Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | OCFC | |
Entity Registrant Name | OCEANFIRST FINANCIAL CORP | |
Entity Central Index Key | 1,004,702 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 32,582,472 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 255,258 | $ 301,373 |
Securities available-for-sale, at estimated fair value | 67,133 | 12,224 |
Securities held-to-maturity, net (estimated fair value of $746,497 at September 30, 2017 and $598,119 at December 31, 2016) | 742,886 | 598,691 |
Federal Home Loan Bank of New York stock, at cost | 18,472 | 19,313 |
Loans receivable, net | 3,870,109 | 3,803,443 |
Loans held for sale | 338 | 1,551 |
Interest and dividends receivable | 13,627 | 11,989 |
Other real estate owned | 9,334 | 9,803 |
Premises and equipment, net | 64,350 | 71,385 |
Bank Owned Life Insurance | 134,298 | 132,172 |
Deferred tax asset | 29,718 | 38,787 |
Assets held for sale | 5,241 | 360 |
Other assets | 15,634 | 9,973 |
Core deposit intangible | 9,380 | 10,924 |
Goodwill | 148,134 | 145,064 |
Total assets | 5,383,912 | 5,167,052 |
Liabilities and Stockholders’ Equity | ||
Deposits | 4,350,259 | 4,187,750 |
Securities sold under agreements to repurchase with deposit customers | 75,326 | 69,935 |
Federal Home Loan Bank advances | 259,186 | 250,498 |
Other borrowings | 56,466 | 56,559 |
Advances by borrowers for taxes and insurance | 14,371 | 14,030 |
Other liabilities | 32,052 | 16,242 |
Total liabilities | 4,787,660 | 4,595,014 |
Stockholders’ equity: | ||
Preferred stock, $.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, no shares issued | 0 | 0 |
Common stock, $.01 par value, 55,000,000 shares authorized, 33,566,772 shares issued and 32,567,477 and 32,136,892 shares outstanding at September 30, 2017 and December 31, 2016, respectively | 336 | 336 |
Additional paid-in capital | 353,817 | 364,433 |
Retained earnings | 266,053 | 238,192 |
Accumulated other comprehensive loss | (5,037) | (5,614) |
Less: Unallocated common stock held by Employee Stock Ownership Plan | (2,549) | (2,761) |
Treasury stock, 999,295 and 1,429,880 shares at September 30, 2017 and December 31, 2016, respectively | (16,368) | (22,548) |
Common stock acquired by Deferred Compensation Plan | (83) | (313) |
Deferred Compensation Plan Liability | 83 | 313 |
Total stockholders’ equity | 596,252 | 572,038 |
Total liabilities and stockholders’ equity | $ 5,383,912 | $ 5,167,052 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity, net estimated fair value | $ 746,497,000 | $ 598,119,000 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference | $ 1,000,000 | $ 1,000,000 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 55,000,000 | 55,000,000 |
Common stock, shares issued | 33,566,772 | 33,566,772 |
Common stock, shares outstanding | 32,567,477 | 32,136,892 |
Treasury stock, shares | 999,295 | 1,429,880 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest income: | ||||
Loans | $ 43,329 | $ 34,607 | $ 127,679 | $ 86,163 |
Mortgage-backed securities | 2,738 | 1,700 | 8,189 | 4,823 |
Investment securities and other | 1,963 | 1,000 | 5,055 | 2,535 |
Total interest income | 48,030 | 37,307 | 140,923 | 93,521 |
Interest expense: | ||||
Deposits | 3,126 | 2,083 | 8,821 | 5,125 |
Borrowed funds | 1,848 | 1,289 | 5,389 | 3,888 |
Total interest expense | 4,974 | 3,372 | 14,210 | 9,013 |
Net interest income | 43,056 | 33,935 | 126,713 | 84,508 |
Provision for loan losses | 1,165 | 888 | 3,030 | 2,113 |
Net interest income after provision for loan losses | 41,891 | 33,047 | 123,683 | 82,395 |
Other income: | ||||
Bankcard services revenue | 1,785 | 1,347 | 5,202 | 3,409 |
Wealth management revenue | 541 | 608 | 1,622 | 1,779 |
Fees and service charges | 3,702 | 2,916 | 11,163 | 7,235 |
Net gain (loss) from other real estate operations | 432 | (63) | (196) | (782) |
Income from Bank Owned Life Insurance | 881 | 659 | 2,436 | 1,520 |
Other | 18 | 429 | 97 | 994 |
Total other income | 7,359 | 5,896 | 20,324 | 14,155 |
Operating expenses: | ||||
Compensation and employee benefits | 14,673 | 13,558 | 46,138 | 33,456 |
Occupancy | 2,556 | 2,315 | 7,965 | 5,952 |
Equipment | 1,605 | 1,452 | 5,006 | 3,605 |
Marketing | 775 | 479 | 2,245 | 1,273 |
Federal deposit insurance | 713 | 743 | 2,079 | 1,995 |
Data processing | 2,367 | 2,140 | 6,809 | 5,286 |
Check card processing | 871 | 623 | 2,640 | 1,548 |
Professional fees | 846 | 681 | 2,901 | 1,879 |
Other operating expense | 2,667 | 1,543 | 8,258 | 5,036 |
Federal Home Loan Bank prepayment fee | 0 | 0 | 0 | 136 |
Amortization of core deposit intangible | 507 | 181 | 1,544 | 319 |
Branch consolidation expenses | 1,455 | 0 | 6,939 | 0 |
Merger related expenses | 1,698 | 1,311 | 6,300 | 9,902 |
Total operating expenses | 30,733 | 25,026 | 98,824 | 70,387 |
Income before provision for income taxes | 18,517 | 13,917 | 45,183 | 26,163 |
Provision for income taxes | 5,700 | 4,789 | 12,669 | 9,169 |
Net income | $ 12,817 | $ 9,128 | $ 32,514 | $ 16,994 |
Basic earnings per share (in dollars per share) | $ 0.40 | $ 0.36 | $ 1.01 | $ 0.79 |
Diluted earnings per share (in dollars per share) | $ 0.39 | $ 0.35 | $ 0.98 | $ 0.77 |
Average basic shares outstanding (in usd per share) | 32,184 | 25,435 | 32,073 | 21,624 |
Average diluted shares outstanding (in usd per share) | 33,106 | 25,889 | 33,110 | 21,990 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 12,817 | $ 9,128 | $ 32,514 | $ 16,994 |
Other comprehensive income: | ||||
Unrealized (loss) gain on securities (net of tax benefit of $10 and tax expense of $34 in 2017, and net of tax benefit of $27 and tax expense of $10 in 2016, respectively) | (14) | (39) | 49 | 14 |
Accretion of unrealized loss on securities reclassified to held-to-maturity (net of tax expense of $122 and $365 in 2017 and net of tax expense of $153 and $431 in 2016, respectively) | 176 | 221 | 528 | 623 |
Reclassification adjustment for losses included in net income (net of tax benefit of $5 in 2016) | 0 | 0 | 0 | (7) |
Total comprehensive income | $ 12,979 | $ 9,310 | $ 33,091 | $ 17,624 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on securities, tax expense (benefit) | $ (10) | $ (27) | $ 34 | $ 10 |
Accretion of unrealized loss on securities reclassified to held-to-maturity, tax expense | $ 122 | $ 365 | $ 153 | 431 |
Reclassification adjustment for losses included in net income, tax benefit | $ 5 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Employee Stock Ownership Plan | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Common Stock Acquired by Deferred Compensation Plan | Deferred Compensation Plan Liability |
Beginning Balance at Dec. 31, 2015 | $ 238,446 | $ (3,045) | $ 336 | $ 269,757 | $ 229,140 | $ (6,241) | $ (251,501) | $ (314) | $ 314 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 16,994 | 16,994 | |||||||
Other comprehensive income, net of tax | 630 | 630 | |||||||
Tax expense of stock plans | (228) | (228) | |||||||
Stock awards | 1,181 | 1,181 | |||||||
Treasury stock allocated to restricted stock plan | 1,081 | (109) | (972) | ||||||
Issued 8,282,296 treasury shares to finance acquisition | 165,901 | 36,940 | 128,961 | ||||||
Allocation of ESOP stock | 461 | 213 | 248 | ||||||
Cash dividend | (8,789) | (8,789) | |||||||
Exercise of stock options | 2,648 | (764) | 3,412 | ||||||
Sale/Purchase of stock for the deferred compensation plan | 4 | (4) | |||||||
Ending Balance at Sep. 30, 2016 | 417,244 | (2,832) | 336 | 308,979 | 236,472 | (5,611) | (120,100) | (310) | 310 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Effect of adopting Accounting Standards Update (ASU) No. 2016-09 | (11,129) | 11,129 | |||||||
Beginning Balance at Dec. 31, 2016 | 572,038 | (2,761) | 336 | 364,433 | 238,192 | (5,614) | (22,548) | (313) | 313 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 32,514 | 32,514 | |||||||
Other comprehensive income, net of tax | 577 | 577 | |||||||
Stock awards | 1,678 | 1,678 | |||||||
Treasury stock allocated to restricted stock plan | (1,645) | 782 | 863 | ||||||
Allocation of ESOP stock | 692 | 212 | 480 | ||||||
Cash dividend | (14,439) | (14,439) | |||||||
Exercise of stock options | 3,192 | (2,125) | 5,317 | ||||||
Sale/Purchase of stock for the deferred compensation plan | 230 | (230) | |||||||
Ending Balance at Sep. 30, 2017 | $ 596,252 | $ (2,549) | $ 336 | $ 353,817 | $ 266,053 | $ (5,037) | $ (16,368) | $ (83) | $ 83 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Retained Earnings | ||
Cash dividend per share | $ 0.45 | $ 0.39 |
Treasury Stock | ||
Issued treasury shares to finance acquisition (in shares) | 8,282,296 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 32,514 | $ 16,994 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 4,606 | 3,441 |
Allocation of ESOP stock | 692 | 461 |
Stock awards | 1,678 | 1,181 |
Tax expense of stock plans | 0 | (228) |
Net excess tax benefit on stock compensation | (1,700) | 0 |
Amortization of servicing asset | 67 | 125 |
Net premium amortization in excess of discount accretion on securities | 2,153 | 1,295 |
Net amortization of deferred costs and discounts on borrowings | 33 | 0 |
Amortization of core deposit intangible | 1,544 | 319 |
Net accretion of purchase accounting adjustments | (6,281) | (3,068) |
Net amortization (accretion) of deferred costs and discounts on loans | 300 | (117) |
Provision for loan losses | 3,030 | 2,113 |
Net loss on sale of other real estate owned | 737 | 208 |
Write down of fixed assets held for sale to net realizable value | 6,350 | 0 |
Net loss on sale of fixed assets | 13 | 38 |
Net loss on sales of available-for-sale securities | 0 | 12 |
Net gain on sales of loans | (74) | (696) |
Proceeds from sales of mortgage loans held for sale | 3,837 | 37,687 |
Mortgage loans originated for sale | (2,551) | (25,079) |
Increase in value of Bank Owned Life Insurance | (2,436) | (1,520) |
Increase in interest and dividends receivable | (1,638) | (24) |
Decrease in other assets | 4,012 | 8,708 |
Increase in other liabilities | 15,810 | 4,072 |
Total adjustments | 30,182 | 28,928 |
Net cash provided by operating activities | 62,696 | 45,922 |
Cash flows from investing activities: | ||
Net (increase) decrease in loans receivable | (57,646) | 68,358 |
Proceeds from sale of under performing loans | 6,022 | 12,797 |
Purchase of loans receivable | (16,627) | (12,942) |
Purchase of investment securities available-for-sale | (54,810) | 0 |
Purchase of investment securities held-to-maturity | (111,593) | (2,030) |
Purchase of mortgage-backed securities held-to-maturity | (120,210) | 0 |
Proceeds from maturities and calls of investment securities held-to-maturity | 13,020 | 53,552 |
Proceeds from sales of securities available-for-sale | 0 | 59,870 |
Principal repayments on mortgage-backed securities held-to-maturity | 73,313 | 52,110 |
Proceeds from Bank Owned Life Insurance | 310 | 310 |
Proceeds from the redemption of Federal Home Loan Bank of New York stock | 19,010 | 32,042 |
Purchases of Federal Home Loan Bank of New York stock | (18,169) | (23,571) |
Proceeds from sales of other real estate owned | 2,777 | 3,193 |
Purchases of premises and equipment | (9,031) | (4,580) |
Cash received, net of cash consideration paid for acquisition | 0 | (477) |
Cash acquired, net of cash paid for branch acquisition | 0 | 16,727 |
Net cash (used in) provided by investing activities | (273,634) | 255,359 |
Cash flows from financing activities: | ||
Increase in deposits | 163,182 | 143,104 |
Increase (decrease) in short-term borrowings | 5,391 | (175,821) |
Proceeds from Federal Home Loan Bank advances | 10,000 | 55,000 |
Repayments of Federal Home Loan Bank advances | (1,438) | (73,678) |
Net proceeds from issuance of subordinated notes | 0 | 33,899 |
Repayments of other borrowings | 0 | (10,000) |
Increase in advances by borrowers for taxes and insurance | 341 | 237 |
Exercise of stock options | 3,192 | 2,648 |
Payment of employee taxes withheld from stock awards | (1,406) | (244) |
Dividends paid | (14,439) | (8,789) |
Net cash provided by (used in) financing activities | 164,823 | (33,644) |
Net (decrease) increase in cash and due from banks | (46,115) | 267,637 |
Cash and due from banks at beginning of period | 301,373 | 43,946 |
Cash and due from banks at end of period | 255,258 | 311,583 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest | 14,333 | 8,932 |
Income taxes | 8 | 7,064 |
Non-cash activities: | ||
Accretion of unrealized loss on securities reclassified to held-to-maturity | 865 | 1,054 |
Net loan charge-offs | 1,629 | 1,949 |
Transfer of premises and equipment to assets held-for-sale | 5,078 | 0 |
Transfer of loans receivable to other real estate owned | 3,389 | 1,667 |
Non-cash assets acquired: | ||
Securities | 0 | 212,156 |
Federal Home Loan Bank of New York stock | 0 | 6,782 |
Loans | 0 | 1,157,753 |
Premises & equipment | 0 | 21,723 |
Other real estate owned | 0 | 1,996 |
Deferred tax asset | 0 | 21,664 |
Other assets | 0 | 61,793 |
Goodwill and other intangible assets, net | 0 | 68,179 |
Total non-cash assets acquired | 0 | 1,552,046 |
Liabilities assumed: | ||
Deposits | 0 | 1,248,367 |
Federal Home Loan Bank advances | 0 | 124,466 |
Other liabilities | 0 | 12,835 |
Total liabilities assumed | $ 0 | $ 1,385,668 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of OceanFirst Financial Corp. (the “Company”) and its wholly-owned subsidiaries, OceanFirst Risk Management, Inc. and OceanFirst Bank (the “Bank”), and the Bank’s subsidiaries. On May 18, 2017, a new subsidiary of the Company was incorporated under the name OceanFirst Risk Management, Inc. OceanFirst Risk Management, Inc. is a captive insurance subsidiary which insures various liability and property damage policies for the Company and its related subsidiaries. The interim consolidated financial statements reflect all normal and recurring adjustments which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results of operations that may be expected for all of 2017 . In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and the results of operations for the period. Actual results could differ from these estimates. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report to Stockholders on Form 10-K for the year ended December 31, 2016 . |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Branch Acquisition On March 11, 2016, the Company completed its acquisition of an existing retail branch in the Toms River market. Under the terms of the Purchase and Assumption Agreement dated July 31, 2015, the Company paid a deposit premium of $340,000 , equal to 2.50% of core deposits; i.e., all deposits other than time deposits, government deposits, and fiduciary accounts. The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired has been recorded as goodwill. The following table presents the assets acquired and liabilities assumed as of March 11, 2016 and the fair value estimates (in thousands): Fair Value Assets acquired: Cash and cash equivalents $ 16,727 Loans 9 Other assets 15 Core deposit intangible 66 Total assets acquired $ 16,817 Liabilities assumed: Deposits $ 16,957 Other liabilities 138 Total liabilities assumed $ 17,095 Goodwill $ 278 Cape Bancorp Acquisition On May 2, 2016, the Company completed its acquisition of Cape Bancorp, Inc. (“Cape”), which after purchase accounting adjustments added $1.5 billion to assets, $1.2 billion to loans, and $1.2 billion to deposits. Total consideration paid for Cape was $196.4 million , including cash consideration of $30.5 million . Cape was merged with and into the Company as of the date of acquisition. The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired has been recorded as goodwill. The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Cape, net of total consideration paid (in thousands): At May 2, 2016 Fair Value Total Purchase Price: $ 196,403 Assets acquired: Cash and cash equivalents $ 30,025 Securities and Federal Home Loan Bank Stock 218,938 Loans 1,156,719 Premises and equipment 25,999 Other real estate owned 1,683 Deferred tax asset 17,826 Other assets 61,793 Core deposit intangible 3,718 Total assets acquired $ 1,516,701 Liabilities assumed: Deposits $ (1,248,367 ) Borrowings (124,466 ) Other liabilities (12,767 ) Total liabilities assumed $ (1,385,600 ) Net assets acquired $ 131,101 Goodwill recorded in the merger $ 65,302 The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties becomes available. On May 2, 2017, the Company finalized its review of the acquired assets and liabilities and will not be recording any further adjustments to the carrying value. Ocean Shore Holding Co. Acquisition On November 30, 2016, the Company completed its acquisition of Ocean Shore Holding Co. (“Ocean Shore”), which after purchase accounting adjustments added $994.2 million to assets, $773.6 million to loans, and $875.1 million to deposits. Total consideration paid for Ocean Shore was $180.7 million , including cash consideration of $28.4 million . Ocean Shore was merged with and into the Company on the date of acquisition. The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired has been recorded as goodwill. The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Ocean Shore, net of total consideration paid (in thousands): At November 30, 2016 Estimated Total Purchase Price: $ 180,732 Assets acquired: Cash and cash equivalents $ 60,871 Securities and Federal Home Loan Bank Stock 94,133 Loans 773,641 Premises and equipment 15,068 Other real estate owned 1,044 Deferred tax asset 6,563 Other assets 35,364 Core deposit intangible 7,506 Total assets acquired $ 994,190 Liabilities assumed: Deposits $ (875,073 ) Borrowings (3,694 ) Other liabilities (15,447 ) Total liabilities assumed $ (894,214 ) Net assets acquired $ 99,976 Goodwill recorded in the merger $ 80,756 The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available. As the Company finalizes its review of the acquired assets and liabilities, certain adjustments to the recorded carrying values may be required. Fair Value Measurement of Assets Assumed and Liabilities Assumed The methods used to determine the fair value of the assets acquired and liabilities assumed in the Cape and Ocean Shore acquisitions were as follows. Refer to Note 8, Fair Value Measurements, for a discussion of the fair value hierarchy. Securities The estimated fair values of the securities were calculated utilizing Level 2 inputs. The securities acquired are bought and sold in active markets. Prices for these instruments were obtained through security industry sources that actively participate in the buying and selling of securities. Loans The acquired loan portfolio was valued utilizing Level 3 inputs and included the use of present value techniques employing cash flow estimates and incorporated assumptions that marketplace participants would use in estimating fair values. In instances where reliable market information was not available, the Company used its own assumptions in an effort to determine reasonable fair value. Specifically, the Company utilized three separate fair value analyses which a market participant would employ in estimating the total fair value adjustment. The three separate fair valuation methodologies used were: 1) interest rate loan fair value analysis; 2) general credit fair value adjustment; and 3) specific credit fair value adjustment. To prepare the interest rate fair value analysis, loans were grouped by characteristics such as loan type, term, collateral and rate. Market rates for similar loans were obtained from various external data sources and reviewed by Company management for reasonableness. The average of these rates was used as the fair value interest rate a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value adjustment. The general credit fair value adjustment was calculated using a two part general credit fair value analysis: 1) expected lifetime losses and 2) estimated fair value adjustment for qualitative factors. The expected lifetime losses were calculated using an average of historical losses of the acquired bank. The adjustment related to qualitative factors was impacted by general economic conditions and the risk related to lack of experience with the originator’s underwriting process. To calculate the specific credit fair value adjustment, the Company reviewed the acquired loan portfolio for loans meeting the definition of an impaired loan with deteriorated credit quality. Loans meeting these criteria were reviewed by comparing the contractual cash flows to expected collectible cash flows. The aggregate expected cash flows less the acquisition date fair value resulted in an accretable yield amount which will be recognized over the life of the loans on a level yield basis as an adjustment to yield. Premises and Equipment Fair values are based upon appraisals from independent third parties. In addition to owned properties, Cape operated eight properties subject to lease agreements, and Ocean Shore operated two properties subject to lease agreements. Deposits and Core Deposit Premium Core deposit premium represents the value assigned to non-interest-bearing demand deposits, interest-bearing checking, money market and saving accounts acquired as part of the acquisition. The core deposit premium value represents the future economic benefit, including the present value of future tax benefits, of the potential cost saving from acquiring the core deposits as part of an acquisition compared to the cost of alternative funding sources and is valued utilizing Level 2 inputs. The core deposit premium totaled $66,000 , $3.7 million , and $7.5 million , for the branch, Cape, and Ocean Shore acquisitions, respectively, and is being amortized over its estimated useful life of approximately 10 years using an accelerated method. Time deposits are not considered to be core deposits as they are assumed to have a low expected average life upon acquisition. The fair value of time deposits represents the present value of the expected contractual payments discounted by market rates for similar time deposits and is valued utilizing Level 2 inputs. Borrowings Fair value estimates are based on discounting contractual cash flows using rates which approximate the rates offered for borrowings of similar remaining maturities. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The following reconciles shares outstanding for basic and diluted earnings per share for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Weighted average shares issued net of Treasury shares 32,545 25,823 32,456 22,010 Less: Unallocated ESOP shares (306 ) (340 ) (315 ) (348 ) Unallocated incentive award shares and shares held by deferred compensation plan (55 ) (48 ) (68 ) (38 ) Average basic shares outstanding 32,184 25,435 32,073 21,624 Add: Effect of dilutive securities: Stock options 912 434 1,023 347 Shares held by deferred compensation plan 10 20 14 19 Average diluted shares outstanding 33,106 25,889 33,110 21,990 For the three months ended September 30, 2017 and 2016 , antidilutive stock options of 476,000 and 914,000 , respectively, were excluded from earnings per share calculations. For the nine months ended September 30, 2017 and 2016 , antidilutive stock options of 244,000 and 1,132,000 , respectively, were excluded from earnings per share calculations. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at September 30, 2017 , and December 31, 2016 , are as follows (in thousands): At September 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Investment securities: U.S. agency obligations $ 67,367 $ 88 $ (322 ) $ 67,133 Held-to-maturity: Investment securities: U.S. agency obligations $ 14,966 $ 41 $ — $ 15,007 State and municipal obligations 142,168 610 (579 ) 142,199 Corporate debt securities 76,033 361 (3,753 ) 72,641 Other investments 8,903 — (189 ) 8,714 Total investment securities 242,070 1,012 (4,521 ) 238,561 Mortgage-backed securities: FHLMC 179,890 447 (1,674 ) 178,663 FNMA 244,279 1,892 (1,474 ) 244,697 GNMA 78,441 96 (505 ) 78,032 SBA 6,483 61 — 6,544 Total mortgage-backed securities 509,093 2,496 (3,653 ) 507,936 Total held-to-maturity $ 751,163 $ 3,508 $ (8,174 ) $ 746,497 Total securities $ 818,530 $ 3,596 $ (8,496 ) $ 813,630 At December 31, 2016 Amortized Gross Gross Estimated Available-for-sale: Investment securities: U.S. agency obligations $ 12,542 $ — $ (318 ) $ 12,224 Held-to-maturity: Investment securities: U.S. agency obligations $ 19,960 $ 69 $ — $ 20,029 State and municipal obligations 39,155 10 (856 ) 38,309 Corporate debt securities 77,057 85 (6,001 ) 71,141 Other investments 8,778 — (228 ) 8,550 Total investment securities 144,950 164 (7,085 ) 138,029 Mortgage-backed securities: FHLMC 144,016 195 (2,457 ) 141,754 FNMA 217,445 2,175 (2,524 ) 217,096 GNMA 92,475 119 (364 ) 92,230 SBA 8,947 28 — 8,975 Total mortgage-backed securities 462,883 2,517 (5,345 ) 460,055 Total held-to-maturity $ 607,833 $ 2,681 $ (12,430 ) $ 598,084 Total securities $ 620,375 $ 2,681 $ (12,748 ) $ 610,308 During the third quarter 2013, the Bank transferred $536.0 million of previously designated available-for-sale securities to a held-to-maturity designation at estimated fair value. The securities transferred had an unrealized net loss of $13.3 million at the time of transfer which continues to be reflected in accumulated other comprehensive loss on the consolidated balance sheet, net of subsequent amortization, which is being recognized over the life of the securities. The carrying value of the held-to-maturity investment securities at September 30, 2017 , and December 31, 2016 , are as follows (in thousands): September 30, 2017 December 31, 2016 Amortized cost $ 751,163 $ 607,833 Net loss on date of transfer from available-for-sale (13,347 ) (13,347 ) Accretion of net unrealized loss on securities reclassified as held-to-maturity 5,070 4,205 Carrying value $ 742,886 $ 598,691 There were no realized gains or losses on the sale of securities for the three and nine months ended September 30, 2017 . There were no realized gains or losses on the sale of securities for the three months ended September 30, 2016 and there were $75,000 in realized gains and $87,000 in realized losses on the sale of available-for-sale securities for the nine months ended September 30, 2016 . The amortized cost and estimated fair value of investment securities at September 30, 2017 by contractual maturity are shown below (in thousands). Actual maturities may differ from contractual maturities in instances where issuers have the right to call or prepay obligations with or without call or prepayment penalties. At September 30, 2017 , investment securities with an amortized cost of $60.9 million and estimated fair value of $57.5 million were callable prior to the maturity date. September 30, 2017 Amortized Cost Estimated Fair Value Less than one year $ 35,395 $ 35,384 Due after one year through five years 145,590 145,528 Due after five years through ten years 89,509 88,277 Due after ten years 30,000 27,751 $ 300,494 $ 296,940 Other investments which consist of two open-end funds are excluded from the above table since there are no contractual maturity dates. Mortgage-backed securities are excluded from the above table since their effective lives are expected to be shorter than the contractual maturity date due to principal prepayments. The estimated fair value and unrealized losses of securities available-for-sale and held-to-maturity at September 30, 2017 and December 31, 2016 , segregated by the duration of the unrealized losses, are as follows (in thousands): At September 30, 2017 Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Available-for-sale: Investment securities: U.S. agency obligations $ 52,276 $ (322 ) $ — $ — $ 52,276 $ (322 ) Held-to-maturity: Investment securities: State and municipal obligations 77,979 (531 ) 9,908 (48 ) 87,887 (579 ) Corporate debt securities 5,028 (11 ) 53,260 (3,742 ) 58,288 (3,753 ) Other investments — — 8,714 (189 ) 8,714 (189 ) Total investment securities 83,007 (542 ) 71,882 (3,979 ) 154,889 (4,521 ) Mortgage-backed securities: FHLMC 67,059 (892 ) 30,684 (782 ) 97,743 (1,674 ) FNMA 96,886 (954 ) 19,878 (520 ) 116,764 (1,474 ) GNMA 65,565 (477 ) 741 (28 ) 66,306 (505 ) Total mortgage-backed securities 229,510 (2,323 ) 51,303 (1,330 ) 280,813 (3,653 ) Total held-to-maturity 312,517 (2,865 ) 123,185 (5,309 ) 435,702 (8,174 ) Total securities $ 364,793 $ (3,187 ) $ 123,185 $ (5,309 ) $ 487,978 $ (8,496 ) At December 31, 2016 Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Available-for-sale: Investment securities: U.S. agency obligations $ 12,224 $ (318 ) $ — $ — $ 12,224 $ (318 ) Held-to-maturity: Investment securities: State and municipal obligations 32,995 (856 ) — — 32,995 (856 ) Corporate debt securities 12,450 (120 ) 49,119 (5,881 ) 61,569 (6,001 ) Other Investments 8,551 (228 ) — — 8,551 (228 ) Total investment securities 53,996 (1,204 ) 49,119 (5,881 ) 103,115 (7,085 ) Mortgage-backed securities: FHLMC 102,461 (1,665 ) 26,898 (792 ) 129,359 (2,457 ) FNMA 124,403 (2,185 ) 8,925 (339 ) 133,328 (2,524 ) GNMA 79,116 (364 ) — — 79,116 (364 ) Total mortgage-backed securities 305,980 (4,214 ) 35,823 (1,131 ) 341,803 (5,345 ) Total held-to-maturity 359,976 (5,418 ) 84,942 (7,012 ) 444,918 (12,430 ) Total securities $ 372,200 $ (5,736 ) $ 84,942 $ (7,012 ) $ 457,142 $ (12,748 ) At September 30, 2017 , the amortized cost, estimated fair value and credit rating of the individual corporate debt securities in an unrealized loss position for greater than one year are as follows (in thousands): Security Description Amortized Cost Estimated Fair Value Credit Rating Moody’s/ S&P BankAmerica Capital $ 15,000 $ 14,155 Ba1/BB+ Chase Capital 10,000 9,355 Baa2/BBB- Wells Fargo Capital 5,000 4,706 A1/BBB+ Huntington Capital 5,000 4,463 Baa2/BB Keycorp Capital 5,000 4,715 Baa2/BB+ PNC Capital 5,000 4,663 Baa1/BBB- State Street Capital 5,000 4,613 A3/BBB SunTrust Capital 5,000 4,592 Not Rated/BB+ MetLife Global Funding 1,000 999 Aa3/AA- State Street Corporation 1,000 999 A1/A $ 57,000 $ 53,260 At September 30, 2017 , the estimated fair value of each of the above corporate debt securities was below cost. The Company concluded that these corporate debt securities were only temporarily impaired at September 30, 2017 . In concluding that the impairments were only temporary, the Company considered several factors in its analysis. The Company noted that each issuer made all the contractually due payments when required. There were no defaults on principal or interest payments and no interest payments were deferred. Based on management’s analysis of each individual security, the issuers appear to have the ability to meet debt service requirements over the life of the security. Furthermore, the Company does not have the intent to sell these corporate debt securities and it is more likely than not that the Company will not be required to sell the securities. Historically, the Company has not utilized securities sales as a source of liquidity. The Company’s long range liquidity plans indicate adequate sources of liquidity outside the securities portfolio. The mortgage-backed securities are issued and guaranteed by either the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”), or the Small Business Administration (“SBA”) corporations which are chartered by the United States Government and whose debt obligations are typically rated AA+ by one of the internationally-recognized credit rating services. The Company considers the unrealized losses to be the result of changes in interest rates which over time can have both a positive and negative impact on the estimated fair value of the mortgage-backed securities. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost. As a result, the Company concluded that these securities were only temporarily impaired at September 30, 2017 . |
Loans Receivable, Net
Loans Receivable, Net | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Loans Receivable, Net | Loans Receivable, Net Loans receivable, net at September 30, 2017 and December 31, 2016 consisted of the following (in thousands): September 30, 2017 December 31, 2016 Commercial: Commercial and industrial $ 183,420 $ 152,569 Commercial real estate – owner occupied 553,971 534,214 Commercial real estate – investor 1,133,118 1,132,075 Total commercial 1,870,509 1,818,858 Consumer: Residential mortgage 1,676,143 1,647,154 Residential construction 73,812 65,319 Home equity loans and lines 277,909 288,991 Other consumer 1,354 1,564 Total consumer 2,029,218 2,003,028 3,899,727 3,821,886 Purchased credit impaired (“PCI”) loans 4,867 7,575 Total Loans 3,904,594 3,829,461 Loans in process (22,546 ) (14,249 ) Deferred origination costs, net 4,645 3,414 Allowance for loan losses (16,584 ) (15,183 ) Total loans, net $ 3,870,109 $ 3,803,443 At September 30, 2017 and December 31, 2016 , loans in the amount of $15.1 million and $13.6 million , respectively, were three or more months delinquent or in the process of foreclosure and the Company was not accruing interest income on these loans. At September 30, 2017 , there were no loans that were ninety days or greater past due and still accruing interest. Non-accrual loans include both smaller balance homogenous loans that are collectively evaluated for impairment and individually classified impaired loans. The recorded investment in mortgage and consumer loans collateralized by residential real estate which are in the process of foreclosure amounted to $2.5 million at September 30, 2017 . The amount of foreclosed residential real estate property held by the Company was $1.2 million at September 30, 2017 . The Company defines an impaired loan as non-accrual commercial real estate, multi-family, land, construction and commercial loans in excess of $250,000 . Impaired loans also include all loans modified as troubled debt restructurings. At September 30, 2017 , the impaired loan portfolio totaled $44.9 million for which there was a specific allocation in the allowance for loan losses of $616,000 . At December 31, 2016 , the impaired loan portfolio totaled $31.0 million for which there was a specific allocation in the allowance for loan losses of $510,000 . The average balance of impaired loans for the three months ended September 30, 2017 and 2016 was $43.1 million and $34.5 million , respectively. The average balance of impaired loans for the nine months ended September 30, 2017 and 2016 was $38.0 million and $34.3 million , respectively. An analysis of the allowance for loan losses for the three and nine months ended September 30, 2017 and 2016 is as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Balance at beginning of period $ 16,557 $ 16,678 $ 15,183 $ 16,722 Provision charged to operations 1,165 888 3,030 2,113 Charge-offs (1,357 ) (2,116 ) (2,861 ) (3,511 ) Recoveries 219 167 1,232 293 Balance at end of period $ 16,584 $ 15,617 $ 16,584 $ 15,617 The following table presents an analysis of the allowance for loan losses for the three and nine months ended September 30, 2017 and 2016 and the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2017 and December 31, 2016 , excluding PCI loans (in thousands): Residential Real Estate Commercial Real Estate – Owner Occupied Commercial Real Estate – Investor Consumer Commercial and Industrial Unallocated Total For the three months ended September 30, 2017 Allowance for loan losses: Balance at beginning of period $ 1,492 $ 3,097 $ 8,367 $ 930 $ 2,253 $ 418 $ 16,557 Provision (benefit) charged to operations 1,465 119 81 (122 ) (180 ) (198 ) 1,165 Charge-offs (1,284 ) — — (67 ) (6 ) — (1,357 ) Recoveries 128 — 24 17 50 — 219 Balance at end of period $ 1,801 $ 3,216 $ 8,472 $ 758 $ 2,117 $ 220 $ 16,584 For the three months ended September 30, 2016 Allowance for loan losses: Balance at beginning of period $ 6,006 $ 2,711 $ 4,713 $ 1,107 $ 1,209 $ 932 $ 16,678 Provision (benefit) charged to operations (376 ) (168 ) 104 (130 ) 1,949 (491 ) 888 Charge-offs (167 ) — — (80 ) (1,869 ) — (2,116 ) Recoveries 6 — — — 161 — 167 Balance at end of period $ 5,469 $ 2,543 $ 4,817 $ 897 $ 1,450 $ 441 $ 15,617 For the nine months ended September 30, 2017 Allowance for loan losses: Balance at beginning of period $ 2,245 $ 2,999 $ 6,361 $ 1,110 $ 2,037 $ 431 $ 15,183 Provision (benefit) charged to operations 1,477 167 2,164 (346 ) (221 ) (211 ) 3,030 Charge-offs (2,485 ) (73 ) (84 ) (125 ) (94 ) — (2,861 ) Recoveries 564 123 31 119 395 — 1,232 Balance at end of period $ 1,801 $ 3,216 $ 8,472 $ 758 $ 2,117 $ 220 $ 16,584 For the nine months ended September 30, 2016 Allowance for loan losses: Balance at beginning of period $ 6,590 $ 2,292 $ 4,873 $ 1,095 $ 1,639 $ 233 $ 16,722 Provision (benefit) charged to operations (867 ) 1,261 (56 ) (98 ) 1,665 208 2,113 Charge-offs (319 ) (1,010 ) — (146 ) (2,036 ) — (3,511 ) Recoveries 65 — — 46 182 — 293 Balance at end of period $ 5,469 $ 2,543 $ 4,817 $ 897 $ 1,450 $ 441 $ 15,617 September 30, 2017 Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ — $ — $ 616 $ — $ — $ — $ 616 Collectively evaluated for impairment 1,801 3,216 7,856 758 2,117 220 15,968 Total ending allowance balance $ 1,801 $ 3,216 $ 8,472 $ 758 $ 2,117 $ 220 $ 16,584 Loans: Loans individually evaluated for impairment $ 12,484 $ 11,537 $ 17,535 $ 2,478 $ 893 $ — $ 44,927 Loans collectively evaluated for impairment 1,737,471 542,434 1,115,583 276,785 182,527 — 3,854,800 Total ending loan balance $ 1,749,955 $ 553,971 $ 1,133,118 $ 279,263 $ 183,420 $ — $ 3,899,727 Residential Real Estate Commercial Real Estate – Owner Occupied Commercial Real Estate – Investor Consumer Commercial and Industrial Unallocated Total December 31, 2016 Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ 266 $ — $ 119 $ 125 $ — $ — $ 510 Collectively evaluated for impairment 1,979 2,999 6,242 985 2,037 431 14,673 Total ending allowance balance $ 2,245 $ 2,999 $ 6,361 $ 1,110 $ 2,037 $ 431 $ 15,183 Loans: Loans individually evaluated for impairment $ 13,306 $ 11,123 $ 3,789 $ 2,556 $ 268 $ — $ 31,042 Loans collectively evaluated for impairment 1,699,167 523,091 1,128,286 287,999 152,301 — 3,790,844 Total ending loan balance $ 1,712,473 $ 534,214 $ 1,132,075 $ 290,555 $ 152,569 $ — $ 3,821,886 A summary of impaired loans at September 30, 2017 , and December 31, 2016 , is as follows, excluding PCI loans (in thousands): September 30, 2017 December 31, 2016 Impaired loans with no allocated allowance for loan losses $ 40,386 $ 25,228 Impaired loans with allocated allowance for loan losses 4,541 5,814 $ 44,927 $ 31,042 Amount of the allowance for loan losses allocated $ 616 $ 510 At September 30, 2017 , impaired loans included troubled debt restructured (“TDR”) loans of $36.1 million , of which $35.8 million were performing in accordance with their restructured terms for a minimum of six months and were accruing interest. At December 31, 2016 , impaired loans included TDR loans of $30.5 million , of which $27.0 million were performing in accordance with their restructured terms for a minimum of six months and were accruing interest. The summary of loans individually evaluated for impairment by loan portfolio segment as of September 30, 2017 , and December 31, 2016 and for the three and nine months ended September 30, 2017 and 2016 , is as follows, excluding PCI loans (in thousands): Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated As of September 30, 2017 With no related allowance recorded: Residential real estate $ 12,896 $ 12,484 $ — Commercial real estate – owner occupied 12,233 11,537 — Commercial real estate – investor 13,938 12,994 — Consumer 2,939 2,478 — Commercial and industrial 925 893 — $ 42,931 $ 40,386 $ — With an allowance recorded: Residential real estate $ — $ — $ — Commercial real estate – owner occupied — — — Commercial real estate – investor 4,556 4,541 616 Consumer — — — Commercial and industrial — — — $ 4,556 $ 4,541 $ 616 As of December 31, 2016 With no related allowance recorded: Residential real estate $ 9,848 $ 9,694 $ — Commercial real estate – owner occupied 11,886 11,123 — Commercial real estate – investor 2,239 1,897 — Consumer 2,559 2,246 — Commercial and industrial 300 268 — $ 26,832 $ 25,228 $ — With an allowance recorded: Residential real estate $ 3,998 $ 3,612 $ 266 Commercial real estate – owner occupied — — — Commercial real estate – investor 2,011 1,892 119 Consumer 581 310 125 Commercial and industrial — — — $ 6,590 $ 5,814 $ 510 Three Months Ended September 30, 2017 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 12,791 $ 128 $ 13,451 $ 171 Commercial real estate – owner occupied 11,217 335 17,198 119 Commercial real estate – investor 11,147 240 281 3 Consumer 2,495 36 2,340 44 Commercial and industrial 908 26 269 — $ 38,558 $ 765 $ 33,539 $ 337 With an allowance recorded: Residential real estate $ — $ — $ 107 $ 1 Commercial real estate – owner occupied — — — — Commercial real estate – investor 4,551 13 896 — Consumer — — — — Commercial and industrial — — — — $ 4,551 $ 13 $ 1,003 $ 1 Nine Months Ended September 30, 2017 2016 Average Interest Average Interest With no related allowance recorded: Residential real estate $ 11,009 $ 401 $ 13,326 $ 437 Commercial real estate – owner occupied 11,080 520 17,333 406 Commercial real estate – investor 6,550 487 303 9 Consumer 2,368 106 2,220 105 Commercial and industrial 588 50 270 — $ 31,595 $ 1,564 $ 33,452 $ 957 With an allowance recorded: Residential real estate $ 1,981 $ 62 $ 108 $ 3 Commercial real estate – owner occupied — — — — Commercial real estate – investor 4,233 81 755 — Consumer 148 6 — — Commercial and industrial — — — — $ 6,362 $ 149 $ 863 $ 3 The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of September 30, 2017 and December 31, 2016 , excluding PCI loans (in thousands): September 30, 2017 December 31, 2016 Residential real estate $ 3,551 $ 8,126 Commercial real estate – owner occupied 923 2,414 Commercial real estate – investor 8,720 521 Consumer 1,864 2,064 Commercial and industrial 63 441 $ 15,121 $ 13,566 The following table presents the aging of the recorded investment in past due loans as of September 30, 2017 and December 31, 2016 by loan portfolio segment, excluding PCI loans (in thousands): 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Loans Not Past Due Total September 30, 2017 Residential real estate $ 12,736 $ 6,872 $ 2,277 $ 21,885 $ 1,728,070 $ 1,749,955 Commercial real estate – owner occupied 711 — 289 1,000 552,971 553,971 Commercial real estate – investor 2,301 173 8,146 10,620 1,122,498 1,133,118 Consumer 768 491 1,486 2,745 276,518 279,263 Commercial and industrial — 1,874 64 1,938 181,482 183,420 $ 16,516 $ 9,410 $ 12,262 $ 38,188 $ 3,861,539 $ 3,899,727 December 31, 2016 Residential real estate $ 9,532 $ 3,038 $ 7,159 $ 19,729 $ 1,692,744 $ 1,712,473 Commercial real estate – owner occupied 3,962 1,032 890 5,884 528,330 534,214 Commercial real estate – investor — — 521 521 1,131,554 1,132,075 Consumer 1,519 436 1,963 3,918 286,637 290,555 Commercial and industrial 5,548 181 384 6,113 146,456 152,569 $ 20,561 $ 4,687 $ 10,917 $ 36,165 $ 3,785,721 $ 3,821,886 The Company categorizes all commercial and commercial real estate loans, except for small business loans, into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation and current economic trends, among other factors. The Company uses the following definitions for risk ratings: Pass : Loans classified as Pass are well protected by the paying capacity and net worth of the borrower. Special Mention : Loans classified as Special Mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Bank’s credit position at some future date. Substandard : Loans classified as Substandard are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful : Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. As of September 30, 2017 and December 31, 2016 , and based on the most recent analysis performed, the risk category of loans by loan portfolio segment follows, excluding PCI loans (in thousands) is as follows: Pass Special Mention Substandard Doubtful Total September 30, 2017 Commercial real estate – owner occupied $ 531,493 $ 4,349 $ 18,129 $ — $ 553,971 Commercial real estate – investor 1,100,142 10,768 22,208 — 1,133,118 Commercial and industrial 176,619 3,520 3,281 — 183,420 $ 1,808,254 $ 18,637 $ 43,618 $ — $ 1,870,509 December 31, 2016 Commercial real estate – owner occupied $ 501,652 $ 7,680 $ 24,882 $ — $ 534,214 Commercial real estate – investor 1,106,747 713 24,615 — 1,132,075 Commercial and industrial 150,474 757 1,338 — 152,569 $ 1,758,873 $ 9,150 $ 50,835 $ — $ 1,818,858 For residential and consumer loan classes, the Company evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in residential and consumer loans based on payment activity as of September 30, 2017 and December 31, 2016 , excluding PCI loans (in thousands): Residential Real Estate Residential Consumer September 30, 2017 Performing $ 1,746,404 $ 277,399 Non-performing 3,551 1,864 $ 1,749,955 $ 279,263 December 31, 2016 Performing $ 1,704,347 $ 288,491 Non-performing 8,126 2,064 $ 1,712,473 $ 290,555 The Company classifies certain loans as troubled debt restructurings when credit terms to a borrower in financial difficulty are modified. The modifications may include a reduction in rate, an extension in term, the capitalization of past due amounts and/or the restructuring of scheduled principal payments. Included in the non-accrual loan total at September 30, 2017 , and December 31, 2016 , were $270,000 and $3.5 million , respectively, of troubled debt restructurings. At September 30, 2017 , the Company had no specific reserves allocated to loans that are classified as troubled debt restructurings. At December 31, 2016 , the Company had allocated $510,000 of specific reserves to loans that are classified as troubled debt restructurings. Non-accrual loans which become troubled debt restructurings are generally returned to accrual status after six months of performance. In addition to the troubled debt restructurings included in non-accrual loans, the Company also has loans classified as accruing troubled debt restructurings at September 30, 2017 , and December 31, 2016 , which totaled $35.8 million and $27.0 million , respectively. Troubled debt restructurings are considered in the allowance for loan losses similar to other impaired loans. The following table presents information about troubled debt restructurings which occurred during the three and nine months ended September 30, 2017 and 2016 , and troubled debt restructurings modified within the previous year and which defaulted during the three and nine months ended September 30, 2017 and 2016 , (dollars in thousands): Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Three months ended September 30, 2017 Troubled Debt Restructurings: Residential real estate 2 $ 328 $ 357 Commercial real estate - owner occupied 1 700 700 Commercial real estate - investor 1 700 700 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Post-modification Nine months ended September 30, 2017 Troubled Debt Restructurings: Residential real estate 6 $ 1,354 $ 1,356 Commercial real estate - owner occupied 4 3,309 3,309 Commercial real estate – investor 4 6,362 6,484 Commercial and industrial 1 665 665 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Three months ended September 30, 2016 Troubled Debt Restructurings: Residential real estate 1 $ 455 $ 455 Consumer 1 602 602 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Nine months ended September 30, 2016 Troubled Debt Restructurings: Residential real estate 3 $ 674 $ 673 Commercial real estate – investor 1 256 270 Consumer 3 665 665 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None As part of the Cape, Ocean Shore and Colonial American Bank acquisitions, PCI loans were acquired at a discount primarily due to deteriorated credit quality. PCI loans are accounted for at fair value, based upon the present value of expected future cash flows, with no related allowance for loan losses. The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Ocean Shore at December 1, 2016, Cape at May 2, 2016, and Colonial American Bank at July 31, 2015 (in thousands): Ocean Shore Cape Colonial American Contractually required principal and interest $ 7,385 $ 21,345 $ 3,263 Contractual cash flows not expected to be collected (non-accretable discount) (4,666 ) (12,387 ) (1,854 ) Expected cash flows to be collected at acquisition 2,719 8,958 1,409 Interest component of expected cash flows (accretable yield) (401 ) (576 ) (109 ) Fair value of acquired loans $ 2,318 $ 8,382 $ 1,300 The following table summarizes the changes in accretable yield for PCI loans during the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Beginning balance $ 1,465 $ 749 $ 503 $ 75 Acquisition — — — 576 Accretion (328 ) (642 ) (196 ) (344 ) Reclassification from non-accretable difference 13 1,043 — — Ending balance $ 1,150 $ 1,150 $ 307 $ 307 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits The major types of deposits at September 30, 2017 and December 31, 2016 were as follows (in thousands): Type of Account September 30, 2017 December 31, 2016 Non-interest-bearing $ 781,043 $ 782,504 Interest-bearing checking 1,892,832 1,626,713 Money market deposit 384,106 458,911 Savings 668,370 672,519 Time deposits 623,908 647,103 Total deposits $ 4,350,259 $ 4,187,750 Included in time deposits at September 30, 2017 and December 31, 2016 , is $273.6 million and $269.0 million , respectively, in deposits of $100,000 and over. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” and subsequent related Updates modifies the guidance used to recognize revenue from contracts with customers for transfers of goods or services and transfers of nonfinancial assets, unless those contracts are within the scope of other guidance. The updates also requires new qualitative and quantitative disclosures, including disaggregation of revenues and descriptions of performance obligations. The Company will adopt the guidance in first quarter of 2018 using the modified retrospective method with a cumulative-effect adjustment to opening retained earnings. Because the guidance does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other U.S. GAAP, the new revenue recognition standard does not have a material impact on the Company’s consolidated financial statements. The Company’s implementation efforts include the identification of revenue within the scope of the guidance, as well as the evaluation of revenue contracts. While we have not identified any material changes related to the timing or amount of revenue recognition, the Company will continue to evaluate disaggregation for significant categories of revenue in the scope of the guidance. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities.” The main objective in developing this new ASU is to enhance the reporting model for financial instruments to provide users of financial statements with more useful information. The update requires equity investments to be measured at fair value with changes in fair value recognized in net income. It simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a quantitative assessment to identify impairment. The amendment eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. It requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Financial assets and financial liabilities are to be presented separately by measurement category and the need for a valuation allowance on a deferred tax asset related to available-for-sale securities should be evaluated with other deferred tax assets. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This ASU requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. To date, the Company has identified its leased real estate as within the scope of the guidance. The Company continues to evaluate the impact of the guidance, including determining whether other contracts exist that are deemed to be in scope. As such, no conclusions have yet been reached regarding the potential impact of adoption on the Company’s consolidated financial statements. Further, to date, no guidance has been issued by either the Company’s or the Bank’s primary regulator with respect to how the impact of the amended standard is to be treated for regulatory capital purposes. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718).” The objective of the Update is to simplify accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the Update, all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current accounting) or account for forfeitures when they occur. Within the Cash Flow Statement, excess tax benefits should be classified along with other income tax cash flows as an operating activity, and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. The amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted this ASU on January 1, 2017 and it did not have a material impact on the Company’s consolidated financial statements, resulting in a balance sheet reclassification. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. As a result of the required change in approach toward determining estimated credit losses from the current “incurred loss” model to one based on estimated cash flows over a loan’s contractual life, adjusted for prepayments (a “life of loan” model), the Company expects that the new guidance will result in an increase in the allowance for loan losses, particularly for longer duration loan portfolios. The Company also expects that the new guidance may result in an allowance for debt securities. In both cases, the extent of the change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Further, to date, no guidance has been issued by either the Company’s or the Bank’s primary regulator with respect to how the impact of the amended standard is to be treated for regulatory purposes. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” This ASU is intended to reduce diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, with early adoption permitted, including adoption in an interim period. A retrospective transition method should be applied to each period presented, unless it is impracticable to apply the amendments retrospectively for some of the issues, then the amendments for those issues would be applied prospectively as of the earliest date practicable. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805) - Clarifying the Definition of a Business.” This ASU narrows the definition of a business and clarifies that, to be considered a business, the fair value of the gross assets acquired (or disposed of) may not be substantially all concentrated in a single identifiable asset or group of similar assets. In addition, in order to be considered a business, a set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. This ASU is effective for fiscal years beginning after December 15, 2017; early adoption is permitted on a limited basis. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment.” This ASU intends to simplify the subsequent measurement of goodwill, eliminating Step 2 from the goodwill impairment test. Instead, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge 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. The ASU also eliminates the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment. ASU No. 2017-04 is effective for fiscal years beginning after December 15, 2019; early adoption is permitted for annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities.” This ASU requires the amortization of premiums to the earliest call date on debt securities with call features that are explicit, noncontingent and callable at fixed prices and on preset dates. This ASU does not impact securities held as a discount, as the discount continues to be amortized to the contractual maturity. The guidance is effective for fiscal years beginning December 15, 2018, with early adoption permitted, including adoption in an interim period. The amendments in this ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or the most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. The Company uses valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability and developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and developed based on the best information available in the circumstances. In that regard, a fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Movements within the fair value hierarchy are recognized at the end of the applicable reporting period. There were no transfers between the levels of the fair value hierarchy for the three and nine months ended September 30, 2017 . The fair value hierarchy is as follows: Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means. Level 3 Inputs – Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities. Assets and Liabilities Measured at Fair Value A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis, that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Securities Available-For-Sale Securities classified as available-for-sale are reported at fair value. Fair value for these securities, all of which are U. S. agency obligations, is determined using a quoted price in an active market or exchange (Level 1) or estimated by using inputs other than quoted prices that are based on market observable information (Level 2). Level 2 securities are priced through third-party pricing services or security industry sources that actively participate in the buying and selling of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing is a mathematical technique used principally to value certain securities without relying exclusively on quoted prices for the specific securities, but comparing the securities to benchmark or comparable securities. Other Real Estate Owned and Impaired Loans Other real estate owned and loans measured for impairment based on the fair value of the underlying collateral are recorded at estimated fair value, less estimated selling costs. Fair value is based on independent appraisals. The following table summarizes financial assets and financial liabilities measured at fair value as of September 30, 2017 and December 31, 2016 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): Fair Value Measurements at Reporting Date Using: September 30, 2017 Total Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Items measured on a recurring basis: Investment securities available-for-sale: U.S. agency obligations $ 67,133 $ — $ 67,133 $ — Items measured on a non-recurring basis: Other real estate owned 9,334 — — 9,334 Loans measured for impairment based on the fair value of the underlying collateral 12,065 — — 12,065 Fair Value Measurements at Reporting Date Using: December 31, 2016 Total Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Items measured on a recurring basis: Investment securities available-for-sale: U.S. agency obligations $ 12,224 $ — $ 12,224 $ — Items measured on a non-recurring basis: Other real estate owned 9,803 — — 9,803 Loans measured for impairment based on the fair value of the underlying collateral 2,419 — — 2,419 Assets and Liabilities Disclosed at Fair Value A description of the valuation methodologies used for assets and liabilities disclosed at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy is set forth below. Cash and Due from Banks For cash and due from banks, the carrying amount approximates fair value. Securities Held-to-Maturity Securities classified as held-to-maturity are carried at amortized cost, as the Company has the positive intent and ability to hold these securities to maturity. The Company determines the fair value of the securities utilizing Level 1, Level 2 and, infrequently, Level 3 inputs. In general, fair value is based upon quoted market prices, where available. Most of the Company’s investment and mortgage-backed securities, however, are fixed income instruments that are not quoted on an exchange, but are bought and sold in active markets. Prices for these instruments are obtained through third-party pricing vendors or security industry sources that actively participate in the buying and selling of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing is a mathematical technique used principally to value certain securities without relying exclusively on quoted prices for the specific securities, but comparing the securities to benchmark or comparable securities. Fair value estimates are made at a point in time, based on relevant market data as well as the best information available about the security. Fair value estimates for securities for which limited observable market data is available are based on judgments regarding current economic conditions, liquidity discounts, credit and interest rate risks, and other factors. These estimates involve significant uncertainties and judgments and cannot be determined with precision. As a result, such calculated fair value estimates may not be realizable in a current sale or immediate settlement of the security. The Company utilizes third-party pricing services to obtain fair values for most of its securities held-to-maturity. Management’s policy is to obtain and review all available documentation from the third-party pricing service relating to their fair value determinations, including their methodology and summary of inputs. Management reviews this documentation, makes inquiries of the third-party pricing service and makes a determination as to the level of the valuation inputs. Based on the Company’s review of the available documentation from the third-party pricing service, management concluded that Level 2 inputs were utilized for all securities except for certain investments classified as Level 1, which are derived from quoted market prices in active markets and certain state and municipal obligations known as bond anticipation notes (“BANs”) where management utilized Level 3 inputs. In the case of the Level 2 securities, the significant observable inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, other market information and observations of equity and credit default swap curves related to the issuer. Management based its fair value estimate of the BANs on the local nature of the issuing entities, the short-term life of the security and current economic conditions. Federal Home Loan Bank of New York Stock The fair value for Federal Home Loan Bank of New York stock is its carrying value since this is the amount for which it could be redeemed. There is no active market for this stock and the Company is required to maintain a minimum investment based upon the outstanding balance of mortgage related assets and outstanding borrowings. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential mortgage, consumer and commercial. Each loan category is further segmented into fixed and adjustable rate interest terms. Fair value of performing and non-performing loans was estimated by discounting the future cash flows, net of estimated prepayments, at a rate for which similar loans would be originated to new borrowers with similar terms. Fair values estimated in this manner do not fully incorporate an exit price approach to fair value, but instead are based on a comparison to current market rates for comparable loans. Deposits Other than Time Deposits The fair value of deposits with no stated maturity, such as non-interest-bearing demand deposits, interest-bearing checking accounts, money market accounts and saving accounts are, by definition, equal to the amount payable on demand. The related insensitivity of the majority of these deposits to interest rate changes creates a significant inherent value which is not reflected in the fair value reported. Time Deposits The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. Securities Sold Under Agreements to Repurchase with Retail Customers Fair value approximates the carrying amount as these borrowings are payable on demand and the interest rate adjusts monthly. Borrowed Funds Fair value estimates are based on discounting contractual cash flows using rates which approximate the rates offered for borrowings of similar remaining maturities. The book value and estimated fair value of the Bank’s significant financial instruments not recorded at fair value as of September 30, 2017 and December 31, 2016 are presented in the following tables (in thousands): Fair Value Measurements at Reporting Date Using: September 30, 2017 Book Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Cash and due from banks $ 255,258 $ 255,258 $ — $ — Securities held-to-maturity 742,886 8,714 734,990 2,793 Federal Home Loan Bank of New York stock 18,472 — — 18,472 Loans receivable, net and mortgage loans held for sale 3,870,447 — — 3,935,093 Financial Liabilities: Deposits other than time deposits 3,726,351 — 3,726,351 — Time deposits 623,908 — 619,619 — Securities sold under agreements to repurchase with retail customers 75,326 75,326 — — Federal Home Loan Bank advances and other borrowings 315,652 — 314,021 — Fair Value Measurements at Reporting Date Using: December 31, 2016 Book Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Cash and due from banks $ 301,373 $ 301,373 $ — $ — Securities held-to-maturity 598,691 8,550 586,504 3,030 Federal Home Loan Bank of New York stock 19,313 — — 19,313 Loans receivable and mortgage loans held for sale 3,804,994 — — 3,834,677 Financial Liabilities: Deposits other than time deposits 3,540,647 — 3,540,647 — Time deposits 647,103 — 644,354 — Securities sold under agreements to repurchase with retail customers 69,935 69,935 — — Federal Home Loan Bank advances and other borrowings 307,057 — 304,901 — Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because a limited market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other significant unobservable inputs. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include premises and equipment, Bank Owned Life Insurance, deferred tax assets and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On June 30, 2017, the Company announced an agreement to acquire Sun Bancorp, Inc. (“Sun”), headquartered in Mount Laurel, New Jersey, in a transaction valued at approximately $487 million . Under the terms of the agreement, Sun stockholders will be entitled to receive $3.78 in cash and 0.7884 shares of the Company’s common stock, for each share of Sun common stock. Sun and the Company received their respective requisite stockholder approvals for the merger. Regulatory approval of the merger was received from the Federal Reserve Bank of Philadelphia on October 17, 2017. The regulatory application for the transaction remains under review by the Office of the Comptroller of the Currency (“OCC”). Subject to receipt of OCC approval and other customary closing conditions, the Company expects to close the transaction in January 2018. On November 1, 2017 the Company closed on its previously announced acquisition of an office building in Red Bank, New Jersey related to its back-office consolidation, at a purchase price of $42.5 million . Included in the acquisition is a structured parking facility as well as the existing furniture, fixtures and equipment. Occupancy is expected in the first half of 2018. |
Recent Accounting Pronounceme19
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” and subsequent related Updates modifies the guidance used to recognize revenue from contracts with customers for transfers of goods or services and transfers of nonfinancial assets, unless those contracts are within the scope of other guidance. The updates also requires new qualitative and quantitative disclosures, including disaggregation of revenues and descriptions of performance obligations. The Company will adopt the guidance in first quarter of 2018 using the modified retrospective method with a cumulative-effect adjustment to opening retained earnings. Because the guidance does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other U.S. GAAP, the new revenue recognition standard does not have a material impact on the Company’s consolidated financial statements. The Company’s implementation efforts include the identification of revenue within the scope of the guidance, as well as the evaluation of revenue contracts. While we have not identified any material changes related to the timing or amount of revenue recognition, the Company will continue to evaluate disaggregation for significant categories of revenue in the scope of the guidance. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities.” The main objective in developing this new ASU is to enhance the reporting model for financial instruments to provide users of financial statements with more useful information. The update requires equity investments to be measured at fair value with changes in fair value recognized in net income. It simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a quantitative assessment to identify impairment. The amendment eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. It requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Financial assets and financial liabilities are to be presented separately by measurement category and the need for a valuation allowance on a deferred tax asset related to available-for-sale securities should be evaluated with other deferred tax assets. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This ASU requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. To date, the Company has identified its leased real estate as within the scope of the guidance. The Company continues to evaluate the impact of the guidance, including determining whether other contracts exist that are deemed to be in scope. As such, no conclusions have yet been reached regarding the potential impact of adoption on the Company’s consolidated financial statements. Further, to date, no guidance has been issued by either the Company’s or the Bank’s primary regulator with respect to how the impact of the amended standard is to be treated for regulatory capital purposes. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718).” The objective of the Update is to simplify accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the Update, all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current accounting) or account for forfeitures when they occur. Within the Cash Flow Statement, excess tax benefits should be classified along with other income tax cash flows as an operating activity, and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. The amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted this ASU on January 1, 2017 and it did not have a material impact on the Company’s consolidated financial statements, resulting in a balance sheet reclassification. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. As a result of the required change in approach toward determining estimated credit losses from the current “incurred loss” model to one based on estimated cash flows over a loan’s contractual life, adjusted for prepayments (a “life of loan” model), the Company expects that the new guidance will result in an increase in the allowance for loan losses, particularly for longer duration loan portfolios. The Company also expects that the new guidance may result in an allowance for debt securities. In both cases, the extent of the change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Further, to date, no guidance has been issued by either the Company’s or the Bank’s primary regulator with respect to how the impact of the amended standard is to be treated for regulatory purposes. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” This ASU is intended to reduce diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, with early adoption permitted, including adoption in an interim period. A retrospective transition method should be applied to each period presented, unless it is impracticable to apply the amendments retrospectively for some of the issues, then the amendments for those issues would be applied prospectively as of the earliest date practicable. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805) - Clarifying the Definition of a Business.” This ASU narrows the definition of a business and clarifies that, to be considered a business, the fair value of the gross assets acquired (or disposed of) may not be substantially all concentrated in a single identifiable asset or group of similar assets. In addition, in order to be considered a business, a set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. This ASU is effective for fiscal years beginning after December 15, 2017; early adoption is permitted on a limited basis. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment.” This ASU intends to simplify the subsequent measurement of goodwill, eliminating Step 2 from the goodwill impairment test. Instead, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge 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. The ASU also eliminates the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment. ASU No. 2017-04 is effective for fiscal years beginning after December 15, 2019; early adoption is permitted for annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities.” This ASU requires the amortization of premiums to the earliest call date on debt securities with call features that are explicit, noncontingent and callable at fixed prices and on preset dates. This ASU does not impact securities held as a discount, as the discount continues to be amortized to the contractual maturity. The guidance is effective for fiscal years beginning December 15, 2018, with early adoption permitted, including adoption in an interim period. The amendments in this ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Retail Branch | |
Business Acquisition [Line Items] | |
Summary of Assets Acquired and Liabilities Assumed and Their Initial Fair Value Estimates | The following table presents the assets acquired and liabilities assumed as of March 11, 2016 and the fair value estimates (in thousands): Fair Value Assets acquired: Cash and cash equivalents $ 16,727 Loans 9 Other assets 15 Core deposit intangible 66 Total assets acquired $ 16,817 Liabilities assumed: Deposits $ 16,957 Other liabilities 138 Total liabilities assumed $ 17,095 Goodwill $ 278 |
Cape Bancorp, Inc. | |
Business Acquisition [Line Items] | |
Summary of Assets Acquired and Liabilities Assumed and Their Initial Fair Value Estimates | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Cape, net of total consideration paid (in thousands): At May 2, 2016 Fair Value Total Purchase Price: $ 196,403 Assets acquired: Cash and cash equivalents $ 30,025 Securities and Federal Home Loan Bank Stock 218,938 Loans 1,156,719 Premises and equipment 25,999 Other real estate owned 1,683 Deferred tax asset 17,826 Other assets 61,793 Core deposit intangible 3,718 Total assets acquired $ 1,516,701 Liabilities assumed: Deposits $ (1,248,367 ) Borrowings (124,466 ) Other liabilities (12,767 ) Total liabilities assumed $ (1,385,600 ) Net assets acquired $ 131,101 Goodwill recorded in the merger $ 65,302 |
Ocean Shore Holdings Co. | |
Business Acquisition [Line Items] | |
Summary of Assets Acquired and Liabilities Assumed and Their Initial Fair Value Estimates | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Ocean Shore, net of total consideration paid (in thousands): At November 30, 2016 Estimated Total Purchase Price: $ 180,732 Assets acquired: Cash and cash equivalents $ 60,871 Securities and Federal Home Loan Bank Stock 94,133 Loans 773,641 Premises and equipment 15,068 Other real estate owned 1,044 Deferred tax asset 6,563 Other assets 35,364 Core deposit intangible 7,506 Total assets acquired $ 994,190 Liabilities assumed: Deposits $ (875,073 ) Borrowings (3,694 ) Other liabilities (15,447 ) Total liabilities assumed $ (894,214 ) Net assets acquired $ 99,976 Goodwill recorded in the merger $ 80,756 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Shares Outstanding for Basic and Diluted Earnings per Share | The following reconciles shares outstanding for basic and diluted earnings per share for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Weighted average shares issued net of Treasury shares 32,545 25,823 32,456 22,010 Less: Unallocated ESOP shares (306 ) (340 ) (315 ) (348 ) Unallocated incentive award shares and shares held by deferred compensation plan (55 ) (48 ) (68 ) (38 ) Average basic shares outstanding 32,184 25,435 32,073 21,624 Add: Effect of dilutive securities: Stock options 912 434 1,023 347 Shares held by deferred compensation plan 10 20 14 19 Average diluted shares outstanding 33,106 25,889 33,110 21,990 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity | The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at September 30, 2017 , and December 31, 2016 , are as follows (in thousands): At September 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Investment securities: U.S. agency obligations $ 67,367 $ 88 $ (322 ) $ 67,133 Held-to-maturity: Investment securities: U.S. agency obligations $ 14,966 $ 41 $ — $ 15,007 State and municipal obligations 142,168 610 (579 ) 142,199 Corporate debt securities 76,033 361 (3,753 ) 72,641 Other investments 8,903 — (189 ) 8,714 Total investment securities 242,070 1,012 (4,521 ) 238,561 Mortgage-backed securities: FHLMC 179,890 447 (1,674 ) 178,663 FNMA 244,279 1,892 (1,474 ) 244,697 GNMA 78,441 96 (505 ) 78,032 SBA 6,483 61 — 6,544 Total mortgage-backed securities 509,093 2,496 (3,653 ) 507,936 Total held-to-maturity $ 751,163 $ 3,508 $ (8,174 ) $ 746,497 Total securities $ 818,530 $ 3,596 $ (8,496 ) $ 813,630 At December 31, 2016 Amortized Gross Gross Estimated Available-for-sale: Investment securities: U.S. agency obligations $ 12,542 $ — $ (318 ) $ 12,224 Held-to-maturity: Investment securities: U.S. agency obligations $ 19,960 $ 69 $ — $ 20,029 State and municipal obligations 39,155 10 (856 ) 38,309 Corporate debt securities 77,057 85 (6,001 ) 71,141 Other investments 8,778 — (228 ) 8,550 Total investment securities 144,950 164 (7,085 ) 138,029 Mortgage-backed securities: FHLMC 144,016 195 (2,457 ) 141,754 FNMA 217,445 2,175 (2,524 ) 217,096 GNMA 92,475 119 (364 ) 92,230 SBA 8,947 28 — 8,975 Total mortgage-backed securities 462,883 2,517 (5,345 ) 460,055 Total held-to-maturity $ 607,833 $ 2,681 $ (12,430 ) $ 598,084 Total securities $ 620,375 $ 2,681 $ (12,748 ) $ 610,308 |
Carrying Value of Held-to-Maturity Investment Securities | The carrying value of the held-to-maturity investment securities at September 30, 2017 , and December 31, 2016 , are as follows (in thousands): September 30, 2017 December 31, 2016 Amortized cost $ 751,163 $ 607,833 Net loss on date of transfer from available-for-sale (13,347 ) (13,347 ) Accretion of net unrealized loss on securities reclassified as held-to-maturity 5,070 4,205 Carrying value $ 742,886 $ 598,691 |
Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of investment securities at September 30, 2017 by contractual maturity are shown below (in thousands). Actual maturities may differ from contractual maturities in instances where issuers have the right to call or prepay obligations with or without call or prepayment penalties. At September 30, 2017 , investment securities with an amortized cost of $60.9 million and estimated fair value of $57.5 million were callable prior to the maturity date. September 30, 2017 Amortized Cost Estimated Fair Value Less than one year $ 35,395 $ 35,384 Due after one year through five years 145,590 145,528 Due after five years through ten years 89,509 88,277 Due after ten years 30,000 27,751 $ 300,494 $ 296,940 |
Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity | The estimated fair value and unrealized losses of securities available-for-sale and held-to-maturity at September 30, 2017 and December 31, 2016 , segregated by the duration of the unrealized losses, are as follows (in thousands): At September 30, 2017 Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Available-for-sale: Investment securities: U.S. agency obligations $ 52,276 $ (322 ) $ — $ — $ 52,276 $ (322 ) Held-to-maturity: Investment securities: State and municipal obligations 77,979 (531 ) 9,908 (48 ) 87,887 (579 ) Corporate debt securities 5,028 (11 ) 53,260 (3,742 ) 58,288 (3,753 ) Other investments — — 8,714 (189 ) 8,714 (189 ) Total investment securities 83,007 (542 ) 71,882 (3,979 ) 154,889 (4,521 ) Mortgage-backed securities: FHLMC 67,059 (892 ) 30,684 (782 ) 97,743 (1,674 ) FNMA 96,886 (954 ) 19,878 (520 ) 116,764 (1,474 ) GNMA 65,565 (477 ) 741 (28 ) 66,306 (505 ) Total mortgage-backed securities 229,510 (2,323 ) 51,303 (1,330 ) 280,813 (3,653 ) Total held-to-maturity 312,517 (2,865 ) 123,185 (5,309 ) 435,702 (8,174 ) Total securities $ 364,793 $ (3,187 ) $ 123,185 $ (5,309 ) $ 487,978 $ (8,496 ) At December 31, 2016 Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Available-for-sale: Investment securities: U.S. agency obligations $ 12,224 $ (318 ) $ — $ — $ 12,224 $ (318 ) Held-to-maturity: Investment securities: State and municipal obligations 32,995 (856 ) — — 32,995 (856 ) Corporate debt securities 12,450 (120 ) 49,119 (5,881 ) 61,569 (6,001 ) Other Investments 8,551 (228 ) — — 8,551 (228 ) Total investment securities 53,996 (1,204 ) 49,119 (5,881 ) 103,115 (7,085 ) Mortgage-backed securities: FHLMC 102,461 (1,665 ) 26,898 (792 ) 129,359 (2,457 ) FNMA 124,403 (2,185 ) 8,925 (339 ) 133,328 (2,524 ) GNMA 79,116 (364 ) — — 79,116 (364 ) Total mortgage-backed securities 305,980 (4,214 ) 35,823 (1,131 ) 341,803 (5,345 ) Total held-to-maturity 359,976 (5,418 ) 84,942 (7,012 ) 444,918 (12,430 ) Total securities $ 372,200 $ (5,736 ) $ 84,942 $ (7,012 ) $ 457,142 $ (12,748 ) |
Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities | At September 30, 2017 , the amortized cost, estimated fair value and credit rating of the individual corporate debt securities in an unrealized loss position for greater than one year are as follows (in thousands): Security Description Amortized Cost Estimated Fair Value Credit Rating Moody’s/ S&P BankAmerica Capital $ 15,000 $ 14,155 Ba1/BB+ Chase Capital 10,000 9,355 Baa2/BBB- Wells Fargo Capital 5,000 4,706 A1/BBB+ Huntington Capital 5,000 4,463 Baa2/BB Keycorp Capital 5,000 4,715 Baa2/BB+ PNC Capital 5,000 4,663 Baa1/BBB- State Street Capital 5,000 4,613 A3/BBB SunTrust Capital 5,000 4,592 Not Rated/BB+ MetLife Global Funding 1,000 999 Aa3/AA- State Street Corporation 1,000 999 A1/A $ 57,000 $ 53,260 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Components of Loans Receivable, Net | Loans receivable, net at September 30, 2017 and December 31, 2016 consisted of the following (in thousands): September 30, 2017 December 31, 2016 Commercial: Commercial and industrial $ 183,420 $ 152,569 Commercial real estate – owner occupied 553,971 534,214 Commercial real estate – investor 1,133,118 1,132,075 Total commercial 1,870,509 1,818,858 Consumer: Residential mortgage 1,676,143 1,647,154 Residential construction 73,812 65,319 Home equity loans and lines 277,909 288,991 Other consumer 1,354 1,564 Total consumer 2,029,218 2,003,028 3,899,727 3,821,886 Purchased credit impaired (“PCI”) loans 4,867 7,575 Total Loans 3,904,594 3,829,461 Loans in process (22,546 ) (14,249 ) Deferred origination costs, net 4,645 3,414 Allowance for loan losses (16,584 ) (15,183 ) Total loans, net $ 3,870,109 $ 3,803,443 |
Analysis of Allowance for Loan Losses | An analysis of the allowance for loan losses for the three and nine months ended September 30, 2017 and 2016 is as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Balance at beginning of period $ 16,557 $ 16,678 $ 15,183 $ 16,722 Provision charged to operations 1,165 888 3,030 2,113 Charge-offs (1,357 ) (2,116 ) (2,861 ) (3,511 ) Recoveries 219 167 1,232 293 Balance at end of period $ 16,584 $ 15,617 $ 16,584 $ 15,617 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method Excluding PCI Loans | The following table presents an analysis of the allowance for loan losses for the three and nine months ended September 30, 2017 and 2016 and the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2017 and December 31, 2016 , excluding PCI loans (in thousands): Residential Real Estate Commercial Real Estate – Owner Occupied Commercial Real Estate – Investor Consumer Commercial and Industrial Unallocated Total For the three months ended September 30, 2017 Allowance for loan losses: Balance at beginning of period $ 1,492 $ 3,097 $ 8,367 $ 930 $ 2,253 $ 418 $ 16,557 Provision (benefit) charged to operations 1,465 119 81 (122 ) (180 ) (198 ) 1,165 Charge-offs (1,284 ) — — (67 ) (6 ) — (1,357 ) Recoveries 128 — 24 17 50 — 219 Balance at end of period $ 1,801 $ 3,216 $ 8,472 $ 758 $ 2,117 $ 220 $ 16,584 For the three months ended September 30, 2016 Allowance for loan losses: Balance at beginning of period $ 6,006 $ 2,711 $ 4,713 $ 1,107 $ 1,209 $ 932 $ 16,678 Provision (benefit) charged to operations (376 ) (168 ) 104 (130 ) 1,949 (491 ) 888 Charge-offs (167 ) — — (80 ) (1,869 ) — (2,116 ) Recoveries 6 — — — 161 — 167 Balance at end of period $ 5,469 $ 2,543 $ 4,817 $ 897 $ 1,450 $ 441 $ 15,617 For the nine months ended September 30, 2017 Allowance for loan losses: Balance at beginning of period $ 2,245 $ 2,999 $ 6,361 $ 1,110 $ 2,037 $ 431 $ 15,183 Provision (benefit) charged to operations 1,477 167 2,164 (346 ) (221 ) (211 ) 3,030 Charge-offs (2,485 ) (73 ) (84 ) (125 ) (94 ) — (2,861 ) Recoveries 564 123 31 119 395 — 1,232 Balance at end of period $ 1,801 $ 3,216 $ 8,472 $ 758 $ 2,117 $ 220 $ 16,584 For the nine months ended September 30, 2016 Allowance for loan losses: Balance at beginning of period $ 6,590 $ 2,292 $ 4,873 $ 1,095 $ 1,639 $ 233 $ 16,722 Provision (benefit) charged to operations (867 ) 1,261 (56 ) (98 ) 1,665 208 2,113 Charge-offs (319 ) (1,010 ) — (146 ) (2,036 ) — (3,511 ) Recoveries 65 — — 46 182 — 293 Balance at end of period $ 5,469 $ 2,543 $ 4,817 $ 897 $ 1,450 $ 441 $ 15,617 September 30, 2017 Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ — $ — $ 616 $ — $ — $ — $ 616 Collectively evaluated for impairment 1,801 3,216 7,856 758 2,117 220 15,968 Total ending allowance balance $ 1,801 $ 3,216 $ 8,472 $ 758 $ 2,117 $ 220 $ 16,584 Loans: Loans individually evaluated for impairment $ 12,484 $ 11,537 $ 17,535 $ 2,478 $ 893 $ — $ 44,927 Loans collectively evaluated for impairment 1,737,471 542,434 1,115,583 276,785 182,527 — 3,854,800 Total ending loan balance $ 1,749,955 $ 553,971 $ 1,133,118 $ 279,263 $ 183,420 $ — $ 3,899,727 Residential Real Estate Commercial Real Estate – Owner Occupied Commercial Real Estate – Investor Consumer Commercial and Industrial Unallocated Total December 31, 2016 Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ 266 $ — $ 119 $ 125 $ — $ — $ 510 Collectively evaluated for impairment 1,979 2,999 6,242 985 2,037 431 14,673 Total ending allowance balance $ 2,245 $ 2,999 $ 6,361 $ 1,110 $ 2,037 $ 431 $ 15,183 Loans: Loans individually evaluated for impairment $ 13,306 $ 11,123 $ 3,789 $ 2,556 $ 268 $ — $ 31,042 Loans collectively evaluated for impairment 1,699,167 523,091 1,128,286 287,999 152,301 — 3,790,844 Total ending loan balance $ 1,712,473 $ 534,214 $ 1,132,075 $ 290,555 $ 152,569 $ — $ 3,821,886 |
Summary of Impaired Loans Excluding PCI Loans | A summary of impaired loans at September 30, 2017 , and December 31, 2016 , is as follows, excluding PCI loans (in thousands): September 30, 2017 December 31, 2016 Impaired loans with no allocated allowance for loan losses $ 40,386 $ 25,228 Impaired loans with allocated allowance for loan losses 4,541 5,814 $ 44,927 $ 31,042 Amount of the allowance for loan losses allocated $ 616 $ 510 |
Summary of Loans Individually Evaluated for Impairment by Loan Portfolio Segment Excluding PCI Loans | The summary of loans individually evaluated for impairment by loan portfolio segment as of September 30, 2017 , and December 31, 2016 and for the three and nine months ended September 30, 2017 and 2016 , is as follows, excluding PCI loans (in thousands): Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated As of September 30, 2017 With no related allowance recorded: Residential real estate $ 12,896 $ 12,484 $ — Commercial real estate – owner occupied 12,233 11,537 — Commercial real estate – investor 13,938 12,994 — Consumer 2,939 2,478 — Commercial and industrial 925 893 — $ 42,931 $ 40,386 $ — With an allowance recorded: Residential real estate $ — $ — $ — Commercial real estate – owner occupied — — — Commercial real estate – investor 4,556 4,541 616 Consumer — — — Commercial and industrial — — — $ 4,556 $ 4,541 $ 616 As of December 31, 2016 With no related allowance recorded: Residential real estate $ 9,848 $ 9,694 $ — Commercial real estate – owner occupied 11,886 11,123 — Commercial real estate – investor 2,239 1,897 — Consumer 2,559 2,246 — Commercial and industrial 300 268 — $ 26,832 $ 25,228 $ — With an allowance recorded: Residential real estate $ 3,998 $ 3,612 $ 266 Commercial real estate – owner occupied — — — Commercial real estate – investor 2,011 1,892 119 Consumer 581 310 125 Commercial and industrial — — — $ 6,590 $ 5,814 $ 510 Three Months Ended September 30, 2017 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 12,791 $ 128 $ 13,451 $ 171 Commercial real estate – owner occupied 11,217 335 17,198 119 Commercial real estate – investor 11,147 240 281 3 Consumer 2,495 36 2,340 44 Commercial and industrial 908 26 269 — $ 38,558 $ 765 $ 33,539 $ 337 With an allowance recorded: Residential real estate $ — $ — $ 107 $ 1 Commercial real estate – owner occupied — — — — Commercial real estate – investor 4,551 13 896 — Consumer — — — — Commercial and industrial — — — — $ 4,551 $ 13 $ 1,003 $ 1 Nine Months Ended September 30, 2017 2016 Average Interest Average Interest With no related allowance recorded: Residential real estate $ 11,009 $ 401 $ 13,326 $ 437 Commercial real estate – owner occupied 11,080 520 17,333 406 Commercial real estate – investor 6,550 487 303 9 Consumer 2,368 106 2,220 105 Commercial and industrial 588 50 270 — $ 31,595 $ 1,564 $ 33,452 $ 957 With an allowance recorded: Residential real estate $ 1,981 $ 62 $ 108 $ 3 Commercial real estate – owner occupied — — — — Commercial real estate – investor 4,233 81 755 — Consumer 148 6 — — Commercial and industrial — — — — $ 6,362 $ 149 $ 863 $ 3 |
Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment Excluding PCI Loans | The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of September 30, 2017 and December 31, 2016 , excluding PCI loans (in thousands): September 30, 2017 December 31, 2016 Residential real estate $ 3,551 $ 8,126 Commercial real estate – owner occupied 923 2,414 Commercial real estate – investor 8,720 521 Consumer 1,864 2,064 Commercial and industrial 63 441 $ 15,121 $ 13,566 |
Aging of Recorded Investment in Past Due Loans Excluding PCI Loans | The following table presents the aging of the recorded investment in past due loans as of September 30, 2017 and December 31, 2016 by loan portfolio segment, excluding PCI loans (in thousands): 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Loans Not Past Due Total September 30, 2017 Residential real estate $ 12,736 $ 6,872 $ 2,277 $ 21,885 $ 1,728,070 $ 1,749,955 Commercial real estate – owner occupied 711 — 289 1,000 552,971 553,971 Commercial real estate – investor 2,301 173 8,146 10,620 1,122,498 1,133,118 Consumer 768 491 1,486 2,745 276,518 279,263 Commercial and industrial — 1,874 64 1,938 181,482 183,420 $ 16,516 $ 9,410 $ 12,262 $ 38,188 $ 3,861,539 $ 3,899,727 December 31, 2016 Residential real estate $ 9,532 $ 3,038 $ 7,159 $ 19,729 $ 1,692,744 $ 1,712,473 Commercial real estate – owner occupied 3,962 1,032 890 5,884 528,330 534,214 Commercial real estate – investor — — 521 521 1,131,554 1,132,075 Consumer 1,519 436 1,963 3,918 286,637 290,555 Commercial and industrial 5,548 181 384 6,113 146,456 152,569 $ 20,561 $ 4,687 $ 10,917 $ 36,165 $ 3,785,721 $ 3,821,886 |
Risk Category of Loans by Loan Portfolio Segment Excluding PCI Loans | As of September 30, 2017 and December 31, 2016 , and based on the most recent analysis performed, the risk category of loans by loan portfolio segment follows, excluding PCI loans (in thousands) is as follows: Pass Special Mention Substandard Doubtful Total September 30, 2017 Commercial real estate – owner occupied $ 531,493 $ 4,349 $ 18,129 $ — $ 553,971 Commercial real estate – investor 1,100,142 10,768 22,208 — 1,133,118 Commercial and industrial 176,619 3,520 3,281 — 183,420 $ 1,808,254 $ 18,637 $ 43,618 $ — $ 1,870,509 December 31, 2016 Commercial real estate – owner occupied $ 501,652 $ 7,680 $ 24,882 $ — $ 534,214 Commercial real estate – investor 1,106,747 713 24,615 — 1,132,075 Commercial and industrial 150,474 757 1,338 — 152,569 $ 1,758,873 $ 9,150 $ 50,835 $ — $ 1,818,858 |
Recorded Investment in Residential and Consumer Loans Based on Payment Activity Excluding PCI Loans | The following table presents the recorded investment in residential and consumer loans based on payment activity as of September 30, 2017 and December 31, 2016 , excluding PCI loans (in thousands): Residential Real Estate Residential Consumer September 30, 2017 Performing $ 1,746,404 $ 277,399 Non-performing 3,551 1,864 $ 1,749,955 $ 279,263 December 31, 2016 Performing $ 1,704,347 $ 288,491 Non-performing 8,126 2,064 $ 1,712,473 $ 290,555 |
Troubled Debt Restructurings | The following table presents information about troubled debt restructurings which occurred during the three and nine months ended September 30, 2017 and 2016 , and troubled debt restructurings modified within the previous year and which defaulted during the three and nine months ended September 30, 2017 and 2016 , (dollars in thousands): Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Three months ended September 30, 2017 Troubled Debt Restructurings: Residential real estate 2 $ 328 $ 357 Commercial real estate - owner occupied 1 700 700 Commercial real estate - investor 1 700 700 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Post-modification Nine months ended September 30, 2017 Troubled Debt Restructurings: Residential real estate 6 $ 1,354 $ 1,356 Commercial real estate - owner occupied 4 3,309 3,309 Commercial real estate – investor 4 6,362 6,484 Commercial and industrial 1 665 665 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Three months ended September 30, 2016 Troubled Debt Restructurings: Residential real estate 1 $ 455 $ 455 Consumer 1 602 602 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Nine months ended September 30, 2016 Troubled Debt Restructurings: Residential real estate 3 $ 674 $ 673 Commercial real estate – investor 1 256 270 Consumer 3 665 665 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Ocean Shore at December 1, 2016, Cape at May 2, 2016, and Colonial American Bank at July 31, 2015 (in thousands): Ocean Shore Cape Colonial American Contractually required principal and interest $ 7,385 $ 21,345 $ 3,263 Contractual cash flows not expected to be collected (non-accretable discount) (4,666 ) (12,387 ) (1,854 ) Expected cash flows to be collected at acquisition 2,719 8,958 1,409 Interest component of expected cash flows (accretable yield) (401 ) (576 ) (109 ) Fair value of acquired loans $ 2,318 $ 8,382 $ 1,300 The following table summarizes the changes in accretable yield for PCI loans during the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Beginning balance $ 1,465 $ 749 $ 503 $ 75 Acquisition — — — 576 Accretion (328 ) (642 ) (196 ) (344 ) Reclassification from non-accretable difference 13 1,043 — — Ending balance $ 1,150 $ 1,150 $ 307 $ 307 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Summary of Major Types of Deposits | The major types of deposits at September 30, 2017 and December 31, 2016 were as follows (in thousands): Type of Account September 30, 2017 December 31, 2016 Non-interest-bearing $ 781,043 $ 782,504 Interest-bearing checking 1,892,832 1,626,713 Money market deposit 384,106 458,911 Savings 668,370 672,519 Time deposits 623,908 647,103 Total deposits $ 4,350,259 $ 4,187,750 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Financial Liabilities Measured at Fair Value | The following table summarizes financial assets and financial liabilities measured at fair value as of September 30, 2017 and December 31, 2016 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): Fair Value Measurements at Reporting Date Using: September 30, 2017 Total Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Items measured on a recurring basis: Investment securities available-for-sale: U.S. agency obligations $ 67,133 $ — $ 67,133 $ — Items measured on a non-recurring basis: Other real estate owned 9,334 — — 9,334 Loans measured for impairment based on the fair value of the underlying collateral 12,065 — — 12,065 Fair Value Measurements at Reporting Date Using: December 31, 2016 Total Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Items measured on a recurring basis: Investment securities available-for-sale: U.S. agency obligations $ 12,224 $ — $ 12,224 $ — Items measured on a non-recurring basis: Other real estate owned 9,803 — — 9,803 Loans measured for impairment based on the fair value of the underlying collateral 2,419 — — 2,419 |
Book Value and Estimated Fair Value of Bank's Significant Financial Instruments Not Recorded at Fair Value | The book value and estimated fair value of the Bank’s significant financial instruments not recorded at fair value as of September 30, 2017 and December 31, 2016 are presented in the following tables (in thousands): Fair Value Measurements at Reporting Date Using: September 30, 2017 Book Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Cash and due from banks $ 255,258 $ 255,258 $ — $ — Securities held-to-maturity 742,886 8,714 734,990 2,793 Federal Home Loan Bank of New York stock 18,472 — — 18,472 Loans receivable, net and mortgage loans held for sale 3,870,447 — — 3,935,093 Financial Liabilities: Deposits other than time deposits 3,726,351 — 3,726,351 — Time deposits 623,908 — 619,619 — Securities sold under agreements to repurchase with retail customers 75,326 75,326 — — Federal Home Loan Bank advances and other borrowings 315,652 — 314,021 — Fair Value Measurements at Reporting Date Using: December 31, 2016 Book Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Cash and due from banks $ 301,373 $ 301,373 $ — $ — Securities held-to-maturity 598,691 8,550 586,504 3,030 Federal Home Loan Bank of New York stock 19,313 — — 19,313 Loans receivable and mortgage loans held for sale 3,804,994 — — 3,834,677 Financial Liabilities: Deposits other than time deposits 3,540,647 — 3,540,647 — Time deposits 647,103 — 644,354 — Securities sold under agreements to repurchase with retail customers 69,935 69,935 — — Federal Home Loan Bank advances and other borrowings 307,057 — 304,901 — |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | Nov. 30, 2016USD ($) | May 02, 2016USD ($) | Mar. 11, 2016USD ($) | Sep. 30, 2017Property |
Cape Bancorp, Inc. | ||||
Business Acquisition [Line Items] | ||||
Purchase accounting adjustments, assets | $ 1,516,701 | |||
Purchase accounting adjustments, loans | 1,156,719 | |||
Purchase accounting adjustments, deposits | 1,248,367 | |||
Total consideration paid | 196,403 | |||
Cash consideration | $ 30,500 | |||
Number of properties in lease agreement | Property | 8 | |||
Retail Branch | ||||
Business Acquisition [Line Items] | ||||
Deposit premium | $ 340 | |||
Percentage of core deposits | 2.50% | |||
Purchase accounting adjustments, assets | $ 16,817 | |||
Purchase accounting adjustments, loans | 9 | |||
Purchase accounting adjustments, deposits | 16,957 | |||
Ocean Shore Holdings Co. | ||||
Business Acquisition [Line Items] | ||||
Purchase accounting adjustments, assets | $ 994,190 | |||
Purchase accounting adjustments, loans | 773,641 | |||
Purchase accounting adjustments, deposits | 875,073 | |||
Total consideration paid | 180,732 | |||
Cash consideration | $ 28,400 | |||
Number of properties in lease agreement | Property | 2 | |||
Core Deposits | ||||
Business Acquisition [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life | 10 years | |||
Core Deposits | Cape Bancorp, Inc. | ||||
Business Acquisition [Line Items] | ||||
Core deposit intangible | 3,700 | |||
Core Deposits | Retail Branch | ||||
Business Acquisition [Line Items] | ||||
Core deposit intangible | 66 | |||
Core Deposits | Ocean Shore Holdings Co. | ||||
Business Acquisition [Line Items] | ||||
Core deposit intangible | $ 7,500 |
Business Combinations - Summary
Business Combinations - Summary of Assets Acquired and Liabilities Assumed and Their Initial Fair Value Estimates (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Nov. 30, 2016 | May 02, 2016 | Mar. 11, 2016 |
Liabilities Assumed | |||||
Goodwill | $ 148,134 | $ 145,064 | |||
Retail Branch | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ 16,727 | ||||
Loans | 9 | ||||
Other assets | 15 | ||||
Total assets acquired | 16,817 | ||||
Liabilities Assumed | |||||
Deposits | 16,957 | ||||
Other liabilities | 138 | ||||
Total liabilities assumed | 17,095 | ||||
Goodwill | 278 | ||||
Retail Branch | Core Deposits | |||||
Assets acquired: | |||||
Core deposit intangible | 66 | ||||
Cape Bancorp, Inc. | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ 30,025 | ||||
Loans | 1,156,719 | ||||
Other assets | 61,793 | ||||
Total assets acquired | 1,516,701 | ||||
Liabilities Assumed | |||||
Deposits | 1,248,367 | ||||
Other liabilities | 12,767 | ||||
Total liabilities assumed | 1,385,600 | ||||
Goodwill | $ 65,302 | ||||
Cape Bancorp, Inc. | Core Deposits | |||||
Assets acquired: | |||||
Core deposit intangible | 3,700 | ||||
Ocean Shore Holdings Co. | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ 60,871 | ||||
Loans | 773,641 | ||||
Other assets | 35,364 | ||||
Total assets acquired | 994,190 | ||||
Liabilities Assumed | |||||
Deposits | 875,073 | ||||
Other liabilities | 15,447 | ||||
Total liabilities assumed | 894,214 | ||||
Goodwill | $ 80,756 | ||||
Ocean Shore Holdings Co. | Core Deposits | |||||
Assets acquired: | |||||
Core deposit intangible | $ 7,500 |
Business Combinations - Summa28
Business Combinations - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed at Date of Acquisition (Detail) - USD ($) $ in Thousands | Nov. 30, 2016 | May 02, 2016 | Sep. 30, 2017 | Dec. 31, 2016 |
Liabilities assumed: | ||||
Goodwill recorded in the merger | $ 148,134 | $ 145,064 | ||
Ocean Shore Holdings Co. | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price: | $ 180,732 | |||
Assets acquired: | ||||
Cash and cash equivalents | 60,871 | |||
Securities and Federal Home Loan Bank Stock | 94,133 | |||
Loans | 773,641 | |||
Premises and equipment | 15,068 | |||
Other real estate owned | 1,044 | |||
Deferred tax asset | 6,563 | |||
Other assets | 35,364 | |||
Core deposit intangible | 7,506 | |||
Total assets acquired | 994,190 | |||
Liabilities assumed: | ||||
Deposits | (875,073) | |||
Borrowings | (3,694) | |||
Other liabilities | (15,447) | |||
Total liabilities assumed | (894,214) | |||
Net assets acquired | 99,976 | |||
Goodwill recorded in the merger | $ 80,756 | |||
Cape Bancorp, Inc. | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price: | $ 196,403 | |||
Assets acquired: | ||||
Cash and cash equivalents | 30,025 | |||
Securities and Federal Home Loan Bank Stock | 218,938 | |||
Loans | 1,156,719 | |||
Premises and equipment | 25,999 | |||
Other real estate owned | 1,683 | |||
Deferred tax asset | 17,826 | |||
Other assets | 61,793 | |||
Core deposit intangible | 3,718 | |||
Total assets acquired | 1,516,701 | |||
Liabilities assumed: | ||||
Deposits | (1,248,367) | |||
Borrowings | (124,466) | |||
Other liabilities | (12,767) | |||
Total liabilities assumed | (1,385,600) | |||
Net assets acquired | 131,101 | |||
Goodwill recorded in the merger | $ 65,302 |
Earnings per Share - Reconcilia
Earnings per Share - Reconciliation of Shares Outstanding for Basic and Diluted Earnings per Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares issued net of Treasury shares | 32,545 | 25,823 | 32,456 | 22,010 |
Less: Unallocated ESOP shares | (306) | (340) | (315) | (348) |
Unallocated incentive award shares and shares held by deferred compensation plan | (55) | (48) | (68) | (38) |
Average basic shares outstanding | 32,184 | 25,435 | 32,073 | 21,624 |
Add: Effect of dilutive securities: | ||||
Stock options | 912 | 434 | 1,023 | 347 |
Shares held by deferred compensation plan | 10 | 20 | 14 | 19 |
Average diluted shares outstanding | 33,106 | 25,889 | 33,110 | 21,990 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Antidilutive stock options excluded from earnings per share calculations | 476,000 | 914,000 | 244,000 | 1,132,000 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Securities Financing Transaction [Line Items] | ||
Available-for-sale, Estimated Fair Value | $ 67,133 | $ 12,224 |
Held-to-maturity, Amortized Cost | 751,163 | 607,833 |
Held-to-maturity, Estimated Fair Value | 746,497 | 598,119 |
Total, Amortized Cost | 818,530 | 620,375 |
Total, Gross Unrealized Gains | 3,596 | 2,681 |
Total, Gross Unrealized Losses | (8,496) | (12,748) |
Total, Estimated Fair Value | 813,630 | 610,308 |
Held-to-Maturity Securities | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 751,163 | 607,833 |
Held-to-maturity, Gross Unrealized Gains | 3,508 | 2,681 |
Held-to-maturity, Gross Unrealized Losses | (8,174) | (12,430) |
Held-to-maturity, Estimated Fair Value | 746,497 | 598,084 |
Held-to-Maturity Securities | Investment Securities | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 242,070 | 144,950 |
Held-to-maturity, Gross Unrealized Gains | 1,012 | 164 |
Held-to-maturity, Gross Unrealized Losses | (4,521) | (7,085) |
Held-to-maturity, Estimated Fair Value | 238,561 | 138,029 |
Held-to-Maturity Securities | Investment Securities | Other investments | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 8,903 | 8,778 |
Held-to-maturity, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity, Gross Unrealized Losses | (189) | (228) |
Held-to-maturity, Estimated Fair Value | 8,714 | 8,550 |
U.S. Agency Obligations | Held-to-Maturity Securities | Investment Securities | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 14,966 | 19,960 |
Held-to-maturity, Gross Unrealized Gains | 41 | 69 |
Held-to-maturity, Gross Unrealized Losses | (856) | |
Held-to-maturity, Estimated Fair Value | 15,007 | 20,029 |
U.S. Agency Obligations | Investment Securities | ||
Securities Financing Transaction [Line Items] | ||
Available-for-sale, Amortized Cost | 67,367 | 12,542 |
Available-for-sale, Gross Unrealized Gains | 88 | 0 |
Available-for-sale, Gross Unrealized Losses | (322) | (318) |
Available-for-sale, Estimated Fair Value | 67,133 | 12,224 |
State and Municipal Obligations | Held-to-Maturity Securities | Investment Securities | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 142,168 | 39,155 |
Held-to-maturity, Gross Unrealized Gains | 610 | 10 |
Held-to-maturity, Gross Unrealized Losses | (579) | (856) |
Held-to-maturity, Estimated Fair Value | 142,199 | 38,309 |
Corporate Debt Securities | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 57,000 | |
Held-to-maturity, Estimated Fair Value | 53,260 | |
Corporate Debt Securities | Held-to-Maturity Securities | Investment Securities | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 76,033 | 77,057 |
Held-to-maturity, Gross Unrealized Gains | 361 | 85 |
Held-to-maturity, Gross Unrealized Losses | (3,753) | (6,001) |
Held-to-maturity, Estimated Fair Value | 72,641 | 71,141 |
Mortgage-Backed Securities | Held-to-Maturity Securities | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 509,093 | 462,883 |
Held-to-maturity, Gross Unrealized Gains | 2,496 | 2,517 |
Held-to-maturity, Gross Unrealized Losses | (3,653) | (5,345) |
Held-to-maturity, Estimated Fair Value | 507,936 | 460,055 |
Mortgage-Backed Securities | Held-to-Maturity Securities | FHLMC | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 179,890 | 144,016 |
Held-to-maturity, Gross Unrealized Gains | 447 | 195 |
Held-to-maturity, Gross Unrealized Losses | (1,674) | (2,457) |
Held-to-maturity, Estimated Fair Value | 178,663 | 141,754 |
Mortgage-Backed Securities | Held-to-Maturity Securities | FNMA | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 244,279 | 217,445 |
Held-to-maturity, Gross Unrealized Gains | 1,892 | 2,175 |
Held-to-maturity, Gross Unrealized Losses | (1,474) | (2,524) |
Held-to-maturity, Estimated Fair Value | 244,697 | 217,096 |
Mortgage-Backed Securities | Held-to-Maturity Securities | GNMA | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 78,441 | 92,475 |
Held-to-maturity, Gross Unrealized Gains | 96 | 119 |
Held-to-maturity, Gross Unrealized Losses | (505) | (364) |
Held-to-maturity, Estimated Fair Value | 78,032 | 92,230 |
Mortgage-Backed Securities | Held-to-Maturity Securities | SBA | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 6,483 | 8,947 |
Held-to-maturity, Gross Unrealized Gains | 61 | 28 |
Held-to-maturity, Estimated Fair Value | $ 6,544 | $ 8,975 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2013USD ($) | Sep. 30, 2017USD ($)open_end_fund | Sep. 30, 2016USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||||
Available-for-sale securities transferred to held-to-maturity securities | $ 536,000,000 | ||||
Unrealized net loss on securities transferred from available-for-sale to held-to-maturity, Gross | $ 13,300,000 | ||||
Realized gains on the sale of available-for-sale securities | $ 0 | $ 0 | $ 75,000 | ||
Realized losses on sale of available-for-sale securities | 0 | $ 0 | 0 | $ 87,000 | |
Corporate debt securities, callable, amortized cost | 60,900,000 | 60,900,000 | |||
Corporate debt securities, callable, estimated fair value | $ 57,500,000 | $ 57,500,000 | |||
Number of open end funds | open_end_fund | 2 |
Securities - Carrying Value of
Securities - Carrying Value of Held-to-Maturity Investment Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost | $ 751,163 | $ 607,833 |
Net loss on date of transfer from available-for-sale | (13,347) | (13,347) |
Accretion of net unrealized loss on securities reclassified as held-to-maturity | 5,070 | 4,205 |
Carrying value | $ 742,886 | $ 598,691 |
Securities - Amortized Cost a34
Securities - Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity (Detail) $ in Thousands | Sep. 30, 2017USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Less than one year, Amortized Cost | $ 35,395 |
Due after one year through five years, Amortized Cost | 145,590 |
Due after five years through ten years, Amortized Cost | 89,509 |
Due after ten years, Amortized Cost | 30,000 |
Total Amortized Cost | 300,494 |
Less than one year, Estimated Fair Value | 35,384 |
Due after one year through five years, Estimated Fair Value | 145,528 |
Due after five years through ten years, Estimated Fair Value | 88,277 |
Due after ten years, Estimated Fair Value | 27,751 |
Total Estimated Fair Value | $ 296,940 |
Securities - Estimated Fair Val
Securities - Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Total securities, Less than 12 months, Estimated Fair Value | $ 364,793 | $ 372,200 |
Total securities, Less than 12 months, Unrealized Losses | (3,187) | (5,736) |
Total securities, 12 months or longer, Estimated Fair Value | 123,185 | 84,942 |
Total securities, 12 months or longer, Unrealized Losses | (5,309) | (7,012) |
Total securities, Estimated Fair Value | 487,978 | 457,142 |
Total securities, Unrealized Losses | (8,496) | (12,748) |
Held-to-Maturity Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 312,517 | 359,976 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (2,865) | (5,418) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 123,185 | 84,942 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (5,309) | (7,012) |
Held-to-maturity, Total, Estimated Fair Value | 435,702 | 444,918 |
Held-to-maturity, Total, Unrealized Losses | (8,174) | (12,430) |
Held-to-Maturity Securities | Investment Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 83,007 | 53,996 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (542) | (1,204) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 71,882 | 49,119 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (3,979) | (5,881) |
Held-to-maturity, Total, Estimated Fair Value | 154,889 | 103,115 |
Held-to-maturity, Total, Unrealized Losses | (4,521) | (7,085) |
Held-to-Maturity Securities | Investment Securities | Other investments | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 0 | 8,551 |
Held-to-maturity, Less than 12 months, Unrealized Losses | 0 | (228) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 8,714 | 0 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (189) | 0 |
Held-to-maturity, Total, Estimated Fair Value | 8,714 | 8,551 |
Held-to-maturity, Total, Unrealized Losses | (189) | (228) |
U.S. Agency Obligations | Investment Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Available-for-sale, Less than 12 months, Estimated Market Value | 52,276 | 12,224 |
Available-for-sale, Less than 12 months, Unrealized Losses | (322) | (318) |
Available-for-sale, 12 months or longer, Estimated Market Value | 0 | |
Available-for-sale, 12 months or longer, Unrealized Losses | 0 | |
Available-for-sale, Total, Estimated Market Value | 52,276 | 12,224 |
Available-for-sale, Total, Unrealized Losses | (322) | (318) |
U.S. Agency Obligations | Held-to-Maturity Securities | Investment Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 32,995 | |
Held-to-maturity, Less than 12 months, Unrealized Losses | (856) | |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 0 | |
Held-to-maturity, 12 months or longer, Unrealized Losses | 0 | |
Held-to-maturity, Total, Estimated Fair Value | 32,995 | |
Held-to-maturity, Total, Unrealized Losses | (856) | |
State and Municipal Obligations | Held-to-Maturity Securities | Investment Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 77,979 | |
Held-to-maturity, Less than 12 months, Unrealized Losses | (531) | |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 9,908 | |
Held-to-maturity, 12 months or longer, Unrealized Losses | (48) | |
Held-to-maturity, Total, Estimated Fair Value | 87,887 | |
Held-to-maturity, Total, Unrealized Losses | (579) | (856) |
Corporate Debt Securities | Held-to-Maturity Securities | Investment Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 5,028 | 12,450 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (11) | (120) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 53,260 | 49,119 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (3,742) | (5,881) |
Held-to-maturity, Total, Estimated Fair Value | 58,288 | 61,569 |
Held-to-maturity, Total, Unrealized Losses | (3,753) | (6,001) |
Mortgage-Backed Securities | Held-to-Maturity Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 229,510 | 305,980 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (2,323) | (4,214) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 51,303 | 35,823 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (1,330) | (1,131) |
Held-to-maturity, Total, Estimated Fair Value | 280,813 | 341,803 |
Held-to-maturity, Total, Unrealized Losses | (3,653) | (5,345) |
Mortgage-Backed Securities | Held-to-Maturity Securities | FHLMC | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 67,059 | 102,461 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (892) | (1,665) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 30,684 | 26,898 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (782) | (792) |
Held-to-maturity, Total, Estimated Fair Value | 97,743 | 129,359 |
Held-to-maturity, Total, Unrealized Losses | (1,674) | (2,457) |
Mortgage-Backed Securities | Held-to-Maturity Securities | FNMA | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 96,886 | 124,403 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (954) | (2,185) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 19,878 | 8,925 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (520) | (339) |
Held-to-maturity, Total, Estimated Fair Value | 116,764 | 133,328 |
Held-to-maturity, Total, Unrealized Losses | (1,474) | (2,524) |
Mortgage-Backed Securities | Held-to-Maturity Securities | GNMA | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 65,565 | 79,116 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (477) | (364) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 741 | |
Held-to-maturity, 12 months or longer, Unrealized Losses | (28) | |
Held-to-maturity, Total, Estimated Fair Value | 66,306 | 79,116 |
Held-to-maturity, Total, Unrealized Losses | $ (505) | $ (364) |
Securities - Amortized Cost, Es
Securities - Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 751,163 | $ 607,833 |
Estimated Fair Value | 746,497 | $ 598,119 |
BankAmerica Capital | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 15,000 | |
Estimated Fair Value | $ 14,155 | |
Credit Rating Moody’s/ S&P | Ba1/BB+ | |
Chase Capital | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 10,000 | |
Estimated Fair Value | $ 9,355 | |
Credit Rating Moody’s/ S&P | Baa2/BBB- | |
Wells Fargo Capital | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,706 | |
Credit Rating Moody’s/ S&P | A1/BBB+ | |
Huntington Capital | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,463 | |
Credit Rating Moody’s/ S&P | Baa2/BB | |
Keycorp Capital | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,715 | |
Credit Rating Moody’s/ S&P | Baa2/BB+ | |
PNC Capital | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,663 | |
Credit Rating Moody’s/ S&P | Baa1/BBB- | |
State Street Capital | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,613 | |
Credit Rating Moody’s/ S&P | A3/BBB | |
SunTrust Capital | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,592 | |
Credit Rating Moody’s/ S&P | Not Rated/BB+ | |
MetLife Global Funding | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,000 | |
Estimated Fair Value | $ 999 | |
Credit Rating Moody’s/ S&P | Aa3/AA- | |
State Street Corporation | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,000 | |
Estimated Fair Value | $ 999 | |
Credit Rating Moody’s/ S&P | A1/A | |
Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 57,000 | |
Estimated Fair Value | $ 53,260 |
Loans Receivable, Net - Compone
Loans Receivable, Net - Components of Loans Receivable, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 3,899,727 | $ 3,821,886 | ||||
Purchased credit impaired ("PCI") loans | 4,867 | 7,575 | ||||
Total Loans | 3,904,594 | 3,829,461 | ||||
Loans in process | (22,546) | (14,249) | ||||
Deferred origination costs, net | 4,645 | 3,414 | ||||
Allowance for loan losses | (16,584) | $ (16,557) | (15,183) | $ (15,617) | $ (16,678) | $ (16,722) |
Total loans, net | 3,870,109 | 3,803,443 | ||||
Commercial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,870,509 | 1,818,858 | ||||
Commercial | Commercial And Industrial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 183,420 | 152,569 | ||||
Commercial | Commercial Real Estate - Owner Occupied | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 553,971 | 534,214 | ||||
Commercial | Commercial Real Estate - Investor | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,133,118 | 1,132,075 | ||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 2,029,218 | 2,003,028 | ||||
Allowance for loan losses | (758) | $ (930) | (1,110) | $ (897) | $ (1,107) | $ (1,095) |
Consumer | Residential Mortgage | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,676,143 | 1,647,154 | ||||
Consumer | Residential Construction | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 73,812 | 65,319 | ||||
Consumer | Home Equity Loans and Lines | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 277,909 | 288,991 | ||||
Consumer | Other Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 1,354 | $ 1,564 |
Loans Receivable, Net - Additio
Loans Receivable, Net - Additional Information (Detail) | May 02, 2016USD ($) | Sep. 30, 2017USD ($)SecurityLoan | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)SecurityLoan | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans with non-accrual of interest | $ 15,121,000 | $ 15,121,000 | $ 13,566,000 | |||
Number of residential mortgage loans | SecurityLoan | 0 | 0 | ||||
Impaired loans on non-accrual commercial real estate, multi-family, land, construction, commercial and industrial loans | $ 250,000 | |||||
Impaired loan portfolio total | $ 44,927,000 | 44,927,000 | 31,042,000 | |||
Allocation in allowance for loan losses | 616,000 | 616,000 | 510,000 | |||
Average balance of impaired loans | 43,100,000 | $ 38,000,000 | 34,500,000 | $ 34,300,000 | ||
Troubled debt restructured loans | 36,100,000 | 36,100,000 | 30,500,000 | |||
Troubled debt restructured loans with accrual interest | 35,800,000 | 35,800,000 | 27,000,000 | |||
Non-accrual loan total troubled debt restructurings | 270,000 | 3,500,000 | ||||
Specific reserves to loans accruing troubled debt restructurings | 0 | 0 | 510,000 | |||
Cape Bancorp, Inc. | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan and lease losses, loans acquired | $ 0 | |||||
Residential Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans with non-accrual of interest | 3,551,000 | 3,551,000 | $ 8,126,000 | |||
Recorded investment in mortgage and consumer loans collateralized, foreclosure amount | 2,500,000 | 2,500,000 | ||||
Foreclosed property held | $ 1,200,000 | $ 1,200,000 |
Loans Receivable, Net - Analysi
Loans Receivable, Net - Analysis of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | $ 16,557 | $ 16,678 | $ 15,183 | $ 16,722 |
Provision charged to operations | 1,165 | 888 | 3,030 | 2,113 |
Charge-offs | (1,357) | (2,116) | (2,861) | (3,511) |
Recoveries | 219 | 167 | 1,232 | 293 |
Balance at end of period | $ 16,584 | $ 15,617 | $ 16,584 | $ 15,617 |
Loans Receivable, Net - Allowan
Loans Receivable, Net - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method Excluding PCI Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Allowance for loan losses: | |||||
Balance at beginning of period | $ 16,557 | $ 16,678 | $ 15,183 | $ 16,722 | |
Provision (benefit) charged to operations | 1,165 | 888 | 3,030 | 2,113 | |
Charge-offs | (1,357) | (2,116) | (2,861) | (3,511) | |
Recoveries | 219 | 167 | 1,232 | 293 | |
Balance at end of period | 16,584 | 15,617 | 16,584 | 15,617 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 616 | 616 | $ 510 | ||
Collectively evaluated for impairment | 15,968 | 15,968 | 14,673 | ||
Total ending allowance balance | 16,584 | 16,584 | 15,183 | ||
Loans: | |||||
Loans individually evaluated for impairment | 44,927 | 44,927 | 31,042 | ||
Loans collectively evaluated for impairment | 3,854,800 | 3,854,800 | 3,790,844 | ||
Total loans | 3,899,727 | 3,899,727 | 3,821,886 | ||
Residential Real Estate | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 1,492 | 6,006 | 2,245 | 6,590 | |
Provision (benefit) charged to operations | 1,465 | (376) | 1,477 | (867) | |
Charge-offs | (1,284) | (167) | (2,485) | (319) | |
Recoveries | 128 | 6 | 564 | 65 | |
Balance at end of period | 1,801 | 5,469 | 1,801 | 5,469 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 0 | 0 | 266 | ||
Collectively evaluated for impairment | 1,801 | 1,801 | 1,979 | ||
Total ending allowance balance | 1,801 | 1,801 | 2,245 | ||
Loans: | |||||
Loans individually evaluated for impairment | 12,484 | 12,484 | 13,306 | ||
Loans collectively evaluated for impairment | 1,737,471 | 1,737,471 | 1,699,167 | ||
Total loans | 1,749,955 | 1,749,955 | 1,712,473 | ||
Commercial Real Estate - Owner Occupied | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 3,097 | 2,711 | 2,999 | 2,292 | |
Provision (benefit) charged to operations | 119 | (168) | 167 | 1,261 | |
Charge-offs | 0 | 0 | (73) | (1,010) | |
Recoveries | 0 | 123 | |||
Balance at end of period | 3,216 | 2,543 | 3,216 | 2,543 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 0 | ||||
Collectively evaluated for impairment | 3,216 | 3,216 | 2,999 | ||
Total ending allowance balance | 3,216 | 3,216 | 2,999 | ||
Loans: | |||||
Loans individually evaluated for impairment | 11,537 | 11,537 | 11,123 | ||
Loans collectively evaluated for impairment | 542,434 | 542,434 | 523,091 | ||
Total loans | 553,971 | 553,971 | 534,214 | ||
Commercial Real Estate - Investor | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 8,367 | 4,713 | 6,361 | 4,873 | |
Provision (benefit) charged to operations | 81 | 104 | 2,164 | (56) | |
Charge-offs | 0 | 0 | (84) | 0 | |
Recoveries | 24 | 0 | 31 | 0 | |
Balance at end of period | 8,472 | 4,817 | 8,472 | 4,817 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 616 | 616 | 119 | ||
Collectively evaluated for impairment | 7,856 | 7,856 | 6,242 | ||
Total ending allowance balance | 8,472 | 8,472 | 6,361 | ||
Loans: | |||||
Loans individually evaluated for impairment | 17,535 | 17,535 | 3,789 | ||
Loans collectively evaluated for impairment | 1,115,583 | 1,115,583 | 1,128,286 | ||
Total loans | 1,133,118 | 1,133,118 | 1,132,075 | ||
Consumer | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 930 | 1,107 | 1,110 | 1,095 | |
Provision (benefit) charged to operations | (122) | (130) | (346) | (98) | |
Charge-offs | (67) | (80) | (125) | (146) | |
Recoveries | 17 | 0 | 119 | 46 | |
Balance at end of period | 758 | 897 | 758 | 897 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 0 | 0 | 125 | ||
Collectively evaluated for impairment | 758 | 758 | 985 | ||
Total ending allowance balance | 758 | 758 | 1,110 | ||
Loans: | |||||
Loans individually evaluated for impairment | 2,478 | 2,478 | 2,556 | ||
Loans collectively evaluated for impairment | 276,785 | 276,785 | 287,999 | ||
Total loans | 279,263 | 279,263 | 290,555 | ||
Commercial and Industrial | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 2,253 | 1,209 | 2,037 | 1,639 | |
Provision (benefit) charged to operations | (180) | 1,949 | (221) | 1,665 | |
Charge-offs | (6) | (1,869) | (94) | (2,036) | |
Recoveries | 50 | 161 | 395 | 182 | |
Balance at end of period | 2,117 | 1,450 | 2,117 | 1,450 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 0 | ||||
Collectively evaluated for impairment | 2,117 | 2,117 | 2,037 | ||
Total ending allowance balance | 2,117 | 2,117 | 2,037 | ||
Loans: | |||||
Loans individually evaluated for impairment | 893 | 893 | 268 | ||
Loans collectively evaluated for impairment | 182,527 | 182,527 | 152,301 | ||
Total loans | 183,420 | 183,420 | 152,569 | ||
Unallocated | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 418 | 932 | 431 | 233 | |
Provision (benefit) charged to operations | (198) | (491) | (211) | 208 | |
Balance at end of period | 220 | $ 441 | 220 | $ 441 | |
Ending allowance balance attributed to loans: | |||||
Collectively evaluated for impairment | 220 | 220 | 431 | ||
Total ending allowance balance | 220 | 220 | 431 | ||
Loans: | |||||
Total loans | $ 0 | $ 0 | $ 0 |
Loans Receivable, Net - Summary
Loans Receivable, Net - Summary of Impaired Loans Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Impaired loans with no allocated allowance for loan losses | $ 40,386 | $ 25,228 |
Impaired loans with allocated allowance for loan losses | 4,541 | 5,814 |
Total | 44,927 | 31,042 |
Amount of the allowance for loan losses allocated | $ 616 | $ 510 |
Loans Receivable, Net - Summa42
Loans Receivable, Net - Summary of Loans Individually Evaluated for Impairment by Loan Portfolio Segment Excluding PCI Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | $ 44,927 | $ 44,927 | $ 31,042 | ||
Allowance for Loan Losses Allocated | 616 | 616 | 510 | ||
With No Related Allowance Recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 42,931 | 42,931 | 26,832 | ||
Recorded Investment | 40,386 | 40,386 | 25,228 | ||
Average Recorded Investment | 38,558 | $ 33,539 | 31,595 | $ 33,452 | |
Interest Income Recognized | 765 | 337 | 1,564 | 957 | |
With an Allowance Recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 4,556 | 4,556 | 6,590 | ||
Recorded Investment | 4,541 | 4,541 | 5,814 | ||
Allowance for Loan Losses Allocated | 616 | 616 | 510 | ||
Average Recorded Investment | 4,551 | 1,003 | 6,362 | 863 | |
Interest Income Recognized | 13 | 1 | 149 | 3 | |
Residential Real Estate | With No Related Allowance Recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 12,896 | 12,896 | 9,848 | ||
Recorded Investment | 12,484 | 12,484 | 9,694 | ||
Average Recorded Investment | 12,791 | 13,451 | 11,009 | 13,326 | |
Interest Income Recognized | 128 | 171 | 401 | 437 | |
Residential Real Estate | With an Allowance Recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 0 | 0 | 3,998 | ||
Recorded Investment | 0 | 0 | 3,612 | ||
Allowance for Loan Losses Allocated | 0 | 0 | 266 | ||
Average Recorded Investment | 0 | 107 | 1,981 | 108 | |
Interest Income Recognized | 0 | 1 | 62 | 3 | |
Commercial Real Estate - Owner Occupied | With No Related Allowance Recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 12,233 | 12,233 | 11,886 | ||
Recorded Investment | 11,537 | 11,537 | 11,123 | ||
Average Recorded Investment | 11,217 | 17,198 | 11,080 | 17,333 | |
Interest Income Recognized | 335 | 119 | 520 | 406 | |
Commercial Real Estate - Owner Occupied | With an Allowance Recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 0 | ||||
Recorded Investment | 0 | ||||
Allowance for Loan Losses Allocated | 0 | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |||
Commercial Real Estate - Investor | With No Related Allowance Recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 13,938 | 13,938 | 2,239 | ||
Recorded Investment | 12,994 | 12,994 | 1,897 | ||
Average Recorded Investment | 11,147 | 281 | 6,550 | 303 | |
Interest Income Recognized | 240 | 3 | 487 | 9 | |
Commercial Real Estate - Investor | With an Allowance Recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 4,556 | 4,556 | 2,011 | ||
Recorded Investment | 4,541 | 4,541 | 1,892 | ||
Allowance for Loan Losses Allocated | 616 | 616 | 119 | ||
Average Recorded Investment | 4,551 | 896 | 4,233 | 755 | |
Interest Income Recognized | 13 | 81 | |||
Consumer | With No Related Allowance Recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 2,939 | 2,939 | 2,559 | ||
Recorded Investment | 2,478 | 2,478 | 2,246 | ||
Average Recorded Investment | 2,495 | 2,340 | 2,368 | 2,220 | |
Interest Income Recognized | 36 | 44 | 106 | 105 | |
Consumer | With an Allowance Recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 0 | 0 | 581 | ||
Recorded Investment | 0 | 0 | 310 | ||
Allowance for Loan Losses Allocated | 0 | 0 | 125 | ||
Average Recorded Investment | 0 | 0 | 148 | 0 | |
Interest Income Recognized | 0 | 6 | 0 | ||
Commercial and Industrial | With No Related Allowance Recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 925 | 925 | 300 | ||
Recorded Investment | 893 | 893 | 268 | ||
Average Recorded Investment | 908 | 269 | 588 | 270 | |
Interest Income Recognized | $ 26 | 0 | $ 50 | 0 | |
Commercial and Industrial | With an Allowance Recorded | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 0 | ||||
Recorded Investment | 0 | ||||
Allowance for Loan Losses Allocated | $ 0 | ||||
Average Recorded Investment | $ 0 | $ 0 |
Loans Receivable, Net - Recorde
Loans Receivable, Net - Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | $ 15,121 | $ 13,566 |
Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 3,551 | 8,126 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 923 | 2,414 |
Commercial Real Estate - Investor | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 8,720 | 521 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 1,864 | 2,064 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | $ 63 | $ 441 |
Loans Receivable, Net - Aging o
Loans Receivable, Net - Aging of Recorded Investment in Past Due Loans Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 38,188 | $ 36,165 |
Greater than 90 Days Past Due | 12,262 | 10,917 |
Loans Not Past Due | 3,861,539 | 3,785,721 |
Total loans | 3,899,727 | 3,821,886 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 16,516 | 20,561 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,410 | 4,687 |
Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 21,885 | 19,729 |
Greater than 90 Days Past Due | 2,277 | 7,159 |
Loans Not Past Due | 1,728,070 | 1,692,744 |
Total loans | 1,749,955 | 1,712,473 |
Residential Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12,736 | 9,532 |
Residential Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,872 | 3,038 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,000 | 5,884 |
Greater than 90 Days Past Due | 289 | 890 |
Loans Not Past Due | 552,971 | 528,330 |
Total loans | 553,971 | 534,214 |
Commercial Real Estate - Owner Occupied | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 711 | 3,962 |
Commercial Real Estate - Owner Occupied | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 1,032 |
Commercial Real Estate - Investor | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,620 | 521 |
Greater than 90 Days Past Due | 8,146 | 521 |
Loans Not Past Due | 1,122,498 | 1,131,554 |
Total loans | 1,133,118 | 1,132,075 |
Commercial Real Estate - Investor | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,301 | 0 |
Commercial Real Estate - Investor | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 173 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,745 | 3,918 |
Greater than 90 Days Past Due | 1,486 | 1,963 |
Loans Not Past Due | 276,518 | 286,637 |
Total loans | 279,263 | 290,555 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 768 | 1,519 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 491 | 436 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,938 | 6,113 |
Greater than 90 Days Past Due | 64 | 384 |
Loans Not Past Due | 181,482 | 146,456 |
Total loans | 183,420 | 152,569 |
Commercial and Industrial | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 5,548 |
Commercial and Industrial | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,874 | $ 181 |
Loans Receivable, Net - Risk Ca
Loans Receivable, Net - Risk Category of Loans by Loan Portfolio Segment Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | $ 1,870,509 | $ 1,818,858 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 553,971 | 534,214 |
Commercial Real Estate - Investor | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 1,133,118 | 1,132,075 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 183,420 | 152,569 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 1,808,254 | 1,758,873 |
Pass | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 531,493 | 501,652 |
Pass | Commercial Real Estate - Investor | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 1,100,142 | 1,106,747 |
Pass | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 176,619 | 150,474 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 18,637 | 9,150 |
Special Mention | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 4,349 | 7,680 |
Special Mention | Commercial Real Estate - Investor | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 10,768 | 713 |
Special Mention | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 3,520 | 757 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 43,618 | 50,835 |
Substandard | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 18,129 | 24,882 |
Substandard | Commercial Real Estate - Investor | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 22,208 | 24,615 |
Substandard | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 3,281 | 1,338 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 0 | 0 |
Doubtful | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 0 | 0 |
Doubtful | Commercial Real Estate - Investor | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 0 | 0 |
Doubtful | Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | $ 0 | $ 0 |
Loans Receivable, Net - Recor46
Loans Receivable, Net - Recorded Investment in Residential and Consumer Loans Based on Payment Activity Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Non-performing | $ 15,121 | $ 13,566 |
Total loans | 3,899,727 | 3,821,886 |
Residential Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-performing | 3,551 | 8,126 |
Total loans | 1,749,955 | 1,712,473 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-performing | 1,864 | 2,064 |
Total loans | 279,263 | 290,555 |
Residential Real Estate | Residential Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing | 1,746,404 | 1,704,347 |
Non-performing | 3,551 | 8,126 |
Total loans | 1,749,955 | 1,712,473 |
Residential Real Estate | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing | 277,399 | 288,491 |
Non-performing | 1,864 | 2,064 |
Total loans | $ 279,263 | $ 290,555 |
Loans Receivable, Net - Trouble
Loans Receivable, Net - Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)SecurityLoan | Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2017USD ($)SecurityLoan | Sep. 30, 2016USD ($)SecurityLoan | |
Residential Real Estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 2 | 1 | 6 | 3 |
Pre-modification Recorded Investment | $ 328 | $ 455 | $ 1,354 | $ 674 |
Post-modification Recorded Investment | $ 357 | $ 455 | $ 1,356 | $ 673 |
Commercial Real Estate - Owner Occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 4 | ||
Pre-modification Recorded Investment | $ 700 | $ 3,309 | ||
Post-modification Recorded Investment | $ 700 | $ 3,309 | ||
Commercial Real Estate - Investor | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 4 | 1 | |
Pre-modification Recorded Investment | $ 700 | $ 6,362 | $ 256 | |
Post-modification Recorded Investment | $ 700 | $ 6,484 | $ 270 | |
Subsequently Defaulted | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 0 | 0 | 0 |
Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 1 | 3 | |
Pre-modification Recorded Investment | $ 602 | $ 665 | $ 665 | |
Post-modification Recorded Investment | $ 602 | $ 665 | $ 665 |
Loans Receivable, Net - PCI Loa
Loans Receivable, Net - PCI Loans Acquired (Detail) - USD ($) $ in Thousands | Dec. 01, 2016 | May 02, 2016 | Jul. 31, 2015 |
Ocean Shore Holdings Co. | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||
Contractually required principal and interest | $ 7,385 | ||
Contractual cash flows not expected to be collected (non-accretable discount) | (4,666) | ||
Expected cash flows to be collected at acquisition | 2,719 | ||
Interest component of expected cash flows (accretable yield) | (401) | ||
Fair value of acquired loans | $ 2,318 | ||
Cape Bancorp, Inc. | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||
Contractually required principal and interest | $ 21,345 | ||
Contractual cash flows not expected to be collected (non-accretable discount) | (12,387) | ||
Expected cash flows to be collected at acquisition | 8,958 | ||
Interest component of expected cash flows (accretable yield) | (576) | ||
Fair value of acquired loans | $ 8,382 | ||
Colonial American Bank | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||
Contractually required principal and interest | $ 3,263 | ||
Contractual cash flows not expected to be collected (non-accretable discount) | (1,854) | ||
Expected cash flows to be collected at acquisition | 1,409 | ||
Interest component of expected cash flows (accretable yield) | (109) | ||
Fair value of acquired loans | $ 1,300 |
Loans Receivable, Net - Summa49
Loans Receivable, Net - Summary of Changes in Accretable Yield (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | $ 1,465 | $ 503 | $ 749 | $ 75 |
Acquisition | 0 | 0 | 0 | 576 |
Accretion | (328) | (196) | (642) | (344) |
Reclassification from non-accretable difference | 13 | 0 | 1,043 | 0 |
Ending balance | $ 1,150 | $ 307 | $ 1,150 | $ 307 |
Deposits - Summary of Major Typ
Deposits - Summary of Major Types of Deposits (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Non-interest-bearing | $ 781,043 | $ 782,504 |
Interest-bearing checking | 1,892,832 | 1,626,713 |
Money market deposit | 384,106 | 458,911 |
Savings | 668,370 | 672,519 |
Time deposits | 623,908 | 647,103 |
Total deposits | $ 4,350,259 | $ 4,187,750 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Time deposits, $100,000 and over | $ 273.6 | $ 269 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Financial Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 67,133 | $ 12,224 |
Items Measured on a Recurring Basis | U.S. Agency Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 67,133 | 12,224 |
Items Measured on a Recurring Basis | Level 2 Inputs | U.S. Agency Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 67,133 | 12,224 |
Items Measured on a Non-Recurring Basis | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 9,334 | 9,803 |
Items Measured on a Non-Recurring Basis | Loans Measured for Impairment Based on the Fair Value of Underlying Collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 12,065 | 2,419 |
Items Measured on a Non-Recurring Basis | Level 3 Inputs | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 9,334 | 9,803 |
Items Measured on a Non-Recurring Basis | Level 3 Inputs | Loans Measured for Impairment Based on the Fair Value of Underlying Collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 12,065 | $ 2,419 |
Fair Value Measurements - Book
Fair Value Measurements - Book Value and Estimated Fair Value of Bank's Significant Financial Instruments Not Recorded at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financial Assets: | ||
Securities held-to-maturity | $ 746,497 | $ 598,119 |
Federal Home Loan Bank of New York stock, at cost | 18,472 | 19,313 |
Financial Liabilities: | ||
Time deposits | 623,908 | 647,103 |
Securities sold under agreements to repurchase with deposit customers | 75,326 | 69,935 |
Book Value | ||
Financial Assets: | ||
Cash and due from banks | 255,258 | 301,373 |
Securities held-to-maturity | 742,886 | 598,691 |
Federal Home Loan Bank of New York stock, at cost | 18,472 | 19,313 |
Loans receivable, net and mortgage loans held for sale | 3,870,447 | 3,804,994 |
Financial Liabilities: | ||
Deposits other than time deposits | 3,726,351 | 3,540,647 |
Time deposits | 623,908 | 647,103 |
Securities sold under agreements to repurchase with deposit customers | 69,935 | |
Federal Home Loan Bank advances and other borrowings | 315,652 | 307,057 |
Level 1 Inputs | ||
Financial Assets: | ||
Cash and due from banks | 255,258 | 301,373 |
Securities held-to-maturity | 8,714 | 8,550 |
Financial Liabilities: | ||
Securities sold under agreements to repurchase with deposit customers | 75,326 | 69,935 |
Level 2 Inputs | ||
Financial Assets: | ||
Securities held-to-maturity | 734,990 | 586,504 |
Financial Liabilities: | ||
Deposits other than time deposits | 3,726,351 | 3,540,647 |
Time deposits | 619,619 | 644,354 |
Federal Home Loan Bank advances and other borrowings | 314,021 | 304,901 |
Level 3 Inputs | ||
Financial Assets: | ||
Securities held-to-maturity | 2,793 | 3,030 |
Federal Home Loan Bank of New York stock | 18,472 | 19,313 |
Loans receivable, net and mortgage loans held for sale | $ 3,935,093 | $ 3,834,677 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Nov. 01, 2017 | Jun. 30, 2017 | Sep. 30, 2017 |
New Jersey | Facility | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Facility acquired | $ 42.5 | ||
Sun Bancorp, Inc. | |||
Subsequent Event [Line Items] | |||
Total consideration paid | $ 487 | ||
Business acquisition, share price (in usd per share) | $ 3.78 | ||
Equity interest issued or issuable, number of shares per each share of acquiree | 0.7884 |