowance, End of Period | 391 | 520 | 391 | 520 | 382 | |||||||||||||||
Unallocated Financing Receivables [Member] | ||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||||||||||||||||
Loans and Leases Receivable, Allowance, Beginning of Period | [2] | $ 0 | $ 2,070 | 0 | 2,070 | 2,016 | ||||||||||||||
Provision/ (credit) for loan losses | [2] | 0 | (2,070) | 54 | ||||||||||||||||
Loans and Leases Receivable, Allowance, End of Period | [2] | $ 0 | $ 0 | $ 0 | $ 0 | $ 2,070 | ||||||||||||||
[1] | Due to rounding, the sum of the four quarters may not add to the year to date total. | |||||||||||||||||||
[2] | As of December 31, 2015, the unallocated reserve was allocated to the qualitative factors as part of the general reserves (ASC 450). The allocation had no effect on the 2015 provision/ (credit) for loan losses. |
Allowance for Loan Losses All78
Allowance for Loan Losses Allowance by Impairment Analysis Method (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Individually Evaluated for Impairment | $ 26,030 | $ 39,172 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,135 | 1,629 | ||
Financing Receivable, Collectively Evaluated for Impairment | 6,088,324 | 5,680,040 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 76,942 | 76,871 | ||
Total loans | 6,114,354 | 5,719,212 | ||
Loans and Leases Receivable, Allowance | 78,077 | 78,500 | $ 75,838 | $ 76,371 |
Commercial and Industrial Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Individually Evaluated for Impairment | 1,793 | 2,274 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 270 | ||
Financing Receivable, Collectively Evaluated for Impairment | 1,008,181 | 962,512 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 12,751 | 15,544 | ||
Total loans | 1,009,974 | 964,786 | ||
Loans and Leases Receivable, Allowance | 12,751 | 15,814 | 14,114 | 12,837 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Individually Evaluated for Impairment | 11,603 | 19,462 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 548 | 713 | ||
Financing Receivable, Collectively Evaluated for Impairment | 2,290,641 | 2,041,441 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 49,864 | 43,502 | ||
Total loans | 2,302,244 | 2,060,903 | ||
Loans and Leases Receivable, Allowance | 50,412 | 44,215 | 43,854 | 44,979 |
Construction Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Individually Evaluated for Impairment | 179 | 3,297 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 172 | ||
Financing Receivable, Collectively Evaluated for Impairment | 104,660 | 180,137 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,039 | 6,150 | ||
Total loans | 104,839 | 183,434 | ||
Loans and Leases Receivable, Allowance | 3,039 | 6,322 | 4,041 | 4,465 |
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Individually Evaluated for Impairment | 12,418 | 14,139 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 565 | 474 | ||
Financing Receivable, Collectively Evaluated for Impairment | 2,367,443 | 2,215,401 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 9,884 | 10,070 | ||
Total loans | 2,379,861 | 2,229,540 | ||
Loans and Leases Receivable, Allowance | 10,449 | 10,544 | 10,374 | 10,732 |
Home Equity Line of Credit [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Individually Evaluated for Impairment | 37 | 0 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 22 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 118,780 | 119,828 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,013 | 1,085 | ||
Total loans | 118,817 | 119,828 | ||
Loans and Leases Receivable, Allowance | 1,035 | 1,085 | 1,003 | 1,020 |
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 198,619 | 160,721 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 391 | 520 | ||
Total loans | 198,619 | 160,721 | ||
Loans and Leases Receivable, Allowance | $ 391 | $ 520 | $ 382 | $ 322 |
Allowance for Loan Losses All79
Allowance for Loan Losses Allowance Text (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Allowance | $ 78,077,000 | $ 78,500,000 | $ 75,838,000 | $ 76,371,000 |
Loans and Leases Receivable, Net of Deferred Income | 6,114,354,000 | 5,719,212,000 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 0 | $ 0 |
Premises and Equipment Componen
Premises and Equipment Components of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 102,346 | $ 97,561 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 70,519 | 66,525 |
Premises and equipment, net | 31,827 | 31,036 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 46,031 | 43,433 |
Furniture Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 53,156 | 49,039 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,159 | 4,715 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 0 | $ 374 |
Premises and Equipment Future M
Premises and Equipment Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 18,553 |
Operating Leases, Future Minimum Payments, Due in Two Years | 19,074 |
Operating Leases, Future Minimum Payments, Due in Three Years | 18,102 |
Operating Leases, Future Minimum Payments, Due in Four Years | 17,553 |
Operating Leases, Future Minimum Payments, Due in Five Years | 17,233 |
Operating Leases, Future Minimum Payments, Due Thereafter | 67,697 |
Operating Leases, Future Minimum Payments Due | $ 158,212 |
Premises and Equipment Text Det
Premises and Equipment Text Details - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 6,838 | $ 6,590 | $ 6,468 |
Operating Leases, Rent Expense, Net | $ 19,600 | $ 19,000 | $ 15,700 |
Goodwill and Other Intangible83
Goodwill and Other Intangible Assets Carrying Value of Goodwill Rollforward (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill, Period Increase (Decrease) | $ 0 | ||
Goodwill, Beginning of Year | $ 152,082,000 | ||
Goodwill, Acquired During Period | 0 | 0 | |
Goodwill, Impairment Loss | (9,528,000) | 0 | $ 0 |
Goodwill, End of Year | 142,554,000 | 152,082,000 | |
Private Banking Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning of Year | 0 | ||
Goodwill, Acquired During Period | 0 | ||
Goodwill, Impairment Loss | 0 | ||
Goodwill, End of Year | 0 | 0 | |
Wealth Management and Trust Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning of Year | 44,305,000 | ||
Goodwill, Acquired During Period | 0 | ||
Goodwill, Impairment Loss | (9,528,000) | ||
Goodwill, End of Year | 34,777,000 | 44,305,000 | |
Investment Managers Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning of Year | 66,955,000 | ||
Goodwill, Acquired During Period | 0 | ||
Goodwill, Impairment Loss | 0 | ||
Goodwill, End of Year | 66,955,000 | 66,955,000 | |
Wealth Advisors Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning of Year | 40,822,000 | ||
Goodwill, Acquired During Period | 0 | ||
Goodwill, Impairment Loss | 0 | ||
Goodwill, End of Year | $ 40,822,000 | $ 40,822,000 |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets Goodwill and Accumulated Impairment Charges (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill [Line Items] | ||
Goodwill, Gross | $ 236,624 | $ 236,624 |
Goodwill, Impaired, Accumulated Impairment Loss | (94,070) | (84,542) |
Goodwill | 142,554 | 152,082 |
Private Banking Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 34,281 | 34,281 |
Goodwill, Impaired, Accumulated Impairment Loss | (34,281) | (34,281) |
Goodwill | 0 | 0 |
Wealth Management and Trust Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 44,305 | 44,305 |
Goodwill, Impaired, Accumulated Impairment Loss | (9,528) | 0 |
Goodwill | 34,777 | 44,305 |
Investment Managers Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 117,216 | 117,216 |
Goodwill, Impaired, Accumulated Impairment Loss | (50,261) | (50,261) |
Goodwill | 66,955 | 66,955 |
Wealth Advisors Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 40,822 | 40,822 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 |
Goodwill | $ 40,822 | $ 40,822 |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets Goodwill Text (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | $ 0 | $ 0 | |
Goodwill, Impairment Loss | 9,528 | $ 0 | $ 0 |
Investment Managers Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | 0 | ||
Goodwill, Impairment Loss | $ 0 | ||
Goodwill, Impaired, Method for Fair Value Determination | The estimated fair value of Anchor was $87.0 million as compared to a carrying value of $81.6 million, an excess of $5.4 million, or 6.6%. The estimated fair value was derived from an equal weighting using an income and market approach. In the income approach, a discount rate of 14.0% and long-term growth rate of 3.5% were used in the calculation. The estimated fair value of Anchor declined $5.0 million from the value in the 2015 goodwill impairment testing. | ||
Goodwill, Impaired, Facts and Circumstances Leading to Impairment | The decline in value was due to lower forecasted earnings and market assumptions. | ||
Wealth Management and Trust Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | $ 0 | ||
Goodwill, Impairment Loss | $ 9,528 | ||
Goodwill, Impaired, Method for Fair Value Determination | Boston Private Wealth failed its Step 1 test and the Company performed a Step 2 test to determine the amount of goodwill impairment, if any. The estimated fair value of Boston Private Wealth was $68.0 million as compared to a carrying value of $76.9 million, resulting in a deficit of $8.9 million, or 11.6%. The estimated fair value was derived from an equal weighting using an income and market approach. In the income approach, a discount rate of 16.0% and long-term growth rate of 3.5% were used in the calculation. The estimated fair value of Boston Private Wealth declined $17.0 million from the value in the 2015 goodwill impairment testing. Because the estimated fair value of Boston Private Wealth was lower than its carrying value, the Company was required to perform a Step 2 valuation. The results of the Step 2 valuation indicated an implied fair value of goodwill of $34.8 million as compared to the book value of $44.3 million, or a deficiency of $9.5 million. The resulting deficiency was recorded as a goodwill impairment charge within operating expenses in the fourth quarter of 2016. As a result of the goodwill impairment, the carrying value of goodwill at Boston Private Wealth was reduced to $34.8 million. | ||
Goodwill, Impaired, Facts and Circumstances Leading to Impairment | The decline in value was due to a combination of lower actual and projected earnings, the decline in AUM as of result of unanticipated outflows, and a higher discount rate. |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets Gross and Net Carrying Amounts of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 73,553 | $ 81,680 |
Finite-Lived Intangible Assets, Accumulated Amortization | 46,828 | 48,673 |
Finite-Lived Intangible Assets, Net | 26,725 | 33,007 |
Advisory Contracts [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 71,513 | 75,013 |
Finite-Lived Intangible Assets, Accumulated Amortization | 46,828 | 44,046 |
Finite-Lived Intangible Assets, Net | 24,685 | 30,967 |
Employment Contracts [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 0 | 3,247 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 3,247 |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 2,040 | 2,040 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Finite-Lived Intangible Assets, Net | 2,040 | 2,040 |
Servicing Contracts [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 0 | 1,380 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 1,380 |
Finite-Lived Intangible Assets, Net | $ 0 | $ 0 |
Goodwill and Other Intangible87
Goodwill and Other Intangible Assets Intangible Assets Text (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 0 | $ 0 | |
Amortization of Intangible Assets | $ 6,282 | $ 6,711 | $ 4,836 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years 8 months 2 days |
Goodwill and Other Intangible88
Goodwill and Other Intangible Assets Future Amortization Expense on Intangible Assets (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 5,678 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4,438 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,508 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,248 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 2,385 |
Derivatives and Hedging Activ89
Derivatives and Hedging Activities Derivatives Fair Value and Balance Sheet Classification (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | $ 17,047 | $ 7,960 |
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | (17,606) | (10,002) |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 0 | 0 |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | (1,040) | (1,907) |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 17,032 | 7,960 |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | (16,560) | (8,084) |
Loan Participations and Assignments [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 15 | 0 |
Loan Participations and Assignments [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | $ (6) | $ (11) |
[1] | For additional details, see Part II. Item 8. “Financial Statements and Supplementary Data - Note 21: Fair Value of Financial Instruments.” |
Derivatives and Hedging Activ90
Derivatives and Hedging Activities Effect of Derivative Instruments on Statement of Operations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $ 6,000 | $ 0 | |
Other Comprehensive Income (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | [1] | (799,000) | (2,642,000) |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,672,000) | (4,052,000) | |
Interest Rate Contract [Member] | Other Comprehensive Income (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | [1] | (799,000) | (2,642,000) |
Interest Rate Contract [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (1,672,000) | $ (4,052,000) | |
[1] | There was an additional $6 thousand related to the ineffective portion for the year ended December 31, 2016 and no ineffective portion for the year ended December 31, 2015. |
Derivatives and Hedging Activ91
Derivatives and Hedging Activities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, Collateral, Obligation to Return Cash | $ 3.4 | $ 9.7 |
Derivative, Collateral, Right to Reclaim Securities | $ 1.9 | 9.8 |
Collateral Already Posted, Aggregate Fair Value | $ 2 |
Derivatives and Hedging Activ92
Derivatives and Hedging Activities Cash Flow Hedges Text Description (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)contracts | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | ||
Loss on Cash Flow Hedge Ineffectiveness | $ 0 | $ 0 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 0.9 | |
Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
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. To accomplish this objective, the Bank entered | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 150 | |
Number of Interest Rate Derivatives Held | contracts | 6 | |
Bank $25m LIBOR Swap effective 8/1/13 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 25 | |
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 | |
Derivative, Inception Date | Aug. 1, 2013 | |
Bank $25m LIBOR Swap effective 8/1/13 [Member] | Minimum [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 3 years | |
Derivative, Fixed Interest Rate | 1.17% | |
Bank $25m LIBOR Swap effective 8/1/13 [Member] | Weighted Average [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 1.85% | |
Bank $25m LIBOR Swap effective 8/1/13 [Member] | Maximum [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 6 years | |
Derivative, Fixed Interest Rate | 2.32% | |
Bank $25m LIBOR Swap effective 3/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 25 | |
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 | |
Derivative, Inception Date | Mar. 1, 2014 | |
Bank $25m LIBOR Swap effective 3/1/14 [Member] | Minimum [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 3 years | |
Derivative, Fixed Interest Rate | 1.17% | |
Bank $25m LIBOR Swap effective 3/1/14 [Member] | Weighted Average [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 1.85% | |
Bank $25m LIBOR Swap effective 3/1/14 [Member] | Maximum [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 6 years | |
Derivative, Fixed Interest Rate | 2.32% | |
Bank $25m LIBOR Swap 2013 effective 6/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 25 | |
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 | |
Derivative, Inception Date | Jun. 1, 2014 | |
Bank $25m LIBOR Swap 2013 effective 6/1/14 [Member] | Minimum [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 3 years | |
Derivative, Fixed Interest Rate | 1.17% | |
Bank $25m LIBOR Swap 2013 effective 6/1/14 [Member] | Weighted Average [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 1.85% | |
Bank $25m LIBOR Swap 2013 effective 6/1/14 [Member] | Maximum [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 6 years | |
Derivative, Fixed Interest Rate | 2.32% | |
Bank $25m LIBOR Swap effective 9/2/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 25 | |
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 | |
Derivative, Inception Date | Sep. 2, 2014 | |
Bank $25m LIBOR Swap effective 9/2/14 [Member] | Minimum [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 3 years | |
Derivative, Fixed Interest Rate | 1.17% | |
Bank $25m LIBOR Swap effective 9/2/14 [Member] | Weighted Average [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 1.85% | |
Bank $25m LIBOR Swap effective 9/2/14 [Member] | Maximum [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 6 years | |
Derivative, Fixed Interest Rate | 2.32% | |
Bank $25m LIBOR Swap effective 12/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 25 | |
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 | |
Derivative, Inception Date | Dec. 1, 2014 | |
Bank $25m LIBOR Swap effective 12/1/14 [Member] | Minimum [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 3 years | |
Derivative, Fixed Interest Rate | 1.17% | |
Bank $25m LIBOR Swap effective 12/1/14 [Member] | Weighted Average [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 1.85% | |
Bank $25m LIBOR Swap effective 12/1/14 [Member] | Maximum [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 6 years | |
Derivative, Fixed Interest Rate | 2.32% | |
Bank $25m LIBOR Swap 2014 effective 6/1/14 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 25 | |
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 | |
Derivative, Inception Date | Jun. 1, 2014 | |
Bank $25m LIBOR Swap 2014 effective 6/1/14 [Member] | Minimum [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 3 years | |
Derivative, Fixed Interest Rate | 1.17% | |
Bank $25m LIBOR Swap 2014 effective 6/1/14 [Member] | Weighted Average [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 1.85% | |
Bank $25m LIBOR Swap 2014 effective 6/1/14 [Member] | Maximum [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Private Banking Segment [Member] | ||
Derivative [Line Items] | ||
Derivative, Term of Contract | 6 years | |
Derivative, Fixed Interest Rate | 2.32% |
Derivatives and Hedging Activ93
Derivatives and Hedging Activities Non-designated Hedges Text description (Details) - Not Designated as Hedging Instrument [Member] $ in Millions | Dec. 31, 2016USD ($)contracts | Dec. 31, 2015USD ($)contracts |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | contracts | 136 | 76 |
Derivative, Notional Amount | $ 1,100 | $ 475.3 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | contracts | 1 | 0 |
Derivative, Notional Amount | $ 0.1 | |
Other Liabilities [Member] | Loan Participations and Assignments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 13.3 | $ 8.3 |
Other Assets [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 6.1 | $ 0 |
Derivatives and Hedging Activ94
Derivatives and Hedging Activities Derivatives not designated as hedges, effect on statement of operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement | Other income/(expense) | |
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 | $ 600 | $ 32 |
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 | 596 | (12) |
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 | $ 4 | $ 44 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Deposits by Type [Line Items] | |||
Noninterest-bearing Domestic Deposit, Demand | $ 1,753,648 | $ 1,689,604 | |
Deposits, Negotiable Order of Withdrawal (NOW) | [1] | 578,657 | 588,337 |
Deposits, Savings Deposits | 74,162 | 72,336 | |
Deposits, Money Market Deposits | [1] | 3,102,048 | 3,105,172 |
Time Deposits, Less than $100,000 | [1] | 236,001 | 173,011 |
Time Deposits, $100,000 or More | 340,630 | 411,977 | |
Deposits | $ 6,085,146 | $ 6,040,437 | |
[1] | Includes brokered deposits |
Deposits Schedule of Maturities
Deposits Schedule of Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Time Deposits [Line Items] | ||
Time Deposit Maturities, Less than Three Months | $ 140,304 | $ 192,702 |
Time Deposit Maturities, Three to Six Months | 73,522 | 136,635 |
Time Deposit Maturities, Six to Twelve Months | 213,802 | 111,674 |
Time Deposit Maturities, After One but Within Three Years | 129,591 | 120,939 |
Time Deposit Maturities, After Three but Within Five Years | 19,409 | 22,035 |
Time Deposit Maturities, after Year Five | 3 | 1,003 |
Time Deposits | $ 576,631 | $ 584,988 |
Deposits Deposits Text Details
Deposits Deposits Text Details (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deposits Text Disclosures [Abstract] | |||
Interest Expense, Time Deposits, $100,000 or More | $ 2 | $ 2.3 | $ 2.3 |
Deposit Liabilities Reclassified as Loans Receivable | $ 0.2 | $ 0.3 |
Federal Funds Purchased and S98
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | |||
Federal Funds Purchased | $ 80,000 | $ 0 | $ 0 |
Securities Sold under Agreements to Repurchase | 59,624 | 58,215 | 30,496 |
Available-for-sale Securities Pledged as Collateral | 182,700 | 187,400 | |
Federal Funds Lines of Credit, Amount of Available Unused Funds | 485,000 | 565,000 | |
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Debt, Maximum Month-end Outstanding Amount | 180,000 | 102,000 | 75,000 |
Short-term Debt, Average Outstanding Amount | $ 29,542 | $ 10,008 | $ 1,671 |
Short-term Debt, Weighted Average Interest Rate | 0.75% | 0.00% | 0.00% |
Debt Instrument, Interest Rate During Period | 0.54% | 0.31% | 0.33% |
Securities Sold under Agreements to Repurchase [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Debt, Maximum Month-end Outstanding Amount | $ 77,466 | $ 75,313 | $ 154,448 |
Short-term Debt, Average Outstanding Amount | $ 66,282 | $ 64,320 | $ 108,191 |
Short-term Debt, Weighted Average Interest Rate | 0.05% | 0.05% | 0.05% |
Debt Instrument, Interest Rate During Period | 0.05% | 0.05% | 0.05% |
Federal Home Loan Bank Borrow99
Federal Home Loan Bank Borrowings (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Twelve Months | $ 490,271 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due within One Year of Balance Sheet Date | 0.94% |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Two | $ 129,850 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, One to Two Years from Balance Sheet Date | 1.48% |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Three | $ 39,893 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Two to Three Years from Balance Sheet Date | 1.37% |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Four | $ 54,365 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Three to Four Years from Balance Sheet Date | 2.89% |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Five | $ 10,187 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Four to Five Years from Balance Sheet Date | 2.26% |
Federal Home Loan Bank, Advances, Maturities Summary, Due after Year Five | $ 9,639 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, after Five Years from Balance Sheet Date | 2.56% |
Federal Home Loan Bank, Advances | $ 734,205 |
Weighted Average [Member] | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate | 1.24% |
Federal Home Loan Bank Borro100
Federal Home Loan Bank Borrowings FHLB Text (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Description of Collateral Pledged | Borrowings from the FHLB are secured by the Bank’s stock investment in the FHLB and a blanket lien on “qualified collateral” defined principally as a percentage of the principal balance of certain types of mortgage loans. The stock investment cannot be used for additional borrowing collateral. The percentage of collateral valuation from the FHLB varies between 50% and 80% based on the underlying collateral. | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 2,300,000 | $ 2,200,000 |
Federal Home Loan Bank borrowings | 734,205 | 461,324 |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 900,000 | 1,200,000 |
FHLB Borrowings Callable Before Maturity | 5,000 | 11,000 |
Stock in Federal Home Loan Banks | $ 44,077 | 35,181 |
Federal Home Loan Bank of Boston [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Stock in Federal Home Loan Banks | $ 34,200 | |
Minimum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock Ownership as a Percent of Outstanding Advances | 3.00% | |
Maximum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock Ownership as a Percent of Outstanding Advances | 4.50% |
Junior Subordinated Debentur101
Junior Subordinated Debentures (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $ 106,363 | $ 106,363 |
Junior subordinated debentures, Maturities, Repayments of Principal after Year Five | 106,363 | 106,363 |
Boston Private Capital Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 103,093 | 103,093 |
Boston Private Capital Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $ 3,270 | $ 3,270 |
Junior Subordinated Debentur102
Junior Subordinated Debentures Boston Private Capital Trust II Terms (Details) - Boston Private Capital Trust II [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 100 | |
Debt Instrument, Frequency of Periodic Payment | quarterly | |
Debt Instrument, Description of Variable Rate Basis | three-month LIBOR plus | |
Debt Instrument, Basis Spread on Variable Rate | 1.68% | |
Debt Instrument, Interest Rate Terms | provided, however, that the interest rate does not exceed the highest rate permitted by New York law, and may be modified by the U.S. law of general application | |
Debt Instrument, Interest Rate at Period End | 2.68% | |
Assets Held-in-trust | $ 3.1 | $ 3.1 |
Debt Instrument, Maturity Date | Dec. 30, 2035 | |
Debt Instrument, Call Feature | became redeemable after December 30, 2010 | |
Debt Instrument, Covenant Compliance | At December 31, 2016, the Company was in compliance with the above covenants. | At December 31, 2015, the Company was in compliance with the above covenants. |
Junior Subordinated Debentur103
Junior Subordinated Debentures Boston Private Capital Trust I Terms (Details) - Boston Private Capital Trust I [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 105 | |
Junior Subordinated Debt, Liquidation Price per Share | $ 50 | |
Debt Instrument, Frequency of Periodic Payment | quarterly | |
Debt Instrument, Interest Rate Terms | fixed | |
Debt Instrument, Interest Rate at Period End | 4.875% | |
Debt Instrument, Maturity Date | Oct. 1, 2034 | |
Assets Held-in-trust | $ 3.2 | $ 3.2 |
Noncontrolling Interests Compon
Noncontrolling Interests Components of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interests | $ 16,972 | $ 18,088 | |
Stockholders' Equity Attributable to Noncontrolling Interest | 21,133 | 21,481 | |
Nonredeemable Noncontrolling Interest | 4,161 | 3,393 | |
Anchor [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable and Nonredeemable Noncontrolling Interest | 10,934 | 11,907 | |
Nonredeemable Noncontrolling Interest | 2,000 | 1,300 | |
BOS [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable and Nonredeemable Noncontrolling Interest | 6,782 | 6,744 | |
Nonredeemable Noncontrolling Interest | 2,200 | 2,100 | |
DGHM [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interests | [1] | $ 3,417 | $ 2,830 |
[1] | Only includes redeemable noncontrolling interests. |
Noncontrolling Interests Redeem
Noncontrolling Interests Redeemable Noncontrolling Interests Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||||
Redeemable Noncontrolling Interests, Equity, Carrying Amount, Beginning of Period | $ 18,088 | $ 18,088 | |||||||||||||||||
Nonredeemable Noncontrolling Interest, Beginning of Period | 3,393 | 3,393 | |||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 1,147 | [1] | $ 1,110 | $ 989 | 911 | [1] | $ 921 | [1] | $ 994 | $ 1,263 | $ 1,229 | [1] | 4,157 | $ 4,407 | $ 4,750 | ||||
Redeemable Noncontrolling Interests, Equity, Carrying Amount, End of Period | 16,972 | 18,088 | 16,972 | 18,088 | |||||||||||||||
Nonredeemable Noncontrolling Interest, End of Period | 4,161 | 3,393 | 4,161 | 3,393 | |||||||||||||||
Anchor [Member] | |||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||||
Nonredeemable Noncontrolling Interest, Beginning of Period | 1,300 | 1,300 | |||||||||||||||||
Nonredeemable Noncontrolling Interest, End of Period | 2,000 | 1,300 | 2,000 | 1,300 | |||||||||||||||
Redeemable Noncontrolling Interest [Member] | |||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||||
Redeemable Noncontrolling Interests, Equity, Carrying Amount, Beginning of Period | 18,088 | 20,905 | 18,088 | 20,905 | 19,468 | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 3,204 | 3,575 | 4,564 | ||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (3,112) | (4,189) | (4,426) | ||||||||||||||||
Redeemable Noncontrolling Interest Increase, Purchase or Sale of Additional Ownership Interest | (765) | (1,666) | (1,879) | ||||||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 0 | (1,652) | 0 | ||||||||||||||||
Amortization of Noncontrolling Interest Equity Compensation | 449 | 0 | 0 | ||||||||||||||||
Noncontrolling Interest, Period Increase (Decrease) | (892) | 1,115 | 3,178 | ||||||||||||||||
Redeemable Noncontrolling Interests, Equity, Carrying Amount, End of Period | 16,972 | 18,088 | 16,972 | 18,088 | 20,905 | ||||||||||||||
Noncontrolling Interest [Member] | |||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||||
Nonredeemable Noncontrolling Interest, Beginning of Period | $ 3,393 | $ 386 | 3,393 | 386 | 171 | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 953 | 832 | 186 | ||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (942) | (422) | (177) | ||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (134) | 419 | 74 | ||||||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 0 | 1,652 | 0 | ||||||||||||||||
Amortization of Noncontrolling Interest Equity Compensation | 747 | 472 | 96 | ||||||||||||||||
Noncontrolling Interest, Period Increase (Decrease) | 144 | 54 | 36 | ||||||||||||||||
Nonredeemable Noncontrolling Interest, End of Period | $ 4,161 | $ 3,393 | $ 4,161 | $ 3,393 | $ 386 | ||||||||||||||
[1] | Due to rounding, the sum of the four quarters may not add to the year to date total. |
Noncontrolling Interests Text D
Noncontrolling Interests Text Details (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 1,147 | [1] | $ 1,110 | $ 989 | $ 911 | $ 921 | [1] | $ 994 | $ 1,263 | $ 1,229 | $ 4,157 | $ 4,407 | $ 4,750 | |||||||
Redeemable noncontrolling interests | 16,972 | 18,088 | 16,972 | 18,088 | ||||||||||||||||
Nonredeemable Noncontrolling Interest | 4,161 | 3,393 | 4,161 | 3,393 | ||||||||||||||||
Anchor [Member] | ||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||
Nonredeemable Noncontrolling Interest | 2,000 | 1,300 | 2,000 | 1,300 | ||||||||||||||||
Redeemable and Nonredeemable Noncontrolling Interest | 10,934 | 11,907 | 10,934 | 11,907 | ||||||||||||||||
BOS [Member] | ||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||
Nonredeemable Noncontrolling Interest | 2,200 | 2,100 | 2,200 | 2,100 | ||||||||||||||||
Redeemable and Nonredeemable Noncontrolling Interest | 6,782 | 6,744 | 6,782 | 6,744 | ||||||||||||||||
DGHM [Member] | ||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||
Redeemable noncontrolling interests | [2] | $ 3,417 | $ 2,830 | $ 3,417 | $ 2,830 | |||||||||||||||
[1] | Due to rounding, the sum of the four quarters may not add to the year to date total. | |||||||||||||||||||
[2] | Only includes redeemable noncontrolling interests. |
Equity Preferred Stock (Details
Equity Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||
Depositary Shares, Issued | 2,000,000 | 2,000,000 |
Preferred Stock, Par Value Per Share | $ 1 | $ 1 |
Preferred Stock, Value, Issued | $ 47,753 | $ 47,753 |
Series D Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Contract Terms | Each Depositary Share represents a 1/40th interest in a share | |
Preferred Stock, Dividend Rate, Percentage | 6.95% | |
Preferred Stock, Par Value Per Share | $ 1 | |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Preferred Stock, Value, Issued | $ 47,753 | $ 47,800 |
Equity Common Stock (Details)
Equity Common Stock (Details) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||
Common Stock, Shares Authorized | 170,000,000 | 170,000,000 |
Common Stock, Shares, Issued | 83,731,769 | 83,410,961 |
Common Stock, Capital Shares Reserved for Future Issuance | 86,268,231 | 86,589,039 |
Equity Warrants to Purchase Com
Equity Warrants to Purchase Common Stock (Details) | 12 Months Ended | |
Dec. 31, 2016$ / sharesshares | [1] | |
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Outstanding | 2,068,161 | |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1.11 | [2] |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 7.206 | [2] |
Class of Warrant or Right, Date from which Warrants or Rights Exercisable | Nov. 21, 2008 | |
Class of Warrant or Right, Date until which Warrants or Rights Exercisable | Nov. 21, 2018 | |
[1] | The TARP warrants, while initially issued to the Treasury, were purchased from the Treasury by unrelated third parties at a market rate. | |
[2] | Per the terms of the TARP warrant agreement, the exercise price and number of shares issuable upon exercise may be adjusted ratably for dividends paid on the Company’s common stock that exceed the dividend rate at the time the warrants were issued, at which time the Company paid quarterly dividends of $0.01 per share. The current warrant share number and current exercise price of the warrant reflect the warrant as adjusted for common stock dividends through February 3, 2017, the latest dividend record date prior to the filing of this Annual Report. |
Equity Other Comprehensive Inco
Equity Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2016 | [2] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [2] | Mar. 31, 2016 | [2] | Dec. 31, 2015 | [2] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [2] | Mar. 31, 2015 | [2] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Components of Other Comprehensive Income [Line Items] | |||||||||||||||||||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | $ (18,913) | $ (2,494) | $ 6,231 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | (7,555) | (1,145) | 2,495 | ||||||||||||||||||||
Unrealized gain/ (loss) on securities available-for-sale | (11,358) | (1,349) | 3,736 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, before Tax | 521 | 236 | (7) | ||||||||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | 190 | 97 | (3) | ||||||||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | (331) | (139) | 4 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | (19,434) | (2,730) | 6,238 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | (7,745) | (1,242) | 2,498 | ||||||||||||||||||||
Net unrealized gain/ (loss) on securities available-for-sale | (11,689) | (1,488) | 3,740 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (793) | (2,642) | (3,425) | ||||||||||||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (332) | (1,088) | (1,416) | ||||||||||||||||||||
Unrealized gain/ (loss) on cash flow hedges | (461) | (1,554) | (2,009) | ||||||||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 1,666 | 4,052 | 3,198 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 687 | 1,698 | 1,349 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 979 | 2,354 | 1,849 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 873 | 1,410 | (227) | ||||||||||||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 355 | 610 | (67) | ||||||||||||||||||||
Net unrealized gain/ (loss) on cash flow hedges | 518 | 800 | (160) | ||||||||||||||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent | 200 | (193) | (135) | ||||||||||||||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | 77 | (78) | (55) | ||||||||||||||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 123 | (115) | (80) | ||||||||||||||||||||
Other Comprehensive Income (Loss), before Tax | (18,361) | (1,513) | 5,876 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (7,313) | (710) | 2,376 | ||||||||||||||||||||
Other comprehensive income/ (loss), net of tax | (11,048) | (803) | 3,500 | ||||||||||||||||||||
Net Income Attributable to the Parent Before Tax | [1] | 102,591 | 95,317 | 101,180 | |||||||||||||||||||
Income tax expense/(benefit) | $ 7,247 | $ 8,652 | $ 7,626 | $ 7,438 | $ 5,638 | $ 8,182 | $ 8,000 | $ 8,572 | 30,963 | [3] | 30,392 | [3] | 32,365 | [3] | |||||||||
Net income attributable to the Company | $ 17,552 | $ 19,636 | $ 16,398 | $ 18,041 | $ 15,002 | $ 13,530 | $ 17,610 | $ 18,783 | 71,628 | 64,925 | 68,815 | ||||||||||||
Comprehensive Income (Loss), Before Tax, Attributable to Parent | 84,230 | 93,804 | 107,056 | ||||||||||||||||||||
Comprehensive Income (Loss), Tax, Attributable to Parent | 23,650 | 29,682 | 34,741 | ||||||||||||||||||||
Total comprehensive income attributable to the Company, net | $ 60,580 | $ 64,122 | $ 72,315 | ||||||||||||||||||||
[1] | Pre-tax net income attributable to the Company is calculated as income before income taxes, plus net income from discontinued operations, less net income attributable to noncontrolling interests. | ||||||||||||||||||||||
[2] | Due to rounding, the sum of the four quarters may not add to the year to date total. | ||||||||||||||||||||||
[3] | The Company’s effective tax rate for 2016, 2015, and 2014 is not consistent due to earnings from tax-exempt investments, non-deductible compensation, state and local taxes, income tax credits and income attributable to noncontrolling interests having a different impact on the effective tax rate due primarily to the different levels of income before taxes in years 2016, 2015, and 2014. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 17: Income Taxes” for additional details. |
Equity Change in OCI Recognized
Equity Change in OCI Recognized in Statement of Operations, Line Item (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Gain on sale of investments, net | $ 521 | $ 236 | $ (7) | |||||||||||||||||||
Interest Expense, Junior Subordinated Debentures | 2,427 | 3,875 | 3,872 | |||||||||||||||||||
Interest Expense, Deposits | 16,571 | 16,002 | 14,102 | |||||||||||||||||||
Income tax expense/(benefit) | $ 7,247 | $ 8,652 | $ 7,626 | $ 7,438 | $ 5,638 | $ 8,182 | $ 8,000 | $ 8,572 | 30,963 | [2] | 30,392 | [2] | 32,365 | [2] | ||||||||
Net income attributable to the Company | $ 17,552 | $ 19,636 | $ 16,398 | $ 18,041 | $ 15,002 | $ 13,530 | $ 17,610 | $ 18,783 | 71,628 | 64,925 | 68,815 | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (979) | (2,354) | (1,849) | |||||||||||||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Gain on sale of investments, net | 521 | 236 | (7) | |||||||||||||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Income tax expense/(benefit) | 190 | 97 | (3) | |||||||||||||||||||
Net income attributable to the Company | 331 | 139 | (4) | |||||||||||||||||||
Hedges related to junior subordinated debt [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Interest Expense, Junior Subordinated Debentures | 0 | 1,879 | 1,926 | |||||||||||||||||||
Income tax expense/(benefit) | 0 | 804 | 824 | |||||||||||||||||||
Net income attributable to the Company | 0 | (1,075) | (1,102) | |||||||||||||||||||
Hedges related to deposits [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||
Interest Expense, Deposits | 1,666 | 2,173 | 1,272 | |||||||||||||||||||
Income tax expense/(benefit) | 687 | 894 | 525 | |||||||||||||||||||
Net income attributable to the Company | $ (979) | $ (1,279) | $ (747) | |||||||||||||||||||
[1] | Due to rounding, the sum of the four quarters may not add to the year to date total. | |||||||||||||||||||||
[2] | The Company’s effective tax rate for 2016, 2015, and 2014 is not consistent due to earnings from tax-exempt investments, non-deductible compensation, state and local taxes, income tax credits and income attributable to noncontrolling interests having a different impact on the effective tax rate due primarily to the different levels of income before taxes in years 2016, 2015, and 2014. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 17: Income Taxes” for additional details. |
Equity Accumulated Other Compre
Equity Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Accumulated Other Comprehensive Income [Line Items] [Abstract] | |||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $ (11,194) | $ 495 | $ 1,983 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (605) | (1,123) | (1,923) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (749) | (872) | (757) |
Accumulated other comprehensive income/ (loss) | $ (12,548) | $ (1,500) | $ (697) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||
Income from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 70,244 | $ 62,921 | $ 67,405 | ||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 1,147 | $ 1,110 | $ 989 | $ 911 | $ 921 | $ 994 | $ 1,263 | $ 1,229 | 4,157 | 4,407 | 4,750 | ||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 66,087 | 58,514 | 62,655 | ||||||||||||||||||||
Noncontrolling Interest, Change in Redemption Value | [2] | (588) | 464 | (525) | |||||||||||||||||||
Preferred Stock Dividends and Other Adjustments | (3,475) | (3,475) | (3,475) | ||||||||||||||||||||
Other Preferred Stock Dividends and Adjustments | (4,063) | (3,011) | (4,000) | ||||||||||||||||||||
Net Income (Loss) from Continuing Ops Available to Common Stockholders, Basic | [3] | 62,024 | 55,503 | 58,655 | |||||||||||||||||||
Net income from discontinued operations | $ 1,184 | $ 1,047 | $ 1,245 | $ 2,065 | $ 1,455 | $ 1,316 | $ 1,546 | $ 2,094 | 5,541 | [3] | 6,411 | [3] | 6,160 | [3] | |||||||||
Net income attributable to common shareholders for basic earnings per share calculation | [3] | $ 67,565 | $ 61,914 | $ 64,815 | |||||||||||||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.76 | $ 0.69 | $ 0.74 | ||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | 0.07 | 0.08 | 0.08 | ||||||||||||||||||||
Earnings (Loss) Per Share, Basic | $ 0.19 | [4] | $ 0.23 | [4] | $ 0.19 | [4] | $ 0.22 | [4] | $ 0.17 | [4] | $ 0.17 | [4] | $ 0.21 | [4] | $ 0.22 | [4] | $ 0.83 | $ 0.77 | $ 0.82 | ||||
Net Income (Loss) from Continuing Operations Available to Common Stockholders, Diluted | [3] | $ 62,024 | $ 55,503 | $ 58,655 | |||||||||||||||||||
Net income attributable to common shareholders for basic earnings per share calculation | $ 67,565 | $ 61,914 | $ 64,815 | ||||||||||||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.74 | $ 0.66 | $ 0.72 | ||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | 0.07 | 0.08 | 0.08 | ||||||||||||||||||||
Earnings/ (Loss) Per Share, Diluted | $ 0.19 | [4] | $ 0.22 | [4] | $ 0.18 | [4] | $ 0.21 | [4] | $ 0.17 | [4] | $ 0.16 | [4] | $ 0.20 | [4] | $ 0.21 | [4] | 0.81 | 0.74 | 0.80 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.40 | $ 0.36 | $ 0.32 | ||||||||||||||||||||
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | $ 4 | $ 90 | $ 228 | ||||||||||||||||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 8 | 92 | 335 | ||||||||||||||||||||
NI To Common SH Difference Between Two Class And Treasury Method | $ 12 | $ 182 | $ 563 | ||||||||||||||||||||
Earnings Per Share, Basic, Undistributed | $ 0.01 | $ 0.01 | |||||||||||||||||||||
WtdAvg Shares OS Recon Between Two Class and Treasury Method | 7,185 | 167,937 | 428,913 | ||||||||||||||||||||
Earnings Per Share, Diluted, Undistributed | $ 0.01 | ||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,000 | 1,000 | 1,000 | ||||||||||||||||||||
Shares Excluded Due to Exercise Price Exceeding Average Price During Period | 270,000 | 548,000 | 829,000 | ||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 81,264,273 | 80,885,253 | 78,921,480 | ||||||||||||||||||||
Incremental Common Shares Attributable to Share-based Payment Arrangements | [3],[5] | 1,002,153 | 1,301,448 | 1,188,051 | |||||||||||||||||||
Incremental Common Shares Attributable to Call Options and Warrants | [5] | 942,700 | 1,206,389 | 1,198,613 | |||||||||||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,944,853 | 2,507,837 | 2,386,664 | ||||||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | [3],[5] | 83,209,126 | 83,393,090 | 81,308,144 | |||||||||||||||||||
Convertible Debt Securities [Member] | |||||||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | [6] | 1,000 | 1,000 | 1,000 | |||||||||||||||||||
Stock Compensation Plan [Member] | |||||||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||
Shares Excluded Due to Exercise Price Exceeding Average Price During Period | [7] | 270,000 | 548,000 | 829,000 | |||||||||||||||||||
[1] | Due to rounding, the sum of the four quarters may not add to the year to date total. | ||||||||||||||||||||||
[2] | See Part II. Item 8. “Financial Statements and Supplementary Data - Note 14: Noncontrolling Interests” for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption values 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. | ||||||||||||||||||||||
[3] | 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 year ended December 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, for the year ended December 31, 2016. The allocation of net income to participating securities would have been $8 thousand for the year ended December 31, 2016, reducing net income attributable to common shareholders by a total of $12 thousand for the same period. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 7,185 shares for the year ended December 31, 2016. 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 year ended December 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $90 thousand for the year ended December 31, 2015, and the allocation of net income to participating securities would have been $92 thousand for the same period, reducing net income attributable to common shareholders by a total of $182 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2015. Weighted average diluted shares outstanding would have been reduced by 167,937 shares for the same period. 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 year ended December 31, 2014. Net income attributable to common shareholders would have been reduced by an additional$228 thousand for the year ended December 31, 2014, and the allocation of net income to participating securities would have been $335 thousand for the same period, reducing net income attributable to common shareholders by a total of $563 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2014. Weighted average diluted shares outstanding would have been reduced by 428,913 shares for the same period. Total diluted EPS and diluted EPS from discontinued operations would each decrease by $0.01 per share. | ||||||||||||||||||||||
[4] | Includes the effect of adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders. | ||||||||||||||||||||||
[5] | The diluted EPS computations for the years ended December 31, 2016, 2015, and 2014 do not assume the conversion, exercise or contingent issuance of the following shares for the following periods because the result would have been antidilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: For the year ended December 31, 2016 2015 2014Shares excluded due to anti-dilution (treasury method):(In thousands)Potential common shares from: Convertible trust preferred securities (a)1 1 1Total shares excluded due to anti-dilution1 1 1 For the year ended December 31, 2016 2015 2014Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding):(In thousands)Potential common shares from: Options, restricted stock, or other dilutive securities (b)270 548 829Total shares excluded due to exercise price exceeding the average market price of common shares during the period270 548 829(a) If the effect of the conversion of the trust preferred securities would have been dilutive, an immaterial amount of interest expense, net of tax, related to the convertible trust preferred securities would have been added back to net income attributable to common shareholders for the diluted EPS computation for the years presented.(b)Options to purchase shares of common stock, non-participating performance- and certain time-based restricted stock, and other dilutive securities that were outstanding at period ends were not included in the computation of diluted EPS or in the above anti-dilution table because their exercise or conversion prices were greater than the average market price of the common shares during the respective periods. | ||||||||||||||||||||||
[6] | If the effect of the conversion of the trust preferred securities would have been dilutive, an immaterial amount of interest expense, net of tax, related to the convertible trust preferred securities would have been added back to net income attributable to common shareholders for the diluted EPS computation for the years presented. | ||||||||||||||||||||||
[7] | Options to purchase shares of common stock, non-participating performance- and certain time-based restricted stock, and other dilutive securities that were outstanding at period ends were not included in the computation of diluted EPS or in the above anti-dilution table because their exercise or conversion prices were greater than the average market price of the common shares during the respective periods. |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Income Tax Expense Components [Line Items] | ||||||||||||||||||||||
Deferred Income Tax Expense (Benefit) Continuing and Discontinued Operations | $ 2,777 | $ (4,575) | $ 5,058 | |||||||||||||||||||
Income Tax Expense (Benefit) | $ 7,247 | $ 8,652 | $ 7,626 | $ 7,438 | $ 5,638 | $ 8,182 | $ 8,000 | $ 8,572 | 30,963 | [2] | 30,392 | [2] | 32,365 | [2] | ||||||||
Income Tax Expense Components, Continuing Operations [Member] | ||||||||||||||||||||||
Income Tax Expense Components [Line Items] | ||||||||||||||||||||||
Current Federal Tax Expense (Benefit) | 20,237 | 25,631 | 20,557 | |||||||||||||||||||
Current State and Local Tax Expense (Benefit) | 7,778 | 9,183 | 7,254 | |||||||||||||||||||
Current Income Tax Expense (Benefit) | 28,015 | 34,814 | 27,811 | |||||||||||||||||||
Deferred Federal Income Tax Expense (Benefit) | 1,976 | (3,185) | 3,895 | |||||||||||||||||||
Deferred State and Local Income Tax Expense (Benefit) | 972 | (1,237) | 659 | |||||||||||||||||||
Deferred Income Tax Expense (Benefit) Continuing and Discontinued Operations | 2,948 | (4,422) | 4,554 | |||||||||||||||||||
Income Tax Expense (Benefit) | $ 30,963 | $ 30,392 | $ 32,365 | |||||||||||||||||||
[1] | Due to rounding, the sum of the four quarters may not add to the year to date total. | |||||||||||||||||||||
[2] | The Company’s effective tax rate for 2016, 2015, and 2014 is not consistent due to earnings from tax-exempt investments, non-deductible compensation, state and local taxes, income tax credits and income attributable to noncontrolling interests having a different impact on the effective tax rate due primarily to the different levels of income before taxes in years 2016, 2015, and 2014. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 17: Income Taxes” for additional details. |
Income Taxes Income Tax Rate Re
Income Taxes Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense Components [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Tax Exempt Income | (7.50%) | (7.10%) | (5.60%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5.60% | 5.50% | 5.20% |
Effective Income Tax Rate Reconciliation, Tax Credits | (2.20%) | (1.90%) | (1.70%) |
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Expense) | (1.40%) | (1.60%) | (1.70%) |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 0.00% | 1.30% | 0.00% |
Effective Income Tax Rate Reconciliation, Other Adjustments | 1.10% | 1.40% | 1.20% |
Effective Income Tax Rate, Continuing Operations | 30.60% | 32.60% | 32.40% |
Income Taxes Components of Defe
Income Taxes Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Provision for Loan Losses | $ 35,471 | $ 37,401 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Loss Reserves | 74 | 912 |
Deferred Tax Assets, Tax Deferred Expense, Interest on Non Accrual Loans | 548 | 833 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 6,079 | 7,391 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 19,801 | 19,370 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 0 | 60 |
Deferred Tax Assets, Capital Loss Carryforwards | 0 | 458 |
Deferred Tax Assets, Investments | 185 | 274 |
Deferred Tax Assets, Deferred Income | 1,868 | 1,978 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 8,264 | 748 |
Deferred Tax Assets, Other | 720 | 756 |
Deferred Tax Assets, Gross | 73,010 | 70,181 |
Deferred Tax Assets, Valuation Allowance | 0 | 458 |
Deferred Tax Assets, Net of Valuation Allowance | 73,010 | 69,723 |
Deferred Tax Liabilities, Tax Deferred Income | 2,692 | 4,035 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 12,929 | 11,894 |
Deferred Tax Liabilities, Property, Plant and Equipment | 67 | 62 |
Deferred Tax Liabilities, Prepaid Expenses | 611 | 580 |
Deferred Tax Liabilities, Other | 1,251 | 1,453 |
Deferred Tax Liabilities, Gross | 17,550 | 18,024 |
Deferred Tax Assets, Net | $ 55,460 | $ 51,699 |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, beginning of year | $ 1,022 | $ 1,067 | $ 549 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 160 | 163 | 245 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 0 | 0 | 366 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 0 | 0 | 0 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 | 0 | 0 |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | (208) | (208) | (93) |
Unrecognized Tax Benefits, end of year | $ 974 | $ 1,022 | $ 1,067 |
Income Taxes Text Details Incom
Income Taxes Text Details Income Tax Components (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense Components [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ 1.2 | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5.60% | 5.50% | 5.20% |
State and Local Jurisdiction [Member] | |||
Income Tax Expense Components [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ 0.2 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0.5 | $ 0.5 | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 7.10% | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 6.50% |
Income Taxes Text Details (Deta
Income Taxes Text Details (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax Credit Carryforward [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Increase (Decrease) in Deferred Income Taxes | $ 3,800 | ||
Deferred Income Tax Expense (Benefit) | 2,777 | $ (4,575) | $ 5,058 |
Deferred Tax Assets, Valuation Allowance | 0 | 458 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 800 | 800 | 800 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | 0 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 0 | 0 |
Capital Loss Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Tax Credit Carryforwards | 500 | ||
Tax Credit Carryforward, Amount | 1,200 | ||
Deferred Tax Assets, Valuation Allowance | 500 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 500 | ||
Income Tax Expense Components, Continuing Operations [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Income Tax Expense (Benefit) | 2,948 | $ (4,422) | $ 4,554 |
Discontinued Operations [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Income Tax Expense (Benefit) | 100 | ||
Shareholders' Equity [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Increase (Decrease) in Deferred Income Taxes | $ 6,600 |
Employee Benefits 401(k) Plan (
Employee Benefits 401(k) Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
EMPLOYEE BENEFITS [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $ 3 | $ 2.8 | $ 2.4 |
Employee Benefits Salary Contin
Employee Benefits Salary Continuation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
San Francisco Salary Continuation Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Postemployment Benefits, Period Expense | $ 0.1 | $ 0.1 | $ 0.1 |
Postemployment Benefits Liability | 1.1 | 1.3 | |
Cash Surrender Value of Life Insurance | 6.3 | 6.2 | |
Southern California Salary Continuation Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Postemployment Benefits, Period Expense | 0.1 | 0.1 | $ 0.2 |
Postemployment Benefits Liability | 1.9 | 2 | |
Cash Surrender Value of Life Insurance | $ 4.8 | $ 4.7 |
Employee Benefits Deferred Comp
Employee Benefits Deferred Compensation Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Liability, Current and Noncurrent | $ 6.1 | $ 5.6 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | 0.6 | (0.1) | $ 0.6 |
Deferred Compensation Plan Assets | 6.1 | 5.6 | |
Deferred Compensation Plan Assets, Income | $ 0.6 | $ (0.1) | $ 0.6 |
Employee Benefits Stock Based I
Employee Benefits Stock Based Incentive Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock or Unit Option Plan Expense | $ 437 | $ 518 | $ 653 |
Restricted Stock or Unit Expense | 6,293 | 5,723 | 5,339 |
Allocated Share-based Compensation Expense | 6,730 | 6,241 | 5,992 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 2,574 | 2,367 | 2,311 |
Allocated Share-based Compensation Expense, Net of Tax | $ 4,156 | $ 3,874 | $ 3,681 |
2009 Stock Option and Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,700,968 | ||
2010 Inducement Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,245,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The terms of the Inducement Plan are substantially similar to the terms of the 2009 Plan. | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 37,177 | 22,936 | 637,804 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 148,854 | ||
Employee Stock Purchase Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Under the ESPP, eligible employees may purchase common stock of the Company at 85 percent of the lower of the closing price of the Company’s common stock on the first or last day of a six month purchase period on The NASDAQ® Global Select Market. Employees pay for their stock purchases through payroll deductions at a rate equal to any whole percentage from 1 percent to 15 percent of after-tax earnings. | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 165,919 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 777,726 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
Stock Options [Member] | 2009 Stock Option and Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Generally, options expire ten years from the date granted and vest over a three-year graded vesting period for officers and employees and a one-year or less period for non-employee directors. | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,993,628 | 2,236,383 | |
Restricted Stock [Member] | 2009 Stock Option and Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Stock grants generally vest over a three-year cliff vesting period | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 831,726 | ||
Potential performance shares, incremental expense | $ 8,100 | ||
Potential Incremental Performance Shares Outstanding | 665,381 | ||
Maximum [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,497,107 |
Employee Benefits Stock Options
Employee Benefits Stock Options Shares Rollforward (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 3 months 5 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 4,117,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 3 months 5 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 4,117,000 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Beginning of Period | 1,222,951 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 244,567 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 73,062 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 248,922 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number End of Period | 656,400 | 1,222,951 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Beginning of Period | $ 16.27 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 7.60 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | 29.49 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | 29.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price End of Period | $ 13.11 | $ 16.27 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 656,400 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 13.11 | ||
2009 Stock Option and Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 1,500,000 | $ 700,000 | $ 1,100,000 |
2009 Stock Option and Incentive Plan [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $ 0 |
Employee Benefits Restricted St
Employee Benefits Restricted Stock Share Rollforward (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 10 months 20 days | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Beginning of Period | 2,236,383 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 599,673 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 490,658 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 351,770 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number End of Period | 1,993,628 | 2,236,383 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Beginning of Period | $ 11.72 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 11.58 | $ 12.41 | $ 12.42 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 10.90 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 10.18 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value End of Period | $ 12.16 | $ 11.72 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 10.2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 5.3 | $ 5.3 | $ 5.1 |
Employee Benefits Supplemental
Employee Benefits Supplemental Executive Retirement Plans and Long Term Incentive Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0.6 | $ (0.1) | $ 0.6 |
Holding Company SERP [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 8.2 | 8.3 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 0.5 | $ 0.5 | $ 1 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.10% | 4.35% | 3.85% |
Pacific Northwest SERP [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 3.2 | $ 3.2 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 0.2 | $ 0.2 | $ 0.2 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.62% | 3.81% | 3.45% |
KLS LTIP [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 7.6 | $ 7.9 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ (0.2) | $ 1.3 | $ 1.9 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.70% | 3.90% | 3.80% |
Other Operating Expense (Detail
Other Operating Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
other operating expense components [Line Items] | |||
General Insurance Expense | $ 3,396 | $ 3,518 | $ 2,851 |
Travel and Entertainment Expense | 3,309 | 2,874 | 2,250 |
Other Banking Expense | 1,035 | 1,788 | 1,091 |
Communication | 1,137 | 1,661 | 1,589 |
Supplies Expense | 836 | 1,241 | 838 |
Postage Expense | 967 | 1,007 | 978 |
Publications and Dues expense | 984 | 870 | 795 |
Employee Training and Education Expense | 627 | 686 | 554 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Repayment and Penalties | 262 | 0 | 808 |
Foreclosed Real Estate Expense | 227 | 197 | 176 |
Litigation Settlement, Expense | 195 | 150 | 48 |
Valuation Allowances and Reserves, Deductions | (367) | (271) | 50 |
Other Cost and Expense, Operating | 1,966 | 2,501 | 2,100 |
Other Noninterest Expense | $ 14,574 | $ 16,222 | $ 14,128 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Interest Income (Expense), Net | $ 51,519 | [1] | $ 49,871 | $ 49,169 | $ 49,879 | $ 48,140 | [1] | $ 46,473 | $ 45,085 | $ 46,072 | $ 200,438 | $ 185,770 | $ 179,701 | ||||||||||
Noninterest Income | 43,958 | [1] | 40,012 | 36,795 | 38,022 | 37,718 | [1] | 39,446 | 42,660 | 41,345 | 158,787 | 161,169 | 140,798 | ||||||||||
Revenues | 359,225 | 346,939 | 320,499 | ||||||||||||||||||||
Provision/ (credit) for loan losses | (1,128) | [1] | (138) | (2,535) | (3,133) | (1,655) | [1] | 2,600 | 0 | (2,500) | (6,935) | (1,555) | (6,400) | ||||||||||
Noninterest Expense | 71,843 | [1] | 61,670 | 64,731 | 66,709 | 67,407 | [1] | 61,929 | 62,418 | 63,427 | 264,953 | 255,181 | 227,129 | ||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 24,762 | [1] | 28,351 | 23,768 | 24,325 | 20,106 | [1] | 21,390 | 25,327 | 26,490 | 101,207 | 93,313 | 99,770 | ||||||||||
Income tax expense | 7,247 | [1] | 8,652 | 7,626 | 7,438 | 5,638 | [1] | 8,182 | 8,000 | 8,572 | 30,963 | [2] | 30,392 | [2] | 32,365 | [2] | |||||||
Net income from continuing operations | 70,244 | 62,921 | 67,405 | ||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,147 | [1] | 1,110 | 989 | 911 | 921 | [1] | 994 | 1,263 | 1,229 | 4,157 | 4,407 | 4,750 | ||||||||||
Income from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1,184 | [1] | 1,047 | 1,245 | 2,065 | 1,455 | [1] | 1,316 | 1,546 | 2,094 | 5,541 | [3] | 6,411 | [3] | 6,160 | [3] | |||||||
Net income attributable to the Company | 17,552 | [1] | $ 19,636 | $ 16,398 | $ 18,041 | 15,002 | [1] | $ 13,530 | $ 17,610 | $ 18,783 | 71,628 | 64,925 | 68,815 | ||||||||||
Assets | 7,970,474 | 7,542,508 | 7,970,474 | 7,542,508 | 6,797,874 | ||||||||||||||||||
Amortization of Intangible Assets | 6,282 | 6,711 | 4,836 | ||||||||||||||||||||
Depreciation | 6,838 | 6,590 | 6,468 | ||||||||||||||||||||
Private Banking Segment [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Interest Income (Expense), Net | 202,702 | 189,501 | 183,424 | ||||||||||||||||||||
Noninterest Income | 18,947 | 11,352 | 10,617 | ||||||||||||||||||||
Revenues | 221,649 | 200,853 | 194,041 | ||||||||||||||||||||
Provision/ (credit) for loan losses | (6,935) | (1,555) | (6,400) | ||||||||||||||||||||
Noninterest Expense | 125,116 | 116,575 | 111,901 | ||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 103,468 | 85,833 | 88,540 | ||||||||||||||||||||
Income tax expense | [2] | 33,120 | 27,844 | 29,032 | |||||||||||||||||||
Net income from continuing operations | 70,348 | 57,989 | 59,508 | ||||||||||||||||||||
Net income attributable to the Company | 70,348 | 57,989 | 59,508 | ||||||||||||||||||||
Assets | 7,816,671 | 7,361,202 | 7,816,671 | 7,361,202 | 6,611,191 | ||||||||||||||||||
Amortization of Intangible Assets | 0 | 341 | 219 | ||||||||||||||||||||
Depreciation | 4,477 | 4,599 | 5,294 | ||||||||||||||||||||
Wealth Management and Trust Segment [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Noninterest Income | 44,401 | 53,336 | 34,584 | ||||||||||||||||||||
Noninterest Expense | [4] | 64,844 | 54,474 | 29,401 | |||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (20,443) | (1,138) | 5,183 | ||||||||||||||||||||
Income tax expense | [2] | (8,279) | (350) | 2,201 | |||||||||||||||||||
Net income from continuing operations | (12,164) | (788) | 2,982 | ||||||||||||||||||||
Net income attributable to the Company | (12,164) | (788) | 2,982 | ||||||||||||||||||||
Assets | 80,501 | 80,088 | 80,501 | 80,088 | 80,467 | ||||||||||||||||||
Amortization of Intangible Assets | 2,962 | 2,428 | 676 | ||||||||||||||||||||
Depreciation | 1,145 | 772 | 241 | ||||||||||||||||||||
Investment Managers Segment [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Interest Income (Expense), Net | 16 | 22 | 22 | ||||||||||||||||||||
Noninterest Income | 44,443 | 45,687 | 47,119 | ||||||||||||||||||||
Revenues | 44,459 | 45,709 | 47,141 | ||||||||||||||||||||
Noninterest Expense | 32,863 | 33,690 | 34,848 | ||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 11,596 | 12,019 | 12,293 | ||||||||||||||||||||
Income tax expense | [2] | 3,789 | 3,956 | 4,078 | |||||||||||||||||||
Net income from continuing operations | 7,807 | 8,063 | 8,215 | ||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 2,077 | 2,265 | 2,519 | ||||||||||||||||||||
Net income attributable to the Company | 5,730 | 5,798 | 5,696 | ||||||||||||||||||||
Assets | 92,692 | 92,642 | 92,692 | 92,642 | 100,229 | ||||||||||||||||||
Amortization of Intangible Assets | 2,601 | 2,956 | 2,955 | ||||||||||||||||||||
Depreciation | 284 | 286 | 240 | ||||||||||||||||||||
Wealth Advisors Segment [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Interest Income (Expense), Net | 16 | 6 | 10 | ||||||||||||||||||||
Noninterest Income | 50,686 | 50,558 | 48,199 | ||||||||||||||||||||
Revenues | 50,702 | 50,564 | 48,209 | ||||||||||||||||||||
Noninterest Expense | 34,791 | 35,379 | 33,213 | ||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 15,911 | 15,185 | 14,996 | ||||||||||||||||||||
Income tax expense | [2] | 6,084 | 5,819 | 5,653 | |||||||||||||||||||
Net income from continuing operations | 9,827 | 9,366 | 9,343 | ||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 2,080 | 2,138 | 2,189 | ||||||||||||||||||||
Net income attributable to the Company | 7,747 | 7,228 | 7,154 | ||||||||||||||||||||
Assets | 79,887 | 79,543 | 79,887 | 79,543 | 80,804 | ||||||||||||||||||
Amortization of Intangible Assets | 719 | 986 | 986 | ||||||||||||||||||||
Depreciation | 878 | 864 | 488 | ||||||||||||||||||||
Holding Company and Eliminations Segment [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Interest Income (Expense), Net | (2,296) | (3,759) | (3,755) | ||||||||||||||||||||
Noninterest Income | 310 | 236 | 279 | ||||||||||||||||||||
Revenues | (1,986) | (3,523) | (3,476) | ||||||||||||||||||||
Noninterest Expense | 7,339 | 15,063 | 17,766 | ||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (9,325) | (18,586) | (21,242) | ||||||||||||||||||||
Income tax expense | [2] | (3,751) | (6,877) | (8,599) | |||||||||||||||||||
Net income from continuing operations | (5,574) | (11,709) | (12,643) | ||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 4 | 42 | ||||||||||||||||||||
Income from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | [5] | 5,541 | 6,411 | 6,160 | |||||||||||||||||||
Net income attributable to the Company | (33) | (5,302) | (6,525) | ||||||||||||||||||||
Assets | $ (99,277) | $ (70,967) | (99,277) | (70,967) | (74,817) | ||||||||||||||||||
Depreciation | $ 54 | $ 69 | $ 205 | ||||||||||||||||||||
[1] | Due to rounding, the sum of the four quarters may not add to the year to date total. | ||||||||||||||||||||||
[2] | The Company’s effective tax rate for 2016, 2015, and 2014 is not consistent due to earnings from tax-exempt investments, non-deductible compensation, state and local taxes, income tax credits and income attributable to noncontrolling interests having a different impact on the effective tax rate due primarily to the different levels of income before taxes in years 2016, 2015, and 2014. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 17: Income Taxes” for additional details. | ||||||||||||||||||||||
[3] | 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 year ended December 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, for the year ended December 31, 2016. The allocation of net income to participating securities would have been $8 thousand for the year ended December 31, 2016, reducing net income attributable to common shareholders by a total of $12 thousand for the same period. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 7,185 shares for the year ended December 31, 2016. 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 year ended December 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $90 thousand for the year ended December 31, 2015, and the allocation of net income to participating securities would have been $92 thousand for the same period, reducing net income attributable to common shareholders by a total of $182 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2015. Weighted average diluted shares outstanding would have been reduced by 167,937 shares for the same period. 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 year ended December 31, 2014. Net income attributable to common shareholders would have been reduced by an additional$228 thousand for the year ended December 31, 2014, and the allocation of net income to participating securities would have been $335 thousand for the same period, reducing net income attributable to common shareholders by a total of $563 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2014. Weighted average diluted shares outstanding would have been reduced by 428,913 shares for the same period. Total diluted EPS and diluted EPS from discontinued operations would each decrease by $0.01 per share. | ||||||||||||||||||||||
[4] | Operating expense related to the Wealth Management and Trust segment includes restructuring expenses of $2.0 million, $3.7 million, and $0.7 million for 2016, 2015, and 2014, respectively, and a goodwill impairment charge of $9.5 million in 2016. | ||||||||||||||||||||||
[5] | The Holding Company and Eliminations calculation of Net Income attributable to the Company includes net income from Discontinued Operations for the years ended December 31, 2016, 2015 and 2014 of $5.5 million, $6.4 million, and $6.2 million, respectively |
Reportable Segments Segments Te
Reportable Segments Segments Text Disclosures (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2016USD ($) | [1] | Sep. 30, 2016USD ($) | [1] | Jun. 30, 2016USD ($) | [1] | Mar. 31, 2016USD ($) | [1] | Dec. 31, 2015USD ($) | [1] | Sep. 30, 2015USD ($) | [1] | Jun. 30, 2015USD ($) | [1] | Mar. 31, 2015USD ($) | [1] | Dec. 31, 2016USD ($)segments | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Number of Reportable Segments | segments | 4 | ||||||||||||||||||||||
Restructuring expense | $ 2,017 | $ 3,724 | $ 739 | ||||||||||||||||||||
Impairment of goodwill | 9,528 | 0 | 0 | ||||||||||||||||||||
Income from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 1,184 | $ 1,047 | $ 1,245 | $ 2,065 | $ 1,455 | $ 1,316 | $ 1,546 | $ 2,094 | 5,541 | [2] | 6,411 | [2] | 6,160 | [2] | |||||||||
Wealth Management and Trust Segment [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Restructuring expense | 2,017 | 3,724 | 739 | ||||||||||||||||||||
Impairment of goodwill | 9,528 | ||||||||||||||||||||||
Holding Company and Eliminations Segment [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Income from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | [3] | $ 5,541 | $ 6,411 | $ 6,160 | |||||||||||||||||||
[1] | Due to rounding, the sum of the four quarters may not add to the year to date total. | ||||||||||||||||||||||
[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 year ended December 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, for the year ended December 31, 2016. The allocation of net income to participating securities would have been $8 thousand for the year ended December 31, 2016, reducing net income attributable to common shareholders by a total of $12 thousand for the same period. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 7,185 shares for the year ended December 31, 2016. 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 year ended December 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $90 thousand for the year ended December 31, 2015, and the allocation of net income to participating securities would have been $92 thousand for the same period, reducing net income attributable to common shareholders by a total of $182 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2015. Weighted average diluted shares outstanding would have been reduced by 167,937 shares for the same period. 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 year ended December 31, 2014. Net income attributable to common shareholders would have been reduced by an additional$228 thousand for the year ended December 31, 2014, and the allocation of net income to participating securities would have been $335 thousand for the same period, reducing net income attributable to common shareholders by a total of $563 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2014. Weighted average diluted shares outstanding would have been reduced by 428,913 shares for the same period. Total diluted EPS and diluted EPS from discontinued operations would each decrease by $0.01 per share. | ||||||||||||||||||||||
[3] | The Holding Company and Eliminations calculation of Net Income attributable to the Company includes net income from Discontinued Operations for the years ended December 31, 2016, 2015 and 2014 of $5.5 million, $6.4 million, and $6.2 million, respectively |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Recurring Basis (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | $ 1,264,132,000 | $ 1,084,510,000 | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ||
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ||
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 | 39,936,000 | [1] | 21,251,000 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 336,664,000 | [1] | 344,562,000 | |
Municipal Bonds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 293,397,000 | [1] | 268,644,000 | |
Mortgage Backed Securities, Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | [2] | 570,327,000 | [3] | 427,041,000 |
Other Aggregated Investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 23,808,000 | [4] | 23,012,000 | |
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 1,264,132,000 | 1,084,510,000 | ||
Alternative Investments, Fair Value Disclosure | 6,110,000 | 5,602,000 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 6,110,000 | 5,602,000 | ||
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 | 39,936,000 | 21,251,000 | ||
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 | 336,664,000 | 344,562,000 | ||
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 | 293,397,000 | 268,644,000 | ||
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 | 570,327,000 | 427,041,000 | ||
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 | 23,808,000 | 23,012,000 | ||
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 | 63,101,000 | 43,263,000 | ||
Alternative Investments, Fair Value Disclosure | 6,110,000 | 5,602,000 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 6,110,000 | 5,602,000 | ||
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 | 39,293,000 | 20,251,000 | ||
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 | 23,808,000 | 23,012,000 | ||
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 | 1,201,031,000 | 1,041,247,000 | ||
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] | 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 | 643,000 | 1,000,000 | ||
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 | 336,664,000 | 344,562,000 | ||
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 | 293,397,000 | 268,644,000 | ||
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 | 570,327,000 | 427,041,000 | ||
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 | ||
Financial and Nonfinancial 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 | ||
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 | 17,032,000 | 7,960,000 | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 16,560,000 | 8,084,000 | ||
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 1 [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] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets | 17,032,000 | 7,960,000 | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 16,560,000 | 8,084,000 | ||
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [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] | 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 | 15,000 | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 6,000 | 11,000 | ||
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | Fair Value, Inputs, Level 1 [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] | Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets | 15,000 | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 6,000 | 11,000 | ||
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | Fair Value, Inputs, Level 3 [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] | 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 | 1,040,000 | 1,907,000 | ||
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [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] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 1,040,000 | 1,907,000 | ||
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | $ 0 | $ 0 | ||
[1] | Certain securities are callable before their final maturity. | |||
[2] | All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. | |||
[3] | Mortgage-backed securities are shown based on their final (contractual) maturity, but, due to prepayments, they are expected to have shorter lives. | |||
[4] | Other securities consist of money market mutual funds and equity securities held by certain Wealth Advisory and Investment Management businesses. |
Fair Value Measurements Fair131
Fair Value Measurements Fair Value Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans Receivable, Fair Value Disclosure | $ 3,074 | [1] | $ 2,322 | [2] | |
Other Real Estate Owned, Fair Value Disclosure | [3] | 1,690 | |||
Assets, Fair Value Disclosure | 39,541 | 2,322 | |||
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] | |
Other Real Estate Owned, Fair Value Disclosure | [3] | 0 | |||
Assets, Fair Value Disclosure | 0 | 0 | |||
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] | |
Other Real Estate Owned, Fair Value Disclosure | [3] | 0 | |||
Assets, Fair Value Disclosure | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans Receivable, Fair Value Disclosure | 3,074 | [1] | 2,322 | [2] | |
Other Real Estate Owned, Fair Value Disclosure | [3] | 1,690 | |||
Assets, Fair Value Disclosure | 39,541 | 2,322 | |||
Portion at Fair Value Measurement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans Receivable, Fair Value Disclosure | 6,021,611 | 5,658,254 | |||
Portion at Fair Value Measurement [Member] | 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 | 0 | |||
Portion at Fair Value Measurement [Member] | 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 | 0 | |||
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans Receivable, Fair Value Disclosure | 6,021,611 | 5,658,254 | |||
Changes Measurement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans Receivable, Fair Value Disclosure | (428) | [1] | (578) | [2] | |
Other Real Estate Owned, Fair Value Disclosure | [3] | (110) | |||
Assets, Fair Value Disclosure | (10,066) | $ (578) | |||
Wealth Management and Trust Segment [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | [4] | 34,777 | |||
Wealth Management and Trust Segment [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | [4] | 0 | |||
Wealth Management and Trust Segment [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | [4] | 0 | |||
Wealth Management and Trust Segment [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | [4] | 34,777 | |||
Wealth Management and Trust Segment [Member] | Changes Measurement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | [4] | $ (9,528) | |||
[1] | Collateral-dependent impaired loans held as of December 31, 2016 that had write-downs in fair value or whose specific reserve changed during 2016. | ||||
[2] | Collateral-dependent impaired loans held as of December 31, 2015 that had write-downs in fair value or whose specific reserve changed during 2015. | ||||
[3] | OREO held as of December 31, 2016 that had write-downs in fair value during 2016. | ||||
[4] | Goodwill balance at Boston Private Wealth as of December 31, 2016 that had write-downs in fair value during 2016. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 8: Goodwill and Other Intangible Assets” for further detail |
Fair Value Measurements Quantit
Fair Value Measurements Quantitative Information about Level 3 Nonrecurring Assets (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Loans Receivable, Fair Value Disclosure | $ 3,074 | [1] | $ 2,322 | [2] | |
Other Real Estate Owned, Fair Value Disclosure | [3] | 1,690 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Loans Receivable, Fair Value Disclosure | 3,074 | [1] | $ 2,322 | [2] | |
Other Real Estate Owned, Fair Value Disclosure | [3] | $ 1,690 | |||
Loans Receivable [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Inputs, Discount Rate | 5.00% | 7.00% | |||
Fair Value Inputs, Comparability Adjustments | 0.00% | 20.00% | |||
Loans Receivable [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Inputs, Discount Rate | 7.00% | 24.00% | |||
Fair Value Inputs, Comparability Adjustments | 20.00% | 25.00% | |||
Loans Receivable [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Inputs, Discount Rate | 6.00% | 12.00% | |||
Fair Value Inputs, Comparability Adjustments | 13.00% | 21.00% | |||
Other Assets [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Inputs, Discount Rate | 0.00% | ||||
Fair Value Inputs, Comparability Adjustments | 0.00% | ||||
Other Assets [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Inputs, Discount Rate | 6.00% | ||||
Fair Value Inputs, Comparability Adjustments | 18.00% | ||||
Other Assets [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Inputs, Discount Rate | 6.00% | ||||
Fair Value Inputs, Comparability Adjustments | 18.00% | ||||
Substandard [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Loans Receivable, Fair Value Disclosure | $ 3,074 | $ 2,322 | |||
Other Real Estate Owned, Fair Value Disclosure | $ 1,690 | ||||
[1] | Collateral-dependent impaired loans held as of December 31, 2016 that had write-downs in fair value or whose specific reserve changed during 2016. | ||||
[2] | Collateral-dependent impaired loans held as of December 31, 2015 that had write-downs in fair value or whose specific reserve changed during 2015. | ||||
[3] | OREO held as of December 31, 2016 that had write-downs in fair value during 2016. |
Fair Value Measurements Not Mea
Fair Value Measurements Not Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Held-to-maturity Securities, Fair Value | $ 92,604 | $ 116,384 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | 3,074 | [1] | 2,322 | [2] |
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 | [2] |
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 | [2] |
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 | 3,074 | [1] | 2,322 | [2] |
Portion at Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 106,557 | 238,694 | ||
Held-to-maturity Securities, Fair Value | 92,604 | 116,384 | ||
Loans Held-for-sale, Fair Value Disclosure | 3,428 | 8,144 | ||
Loans Receivable, Fair Value Disclosure | 6,021,611 | 5,658,254 | ||
Other Assets, Fair Value Disclosure | 131,863 | 118,233 | ||
Deposits, Fair Value Disclosure | 6,084,765 | 6,041,239 | ||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 59,624 | 58,215 | ||
Federal Funds Purchased, Fair Value Disclosure | 80,000 | |||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 734,941 | 465,100 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 96,363 | 96,363 | ||
Other Liabilities, Fair Value Disclosure | 1,942 | 1,978 | ||
Portion at Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 106,557 | 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, Fair Value Disclosure | 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 [Member] | Fair Value, Measurements, Nonrecurring [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 | 92,604 | 116,384 | ||
Loans Held-for-sale, Fair Value Disclosure | 3,428 | 8,144 | ||
Loans Receivable, Fair Value Disclosure | 0 | 0 | ||
Other Assets, Fair Value Disclosure | 131,863 | 118,233 | ||
Deposits, Fair Value Disclosure | 6,084,765 | 6,041,239 | ||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 59,624 | 58,215 | ||
Federal Funds Purchased, Fair Value Disclosure | 80,000 | |||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 734,941 | 465,100 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 1,942 | 1,978 | ||
Portion at Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [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 | 6,021,611 | 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, Fair Value Disclosure | 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 | ||
Reported Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 106,557 | 238,694 | ||
Held-to-maturity Securities, Fair Value | 93,079 | 116,352 | ||
Loans Held-for-sale, Fair Value Disclosure | 3,464 | 8,072 | ||
Loans Receivable, Fair Value Disclosure | 6,036,277 | 5,640,712 | ||
Other Assets, Fair Value Disclosure | 131,863 | 118,233 | ||
Deposits, Fair Value Disclosure | 6,085,146 | 6,040,437 | ||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 59,624 | 58,215 | ||
Federal Funds Purchased, Fair Value Disclosure | 80,000 | |||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 734,205 | 461,324 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 106,363 | 106,363 | ||
Other Liabilities, Fair Value Disclosure | $ 1,942 | $ 1,978 | ||
[1] | Collateral-dependent impaired loans held as of December 31, 2016 that had write-downs in fair value or whose specific reserve changed during 2016. | |||
[2] | Collateral-dependent impaired loans held as of December 31, 2015 that had write-downs in fair value or whose specific reserve changed during 2015. |
Financial Instruments With O134
Financial Instruments With Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Rate Commitments [Member] | ||
Supply Commitment [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | $ 103,189 | $ 87,622 |
Interest Rate Lock Commitments [Member] | ||
Supply Commitment [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | 65,563 | 17,096 |
Loan Origination Commitments [Member] | ||
Supply Commitment [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | 168,752 | 104,718 |
Unused lines of Credit [Member] | ||
Supply Commitment [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | 1,280,648 | 1,181,114 |
Commitments to Extend Credit [Member] | ||
Supply Commitment [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | 38,391 | 39,245 |
Forward Contracts [Member] | ||
Supply Commitment [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | $ 9,663 | $ 28,468 |
Boston Private Financial Hol135
Boston Private Financial Holdings, Inc. (Parent Company Only) Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 106,557 | $ 238,694 | $ 172,609 | $ 191,881 | |
Deferred income taxes, net | 73,010 | 69,723 | |||
Other assets | 130,753 | 121,179 | |||
Assets | 7,970,474 | 7,542,508 | 6,797,874 | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 106,363 | 106,363 | |||
Deferred Income Tax Liabilities, Net | 8,638 | 0 | |||
Other liabilities | 119,683 | 111,468 | |||
Total liabilities | 7,185,021 | 6,777,807 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 21,133 | 21,481 | |||
Stockholders' Equity Attributable to Parent | 764,320 | 743,220 | |||
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | 7,970,474 | 7,542,508 | |||
Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 54,694 | 55,385 | $ 44,593 | $ 32,554 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 6,340 | 6,340 | |||
Deferred income taxes, net | 0 | 1,460 | |||
Other assets | 17,131 | 14,243 | |||
Assets | 909,944 | 886,810 | |||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 106,363 | 106,363 | |||
Other liabilities | 9,490 | 15,746 | |||
Total liabilities | 124,491 | 122,109 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | [1] | 21,133 | 21,481 | ||
Stockholders' Equity Attributable to Parent | 764,320 | 743,220 | |||
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | 909,944 | 886,810 | |||
Parent Company [Member] | Private Banking Segment [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Investments in and Advances to Affiliates, Balance, Principal Amount | 694,517 | 671,204 | |||
Parent Company [Member] | Non Banking Segments [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Investments in and Advances to Affiliates, Balance, Principal Amount | $ 137,262 | $ 138,178 | |||
[1] | Includes noncontrolling interests and the maximum redemption value of redeemable noncontrolling interests. |
Boston Private Financial Hol136
Boston Private Financial Holdings, Inc. (Parent Company Only) Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||
Noninterest Income, Other Operating Income | $ 3,410 | $ 3,722 | $ 870 | |||||||||||||||||||
Revenues | 359,225 | 346,939 | 320,499 | |||||||||||||||||||
Salaries and employee benefits | 163,767 | 159,401 | 146,648 | |||||||||||||||||||
Professional services | 11,576 | 12,861 | 12,473 | |||||||||||||||||||
Interest Expense, Junior Subordinated Debentures | 2,427 | 3,875 | 3,872 | |||||||||||||||||||
Other | 14,574 | 16,222 | 14,128 | |||||||||||||||||||
Income before income taxes | $ 24,762 | $ 28,351 | $ 23,768 | $ 24,325 | $ 20,106 | $ 21,390 | $ 25,327 | $ 26,490 | 101,207 | 93,313 | 99,770 | |||||||||||
Income tax benefit | 7,247 | 8,652 | 7,626 | 7,438 | 5,638 | 8,182 | 8,000 | 8,572 | 30,963 | [2] | 30,392 | [2] | 32,365 | [2] | ||||||||
Income from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1,184 | 1,047 | 1,245 | 2,065 | 1,455 | 1,316 | 1,546 | 2,094 | 5,541 | [3] | 6,411 | [3] | 6,160 | [3] | ||||||||
Net income attributable to the Company | $ 17,552 | $ 19,636 | $ 16,398 | $ 18,041 | $ 15,002 | $ 13,530 | $ 17,610 | $ 18,783 | 71,628 | 64,925 | 68,815 | |||||||||||
Parent Company [Member] | ||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||
Interest Income, Operating | 130 | 116 | 115 | |||||||||||||||||||
Noninterest Income, Other Operating Income | 310 | 236 | 279 | |||||||||||||||||||
Revenues | 47,184 | 51,841 | 47,250 | |||||||||||||||||||
Salaries and employee benefits | 4,620 | 10,320 | 11,876 | |||||||||||||||||||
Professional services | 1,337 | 2,007 | 2,965 | |||||||||||||||||||
Interest Expense, Junior Subordinated Debentures | 2,427 | 3,875 | 3,872 | |||||||||||||||||||
Other | 1,381 | 2,740 | 2,966 | |||||||||||||||||||
Operating Expenses | 9,765 | 18,942 | 21,679 | |||||||||||||||||||
Income before income taxes | 37,419 | 32,899 | 25,571 | |||||||||||||||||||
Income tax benefit | (3,751) | (6,877) | (8,599) | |||||||||||||||||||
Income from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 5,541 | 6,411 | 6,160 | |||||||||||||||||||
Net income attributable to the Company | 46,711 | 46,187 | 40,330 | |||||||||||||||||||
Parent Company [Member] | Private Banking Segment [Member] | ||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 22,700 | 22,700 | 26,500 | |||||||||||||||||||
Net income attributable to the Company | (58,184) | (57,201) | (62,491) | |||||||||||||||||||
Parent Company [Member] | Non Banking Segments [Member] | ||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 24,044 | 28,789 | 20,356 | |||||||||||||||||||
Net income attributable to the Company | (13,477) | (13,026) | (12,850) | |||||||||||||||||||
Private Banking, Wealth Management and Trust, Investment Management, and Wealth Advisory Segments [Member] | Parent Company [Member] | ||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||
Net income attributable to the Company | $ 24,917 | $ 18,738 | $ 28,485 | |||||||||||||||||||
[1] | Due to rounding, the sum of the four quarters may not add to the year to date total. | |||||||||||||||||||||
[2] | The Company’s effective tax rate for 2016, 2015, and 2014 is not consistent due to earnings from tax-exempt investments, non-deductible compensation, state and local taxes, income tax credits and income attributable to noncontrolling interests having a different impact on the effective tax rate due primarily to the different levels of income before taxes in years 2016, 2015, and 2014. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 17: Income Taxes” for additional details. | |||||||||||||||||||||
[3] | 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 year ended December 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, for the year ended December 31, 2016. The allocation of net income to participating securities would have been $8 thousand for the year ended December 31, 2016, reducing net income attributable to common shareholders by a total of $12 thousand for the same period. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 7,185 shares for the year ended December 31, 2016. 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 year ended December 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $90 thousand for the year ended December 31, 2015, and the allocation of net income to participating securities would have been $92 thousand for the same period, reducing net income attributable to common shareholders by a total of $182 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2015. Weighted average diluted shares outstanding would have been reduced by 167,937 shares for the same period. 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 year ended December 31, 2014. Net income attributable to common shareholders would have been reduced by an additional$228 thousand for the year ended December 31, 2014, and the allocation of net income to participating securities would have been $335 thousand for the same period, reducing net income attributable to common shareholders by a total of $563 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2014. Weighted average diluted shares outstanding would have been reduced by 428,913 shares for the same period. Total diluted EPS and diluted EPS from discontinued operations would each decrease by $0.01 per share. |
Boston Private Financial Hol137
Boston Private Financial Holdings, Inc. (Parent Company Only) Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||||||
Net Income Attributable to Parent | $ 17,552 | [1] | $ 19,636 | $ 16,398 | $ 18,041 | [1] | $ 15,002 | [1] | $ 13,530 | $ 17,610 | $ 18,783 | [1] | $ 71,628 | $ 64,925 | $ 68,815 | |||||||
Net income from discontinued operations | 1,184 | [1] | $ 1,047 | $ 1,245 | 2,065 | [1] | 1,455 | [1] | $ 1,316 | $ 1,546 | 2,094 | [1] | 5,541 | [2] | 6,411 | [2] | 6,160 | [2] | ||||
Net income from continuing operations | 70,244 | 62,921 | 67,405 | |||||||||||||||||||
Deferred income tax expense/(benefit) | 2,777 | (4,575) | 5,058 | |||||||||||||||||||
Depreciation and amortization | 23,441 | 22,187 | 19,378 | |||||||||||||||||||
Net decrease/(increase) in other operating activities | (817) | 2,852 | 14,387 | |||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 100,606 | 87,477 | 100,899 | |||||||||||||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 5,541 | 6,411 | 6,160 | |||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | 106,147 | 93,888 | 107,059 | |||||||||||||||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | 1,601 | |||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (692,780) | (694,790) | (368,228) | |||||||||||||||||||
Net cash provided by/(used in) investing activities - discontinued operations | 0 | 0 | 0 | |||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (692,780) | (694,790) | (368,228) | |||||||||||||||||||
Repurchase of common stock | (9,323) | 0 | 0 | |||||||||||||||||||
Dividends paid to common share holders | (33,110) | (29,608) | (25,829) | |||||||||||||||||||
Dividends paid to preferred shareholders | (3,475) | (3,475) | (3,475) | |||||||||||||||||||
Tax savings/ (deficiency) from certain stock compensation awards | (620) | (1,262) | 1,294 | |||||||||||||||||||
Proceeds from stock option exercises | 1,725 | 1,206 | 1,807 | |||||||||||||||||||
Proceeds from issuance of common stock, net | 842 | (515) | (353) | |||||||||||||||||||
Other equity adjustments | (82) | (199) | (1,669) | |||||||||||||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 454,496 | 666,987 | 241,897 | |||||||||||||||||||
Net cash provided by/(used in) financing activities - discontinued operations | 0 | 0 | 0 | |||||||||||||||||||
Net Cash Provided by (Used in) Financing Activities | 454,496 | 666,987 | 241,897 | |||||||||||||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | (132,137) | 66,085 | (19,272) | |||||||||||||||||||
Cash and cash equivalents at beginning of year | 238,694 | 172,609 | 238,694 | 172,609 | 191,881 | |||||||||||||||||
Cash and cash equivalents at end of period | 106,557 | 238,694 | 106,557 | 238,694 | 172,609 | |||||||||||||||||
Parent Company [Member] | ||||||||||||||||||||||
Net Income Attributable to Parent | 46,711 | 46,187 | 40,330 | |||||||||||||||||||
Net income from discontinued operations | 5,541 | 6,411 | 6,160 | |||||||||||||||||||
Net income from continuing operations | 66,087 | 58,514 | 62,655 | |||||||||||||||||||
Deferred income tax expense/(benefit) | 10,000 | (4,575) | 4,642 | |||||||||||||||||||
Depreciation and amortization | (738) | 5,097 | 1,743 | |||||||||||||||||||
Net decrease/(increase) in other operating activities | (16,633) | 2,167 | (2,834) | |||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 33,799 | 42,465 | 37,721 | |||||||||||||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 5,541 | 6,411 | 6,160 | |||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | 39,340 | 48,876 | 43,881 | |||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 1,890 | 1,821 | 0 | |||||||||||||||||||
Payments for (Proceeds from) Other Investing Activities | 1 | 1 | (98) | |||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 671 | 99 | (30,602) | |||||||||||||||||||
Net cash provided by/(used in) investing activities - discontinued operations | 0 | 0 | 0 | |||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 671 | 99 | (30,602) | |||||||||||||||||||
Repurchase of common stock | 9,323 | 0 | 0 | |||||||||||||||||||
Dividends paid to common share holders | (33,110) | (29,608) | (25,829) | |||||||||||||||||||
Dividends paid to preferred shareholders | (3,475) | (3,475) | (3,475) | |||||||||||||||||||
Tax savings/ (deficiency) from certain stock compensation awards | (620) | (1,262) | 1,294 | |||||||||||||||||||
Proceeds from stock option exercises | 1,725 | 1,206 | 1,807 | |||||||||||||||||||
Proceeds from issuance of common stock, net | 7,786 | 160 | 32,387 | |||||||||||||||||||
Other equity adjustments | (3,685) | (5,204) | (7,424) | |||||||||||||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (40,702) | (38,183) | (1,240) | |||||||||||||||||||
Net cash provided by/(used in) financing activities - discontinued operations | 0 | 0 | 0 | |||||||||||||||||||
Net Cash Provided by (Used in) Financing Activities | (40,702) | (38,183) | (1,240) | |||||||||||||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | (691) | 10,792 | 12,039 | |||||||||||||||||||
Cash and cash equivalents at beginning of year | $ 55,385 | $ 44,593 | 55,385 | 44,593 | 32,554 | |||||||||||||||||
Cash and cash equivalents at end of period | $ 54,694 | $ 55,385 | 54,694 | 55,385 | 44,593 | |||||||||||||||||
Private Banking Segment [Member] | Parent Company [Member] | ||||||||||||||||||||||
Net Income Attributable to Parent | (58,184) | (57,201) | (62,491) | |||||||||||||||||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 22,700 | 22,700 | 26,500 | |||||||||||||||||||
Non Banking Segments [Member] | Parent Company [Member] | ||||||||||||||||||||||
Net Income Attributable to Parent | (13,477) | (13,026) | (12,850) | |||||||||||||||||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 24,044 | 28,789 | 20,356 | |||||||||||||||||||
Private Banking Segment [Member] | ||||||||||||||||||||||
Net Income Attributable to Parent | 70,348 | 57,989 | 59,508 | |||||||||||||||||||
Net income from continuing operations | 70,348 | 57,989 | 59,508 | |||||||||||||||||||
Private Banking Segment [Member] | Parent Company [Member] | ||||||||||||||||||||||
Payments of Distributions to Affiliates | 0 | 0 | (29,007) | |||||||||||||||||||
Non Banking Segments [Member] | Parent Company [Member] | ||||||||||||||||||||||
Payments of Distributions to Affiliates | $ (1,220) | $ (1,723) | $ (1,497) | |||||||||||||||||||
[1] | Due to rounding, the sum of the four quarters may not add to the year to date total. | |||||||||||||||||||||
[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 year ended December 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, for the year ended December 31, 2016. The allocation of net income to participating securities would have been $8 thousand for the year ended December 31, 2016, reducing net income attributable to common shareholders by a total of $12 thousand for the same period. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 7,185 shares for the year ended December 31, 2016. 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 year ended December 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $90 thousand for the year ended December 31, 2015, and the allocation of net income to participating securities would have been $92 thousand for the same period, reducing net income attributable to common shareholders by a total of $182 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2015. Weighted average diluted shares outstanding would have been reduced by 167,937 shares for the same period. 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 year ended December 31, 2014. Net income attributable to common shareholders would have been reduced by an additional$228 thousand for the year ended December 31, 2014, and the allocation of net income to participating securities would have been $335 thousand for the same period, reducing net income attributable to common shareholders by a total of $563 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2014. Weighted average diluted shares outstanding would have been reduced by 428,913 shares for the same period. Total diluted EPS and diluted EPS from discontinued operations would each decrease by $0.01 per share. |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier One Risk Based Capital | $ 571,663 | $ 534,241 |
Common Equity Tier One Risk Based Capital to Risk Weighted Assets | 10.00% | 9.80% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy | $ 257,222 | $ 245,216 |
Common Equity Tier One Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Tier One Risk Based Capital | $ 722,674 | $ 686,160 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.64% | 12.59% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 342,962 | $ 326,954 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Capital | $ 794,584 | $ 754,758 |
Capital to Risk Weighted Assets | 13.90% | 13.85% |
Capital Required for Capital Adequacy | $ 457,283 | $ 435,939 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Leverage Capital | $ 722,674 | $ 686,160 |
Tier One Leverage Capital to Average Assets | 9.42% | 9.50% |
Tier One Leverage Capital Required for Capital Adequacy | $ 306,848 | $ 289,059 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Basel III Minimum with Capital Conservation Buffer [Domain] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier One Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 8.50% | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 10.50% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | |
Boston Private Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier One Risk Based Capital | $ 661,991 | $ 621,668 |
Common Equity Tier One Risk Based Capital to Risk Weighted Assets | 11.64% | 11.49% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy | $ 256,030 | $ 243,407 |
Common Equity Tier One Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized | $ 369,822 | $ 351,588 |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier One Risk Based Capital | $ 661,991 | $ 621,668 |
Tier One Risk Based Capital to Risk Weighted Assets | 11.64% | 11.49% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 341,374 | $ 324,543 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 455,165 | $ 432,723 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Capital | $ 733,214 | $ 689,437 |
Capital to Risk Weighted Assets | 12.89% | 12.75% |
Capital Required for Capital Adequacy | $ 455,165 | $ 432,723 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 568,956 | $ 540,904 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Leverage Capital | $ 661,991 | $ 621,668 |
Tier One Leverage Capital to Average Assets | 8.70% | 8.68% |
Tier One Leverage Capital Required for Capital Adequacy | $ 304,510 | $ 286,461 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 380,637 | $ 358,077 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Boston Private Bank [Member] | Basel III Minimum with Capital Conservation Buffer [Domain] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier One Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 8.50% | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 10.50% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% |
Regulatory Matters Text Details
Regulatory Matters Text Details (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Risk Based Capital | $ 722,674 | $ 686,160 |
Junior Subordinated Debentures [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Risk Based Capital | $ 100,000 | $ 100,000 |
Selected Quarterly Data (Una140
Selected Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||
Interest Income (Expense), Net | $ 51,519 | [1] | $ 49,871 | [1] | $ 49,169 | [1] | $ 49,879 | [1] | $ 48,140 | [1] | $ 46,473 | [1] | $ 45,085 | [1] | $ 46,072 | [1] | $ 200,438 | $ 185,770 | $ 179,701 | ||||
Noninterest Income | 43,958 | [1] | 40,012 | [1] | 36,795 | [1] | 38,022 | [1] | 37,718 | [1] | 39,446 | [1] | 42,660 | [1] | 41,345 | [1] | 158,787 | 161,169 | 140,798 | ||||
Revenue, Net | [1] | 95,477 | 89,883 | 85,964 | 87,901 | 85,858 | 85,919 | 87,745 | 87,417 | ||||||||||||||
Provision/ (credit) for loan losses | (1,128) | [1] | (138) | [1] | (2,535) | [1] | (3,133) | [1] | (1,655) | [1] | 2,600 | [1] | 0 | [1] | (2,500) | [1] | (6,935) | (1,555) | (6,400) | ||||
Noninterest Expense | 71,843 | [1] | 61,670 | [1] | 64,731 | [1] | 66,709 | [1] | 67,407 | [1] | 61,929 | [1] | 62,418 | [1] | 63,427 | [1] | 264,953 | 255,181 | 227,129 | ||||
Income before income taxes | 24,762 | [1] | 28,351 | [1] | 23,768 | [1] | 24,325 | [1] | 20,106 | [1] | 21,390 | [1] | 25,327 | [1] | 26,490 | [1] | 101,207 | 93,313 | 99,770 | ||||
Income tax expense | 7,247 | [1] | 8,652 | [1] | 7,626 | [1] | 7,438 | [1] | 5,638 | [1] | 8,182 | [1] | 8,000 | [1] | 8,572 | [1] | 30,963 | [2] | 30,392 | [2] | 32,365 | [2] | |
Net income from discontinued operations | 1,184 | [1] | 1,047 | [1] | 1,245 | [1] | 2,065 | [1] | 1,455 | [1] | 1,316 | [1] | 1,546 | [1] | 2,094 | [1] | 5,541 | [3] | 6,411 | [3] | 6,160 | [3] | |
Net Income (Loss) Attributable to Noncontrolling Interest | 1,147 | [1] | 1,110 | [1] | 989 | [1] | 911 | [1] | 921 | [1] | 994 | [1] | 1,263 | [1] | 1,229 | [1] | 4,157 | 4,407 | 4,750 | ||||
Net income attributable to the Company | $ 17,552 | [1] | $ 19,636 | [1] | $ 16,398 | [1] | $ 18,041 | [1] | $ 15,002 | [1] | $ 13,530 | [1] | $ 17,610 | [1] | $ 18,783 | [1] | $ 71,628 | $ 64,925 | $ 68,815 | ||||
Earnings (Loss) Per Share, Basic | $ 0.19 | [1],[4] | $ 0.23 | [1],[4] | $ 0.19 | [1],[4] | $ 0.22 | [1],[4] | $ 0.17 | [1],[4] | $ 0.17 | [1],[4] | $ 0.21 | [1],[4] | $ 0.22 | [1],[4] | $ 0.83 | $ 0.77 | $ 0.82 | ||||
Earnings/ (Loss) Per Share, Diluted | $ 0.19 | [1],[4] | $ 0.22 | [1],[4] | $ 0.18 | [1],[4] | $ 0.21 | [1],[4] | $ 0.17 | [1],[4] | $ 0.16 | [1],[4] | $ 0.20 | [1],[4] | $ 0.21 | [1],[4] | $ 0.81 | $ 0.74 | $ 0.80 | ||||
[1] | Due to rounding, the sum of the four quarters may not add to the year to date total. | ||||||||||||||||||||||
[2] | The Company’s effective tax rate for 2016, 2015, and 2014 is not consistent due to earnings from tax-exempt investments, non-deductible compensation, state and local taxes, income tax credits and income attributable to noncontrolling interests having a different impact on the effective tax rate due primarily to the different levels of income before taxes in years 2016, 2015, and 2014. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 17: Income Taxes” for additional details. | ||||||||||||||||||||||
[3] | 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 year ended December 31, 2016. Net income attributable to common shareholders would have been reduced by an additional $4 thousand, for the year ended December 31, 2016. The allocation of net income to participating securities would have been $8 thousand for the year ended December 31, 2016, reducing net income attributable to common shareholders by a total of $12 thousand for the same period. Basic EPS would not change. Weighted average diluted shared outstanding would have been reduced by 7,185 shares for the year ended December 31, 2016. 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 year ended December 31, 2015. Net income attributable to common shareholders would have been reduced by an additional $90 thousand for the year ended December 31, 2015, and the allocation of net income to participating securities would have been $92 thousand for the same period, reducing net income attributable to common shareholders by a total of $182 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2015. Weighted average diluted shares outstanding would have been reduced by 167,937 shares for the same period. 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 year ended December 31, 2014. Net income attributable to common shareholders would have been reduced by an additional$228 thousand for the year ended December 31, 2014, and the allocation of net income to participating securities would have been $335 thousand for the same period, reducing net income attributable to common shareholders by a total of $563 thousand, for the same period. Total basic EPS and basic EPS from continuing operations would each decrease by $0.01 per share for the year ended December 31, 2014. Weighted average diluted shares outstanding would have been reduced by 428,913 shares for the same period. Total diluted EPS and diluted EPS from discontinued operations would each decrease by $0.01 per share. | ||||||||||||||||||||||
[4] | Includes the effect of adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders. |